Tadawul keeps upward momentum

Updated 03 January 2013
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Tadawul keeps upward momentum

Saudi Arabia's benchmark stock index (Tadawul) continued pacing its way higher throughout the day to close yesterday's trading in the green territory at 6,940.31, achieving 1.17 percent or 80.29 points for the session.
All market cap indices ended the day in the safe area.
Sectoral performance was tremendous, as 13 out of the 15 sectors closed in the upward territory, accumulating 881 points collectively. Only Multi-Investment and Insurance sectors closed a little lower from previous day's level, declining by 0.74 percent and 0.25 percent respectively.
Real Estate Development and Petrochemical Industries were best performing sectors of the day, surging by 2.65 percent and 1.53 percent respectively. Banking sector also added 171 points to close at 14,873.17.
Six out of top ten market cap companies ended the day in green.
Al-Rajhi Bank and market leader SABIC (Saudi Basic Industries Corp.) remained at top among big players, rising by 1.9 percent and 1.4 percent respectively.
There were 93 net advancing issues, a largely strong market breadth.
Ash-Sharqiyah Development Company turned in a splendid performance among all Saudi stocks, soaring up SR 6 or 9.95 percent to close the day at SR 66.25. Alkhaleej Training and Education Company followed it, advancing 6.59 percent for the day.
Amanah Cooperative Insurance, on the contrary, delivered a largely negative performance for the fourth straight day, slipping 8.91 percent further to SR 112.5.
The buying interest started to restore, as more than 198.9 million shares worth SR 5.79 billion exchanged hands on the Saudi Stock Market. This turnover reflects a 38.4 percent increase in terms of volume and 31.3 percent in terms of value as compared to the previous day.


Rolls-Royce unveils hybrid flying taxi at Farnborough

Updated 2 min 27 sec ago
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Rolls-Royce unveils hybrid flying taxi at Farnborough

  • Rolls-Royce hopes to manufacture a prototype version of its electric vertical take-off and landing vehicle within the next 18 months
  • Rolls-Royce is also researching an all-electric product but that is not as advanced as the EVTOL offering
FARNBOROUGH, United Kingdom: British engine maker Rolls-Royce revealed plans this week to develop a hybrid electric vehicle, dubbed the “flying taxi,” which takes off and lands vertically and could be airborne within five years.
The London-listed aerospace giant, which is based in Derby in central England, showed off the plans at the Farnborough Airshow for the first time, as other players also rush into the market segment.
Rolls said it hoped to manufacture a prototype version of its electric vertical take-off and landing (EVTOL) vehicle within the next 18 months, and could potentially take to the skies in the early 2020s.
The Rolls-Royce EVTOL plane will seat four or five people, with a flying range of 500 miles (805 kilometers) and a top speed of 200 miles per hour.
“In this market, you will see something like this flying within three to five years, and we will demonstrate the system in two years,” said Rob Watson, head of Rolls-Royce’s electrical team.
“At the end of next year we will be flight ready,” he said at the group’s Farnborough chalet.
The hybrid vehicle, which has so far cost single-digit millions of pounds to develop, will use a traditional gas turbine engine with an electrical system wrapped around it.
Rolls-Royce is also researching an all-electric product but that is not as advanced as the EVTOL offering.
“There is an emerging market for all-electric planes but we believe that you need a level of requirement that an all-electric system cannot really provide today,” Watson said.
“So, all-electric is the way to hop around within a city, but if you want to travel 200 or 300 miles, if you want to run London to Paris, then you are going to want to run something that will give you that range.
“So we think you will see hybrid propulsion systems starting to make this market.”
Rolls is not alone in the hybrid “flying taxi” marketplace.
Other companies researching the sector include US taxi-hailing company Uber, the Google-backed Kitty Hawk project, Lilium Aviation in Germany, Safran in France, and Honeywell in the United States.
The aerospace sector’s push into electric propulsion has drawn comparisons with the automotive industry, where electric cars are gaining ground in terms of popularity and performance.
“Think of it like the car industry. Historically everybody had an internal combustion engine. over time you add more electric capability to it and then you start to see electric cars,” added Watson.
“In the same way, we are introducing a hybrid propulsion system into this market because we think it gives you that range and capability.”
David Stewart, aviation and aerospace adviser and partner at Oliver Wyman, said that the aerospace sector was facing pressure to become more environmentally friendly.
“I think that electrical propulsion is a potential disruptor to the way things are powered,” said Stewart, who will speak at Farnborough on Tuesday.
“We are quite a long way for electrical power to be a replacement for kerosene, but never say never.”
He cautioned that Rolls-Royce’s flying taxi concept was in reality a development platform to test the new technology.
The real market opportunity will likely be a scaled-up version of 10-15 seats that can serve a wider variety of applications, according to Stewart.
Watson added: “Over time you’ve got more electrical capability for bigger and bigger aircraft — and that’s really what we are thinking about today.
“We are learning today about the technology that we will need tomorrow.”