France’s EDF helping Saudi Arabia achieve renewable energy targets

France’s EDF helping Saudi Arabia achieve renewable energy targets
EDF Renewables’ other big project in the Kingdom is the 400-megawatt Dumat Al-Jandal utility-scale wind farm project, located 900 kilometers north of Riyadh in the Al-Jouf region.
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Updated 17 May 2021

France’s EDF helping Saudi Arabia achieve renewable energy targets

France’s EDF helping Saudi Arabia achieve renewable energy targets
  • Despite pandemic delays, Kingdom’s largest wind farm set to begin operations this year

DUBAI: Like many executives around the world, Bruno Bensasson hasn’t been on a plane much in the last year. However, one of the few flights he did take recently was to Riyadh to check up on the progress of two massive renewable energy projects, showing the French company’s dedication to both the Kingdom and the renewable energy sector.

Saudi Arabia is aiming to generate 50 percent of its energy from renewables by 2030, with the remainder provided by gas. Bensasson is chairman and CEO of EDF Renewables, a subsidiary of French state-controlled power group EDF.

His flight to the Kingdom was for the unveiling of a solar power plant in Jeddah, which is being built in partnership with Abu Dhabi’s renewable energy company Masdar and privately owned Saudi firm Nesma Co.

The consortium was awarded the 300-megawatt utility-scale photovoltaic solar power plant by the Saudi Ministry of Energy after it submitted a bid of SR60 ($16.24) per megawatt hour. The group signed a 25-year Power Purchase Agreement, and the plant is expected to be operational in 2022.

“These large-scale renewable installations are perfectly in line with the EDF Group’s CAP 2030 strategy, which aims at doubling its renewable energy net capacity in operation worldwide, between 2015 and 2030, from 28 to 60 gigawatt net,” Bensasson said at the time.

As of the end of 2020, 13.7 percent of EDF’s electricity output comes from renewable energy, with 76.5 percent coming from nuclear, 9.3 percent coming from fossil fuels (excluding coal) and the remaining 0.4 percent coming from coal.

EDF Renewables’ other big project in the Kingdom is the 400-megawatt Dumat Al-Jandal utility-scale wind farm project, located 900 kilometers north of Riyadh in the Al-Jouf region. The Middle East’s largest wind farm, construction began in August 2020 and reached the halfway point in April this year.

“We are now aiming at having all the turbines in operation I would say by Autumn 2021,” Bensasson told Arab News. Similar to the solar power plant, the wind farm was built as part of a consortium consisting of EDF Renewables and Masdar.

The $500 million wind farm will feature 99 wind turbines, each with a power output of 4.2 megawatts. It is predicted that that the first turbine will start creating power in the coming weeks, and when complete, will power 70,000 Saudi households per year and save 988,000 tons of carbon dioxide, helping the Kingdom achieve its Vision 2030 and Saudi green goals. Like many projects around the world, the coronavirus disease (COVID-19) pandemic has slightly delayed progress on the project. “There were some difficulties for staff and construction workers to access the site last year. We perfectly understand that, so it took some months — several months — to have the possibility to access the site,” Bensasson said.

It was not only the wind farm that was impacted — coronavirus affected the entire region. The Middle East saw a 5 percent year-on-year increase in its renewable energy capacity last year, down from 13 percent growth in 2019, according to the UAE-based International Renewable Energy Agency.

However, the global agency said that despite the slower growth in 2020, Saudi Arabia’s capacity has grown significantly over the last nine years — starting at only 3 megawatts and increasing to 413 megawatts in 2020.

Bensasson has worked in the renewable energy industry for almost 20 years, but believes that only now the technology has started to become a viable reality.

He said: “It’s my day-to-day reality, it’s really a booming reality. I would say that it has really changed since 2010. To give you a figure, in 2000, 70 percent of solar was developed in Europe, especially in Germany, Italy and Spain. And you will agree that they are not the biggest or sunniest countries. And same for wind. It’s totally different. About 60 percent of the growth now is within China and India. “Many countries have opted in.

And the reason for this shift, I would say, is twofold: One is economic and the other  is ecological.” Bensasson added that another factor in the growing popularity of renewables is the cost of wind production dropping 8 percent per year, and solar by about 15 percent per annum, making them “no-brainer solutions for many countries.”

EDF has been active in the Middle East for 20 years and has offices in Riyadh, Abu Dhabi, Dubai, Bahrain and Doha, with 199 employees.


Lebanon’s soaring inflation led by 250 percent jump in fuel costs amid currency slump

Lebanon’s soaring inflation led by 250 percent jump in fuel costs amid currency slump
Updated 6 sec ago

Lebanon’s soaring inflation led by 250 percent jump in fuel costs amid currency slump

Lebanon’s soaring inflation led by 250 percent jump in fuel costs amid currency slump
DUBAI: Lebanese residents were forced to pay more than double for consumer goods in July compared with a year earlier as prices soared amid a partial lifting of fuel subsidies and a record plunge in the local currency.

