Saudi Arabia’s World Defense Show to have its dedicated runway as organizers expanding event's area

Saudi Arabia’s World Defense Show to have its dedicated runway as organizers expanding event's area
Artist impression of the event (Supplied)
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Updated 07 February 2022

Saudi Arabia’s World Defense Show to have its dedicated runway as organizers expanding event's area

Saudi Arabia’s World Defense Show to have its dedicated runway as organizers expanding event's area

RIYADH: A dedicated runway is set to be constructed for Saudi Arabia's World Defense show that's now seeing more demand than expected, pushing the organizers to expand the exhibition area.

The event will take place in Riyadh from March 6 to 9 next year, and will host more than 800 exhibitors, including 100 local defense companies, with a series of senior military delegations and officials set to attend.

The organizers are adding more than 14,500 additional square meter for international defense companies looking to exhibit.

The construction of the purpose-built 800,000 square meter site – featuring the world’s first dedicated runway for a defense event – is on track for completion by end of December 2021, according to a statement. 

Organised by the Kingdom's General Authority for Military Industries (GAMI) and supported by its partner, Saudi Arabian Military Industries (SAMI), the World Defense Show is the global stage for defense interoperability across five domains: land, air, sea, space and security.

CEO of the event, Shaun Ormrod, said: “Dedicated to tech integration across the industry’s five domains, the event offers room for all defense-related companies to come together to showcase true interoperability at the greatest level.” 

It will take place every two years.


Africa development bank approves $1.5bn for food crisis

Africa development bank approves $1.5bn for food crisis
Updated 11 sec ago

Africa development bank approves $1.5bn for food crisis

Africa development bank approves $1.5bn for food crisis

ACCRA: The African Development Bank has approved a $1.5 billion emergency program to alleviate the impact of worsening food insecurity due to the Ukraine war, its director said on Monday.

About 20 million farmers on the continent will benefit from the fund as Africa faces a shortage of at least 30 million metric tons of food, especially wheat, maize, and soybeans imported from Russia and Ukraine.

“The$1.5 billion ... will be used to support African countries to produce food and do so rapidly,” AfDB Group President Akinwumi Adesina told the media ahead of annual general meetings in Ghana's capital Accra.

The program aims to help produce 38 million tons of food. This will consist of 11 million tons of wheat, 18 million tons of maize, six million tons of rice and 2.5 million tons of soya beans.

“Food aid cannot feed Africa. Africa does not need bowls in hand. Africa needs seeds in the ground, and mechanical harvesters to harvest bountiful food produced locally,” Adesina said.

“Africa will feed itself with pride for there is no dignity in begging for food.”

The program aims to deliver seeds, fertilizer and services to farmers and support post-harvest management, the AfDB said in a statement. It will also provide financing and credit guarantees for large-scale supply of fertilizer.


US ready to tap diesel reserves amid supply shortage, says White House

US ready to tap diesel reserves amid supply shortage, says White House
Updated 5 min 9 sec ago

US ready to tap diesel reserves amid supply shortage, says White House

US ready to tap diesel reserves amid supply shortage, says White House

WASHINGTON: The Biden administration is ready to tap into the US’ national diesel reserves to tame soaring prices amid a supply crunch, a White House spokeswoman said Monday.

The Russian war against Ukraine and ensuing economic sanctions against Moscow have caused fuel prices to soar around the world.

The issue, along with rising inflation, is a major challenge for President Joe Biden and his Democratic administration ahead of midterm elections in November.

“We’re closely monitoring challenges to diesel supply and prices as a result of (President) Putin's invasion" of Ukraine, White House Press Secretary Emilie Simons wrote on Twitter.

“An emergency declaration has been prepared for @POTUS to authorize a release from reserves if necessary.”

In the US, the average price for diesel, an essential fuel for agriculture and transport companies, jumped over nine percent over the past month and as much as 75 percent, year on year.


Oil dips as recession worries outweigh rising demand forecast

Oil dips as recession worries outweigh rising demand forecast
Updated 13 min 18 sec ago

Oil dips as recession worries outweigh rising demand forecast

Oil dips as recession worries outweigh rising demand forecast

HOUSTON: Oil prices edged slightly lower on Monday, as worries of a possible recession outweighed an outlook for higher fuel demand with the upcoming US driving season and Shanghai’s plans to reopen after a two-month coronavirus lockdown.

Brent crude futures fell 13 cents, or 0.8 percent, to $112.43 a barrel by 10:46 a.m. ET (1446 GMT). US West Texas Intermediate crude declined 52 cents, or 0.5 percent, to $109.72.

“There are black clouds gathering around the financial markets here and it has started to impact crude oil,” said Bob Yawger, director of energy futures at Mizuho.

“The economic wellbeing of the global economy is questionable at this point,” he added.

Both benchmarks were down after two straight sessions of gains.

Losses were limited by expectations that gasoline demand would remain high as the US was set to enter its peak driving season beginning on Memorial Day weekend at the end of May.

Despite fears that soaring fuel prices could dent demand, analysts said mobility data from TomTom and Google had climbed in recent weeks, showing more drivers on the road in places such as the US.

To address a major supply crunch and blunt rising prices, the White House is weighing an emergency declaration to release diesel from a rarely used stockpile, an administration official said.

