Saudi Aramco’s Luberef expects to raise up to $1.32bln from IPO
Saudi oil giant Aramco’s base oil subsidiary Luberef expects to raise up to 4.95 billion riyals ($1.32 billion) from its initial public offering, it said, if it prices at the top of a range announced on Sunday. Luberef will sell nearly 30% of the company’s issued share capital, or 50.045 million shares, at between 91 […]
Voltas’ unit lands HVAC services contract in Saudi Arabia
Voltas, a premier air conditioning and engineering solutions provider and a projects specialist, said its International Operations Business Group has won a new project in Saudi Arabia to provide heating, ventilation, air conditioning (HVAC) services for the buildings connected to the Jubail 3B Independent Water project. Founded in India in 1954, Voltas Limited is part […]
Aramco’s Luberef unveils price range for IPO on Tadawul
Saudi Aramco Base Oil Company (Luberef) set the price range for its initial public offering (IPO) on the Main Market of the Saudi Exchange (Tadawul) at SAR 91-99 per share. Luberef plans to list 50.04 million shares, representing 29.65% of its issued share capital, according to a bourse filing. Participating entities can apply for a […]
Saudi NWC starts implementing water projects
Saudi Arabia’s National Water Company (NWC) has commenced the implementation of desalinated water distribution system projects in the cities of Dammam, Khobar, Ahsa, and Qatif. The SAR 4.30 billion projects will supply these areas with desalinated water around the clock. The projects include the implementation of more than 316-long transporting and main lines, the construction […]
Analysis: Oil revenue surpluses will embolden Saudi’s PIF in 2023
Saudi Arabia’s Public Investment Fund (PIF) is expected to again spend big in 2023 to diversify the kingdom’s hydrocarbon-based economy as a record budget surplus provides the financial firepower to further swell its assets under management. Crown prince Mohammed Bin Salman (MBS) has transformed the PIF since he became chairman in 2015, moving numerous […]
Saudi Arabia extends term for $3bln deposit in Pakistan’s central bank
Saudi Arabia on Friday extended the term of a $3 billion deposit it made to Pakistan’s foreign reserves, the Saudi Press Agency (SPA) reported. Saudi Arabia deposited the money in Pakistan’s central bank late last year as a loan to shore up the cash-strapped country’s reserves. In the implementation of instructions by Custodian […]
Minerals indispensable for transition to renewable energy, says Saudi’s Al-Mudaifer
Saudi Arabia’s Vice Minister of Industry and Mineral Resources for Mining Affairs Eng. Khalid Saleh Al-Mudaifer stressed that minerals are indispensable to the energy change to renewables. Decarbonization – the net-zero transition – cannot happen without minerals and metals, he pointed out. He noted that this requires us to scale up discoveries and we […]
Longi signs deal with L&T for two major Saudi solar projects
Longi, a leading global solar technology company, has signed an agreement with India’s top engineering and construction conglomerate Larsen & Toubro (L&T) to provide 1,292MW of photovoltaic modules for key solar projects under construction in Saudi Arabia. The agreement covers two Saudi projects for which L&T is the engineering, procurement and construction (EPC) contractor – […]
Saudi PIF launches investment unit for Aseer region
Saudi Arabia’s sovereign wealth fund PIF (Public Investment Fund) has announced the launch of its new investment unit in the kingdom’s Aseer region. The key entity, Aseer Investment Company, will operate and stimulate direct local and international investments into the Aseer region in bid to turn it into a global tourist destination which will attract […]
Saudi issues permits for 725 industrial projects in 9 months
Saudi Arabia issued permits for 725 industrial projects in the first nine months of 2022 as part of plans to diversify its oil-reliant economy, according to official data. The new permits bought the total industrial projects in the world’s largest oil exporter to 10,728 at the end of Sept, with total investments of 1.37 trillion […]