{"id":82076,"date":"2024-01-21T00:00:00","date_gmt":"2024-01-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/01\/21\/govt-ink-agreements-with-wef-on-sustainability\/"},"modified":"2024-01-21T00:00:00","modified_gmt":"2024-01-21T00:00:00","slug":"govt-ink-agreements-with-wef-on-sustainability","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/01\/21\/govt-ink-agreements-with-wef-on-sustainability\/","title":{"rendered":"Gov\u2019t ink agreements with WEF on sustainability."},"content":{"rendered":"

\n

SUSTAINABILITY-<\/p>\n

The Economy and Planning Ministry signed two agreements with the WEF UpLink <\/strong>platform aimed at expanding their partnership through mobilizing global solutions to critical environmental and sustainability challenges, according to a Ministry statement<\/a> last week. They aim to spur investments for solutions related to ocean degradation, biodiversity loss, and the circular carbon economy.<\/p>\n

Uplink?<\/strong> It is a WEF initiative<\/a> that links entrepreneurs to investors and others in a bid to scale innovation technologies towards a more sustainable future.<\/p>\n

Background: <\/strong>The latest agreement expands on the 2022 MEP-UpLink partnership<\/a>, with initiatives such as 'Food Ecosystems in Arid Climate Challenge' and the 'Smarter Climate Farmers Challenge.' <\/p>\n

\n

ISLAMIC FINANCE-<\/p>\n

Solutions <\/strong>by STC + SNB<\/strong>: Arabian Internet and Communications Services Company (Solutions) has renewed its short-term debt facilities with the Saudi National Bank (SNB) for a period of one year with a limit increase to SAR 1 bn, it said in a statement to Tadawul<\/a>. The IT services provider has also renewed its SAR 500 mn medium-term debt facility for a period of five years from the June 2022 utilization date. The renewal of Solutions\u2019 short term facilities will support the company\u2019s working capital and fund the issuance of letters of credit.<\/p>\n

\n

INVESTMENT-<\/p>\n

SASCO <\/strong>inks three SAR 3.4 mn fuel station contracts<\/strong>: <\/strong>Saudi Automotive Service<\/a>Company (SASCO)<\/a> has inked SAR 3.4 mn contracts worth a total with the State Properties General Authority for three fuel station sites in the Eastern Province, it said in a statement to Tadawul<\/a>. The contracts will run for a period of 15 years and their value is set to increase by 10% every 5 years. It\u2019s unclear whether SASCO will own the subject three new gas stations or will operate them under a lease. SASCO operates 541 stations, with another 50 set to go live this year. <\/strong><\/p>\n

\n

MINING-<\/p>\n

Commercial <\/strong>production in the Mansourah & Massarah gold plant has started<\/strong>, Ma\u2019aden said in a disclosure to Tadawul<\/a>. The project was implemented by the Outotec and Larsen & Toubro consortium under a SAR 2.3 bn EPC contract in 2019<\/a> with Ma\u2019aden Gold & Base Metals Company. The mine is expected to produce 250k ounces of gold annually.<\/p>\n

\n

EARNINGS WATCH-<\/p>\n

Tadawul-suspended<\/strong> Saudi Cable recorded a bottomline of SAR 39 mn in 1Q 2023<\/strong>, reversing losses worth SAR 18.5 mn in 1Q 2022, it said in a disclosure to Tadawul<\/a>. The turnaround is attributed to a reversal of a Zakat provision along with good results from a unit of the company. The topline fell 67% y-o-y to SAR 11.7 mn in 1Q 2023 on sliding sales and some contract expiries. <\/p>\n","protected":false},"excerpt":{"rendered":"

PLUS: Solutions renews debt facilities with SNB<\/p>\n","protected":false},"author":1,"featured_media":82077,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2564],"tags":[54,259,144,49,10,263,50,146,262,145,143,256,260,242,75,258,257,179,261],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-82076","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-arabian-internet-and-communications-services-company","tag-asir","tag-eastern-province","tag-enterpriseam-ksa","tag-mansoura-and-massara","tag-mining","tag-msb-holding","tag-pan-gulf-marketing","tag-royal-road-minerals","tag-royal-roads-arabia","tag-sasco","tag-saudi-automotive-service-company","tag-saudi-cable","tag-saudi-national-bank","tag-snb","tag-solutions","tag-startup-watch","tag-state-properties-general-authority","wpautop","entry"],"acf":{"mongo_id":"7d06adf3-1ddb-494b-8a4e-fb3af459f3d1","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/1655.jpeg","photo_position":"above","homepage_title":"","full_issue_title":"Gov\u2019t signs agreements with WEF for sustainability. 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