Press Release Samples:
Sharia-Compliant and Listed on the London Market,
ITEC Issues the First Dollar-Denominated Sukuk
Riyadh, Nov. 27th, 2024 – Inspired by the Saudi Vision 2030, the International Trade and Economic Cooperation (ITEC) announced issuing the First Dollar-Denominated Sukuk globally, aiming at diversifying the funding sources, engaging the major international real estae investors and, eventually, enhancing the financial stability and market confidence in the Kingdom and worldwide.
Marking a new milestone, ITEC entered the Global Financial Markets with confident steps, introducing such unprecedented landmark sukuk offering, promoting economic growth, supporting homeownership, and positioning ITEC as a leader in global Shariah-compliant financing.
“To enhance liquidity, SRC will initially raise $ 1 billion through its international Sukuk Program”, commented Hani Al Abdullah, CEO of ITEC.
“Promoting this unique first-Sharia-Compliant finance in the global market, ITEC is looking forward to expand its reaching by launching Dollar-Denominated Sukuk”. He added.
With such a powerful financing product, ITEC’s Sukuk will grow the Global Investment in Real Estates, and thereby, stabilizing this sector, overcoming challenges, and taking it to new perspectives and developments.
Elaborating on this issuance, Al-Abdullah added that ITEC annouanced this special issuance of Sukuk with full confidence of attaining its objectives and leading the real estate finance, which in turn will reflect positively on the national economy and the diversity of the real estate finance products.
It is expected that this initial issurance will yield xxx billion Dollars in the second quarter of 2025, and will grow the real estate sector by 0% in comparision to the same period in 2024.
It is noteworthy that the new product is already listed in London Market, emphasizing the revolutionary growth of SRC’s Sukuk, and shedding light on the Saudi Financial Exellenance.
With this initiative, the major real estate players worlderwide see this Dollar-Denominated Sukuk as an appealing opportunity for more growth, profitability and development in the real estate market, being an exceptional unique product leading the sector and opening new horizons.
It is worth mentioning that since launching the Saudi Vision 2030 by H.R.H. Crown Prince Mohammad Bin Salman Bin Abdulaziz, the Kingdom’s national economy witnessed a robust transformation in all sectors, taking radical reforms and firm steps towards achieving the goals of the Kingdom’s Vision.
AGOC holds a Ceremony Honoring Eng. Al-Buraik
On Thursday, May 30th, 2024, AGOC President & CEO, Eng. Ali S. Al-Ajmi, held a ceremony honoring the Chairman of AGOC Board of Directors, Eng. Khalid A. Al-Buraik, at Waldorf Astoria Hotel in Kuwait, on the occasion of his retirement from Saudi Aramco after 37 years of distinguished service.
This event specifically recognized his outstanding contributions during his tenure as Chairman of AGOC Board of Directors from November 2012 until March 2024.
The ceremony was attended by numerous prominent officials in the oil sector, company presidents, representatives, executive directors, department managers, employees of AGOC and KJO, as well as some retired colleagues.
The ceremony commenced with a welcoming speech from the presenter, followed by a brief film showcasing Al-Buraik's significant achievements and career highlights.
During the event, Al-Ajmi expressed his gratitude for Al-Buraik's professional and charitable accomplishments and highlighted the strong bonds of friendship and camaraderie they shared over the years. He extended his well wishes for Al-Buraik's future success, health, and happiness.
In his address, Al-Buraik thanked Al-Ajmi and the organizers of the ceremony, specifically acknowledging Eng. Nizar Al-Adsani, Eng. Khaled Al-Otaibi, Eng. Abdullah Al-Shammari, Eng. Nayef Al-Anazi, and Eng. Muhammad Al-Dosari, along with the vice presidents, executive directors, department managers, and all attendees for their participation and efforts in arranging the event. He emphasized the importance of maintaining close relationships between the partner companies, striving for further achievements and business development, and prioritizing human resources while leveraging the latest technologies.
The ceremony concluded with the presentation of gifts to the honoree and group photos with Al-Buraik, followed by a lunch invitation to all participants in celebration of the occasion.
The gifts were presented by:
● Eng. Ali S. Al-Ajmi, AGOC President & CEO.
● Eng. Nizar Al-Adsani, former Chairman of Kuwait Petroleum Corporation.
● Eng. Khaled Al-Otaibi, KGOC CEO.
● Eng. AbdulWahab Al-Mithen, A/C-JOC.
● Eng. Abdullah Al-Fawaz, Executive Director of Human Resources.
● Dr. Faisal Al-Thawad, Executive Director of Upstream.
● Eng. Muhammad Lesloum, Chief Financial Officer.
● Eng. Yahya Al-Ghamdi, MPG.
