Egypt, Japan’s Toyota to explore investment opportunities in blue ammonia

Egypt, Japan’s Toyota to explore investment opportunities in blue ammonia
Blue ammonia is made of hydrogen, a gas that is seen as key to a global energy transition, given that only water vapor is emitted from it upon combustion. (Shutterstock)
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Updated 15 September 2021

Egypt, Japan’s Toyota to explore investment opportunities in blue ammonia

Egypt, Japan’s Toyota to explore investment opportunities in blue ammonia
  • Securing blue ammonia and hydrogen among other cleaner fuels are a key part of Japanese efforts to decarbonize its society by 2050

RIYADH: The Egyptian Ministry of Petroleum signed a memorandum of understanding with Japan's Toyota Tsusho to assess the opportunities for producing blue ammonia in Egypt, Asharq reported.

Economic feasibility studies and the best available opportunities in the petroleum sector will be carried out to implement projects for extracting and storing carbon dioxide to produce blue ammonia, using the latest Japanese technologies, the ministry said in a statement on Tuesday.

The exploration of opportunities in the production of ammonia will be done through cooperation between the Egyptian Natural Gas Holding Company (EGAS), the Egyptian Petrochemical Holding Company (ECHEM), and Toyota Tsusho Company.

Securing blue ammonia and hydrogen among other cleaner fuels are a key part of Japanese efforts to decarbonize its society by 2050, and Japan's foreign minister Toshimitsu Motegi was recently in Egypt as part of a regional tour of countries that Tokyo sees as vital to its energy security, according to Argus Media.

Blue ammonia is made of hydrogen, a gas that is seen as key to a global energy transition, given that only water vapor is emitted from it upon combustion. Converting hydrogen to ammonia makes it possible to charge it more easily.

Many energy companies are investing in such fuels, but production costs are still much higher than oil and gas costs, according to Bloomberg.


ROSHN pledges to create 170k jobs by 2030

ROSHN pledges to create 170k jobs by 2030
Updated 7 sec ago

ROSHN pledges to create 170k jobs by 2030

ROSHN pledges to create 170k jobs by 2030

RIYADH: ROSHN, a real estate company owned by the Public Investment Fund, launched a leadership program Himam as part of its plans to create 170,000 jobs by 2030.

The new jobs will be created in the company’s different projects across the Kingdom. 

The leadership program aims to hone the leadership skills of fresh graduates to transform them into future business leaders, the Riyadh-based company said in a statement.

The program will provide training of up to 24 months, following which the trainees will be accommodated in the company.

“We believe that the basic pillar for improving business performance lies in training a new generation that possesses innovative skills and solutions to realize the Kingdom’s future objectives,” said ROSHN Group CEO David Grover.


King Salman Park awards $1bn construction contracts

King Salman Park awards $1bn construction contracts
Image: King Salman Park
Updated 39 min 3 sec ago

King Salman Park awards $1bn construction contracts

King Salman Park awards $1bn construction contracts
  • he project, on the grounds of the old airport in Riyadh, aims to create the largest city park in the world
  • The contracts also include infrastructure works and site preparation works for the Royal Complex for Arts

The King Salman Park Foundation has awarded contracts worth SR3.847 billion ($1 billion) to a group of national companies to implement parts of the King Salman Park project, coinciding with the start of construction work, Al Eqtisadiah reported.


These contracts include site preparation works, and the construction of a number of tunnels and bridges on Abu Bakr Al-Siddiq Road and Al Urubah Road. The project, on the grounds of the old airport in Riyadh, aims to create the largest city park in the world.

At 13.4 square kilometers, King Salman Park will be five times larger than London’s Hyde Park and four times larger than Central Park in New York. It aims to become a one-of-a-kind destination, with more than 160 features and attractions covering art, culture, sport and entertainment. Construction is expected to begin in the second half of this year.

The contracts also include infrastructure works and site preparation works for the Royal Complex for Arts.


