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ENERGY-
Saudi Arabia and the Philippines will increase energy cooperation between the two countries, after signing an MoU focusing on petroleum, petrochemicals, gas, electricity, renewable energy, energy efficiency, and the circular carbon economy, state news agency SPA reports. The MoU also covered cooperation on digital transformation, cybersecurity, artificial intelligence, and the localized production of energy-related materials, products, and services.
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PETROCHEMICALS-
Petro Rabigh and China’s Jiahua Chemicals inked an MoU to potentially set up a chemicals manufacturing facility in Rabigh, the company said in a disclosure to Tadawul. The plant will produce chemicals derived from Petro Rabigh-supplied ethylene oxide and propylene oxide, with output slated for use in construction and automotives. The agreement was facilitated by the Energy Ministry and comes in a bid to boost local downstream and chemical production while reducing dependence on imports.
LOGISTICS-
Batic Real Estate began construction on a high-risk storage warehouse on a 10k sqm plot in Al Manakh district, according to a disclosure to Tadawul. It also secured an agricultural construction license from the Ministry of Environment, Water and Agriculture to develop cooling and freezing warehouses on 50k sqm of its 104k sqm site along Al Kharj road, with further approvals underway.
FINANCIAL SERVICES-
Investment management firm Tharawat Tuwaiq Financial has received a license from the Capital Market Authority to conduct advisory services in the securities market, according to a statement.
