Saudi Arabia plans to localize 70% of energy products: minister

Update Saudi Arabia plans to localize 70% of energy products: minister
Saudi Energy Minister Prince Abdulaziz bin Salman inaugurates an energy project constructed by Siemens Energy in Dammam. Supplied
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Updated 07 October 2021

Saudi Arabia plans to localize 70% of energy products: minister

Saudi Arabia plans to localize 70% of energy products: minister

RIYADH: Saudi Arabia plans to produce locally up to 70 percent of its needed energy products, the Kingdom's energy minister Prince Abdulaziz bin Salman said on Wednesday during the inauguration of an energy facility constructed by Siemens Energy in Dammam.

The facility is the largest of its kind in the region and it will serve as an integrated services hub for the energy sector.

The energy minister said: “We are keen on achieving the localization and content targets that are sought by the vision of the Crown Prince (Mohammed bin Salman), who pays great attention to the concepts of local content.”

“We strive to empower the energy sector,” he said.

Later, the Energy Ministry tweeted saying it aims to increase the sector’s contribution to the Kingdom’s gross domestic product.

The ministry plans to boost localization of equipment and development of national cadres to achieve the goal, it added.

The expansion project is also in line with the Kingdom’s strategy aimed at localizing 70 percent of the energy products by 2030.

“The technology delivered by this facility will support the country in its push for sustainability and decarbonization amid an expanding energy industry,” said Mahmoud Sulaimani, managing director of Siemens Energy in Saudi Arabia.


TASI rises following steep losses: Opening bell

TASI rises following steep losses: Opening bell
Updated 17 sec ago

TASI rises following steep losses: Opening bell

TASI rises following steep losses: Opening bell

RIYADH: Saudi stocks rose in the first trading session of the week, easing after steep losses, but investors remain cautious due to upcoming rate hikes by major central banks and global recession risks.

The main index, TASI, increased 1.80 percent to close at 11,514, while the parallel market, Nomu, decreased 0.85 percent to 20,552 as of 10:07 a.m. Saudi time.

Rabigh Refining and Petrochemical Co. gained 6.11 percent to lead the gainers, followed by Saudi Ground Services Co. with a 3.82 percent gain.

AlAhli REIT Fund (1) led the laggards with a 0.36 percent decline, followed by Arabia Insurance Cooperative Co. with a 0.27 percent fall.

Saudi Aramco, the largest player on the Saudi oil market, started today’s trading up 1.21 percent.

In the financial sector, the Kingdom’s largest valued bank Al Rajhi gained 2.41 percent, while Alinma Bank rose 2.30 percent.

In the pharma sector, Aldawaa Medical Services Co. improved 2.60 percent, while Nahdi Medical Co. gained 1.04 percent.

Both telecom giants stc and Zain KSA gained 2.06 percent and 1.47 percent, respectively.

Methanol Chemicals Co. climbed 1.93 percent, after reporting that it would pay SR273 million ($73 million) as an early loan payment to SIDF and lenders.

Middle East Healthcare Co. rose 2.17 percent, after reporting that it has opened a Saudi German clinic complex in the Al Samer District of Abha city, accommodating 30 clinics.

Prices of oil increased on Friday in response to tight supply. Brent crude settled at $113.12 a barrel and US West Texas Intermediate reached $107.62 a barrel.


Philippine Airlines working on sustainable fuel amid IATA’s CO2 Connect rollout: President

Philippine Airlines working on sustainable fuel amid IATA’s CO2 Connect rollout: President
Updated 7 min 33 sec ago

Philippine Airlines working on sustainable fuel amid IATA’s CO2 Connect rollout: President

Philippine Airlines working on sustainable fuel amid IATA’s CO2 Connect rollout: President

DOHA: Philippine Airlines is working toward developing sustainable fuel for its airline fleet, as the International Air Transport Association aims to achieve net zero by 2050, said Stanley Ng, president of Philippine Airlines. 

