Rolls-Royce, Etihad Airways to explore hybrid and electric aviation

Rolls-Royce, Etihad Airways to explore hybrid and electric aviation
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Updated 14 November 2021

Rolls-Royce, Etihad Airways to explore hybrid and electric aviation

Rolls-Royce, Etihad Airways to explore hybrid and electric aviation

Aircraft engine maker Rolls-Royce and UAE’s Etihad Airways signed today a comprehensive agreement to facilitate the development of sustainable aviation. 

The agreement comes as part of Etihad’s broader strategic sustainability program and targets the application of electrification technologies and hybrid systems, for commuter aircraft and the fast-emerging urban air mobility (UAMs) sector. 

“Our long-standing relationship with Etihad Airways provides an excellent foundation to build innovative solutions in aviation as we embark on our common journey towards an increasingly sustainable industry,” Rolls-Royce civil aerospace president, Chris Cholerton, said. 


Iran and Oman agree to jointly develop shared oilfield: Fars news

Iran and Oman agree to jointly develop shared oilfield: Fars news
Updated 6 sec ago

Iran and Oman agree to jointly develop shared oilfield: Fars news

Iran and Oman agree to jointly develop shared oilfield: Fars news

Iran and Oman have agreed to form a committee to jointly develop the Hengam oilfield, which straddles both countries’ sea border, Iran’s semi-official Fars news agency reported its oil minister Javad Owji as saying on Monday.

In 2005, both countries signed a memorandum of understanding to jointly develop the Hengam oil field but the agreement did not materialize and Iran decided to develop the field independently in 2012.

“As the first basis of my talks with Omani Oil Minister Mohammed bin Hamad Al-Rumhi, it was agreed to form a joint technical committee to develop the next phases of the Hengam oil field in a seamless manner between Iran and Oman,” Owji said.

“Joint exploitation, in contrast to competitive exploitation, will be mutually beneficial to both countries as this method leads to less damage to the reservoir and allows for more extraction,” the oil minister added.

Last week, Iran’s state news agency IRNA reported that Owji had agreed to revive a long-stalled project to lay an undersea pipeline to carry gas to Oman. 


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

Here’s what you need to know before Tadawul trading on Monday
Updated 11 min 48 sec ago

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

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

RIYADH: Saudi Arabia’s stock market closed lower for a second consecutive session on Sunday as investor sentiment was dragged down by weak earnings results.

The main index TASI dropped 0.8 percent to reach 12,334, while the parallel market Nomu lost 0.8 percent to 22,329.

Kingdom Holding Co. soared 9.9 percent after Saudi Arabia's Public Investment Fund acquired a SR5.7 billion ($1.5 billion) stake in the firm from billionaire Prince Alwaleed bin Talal.

Elsewhere in the Middle East, stock exchanges of Egypt, Bahrain, Oman, and Kuwait were all down between 0.4 and 0.9 percent, while Qatar’s QSI ended 0.1 percent higher.  

Oil prices gained on Monday with US fuel demand, tight supply and a slightly weaker US dollar supporting the market.

Brent crude rose to $113.53 a barrel and US benchmark West Texas Intermediate crude traded at $111.03 a barrel as of 9:09 a.m. Riyadh time.

Stock news

Saudi Aramco awarded contracts worth almost SR200 million collectively to Saudi Steel Pipe Co. and Arabian Pipes Co. for the supply of oil and gas steel pipes

Telecom giant stc partnered with a consortium, led by eWTP Arabia, to set up a cloud computing unit with SR894 million capital

Saudi retailer BinDawood Holding Co. posted a 5 percent profit surge to SR65.5 million in the first quarter, thanks to the easing of pandemic restrictions

Al Abdullatif Industrial Investment Co.’s losses increased by 176 percent during the first quarter of 2022 to reach SR12,110

Saudi Public Transport Co. narrowed its losses by 96 percent from SR54 million to SR2 million during the first quarter

Batic Investments and Logistics Co.’s profit in the first quarter stood at SR842,232, erasing SR3.2 million in losses from a year earlier

Mouwasat Medical Services Co. signed a nonbinding deal to fully acquire Egypt’s Al-Marasem International Hospital

Aseer Trading, Tourism, and Manufacturing Co. swung into a net profit of SR10.2 million in the first quarter

Saudi Marketing Co.’s first-quarter profit surged 45 percent to SR6.17 million due to higher retail revenue generated by Farm Superstores

Saudi Industrial Exports Co., better known as Sadirat, narrowed losses by 98 percent to SR5 million in the first quarter of 2022

Saudi Azm for Communication and Technology Co. sealed a deal with the Ministry of Communications and Information Technology to provide consulting services to its digital transformation unit

Nayifat Finance Co. announced the resignation of CEO Abdulmohsen Abdulrahman Musaed Al-Sowailem due to “his personal circumstances”

The Mediterranean and Gulf Insurance and Reinsurance Co. turned into a net loss before Zakat of SR55 million in the first quarter

Saudi Industrial Development Co.’s losses widened by 175 percent to SR4.8 million last quarter

Saudi Enaya Insurance Co.’s board recommended a capital raise to SR300 million to support the company’s future plans

Knowledge Economic City widened losses in the first quarter by 41 percent to SR6.7 million

Tabuk Agricultural Development Co. suffered 654-percent higher losses of SR10.1 million in the first quarter of 2022