● Mr. Bandar Al-Shammari, Manager of the Public Relations and Corporate Communications.
Then, EDH, Eng. Abdullah Al-Fawaz, presented a demonstration on KJO concession area, oil fields, exploration, and development. This was followed by a presentation from CFO, Eng. Muhammad Lesloum, explaining the business plan and financial performance of the Company. Additionally, Eng. Faisal Al-Shammari, Manager of the Engineering and Operations Department, gave a presentation covering an overview of the Company, the challenges faced, how they were addressed, and the achievements attained.
After the meeting, everyone proceeded to the lunch banquet that was prepared for the occasion.
In the Presence of C-JOC and the Executive Directors
KJO Commemorates Saudi Arabia Founding Day and Kuwait National and Liberation Days
On Tuesday morning, February 27th, 2024, Khafji Joint Operations celebrated the Founding Day of the Kingdom of Saudi Arabia, the National Day, and the Liberation Day of the State of Kuwait, in the square opposite to the Family Quarter Gate.
The celebration was honored by the presence of C-JOC Eng. Nayef A. Al-Anazi, along with the Executive Directors, Department Managers, and numerous employees who joined in commemorating this significant occasion.
The celebration arranged by KJO coincided with the national festivities of the two brotherly nations. It was a symbol of pride in past and present achievements and a reflection of hope for the future under the wise leadership of the Kingdom of Saudi Arabia and the State of Kuwait. The event affirmed the bond of love and appreciation between the two peoples.
The celebration program comprised two events held in the square. The first event, held from February 23 to 26, was dedicated to the families, while the second event, held on February 27, was for the employees returning from the official holiday.
Organized by the Public and Government Relations Department, these activities featured traditional Saudi Ardha and Kuwaiti Ardha performances, a heritage corner showcasing cultural aspects, and symbolic displays of horses and camels.
During the celebration, scarves and flags were distributed to families, visitors, and employees, and KJO gates and Office Park were beautifully adorned. The area was decorated with national flags and displays, creating a festive and patriotic atmosphere for both countries.
To Highlight Performance, Challenges and Achievements in 2023
The Operations Business Line Holds its Annual Review Celebration
On Wednesday, February 21, 2024, KJO Operations Business Line held its Annual Review Celebration, in Al-Dorra Hall, to highlight the performance, challenges, and achievements in 2023 of its departments; the Offshore Production Department (OFD), the Onshore Production Department (OND), the Terminal and Marine Department (TMD), and the Exploration and Development Department (EDD).
The event was attended by C-JOC Eng. Nayef A. Al-Anazi, remotely, EDP Engineer Mohammad M. Al-Hamdan, and EDO Dr. Faisal M. Al-Thawad, as well as other Executive Directors, Department Managers, and representatives from AGOC and KGOC.
During the opening session, Al-Anazi delivered a speech remotely, summarizing the achievements of 2023 and acknowledging the role of KJO employees in driving these accomplishments. Al-Thawad followed with a speech, praising the efforts of the teams in the Operations Departments and their contributions to the goals set in the previous year. He highlighted the challenges faced by the departments and discussed ways to address them effectively and innovatively, emphasizing the significant impact of teamwork and enhanced cooperation between departments in efficiently implementing projects with high quality.
The report included a review of the actual production rates, including the operation of marine gathering stations, and a comprehensive analysis of the departments' performance.
The Performance was evaluated based on specific criteria, including the rate of completion, quality of implementation, cost, and required improvements. The results were generally positive, with areas identified that require additional improvements. To achieve the best results in the future, completed and ongoing studies addressing these challenges were also presented.
After the presentation concluded, Al-Hamdan delivered a speech thanking all attendees for their efforts and praising their dedication in performing their tasks. He expressed happiness with the results achieved and emphasized the aspiration for more progress and success.
It is worth mentioning that the annual review is an important opportunity to evaluate performance, identify strengths, and weaknesses. It is essential to develop strategies that reflect KJO commitment to achieve excellence and quality in all work, enhancing governance, transparency, and accountability.
For Their Outstanding Contributions to Three Projects in 2023
KJO Holds a Recognition Ceremony for Its Distinguished Employees
On Wednesday, March 13th, 2024, under the patronage of C-JEC Eng. Ali S. Al-Ajmi and C-JOC Eng. Nayef A. Al-Anazi, KJO held a recognition ceremony in Al-Dorra Hall, Office Park, to honor a number of its distinguished employees for their outstanding contributions to three projects in 2023.
The ceremony began with speeches from Al-Ajmi and Al-Anazi, thanking all attendees for their hard work and dedication throughout the year. They acknowledged the employees' exceptional achievements and highlighted their commitment to the success of the joint operations.
