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AS IT HAPPENED: Future Investment Initiative - Day One

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The Future Investment Initiative (FII), an international platform for debate between global leaders, investors and innovators, kicks off in Saudi Arabia on Wednesday. (AFP)
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The Future Investment Initiative (FII), an international platform for debate between global leaders, investors and innovators, kicks off in Saudi Arabia on Wednesday. (AN Photo)
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Updated 28 January 2021
Arab News
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AS IT HAPPENED: Future Investment Initiative - Day One

  • A host of high-profile experts coming together under the theme “The Neo-Renaissance
  • Jamaican eight-time Olympic gold medalist Usain Bolt among speakers
Updated 28 January 2021
Arab News

RIYADH/LONDON: The Future Investment Initiative (FII), an international platform for debate between global leaders, investors and innovators, kicked off in Saudi Arabia on Wednesday with a host of high-profile speakers brought together under the theme “The Neo-Renaissance.”

Opening remarks at the King Abdul Aziz International Conference Center (KAICC) came from Yasir Al-Rumayyan, Governor of Saudi Arabia's Public Investment Fund (PIF) and FII Institute Chairman.

Other speakers include Jamaican eight-time Olympic gold medalist Usain Bolt, Matteo Renzi, former prime minister of Italy and Kevin Rudd, former Australian prime minister.

Follow the coverage below (all times GMT):

18:40 - FII CEO Richard Attias brings day one to a close, and that ends our first day coverage here at Arab News. Remember to come back to www.arabnews.com/fii2021 for coverage of the second day's discussions.

18:30 - ICYMI: Saudi Arabia has revamped over half of the 400 foreign direct investment (FDI) regulations, as foreign investment rose in 2020 compared to 2019, said Minister of Investment Khalid bin Abdulaziz Al-Falih.

“We have performed better than most, and ultimately, investors trust a government that provides security to them and the population. Saudi Arabia handled it better than most, as investors want to trust governments that look after them. Saudi Arabia, through our leadership, has shown that,” he stated. READ MORE HERE.

18:20 - The value of mergers and acquisitions declined globally by 5% year-on-year to $3.6 trillion in 2020, the lowest level since 2017, according to studies. But two sectors where there was still significant activity were technology and pharma.

Sarah Al-Suhaimi, chairwoman at Tadawul and CEO of NCB Capital in Saudi Arabia joins the panel to discuss a blueprint for financial leaders assessing future market opportunities and public-private partnerships needed to ensure sustainable growth.

18:15 - ICYMI: The COVID-19 pandemic has led to the restructuring of the global health care system, with an accelerated shift in focus away from hospitals to providing more facilities to homes, speakers told delegates at the Future Investment Initiative (FII) conference place in Riyadh.

Dr. Harsh Vardhan, India’s Minister of Health and Family Welfare, said another health care trend was a closer collaboration between the government and citizens, where all elements of society must work together to ensure the safety and wellness of the whole country. READ MORE HERE.

18:05 - We've reached the penultimate panel of day one of the FII, which looks at the "new pathways" to global growth, after the pandemic resulted in a steep rise in unemployment and sharp contraction in specific segments of the economy, with input from CEO of Bahrain's Mumtalakat Holding Company Khalid Al-Rumaihi and Senegal's economy minister Amadou Hott.

17:55 - Prince Abdulaziz bin Salman, Saudi Arabia’s Minister of Energy, said that Saudi Arabia is working with so many countries on green hydrogen and blue hydrogen.

“Easily and simply, I could say, that we will be pioneering more of that blue hydrogen and green hydrogen,” Prince Abdulaziz said. READ MORE HERE.

17:40 - Saudi Arabian finance minister Mohammed bin Abdullah Al-Jadaan joins his Bahraini counterpart Shaikh Salman bin Khalifa Al-Khalifa to discuss how the Gulf nations are adapting to the challenges of economic diversification posed by the COVID-19 pandemic.

 

 

17:35 - ICYMI: Saudi Arabia is cultivating the trust of global investing institutions as it seeks to attract foreign funds into the Kingdom’s ambitious development plans, Khalid Al-Falih, the Minister of Investment, told the Future Investment Initiative (FII) summit. READ MORE HERE.

