الرئيس التنفيذي لشركة كير الدولية السعودية لـ CNBC عربية: لدينا عقود بنحو 600 مليون ريال معظمها بقطاعي الاتصالات والكهرباء

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Watch الرئيس التنفيذي لشركة كير الدولية السعودية لـ CNBC عربية: لدينا عقود بنحو 600 مليون ريال معظمها بقطاعي الاتصالات والكهرباء - CNBCArabia on Dailymotion

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00:00 "The new funding we have received is for energy projects for infrastructure, and especially

00:07 for a project in Riyadh, a huge project for the capital cities.

00:15 It is one of the big projects we have received in the past year, and it will help us to improve

00:24 the speed of the project, because Riyadh is expanding a lot, and it requires a huge

00:32 expansion, so we need to expand the funding to meet the needs of these projects."

00:44 "The full funding will be directed to the Riyadh project, Mr. Wasim, or a part of it?"

00:50 "Most of it will be directed to the Riyadh energy project, but it is not the only funding

01:03 we have received.

01:05 In the past year, we have increased our funding, and thank God, in the past period,

01:12 the Kingdom of Saudi Arabia is expanding and doing huge projects for the 2030 vision.

01:26 These huge projects require the expansion of infrastructure, and we are doing energy

01:34 projects, and communications, and software.

01:38 It requires us to meet these needs, so we expanded the funding to meet these needs,

01:52 and thank God, we have the support of the higher administration and the board of directors

02:04 that help us to support the efforts of this country to move forward."

02:17 "How much is the available funding, Mr. Wasim, from the banks?"

02:23 "The available funds are more than 300 million Riyals, or about 330 million Riyals,

02:35 and it is distributed to four banks.

02:38 We are in a constant discussion about expansion.

02:41 Today, we were discussing the expansion of these needs with one of the banks.

02:47 It is distributed to the entire Kingdom of Saudi Arabia, so we are working from north

02:54 to south, and thank God, we can't do it without the support of the company owners and

03:04 investors, and also because of the presence of national resources and national powers

03:11 that are keen to perform the work that is required of them, and thank God, we have the

03:17 confidence of our clients, which is the reason for the expansion of these projects in the

03:21 past year."

03:22 "And what is the cost of funding, Mr. Wasim, since we are now increasing the prices of

03:28 cyber?

03:29 How is this importation and these connections affecting the cost of funding?"

03:34 "Yes, the cost of funding is a real reality for everyone who works in this sector, but

03:41 the important thing is that in your study of the economic schedule of all these projects,

03:47 you calculate the cost of funding.

03:49 If it is not calculated in the study of the schedule, it is within the system and it costs

03:57 everyone.

03:58 If you work in this sector, you must calculate the operational cost of the projects, equipment,

04:07 work, and also the funding.

04:09 But we must not forget that the cyber market is in decline, so these contracts that we have

04:17 in 2024, I expect that the cost of funding will decrease, and then we will see the benefits

04:26 of the banks."

04:28 "You have referred to the trust program previously, Mr. Wasim.

04:33 Is there still an intention to direct the issuance of trust, since the program was also based

04:40 on dollars and not on riyals?"

04:43 "The program was based on riyals and not on dollars.

04:47 The funding we got from the trust was 30 million riyals, and they used a part of it,

04:53 and according to the financial management and the funds that came to the company, they

05:00 studied the needs of the company and used a part of it, and we did not offer to increase

05:07 the amount of the funds through the trust."

05:10 "In contrast, how much is the size of the contracts that the company is implementing

05:15 today, and how much will we see with the new projects of the company, growth in the

05:21 market share?"

05:23 "Yes, thank God, the projects that have been announced exceed 550 million riyals,

05:29 which means that we are close to 600 million projects under implementation in different

05:35 sectors, a large part of which is in the infrastructure sector in electricity, and a part of it is in

05:41 the communications sector, and the communications sector has been expanded to include software

05:46 and cyber security as well.

05:48 As for energy, we have expanded it in the high effort, and we have started to enter

05:54 the stations and do part-time work in the stations as well.

05:59 We have also expanded in the modern construction sector, and we have a new model in agreement

06:05 with an international American company in the modern construction sector.

06:10 All of this, we will see its results in the next period, 2024 and 2025, because these

06:16 projects are two years away, and they are increasing, so we will see the positive impact

06:22 of it in the coming years."

06:24 "Yes, recently, in addition to signing contracts, there was a cancellation of some

06:28 contracts.

06:29 Mr. Wasim, you cancelled a contract with the company Eral for the contracts, which is

06:33 worth 25 million.

06:34 What are the reasons that you called for the cancellation of this contract, and is it

06:38 a temporary cancellation and is it being negotiated again, or was the decision made

06:42 not to enter this agreement again?"

06:45 "Yes, it is part of a big project, and we saw that with our client, we cancelled it

06:54 because we found that we cannot meet the client's needs because the project was

06:59 required to be completed in a very short period of time, five months or something like that.

07:06 So we saw that we cannot meet the client's needs, and we do not want to enter into

07:11 any problems with our investors.

07:15 So from there, we cancelled the contract.

07:20 So, thank God, because of the huge number of projects that we have, we have the ability

07:26 to choose the projects that we want to do, and we can do it in the time that is needed.

07:32 So we care about the quality of the work and the quality of the performance, so that we

07:37 can meet the needs of our clients from the government sectors and the companies that

07:42 we perform the work for."

07:44 "Is there a financial impact to cancel the contract?"

07:47 "There was no financial impact, and the contract was cancelled by both parties."

07:52 "Okay, the expansion plan for 2024, Mr. Wasim, how do you expect that there will be

07:57 an increase in the size of the contracts during this year, and do we expect to enter

08:02 into new sectors, since you mentioned the iron today, how do you expect that this sector

08:07 will be concentrated in a larger way?"

08:10 "Yes, every year we have an expansion plan, and the board of directors studies new

08:19 sectors, so yes, there are new areas, but we cannot disclose everything, even if it

08:25 is not the right time, and we hope every year to grow from the previous year, and I see

08:30 that the next year will be a year of growth for the company in a positive direction, and

08:36 the support is there from the government, and also from the banks that support us, and

08:42 all of them finance and help us in raising the infrastructure level in the Kingdom of

08:46 Saudi Arabia, and also with the right management, so thank God, everything is going in the

08:53 right direction."

08:55 "Is there any intention to take over, or just focus on projects?"

08:58 "There is no plan to take over, and we have done some joint ventures, as I mentioned

09:07 in the recent building, we have joint ventures, and we have some joint ventures, and we have

09:14 not taken over yet, and there is nothing proposed, but we are always looking for expansion

09:22 and expansion, so anything that is proposed to the board of directors and the executive

09:28 committee, and if we see an opportunity that is required, it will be proposed, and at that

09:34 time we will be removed from it."

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