Saudi Arabia offers Europe ‘green’ hydrogen by pipeline

Saudi Arabia offers Europe ‘green’ hydrogen by pipeline
Toyota's driver Nasser al-Attiyah of Qatar and his co-driver Mathieu Baumel of France compete during stage 8 of the Dakar Rally 2021 between Sakaka and Neom, in Saudi Arabia, on January 11, 2021. (AFP/File)
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Updated 03 March 2021

Saudi Arabia offers Europe ‘green’ hydrogen by pipeline

Saudi Arabia offers Europe ‘green’ hydrogen by pipeline
  • Hydrogen is regarded by many experts as the clean energy of the future
  • The need to fight global emissions is key to the “circular carbon economy” championed by Saudi Arabia as a way to achieve climate change goals

DUBAI: Saudi Arabia is offering to transport “green” hydrogen by pipeline to Europe in the next stage of the Kingdom’s strategy to combat climate change.

“If Europe would like to buy more hydrogen, Saudi green hydrogen, we would be more than happy, and even, if the economics allow for it, even piping it all the way to somewhere in Europe,” Saudi Energy Minister Prince Abdul Aziz bin Salman said.

He also hinted at major developments to come in solar energy production. “I believe in the next month or so we’ll dazzle the world with how cheaply we can get our solar electricity,” he said.

Prince Abdul Aziz was speaking at a virtual meeting of the International Energy Forum and the European Union hosted in Riyadh, at which he added detail to the Kingdom’s strategy to control harmful greenhouse gas emissions.

 

 

Hydrogen is regarded by many experts as the clean energy of the future. Green hydrogen is produced using solar energy, and is a major feature of the energy equation at the planned NEOM megacity. In another form, “blue ammonia” is a byproduct of the oil refining process that Saudi Aramco has already produced and exported to Japan.

The need to fight global emissions is key to the “circular carbon economy” championed by Saudi Arabia as a way to achieve climate change goals, and was endorsed by G20 leaders last year under the Saudi presidency. 

Prince Abdul Aziz appealed for “flexibility” by other countries in the debate over how best to mitigate climate change.

 

 

“The goal is to be flexible and mindful of the participants and their priorities,” he said.

Some countries, especially in Europe, have said they would like to move away more quickly from hydrocarbon fuels. Saudi Arabia, the world’s biggest oil exporter, believes this is the wrong approach.

To address climate change, Prince Abdul Aziz said, “you need to bring everybody on board and you need to be mindful of their priorities and you need to be mindful of how much (energy resources] they are endowed with.

“But I can guarantee you that we’re opening hands, hearts and minds to work with everybody and bring solutions to move forward and work with these ambitions, but with a difference — we are not bragging about it, not talking about it, we are executing these things and providing people with examples.

“Trust us, but more important, collaborate with us in universal solutions.”


Kuwait Mezzan to increase prices, says CFO

The Mezzan Group will develop its manufacturing capabilities to keep pace with international standards. (Mezzan Group)
The Mezzan Group will develop its manufacturing capabilities to keep pace with international standards. (Mezzan Group)
Updated 5 min 31 sec ago

Kuwait Mezzan to increase prices, says CFO

The Mezzan Group will develop its manufacturing capabilities to keep pace with international standards. (Mezzan Group)
  • The company's strategy is to maintain purchasing power inside and outside Kuwait

RIYADH: Kuwait Mezzan Holding KSC may increase prices of its products in the coming period due to disruptions related to production chains, which led to an increase in the prices of production inputs, said CFO Nabil Bin Ayed.

The company's strategy is to maintain purchasing power inside and outside Kuwait, and to control the cost of production by finding internal solutions, he added.

Mezzan's Kuwait Saudi Pharmaceuticals Industries Co. KSPICO signed a joint manufacturing agreement with Abbott Laboratories, which specializes in medical and healthcare devices, to localize the industry of 26 pharmaceutical products in Kuwait.

Bin Ayed said that this agreement will help the company transfer technology to the local market and contribute to the development and production of medicines in Kuwait, Al Arabiya reported.

The priority will be for the local market, he said.

