The Arab Petroleum Investments Corporation (Apicorp), a multilateral development bank, has signed a strategic five-year Murabaha financing facility worth $75 million with Alfanar Company, in support of Alfanar’s renewable-energy projects, including a wind-power project in Spain.
Jamal Wadi, chief executive of Alfanar Global Development, said: “With an existing portfolio exceeding 1.5 GW of renewable development projects around the globe, Alfanar is committed to further double its portfolio in the next few years. The signing of the Murabaha agreement with Apicorp brings us a step closer to realizing our commitment. This partnership with Apicorp comes at a time when Alfanar is also diversifying its portfolio and venturing into new markets.”
Nicolas Thevenot, Apicorp’s managing director, head of corporate finance, said: “Apicorp is committed to encouraging Saudi companies in their pursuit of opportunities beyond their home market. In this particular case, we are happy to support Alfanar toward their renewable- energy projects globally. This is in line with Apicorp’s focus to support global sustainability through projects driven by environmentally conscious and renewable principles.”
Alfanar is a Saudi-based company headquartered in Riyadh and engaged in the manufacturing of electrical products, design engineering and O&M services, with activities focused in Middle East, Europe and Asia. The company has successfully leveraged its expertise in electrical equipment manufacturing and in the engineering, procurement and construction of power transmission and distribution projects in the Kingdom to develop and operate renewable energy projects globally.
Alfanar is aiming to tap into the growing demand for renewable energy around the globe. The company aims to deploy 3 GW by 2022, with an intention to grow the portfolio to 4-5 GW by 2025.
Baker & Mckenzie, Bahrain acted as Apicorp’s legal counsel on the financing, and Hogan Lovells, Dubai advised Alfanar.
Apicorp is a multilateral development bank established to foster the development of the Arab world’s energy sector and petroleum industries. The corporation is owned by the 10 Arab oil-producing countries and its headquarters are in Dammam.
Apicorp agrees $75m Murabaha term facility with Alfanar
Apicorp agrees $75m Murabaha term facility with Alfanar
LuLu opens two new stores in Riyadh and Dammam
LuLu Retail has further expanded its presence in Saudi Arabia with the unveiling of two state-of-the-art shopping destinations in Riyadh and Dammam. These new stores are designed to bring a modern shopping experience closer to residential neighborhoods, offering everything from daily groceries to household essentials under one roof.
The expansion includes a massive flagship hypermarket and a convenient express store, each tailored to meet the needs of the local community with high standards of service and variety.
Recently, Yusuffali M. A., chairman of LuLu Group, reaffirmed the group’s commitment to continuous growth while ensuring an uninterrupted supply of products and maintaining stable prices for customers.
The largest of the new openings is located in the Suwaidi district of Riyadh. This massive flagship hypermarket covers more than 400,000 square feet and is built to be a one-stop shop for the capital’s residents.
The store was officially inaugurated by Mohammed Khalid Al-Shalfan, investors relationship manager at the Ministry of Investment, and Matar Salem Ali Marran Al-Dhaheri, ambassador of the UAE to Saudi Arabia.
This new retail landmark features an extensive range of departments, including grocery food and non-food items, beauty and wellness, chilled and dairy products, frozen foods, and a roastery. Shoppers can also find fresh fruits, vegetables, a bakery, and a delicatessen, as well as fresh meat and fish sections. A unique feature is the fresh food dining area. For tech enthusiasts, there are dedicated sections for computers, gaming, telecom, mobile phones, and consumer electronics. The store also carries stationery, household goods, home furnishings, toys, luggage, and footwear, all supported by more than 100 parking spaces.
Meanwhile in Dammam, LuLu inaugurated a new LuLu Xpress store and the LOT, a value shopping destination, in the Faisaliya district. The store was officially inaugurated by Mansour Al-Binali, assistant director general of the Ministry of Human Resources and Social Development for the Eastern Province.
Covering 33,000 square feet, the store includes a wide range of products with fresh food, local produce, and meat, along with a section for technical consumer goods featuring the latest electronics and gadgets.
The LOT Value Shop focuses on high-quality items at affordable prices. Residents can shop for household goods, home furnishings, stationery, toys, and educational products, most of which are priced below SR22 ($5.86).
For added convenience, the location provides nearly 100 parking spaces.
LuLu has launched special inaugural offers across all departments in both the Riyadh and Dammam stores. These promotions allow customers to enjoy significant savings on a wide range of products and international brands. This expansion reinforces LuLu’s commitment to supporting the Kingdom’s retail growth and providing quality service to neighborhoods across Saudi Arabia.
