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August 2019

First techno-complex in Kuwait

KUWAIT is set to build the country’s first techno-complex, a key facility which will contribute to industrial studies and technical research and innovation, on a 200,000-sq-m area in the capital city, according to a report. The venture will contribute to industrial and technical research and innovation, especially in the petrochemical, renewable energy and water resources sectors, reported state news agency Kuna.

 

Bahri nets $837m H1 revenue

NATIONAL Shipping Company of Saudi Arabia (Bahri), a global leader in logistics and transportation, said its revenues for the first six months hit SR3.14 billion ($837.22 million), up 6 per cent over the same period last year. Announcing the results, Bahri said the operating income for the first half soared to SR581.47 million ($155.06 million) recording an increase of 3 per cent over last year. However, its net income fell to SR224.9 million ($59.96 million) from SR308.54 million ($82.26 million) last year, it added.

 

PIF buys 40pc stake in Jasara

SAUDI sovereign wealth fund Public Investment Fund (PIF) has purchased a 40 per cent stake in Jasara Program Management Company, a joint venture between state oil giant Saudi Aramco and US-based Jacobs Engineering Group.

Jasara was set up in 2017 to provide management services for social infrastructure projects in Saudi Arabia and across parts of the Middle East and North Africa (Mena) region. In a major move, PIF has acquired 30 per cent of Jasara from Saudi Aramco and 10 per cent from Jacobs Engineering thus taking its total stake in Jasara to 40 per cent.

 

L&T wins $1bn Aramco project

INDIA’S top engineering and construction firm Larsen & Toubro (L&T) said one of its key subsidiaries, L&T Hydrocarbon Engineering Limited (LTHE), has won a contract worth nearly Rs70 billion ($1.01 billion) from state oil giant Saudi Aramco for its key oil field development project in Marjan. The Saudi group had awarded the project as a consortium comprising LTHE and Singapore-based global offshore contractor Emas AMC (A Subsea7 Company).




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