“We really support the zero-emission initiative of the group. We’re also tracking our carbon emissions. And we’re constantly trying to reduce that. We’re also looking for sustainable aviation fuel as well but right now, we still don’t have that in place. However, the team is already working on that,” Ng said during an exclusive interview with Arab News on the sidelines of the IATA Annual General Meeting in Doha. 

The comments from Ng came at a time when IATA launched its CO2 Connect, an online tool which provides the most accurate carbon dioxide emission calculations for any given commercial passenger flight. 

Ng also revealed that the increase in fuel prices is negatively impacting the finance of the airlines. 



“It’s the biggest challenge right now. We have to fly more frequencies because of the demand. But also it’s eating up the margin as well. So our fuel costs are like 30 to 40 percent,” he said. 

Ng, however, made it clear that the airline is not passing this burden to travelers in the form of ticket price hikes, instead, the carrier is charging a little amount as a fuel surcharge to stay afloat. 

He added that the aviation sector is strongly rebounding after the pandemic. He noted that domestic travel is almost equal to the pre-pandemic level, while international travel currently stands at 60 percent of the volume in 2019. 

Ng further added that strong passenger volumes can be achieved soon when countries like China open up. 

“For our long-haul flights, we’re about 80 percent pre-pandemic level already based on the capacity that we’re put into. But it’s really the regional routes that are set actually. We’re still waiting for China to open up. And then we will be almost back to our pre-pandemic capacity,” he said. 

 


Commodities Update — Gold prices edge up; G7 leaders to agree on import ban on Russian gold

Commodities Update — Gold prices edge up; G7 leaders to agree on import ban on Russian gold
Updated 52 min 29 sec ago

Commodities Update — Gold prices edge up; G7 leaders to agree on import ban on Russian gold

Commodities Update — Gold prices edge up; G7 leaders to agree on import ban on Russian gold

RIYADH: Gold edged up on Friday as the dollar retreated and recession fears buoyed its safe-haven appeal, but looming interest rate hikes set the non-yielding asset on course for a weekly dip.

Spot gold rose is currently priced at $1,826.88 per ounce, while US gold futures are priced at $1,830.30.

Biden, G7 leaders to ban Russian gold imports: sources

US President Joe Biden and his G7 counterparts will agree on an import ban on new gold from Russia as they broaden sanctions against Moscow for its war against Ukraine, a source familiar with the matter told Reuters on Saturday.

The US has rallied the world in imposing swift and significant economic costs on Russia to deny President Vladimir Putin the revenue he needs to fund his war.

According to the source, the US Treasury Department will issue a determination to prohibit the import of new gold into the US on Tuesday, which will further isolate Russia from the global economy by preventing its participation in the gold market.

Soy, Grains up

US soybean futures rose on Friday, snapping a streak of four negative sessions, on a round of bargain buying and short-covering, traders said.

Corn also was higher, with bargain buying featured after the market fell 3.3 percent over the previous four sessions.

Gains in the new-crop contracts outpaced the nearby contract as traders unwound some bull spreads as they monitored crop development in the US Midwest.

Wheat futures fell, pressured by the ongoing harvest in winter wheat-growing areas of the US.

Chicago Board of Trade July soybean futures settled up 17-1/2 cents at $16.10-3/4 a bushel.

Strength in the crude oil market added support to soybeans.

CBOT July corn futures were up 3-1/2 cents at $7.50-1/4 a bushel. The December contract gained 18-1/2 cents to $6.74.

Stress from dryness could spread to about 40 percent of US corn and soy next week before showers curb driest areas to less than one-third of the belt, Commodity Weather Group said in a note.

CBOT July soft red winter wheat was down 13-1/2 cents at $9.23-3/4, and hard red winter wheat for July delivery was 12 cents lower at $9.93 a bushel.