The Group will develop its manufacturing capabilities to keep pace with international standards, he explained.

Mezzan Holding is one of the largest manufacturers and distributors of food, beverage, FMCG and healthcare products in the Gulf.


Preservation is as important as development, say chiefs of top Saudi megaprojects

Preservation is as important as development, say chiefs of top Saudi megaprojects
Updated 17 May 2021

Preservation is as important as development, say chiefs of top Saudi megaprojects

Preservation is as important as development, say chiefs of top Saudi megaprojects
  • The Red Sea Development Co. is expecting its first influx of tourists in 2023

DUBAI: Top officials from Saudi Arabia’s various megaprojects highlighted the importance of preserving the environment while achieving ambitious development goals in the Kingdom’s previously untouched sites.

John Pagano, chief executive of the Red Sea Development Co., said the biggest challenge they have is not “messing up the place” and avoiding “over tourism” that has traditionally compromised nature-based tourist sites.

“At the end of the day, our environment is our most valuable asset. It’s making sure that we balance the desire to build, and build it in a timely fashion, but never to the extent where we put at risk the very thing that will make this place so special,” he said.

The Red Sea Development Co. is expecting its first influx of tourists in 2023, Pagano mentioned, saying they will put a cap on the number of visitors in the area.

AlUla’s Melanie de Souza echoed Pagano’s sentiments on preserving the “pristine” characteristics of Saudi heritage sites, saying it is an important element in their plan.

“I think there is a job to be done to continue to educate our communities, and to indulge in best practices in developing infrastructure,” de Souza, the executive director of tourism and destination marketing at the Royal Commission of AlUla, said.

The same goes with the NEOM project in the Tabuk province of Saudi Arabia, where the major concern lies in regenerating “these places for future generations.”

In March the Kingdom solidified its dedication to sustainability with the launch of the Saudi Green and Middle East Green initiatives, which call for regional cooperation to tackle the environmental challenges facing Saudi Arabia and the wider region.

Unveiled by Crown Prince Mohammed bin Salman, the initiatives include a number of ambitious projects designed to reduce carbon emissions in the region by 60 percent. This will be achieved mainly through the use of clean hydrocarbon technologies and the planting of 50 billion trees, including 10 billion in the Kingdom. 

In addition, the initiatives aim to preserve marine and coastal environments, increase the proportion of natural reserves and protected land, improve the regulation of oil production, accelerate the transition to clean energy and boost the amount of energy generated by renewables.

The panelists, who were speaking at the Arabian Travel Market in Dubai, predicted a strong recovery in the tourism sector, especially as the Kingdom sets its goal to attract 100 million tourists by 2030.

Pagano was particularly hopeful because of developments in vaccine rollouts across the world, specifically in their source markets.

“By the time that we open up our resorts at the end of next year, most of these places will be beyond herd immunity,” he predicted.

“I think the traveling public is going to come and (is) predominantly going to be vaccinated. In fact, I suspect maybe that’s going to be one of the key criteria to allow people to come in,” Pagano added.


Saudi tourism chief eyes Q4 turning point as international flights resume

Saudi tourism chief eyes Q4 turning point as international flights resume
Updated 17 May 2021

Saudi tourism chief eyes Q4 turning point as international flights resume

Saudi tourism chief eyes Q4 turning point as international flights resume
  • Saudi Arabia is targeting 100 million annual visits by 2030