The White House is considering tapping the Northeast Home Heating Oil Reserve, created in 2000 to help with supply issues and used only once in 2012 in the wake of Hurricane Sandy. The impact from such a release would be limited by the relatively small size of the reserve, which only contains 1 million barrels of diesel.

The EU’s inability to reach a final agreement on banning Russian oil after its invasion of Ukraine has stopped oil prices from climbing much higher. Hungary continues to hold out against the proposed ban, ensuring no sudden shock to supply for now.

“The persistent squeeze in refined petroleum products in the US and ever-present Ukraine/Russia risk underpinned prices,” said Jeffrey Halley, a senior market analyst at OANDA.

Shanghai, China’s commercial hub, aims to normalize life from June 1 as its coronavirus caseloads decline.

Lockdowns in China, the world’s top oil importer, have hammered industrial output and construction, prompting moves to prop up the economy, including a bigger than expected mortgage rate cut last Friday.


Crypto Wrap — Bitcoin and Ethereum rise; India must establish cryptocurrency regulations, says CoinSwitch CEO

Crypto Wrap — Bitcoin and Ethereum rise; India must establish cryptocurrency regulations, says CoinSwitch CEO
Updated 58 min 19 sec ago

Crypto Wrap — Bitcoin and Ethereum rise; India must establish cryptocurrency regulations, says CoinSwitch CEO

Crypto Wrap — Bitcoin and Ethereum rise; India must establish cryptocurrency regulations, says CoinSwitch CEO

RIYADH: Bitcoin, the leading cryptocurrency internationally, traded higher on Wednesday, rising by 0.88 percent to $30,237.18 as of 5:50 p.m. Riyadh time.

Ether, the second most traded cryptocurrency, was priced at $2,056.49 up by 1.93 percent, according to data from Coindesk.

India must set rules for cryptocurrencies, CoinSwitch CEO says 

Despite India’s central bank’s support for a ban on cryptocurrencies because of the risks to financial stability, a move by the federal government to tax Bitcoin income has been interpreted by the industry as a sign of New Delhi’s acceptance of the technology.

CoinSwitch CEO Ashish Singhal said that India must set rules for cryptocurrencies to resolve regulatory uncertainty, protect investors, and boost the sector, according to Reuters. 

At the World Economic Forum in Davos, Singhal, a former Amazon engineer who co-founded CoinSwitch, said: “Users don’t know what will happen with their holdings — is the government going to ban, not ban, how is it going to be regulated?.”

CoinSwitch, which is valued at $1.9 billion, has more than 18 million users in India, the company stated on Reuters. Andreessen Horowitz, Tiger Global, and Coinbase Ventures back the company, which is based in Bengaluru, India’s main tech hub.

Private cryptocurrencies have raised serious concerns at India’s central bank, but Prime Minister Narendra Modi in December 2021 said the technology should be used to strengthen democracy, not undercut it.

Hatta to Mars in the metaverse

Everdome Metaverse is hosting a land auction on May 30, 2022, where investors can bid to own a piece of Mars.

According to a statement, Everdome will launch in three phases throughout 2022, taking users from Hatta in the UAE to Mars.

With Epic Games’ Unreal Engine 5 and cutting-edge 3D scanning technology, players won’t be able to tell the difference between reality and gameplay.

Some 12,000 hexagonal plots of land for sale through auctions held over eight weeks. Each auction will feature 1,500 plots and will run for one week, located in-game areas across Everdome’s 6 unique districts.

Over the next eight weeks, 12,000 hexagonal plots of metaverse land will be available for purchase throughout the Everdome ecosystem.

A total of 1,500 plots will be offered per auction, spread out across Everdome’s six districts, and each auction will run for one week.

Rob Gryn, CEO and founder of Everdome and Metahero, said in a statement that “The future is in the metaverse, now more than ever before; people want their real-world experiences available at the press of a button, which is exactly what the metaverse offers.”

He explained that Metaverses offers experiences in sales, marketing, hospitality, and education.

A plot of land within Everdome can be developed in any way the owner sees fit, and the owner has the option of generating revenue or reselling the land, the statement said.

 


UAE’s EGA, GE Gas Power partner to upgrade 4 gas turbines to cut emissions

UAE’s EGA, GE Gas Power partner to upgrade 4 gas turbines to cut emissions
Updated 23 May 2022

UAE’s EGA, GE Gas Power partner to upgrade 4 gas turbines to cut emissions

UAE’s EGA, GE Gas Power partner to upgrade 4 gas turbines to cut emissions

RIYADH: Emirates Global Aluminium and GE Gas Power have partnered to upgrade four existing gas turbines at EGA’s Al Taweelah power plant in a bid to reduce greenhouse gas emissions’ intensity.

GE’s Advanced Gas Path upgrade on the four 9F gas turbines will include hardware and software improvements to drive operational flexibility and increase output, efficiency and availability. 

Upon completion, power output from the four turbines is expected to increase by up to 72 megawatts for the same amount of fuel consumed, according to a statement. 

For the previous power output, greenhouse gas emissions will be reduced by up to 74,000 tonnes annually, which is equivalent to removing 16,000 cars from the UAE’s roads.

“We are pleased to work with GE to further upgrade the Al Taweelah power plant, and contribute to reducing the carbon intensity of electricity generation in the UAE,” Abdulnasser Bin Kalban, CEO of EGA, said. 

The partnership represents a continuation of the services that GE has already been providing at the site since production began in 2009.