Calendar

May 23, 2022

Start of Anaam International Holding Group’s subscription to new shares and rights trading

May 25, 2022

End of Amwaj International Co.’s IPO subscription

May 26, 2022

End of Ladun Investment Co.’s IPO book-building

May 30, 2022

Close of Anaam International Holding Group’s rights trading

June 2, 2022

Close of Anaam International Holding Group’s new shares subscription


Commodities Update — Gold hits one-week high; Grains edge higher on weather woes; Copper at two-week peak

Commodities Update — Gold hits one-week high; Grains edge higher on weather woes; Copper at two-week peak
Updated 14 min 37 sec ago

Commodities Update — Gold hits one-week high; Grains edge higher on weather woes; Copper at two-week peak

Commodities Update — Gold hits one-week high; Grains edge higher on weather woes; Copper at two-week peak

RIYADH: Gold prices touched a more than one-week high on Monday, as an easing dollar continued to support greenback-priced bullion, although higher US Treasury yields capped gains.

Spot gold rose 0.2 percent to $1,848.96 per ounce, by 0201 GMT. Prices hit their highest since May 12 at $1,853.55 earlier in the session.

US gold futures gained 0.4 percent to $1,847.90.

Silver up

Spot silver gained 0.4 percent to $21.84 per ounce, while platinum firmed 0.3 percent to $958.10. 

Palladium climbed 0.7 percent to $1,978.45. 

Grains edges up

US grains futures edged higher on Monday, lifted by a weaker dollar, and gains in crude oil as adverse weather conditions threatened production in key producing countries.

The most-active wheat contract on the Chicago Board of Trade was up 0.9 percent at $10.79-1/4 a bushel, as of 0343 GMT, after falling 0.74 percent last week.

Corn rose 0.32 percent to $7.81-1/4 a bushel and soybeans edged 0.41 percent higher to $17.12-1/4 a bushel.

Copper climbs

Copper prices rose to a more than two-week high on Monday, helped by a weaker US dollar and as support measures and plans to end COVID-19 lockdowns in top metals consumer China lifted hopes for a recovery in demand.

Benchmark three-month copper on the London Metal Exchange was up 0.5 percent at $9,471 a ton, as of 0418 GMT, after hitting its highest since May 5 at $9,532 in early Asian trade.

The most-active June copper contract on the Shanghai Futures Exchange rose 0.3 percent to $10,758.06 a ton by noon break, after touching its highest since May 6. 

(With input from Reuters) 


Saudi Arabia’s hospitality market needs $110bn to complete planned hotel room supply

Saudi Arabia’s hospitality market needs $110bn to complete planned hotel room supply
Updated 29 min 24 sec ago

Saudi Arabia’s hospitality market needs $110bn to complete planned hotel room supply

Saudi Arabia’s hospitality market needs $110bn to complete planned hotel room supply
  • The research report also added that Accor Group will establish its place as the Kingdom’s largest hotel room operator

RIYADH: Saudi Arabia’s hospitality market, which is currently on a path of transition, needs $110 billion to complete the planned 310,000 hotel rooms, as envisioned by the Kingdom’s Vision 2030, according to research by global property consultancy Knight Frank. 

Faisal Durrani, partner – head of Middle East Research at Knight Frank said that Saudi Arabia’s hospitality industry is now “moving from vision to reality.” 

He added, “The $110 billion herculean task of transforming Saudi Arabia’s hospitality landscape goes well beyond the delivery of extra hotel room keys. Care and attention must be taken to deliver the correct quantum of product in the right locations.” 

Durrani also made it clear that hotel operators will be competing with each other to secure projects in the future, as NEOM and Roua Al Madinah forecast to add around 80,000 keys each. 

The research report also added that Accor Group will establish its place as the Kingdom’s largest hotel room operator with around 28,000 rooms under management. 

Hilton Hotels will leapfrog from its current fifth spot to emerge as the country’s second-biggest hotel brand with almost 19,000 rooms by 2030. 

Calling the ongoing development a step towards the 'golden age of hospitality in Saudi Arabia', Turab Saleem, said, “Delivering the vast number of rooms the Kingdom has planned is going to bring with it a number of opportunities. This is the biggest hotel supply pipeline ever seen in the region.” 

Saleem also noted that development in the hospitality sector will result in the rise of parallel industries that will cater to the burgeoning number of visitors. 

He added, “Most importantly, regulations will need to be developed to manage all aspects of an international and vibrant tourism scene, ranging from hospitality labor to facilitating hospitality investments through streamlined processes.”


Saudi Aramco awards $27m contract to homegrown pipe manufacturer

Saudi Aramco awards $27m contract to homegrown pipe manufacturer
Updated 56 min 45 sec ago

Saudi Aramco awards $27m contract to homegrown pipe manufacturer

Saudi Aramco awards $27m contract to homegrown pipe manufacturer

RIYADH: Saudi oil giant Aramco has awarded a contract worth SR100 million ($27 million) to homegrown Arabian Pipes Co. for the supply of steel pipes.

The contract will be valid for 10 months, the Riyadh-based pipe manufacturer said in a statement to the Saudi stock exchange.

Arabian Pipes expects the transaction to impact its financial statements during the first half of 2023.

Most recently, Aramco had entered into a deal with Saudi Steel Pipe Co. to provide oil and gas pipes at a value of SR97 million.