The latest data from Lebanon’s Central Administration of Statistics shows the consumer price index leaped 123 percent year-on-year last month as officials struggled to contain an economic meltdown the likes of which have not been seen since the end of the country’s 1975-1990 civil war.

The biggest contributor to surging prices has been the cost of transportation, which soared by 253 percent from July 2020, reflecting the rise in fuel costs after the previous government priced gasoline at the exchange rate of 3,900 pounds to the dollar in June. Two months later, the central bank began providing fuel importers with dollars at an exchange rate of 8,000 pounds to the dollar.

The Lebanese pound has been officially pegged at 1,507.5 pounds to the dollar since 1997, but is worth a lot less on the black market. Following the resignation of former Prime Minister-Designate Saad Hariri in July, it plummeted to a record 24,000 per dollar.

This pushed prices of food and non-alcoholic beverages up by 248 percent in the year to July 2021, while health care services rose by 178 percent. Prices at restaurants and hotels grew 246 percent and clothing and footwear prices almost doubled.

The formation of Najib Mikati’s government last week, following a 13-month political vacuum, provided Lebanese with slight reprieve.

The pound stabilized at around 14,000 to the dollar on Thursday amid the new government’s pledges for reforms and a resumption of talks with the International Monetary Fund (IMF) which had hit a dead-end following bickering over the size of the banking sector’s losses.

Reforms demanded by the international community include a forensic audit of the central bank’s accounts and a restructuring of the banking sector.

On Thursday, a meeting took place at the Economy Ministry with the president of the syndicate of supermarket owners and the president of the syndicate of food importers to discuss lowering the prices of goods.

The meeting touched on a new pricing mechanism for goods in the wake of the Lebanese pound’s surge, with new economy minister Amine Salam saying that ” both unions have committed to start reducing the prices of commodities.”

“The ministry will not tolerate this issue and will be strict in monitoring price,” he said.

Saudi mining law will attract ‘incredible’ private investment to $1.3tn sector – Golden Compass CEO

Saudi mining law will attract ‘incredible’ private investment to $1.3tn sector – Golden Compass CEO
Updated 18 September 2021

Saudi mining law will attract ‘incredible’ private investment to $1.3tn sector – Golden Compass CEO

Saudi mining law will attract ‘incredible’ private investment to $1.3tn sector – Golden Compass CEO
  • The Saudi Industrial Development Fund is also offering 60 percent loans to investors in a bid to attract global players into the Kingdom
  • Alcoa Group, The Mosaic Co. and Barrick Gold have invested in the Kingdom's mining sector

RIYADH: Saudi Arabia’s new mining law will attract private investment from home and abroad as the Kingdom looks to exploit an estimated $1.3 trillion of potential value in the sector, according to Meshary Al-Ali, founder and CEO of mining consultancy Golden Compass.

In January, the Kingdom moved to capitalize on the vast wealth hidden below ground in Saudi Arabia with the establishment of a mining fund and support for geological surveys and exploration program activities.

The Saudi Industrial Development Fund is also offering 60 percent loans to investors in a bid to attract global players into the Kingdom, while the Ministry of Industry and Mineral Resources is investing $3.7 billion in the sector.

The deputy minister of Industry and Mineral Resources Khaled Al-Mudaifer talked up the potential riches beneath the Kingdom’s soil last month, telling CNBC that studies have estimated $1.3 trillion in reserves of phosphates, gold, copper, zinc, nickel, rare earth metals and other minerals.

Speaking to Arab News, Al-Ali was confident the Kingdom’s enthusiasm for the sector would attract worldwide attention.

“It’s a very flexible and very transparent system, and it’s one of the most powerful in mining around the world,” Al-Ali said. “The system is new and it can encourage investors to come to Saudi Arabia.”

Under Vision 2030, mining is the third pillar of Saudi Arabia’s economic development, after energy and petrochemicals, as it aims to diversify the country’s economy away from dependency on oil.

The Saudi Geological Survey has announced 54 locations for exploration, with more to be revealed in the coming months that will be auctioned to investors.

The National Geological Database is being created to allow investors to find the locations of mineral deposits in a bid to increase the transparency and competitiveness of the sector in Saudi Arabia.

The Kingdom has already attracted major international investors, including US firm Alcoa Corp., which has a 25.1 percent stake in Ma’aden Bauxite and Alumina Co., and Ma’aden Aluminium Co., as part of $10.8 billion joint venture with Saudi miner Ma’aden, located in Ras Al-Khair Industrial City in the eastern province.

Fertilizer producer The Mosaic Co., another US company, has a 25 percent stake in the $8 billion Ma’aden Wa’ad Al-Shamal Fertilizer Production Complex located in Wa’ad Al-Shamal Minerals Industrial City in the northern province of Saud Arabia.

Canada’s Barrick Gold Corp. has a 50 percent stake with Ma’aden in the Jabal Sayid underground copper mine and plant.

“The private sector contribution will be incredible within the next couple of years,” said Al-Ali.

The mining sector is expected to create thousands of jobs in the Kingdom in the coming years with the goal of 256,000 geologists, engineers and others by 2030, he said.

“The ambitions will be reflected in a doubling of the sector’s contribution to GDP,” said Al-Ali.