17:20 - Amin Nasser, President and CEO of Saudi Aramco and Abdullah Amer Al-Swaha, Saudi Arabia's Minister of Communications and IT join Dr. Thomas A. Kennedy, Executive Chairman, Board of Directors, Raytheon Technologies to discuss the future of global technology policy.

17:05 - As we look ahead into 2021 and beyond, where will the greatest opportunities be to invest in assets with high conformity to environmental, social and governance (ESG) principles? Our next panel, which include a NEOM investor and the CEOs of Nasdaq and London Stock Exchange, are discussing their predictions.

16:45 - Our next panel is Playing to Win: How will global investment drive the future of the sports industry? And the panelists are discussing how Saudi Arabia was able to mitigate the effects of the COVID-19 pandemic to continue hosting world-class sporting events — such as the Dakar Rally, FIA Formula E and golf's Saudi International. 

Alejandro Agag, CEO of ExtremeE (Pictured, R), said the reason this can happen in the Kingdom is because “everything works in Saudi Arabia... nothing is impossible here.”

Moderator: Richard Attias, CEO, FII Institute

• Bader Alkadi, Advisor to the Minister of Sport, Saudi Arabia 

• Dr. Amina Mohamed, Cabinet Secretary for Sports, Culture and Heritage of the Republic of Kenya

• Alejandro Agag, Founder and CEO, Extreme E, UK

• Usain Bolt, Eight-Time Olympic Gold Medalist, Jamaica

• Jean Todt, President, Fédération Internationale de l’Automobile, France

The panel also included a brief appearance from eight-time Olympic gold medalist Usain Bolt who spoke about athletes having to compete in the COVID-19 era without spectators.

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16:00 - Prince Abdulaziz bin Salman, Saudi Arabia's Minister of Energy, first has a discussion with Palki Sharma Upadhyay, the executive editor at WION, which precedes a panel discussion on how the energy sector can be part of and power the post-COVID-19 crisis recovery.

15:50 - ICYMI: Yasir Al-Rumayyan, governor of Saudi Arabia’s Public Investment Fund (PIF), is concerned about the different valuation of financial and other assets that has been a feature of markets affected by the coronavirus (COVID-19) pandemic. READ MORE HERE.

15:40 - Next up, Peggy Johnson, CEO of Magic Leap, is in discussion with Turqi Al-Nowaiser of Saudi Arabia's Public Investment Fund about the expected investment ($72.8 billion by 2024) in AR/VR and how it will revolutionize the sector.

15:30 - ICYMI: Yasir Al-Rumayyan, governor of the Public Investment Fund (PIF), said that the sovereign wealth fund is looking to invest not only in large companies but in the entire spectrum of technology. READ MORE HERE.

15:15 - Next up, our panelists will discuss how work will change in the post-COVID era, and how the pandemic and its aftermath will influence the way CEOs reshape their companies to provide stability and hope to a workforce living in a new social, political, and economic reality.

Moderator: Edie Lush, Executive Editor, Hub Culture, UK

• Yousef Abdullah Al-Benyan, Vice Chairman and CEO, SABIC, Saudi Arabia (pictured)

• Patrice Caine, Chairman & CEO, Thales Group, France

• Todd Gibbons, CEO, BNY Mellon, USA

• Daniel S. Loeb, Founder and CEO, Third Point LLC, USA

• Andrew N. Liveris, Special Advisor, Public Investment Fund, Saudi Arabia

15:05 - Next is a brief discussion between Lameen Abdul-Malik, Nobel Peace Prize 2005 and Head of THINK and Anand Mahindra, chairman of the Mahindra Group in India.

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14:45 - The health of nations: A CEO’s guide to investing in the next decade of global health is our third panel. 

Some context for you: The global healthcare market is expected to surpass $11 trillion by 2022, while Deloitte data shows funding for health technology innovators surpassed $7.4 billion in 2019 and continues to rise.

So how can business and government expand access to healthcare, train healthcare workers, remove regulatory barriers, and encourage investment in advanced health technologies?

