Electricity generation: KSA to spend SR190bn

Updated 18 August 2013

Electricity generation: KSA to spend SR190bn

Saudi Arabia plans to spend SR190 billion in electricity generation in a three-year period ending in 2015, according to a report attributed to a Frankfurt-based specialized firm.
This spending on power generation goes in tandem with the large demand on power, notably at peak times during the hot summer season, local media said quoting the report.
To rationalize power consumption, the report said, the Kingdom has embarked on smart solutions, including green technologies and thermal insulation approaches, especially in new buildings on a gradual basis.
The Kingdom, alongside the other Gulf Cooperation Council (GCC) countries, has worked out smart plans to lessen dependence on oil for power generation. It also works to preserve oil as a major source of income, the report said.
Experts said GCC countries have gradually tended to use alternative energy sources for power generation such as natural gas or nuclear reactors. The next few years are poised to witness a great success in the promotion of the electric power generation sector in GCC countries, they said.
In a recently held forum on mega infrastructure projects, speakers stated that Saudi Arabia plans to privatize the electricity sector by 2014, a step aimed to create a competitive market in the area of power generation and distribution. Saudi Electricity Company (SEC), of which the government owns a major share, is tasked to generate and distribute electricity Kingdomwide.
Meanwhile, head of the Independent Power Plants (IPP) project program at SEC Amir Al-Sawaha said they were working on the creation of four electric power generation companies and one energy distribution company by 2014. Each of the four companies will have similar capacities and technologies regardless of their geographical locations. These will allow SEC to scrutinize their performance, he added.


Huawei’s third-quarter revenue jumps 27% as smartphone sales surge

Updated 17 October 2019

Huawei’s third-quarter revenue jumps 27% as smartphone sales surge

  • American companies, significantly disrupting its ability to source key parts
  • Huawei was all but banned by the United States in May from doing business with American companies

SHENZHEN, SHANGHAI: Huawei Technologies Co. Ltd’s third-quarter revenue jumped 27%, driven by a surge in shipments of smartphones launched before a trade blacklisting by the United States expected to hammer its business.
Huawei, the world’s biggest maker of telecom network equipment and the No. 2 manufacturer of smartphones, was all but banned by the United States in May from doing business with American companies, significantly disrupting its ability to source key parts.
The company has been granted a reprieve until November, meaning it will lose access to some technology next month. Huawei has so far mainly sold smartphones that were launched before the ban.
Its newest Mate 30 smartphone — which lacks access to a licensed version of Google’s Android operating system — started sales last month.
Huawei in August said the curbs would hurt less than initially feared, but could still push its smartphone unit’s revenue lower by about $10 billion this year.
The tech giant did not break down third-quarter figures but said on Wednesday revenue for the first three quarters of the year grew 24.4% to 610.8 billion yuan.
Revenue in the quarter ended Sept. 30 rose to 165.29 billion yuan ($23.28 billion) according to Reuters calculations based on previous statements from Huawei.
“Huawei’s overseas shipments bounced back quickly in the third quarter although they are yet to return to pre-US ban levels,” said Nicole Peng, vice president for mobility at consultancy Canalys.
“The Q3 result is truly impressive given the tremendous pressure the company is facing. But it is worth noting that strong shipments were driven by devices launched pre-US ban, and the long-term outlook is still dim,” she added.
The company said it has shipped 185 million smartphones so far this year. Based on the company’s previous statements and estimates from market research firm Strategy Analytics, that indicates a 29% surge in third-quarter smartphone shipments.
Still, growth in the third quarter slowed from the 39% increase the company reported in the first quarter. Huawei did not break out figures for the second quarter either, but has said revenue rose 23.2% in the first half of the year.
“Our continued strong performance in Q3 shows our customers’ trust in Huawei, our technology and services, despite the actions and unfounded allegations against us by some national governments,” Huawei spokesman Joe Kelly told Reuters.
The US government alleges Huawei is a national security risk as its equipment could be used by Beijing to spy. Huawei has repeatedly denied its products pose a security threat.
The company, which is now trying to reduce its reliance on foreign technology, said last month that it has started making 5G base stations without US components.
It is also developing its own mobile operating system as the curbs cut its access to Google’s Android operating system, though analysts are skeptical that Huawei’s Harmony system is yet a viable alternative.
Still, promotions and patriotic purchases have driven Huawei’s smartphone sales in China — surging by a nearly a third compared to a record high in the June quarter — helping it more than offset a shipments slump in the global market.