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OIL & GAS-
Oil and gas drilling company Ades Holding will work to boost oil productionat two brownfields in Egypt after landing a 10-year service agreement, it said in a statement (pdf). Under the agreement, Ades will receive “incremental production returns,” the statement reads. The agreement has an option for a 10-year extension. The drilling giant signed the agreement with two subsidiaries of the Egyptian General Petroleum Corporation — Suez Oil Company (SUCO) and Offshore Shukeir Marine Oil — and will partner on the projects with an unnamed “leading local exploration and production player.”
The details: The agreement will see Ades invest USD 30 mn in SUCO and USD 36 mn in OSOCO, over the first three years. The consortium’s share of the additional production will range between 61% and 72% depending on production volume and price factors.The project is slated for launch in July 2024.
AVIATION-
Lithuania-based Private jet charter Klasjet is set to operate domestic and international flights in the Kingdom after receiving approval from the General Authority of Civil Aviation, it said in a statement on Tuesday. This is going to be the second country of operation for the charter company in the Middle East, after the UAE. KlasJet Boeing 737 will be operated by Horizon Aviation on an aircraft, crew, maintenance, and ins. (ACMI) leasing contract. KlasJet is part of the Avia Solutions Group family.
FASHION-
The largest Dolce & Gabbana outlet is coming to Diriyah: PIF subsidiary Diriyah has teamed up with Italian fashion powerhouse Dolce and Gabbana and local luxury retailer AlMalki Group to inaugurate the largest Dolce & Gabbana retail outlet, it said in a press release. The partnership will also introduce the GCC region’s first cafe in Bujairi Terrace later this year. The D&G outlet will feature an exclusive Abaya collection, available only at this store.
DEBT WATCH-
#1- ProMedEx renews shariah-compliant credit facility with SNB: Medical devices distributor ProMedEx has renewed a shariah-compliant SAR 38 m credit facility with the Saudi National Bank (SNB) for an additional eight months, it said in a disclosure to Tadawul. Proceeds will be channeled towards the issuance of letters of guarantee and multi-purpose financing for a number of its projects, it said.
#2- Yamama Cement gets SAR 800 mn loan from Alinma Bank: Cement producer Yamama Cement has obtained a shariah-compliant SAR 800 bn banking facility from Alinma Bank, it said in a disclosure to Tadawul. The funds will “refinance existing liabilities, capital expenditures and financing working capital requirements to improve financial efficiency.”
LOGISTICS-
New shipping service at Jeddah Islamic Port: The Saudi Ports Authority (Mawani) has added a new shipping service, RGI by Unifeeder, connecting Jeddah Islamic Port to India’s Mundra, Nhava and Sheva, UAE’s Jebel Ali and Egypt’s Sokhna in regular weekly trips, it said in a statement. The new service will offer a capacity of up to 2.8k TEUs.