Moderator: Dr. Peter H. Diamandis, Founder and Executive Chairman, XPRIZE Foundation, Board of Trustees Member, FII Institute, USA

• Dr. Harsh Vardhan, Minister of Health and Family Welfare, Science and Technology, Earth Sciences, India

• Dr. Bernd Montag, CEO, Siemens Healthineers, Germany

• Dr. Ali Parsadoust, Founder and CEO, Babylon Health, UK

14:30 - Kirill Dmitriev of the Russian Direct Investment Fund speaks briefly about the fund's achievements last year - including the Sputnik V vaccine - and how looking ahead to 2021, it wants to work closer with Saudi Arabia on transforming the Kingdom into a leading investment destination and continue to work on oil price regulation.

14:00 - Our second panel discussion looks at how, with lower oil prices and costs of the pandemic taking their toll, global business leaders and policymakers will strengthen investment and trade partnerships in the midst of new geopolitical realities and economic possibilities.

Moderator: Fatima Daoui, Anchor Business News, Al Arabiya 

H.E. Khalid bin Abdulaziz Al-Falih, Minister of Investment, Saudi Arabia

• H.E. Dr. Rania Al-Mashat, Minister of International Cooperation, Egypt 

• H.E. Sultan Ahmed bin Sulayem, Group Chairman and CEO, DP World, UAE 

• Lord Grimstone of Boscobel, Kt, Minister for Investment, Department for International Trade and the Department for Business, Energy & Industrial Strategy, UK 

• Eric I. Cantor, Vice Chairman and Managing Director, Moelis & Company, USA

13:45 - PHOTOS: 200 seats have been allocated for FII guests in the plenary hall, as well as for the media in the event's media center.

13:20 - ICYMI: The fifth edition of the Future Investment Initiative (FII) will take place from Oct. 25th to 28th, Richard Attias, CEO of organizing body the FII Institute, confirmed on Wednesday. READ MORE HERE.

13:10 - The first panel discussion of the day asks how the global investment community can leverage the economic downturn brought about by the COVID-19 pandemic, in order to build a stronger, more sustainable future for all. Panelists for this talk are: 

Moderator: David Rubenstein, Co-Founder and Co-Executive Chairman, The Carlyle Group, USA

• H.E. Yasir Al Rumayyan, Chairman, FII Institute and Governor and Board Member, Public Investment Fund, Saudi Arabia

• Ray Dalio, Co-Chairman and CIO, Bridgewater Associates, USA

• Laurence D. Fink, Chairman and CEO, BlackRock, USA

• Dr. Thomas P. Gottstein, CEO, Credit Suisse Group, Switzerland

• David M. Solomon, Chairman and CEO, The Goldman Sachs Group, USA

13:00 - The opening remarks from Yasir Al Rumayyan, Chairman of the FII Institute and governor and board member of Saudi Arabia's Public Investment Fund, will get us started on day one.

12:45 - Follow Arab News' special coverage of this year’s FII, at our dedicated online section. 

12:30 - Jamaican eight-time Olympic gold medalist Usain Bolt is one of the star speakers lined up to take part in the event, you can hear him at 7 p.m. KSA (4 p.m. GMT)...

12:15 - Hello, and welcome to the first day of coverage of the Future Investment Initiative (FII) - guests and media participants attending the two-day event have limited access due to the exceptional circumstances of the coronavirus disease (COVID-19) pandemic. 

Topics: business economy FII 2021 Future Investment Initiative (FII) Saudi Arabia

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Startup Wrap – Saudi VC space continues to play pivotal role in SMEs growth as Biban 24 delivers deals

Updated 6 sec ago
Nour El-Shaeri 
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Startup Wrap – Saudi VC space continues to play pivotal role in SMEs growth as Biban 24 delivers deals

Updated 6 sec ago
Nour El-Shaeri 

RIYADH: Saudi Arabia’s venture capital ecosystem continues to boost the regional startup space, with one company plowing $20 million into the early stage-focused Booster IV fund.

Saudi Venture Capital Co. announced it was pouring the money into the fund, which is managed by Beco Capital and focuses on investments across the Gulf region.

Booster IV aims to support high-growth or disruptive startups, targeting companies from the seed stage up to series A. 

The fund’s investment strategy spans various sectors with a strong emphasis on Saudi Arabia and the broader Gulf region, and currently oversees $495 million in assets across four funds.

“Our investment in Booster IV, managed by Beco Capital, aligns with our fund investment program and our strategy to support funds that back early stage startups in Saudi Arabia,” said Nabeel Koshak, CEO and board member of SVC.

