Industry, Logistics & Shipping

SEE Holding seals partnership with Arabian Gulf Steel

SEE Holding, the parent company behind The Sustainable City brand, has signed an agreement with Arabian Gulf Steel Industries (AGSI), thus marking a significant step towards advancing sustainable construction practices in the region. 
 
The partnership will prioritise the integration of low carbon steel in future projects, reinforcing SEE Holding’s commitment to selecting sustainable materials to achieve its net zero ambitions. 
 
Additionally, both entities will explore opportunities to promote circular economy practices, focusing on recycling and repurposing steel products to minimize waste and environmental impact.
 
The first carbon neutral steel plant and low carbon steel manufacturing facility, AGSI is pioneering low carbon products and plays a critical role in decarbonizing not only the steel industry but also the built environment. 
 
By incorporating 100% recycled low carbon steel SEE Holding aims to significantly reduce embodied emissions while maintaining the highest standards of durability and strength required for modern construction. 
 
The MoU signing ceremony was held at SEE Institute, SEE Holding’s knowledge partner and the region’s first operational net zero emissions building, underscoring a shared commitment to environmental responsibility.
 
On the deal, Chairman & CEO Faris Saeed said: "Achieving net zero emissions requires a holistic commitment to reducing both embodied and operational emissions across every facet of the built environment. Our partnership with Arabian Gulf Steel Industries reaffirms our dedication to selecting materials that align with our net zero strategy while driving innovation in sustainable cities and communities."
 
"Through this collaboration, we aim to inspire transformative change in net zero construction practices across the region, redefining how sustainable infrastructure and cities are designed and built," he stated.
 
The collaboration extends beyond material selection, focusing on research and development (R&D) to innovate and refine techniques that enhance the adoption of low carbon steel in construction processes. 
 
Both parties will work together to develop new methodologies that optimize energy efficiency and reduce embodied emissions in building projects, it added.
 
AGSI’s Chief Executive Officer Asam Hussain said: "The partnership with SEE Holding represents a significant step forward by driving sustainable transformation in construction practices in the UAE. Our collaboration will ensure that we structurally embed demand for low-carbon materials to seize the opportunity of accelerating decarbonization of the hard-to-abate sector."
 
"Together, we are advancing environmental sustainability and driving positive economic and social impact," he 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