SR800m to be invested in fish farming in Gulf, Red Sea

A fisherman checks his net for the day's catch as an oil tanker is seen in the distance near the port in the north-western Saudi city of Duba. The government’s fish farming company has signed deals with four local companies to inject SR800 million into fish farming. (REUTERS file photo)
Updated 12 July 2017
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SR800m to be invested in fish farming in Gulf, Red Sea

JEDDAH: An official of the Ministry of Environment, Water and Agriculture said the recently established government fish farming company has signed deals with four local companies to inject SR800 million into fish farming projects.
Ahmad Al-Eyada, ministry’s undersecretary for fish farming, was quoted by Al-Eqtesadiah newspaper as saying that studies are being carried out to determine locations for these projects. He said that the projects will be established between the Makkah region and Jazan.
He told the newspaper that the ministry had issued licenses to six local companies to build fish floating cages in the Red Sea. Foreign companies are also likely to invest in such projects, Al-Eyada added.
The official said the ministry is aiming to increase fish production by 15-20 tons through aquatic farming.
The ministry recently launched 20 different online services for fishermen and installed electronic tracking systems in 1,500 boats in the Red Sea and 2,500 boats in the Arabian Gulf for research and control purposes. It has upgraded regulations for fishing, fish resources and marine life protection.
Investments in Egypt
Egypt’s Minister of Tourism Yahya Rashed said Saudi businessmen are carrying out 17 tourism projects in Egypt worth SR1 billion, reported Al-Eqtesadiah newspaper.
He expected tourism projects in Egypt to expand by 30 percent by the end of 2020.
The Saudi projects in Egypt include six projects on the Red Sea coast, two in Al-Aqaba Gulf, three at the Ain Al-Sukhna area, five in Rass Sider on the Red Sea and one on the country’s northern coast.
The Egyptian minister said that some of the projects are being carried out in partnership with Egyptian investors. He said that there are more than 300 Saudi tourism investment companies operating in Egypt. Saudis, in partnerships with Egyptian nationals, own more than 50 hotels in Cairo, Alexandria and Sharm El-Sheikh, as well as restaurants, travel agencies and malls.


Saudi energy minister compares electric vehicle “hype” to peak oil misconceptions

Updated 25 min 20 sec ago
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Saudi energy minister compares electric vehicle “hype” to peak oil misconceptions

Arab News LONDON: Saudi Energy Minister Khalid Al-Falih on Monday questioned what he described as the “hype” of the electric vehicle market and compared it to past misconceptions around the theory of peak oil.
He told the CERAWeek energy gathering by IHS Markit in New Delhi that petrol and diesel engines would co-exist with emerging electric and hydrogen fuel cell technologies for much longer than widely expected.
Miscalculations around the pace of electrification could create “serious” risks around global energy security, he said.
“Conventional vehicles today, despite all the hype, represent 99.8 percent of the global vehicle fleet. That means electric vehicles with 0.2 percent of the fleet, only substitute about 30,000 barrels per day of oil equivalent of a total global oil demand of about 100 million barrels.
“Even if those numbers increase by a factor of 100 over the next couple of decades, they would still remain negligible in the global energy mix.”
He said: “History tells us that orderly energy transformations are a complex phenomenon involving generational time frames as opposed to quick switches that could lead to costly setbacks.”
In another broadside aimed at electric vehicles, the Saudi energy minister highlighted past misconceptions about global energy demand growth — and specifically the notion of “peak oil.”
“I remember thought leaders within the industry telling us that oil demand will peak at 95 million barrels per day. Had we listened to them and not invested . . . imagine the tight spot we would be in today.”
“Let’s also remember that in many parts of the world, roughly three fourths of the electricity, which would also power electric vehicles, is currently generated by coal, including here in India. So you could think of any electric vehicle running in the streets of Delhi as essentially being a coal-powered automobile.”
“When it comes to renewables, the fundamental challenge of battery storage remains unresolved — a factor that is essential to the intermittency issue impacting wind and solar power. Therefore the more realistic narrative and assessment is that electric vehicles and renewables will continue to make technological and economic progress and achieve greater market penetration — but at a relatively gradual rate and as a result, conventional energy will be with us for a long, long time to come.”