National Shipping Company of Saudi Arabia, or Bahri – a shipping and logistics company part-owned by the kingdom’s Public Investment Fund – signed an agreement with the Saudi Agricultural and Livestock Investment Company (Salic) to set up a grains terminal in the country as it looks to expand its logistics operations.
Under the deal, Bahri and Salic – also a subsidiary of PIF – have set up a joint venture entity, National Grain Company to build and handle the $110 million (Dh403.7) terminal at Saudi Arabia's Yanbu Commercial Port, Bahri said in a bourse filing to the Tadawul exchange, where its shares trade.
A contractor will be appointed during the second half of this year and the terminal is expected to be operational by the second quarter of 2021. Covering an area of 313,000 square metres, the terminal will have a storage capacity of 280,000 tonnes, and will be initially be able to handle 3 million tonnes of grains and cereals a year, with capacity eventually increasing to 5 million tonnes.
The planned project will be funded through a combination of the company's cash flow and bank financing, according to the statement. It will oversee the trade, handling and storage of grain from the Black Sea, South America and the Red Sea region, and will help with "the provision of basic food products and price stability in the kingdom", according to Saudi Arabia's Minister of Environment, Water and Agriculture, Abdulrahman Al-Fadhli, who is also chairman of Salic.
"We are confident that this company will play a major role in strengthening supply chains in the Kingdom of Saudi Arabia, as it will lead to the building of the largest regional centre for grains," Mr Al Fadhli said.
Bahri, in which state oil firm Saudi Aramco has a 20 per cent stake, operates one of the largest fleets of crude oil vessels in the region.
Last week, its subsidiary National Chemical Carriers signed a $410m order with the Hyundai MIPO Dockyard for 10 chemical tankers, which will be delivered in phases, starting from the first quarter of 2022 until the first quarter of 2023, it said in a statement at the time.
In July, Bahri reported an almost 17 times rise in its quarterly profit. Profit for the three months ending June 30 climbed to 760.61m riyals (Dh744.9m), from 45.57m riyals in the same period in 2019.
The company attributed the rise in profitability to the recovery of global oil markets and the rise of transportation rates as demand for tankers jumped during the reporting period.
Draw for Europa League last-16
Istanbul Basaksehir v Copenhagen; Olympiakos Piraeus v Wolverhampton Wanderers
Rangers v Bayer Leverkusen; VfL Wolfsburg v Shakhtar Donetsk; Inter Milan v Getafe
Sevilla v AS Roma; Eintracht Frankfurt or Salzburg v Basel; LASK v Manchester United
MO
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The five pillars of Islam
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
The specs
Engine: 0.8-litre four cylinder
Power: 70bhp
Torque: 66Nm
Transmission: four-speed manual
Price: $1,075 new in 1967, now valued at $40,000
On sale: Models from 1966 to 1970
MATCH INFO
Champions League quarter-final, first leg
Manchester United v Barcelona, Wednesday, 11pm (UAE)
Match on BeIN Sports
Brief scoreline:
Liverpool 2
Keita 5', Firmino 26'
Porto 0
SPECS
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Match info
Arsenal 0
Manchester City 2
Sterling (14'), Bernardo Silva (64')
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Get inspired
Here are a couple of Valentine’s Day food products that may or may not go the distance (but have got the internet talking anyway).
Sourdough sentiments: Marks & Spencer in the United Kingdom has introduced a slow-baked sourdough loaf dusted with flour to spell out I (heart) you, at £2 (Dh9.5). While it’s not available in the UAE, there’s nothing to stop you taking the idea and creating your own message of love, stencilled on breakfast-inbed toast.
Crisps playing cupid: Crisp company Tyrells has added a spicy addition to its range for Valentine’s Day. The brand describes the new honey and chilli flavour on Twitter as: “A tenderly bracing duo of the tantalising tingle of chilli with sweet and sticky honey. A helping hand to get your heart racing.” Again, not on sale here, but if you’re tempted you could certainly fashion your own flavour mix (spicy Cheetos and caramel popcorn, anyone?).
Results
6.30pm: Baniyas (PA) Group 2 Dh195,000 1,400m | Winner: ES Ajeeb, Sam Hitchcock (jockey), Ibrahim Aseel (trainer)
7.05pm: Maiden (TB) Dh165,000 1,400m | Winner: Al Shamkhah, Royston Ffrench, Sandeep Jadhav
7.40pm: Handicap (TB) Dh190,000 1,200m | Winner: Lavaspin, Richard Mullen, Satish Seemar
8.15pm: Maiden (TB) Dh165,000 1,200m | Winner: Kawasir, Dane O’Neill, Musabah Al Muhairi
8.50pm: Rated Conditions (TB) Dh240,000 1,600m | Winner: Cosmo Charlie, Pat Dobbs, Doug Watson
9.20pm: Handicap (TB) Dh165,000 1,400m | Winner: Bochart, Richard Mullen, Satish Seemar
10pm: Handicap (TB) Dh175,000 2,000m | Winner: Quartier Francais, Fernando Jara, Ali Rashid Al Raihe
How to report a beggar
Abu Dhabi – Call 999 or 8002626 (Aman Service)
Dubai – Call 800243
Sharjah – Call 065632222
Ras Al Khaimah - Call 072053372
Ajman – Call 067401616
Umm Al Quwain – Call 999
Fujairah - Call 092051100 or 092224411
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
SPEC%20SHEET
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JAPAN SQUAD
Goalkeepers: Masaaki Higashiguchi, Shuichi Gonda, Daniel Schmidt
Defenders: Yuto Nagatomo, Tomoaki Makino, Maya Yoshida, Sho Sasaki, Hiroki Sakai, Sei Muroya, Genta Miura, Takehiro Tomiyasu
Midfielders: Toshihiro Aoyama, Genki Haraguchi, Gaku Shibasaki, Wataru Endo, Junya Ito, Shoya Nakajima, Takumi Minamino, Hidemasa Morita, Ritsu Doan
Forwards: Yuya Osako, Takuma Asano, Koya Kitagawa
THREE
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The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
