{"id":89424,"date":"2024-09-08T00:00:00","date_gmt":"2024-09-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/09\/08\/indian-firms-land-major-infrastructure-contracts-in-the-kingdom\/"},"modified":"2024-09-08T00:00:00","modified_gmt":"2024-09-08T00:00:00","slug":"indian-firms-land-major-infrastructure-contracts-in-the-kingdom","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/09\/08\/indian-firms-land-major-infrastructure-contracts-in-the-kingdom\/","title":{"rendered":"Indian firms land major infrastructure contracts in the Kingdom"},"content":{"rendered":"

\n

INFRASTRUCTURE-<\/p>\n

#1- India-based firm lands a USD 317 mn desalination contract:<\/strong> VA Tech Wabag<\/a> was awarded a USD 317 mn contract by the Saudi Water Authority to build a new desalination plant in Yanbu under an EPCC contract, Webag said in a disclosure to the Indian Exchange (pdf)<\/a>. The plant will have a capacity of 300 mn liters of fresh water per day and is scheduled to be completed within a 30-month period.<\/p>\n

#2- <\/strong>India-based infrastructure construction firm <\/strong>KEC International<\/a><\/strong> will install<\/strong> 380 KV<\/strong> transmission lines across the Kingdom<\/strong>, after landing a SAR 64 mn (INR 14.23 bn) contract, according to a filing to the Indian<\/a>Stock Exchange<\/a>(pdf)<\/a>.<\/p>\n

\n

AUTOMOTIVE-<\/p>\n

#1- India-based EV maker <\/strong>Wardwizard Innovations and Mobility<\/a><\/strong> is set to build an electric<\/strong> vehicle assembly plant and an EV cell plant in the Kingdom<\/strong> under a new joint venture with an unnamed local player, Reuters<\/a> reported. The assembly plant will manufacture two-wheelers, three-wheelers, and four-wheelers, with plans to add electric buses at a later stage. The value of the potential JV and the timeline for the projects were not disclosed.<\/p>\n

#2- F<\/strong>ood delivery outfit <\/strong>Jahez Group<\/a><\/strong> added <\/strong>30 EVs to its fleet<\/strong>, it said in a post on X<\/a>. The vehicles can travel 200 km on a single charge.<\/p>\n

\n

M&A WATCH-<\/p>\n

#1- <\/strong>Al Khaleej Training and Education<\/a><\/strong>\u2019s potential acquisition of <\/strong>Adhwaa Al Hedeya<\/a><\/strong><\/a><\/strong>Schools<\/a><\/strong> got the greenlight from the General Authority for Competition<\/strong>, according to a disclosure to Tadaw<\/a>ul<\/a>. Al Khaleej Training entered a sale and purchase agreement<\/a> to acquire 80% of Adhwaa Al Hedeya through a share swap. Al Khaleej will boost its capital by 34.9% in order to give the selling shareholder, Ethraa Holding, a 25.8% stake in Al Khaleej.<\/p>\n

#2- <\/strong>Commercial Growth Development plans to divest its 5.6% stake in<\/strong> Tadawul-listed<\/strong> BinDawood Holding<\/strong>, according to a document seen by Bloomberg<\/a>. Goldman Sachs Saudi Arabia and SNB Capital are reportedly managing the sale.<\/p>\n

\n

INVESTMENT WATCH-<\/p>\n

The Investment Ministry and the General Authority for Military Industries signed an MoU <\/strong>with Italy\u2019s <\/strong>ELT<\/a><\/strong>Group<\/a><\/strong> that will see them mull potential investments in the domestic military sector, state news agency SPA<\/a> reported. <\/p>\n

\n

MINING-<\/p>\n

Saudi-based credit rating<\/strong> agency <\/strong>Simah Rating Agency (better known as Tassnief)<\/strong> maintained its long-term (A-) and short-term (T-3) ratings for <\/strong>Alkhorayef for Water and Power Technologies Company<\/a><\/strong>, according to a press release<\/a>. The rating action reflects the water infrastructure company\u2019s \u201cstrong governance framework, experienced management team, robust internal controls, and a healthy & improving financial risk profile.\u201d<\/p>\n

\n

FINTECH-<\/p>\n

F<\/strong>intech startup <\/strong>Barq<\/a><\/strong>will add Mastercard Gateway to its payment <\/strong>solutions <\/strong>under a freshly inked agreement, according to a press release<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

VA Tech Wabag landed a UAD 317 contract to build a desalination plant in Yanbu<\/p>\n","protected":false},"author":1,"featured_media":89425,"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":[54,2467,10,208,66,31,14],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-89424","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-automotive","tag-enterpriseam-ksa","tag-fintech","tag-infrastructure","tag-investment-watch","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"316ef62e-6b70-44f8-8aa8-0ee9ca3d6e93","order":"9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/9\/489.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Indian firms land major infrastructure contracts in the Kingdom","related_issue":[89407],"teaser":"VA Tech Wabag landed a UAD 317 contract to build a desalination plant in Yanbu","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.7ee352be-32be-4c8a-afb1-215773abcc51.mp3"},"yoast_head":"\nIndian firms land major infrastructure contracts in the Kingdom - 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