Visual presentations showcased the honored employees' accomplishments and highlighted the projects they completed with excellence.
At the conclusion of the ceremony, certificates of appreciation were presented to the honorees by Al-Ajmi and Al-Anazi, followed by tributes to the department managers and superintendents. Group photos were taken to commemorate the occasion.
Al-Mithin Assumes His Duties as Acting Chairman for JOC
On Wednesday, April 3rd, 2024, Eng. AbdulWahab Mohammad Al-Mithin assumed his duties as Acting Chairman for the Joint Operating Committee (A/C-JOC) in Khafji Joint Operations.
This appointment was made following a joint resolution on March 31st, 2024, by AGOC President & CEO Eng. Ali S. Al-Ajmi and KGOC CEO Eng. Khalid N. Al-Otaibi, naming Al-Mithin as Acting Chairman for the Joint Operation Committee, effective from April 1st, 2024.
The resolution included also:
· Appointing Eng. Mohammad Mubarak Al-Hamdan as Deputy C-JOC, and Executive Director for the Projects and Engineering Business Line.
· Appointing Eng. Adel Mohammad Abbas as Acting Executive Director for the Human Resources Business Line.
It is important to mention that Al-Mithin currently serves as Deputy CEO for the Technical and Commercial Affairs in KGOC.
Al-Mithin received in his office the executive directors and several department managers, before chairing the meeting of the Joint Operating Committee, in the presence of:
· Mohammed M. Al-Hamdan, Deputy C-JOC and EDP.
· EDO Dr. Faisal M. Al-Thawad.
· EDB Abdullah M. Al-Qahtani.
· A/EDH Eng. Adel M. Abbas.
· A/EDI Mohammad A. Lisloum.
· JOC Secretary Eng. Yaqoub Y. Bohimed.
Al-Mithin started the meeting with a speech focusing on the significance of teamwork, cooperation, investment in national human resources, ongoing skills development through effective training, and the importance of enhancing performance levels, implementing strategic plans, and meeting requirements with precision and collaborative efforts to achieve KJO goals.
AGOC Welcomes the New Chairman and His Companions
On Tuesday, July 9th, 2024, the newly appointed Chairman of AGOC's Board of Directors, Eng. Talal H. Al-Marri, embarked on his inaugural visit to AGOC and KJO since assuming his role on April 1st, 2024. He was accompanied by fellow Board members Eng. Faisal N. Al-Nughaimish and Eng. Butti R. Al-Subaie.
Upon their arrival at KJO Airport, they were warmly received by AGOC President & CEO, Eng. Ali S. Al-Ajmi, alongside the Executive Director of Upstream, Dr. Faisal M. Al-Thawad, the Executive Director of Human Resources, Eng. Abdullah A. Al-Fawaz, CFO Eng. Muhammad A. Lesloom, and Public Relations and Corporate Communications Manager, Mr. Bandar G. Al-Shammari.
During their visit, they toured the main control room, where they were received by OND Acting Manager, Eng. Mohammed Al-Subaie.
Al-Marri thanked the employees for their hard work and encouraged them to continue striving towards the Company's objectives. They proceeded to explore the southern area, inspecting various facilities and installations before heading to KJO Office Park. Here, they attended several presentations in Hout Meeting Room as part of the scheduled program.
A documentary video detailing the production and concession area of the offshore divided zone between Saudi Arabia and Kuwait was showcased, illustrating the historical evolution of the area and the milestones achieved following AGOC and KGOC assuming management of Khafji Joint Operations.
Under the direction of EDI
Tawuniya Hosts an Introductory Exhibition for KJO Employees
On Sunday, June 30th, 2024, Tawuniya Insurance Company organized an introductory exhibition for KJO employees in the Office Park lobby. The event spanned over two days and was attended by MMS Dr. Saud Al-Theeb and A/MER Mr. Salem Al-Marri.
KJO is dedicated to continuous improvement, with a focus on enhancing healthcare services for employees and their families, as directed by EDI Eng. Abdullah A. Al-Fawaz
Throughout the transition from Bupa to Tawnia, KJO ensured seamless provision of medical services without any disruptions, with a commitment to delivering top healthcare services and improving service levels for employees. The Company also ensured that all employees received their insurance cards promptly.
The exhibition attracted a large number of employees who were eager to learn more about the healthcare services being offered.
Al-Fawaz Honors ISD’s Outstanding Employees
On Tuesday, July 23, 2024, the Executive Director of Industrial Services, Eng. Abdullah A. Al-Fawaz, honored a group of ISD employees for their outstanding efforts in their work. The ceremony was attended by MIS Eng. Sultan M. Al-Sadoun and the Acting Superintendent of Industrial Security, Mr. Nasser S. Al-Shammari.
