Saudi Electricity Company seeks $1bln loan to support expansion: Report
The facility will carry a five-year tenor, with Sumitomo Mitsui Banking Corp. acting as the sole mandated lead arranger and bookrunner, the report said, quoting people aware of the matter.
The funds will be used for general corporate purposes, the report said.
Capital expenditure of SEC, which is listed on the Saudi stock exchange, hit an all-time high of SAR 60 billion in 2024, up 44 percent from the previous year.
SEC has commissioned the country's first battery energy storage system (BESS) in Bisha, with a capacity of 500 MW, and advanced the development of five additional storage projects totaling 2,500 MW.
(Editing by Anoop Menon) (anoop.menon@lseg.com)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
an hour ago
- Zawya
Dubai welcomes Japan's leading Udon Brand as Marugame Udon opens first UAE outlet at City Centre Deira
Dubai, UAE: Reinforcing the UAE's growing reputation as a global destination for world-class dining experiences, Japan's number one udon brand Marugame Udon has made its regional debut in Dubai with the opening of its first outlet at City Centre Deira. The grand opening on July 3 exceeded expectations, drawing queues of over 500+ guests well into the evening, and reflecting both strong market demand and the UAE's unique ability to attract top international brands. Hiroshi Yamaguchi, President of Marugame commented on the opening saying: 'We are thrilled to bring our handmade, freshly prepared Sanuki udon and spirit of hospitality to Dubai, marking our first entry into the Middle East. As MARUGAME UDON celebrates its 25th anniversary and surpasses 1,300 global locations, we are committed to becoming a beloved presence in Dubai and beyond.' Founded in Japan and known for its live cooking stations, handmade noodles, and open-kitchen concept, Marugame Udon delivers a unique and interactive experience where guests can watch their udon prepared fresh on-site. The Dubai outlet features signature dishes such as Kake Udon and Bukkake Udon, Teriyaki Chicken Udon and Tantan Udon (a vegetarian option using soy-based meat), along with popular sides like Ebi Tempura and vegetable fritters. Located near Dubai International Airport and directly connected to the metro, City Centre Deira was chosen for its accessibility and footfall from both residents and tourists. All staff have been trained by Marugame experts from Japan, and the restaurant includes authentic equipment to ensure the same standards as its flagship outlets. Backed by Toridoll Holdings Corporation, which operates more than 1,300 Marugame Udon stores worldwide, the brand's entry into the UAE marks its presence in the 11th international market, following successful launches in the United States, United Kingdom, Taiwan, Indonesia, and Vietnam. About Marugame Udon With the motto 'Our Udon Lives,' Marugame Udon is Japan's largest udon chain, renowned for its made-to-order Sanuki-style noodles and immersive dining experience. The brand is part of Toridoll Holdings, a global food service group committed to delivering 'food experiences that move the world.'
Tahawul Tech
an hour ago
- Tahawul Tech
World Fintech Day 2025: MENA region evolves into global fintech powerhouse
Dubai — Once labelled an emerging market, the MENA region has rapidly transformed into a thriving global Fintech hub. With trailblazing regulations, deep public-private collaboration, and a culture of innovation, the region is now setting benchmarks in digital finance. On this World Fintech Day, all eyes are on MENA—not just for participation, but for leadership in the Fintech revolution. Over the past five years, MENA has demonstrated exponential growth across digital payments, AI-powered financial services, open banking frameworks, and tokenised assets. According to a 2025 Finextra Insights report, Fintech investments in the region surpassed USD 6.1 billion in H1 alone—a 37% year-on-year rise—driven by funding rounds in the UAE, Saudi Arabia, and Egypt. The study also highlights that 65% of consumers in the region now prefer digital-first financial services, a sharp increase from 44% in 2022. Driving this momentum is the MENA Fintech Association (MFTA), an organisation pivotal in connecting industry regulators, financial institutions, and Fintech innovators under a unified vision. Through its expanding regional chapters across Qatar, Bahrain, Saudi Arabia, Iraq, and Africa, MFTA has become the cornerstone of Fintech policy advocacy and ecosystem development. 'The MENA region has a once-in-a-generation opportunity to set new benchmarks for financial innovation,' said Nameer Khan, Chairman, MFTA. 'By aligning regulation with innovation and fostering collaboration across borders, we at MFTA are shaping not just a regional success story, but a global one.' This year's spotlight also falls on the importance of robust cybersecurity amid growing digitalisation. Fintechs, while known for their cutting-edge tech stacks, face increasingly complex threats from AI-driven attacks. 'Fintechs are often seen as cybersecurity trailblazers,' noted Mohammed Al-Moneer, Sr. Regional Director, Middle East, Turkey & Africa at Infoblox. 'But perceived cybersecurity maturity does not equal immunity. Attackers are getting faster and smarter, often using AI to write malicious code or detect vulnerabilities more efficiently.' Al-Moneer emphasised the need to revisit foundational tools. 'DNS is more than just internet plumbing. It offers one of the most efficient early warning systems against cyber threats, providing deep visibility into malicious activity without operational overhead. For fintechs navigating high stakes and relentless attacks, DNS could be the edge that keeps them ahead of the game.' The 2025 Fintech Outlook by MEED echoes this sentiment, reporting that 73% of MENA Fintechs plan to increase investments in cyber resilience tools this year. Moreover, initiatives like the UAE's AI-Powered Compliance Sandbox and Saudi Arabia's Fintech Saudi accelerator are embedding security and innovation into the DNA of regional Fintechs. The convergence of bold regulation, technological innovation, and regional collaboration is now positioning MENA as an exportable model for global Fintech success. On this World Fintech Day, the region's message is clear: Fintech is not just an industry—it is a movement, and MENA is shaping its next frontier.
Zawya
an hour ago
- Zawya
Saudi Arabia's TGA launches autonomous delivery pilot scheme
Saudi Arabia's Transport General Authority (TGA) has announced the launch of a pilot programme for autonomous vehicle delivery services. The initiative comes as part of a strategic partnership between Jahez and ROSHN Group, and it is being implemented at ROSHN Business Front, said a Saudi Press Agency report. Vice Minister of Transport and Logistic Services and TGA Acting President Dr Rumaih bin Mohammed Al-Rumaih affirmed that the transport and logistics system places great importance on accelerating the adoption of modern technologies, considering this pilot programme a significant step toward establishing an advanced transport system that supports smart cities, enhances quality of life, and promotes sustainability, in line with the objectives of Saudi Vision 2030. The pilot aims to provide innovative and safe delivery solutions based on autonomous vehicles, enhancing the efficiency of logistics services and offering a modern technological experience within residential and commercial communities. The initiative serves as a practical model of public-private sector integration in developing smart logistics services and reflects the TGA's vision for a more advanced and sustainable future. Copyright 2025 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
