ENERGY-

Tamimi Energy + Positive Zero partner on expanding solar capacity at home: Subsidiaries of local Tamimi Energy and Dubai-based decarbonization firm Positive Zero have signed a partnership agreement to develop solar projects across the Kingdom, according to a statement. The companies will work together to finance, develop and source talent and tech for commercial and industrial solar power solutions across the Kingdom.

REMEMBER- Positive Zero just received a lot of funds to put towards decarbonization projects: US-based investment giant BlackRock invested USD 400 mn in Positive Zero through a diversified infrastructure fund. The investment allows Positive Zero to grow its sustainable energy adoption and offer fully financed sustainable energy solutions across the GCC which it has already begun doing in the UAE and Oman.

TECHNOLOGY-

Investment Ministry teams up with UK’s Envada on digital transformation: The Investment Ministry has inked an MoU with NYSE-listed software development company Envada to support the digital acceleration of government entities and leading private sector businesses by offering advisory services, according to a statement. Envada has a market cap of over USD 2 bn and a solid record in the logistics, retail, and payment solutions industries.

DEBT WATCH-

Tam Development secures Sharia-compliant loan from Banque Saudi Fransi: Digital solutions consultancy firm Tam Development signed a one-year Sharia-compliant banking facility agreement worth SAR 25 mn with Banque Saudi Fransi (BSF) to cater to multiple financing needs and facilitate the issuance of bank letters of guarantee, it said in a disclosure to Tadawul.

AVIATION-

Riyadh Air is now part of the United Nations Global Compact (UNGC) initiative — a corporate sustainability initiative focused on promoting sustainable development goals, according to a statement. In a formal letter to UN Secretary General Antonio Guterres, the PIF-owned airline pledged to adhere to the UN Global Compact’s ten principles on sustainable practices in environment, labor, and anti-corruption. The airline also plans to release its inaugural sustainability report prior to its inaugural flight scheduled for mid-2025.

Tags: