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Saudi Port Authority to Establish $533 Million Fuel Center at Yanbu Port

Yanbu Industrial Port - SPA
Yanbu Industrial Port - SPA
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Saudi Port Authority to Establish $533 Million Fuel Center at Yanbu Port

Yanbu Industrial Port - SPA
Yanbu Industrial Port - SPA

The Saudi Port Authority (MAWANI) has announced plans to establish a 2 billion riyals ($533 million) center to supply ships with fuel at Yanbu Industrial Port . This initiative is in line with the Saudi Ministry of Energy's efforts to increase the Kingdom's share of fuel supply for ships transiting through its waters to 10 million tons.

The establishment of this center also aligns with MAWANI's strategic goals of expanding the number of logistic zones to 30 by 2030. By doing so, it aims to reinforce the Kingdom's position as a global logistics center connecting Asia, Africa, and Europe.

Spanning an expansive area of 393,000 sq. meters, the upcoming center will facilitate the storage, trading, and mixing of various petroleum materials. Its primary objective is to enhance the efficiency and effectiveness of fuel supply operations for ships operating within Saudi Arabian ports.

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Bahrain’s Investcorp Announces Major Changes in its Executive Team

Bahrain’s Investcorp has more than $52 billion in assets under management (The company’s website)
Bahrain’s Investcorp has more than $52 billion in assets under management (The company’s website)
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Bahrain’s Investcorp Announces Major Changes in its Executive Team

Bahrain’s Investcorp has more than $52 billion in assets under management (The company’s website)
Bahrain’s Investcorp has more than $52 billion in assets under management (The company’s website)

Bahrain’s Investcorp, a leading global alternative investment firm, announced on Monday a major change in its executive leadership team, saying that co-CEO Hazem Ben-Gacem will leave after 30 years as the company embarks on a major management reshuffle in an effort to boost returns.

In a statement, Investcorp said co-CEO Rishi Kapoor had been appointed vice chairman and chief investment officer while Executive Chairman Mohammed Alardhi would assume additional responsibilities previously undertaken by the co-CEOs.

The group has more than $52 billion in assets under management and is known for taking luxury brands public.

Ben-Gacem will leave Investcorp effective Nov. 1, but will continue as vice chairman of investment unit Investcorp Capital, the company said.

As part of the shake-up, Investcorp said it had consolidated and organized its investment activities in three units.

Dave Tayeh is taking the helm of Private Equity and Private Equity like, Herb Myers and Mike O'Brien will be in charge of Real Assets, and Jeremy Ghose will lead the Credit business.

Yusef Al-Yusef will be leading the Global Distribution Platform.

Mohammed Alardhi, Executive Chairman at Investcorp, said: “As we increase our focus on leveraging the strength of our existing investment platform, we recognize it is the right time to broaden our executive leadership to support our future growth plans.”

“Rishi and Hazem have helped lead our business from strength to strength in the last several years after we launched our growth journey,” he added.