Kuwait National Petroleum Co. completes multi-billion Clean Fuels project 

Kuwait National Petroleum Co. completes multi-billion Clean Fuels project 
The Mina Al-Ahmadi oil refinery
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Updated 22 September 2021

Kuwait National Petroleum Co. completes multi-billion Clean Fuels project 

Kuwait National Petroleum Co. completes multi-billion Clean Fuels project 

RIYADH: The Kuwait National Petroleum Company (KNPC) has reached a “historic milestone” in clean fuel production, its CEO told KUNA on Tuesday.

Waleed Al-Bader claims KNPC’s Clean Fuels Project will cut carbon emissions and pollution through the use of products that meet strict environment standards.

The project works to reduce emissions and environmental pollutants by producing high-quality oil derivatives that comply with international environmental requirements, he said.

Measures undertaken include cutting nitrogen oxides, sulfur oxides and other pollutants, and increasing the capacity KNPC's two refineries to 454,000 barrels per day and 346,000 barrels per day respectively of eco-friendly oil by-products.

“This is a historic milestone," Al-Bader said, adding that the ambitious project is a source of pride not only for the KNPC but also for the whole Kuwaiti oil sector.

 


EU and GCC should create greater supply lines, says French trade minister

EU and GCC should create greater supply lines, says French trade minister
Updated 22 min 23 sec ago

EU and GCC should create greater supply lines, says French trade minister

EU and GCC should create greater supply lines, says French trade minister

RIYADH: Global supply chains need to be rethought to reduce the impacts of humanitarian or geopolitical crises, France’s foreign trade minister has told the Future Investment Initiative Forum in Riyadh.

Franck Riester highlighted the health, energy and food sectors in particular as areas where the current system is susceptible to fluctuations, such as those caused by the Covid-19 pandemic.

The minister said the European Union is already seeking to diversify its suppliers in a number of areas, and flagged up closer working with Gulf Cooperation Council (GCC) countries as part of this.

The GCC will be "good partners" in a post-pandemic world, he said.


Pound at new 20-month high vs. euro on diverging central bank bets

Pound at new 20-month high vs. euro on diverging central bank bets
Updated 26 October 2021

Pound at new 20-month high vs. euro on diverging central bank bets

Pound at new 20-month high vs. euro on diverging central bank bets

LONDON: Sterling touched a new 20-month high against the euro on Tuesday, driven by diverging interest rate expectations for Britain and the eurozone, though concerns over economic growth and EU ties kept the currency broadly flat on the day.

Money markets are pricing in a rate hike by the Bank of England at its Nov. 4 meeting, helping the pound rally around 2 oercebt versus the euro and the dollar so far this month .

The euro, meanwhile, is being dogged by signs the European Central Bank will be among the last to raise interest rates in the developed world. Monday data showing German business morale deteriorating for the fourth month running in October, cemented expectations of a dovish message from Thursday’s ECB meeting.

By 0850 GMT, sterling traded at 84.2 pence to the euro, 0.2 percent firmer on the day at the highest since February 2020, while against the dollar it was marginally firmer at $1.378, having come off five-week highs touched last week.

However, Britain's weak economic data — including last Friday’s unexpected drop in retail sales — has capped the pound’s gains. Short-dated gilt yields too have slipped from 17-month highs hit last week, with fears growing that impending policy tightening will exacerbate the slowdown.

“Euro-sterling is trading close to the bottom end of its post-referendum low on BoE hike expectations. But UK growth momentum is weakening, which could see euro-sterling turn,” Bilal Hafeez, head of the MacroHive consultancy, told clients.

There are also concerns around potential tax hikes that may be unveiled in Wednesday's budget announcement, alongside EU-UK wrangling over provisions that govern post-Brexit trade between Britain, Northern Ireland, and EU member Ireland.

Britain has threatened to take unilateral action if a solution cannot be found at the ongoing talks, which some reckon could emerge as a serious headwind for the pound.


Ma’aden pledges 60% emissions cut by 2040

Ma’aden pledges 60% emissions cut by 2040
Updated 26 October 2021

Ma’aden pledges 60% emissions cut by 2040

Ma’aden pledges 60% emissions cut by 2040

RIYADH: The Saudi Arabian Mining Co., or Ma’aden, will cut carbon emissions by 60 percent by 2040 and reduce groundwater consumption by 65 percent, its chief executive said in an interview with Al-Arabiya. 

Speaking on the sidelines of the Future Investment Initiative in Riyadh, Abdulaziz Al-Harbi said the production at the mining company would not slow.

The mining company on Monday posted profit of SR1.27 billion ($339 million), after deduction of zakat and taxes, in the first nine months of the year as compared to SR6.47 million a year ago. Revenue over the same period rose 44 percent to SR6.7 billion.


Crypto too close to criminals, says SAMA governor

Crypto too close to criminals, says SAMA governor
Updated 17 min 53 sec ago

Crypto too close to criminals, says SAMA governor

Crypto too close to criminals, says SAMA governor

Saudi Arabia’s central bank (SAMA) should have no involvement with crypto-assets as many of those who deal with them are criminals, according to its governor.

Speaking at the Future Investment Initiative Forum in Riyadh, Fahad Al Mubarak claimed there would be no smashing of the banking system by digital currencies such as Bitcoin, but instead an expansion of a centralized system for regulating the tender.

Regulators are still playing catch-up when it comes to how crypto-curencies should be governed, he added.

Hussain Abdulla, co-CEO of Qatar-based investment bank QInvest, claimed the products were not yet Sharia-compliant, and more understanding was needed.

Abdulla warned though that the Middle East is lagging way behind the US and Europe when it comes to digitization of the banking industry, adding: “Winners in the banking industry will be those who take steps today toward digitization rather than later.”

The SAMA governor talked up the rise of online banking during the Covid-19 crisis, and said: “Before the pandemic only 35 percent of the transactions were electronic, now it’s around 55 percent “


Dubai’s DIFC regulator issues first part of digital assets framework

Dubai’s DIFC regulator issues first part of digital assets framework
Updated 26 October 2021

Dubai’s DIFC regulator issues first part of digital assets framework

Dubai’s DIFC regulator issues first part of digital assets framework

DUBAI: The regulator for DIFC, Dubai’s state-owned financial free zone and the Middle East’s major finance center, has released the first part of a regulatory framework for digital tokens aimed at opening up trading of the fast-growing asset class.

The move by the Dubai Financial Services Authority comes as Gulf countries start to look at how to regulate digital assets to attract new forms of business as regional economic competition heats up.

The framework initially covers security and derivative tokens it refers to as investment tokens — digital representations of rights and obligations equivalent to those conferred by assets such as shares or futures contracts, issued, transferred and stored using distributed ledger technology such as blockchain.

It expects to issue another consultation this year for tokens not yet covered by the regulation, including exchange tokens — also known as cryptocurrencies — utility tokens and some asset-backed tokens known as stablecoins.

Last month, the UAE’s Securities and Commodities Authority and the Dubai World Trade Centre Authority agreed a framework that allows DWTCA to approve and license financial activities relating to crypto assets.

 Bahrain in 2019 released rules regulating crypto assets.