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SUSTAINABILITY-
The Economy and Planning Ministry signed two agreements with the WEF UpLink platform aimed at expanding their partnership through mobilizing global solutions to critical environmental and sustainability challenges, according to a Ministry statement last week. They aim to spur investments for solutions related to ocean degradation, biodiversity loss, and the circular carbon economy.
Uplink? It is a WEF initiative that links entrepreneurs to investors and others in a bid to scale innovation technologies towards a more sustainable future.
Background: The latest agreement expands on the 2022 MEP-UpLink partnership, with initiatives such as ‘Food Ecosystems in Arid Climate Challenge’ and the ‘Smarter Climate Farmers Challenge.’
ISLAMIC FINANCE-
Solutions by STC + SNB: Arabian Internet and Communications Services Company (Solutions) has renewed its short-term debt facilities with the Saudi National Bank (SNB) for a period of one year with a limit increase to SAR 1 bn, it said in a statement to Tadawul. The IT services provider has also renewed its SAR 500 mn medium-term debt facility for a period of five years from the June 2022 utilization date. The renewal of Solutions’ short term facilities will support the company’s working capital and fund the issuance of letters of credit.
INVESTMENT-
SASCO inks three SAR 3.4 mn fuel station contracts: Saudi Automotive Service Company (SASCO) has inked SAR 3.4 mn contracts worth a total with the State Properties General Authority for three fuel station sites in the Eastern Province, it said in a statement to Tadawul. The contracts will run for a period of 15 years and their value is set to increase by 10% every 5 years. It’s unclear whether SASCO will own the subject three new gas stations or will operate them under a lease. SASCO operates 541 stations, with another 50 set to go live this year.
MINING-
Commercial production in the Mansourah & Massarah gold plant has started, Ma’aden said in a disclosure to Tadawul. The project was implemented by the Outotec and Larsen & Toubro consortium under a SAR 2.3 bn EPC contract in 2019 with Ma’aden Gold & Base Metals Company. The mine is expected to produce 250k ounces of gold annually.
EARNINGS WATCH-
Tadawul-suspended Saudi Cable recorded a bottomline of SAR 39 mn in 1Q 2023, reversing losses worth SAR 18.5 mn in 1Q 2022, it said in a disclosure to Tadawul. The turnaround is attributed to a reversal of a Zakat provision along with good results from a unit of the company. The topline fell 67% y-o-y to SAR 11.7 mn in 1Q 2023 on sliding sales and some contract expiries.