MEA unit of Virgin Mobile achieves net zero carbon emissions in 2021

MEA unit of Virgin Mobile achieves net zero carbon emissions in 2021
Updated 42 min 42 sec ago

MEA unit of Virgin Mobile achieves net zero carbon emissions in 2021

MEA unit of Virgin Mobile achieves net zero carbon emissions in 2021
  • The telecom company teamed up with Dubai Carbon Center of Excellence to gather data on its operations to calculate its total emissions

DUBAI: Virgin Mobile Middle East and Africa said it has achieved net zero carbon emissions across all its operations in 2021, supported by its ban on single-use plastic in Saudi Arabia. 

The telecom company teamed up with Dubai Carbon Center of Excellence to gather data on its operations to calculate its total emissions. 

Companies in the region are showing increased consciousness about their carbon emissions, inspired by a global movement towards sustainability. Governments in the Gulf are trying to do the same. 

Virgin Mobile previously banned single-use plastic in Oman and Saudi Arabia, eliminating more than 50 tonnes of single-use plastic across the region. 

Other sustainable practices have been implemented in the company’s offices, including policies on business travel, energy use, and environmental awareness for its employees. 


CMA reviews 45 companies awaiting stock market listing

CMA reviews 45 companies awaiting stock market listing
Updated 22 September 2021

CMA reviews 45 companies awaiting stock market listing

CMA reviews 45 companies awaiting stock market listing
  • The CMA deputy for listed companies & investment products, said the authority wants to expedite applications as part of efforts to support the economy and develop new sectors
  • The CMA highlighted an increase in investors' demand for investment funds, with the number of subscribers rising 12 percent at the end of the first half of 2021

RIYADH: Saudi’s Capital Market Authority (CMA) plans to speed up stock market listings as it revealed around 45 companies are waiting for approval.

In a statement on Tuesday, Abdullah Bin Ghannam, CMA deputy for listed companies & investment products, said the authority wants to expedite applications as part of efforts to support the economy and develop new sectors.

The number of new listings in the Saudi market since the beginning of the year, including traded investment funds, has reached 11, bringing the total number listed to 217, Bin Ghannam said.

The CMA deputy highlighted an increase in investors' demand for investment funds, with the number of subscribers rising 12 percent at the end of the first half of 2021, reaching a record 408,000 investors compared to 364,000 at the end of 2020.


Construction of NEOM's ‘The Line’ will start before the end of 2021: PIF governor

Construction of NEOM's ‘The Line’ will start before the end of 2021: PIF governor
Updated 9 min 15 sec ago

Construction of NEOM's ‘The Line’ will start before the end of 2021: PIF governor

Construction of NEOM's ‘The Line’ will start before the end of 2021: PIF governor

RIYADH: Construction on NEOM's largest development ‘The Line’ is expected to start by the end of this year, the governor of the Saudi wealth fund said.

The Line — a 170-kilometer, zero-carbon, urban-development project featuring several hyper-connected communities — sparked interest worldwide when it was unveiled earlier this year by the Saudi Crown Prince Mohammed Bin Salman. 

It is also proving hugely popular among Saudis, who see it as their nation’s most ambitious project to date.

"We're hoping we will finalize all the plans before the end of the year and we will start construction before the end of this year," Governor Yasir Al-Rumayyan said in a virtual event hosted by the Future Investment Initiative Institute (FII) on Tuesday.

NEOM's officials announced earlier that there are many areas under development in addition to The Line, such as an industrial city and many resort areas. 

Al-Rumayyan said that some of these areas have advanced in construction ahead of The Line.

"Some parts of the NEOM company have already started with construction. I will give an example. Sandala island which is going to have a lot of resorts and golf courses and other stuff," he added.

NEOM is seeking contractors and investors for the giga project, which is located in northwest of Saudi Arabia, on the Red Sea coast.

About 150 design and construction companies visited NEOM in the last four days, as the Saudi giga-project aims to explore partnership opportunities.

Representatives of global companies visited a 12-square-kilometer logistics park, featuring construction villages with labor communities of up to 30,000 workers, as well as offices, warehouses, and construction service establishments, NEOM said in a statement.

NEOM will be built around sustainability and powered by renewable energy. 

"It’s going to be zero carbon emission, it will have no cars actually. It will be about 170 kilometers, basically a line, and it’s going to be 30 percent more efficient, and when I say efficient I’m talking about the cost efficiency," Al-Rumayyan added.