RIYADH: In an effort to boost its operations, Saudi energy firm ACWA Power secured $100 million in a revolving credit facility from China Construction Bank.
Engaged in collaboration with the Chinese bank since 2016, ACWA Power signed the three-year revolver agreement to scale up its power generation and water desalination portfolio in the Middle East, Uzbekistan and Kazakhstan.
RIYADH: Saudi Arabia’s aviation sector’s efficiency and competitiveness are set to receive a boost thanks to the new economic regulations that are likely to be introduced.
The General Authority of Civil Aviation has put forward the draft economic regulations for airports on a survey platform between June 22 and July 20, according to a statement.
The regulations aim to support the rapid growth of the sector, enhance passenger experience and ensure transparency and fairness.
CAIRO: Silicon Valley-based investor Plug and Play Tech Center, renowned for its early investments in successful firms such as Dropbox and PayPal, is seeking to raise $100 million to support Saudi startups, Bloomberg reported.
The venture capital firm is in discussions with Jada, a $1 billion fund of funds established by Saudi Arabia’s sovereign wealth fund the Public Investment Fund, to collaborate on this initiative, Saeed Amidi, Plug and Play’s founder and CEO, stated.
DUBAI: Aiming to step up energy security and usher in a new era in regional cooperation, Prince Saud bin Nayef bin Abdulaziz, the governor of the Eastern Province, inaugurated an electrical interconnection project between the Gulf Cooperation Council Interconnection Authority and Iraq.
Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said the connection was a dream turned reality, in an interview with Al-Arabiya. He said this landmark deal could achieve tangible economic benefits and enhance energy security.
DHAHRAN, Saudi Arabia: Aramco and TotalEnergies have awarded engineering, procurement and construction contracts for the $11 billion Amiral complex, a future world-scale petrochemicals facility expansion at the Kingdom’s SATORP refinery.
A signing ceremony took place in Dhahran attended by Amin H. Nasser, Aramco president and CEO, and Patrick Pouyanne, TotalEnergies chairman and CEO.
PARIS: The head of the World Bank said Thursday that the lender planned to introduce a “pause” mechanism for debtor countries in the event of them being hit by a crisis.
Ajay Banga told a summit on financing the fight against climate change that the multilateral lender would adopt a new approach that “significantly expands the World Bank’s toolkit.”
The most important measure would be offering “a pause on debt repayments so countries can focus on what matters when a crisis hits and stop worrying about the bill that is going come,” he added.
PARIS: Wealthy nations finalized an overdue climate finance pledge to developing countries worth $100 billion on Friday and created a fund for biodiversity and the protection of forests, France’s president said, according to Reuters.
Emmanuel Macron was speaking at a final panel of a summit in Paris where some 40 leaders, including two dozen from Africa, China’s prime minister and Brazil’s president had gathered to give impetus to a new global finance agenda.