Saudi Aramco to build $2bn Jazan plant with ACWA

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Saudi Aramco to build $2bn Jazan plant with ACWA

Saudi Aramco will build a $2.1bn (SAR7.8bn) industrial complex in Jazan.

The development, set to be the world’s largest for gas, will supply 20,000 metric tonnes of oxygen and 55,000 metric tonnes of nitrogen to its Jazan refinery for 20 years.

Arabian Company for Water and Power Development (ACWA) has been appointed to carry out the project.

Shariah-compliant financing methods will be used for the project, which will be developed with America’s Air Products and Chemicals, in a build-own-operate (BOO) agreement.

Up to $1.8bn (SAR6.7bn) of the project’s funds will be generated through ten international and national banks.

Saudi banks involved in the financing deal include Banque Saudi Fransi, Samba Financial Group, Al-Inma Bank, Saudi British Bank and the National Commercial Bank.

The list of foreign banks includes Mizuho Bank, Societé Generale, Sumitomo Mitsui Bank, Bank of Tokyo-Mitsubishi UFJ, and First Gulf Bank.

ACWA will own 75% of the project, while Air Products will own 25%.

According to Arab News, Mohamed Abunayan, chairman of ACWA, said the development highlights the strength of Saudi’s economic and the public-private partnership (PPP) model.

Source and Link: Construction week on Line

Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.