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RENEWABLES-
Acwa Power sets eyes on Tunisian green hydrogen project: Renewables giant Acwa Power signed an MoU with the Tunisian government to implement a green hydrogen project in the North African country, Tunis Afrique Presse (TAP) reports. The project, which aims to produce 200k tons of green hydrogen in the first phase, will include a 2 GW electrolysis unit and a solar and wind power plant with a total capacity of about 4.1 GW with total investments of USD 6.2 bn. Feasibility studies on the project could take two to four years, with a planned launch in 2027-2028 and a production date of 2030, according to Tunisian officials. Further stages will bring concentrated renewable energy capacity up to 12 GW with green hydrogen production tripled to over 600k tons a year.
Off to Europe: The hydrogen will be exported to Europe via the SoutH2 Corridor pipeline which connects North Africa to Italy, Austria, and Germany, according to Arab News.
M&A WATCH-
Aramco completed the acquisition of a 40% stake in oil retail company Gas & Oil Pakistan (GO), it said in a statement. The acquisition gives Aramco access to over 1.2k GO retail fuel stations across Pakistan. It signed a binding agreement last year to acquire a 40% stake in the oil marketing company. The value of the transaction was not made public.
The oil giant has been making moves in the fuel retail market for some time: Aramco recently completed its acquisition of a 100% equity stake in Chile’s fuel distributor Esmax Distribución to mark its entry into fuel retailing in South America. It is mulling an entry into the Malyian fuel market through a potential acquisition of Shell’s units in the Southeast Asian countries. It is also looking to tap Africa as it seeks countries with fast growing economies. Aramco also set up its subsidiary Saudi Aramco Retail in 2018 as part of a strategy to bolster its downstream value globally.
TAX
Saudi and Qatar have inked an agreement to avoid double taxation, with the pact being signed by Finance Minister Mohamed Al Jadaan and his Qatari counterpart, Ali Al Kuwari, according to a statement by the finance ministry.
ADVERTISING-
Faden Media Company — a wholly owned unit of Arabian Contracting Services — has landed four outdoor advertising contracts in Riyadh worth a combined SAR 944 mn with Riyadh municipality development arm Remat Al Riyadh Development, the parent company said in four separate disclosures to Tadawul (here | here | here | here). The agreements cover digital billboards as well as signage on taxis and public buses.
AND- The board of Arabian Contracting Services has recommended a 10% capital increase to SAR 550 mn through transferring SAR 50 mn from retained earnings to the company’s capital. It said in a disclosure to Tadawul. The capital increase by Arabian Contracting comes under its plan to support expansions.
DEBT WATCH-
#1- Alkhorayef Water and Power Technologies has increased its Sharia-compliant credit facilities from the Saudi Investment Bank to SAR 380.5 mn from SAR 180.5 mn, it said in a disclosure to Tadawul. Information on the duration of these facilities or how they will be utilized has not been provided.
#2- Nomu-listed Obeikan Glass has lined up a SAR 50 mn in Sharia-compliant credit facility from Saudi Awwal Bank to finance its working capital, it said in a disclosure to Tadawul.
MANUFACTURING-
#1- Tadawul-listed Middle East Specialized Cables Company (Mesc) said its UAE subsidiary Mesc Ras Al Khaimah UAE was awarded a contract “to supply a range of its products” with a value of up to SAR 225 mn (USD 60 mn) with a UAE JV comprising the National Petroleum Construction Co. (NPCC) and Italy’s Saipem SpA, it said in a disclosure to Tadawul. The exact value of the contract is subject to change due to price fluctuation in needed materials with the determined supply period beginning in Q4 2024 and ending in Q4 2025. Final contract terms will still be determined and signed by both parties.
#2- Plastics manufacturer Arabian Plastic Industrial (Apico) kicked off operations at its new plant in Al Kharj Industrial City, it said in a disclosure to Tadawul. The financial details and production capacity were not disclosed. The inauguration comes months after Apico signed a 20-year lease agreement with the Saudi Authority for Industrial Cities and Technology Zones (Modon) to set up a new manufacturing facility in light of growing demand from consumers in the central and eastern regions, Argaam reported.
#3- Nomu-listed Group Five Pipe will manufacture and supply spiral-welded steel pipes to Aramco under a SAR 186 mn contract, it said in a disclosure to Tadawul.
#4- Tadawul-listed East Pipes Integrated Company will manufacture and supply steel pipes to Al Rashid Trading and Contracting under multiple contracts worth over SAR 57 mn, it said in a disclosure to Tadawul.
EDUCATION-
Naseej Tech has secured a SAR 11.3 mn contract from the National eLearning Center to operate and maintain its learning management system, ensuring its efficiency and adapting to the latest technological practices in e-learning, it said in a disclosure to Tadawul.
