Saudi Ports Authority authorized to undertake projects to develop cruise industry

Saudi Ports Authority authorized to undertake projects to develop cruise industry
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Updated 14 September 2021

Saudi Ports Authority authorized to undertake projects to develop cruise industry

Saudi Ports Authority authorized to undertake projects to develop cruise industry

RIYADH: The Saudi Cabinet on Tuesday approved that the Saudi Ports Authority will, in agreement with the Public Investment Fund, undertake marine infrastructure projects to develop the cruise industry in the Kingdom. 

In January, the Kingdom launched a company to establish the cruise sector in the country, aiming to generate more than 50,000 jobs in the tourism industry.

Cruise Saudi, launched by the PIF, will work on putting the Kingdom on the international cruise map as a tourist destination, in line with the goals of the Vision 2030 reform plan.

It will develop routes that allow people to explore the country’s heritage and culture in a way that preserves the environment and protects natural resources.


Saudi Ports Authority plans to increase private sector contributions to developments to 90%: CEO

Saudi Ports Authority plans to increase private sector contributions to developments to 90%: CEO
Updated 23 sec ago

Saudi Ports Authority plans to increase private sector contributions to developments to 90%: CEO

Saudi Ports Authority plans to increase private sector contributions to developments to 90%: CEO

Saudi Ports Authority, known as MAWANI, aims to drive up the contributions of the private sector to the development of ports in the Kingdom to 90 percent by 2030, Argaam reported citing the company’s CEO. 

Omar bin Talal Hariri stated the most prominent investment opportunities involve outsourcing, operating contracts for general freight, containers, and livestock and passenger transport.

Earlier in an interview for the Summer 2021 Investment Summary report, the CEO said the authority is raising port capacity to over 40 million containers by 2030. 

He added that MAWANI seeks to adopt modern technologies and smart solutions to achieve globally competitive ports and to support supply chains.


BP plans large-scale green hydrogen project in UK

BP plans large-scale green hydrogen project in UK
Image: Shutterstock
Updated 21 min 39 sec ago

BP plans large-scale green hydrogen project in UK

BP plans large-scale green hydrogen project in UK
  • The British government is targeting 5 GW (gigawatts) of low-carbon hydrogen production by 2030 to replace natural gas

BP said on Monday it plans to set up a large-scale green hydrogen production plant in northeast England, generated with wind, water and solar energy to aid Britain’s move away from fossil fuels.


The project, dubbed HyGreen Teesside, aims to produce 60 MWe (megawatt electrical input) of so-called “green” hydrogen, which is derived from renewable sources, by 2025, BP said.


Along with its previously announced “blue” hydrogen project, which is produced from natural gas, the two Teesside plants have the potential to deliver 30 percent of Britain’s ‎‎2030 target for hydrogen production, BP said. 


Governments and energy companies are betting on clean hydrogen playing a leading role in efforts to lower greenhouse gas emissions, but its future uses and costs are highly uncertain.


The British government is targeting 5 GW (gigawatts) of low-carbon hydrogen production by 2030 to replace natural gas in powering around three million homes, as well as industry and transport.


A global coalition of industrial companies this month boosted a target for emissions-cutting green hydrogen at the COP26 climate talks in Glasgow earlier this month.


The HyGreen Teesside project, to be developed in multiple stages, could deliver up to 500Mwe of hydrogen production ‎by 2030, the London-listed company said.


“This is excellent news following the recent COP26 summit and I look forward to supporting industry ‎to develop new technologies as we build a cleaner transport system and work toward a net-zero ‎future,” UK Transport Secretary Grant Shapps said.‎


BP is targeting to start production by 2025 and said the final investment decision on the ‎project is expected in 2023.


OPEC+ has postponed JMMC meeting to discuss new COVID strain: Russia's Novak

OPEC+ has postponed JMMC meeting to discuss new COVID strain: Russia's Novak
Image: Shutterstock
Updated 35 min 12 sec ago

OPEC+ has postponed JMMC meeting to discuss new COVID strain: Russia's Novak

OPEC+ has postponed JMMC meeting to discuss new COVID strain: Russia's Novak

OPEC+ has postponed its Joint Ministerial Monitoring Committee (JMMC) meeting in order to assess the new Omicron strain of COVID-19, Russia's Deputy Prime Minister Alexander Novak said on Monday.


Originally scheduled for November 30, the JMMC online meeting will now be held on Dec. 2, the same day as the main OPEC+ ministerial meeting.


Novak said OPEC+ countries would discuss the market situation and whether any action is necessary.


Earlier on Monday he said there was no need for urgent measures. 


Group Five debuts on Nomu

Group Five debuts on Nomu
Updated 40 min 48 sec ago

Group Five debuts on Nomu

Group Five debuts on Nomu

RIYADH: Shares of Group Five Pipe Saudi will begin trading on the parallel market Nomu on Monday, Nov. 29.

The stock will have a ± 30 percent daily price fluctuation limit and ± 10 percent static price fluctuation limit.

On Sept. 29, the Capital Market Authority approved the company's request to list a 10 percent stake, or 2.8 million shares.

The company's initial price offering was successfully closed on Nov. 18 with the final offer price set at SR35 ($9.33) per share. The IPO was 1,208 percent oversubscribed by qualified investors.


Saudi Arabia’s deposits in Egypt fall by $2.2bn in one year: Central bank

Saudi Arabia’s deposits in Egypt fall by $2.2bn in one year: Central bank
Image: Shutterstock
Updated 29 November 2021

Saudi Arabia’s deposits in Egypt fall by $2.2bn in one year: Central bank

Saudi Arabia’s deposits in Egypt fall by $2.2bn in one year: Central bank
  • The CBE also revealed that external debt as a share of GDP edged up slightly

Long-term deposits made by Saudi Arabia at the Central Bank of Egypt went down by $2.2 billion in the twelve months to the end of June 2021, totalling $5.3 billion.

The bank’s latest report on Egypt’s external position also revealed deposits placed by the UAE and Kuwait in the central bank remained unchanged at $5.7 billion and $4 billion at June 30, 2021, respectively.

Egypt’s fiscal year runs from July 1 July to June 30.

In addition, the report also showed Egypt’s long-term external debt rose by $11.6 billion from 2019/20 to hit $124.2 billion in 2020/21. 

However, it accounted for 90.1 percent of total external debt, compared to a slightly higher 91.2 percent from a year ago, the report showed.

The rise in long-term external debt was driven by a $7 billion hike in multilateral institutions’ debt due to the country’s intake of loans from the International Monetary Fund and the European Investment Bank, among others.

The CBE also revealed that external debt as a share of GDP edged up slightly from 33.9 percent in 2019/20 to 34.2 percent in 2020/21. 

External debt as a whole amounted to $137.9 billion by the end of June 2021.