Chinese solar firm Longi eyes potential Saudi factory sites

Chinese solar firm Longi eyes potential Saudi factory sites
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Updated 11 November 2021

Chinese solar firm Longi eyes potential Saudi factory sites

Chinese solar firm Longi eyes potential Saudi factory sites
  • The firm had revenues of $5.4bn in the first half of this year, and currently produces about 18 percent of the world’s solar modules.

RIYADH: Longi, a major Chinese solar manufacturer, is looking at potential manufacturing locations in the Kingdom as part of its plans to expand outside of China.

The Shanghai-listed company is also looking at other possible manufacturing bases in India and the US, Li Zhenguo, the company’s president said in a Bloomberg report.

Longi seeks to grab 30 percent of the solar module market, he added. 

The firm had revenues of $5.4bn in the first half of this year, and currently produces about 18 percent of the world’s solar modules.

Longi seeks to maintain its 45 percent share of the global market for solar cells, and expects the world to install as much as 2,000 gigawatts between now and 2030, Zhenguo said.


Egypt achieves a $204m initial budget surplus in six months 

Egypt achieves a $204m initial budget surplus in six months 
Updated 13 sec ago

Egypt achieves a $204m initial budget surplus in six months 

Egypt achieves a $204m initial budget surplus in six months 

RIYADH: Egypt’s general budget achieved an initial surplus of 3.2 billion Egyptian pounds ($204 million) during the first six months of the 2021/22 fiscal year, the minister of finance said. 

Mohamed Maait added that revenues grew by 10.3 percent on an annual basis during that period, while tax revenues increased by 15.7 percent, the Middle East News Agency reported. 

He also said that Egypt targets a budget deficit of 6.6 percent in the 2021/22 fiscal year and a primary surplus of 1.5 percent of gross domestic product. 

The minister’s comments came during the cabinet meeting held on Wednesday by the prime minister Mostafa Madbouly, to review the financial performance indicators during the six months period. 


UAE Barakah nuclear plant to reduce 22.5m tons of annual carbon emissions

UAE Barakah nuclear plant to reduce 22.5m tons of annual carbon emissions
Updated 27 min ago

UAE Barakah nuclear plant to reduce 22.5m tons of annual carbon emissions

UAE Barakah nuclear plant to reduce 22.5m tons of annual carbon emissions

The UAE-based Barakah nuclear power plant is to reduce carbon emissions by a total of 22.5 million tons annually.

The figure represents a 6 percent increase when compared to previous calculations, however.

“The UAE's decision to add nuclear energy to the portfolio of energy sources shows its positive results today. The Emirates Nuclear Energy Corporation is moving forward to make the largest contributions aimed at achieving the goals of climate neutrality in the country by 2050,” WAM reported, citing Mohamed Ibrahim Al Hammadi, managing director and CEO of the nuclear energy firm.

Carbon emissions in Abu Dhabi are expected to decrease by 50 percent by 2025 as a result of operating the four Barakah plants at full capacity, launching new and large-scale solar energy projects, and increasing the efficiency of water desalination operations in the city.

Barakah will provide more than 85 percent of green electricity in Abu Dhabi by 2025.

When fully operational, Barakah will produce 5.6 gigawatts of electricity without any carbon emissions.


Fintech startups to benefit from Saudi Aramco’s Wa’ed development scheme

Fintech startups to benefit from Saudi Aramco’s Wa’ed development scheme
Updated 32 min 13 sec ago

Fintech startups to benefit from Saudi Aramco’s Wa’ed development scheme

Fintech startups to benefit from Saudi Aramco’s Wa’ed development scheme

Saudi fintech startups are set to benefit from a 12-week development course and a possible SR500,000 ($133,280) grant, thanks to Saudi Aramco’s entrepreneurship arm, Wa’ed.

The organisation has partnered with financial development program initiative Fintech Saudi to kick off the program for a dozen startups, which will start at the end of February. 

The event, which will take place both in Riyadh and virtually, will see the qualified startups take part in a series of workshops and training seminars.

To qualify, the startups are required to have a viable product, a tech-experienced founder, and at least one dedicated full time team member.

Three startups will then be selected to join Wa’ed’s incubation program, as well as receiving the grant.

Regulator meetings with the program’s team will be available to aid participating startups after the course of the program.

The launch is also in collaboration with venture capital firm, Flat6labs.


Saudi petrochemical firm Yansab’s profits hit $400m on higher selling prices

Saudi petrochemical firm Yansab’s profits hit $400m on higher selling prices
Updated 48 min 42 sec ago

Saudi petrochemical firm Yansab’s profits hit $400m on higher selling prices

Saudi petrochemical firm Yansab’s profits hit $400m on higher selling prices

RIYADH: Saudi-listed Yanbu National Petrochemical Co., known as Yansab, reported a 126 percent jump in net profit in the fiscal year 2021, due to higher product selling prices.

The firm, a subsidiary of Saudi Basic Industries Corp, recorded profits of SR1.5 billion ($400 million), compared to SR678 million a year earlier.

Revenues surged from SR5.03 billion to SR7.4 billion, representing a 47 percent leap.

In a bourse filing, Yansab cited a rise in average sales prices for the increase in profit.

This came despite lower production volumes, impacted by the shutdown of the company’s facilities for maintenance, as well as higher production costs, it added.

 


Abu Dhabi, South Korea in joint green hydrogen push

Abu Dhabi, South Korea in joint green hydrogen push
Updated 19 January 2022

Abu Dhabi, South Korea in joint green hydrogen push

Abu Dhabi, South Korea in joint green hydrogen push

RIYADH: Abu Dhabi-based renewable energy company Masdar is to explore collaborations with a South Korean agency in an effort to boost green hydrogen-powered initiatives.

Amid talks on potential collaborations, Masdar and Korea Agency for Infrastructure Technology Advancement, or KAIA, said they aim to close a deal next month.

This is in line with a wider agreement that was signed in 2019 between both nations, the UAE and South Korea, to strengthen bilateral relations.

The announcement came during the fourth edition of the Abu Dhabi Sustainable Finance Forum, as part of the Abu Dhabi Sustainability Week which started on Jan. 15 and will end today.