Industry, Logistics & Shipping

Saudi-led consortium to spearhead sustainable concrete innovation

Saudi Arabia's Oil Sustainability Program (OSP) announced the launch of a consortium 'NovusCrete' in collaboration with NEOM (represented by the Design and Construction Sector)’s Design & Construction Sector and other international entities. 
 
The consortium partners include the kingdom's sovereign wealth fund PIF (Public Investment Fund), the Saudi Investment Recycling Company (SIRC) as well as leading Swiss specialty chemicals company Sika and US-based startup ClimateCrete. 
 
The move is aimed at developing sustainable and innovative technologies in concrete production, focusing on reducing the carbon footprint of the construction sector and enhancing the environmental efficiency of the materials used.
 
The new consortium is supported by leading local and international entities, including the American Concrete Institute (ACI), which established Committee 243 – Seawater Concrete, responsible for developing reports, guidelines, standards and codes on the use of seawater in concrete.
 
The agreement was signed by the consortium partners in the presence of Prince Abdulaziz bin Salman bin Abdulaziz, the Minister of Energy as well as Chairman of the OSP Supervisory Committee.
 
Several senior officials including the PIF Governor Yasir Al Rumayyan; the Saudi Standards, Metrology, and Quality Organization Governor Dr Saad Al-Qasabi and Royal Commission for Jubail and Yanbu President Engineer Khalid Al Salem attended the event.
 
NovusCrete Consortium, led by OSP, will aim to develop standards and codes on the use of seawater in concrete and promote sustainability in the building and construction sectors by recycling waste, extending infrastructure lifespan, and reducing the environmental impact of the sectors.
 
According to OSP, the consortium marks a strategic milestone in fostering innovation and advancing sustainable development through the adoption of cutting-edge solutions designed to meet future demands. 
 
This initiative aligns with the goals of Saudi Vision 2030, which aims to strike a balance between economic growth and environmental sustainability, said the minister.
 
"The consortium focuses on creating new opportunities for the building and construction sector, the manufacturing sector and the Saudi value chain, and supporting the development of new technologies that can deliver sustainability and cost benefits," he stated.
 
It seeks to accelerate technological advancements in sustainable concrete solutions, while prioritizing localization in the use of seawater, polymer-based materials, recycled construction and demolition waste, and fine sand. 
 
Through this collaboration, members aim to facilitate the adoption and expansion of seawater concrete applications, reinforced with Glass Fiber Reinforced Polymer (GFRP) rebars and other sustainable materials in the building and construction sector, said OSP in its statement
 
The participating parties aim to empower the construction sector by focusing on environmental protection, driving innovation, and supporting the local economy, an effort led by OSP, it added.-TradeArabia News Service

Industry, Logistics & Shipping

Takatuf turns cornerstone investor for Umm Al Qura IPO

Saudi-based Umm Al Qura for Development and Construction today (February 18) announced it has issued a supplementary prospectus and signed a binding investment undertaking agreement for its Initial Public Offering (IPO) with Takatuf Holding Group Company - a limited liability company wholly owned by Abdullah Sulaiman Al Rajhi Holding Company (ASAQ) - as its cornerstone investor. 
 
As the cornerstone investor, Takatuf has committed to a subscription of 8.87 million shares, representing 6.8% of the offer shares, it stated. 
 
A specialist in financial investments, Takatuf is also involved in the development of large-scale, multi-use projects in the kingdom through its subsidiaries. Takatuf Holding Group is a key investor in the Saudi markets. 
 
According to Umm Al Qura, the Cornerstone Commitment represents approximately 0.62% of the company’s share capital after the Offering.
 
A key Saudi-based group, Umm Al Qura was established in 2012 for undertaking the development of King Abdulaziz Road in Makkah which originally contained six unplanned settlements neighbourhoods; the project site area is known as Masar Destination. 
 
The Saudi group had recently announced the price range for its IPO as well as the commencement of the institutional book-building period for participating parties.
 
The company had set SAR14 to 15 per share price range for the Offering.
 
On December 24 last year, the Capital Market Authority had given the go-ahead to Umm Al Qura for the registration of its share capital and the offering of 131 million shares.
 
Speaking on the occasion,  CEO Yasser Abdulaziz Abu Ateek said: "We are pleased to welcome Takatuf Holding Group Company, a wholly owned subsidiary of Abdullah Sulaiman Al Rajhi Holding Company, as a cornerstone investor for our IPO."
 
"This step reaffirms the attractiveness of the investment opportunities Umm Al Qura offers and its ability to attract investors. It also reflects Takatuf’s confidence in the company’s business model and growth strategy. We are delighted to collaborate with such a distinguished partner to create sustainable value for our shareholders," he added.
 
Umm Al Qura said the institutional book building period will end on February 20 and the final offering price will be determined at the end of the book-building process.
 
For the key listing, Umm Al Qura has signed up Albilad Capital as joint financial advisor, lead manager, bookrunner and underwriter; GIB Capital and AlRajhi Capital as joint fnancial advisors, bookrunners and underwriters as well as Alinma Invest as joint bookrunner and underwriter.
 
Lazard has taken up the role of company advisor and FGS Global that of media and communications advisor.-TradeArabia News Service

Industry, Logistics & Shipping

ADSB, ASRY aim to collaborate on production of naval vessels

EDGE Group entity Abu Dhabi Ship Building (ADSB), the region’s leader in the design, construction, repair, maintenance, refit and conversion of naval and commercial vessels, today signed a memorandum of understanding (MoU) with Arab Shipbuilding and Repair Yard (ASRY), the Arabian Gulf's leading maritime repair and fabrication facility based in Bahrain.
 
The two entities will work together to build new naval auxiliary vessels and port crafts and constitute a joint committee to assess the feasibility of each project.
 
Witnessed by Shaikh Mohamed bin Rashed AlKhalifa, Deputy CEO of ASRY; Hamad Al Marar, Managing Director & CEO of EDGE; and Omar Al Zaabi, President – Trading & Mission Support, EDGE, the MoU was signed by David Massey, CEO of ADSB and Dr Ahmed Al Abri, CEO of ASRY at the Naval Defence & Maritime Security Exhibition (Navdex) Abu Dhabi 2025, underway at the Abu Dhabi National Exhibition Centre (Adnec) until February 21. 
 
Speaking on the partnership, Massey said: “This MoU marks a significant step in strengthening collaboration within the region’s maritime industry. By combining ADSB’s expertise in naval vessel design and construction with ASRY’s renowned repair and maintenance capabilities, we aim to deliver world-class solutions to meet the evolving needs of our customers.”
 
Dr Al Abri said: “We are delighted to partner with ADSB, a leader in the production of naval and commercial vessels. This agreement reflects our shared vision to leverage our complementary strengths to explore new opportunities in naval auxiliary vessels and port craft projects, further advancing the sovereign capabilities of the region’s maritime sector.”
 
Attendees visiting Navdex 2025 can witness ADSB’s portfolio of products and services firsthand at Stand B-022, and at the dock-edge area at Adnec.  -TradeArabia News Service