Established in 2018, SVC is a subsidiary of the SME Bank, part of Saudi Arabia’s National Development Fund.

The company is dedicated to stimulating and sustaining financing for startups and small and medium-sized enterprises, supporting them from the pre-seed stage up to pre-IPO through funding and co-investments in high-potential startups.

Saudi’s BIM Ventures and Japan’s SBI Holdings launch $2bn-targeted BIM Capital

Supplied.

Saudi Arabia-based venture studio BIM Ventures and Japan’s SBI Holdings have launched a joint venture aiming to drive growth across Saudi Arabia and the broader Middle East.

BIM Capital’s investment strategy spans private equity, venture capital, debt funds, and real estate development, with a target of attracting over $200 million in foreign direct investment and managing assets exceeding $2 billion.

The firm will leverage its expertise to identify high-growth sectors, with a particular emphasis on technology ventures, emerging industries, and real estate development, offering investors access to innovative, transformative opportunities.

Mush Social raises $1.2m in pre-seed funding led by Nifal Consulting

Saudi-based Mush Social has closed a $1.2 million pre-seed funding round led by Nifal Consulting, with support from Nahr Al-Jazeera Holding and angel investors.

Founded in 2022 by Abdulhadi Al-Asmi, Mush Social operates a social platform where users can earn points and own virtual assets through its interactive map feature, potentially monetizing their online interactions.

The funds will support the development of advanced technologies to enhance user value from their engagements on the platform.

Ayen acquires Egyptian contech Elmawkaa in seven-figure deal

The deal will see Ayen integrate Elmawkaa’s construction materials marketplace into its property evaluation platform. Supplied

Saudi property tech company Ayen has acquired Egyptian construction technology firm Elmawkaa in a seven-figure Saudi riyal transaction.

Founded in 2018 by Abdulrahman Al-Mulqi, Ali Al-Mohsen, and Aymen Al-Sarory, Ayen provides data-driven property evaluation solutions.

The acquisition will integrate Elmawkaa’s construction materials marketplace into Ayen’s platform, strengthening its market position across the Gulf Cooperation Council region.

Elmawkaa, established in 2017, offers a digital marketplace for competitive quotations on building materials, aimed at streamlining procurement for construction companies.

Aramco Ventures backs IOTA Software’s $10.4m series A2 round

Aramco Ventures has joined a $10.4 million Series A2 funding round for IOTA Software, a cloud-native platform for industrial performance optimization, led by Altira Group with participation from Oxy Technology Ventures and Second Avenue Partners.

The funds will enable IOTA to expand its engineering, product, and customer success teams, enhance its technology infrastructure, and strengthen marketing efforts. IOTA’s platform aggregates business and operations data to aid decision-making across industrial sectors.

Warburg AI secures $250k in seed funding for financial AI solutions

UAE-based Warburg AI has raised $250,000 in seed funding from undisclosed investors.

Founded in 2024 by Ben Pfeffer, Lancelot De Briey, and Madiyar Ismagulov, Warburg AI develops adaptive artificial intelligence and machine learning tools for financial institutions, with a focus on algorithmic trading, real-time risk management, and asset optimization.

The capital will be directed toward product development and expansion of its customer solutions team.

Brands.io raises seed funding to expand AI-focused domain services

UAE’s Brands.io, an AI-driven domain name provider, has raised an undisclosed amount in seed funding from unnamed investors.

Founded in 2024 by Chetan Gera, Brands.io offers customized domain names tailored for AI companies. 

The investment will fuel platform development, add technical features, and support the company’s expansion into Europe, the Middle East, and Africa, with a strong focus on strengthening its GCC presence.

NorthLadder raises $10m in series B for expansion in pre-owned electronics market

NorthLadder aims to capitalize on the increasing demand in the expanding pre-owned smartphone market. Supplied

UAE-based NorthLadder, a trade-in platform for pre-owned electronics, has raised $10 million in a Series B funding round led by stc Group’s corporate venture capital arm, tali ventures, with additional contributions from the Dutch Founders Fund and Crescent Ventures.

Founded in 2021 by Mihin Shah and Sandeep Shetty, NorthLadder offers a secure platform for reselling pre-owned devices, addressing growing demand in this sector.

