Finance Saudi Electricity raises $4bn from 15 banks By Pramod Kumar August 26, 2024, 6:45 AM Unsplash.com/Fré Sonneveld This month, Saudi Electricity reported a 17 percent year-on-year rise in net profits to SAR5.2 billion Saudi Electricity Company, 75 percent-owned by the sovereign Public Investment Fund, has obtained SAR15 billion ($4 billion) in funding from 15 regional and global banks. The three-year credit facility will be used for general corporate purposes. The facility is not backed by any guarantees, the company said in a statement to the Saudi stock exchange on Sunday. NewsletterGet the Best of AGBI delivered straight to your inbox every week The financing entities includes Abu Dhabi Commercial Bank, Bank of America Europe, First Abu Dhabi Bank, HSBC Middle East, Industrial and Commercial Bank of China (Macau), JPMorgan Securities, Mizuho Bank, MUFG Bank (DIFC Branch), Standard Chartered Bank (Hong Kong), SMBC International Bank, The Saudi Investment Bank, BNP Paribas, Emirates NBD Capital KSA, Intesa Sanpaolo (Dubai Branch) and Natixis (DIFC Branch). In May, the company secured a $1 billion Islamic credit facility from Saudi National Bank, the largest bank by assets in the kingdom. Saudi Arabia signs IAEA protocol as nuclear plans advance 1,200 sites to be surveyed for Saudi solar and wind power drive Saudi adds 5,500MW to meet its renewable energy target This month, Saudi Electricity reported a 17 percent year-on-year rise in net profits to SAR5.2 billion, with revenues rising 16 percent annually to SAR38 billion. In its H2 2024 result presentation, the company said it expects to spend SAR35 to SAR40 billion in capital expenditure this year, given the strong growth in power demand across the country.
Energy Former BP boss named on Adnoc’s investment board Bernard Looney, the former CEO of BP, is among the board members of Abu Dhabi National Oil Company’s new lower carbon energy and chemicals investment company, XRG. Formed by Adnoc last month, XRG aims to more than double its $80 billion asset value over the next decade by capitalising on the demand for low-carbon energy […] 1 day ago
Aviation Used private jets soar as Gulf aircraft deliveries stall The Gulf’s second-hand private jet market has enjoyed a surge in popularity due to an influx of wealthy residents and delays in the delivery of new aircraft. “It is hard for [buyers] to get access to assets,” Vincent Rolland, director of JetNet IQ, a US-based market analysis and business aviation consultancy company, told AGBI. Clients […] 1 day ago
Development Syria upheaval could be a sign of progress for the region The removal of the Assad regime in Syria is a “step in the right direction for the region”, according to a leading economist from Standard Chartered. Eric Robertsen, managing director of global head of research and chief strategist at Standard Chartered, was discussing the fallout of a series of geopolitical crises during a media round […] 1 day ago
Business of Sport Manchester City reports record revenues Despite a recent slump in form on the pitch, the Abu Dhabi-backed English football team Manchester City is thriving commercially, its annual report revealed this week. The club has announced record-breaking revenues of £715 million ($903 million) for the past year, with profits of £73.8 million. Chairman Khaldoon Al Mubarak said: “Our focus remains on […] 1 day ago
