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News in brief

01 August 2021

Jassim Transport & Stevedoring set for Boursa Kuwait listing

Jassim Transport & Stevedoring Company (JTC), a leading provider of ports and contracts logistics services as well as heavy equipment and power leasing in Kuwait and the GCC, says it is in the process of completing the private placement to increase its shareholders’ base. Increasing shareholders base is one of the prerequisites for listing on Boursa Kuwait, the national stock market of Kuwait.

Following the preliminary regulatory approval from the Capital Markets Authority, JTC commenced the private placement mid-June.

CEO Adel Kohari says: “The company is proceeding with its strategy to list its shares on the Boursa Kuwait. In addition to the private placement, we are carrying out several internal procedures that will improve the level of transparency, provide the necessary training for employees to deal with the company’s new strategy and other matters that contribute to its readiness for listing.”

Early this year, JTC initiated the execution of a new three-year logistics contract with Kuwait’s Ministry of Electricity and Water, in addition to signing new long-term strategic contracts with several oilfield services companies for power rental services in KOC (Kuwait Oil Company) oilfields. These contracts are expected to drive revenue growth over the next seven years.

“So far this year, the performance and achievements have been very satisfactory on both the financial and operational levels. We have won new contracts, commenced new projects and implemented new businesses,” he adds.

Furthermore, the company commenced aggregate cargo handling services at Shuaiba port and started construction of a new temperature-controlled warehouse at Mina Abdullah.This warehouse is expected to start operating early 2022, and there are plans to develop similar facilities in the coming years.

Azizi picks RAQ Contracting for Riviera project work

Azizi Developments, a leading private developer in the UAE, has announced the appointment of RAQ Contracting Company for the fourth phase of its Riviera project in MBR City in Dubai. RAQ’s scope covers the reinforced concrete structural works of five of the developer’s Riviera residential and hotel buildings.

A renowned general contractor specialising in designing and building, as well as in pre-designed projects, including towers, industrial structures, hotels, malls, and other segments, RAQ Contracting was selected for the Riviera project mainly due to its extensive and outstanding track record, as well as its firm commitment to its core values – reliability, accountability and quality, Azizi says.

A stylish waterfront-lifestyle destinatio, Riviera is planned to comprise 71 mid-rise buildings with 16,000 residences. It comprises three distinct districts: an extensive retail boulevard, a 2.7-km-long crystal-clear water lagoon, and Les Jardins – a vast, lush-green social space.

Chief Development Officer Mohamed Ragheb Hussein says: “Our signing with RAQ Contracting is a testament to our continuous efforts in only working with best-in-class suppliers. Through our partnership with RAQ, we strive to meet and exceed our customers’ expectations.”

“While our knowledgeable and experienced engineering team will continue to ensure that all contractors abide by our set agreements, and that they complete their work in a timely fashion and at the highest quality standards, with RAQ contracting, we feel that we are in very safe hands,” he adds.

Daewoo unit lands $634m Qatar fixed platform deal

Korean group Daewoo Shipbuilding & Marine Engineering says it has clinched an order worth KRW725.3 billion ($633.6 million) from Qatar’s North Oil Company (NOC) for setting up a fixed platform at the country’s largest Al-Shaheen oil field.

The scope of work includes a topside, a jacket, and an interconnection bridge with other facilities. Construction on the fixed platform will be completed by the second half of 2023, the firm says.

L&T wins contract for 132/11kV Dubai substation

India’s top engineering and construction conglomerate Larsen & Toubro (L&T) has announced that one of its units, L&T Construction, has won a slew of orders in India and abroad for its various businesses.

On its overseas orders, L&T says it has clinched a major contract to design, supply, construct, install, test and commission a 132/11-kV substation with associated cable works in Dubai.

Additionally, it has also secured two transmission line packages from Africa. The Indian engineering conglomerate says its Power Transmission & Distribution Business has landed a package involving supply and construction of a new gas insulated substation and associated substation extensions in Thailand. These works will enhance the transmission system security and support the rising demand for electricity in the upper northern parts of the country, it states.