(With input from Reuters)


Crypto Moves – Bitcoin and Ethereum rise; Celsius prepares for bankruptcy; $100m heist hits crypto firm Harmony

Crypto Moves – Bitcoin and Ethereum rise; Celsius prepares for bankruptcy; $100m heist hits crypto firm Harmony
Updated 26 June 2022

Crypto Moves – Bitcoin and Ethereum rise; Celsius prepares for bankruptcy; $100m heist hits crypto firm Harmony

Crypto Moves – Bitcoin and Ethereum rise; Celsius prepares for bankruptcy; $100m heist hits crypto firm Harmony

RIYADH: Bitcoin, the leading cryptocurrency internationally, traded higher on Sunday, rising by 0.93 percent to $21,420.15 as of 8:10 a.m. Riyadh time.

Ethereum, the second most traded cryptocurrency, was priced at $1,237.88, rising by 1.38 percent, according to data from Coindesk.

Celsius Network hires advisers to prepare for bankruptcy 

The Wall Street Journal reported Friday that Celsius Network LLC hired restructuring experts from Alvarez & Marsal to advise on a potential bankruptcy filing.

Early this month, the New Jersey-based cryptocurrency lending company froze withdrawals and transfers due to “extreme” market conditions.

CoinDesk reported that Goldman Sachs plans to raise $2 billion from investors to buy Celsius’ distressed assets.

If the cryptocurrency lender files for bankruptcy, investors can buy the assets at potential discounts, according to a report citing two sources.

As of last month, Celsius had assets worth $11.8 billion.

Investors have dumped risky assets amid fears that rate hikes could plunge the economy into recession, leading to extreme volatility in digital assets in recent months.

A $100 million heist hits US crypto firm Harmony

In the latest cyber heist on a long-targeted sector, US-based crypto firm Harmony said hackers stole around $100 million in digital coins from one of its key products, Reuters reported.

The company develops blockchains for decentralized finance, peer-to-peer sites offering loans and other services without banks’ traditional gatekeepers, and non-fungible tokens.

According to the company, the heist targeted its Horizon bridge, which transfers crypto between different blockchains.

According to Harmony, it has been working with forensic experts and national authorities to identify the culprit and retrieve the stolen funds.

Harmony said its global team was “working around the clock to address the issue.”

According to Elliptic, which tracks publicly visible blockchain data, the hackers stole Ether, Tether, and USD Coin from Harmony, which they later traded for ether using decentralized exchanges.

(With inputs from Reuters)

 

 


Here’s what you need to know before Tadawul trading on Sunday

Here’s what you need to know before Tadawul trading on Sunday
Updated 26 June 2022

Here’s what you need to know before Tadawul trading on Sunday

Here’s what you need to know before Tadawul trading on Sunday

RIYADH: Saudi Arabia's stock market declined to one of its lowest levels in months last week due to concerns that rising interest rates could push the global economy into recession.

TASI, the main index, fell for a second consecutive day on Thursday to end 0.1 percent lower at 11,311 points, while the parallel Nomu market added 0.4 percent to 20,728.

Qatar led the fall in the Gulf with a 1.6 percent decline, followed by a 1.1 percent drop in Dubai’s stock index.

Stock exchanges of Abu Dhabi, Bahrain, Oman, and Kuwait all lost between 0.2 and 0.7 percent.

Outside the Gulf, Egypt’s index EGX30 closed 01.8 percent lower.

Oil prices rose on Friday, buoyed by tight supply. Brent crude settled at $113.12 a barrel and US West Texas Intermediate reached $107.62 a barrel.

Stock news

Mouwasat Medical Services Co. closed a SR295 million ($79 million) deal with Tareg Al-Jaafari Contracting Co. for the construction of a hospital in Yanbu industrial city

Methanol Chemicals Co. said it would pay SR273 million in total as an early loan repayment to the Saudi Industrial Development Fund and lending banks

The Saudi Stock Exchange will launch futures trading on single stocks on July 4, as its second derivatives product after introducing index futures in late 2020

Calendar

June 26, 2022

Rabigh Refining and Petrochemical Co.’s subscription to new shares ends

June 27, 2022

End of Alamar Foods’ IPO book-building

Retal Urban Development Co. will start trading its shares on TASI

June 28, 2022

End of the Saudi Investment Bank’s Sukuk offering

July 4, 2022

Start of single-stock futures trading on Tadawul