Aramco’s Abqaiq facility added to World Economic Forum’s ‘Lighthouse’ network for 4IR leadership

Aramco’s Abqaiq facility added to World Economic Forum’s ‘Lighthouse’ network for 4IR leadership
The Saudi oil producer claims the Abqaiq facility is the largest oil processing plant in the world, providing five percent of global oil supplies. (Supplied)
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Updated 28 September 2021

Aramco’s Abqaiq facility added to World Economic Forum’s ‘Lighthouse’ network for 4IR leadership

Aramco’s Abqaiq facility added to World Economic Forum’s ‘Lighthouse’ network for 4IR leadership
  • The Global Lighthouse status recognizes factories, value chains, and other business models that demonstrate leadership in fourth industrial revolution (4IR) technologies

DUBAI: Aramco’s Abqaiq facility has been added to the World Economic Forum’s Global Lighthouse Network, making it the Saudi company’s third facility in the prestigious list. 

The Global Lighthouse status recognizes factories, value chains, and other business models that demonstrate leadership in fourth industrial revolution (4IR) technologies.

“Through pioneering the large-scale use of 4IR solutions, such as Artificial Intelligence, Industrial Internet of Things (IioT), automation and robotics, we are setting new benchmarks for global industry,” Nabil Al-Nuaim, Aramco’s digital transformation vice president, said.

The Saudi oil producer claims the Abqaiq facility is the largest oil processing plant in the world, providing five percent of global oil supplies.

Other Aramco projects in the list are Uthmaniyah Gas Plant and Khurais oil complex.


TASI Stocks up by 0.6 percent in early trading: Market wrap

TASI Stocks up by 0.6 percent in early trading: Market wrap
Updated 12 sec ago

TASI Stocks up by 0.6 percent in early trading: Market wrap

TASI Stocks up by 0.6 percent in early trading: Market wrap
  • Aldrees net profit surges 50 percent to SR122.7 million for the first nine months of 2021

RIYADH: Saudi Arabia’s main market, Tadawul, traded 0.6 percent higher on Sunday morning, at 11,750 points.

Here’s a wrap of market movements as of 10:30 a.m. Riyadh time:

Aldrees net profit surges 50 percent to SR122.7 million for the first nine months of 2021. 

Derayah-REIT goes ex dividend today. 

Saudi Real Estate Co.’s subsidiary, Saudi Real Estate Infrastructure Co. (Binyah), signed a contract with Diriyah Gate Development to carry out Wadi Hanifa's infrastructure work with the Diriyah Development Authority.

AlKathiri Holding Co’s subsidiary, Alian Industry Co. received a land plot of 7,000 square meters from the Abdul Rahman Al-Rashed Company to build a ready-mixed concrete plant.

UCA recommends capital hike through SR300 million right Issues.

“The Market Authority” approves the public offering of the units of the “Capital Flexible Investment Fund for Saudi Equities”.

Nayifat Finance announces the initial prospectus for subscription.

Savola Group’s wholly-owned subsidiary, Savola Foods Co., completed the acquisition of 100 percent of Bayara Holding Limited. 


Egypt, Cyprus sign power grids interconnection agreement

Egypt, Cyprus sign power grids interconnection agreement
Updated 8 min 10 sec ago

Egypt, Cyprus sign power grids interconnection agreement

Egypt, Cyprus sign power grids interconnection agreement

CAIRO: Egypt and Cyprus signed a memorandum of understanding to study the establishment of the electrical interconnection project between the two countries, which provides direct connection for the exchange of electricity between them.

The Egyptian Minister of Electricity and Renewable Energy, Mohamed Shaker said in a statement that the agreement is a necessary preparations for signing the final contracts for the electrical interconnection project between Egypt, Cyprus and Greece.

Shaker added that the final procedures are currently underway to review the studies of the electrical interconnection project with Cyprus and Greece, in preparation for the start of implementing the project with a capacity of 2,000 megawatts, and it may reach 3,000 megawatts, explaining that the link with Cyprus allows Egypt to link with all European countries after it is completed, connecting it with Crete and then Greece.

Egypt and Greece concluded a similar agreement last week, paving the way for an underwater cable to transport electricity generated from clean energy sources from North Africa to Europe, the first infrastructure of its kind in the Mediterranean region.


Saudi Cura gets $4mn Series-A financing from ELM and Wa’ed

Saudi Cura gets $4mn Series-A financing from ELM and Wa’ed
Updated 24 min 29 sec ago

Saudi Cura gets $4mn Series-A financing from ELM and Wa’ed

Saudi Cura gets $4mn Series-A financing from ELM and Wa’ed

RIYADH: Cura, a Saudi telehealth startup announces a SR15 million Series-A investment from ELM and Wa’ed, the entrepreneurship arm of Saudi Aramco, according to a statement today.

 


SABIC stock hits 7-year high

SABIC stock hits 7-year high
Image: Shutterstock
Updated 33 min 46 sec ago

SABIC stock hits 7-year high

SABIC stock hits 7-year high

Saudi Basic Industries Corporation (SABIC) recorded its highest price on Sunday since September 2014, at SR 134.60, according to Argaam. 

The stock is currently trading up just under 1 percent, with trading exceeding 500,000 shares so far. 

Today’s rise has pushed the stock up a staggering 120 percent since March 2020. 

The Saudi company operates in the petrochemical, fertilizer, iron, steel and aluminum industries with Saudi Aramco the largest investor, with a share of 70 percent. 


FTSE adds ADNOC Drilling to three of its global equity indices

FTSE adds ADNOC Drilling to three of its global equity indices
Image: Shutterstock
Updated 17 October 2021

FTSE adds ADNOC Drilling to three of its global equity indices

FTSE adds ADNOC Drilling to three of its global equity indices

Index publisher FTSE Russell has added ADNOC Drilling to three of its global equity indices.


ADNOC Drilling has been added to the FTSE Global Large Cap Index, the FTSE Emerging Index, and the FTSE All-World Index, according to a statement from ADNOC Drilling.


The index publisher, against whose indexes funds benchmark trillions of dollars of assets, earlier announced the same to clients on October 4.


ADNOC Drilling is a unit of Abu Dhabi National Oil Co. Baker Hughes retains a 5 percent share in the company.


ADNOC Drilling went public earlier this month via a $1.1 billion initial public offering through the sale of a 11 percent share in the company to investors.