With the new capital, NorthLadder plans to enhance its technology and expand its presence, particularly in Europe.

CE-Ventures co-leads $10m funding round for CrossBridge Bio’s cancer therapies

UAE-based CE-Ventures, the corporate venture capital arm of Crescent Enterprises, has co-led a $10 million funding round for CrossBridge Bio, a Houston-based biotech firm focused on developing dual-payload antibody drug conjugates for targeted cancer treatments.

The round also included participation from TMC Venture Fund, Portal Innovations, Alexandria Ventures, and several pre-seed investors.

The investment will support the advancement of CrossBridge Bio’s lead candidate, CBB-120, which targets solid tumors.

Additionally, the funding will enable the company to expand its pipeline of dual-payload ADCs and further develop its proprietary linker technology, which it claims could bring a new level of precision to cancer therapy.

Saudi Arabia’s signature startup event Biban 24 sees deals to support SMEs

Biban 24, Saudi Arabia’s premier event for startups and SMEs, saw over $5 billion in agreements and financing initiatives signed during the first three days.

Organized by the General Authority for Small and Medium Enterprises, or Monsha’at, the Riyadh-based forum secured more than 40 agreements and numerous financing portfolios aimed at bolstering Saudi Arabia’s SME sector in alignment with Vision 2030 goals.

These deals, amounting to more than SR18 billion ($4.79 billion) on the first day, SR1.35 billion on the second,  and SR580 million on day three,  included partnerships with leading Saudi banks, international memoranda of understanding, and investment opportunities designed to enhance access to funding and expand support networks for SMEs.

The event, themed “A Global Destination for Opportunities,” underscores Monsha’at’s commitment to creating a conducive environment for SMEs to thrive, positioning them as key drivers of economic diversification.

Topics: Startup Wrap Biban 2024 Biban 24

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Saudi Central Bank lowers benchmark rate by 25 bps following US Fed decision

Updated 28 min 24 sec ago
Dayan Abou Tine
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Saudi Central Bank lowers benchmark rate by 25 bps following US Fed decision

Updated 28 min 24 sec ago
Dayan Abou Tine

RIYADH: Saudi Arabia’s central bank has implemented its second interest rate reduction of 2024, lowering the benchmark by 25 basis points to 5.25 percent.

This adjustment mirrors the recent US Federal Reserve decision, which also cut rates by the same amount to a target of 4.5 - 4.75 percent.

In a statement, the central bank – also known as SAMA – said: “In light of global developments, and in accordance with the Central Bank’s objective of maintaining monetary stability, it has decided to reduce the Repurchase Agreement rate by 25 basis points to 5.25 percent, and the Reverse Repurchase Agreement rate by 25 basis points to 4.75 percent.​”

Unlike the higher September cut of 50 basis points, this move is a strategic recalibration of monetary policy, aimed at easing high borrowing costs that have been sustained to combat inflation over the past two years.

Gulf Cooperation Council central banks align interest rates with the US Federal Reserve due to their currency pegs to the dollar, despite having stable inflation rates.

Both the UAE and Bahrain reduced rates by 25 basis points, while Qatar opted for a slightly larger 30-point cut.

Kuwait, however, took a different approach. Its central bank, which pegs its currency to a basket, rather than exclusively to the dollar, lowered rates by 25 basis points in September to 4 percent but did not announce further cuts in November as of date.

Over the past two years, the US Federal Reserve has aggressively tightened its monetary policy to tackle inflation, driving up interest rates in an effort to bring prices down.

Although inflation has made progress toward the Fed’s 2 percent target, it remains slightly elevated, and high costs persist for consumers.

The labor market has shown signs of cooling, with unemployment inching up but still at low levels. The Fed’s ongoing challenge is balancing inflation control with the need to maintain a healthy, resilient job market.

The decision to cut interest rates could have far-reaching implications for the GCC, particularly for Saudi Arabia’s economy.

The Kingdom’s non-oil sectors, already a key focus under Vision 2030, stand to benefit significantly from the influx of cheaper credit.

Sectors such as construction, real estate, and services, which have seen substantial growth, are expected to experience further acceleration.

