Qatar drives cleantech industry in MENA region with $75bn investment opportunity  

Updated 13 sec ago

Arab News

May 11, 2023 17:39

RIYADH: Saudi Arabia’s industry and mining sectors are set to benefit from bilateral ties with Oman as their ministers met in Muscat to discuss industrial cooperation and investment opportunities, the Saudi Press Agency reported. 

On Wednesday, Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef met with Omani Minister of Commerce, Industry, and Investment Promotion Qais bin Mohammed Al-Yousef to improve collaboration in the industry and mining sectors. 

The meeting explored investment opportunities available within the framework of the Kingdom’s Vision 2030 and the Oman Vision 2040, forging a path of economic prosperity between the two nations. 

Alkhorayef also met with Ali ibn Masoud Al-Sunaidi, the president of Oman’s General Authority for Special Economic Zones and Free Zone, to enhance cooperation in developing industrial and economic cities. 

The minister’s visit also included his participation in the 50th meeting of the Industrial Cooperation Committee of the Gulf Cooperation Council. 

In 2022, the Saudi Industrial Development Fund financed two joint projects with Oman, with a capital amounting to SR90.7 billion ($24 billion). 

The Saudi minister has been touring the world, building partnerships in the mining sector. 

Earlier this month, Alkhorayef concluded an official visit to Switzerland to enhance cooperation in the industrial and mining sectors and increase trade exchange and non-oil exports. 

He held talks with Swiss State Secretary for Economic Affairs Helene Budliger Artieda and the executive president of Swiss Export Credit Agency, Barbra Huiz.   

They discussed ways to collaborate with the Kingdom’s Vision 2030 in diversifying the economy and taking advantage of the investment prospects offered by the National Industrial Strategy. 

This move comes as the Ministry of Industry and Mineral Resources aims to shield the mining sector and maximize its value in line with the Kingdom’s Vision 2030 and the National Industry Development and Logistics Program. 

The ministry is working to transform the mining sector into the third pillar of the national industry while utilizing the Kingdom’s mineral resources dispersed across 5,300 sites and holding an estimated value of SR5 trillion. 

Updated 12 min 34 sec ago

Arab News

May 11, 2023 17:24

RIYADH: Saudi Arabia’s Tadawul All Share Index gained 99.6 points, or 0.88 percent, to finish at 11,392.78 on Thursday, as 155 of the 224 stocks closed in the green and 54 in the red. 

While the parallel market Nomu edged up 0.53 percent to close at 21,263.79, the MSCI Tadawul Index dropped slightly by 0.03 percent to close at 1,520.50. 

The total trading turnover of the benchmark index on Thursday was SR6.16 billion ($1.64 billion).  

Tihama Advertising and Public Relations Co. was the top gainer of the day, as its share price soared 8.09 percent to SR19.50. 

Savola Group and Etihad Etisalat Co. also saw gains, with their respective share prices rising by 4.67 percent and 4.45 percent. 

The worst performer was Salama Cooperative Insurance Co., which dropped 3.15 percent to SR21.24. 

On the announcements front, Etihad Etisalat Co, also known as Mobily, reported a 45.77 percent increase in net profit to SR465 million during the first quarter of 2023 from SR319 million in the year-ago period. 

The company also reported a 6.3 percent increase in revenues to SR4.05 billion between January and March of 2023 from SR3.81 billion during the same period last year. 

The increase in Mobily’s revenue was mainly driven by growth in the business and consumer segments. Its share price closed higher at SR46.90. 

In a statement to Tadawul, Halwani Bros. Co. also reported a sharp decline in net profit to SR1.64 million in the first quarter of 2023, down 91.65 percent from SR19.65 million in the same period last year. 

Its revenues declined 15.36 percent to SR255.22 million from SR301.53 million during the period under review. 

According to the announcement, the reasons for the decline in performance included a rise in interest rates, raw material inflation and the devaluation of the Egyptian pound. Its share price slipped marginally to SR57.8. 

National Gas and Industrialization Co. reported that its first quarter of 2033 revenues reached SR614.90 million, up 18.89 percent from SR517.20 earned in the year-ago period. 

The company accrued a gross profit of SR90.3 million, up 19 percent compared to SR75.6 million during the period under review. Its share price advanced 1.5 percent to SR61. 

Updated 47 min 36 sec ago

Nour El-Shaeri  

May 11, 2023 16:49

CAIRO: Key aviation hubs in the UAE and Saudi Arabia are forecast to drive a full recovery of passenger traffic in the Middle East in 2024, with the region set to grow by 4.2 percent annually through to 2040, speakers at the Global Airport Leaders Forum said. 

Industry leaders discussed the probability of the region spearheading the global aviation market in terms of passenger traffic recovery, fueled primarily by aviation hubs like Dubai, Abu Dhabi and key cities in Saudi Arabia.