“The income for the mining sector was above SR96 billion ($26 billion) in 2020 and we are targeting SR176 billion by 2030.”


What We Are Wearing Today: Zey and Zain

Photo/SPA
Photo/SPA
Updated 18 September 2021

What We Are Wearing Today: Zey and Zain

Photo/SPA
  • The brand has three collections so far, designed by Zahra, a Saudi fashion designer with a skill for fashion illustrations

Nothing complements your style better than a beautiful silk scarf, whether around the neck or as an accessory for your purse.
Zey and Zain is a Saudi brand creating fashion accessories that express different topics such as beauty, happiness, peace, love and dreams.
Most of its products are inspired by the romance of the Arabic language and of Arabic poems by famous poets such as Ahmad Shawqi and Sawsan Al-Dais, and by a poem by Fadwa Tuqan that expresses the feeling of patriotism beautifully.
The scarves are made of silk, cotton, and polyester and — if you want to give your gift that special touch — you can use them to wrap gifts by applying the Japanese “Furoshiki” technique.
The brand has three collections so far, designed by Zahra, a Saudi fashion designer with a skill for fashion illustrations. Celebrating Saudi National Day, it has launched special edition designs reflecting the beauty of the Kingdom’s urban and architectural heritage.
Zey and Zain offers pins and scarves in different sizes. For more information visit its Instagram account @zeyandzain.

 


Saudi military industry delegation meets investors in London defense show

Saudi military industry delegation meets investors in London defense show
Updated 17 September 2021

Saudi military industry delegation meets investors in London defense show

Saudi military industry delegation meets investors in London defense show
  • Officials from Saudi Arabia’s General Authority for Military Industries (GAMI) and Saudi Arabian Military Industries (SAMI) met with a number of major international investors in the fields of defense and military security

RIYADH: Saudi Arabia’s military industry delegation concluded on Friday its participation in the four-day Defense and Security Equipment International (DSEI) trade fair held at the ExCel Center in London with meetings with investors.

Officials from Saudi Arabia’s General Authority for Military Industries (GAMI) and Saudi Arabian Military Industries (SAMI) met with a number of major international investors in the fields of defense and military security from the United Kingdom and European countries, as well as a number of people from other countries interested in the defense and security military industries sector, GAMI said in a statement.

These meetings were attended GAMI Governor Eng. Ahmed bin Abdulaziz Al-Ohali, GAMI’s partners in the sector, as well as Saudi and British officials and stakeholders from the industry and investment sectors.

The UK Minister of defense Ben Wallace and a number of official delegations at the regional and international levels also inspected the Saudi pavilion, learning about the key targets of the military industry sector in the Kingdom, its promising investment opportunities and the pursuit of GAMI to reflect the ambitious vision of the wise leadership aiming at the Saudization of more than 50 percent of spending on military equipment and services by 2030.


Saudi Arabia in negotiations to localize vaccine industry: deputy minister

Saudi Arabia in negotiations to localize vaccine industry: deputy minister
Updated 17 September 2021

Saudi Arabia in negotiations to localize vaccine industry: deputy minister

Saudi Arabia in negotiations to localize vaccine industry: deputy minister
  • The Saudi Ministry of Industry and Mineral Resources is working to transfer technology and localize vaccine industries and production platforms

RIYADH: Saudi Arabia plans to follow up its agreements with Pfizer and AstraZeneca to produce vaccines in the Kingdom with further initiatives to localize the pharmaceutical industries and to become a regional center for these companies, said Deputy Minister of Industry and Mineral Resources Osama Al-Zamil.

The Saudi Ministry of Industry and Mineral Resources, the King Abdullah International Center for Medical Research (KIMAR), and the Pfizer Scientific Foundation signed a memorandum of understanding (MoU) on Tuesday, to build the foundations for the manufacture of viral and genetic vaccines in the Kingdom.

The MoU, signed during the activities of the Riyadh Summit for Medical Technology 2021, held in Riyadh, also includes providing technical support for the establishment of a human stem cell platform.

The ministry is working to transfer technology and localize vaccine industries and production platforms to manufacture, accelerate and provide vaccines in what is known as CDMO, as a basis for building suitable industrial clusters in this promising sector, and this is indeed the core of the agreement signed at the summit with Pfizer, Alzamil told Al Arabiya.


The agreements need a follow up as they aim in the long run to establish the infrastructure, not just direct manufacturing or commercial production, he said.

The first aim is to establish a research center through which different types of vaccines will be produced and clinical trials will be conducted, after which work will be done on manufacturing and commercial production.

There are 40 Saudi factories working in the drug manufacturing sector, and there are three or four factories that are ready to manufacture directly with these companies, he said.

The Ministry of Industry was entrusted with the task of achieving pharmaceutical security in the Kingdom, especially after it became a priority amid the effects of the pandemic on supply chains, Al-Zamil said.

Saudi Arabia wants to be the first choice for international companies working in the field of pharmaceuticals, and its platform for access to the countries of the Middle East.

“We are working to secure our needs in cooperation with government agencies and our international partners,” he said.