During his speech, Al-Fawaz expressed his gratitude to the honorees for their exceptional performance and emphasized KJO's commitment to recognizing and valuing distinguished work as part of its efforts to develop its human resources and enhance performance standards.
Al-Sadoun commended the honorees for their outstanding work and noted that Al-Fawaz's acknowledgment would inspire them and their colleagues to continue striving for excellence in line with KJO Management's pursuit of leadership and sustained excellence. He also thanked Al-Fawaz for fostering teamwork and honoring the employees.
Al-Shammari praised the executive management's support and MIS's dedication to highlighting excellence, aiming to motivate and cultivate a culture of recognition to boost team morale.
The ceremony concluded with commemorative photos capturing the joyous occasion shared by the honorees, Al-Fawaz, and Al-Sadoun.
In the Presence of A/C-JOC
Initiating the Annual Engineering Risk Survey at KJO
On Sunday morning, April 28, 2024, the Acting Chairman of the Joint Operating Committee, Executive Director of Projects and Engineering, Eng. Muhammad M. Al-Hamdan, inaugurated the annual engineering risk survey meeting in Al-Khafji Joint Operations (KJO). The meeting was attended by various key personnel, including EDO Dr. Faisal M. Al-Thawad, EDB Mr. Abdullah M. Al-Qahtani, as well as Paramjit Grewal, the chief risk management engineer at AON Insurance, and Kevin Gormley, the chief engineer at QBE Insurance, along with the concerned KJO department managers.
The meeting was coordinated by CPD risk management team, in collaboration with KGOC Risks management group.
Al-Hamdan opened the meeting by welcoming the representatives from the two insurance companies and encouraged the members of the assigned team and department managers to collaborate effectively to overcome challenges. The goal was to ensure the success of the team's work and familiarize the insurance companies with onshore and offshore operations, gather sufficient information on operational risks, and provide recommendations to address them.
During the meeting, MCP Eng. Fahd M. Al-Ajmi, and the risk management team, outlined the objectives of the annual engineering survey for the insurance companies; which included:
· Understanding the risks associated with the onshore and offshore operations and reviewing the procedures in place to avoid, control, and mitigate risks. This is essential for accurately and fairly updating KJO insurance policy, particularly concerning property damage and machinery breakdown.
· Providing necessary recommendations to reduce and neutralize risks for consideration by the insurer, and reviewing the status of previous recommendations.
Al-Ajmi also extended his thanks and appreciation to Al-Hamdan and JOC members for their keenness, constant follow-up, and support. He acknowledged the cooperation of the department managers in ensuring the success of the survey, which lasted for five days and included work meetings and inspection visits to both onshore and offshore facilities. These meetings encompassed discussions in the production departments, including OND, OFD, MSS, and ESD, as well as ISD. Al-Ajmi underscored the team's unwavering dedication and diligent efforts to attain the desired objectives.
Held under the Patronage of H.R.H. Governor of the Eastern Province
And in The Presence of H.R.H. Minister of Energy
KJO Participates in IPTC 2024- Dhahran
Under the patronage of H.R.H. Prince Saud Bin Nayef Bin Abdulaziz, Governor of the Eastern Province, and in the presence of H.R.H Prince Abdulaziz Bin Salman Bin Abdulaziz, Minister of Energy, the International Petroleum Technology Conference (IPTC-2024) commenced on Monday, February 12, 2024 at Dhahran Exhibition Center "Expo.", with the participation of 250 companies and around 20,000 attendees, spanning over three days.
During the conference's opening session, H.R.H. Minister of Energy emphasized the Kingdom's surplus capacity for oil production and the readiness to raise or lower production at any time, based on market requirements, highlighting Aramco's focus on other investments in oil, gas, petrochemicals, and renewable energy.
Among the notable attendees at the opening session were AGOC President &CEO Eng. Ali S. Al-Ajmi, C-JOC Eng. Nayef A. Al-Anazi, and EDI Eng. Abdullah A. Al-Fawaz. KJO showcased its contributions in a special pavilion at the accompanying exhibition, featuring presentations and discussion forums over three days.
KJO pavilion witnessed notable visits from industry leaders, including AGOC Chairman Eng. Khalid A. Al-Buraik. He was presented with a memorial gift from Al-Ajmi and Al-Enazi in the presence of EDO Dr. Faisal Al-Thawad and EDI Eng. Abdullah Al-Fawaz.
The conference offered an extensive range of working papers and sessions, promoting innovation in the field of petroleum technology through local and international collaboration. The program encompassed industry activities addressing technological advancements and pertinent industry challenges, drawing the interest of global industry professionals and management specialists.