Acwa eyes Malaysian investments

CLIMATE-

Acwa eyes Malaysian investments: Acwa Power is conducting feasibility studies with Malaysia’s Uem Lestra Berhad to establish independent water and power facilities in Malaysia, Acwa said in a statement on Tuesday. The studies will evaluate the implementation of seawater reverse osmosis technology desalination plants with a daily capacity between 200k-400k cubic meters of water. The pair will also explore incorporating large-scale solar farms — either on the ground or floating — linked to battery energy storage systems, combined cycle gas turbine solutions, or a combination of both.

REMEMBER– Acwa Power had plans last year to invest USD 10 bn in Malaysia over the next decade. The proposed “energy projects” in Malaysia were to be implemented with Malaysian integrated renewable energy provider Cypark Resources.

CAPITAL MARKETS-

Wealth management firm Merill Lynch KSA secured approval to provide market-making services for 20 listed securities split evenly between Tadawul’s main market and Nomu, effective today, the Saudi Exchange said in a statement. The firm will maintain specific obligations for each stock The firm will adhere to the market-maker obligations on each stock, including minimum quote presence, size requirements, and spread caps.

On the main market: Merrill Lynch will serve as market maker, with spreads mostly capped at 0.75%, for Naseej International Trading, the National Company for Glass Industries (Zoujaj), the National Company for Learning and Education, Al Hassan Ghazi Ibrahim Shaker, Sustained Infrastructure Holding, Theeb Rent a Car, Saudia Dairy and Foodstuff Company (SADAFCO), Dallah Healthcare, Gulf Insurance Group, and Aldawaa Medical Services.

On the parallel market: Lynch will also act as a market maker, with spreads generally capped at 5%, for Atlas Elevators General Trading and Contracting, Shams Tourism, Riyadh Steel, Sure Global Tech, Ladun Investment, MOBI Industry, Molan Steel, Fesh Fash Snack Food Production, Yaqeen Capital, and Lana Medical on Nomu.

E-COMMERCE-

Alshaya Group’s brands joined the GCC marketplace of Trendyol, a Turkish e-commerce platform, according to a press release. American Eagle, Bath & Body Works, and H&M are now available on Trendyol for shoppers in Saudi Arabia, with more brands to come.

About Trendyol: Istanbul-based e-commerce platform Trendyol was founded in 2010 and connects customers with local and global brands. The Kingdom currently accounts for 80% of the platform's orders during peak periods in the Gulf.

ART-

Manga Productions partnered with Sela to attract Japanese entertainment to Riyadh Season: Misk ’s subsidiary Manga Productions inked a partnership agreement with the PIF’s entertainment and investments arm Sela to collaborate on attracting Japanese entertainment brands to Riyadh Season, state news agency SPA reports.

AI-

Aramco-backed Norwegian software firm, Cognite, launched an AI services hub in South Indian Bengaluru and plans to invest “mns of USD,” as it eyes India as “an alternative to China,” CEO Girish Rishi and CSO Hakon Bjerke told Reuters yesterday. Cognite is also pursuing potential contracts in cement and automotive with major Indian conglomerates and plans to ramp up investments in the country. No further details were disclosed.