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Saudi: Tassnief Grants Maalem Financing ‘BB’ Rating

Saudi: Tassnief Grants Maalem Financing ‘BB’ Rating
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Saudi: Tassnief Grants Maalem Financing ‘BB’ Rating

Saudi: Tassnief Grants Maalem Financing ‘BB’ Rating

Simah Rating Agency (Tassnief) has granted an issuer rating of “BB” to the Riyadh-based Maalem Financing Company.

It also assigned a preliminary long-term rating of “BB” to the proposed sukuk of the Company.

Tassnief is a Saudi rating agency licensed by the Capital Market Authority to conduct rating activities in accordance with global standards.

It includes several products such as rating services for companies, financial institutes, sovereign bonds, sukuk and investment funds in addition to other products as per the market’s needs.

Tassnief is also a business enabler and plays an important role in the financial sector.

It promotes transparency for business owners, investors, regulators and the government as well as clarity and competitiveness for both the local and international economies.

It helps to create an investment environment in accordance with the transformation taking place in the Kingdom in line with its Vision 2030.

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Indonesia, Singapore Sign Deals on Power Trade, Carbon Capture 

Indonesian Energy and Mineral Resources Minister Bahlil Lahadalia speaks to the media during a press conference at the presidential palace in Jakarta, Indonesia, Tuesday, June 10, 2025. (AP) 
Indonesian Energy and Mineral Resources Minister Bahlil Lahadalia speaks to the media during a press conference at the presidential palace in Jakarta, Indonesia, Tuesday, June 10, 2025. (AP) 
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Indonesia, Singapore Sign Deals on Power Trade, Carbon Capture 

Indonesian Energy and Mineral Resources Minister Bahlil Lahadalia speaks to the media during a press conference at the presidential palace in Jakarta, Indonesia, Tuesday, June 10, 2025. (AP) 
Indonesian Energy and Mineral Resources Minister Bahlil Lahadalia speaks to the media during a press conference at the presidential palace in Jakarta, Indonesia, Tuesday, June 10, 2025. (AP) 

Indonesia and Singapore signed initial deals on Friday to develop cross-border trade in low carbon electricity and collaborate on carbon capture and storage, ministers from both countries said in Jakarta.

The electricity deal reaffirmed an earlier agreement to export solar power from Indonesia to Singapore, with a group of companies planning to build plants and grid infrastructure to generate and transmit the power.

The memorandum of understanding signed by the two countries says they will aim to draw up policies, regulatory frameworks and business arrangements that will enable Indonesian power to be delivered to Singapore.

Indonesia expects to export 3.4 gigawatts of low-carbon power by 2035, according to a presentation slide shown by Indonesia's energy minister Bahlil Lahadalia.

In another MoU, the two countries said they would look into drawing up a legally binding agreement for carbon capture and storage that would allow cross-border projects to go ahead.

If successful, it will be the first such project in Asia, said Singapore government minister Tan See Leng.

Energy firms BP, ExxonMobil, and Indonesia's state company Pertamina are already developing CCS projects in Indonesia.

With its depleted oil and gas reservoirs and saline aquifers capable of storing hundreds of gigatons of CO2, Indonesia has allowed CCS operators to set aside 30% of their storage capacity for carbon captured in other countries.

The two countries also signed a deal for the development of sustainable industrial zones on several Indonesian islands near Singapore, including Batam, Bintan and Karimun.

Bahlil said the deals could bring in more than $10 billion of investment from the manufacturing of solar panels, the development of CCS projects and potential investment in industrial estates.