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AD Ports’ new joint venture to target Caspian Sea companies

State-owned AD Ports Group has signed an agreement with Kazakhstan’s KMTF (Kazmortransflot) to provide offshore and shipping services for energy companies in the Caspian Sea, state-run WAM news agency reported. The joint venture, which will be 51 percent owned by AD Ports Group and 49 percent by KMTF, a wholly-owned offshore logistics and services subsidiary of […]

PIF buying 30% stake in district cooling firm Saudi Tabreed

Saudi Arabia’s Public Investment Fund (PIF) has acquired a 30 percent stake in district cooling company Saudi Tabreed through a private placement of shares, according to a bourse filing on Wednesday. The sale is subject to completion procedures. Saudi Tabreed is the local venture of the UAE-listed National Central Cooling Company (Tabreed). Meanwhile, Tabreed has […]

London-listed Centamin reports higher gold reserves in Egypt

London and Toronto-listed Centamin reported an increase in its Sukari gold mine reserves in Egypt by about 1.3 million ounces, representing the largest increase in the reserves in a decade. The growth represents an increase of 13 percent in proven and probable mine reserves, reaching 11.11 million ounces at the end of June 2022, compared […]

Office Building, Building, Architecture

Zain KSA seals transfer of its telecom towers to PIF-led group

Mobile telecommunications company Zain KSA has transferred ownership of its unit Zain Business to Saudi Arabia’s Public Investment Fund, enabling the sale of its towers infrastructure. PIF has changed the unit’s name to Golden Lattice Investment Company (GLI), the telco said in a statement published on the Saudi exchange, or Tadawul. The sale of 8,069 […]

Water, Construction Crane, Waterfront

Saudi Arabia signs deals worth $171m to expand Jeddah port

Saudi Ports Authority (Mawani) has signed two contracts worth 642 million riyals ($171 million) with major contractors to deepen berths and build new ones at Jeddah Islamic Port, according to the state-owned Saudi Press Agency. The contract with Modern Building Leaders, in association with Huta Hegerfeld Saudia, will deepen harbour approach channels, turning basins, waterways […]

Cow, Cattle, Mammal

Moroccan group to buy half of Spanish animal nutrition firm

Morocco’s fertiliser producer OCP Group has signed an agreement to purchase a 50 percent stake in GlobalFeed SL from Spain’s Fertinagro Biotech, the company said in a statement. The acquisition is part of OCP’s global growth strategy in the animal nutrition market. GlobalFeed’s operations focus on animal nutrition solutions, manufacturing, and distribution of products such […]

Aldar Properties acquires security services provider for $34m

Abu Dhabi-listed Aldar Properties has acquired Spark Security Services, a UAE-based security services provider, for AED 125 million ($34.03 million). The all-cash transaction strengthens the UAE developer’s property and integrated facilities management platform, WAM, the UAE state news agency, reported. These security services will add significant value to Aldar’s AED 23 billion ($6.3 billion) portfolio […]