Saudi Arabia stock market rebounds, rest of region sluggish

The Saudi Arabia stock market index climbed 0.8 percent in the first 25 minutes. (Reuters)
Updated 12 February 2018
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Saudi Arabia stock market rebounds, rest of region sluggish

DUBAI: Saudi Arabia’s stock market rebounded on Monday as global equities and oil prices regained some strength after last week’s tumble, but other Gulf bourses moved little, with Qatar’s index restrained by its biggest bank going ex-dividend.
The Saudi index climbed 0.8 percent in the first 25 minutes as petrochemical blue chip Saudi Basic Industries added 1.1 percent and Al-Rajhi bank gained 1.6 percent.
Trade Union Cooperative Insurance surged 4.6 percent after reporting an 87 percent leap in fourth-quarter net profit, as gross written premiums increased 35 percent. But Salama Cooperative Insurance fell 2.3 percent after quarterly profit shrank 6 percent.
In Dubai, the index edged down 0.1 percent as amusement park operator DXB Entertainments, the most heavily traded stock, fell 1.6 percent after reporting its net loss widened to Dh1.12 billion last year from Dh485 million in 2016.
But Air Arabia rose 1.5 percent after swinging to a fourth-quarter profit of Dh26 million from a year-ago loss of Dh33 million. However, SICO Bahrain had forecast a much higher profit of Dh68 million.
In Qatar, the index was almost flat as Qatar National Bank went ex-dividend.
Telecommunications firm Ooredoo dropped 2.0 percent after reporting a 13 percent rise in fourth-quarter net profit, though annual profit fell 10 percent as currency depreciations in some markets dented revenue.
But overall, gaining stocks far outnumbered losers by 30 to five, with Qatar Insurance Co. rising 3.1 percent.


DP World signs solar deal with ‘green champion’ SirajPower

Updated 25 min 7 sec ago
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DP World signs solar deal with ‘green champion’ SirajPower

  • The 22-year lease agreement announced on Tuesday will see UAE-based SirajPower initially deliver 15MW-worth of panels to Jafza
  • The deal forms part of DP World’s solar program which aims to ramp up use of sustainable and environmentally friendly energy sources across its facilities

LONDON: Global ports operator DP World has signed a deal with UAE-based SirajPower to install solar roof panels at its facilities in the Jebel Ali Freezone (Jafza) and National Industries Park as part the company’s efforts to reduce its energy consumption and cut costs.
The 22-year lease agreement announced on Tuesday will see UAE-based SirajPower initially deliver 15MW-worth of panels to Jafza.
The deal forms part of DP World’s solar program which aims to ramp up use of sustainable and environmentally friendly energy sources across its facilities. It follows the launch of the UAE’s first green storage and warehouse facilities at Jafza in June this year, with some cool storage facilities now entirely run on solar energy while other warehouses are becoming more energy efficient.
In late 2016, DP World announced the start of the construction of the largest solar rooftop project in the Middle East, with the commissioning of 88,000 rooftop solar panels across its Dubai facilities.
“Creating a sustainable business model through the implementation of green technologies is a core focus for DP World, and one of our key initiatives is our ground-breaking solar power program that will generate enough energy to power 4,600 homes on completion,” said Mohammed Al-Muallem, CEO and managing director, DP World, UAE region.
DP World has reduced its CO2 emissions intensity by 24 percent since 2008, Muallem added, in a statement on Tuesday.
SirajPower hopes the DP World deal as a springboard for regional growth, said Laurent Longuet, the company’s CEO.
“We witnessed a rapid growth in only three years and our plan now is to expand our offering to other emirates and countries in the GCC, as well as making a foray into the residential market to truly become the regional green champion,” he said.
SirajPower said it would open a branch in Jafza to support the installation of the new units. Construction is expected to take 18 months, the company said.
In 2015, Dubai Electricity and Water Authority (Dewa) launched the Shams Dubai solar initiative aimed at encouraging individuals and businesses to install PV panels to generate electricity and connect them to the Dewa network. The program supports government targets for Dubai to generate 25 percent of its energy needs from solar by 2030.
SirajPower has won contracts for 50MW-worth of the solar rooftop projects implemented under the Shams program to date.