The Middle East is currently leading the traffic numbers in terms of global recovery with 93 percent of pre-COVID-19 levels, said Kashif Khalid, regional director of the International Air Transport Association, during the forum, Khaleej Times reported. 

On May 9, Dubai Airports, which owns and manages the operation of both Dubai International and Dubai World Central airports, revised its 2023 forecast upward to 83.6 million passengers. 

Dubai’s main airport DXB registered a 55.8 percent increase in passenger traffic in the first quarter of this year compared to the same period of last year, reaching 95.6 percent of 2019 levels. 

The operator said it welcomed around 21.3 million passengers in the first three months of 2023. 

The UAE welcomed around 31.8 million passengers across all airports in the first quarter of this year, an increase of 11.48 million passengers compared to the same period last year.   

On the other hand, Saudi Arabia’s King Abdulaziz International Airport in Jeddah alone handled over 2 million passengers since the beginning of Ramadan.  

This came after the Kingdom witnessed a 82 percent surge in passengers to 88 million in 2022 compared to the previous 12 months, according to the General Authority of Statistics. 

The Jeddah airport emerged as the busiest airport in Saudi Arabia in 2022, as it handled 32 million passengers. 

King Khalid International Airport in Riyadh came in second, with about 27 million passengers, followed by King Fahd International Airport in Dammam, with about 10 million. 

The forum also went on to discuss the region’s role in enhancing the aviation sector as well as the importance of sustainability.  

In a keynote speech, Omar bin Ghaleb, deputy director-general of the UAE’s General Civil Aviation Authority, said that the country has made “significant investments in modernizing infrastructure, upgrading regulatory framework, and enhancing operational capabilities.”  

The Global Airport Leaders Forum is co-located with the 22nd edition of the Airport Show, a three-day event and one of the largest aviation shows in the world that was inaugurated Tuesday at the Dubai World Trade Centre.  

Updated 11 May 2023

Arab News

May 11, 2023 15:51

RIYADH: Green hydrogen production has received a boost as Saudi Arabia signed a memorandum of understanding with the Netherlands on Thursday to cooperate in developing the clean gas and expediting the global pursuit to reduce the carbon footprint. 

The MoU was signed on the sidelines of the World Hydrogen Summit in Rotterdam. 

During the event, Abdulaziz bin Salman, Saudi Arabia’s energy minister, said that the Netherlands could be the primary destination for transporting hydrogen from renewable energy sources from the Kingdom to Europe. 

The minister also added that Netherlands and Germany would be Saudi Arabia’s “natural partners” in the green hydrogen trade. 

“You are putting facilities on the ground, you are building storages and pipelines, you have a plan,” said the minister, Reuters reported. 

Green hydrogen is expected to play a crucial role in catalyzing the ongoing energy transition, and it is necessary to achieve a green gas-neutral economy by 2050, helping to combat global warming. 

Saudi Arabia is currently developing a $5 billion green hydrogen project in NEOM, powered by renewable energy, to supply 650 tons of carbon-free hydrogen daily. The plant will see its first production in 2026. 

The project will export hydrogen in the form of liquid ammonia to the world market for use as a biofuel that feeds transportation systems. 

Earlier in April, the Saudi minister met with Dutch Foreign Minister Wopke Hoekstra to discuss the possibility of making the port of Rotterdam the gateway for clean hydrogen exports from Saudi Arabia to Europe. 

The meeting also touched on the Kingdom’s efforts in clean energy and climate change through its local and regional frameworks — the Saudi Green Initiative and the Middle East Green Initiative. 

Affirming its progress in renewable energy production, Saudi Arabia’s SABIC Agri-Nutrients, in May, exported its first shipment of low-carbon ammonia to India. 

According to a Saudi Press Agency report, the firm has shipped 5,000 tons of low-carbon ammonia to India, in line with the firm’s long-term cooperation with the Indian Farmers Fertilizer Cooperative Limited. 

• World oil demand in 2023 will rise by 2.33 million barrels per day, or 2.3 percent, the organization said in its monthly report

Updated 11 May 2023

Arab News

May 11, 2023 15:58

RIYADH: The Organization of the Petroleum Exporting Countries on Thursday further raised its forecast for China’s oil demand growth in 2023 following the relaxation of the country’s COVID-19 curbs.

The oil producers’ alliance, however, left the global total steady citing potential downside risks for growth in other regions.

“Minor upward adjustments were made due to the better-than-expected performance in China’s economy, while other regions are expected to see slight declines, due to economic challenges that are likely to weigh on oil demand,” OPEC said in the report.

World oil demand in 2023 will rise by 2.33 million barrels per day, or 2.3 percent, the organization said in its monthly report. This was virtually unchanged from 2.32 million bpd forecast last month.

“As further debt-related challenges may arise, geopolitical uncertainties persist and inflation continues. In addition, the US debt ceiling issue has so far not been resolved, a matter that could have economic consequences,” OPEC said.