DUBAI: The fourth quarter of this year could be a turning point for Saudi Arabia’s tourism industry as the countries that the Kingdom is targeting reach a 70 percent vaccination rate.
Saudi Tourism Authority CEO Fahd Hamidaddin made the prediction at the Arabian Travel Market in Dubai as the Kingdom also reopened its borders on Monday.
Although foreign tourists are still not allowed to travel to the Kingdom, Hamidaddin said earlier on Monday that it was preparing to reopen its borders for inbound travel soon.
Saudi Arabia has opened international tourism offices in major countries including China and Russia and is targeting 28 markets in a global marketing push.
Hamidaddin said international tourism in the country could only boom when other countries also restarted their travel industries — and that this could only be fully considered after they had reached a vaccination rate of 70 percent.
He said that such a vaccination milestone may be reached in the last quarter of the year.
Saudi Arabia opened up the Kingdom to international tourism in September 2019, and has since announced a number of mega projects to attract visitors, including a $530 million fund to develop key destinations across the Kingdom.
Market research firm Euromonitor International estimated in March that inbound tourism spending in Saudi Arabia would reach $25.3 billion by 2025, recovering from the impact of the COVID-19 pandemic.
Saudi domestic tourism exceeded expectations during the pandemic, despite the UN World Tourism Organization (UNWTO) describing 2020 as “the worst year on record” in the history of tourism.
Saudi Arabia is targeting 100 million annual visits by 2030, up from about 40 million a year before the pandemic.
It wants tourism to account for 10 percent of GDP, up from 3 percent, by 2030.

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Abu Dhabi’s ADNOC said to be in early talks with investors ahead of drilling unit IPO

Abu Dhabi’s ADNOC said to be in early talks with investors ahead of drilling unit IPO
Updated 17 May 2021

Abu Dhabi’s ADNOC said to be in early talks with investors ahead of drilling unit IPO

Abu Dhabi’s ADNOC said to be in early talks with investors ahead of drilling unit IPO
  • ADNOC Drilling owns and operates a large fleet of rigs
  • ADNOC is also planning to float Fertiglobe unit

DUBAI: Abu Dhabi National Oil Company (ADNOC) has started virtual meetings with potential investors ahead of the planned initial public offering of its drilling unit, two sources told Reuters.
Banks working on ADNOC Drilling are scheduling calls with local, regional and international institutional investors to sound out appetite for the potential sale, said the sources, declining to be named as the matter is not public.
The meetings are described as an early look engagement, one of the sources said, where the company that is set for a public share sale is introduced and feedback is sourced from investors.
ADNOC, which supplies nearly 3 percent of global oil demand, declined to comment when contacted by Reuters on Monday.
It is planning to take the unit public in the third quarter, one of the sources said previously. The company could raise at least $1 billion from the share sale, the source said.
ADNOC Drilling owns and operates a large fleet of rigs, including 75 onshore rigs, 20 offshore jackup rigs, and 11 well water rigs, according to its website.
The drilling business is critical for ADNOC’s upstream operations, helping the oil company reach its production targets.
ADNOC has invited a handful of international and local banks to take part in the process of the public share sale of ADNOC Drilling, which is due later this month.
ADNOC Chief Executive Sultan Al-Jaber has been the main architect of the transformation strategy the company embarked on more than four years ago, building an investment team to monetise assets and raise funds from international private equity groups.
The group is also planning to float Fertiglobe, a fertilizer joint venture with Dutch-listed chemical producer OCI later this year.


Dubai allows full hotel capacity and concerts, sports events

Dubai allows full hotel capacity and concerts, sports events
Updated 17 May 2021

Dubai allows full hotel capacity and concerts, sports events

Dubai allows full hotel capacity and concerts, sports events
  • The emirate will also allow live entertainment and activities

DUBAI: Dubai’s Supreme Committee of Crisis and Disaster Management on Monday has updated precautionary measures for events and activities.
The revised protocols allow entertainment facilities and venues to have an increased capacity of 70 percent, while hotels can raise their occupancy ceiling to 100 percent.
The emirate will also allow live entertainment and activities in restaurants, cafes and shopping malls for a trial period of one month.
It noted that the latest precautionary measures must be observed, and performers and entertainers should be vaccinated against COVID-19. These updates are effective immediately.
The committee stressed that it remains mandatory for people attending events and activities to put on their face masks and apply physical distancing of two meters.

Dubai has pushed to keep its economy, which relies on international trade and business, open through the pandemic after an initial lockdown.

The emirate is due to host the Expo 2020 world fair from October, hoping to attract millions of overseas visitors.

The UAE has in recent weeks banned entry from India, Bangladesh, Pakistan, Nepal and Sri Lanka to guard against the spread of the highly contagious Indian variant.

– with Reuters