Lower borrowing costs could spur investments in infrastructure and technology, both vital to the Kingdom’s diversification away from oil.

Corporate lending is also expected to see a boost, with businesses, especially in capital-intensive industries like real estate, poised to take advantage of more affordable financing.

This could translate into more ambitious expansion plans, particularly for projects aligned with Vision 2030 goals, such as NEOM and the Red Sea Project.

The real estate market in particular could see a further surge as cheaper credit fuels demand for housing. 

Riyadh’s growing population and influx of expatriates are likely to drive this trend, with lower interest rates making mortgages more affordable.

Topics: saudi central bank interest rates US Federal Reserve

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Oil Updates – prices fall as Hurricane Rafael expected to start weakening

Updated 08 November 2024
Reuters
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Oil Updates – prices fall as Hurricane Rafael expected to start weakening

Updated 08 November 2024
Reuters

SINGAPORE: Oil prices fell slightly on Friday as the risk that a hurricane in the Gulf of Mexico will significantly affect US oil and gas output declined, while the market weighs how President-elect Donald Trump’s policies might affect supplies.

Brent crude oil futures fell 47 cents, or 0.6 percent, to $75.16 per barrel by 7:46 a.m. Saudi time. US West Texas Intermediate crude fell 55 cents or 0.8 percent to $71.81. The benchmarks fell after rising nearly 1 percent on Thursday.

For the week, Brent is set to gain 3.1 percent while WTI is set to rise 4.1 percent

Hurricane Rafael, which has caused 391,214 barrels per day of US crude oil production to be shut, is expected to move slowly westward over the Gulf of Mexico and away from US fields while forecast to weaken from Friday and through the weekend, the US National Hurricane Center said.

Prices gained support on Thursday on expected actions by the incoming Trump administration such as tighter sanctions on Iran and Venezuela, which could limit their supply to global markets.

“Our core view sees Trump adopt a relatively pragmatic approach to policy, in which he either chooses not to pursue more radical policy shifts, or is held back by institutional constraints or the influence of more moderate policy advisers,” BMI, a unit of Fitch Solutions, said in a note on Friday.

Downward pressure came from data showing crude imports in China, the world’s biggest oil importer, fell 9 percent in October, the sixth consecutive month showing a year-on-year decline, as well as from a rise in US crude inventories.

“The impact (of the Trump administration) on oil market fundamentals in 2025 will likely be somewhat limited,” BMI said. 

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Closing Bell: GCC stock markets up in wake of Trump’s election win

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Closing Bell: GCC stock markets up in wake of Trump’s election win

Updated 07 November 2024
Nadin Hassan

RIYADH: Following Donald Trump’s victory in the US presidential election, stock markets across the Gulf Cooperation Council saw a strong rally.

Markets posted gains, with Saudi Arabia’s Tadawul All Share Index finishing 0.31 percent up to close at 12,130.80 points on Thursday. This came after Crown Prince Mohammed bin Salman congratulated Trump on winning the election in a phone call on Wednesday, according to the Saudi News Agency.

Dubai’s Financial Market mirrored the upward momentum, climbing 0.60 percent. Abu Dhabi’s Securities Exchange also saw a lift, finishing the day up 0.44 percent.

Bahrain’s Bourse recorded a rise of 0.52 percent, while Kuwait’s main market similarly rose, closing with a 0.10 percent gain.

However, the Muscat Securities Market in Oman saw a 0.17 percent decrease, while the Qatar Stock Exchange was closed for a public holiday. 

The total trading turnover of the benchmark index on TASI was SR7.53 billion ($2 billion) as 113 of the listed stocks advanced, while 111 retreated.   

Similarly, the MSCI Tadawul Index increased by 2.03 points, or 0.13 percent, to close at 1,521.79.

The Kingdom’s parallel market Nomu also climbed by 415.36 points, or 1.44 percent, to close at 29,269.00. This comes as 49 of the listed stocks advanced while as many as 22 retreated.

The best-performing stock of the day was Rasan Information Technology Co., whose share price surged by 7.13 percent to SR78.10.

Other top performers include Miahona Co., and Theeb Rent a Car Co., with Miahona’s share price climbing 6.75 percent to SR29.25 and Theeb’s rising 6.59 percent to SR79.30.

