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Aramco, Schlumberger lead a financing round for a hydrogen battery company

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EnerVenue, the first company to offer metallic hydrogen batteries, announced that it has raised $100 million in Series A funding, led by Schlumberger New Energy and Saudi Aramco Energy Ventures (SAEV)- Aramco Ventures’ capital programme, the company said in a statement.

EnerVenue has established a framework for a major distribution and manufacturing agreement with Schlumberger, which will contribute to the wider availability of its batteries in global markets.

The company develops robust, flexible, and secure battery energy storage solutions based on technology proven over decades of use under the most extreme flight conditions, including operating the International Space Station and the Hubble Space Telescope.

Enervenue was created in 2020 to bring the proven advantages of the metallic hydrogen battery into the electrical grid and other power applications, after a series of developments to significantly reduce cost and increase the availability of raw materials for the technology created by NASA in this field.

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Market’s ‘negative’ response to Saudi Building Code is temporary

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The recently amended and implemented Saudi Building Code has slowed down the market, but experts and stakeholders see this downturn as a transitory period.

Ali Al-Saif, CEO of Tabuk Cement Co., said the negative impact is temporary and once the sector overcomes teething issues, the new regulations will have a positive impact on the construction sector.

Saudi Arabia’s Commerce Ministry amended the code last Friday to streamline the mechanism governing penalties against violators. It came into effect on Oct. 15, according to the Umm Al-Qura newspaper.

SBC National Committee General Secretary Saad bin Shuail told CNBC Arabia in an interview that the effective implementation of the amended code would guarantee the quality of buildings and construction work.

The SBC is a set of legal, administrative and technical regulations and requirements that specify the minimum construction standard for buildings in the Kingdom to ensure public safety and health.

The codes apply to all construction works in the public and private sectors, whether new buildings — including their design, execution, operation, maintenance and any changes — or existing ones that undergo renovation or expansion work.

Recently, the SBC National Committee announced the establishment of a training academy to offer courses in building code design and the operation of safety solutions to enhance building code conduct in the Kingdom.

The academy’s mandate includes safe design, building code awareness, implementation, and educating people on safety and loss prevention through the building code’s successful implementation.

Bin Shuail said: “The academy is planned to be set up within one year. The Saudi Building Code Committee will establish the SBA in line with the Vision 2030 program.”

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Subscription for Egypt’s e-finance IPO closes

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The subscription period for the initial public offering of Egypt’s e-finance for Digital and Investments ended on Sunday.

The period started on Oct. 10, with a maximum price of $0.89 per share.

The state-owned company is offering 1.61 percent of its shares to the public, or 25.78 million, in the transaction that is expected to reach 3.6 billion Egyptian pounds ($229 million).

Last week, e-finance raised the percentage of the institutional offering to 23.5 after a strong demand for subscription.

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PIF to use oil platforms to attract tourists through ‘THE RIG.’ project

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Saudi Arabia’s Public Investment Fund on Saturday launched “THE RIG.”, first-of-its-kind tourism destination inspired by offshore oil platforms.

Located in the Arabian Gulf, the project will span a combined area of more than 150,000 square meters, said a statement issued by the sovereign wealth fund.

“THE RIG.” will feature a number of touristic attractions, including three hotels, world-class restaurants, helipads, and a range of adventurous activities, including extreme sports, the PIF said.

The PIF said to ensure sustainable preservation of the environment, the project will follow global standards and best practices in line with the Kingdom’s efforts to ensure preservation of environment.

The project is in line with PIF’s strategy 2021-2025 to modernize Saudi Arabia’s tourism and entertainment sectors and introduce innovative ideas to boost the number of local, regional and international tourists in the Kingdom.

Entertainment is expected to be a key driver for Saudi economic growth over the next four years.

In addition to the new entertainment centers announced by the PIF, a number of other high-profile projects are underway, including the Qiddiya Entertainment City, The Red Sea Project, AMAALA, AlUla, King Salman Park and Riyadh Sport Boulevard.

The retail and hospitality sectors are expected to benefit from the entertainment boom with total retail space in the capital expected to reach 3.5 million square meters of gross leasable area by 2024. By 2024, Jeddah’s retail market is expected to witness considerable supply growth, reaching over 2 million square meters.

As of 2019, the Kingdom received about 59 million tourist trips and these figures are expected to continue to increase to 100 million tourist trips by 2024.

The Saudi entertainment and amusement sector is forecast to be worth $1.17 billion by 2030 and grow by a massive 47.65 percent per year, according to recent industry report.

The US-based Research and Markets study said that the growth compares with just $23.77 million in 2020.

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