In Brief

01 November 2017

Saudi PIF launches new fund

THE Public Investment Fund (PIF) has announced the establishment of the Fund of Funds, a new investment vehicle designed to provide small and medium-sized enterprises (SMEs) with access to capital by investing in venture capital and private equity funds targeting the SME sector. With a capital of SR4 billion ($1.07 billion), the fund is aligned with the Vision 2030 objective of facilitating private sector growth and supporting the development of SMEs in creating job opportunities, a statement said.


Al Jarboo is new Sabic chairman

SAUDI Basic Industries Corporation (Sabic), a petrochemicals conglomerate, in a major revamp has appointed Dr Abdulaziz bin Saleh bin Mansour Al Jarboo as its new chairman replacing Prince Saud bin Abdullah Bin Thenayan Al-Saud.


GCC Lab, Cesi build unit

GLOBAL technical consulting and engineering company Cesi SpA and GCC Electrical Testing Laboratory (GCC Lab) have signed a term sheet for the development and operation of an electrical testing facility in Saudi Arabia. The testing platform will perform a wide range of electromechanical testing activities and provide technical services according to the highest international standards.


GAC Bahrain opens warehouse

GAC Bahrain, a leading provider of shipping, logistics and marine services, has opened its new warehouse and office building as part of its long-term strategic planning in response to anticipated growth of the kingdom’s logistics sector.

The 3,200-sq-m, 3,019-pallet position ambient racked warehouse in Hidd, Bahrain Investment Wharf, replaces the company’s previous leased facility in Salmabad, said a statement from the company.


UAE official wins award

HESSA Al Malek, the executive director for maritime sector, at UAE Federal Transport Authority - Land and Marine, has been declared as ‘Seatrade Personality of the Year 2017’ at a major industry event in Dubai, UAE. The event honoured some of maritime’s most esteemed and noteworthy figures with more than 700 of the industry’s leading personalities in attendance, said a statement from the authority.


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