EXPANSION-

Schneider Electric launched its global brand Lauritz Knudsen in the Kingdom, offering solutions and equipment for low-voltage electrical distribution and automation, according to a statement (pdf). Schneider acquired the India-based brand in 2020.

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Schneider + Saudi go way back: King Salman Energy Park (Spark) signed an agreement inJanuary 2024 with Schneider Electric to establish a 20k sqm advanced tech manufacturing facility — set to be completed by the end of this year — to produce high-tech systems, including distributed control, emergency shutdown, and compressor control systems.

DEBT WATCH-

Saudi Company for Hardware (Saco) cancelled a SAR 50 mn credit facility with Saudi Awwal Bank on Sunday, as the funds were not used, it said in a disclosure to Tadawul. Loan protections provided by Saco for the original agreement signed in December were, consequently, nullified, including a SAR 50 mn promissory note and mortgage on the company’s warehouse in Riyadh.

ENERGY-

Arabian Drilling extends Khafji Joint Operations contract: Arabian Drilling signed a three-year extension to its offshore drilling contract with Khafji Joint Operations, a joint venture between Aramco Gulf Operations and Kuwait Gulf Oil Company, according to a disclosure to Tadawul (pdf). The contract adds between 8% and 12% of Arabian Drilling’s 2024 revenue to its backlog.

TRADE-

Indian fertilizer firms IPL, KRIBHCO, and CIL signed an agreement with Maaden to import 3.1 mn metric tons of DAP fertilizer annually for five years, with an option to extend, according to a statement from India’s Chemicals and Fertilizers Ministry.

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