Naseej International Trading Co. and Al Moammar Information Systems Co. also posted rises.

The worst performer was Saudi Arabian Mining Co., whose share price dropped by 4.09 percent to SR53.90.

Other worst performers were Abdulmohsen Alhokair Group for Tourism and Development, whose share price fell by 3.18 percent to SR2.74, and ACWA Power Co., which saw a 2.95 percent drop to SR441.20.

On an announcement front, ACWA Power Co. announced its results for interim financial results for the first nine months of 2024, ending on Sept. 30, with revenues surging by 13.3 percent to reach SR1.74 billion, compared to SR1.542 billion in 2023.

The increase was primarily driven by higher revenue from electricity sales, operation and maintenance services, and additional income from development projects and construction management, the company said on Tadawul. 

BinDawood Holding Co. also disclosed its financial results for the third quarter, with revenues slightly increasing by 0.189 percent to reach SR1.361 compared to the same quarter last year.

The company closed Thursday’s trading session at SR7.02, a 0.29 percent increase.

Saudi Steel Pipe Co. also released its financial results for the nine months of the year, recording SR381 million in revenues, a 20.18 percent increase compared to the same period last year.

The company closed today’s trading session at SR71.40, decreasing by 1.27 percent.

The United International Transportation Co. disclosed a 37.052 percent increase in revenues for the first nine months to reach SR505.8 million, compared to SR369.07 million during the same period last year.

This was primarily driven by the expansion of a long-term lease fleet and the resulting higher lease revenues.

The company closed at SR84, with its stock valie declining by 1.55 percent.

Topics: Closing Bell Saudi Stock Exchange (Tadawul)

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ACWA Power reports 16% profit increase amid record project launches

Updated 07 November 2024
Miguel Hadchity
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ACWA Power reports 16% profit increase amid record project launches

Updated 07 November 2024
Miguel Hadchity

RIYADH: ACWA Power, the Saudi-listed energy and water desalination company, has announced a 16 percent increase in its profits for the first nine months of 2024, underpinned by significant progress in its power and water production projects.

For the period, ACWA Power’s net profit attributable to equity holders reached SR1.25 billion ($334 million), a rise fueled by a 12.5 percent increase in operating income, which reached SR2.36 billion.

This marks a strong improvement from the same period in 2023. According to a company press release, the growth was primarily driven by an investment gain from the restructuring of a project, alongside a capital recycling gain.

ACWA Power’s CEO, Marco Arcelli, highlighted the company’s commitment to growth, noting that its portfolio now includes 26 projects — the largest in its 20-year history.

“These projects reflect both the speed at which we are realizing our growth, through swift financial closes, and the scale of future cash flows from a diverse and young portfolio,” Arcelli said.

He reiterated the company’s focus on providing reliable, cost-effective energy and water, aiming to create positive impacts across all its operations.

Over the past nine months, ACWA Power successfully achieved financial closure on seven major projects worth SR31 billion. These include Saudi Arabia’s Taiba and Qassim Combined Cycle Gas Turbine projects, the Tashkent Solar PV project in Uzbekistan, and the Hassyan Seawater Reverse Osmosis plant in the UAE.

The company’s expansion in power generation is also evident, having added 2.4 GW of capacity during the same period, including the Ar Rass Solar PV project, a 700 MW solar plant that was completed in just 18 months.

On the renewable energy front, ACWA Power secured a 5 GW Power Purchase Agreement for the Aral Wind project in Uzbekistan, as well as 5.5 GW of solar photovoltaic capacity as part of Saudi Arabia’s fourth round of Public Investment Fund projects.

In water desalination, the company signed a Water Purchase Agreement for the 410,000 cubic meters per day Hamriyah Independent Water Project in the UAE.

Abdulhameed Al-Muhaidib, ACWA Power’s Chief Financial Officer, expressed confidence in the company’s future, stating, “In the first nine months of 2024, we saw strong project mobilization, achieving financial closure on seven projects worth SR31 billion. We also began generating revenue from 2.2 GW of projects that reached partial or full commercial operation.”

He added: “Our diversified asset base, visible growth pipeline, and resilient business model, combined with our focus on operational excellence, give us confidence in achieving sustainable, long-term financial performance.”

Topics: ACWA Power PIF

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