Green aluminium demand exceeds supply: CEO of Emirates Global Aluminium

Green aluminium demand exceeds supply: CEO of Emirates Global Aluminium
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Updated 23 November 2021

Green aluminium demand exceeds supply: CEO of Emirates Global Aluminium

Green aluminium demand exceeds supply: CEO of Emirates Global Aluminium
  • EGA is developing a technology to increase their production of green power

DUBAI: Demand for aluminium products started to rise by the end of 2020, but green aluminium is facing a shortage in supply, the CEO of Emirates Global Aluminum (EGA) has said.

“We work hard to meet their requirements and we try to expand more in different products,” Abdulnasser Bin Kalban added during the Dubai’s GMIS Summit.

EGA is developing a technology to increase their production of green power and to reduce CO2 by 10 percent in their products. 

“Our technology is the best in the world in terms of efficiency and environmental emissions,” he claimed.

The UAE-based producer had lately issued an aluminium metal product using solar power, sold it to BMW and helped them reduce their CO2 emissions by 222,000 tons, Bin Kalban added.


Aramco enters Saudi lubricants market with new product line

Aramco enters Saudi lubricants market with new product line
Updated 18 sec ago

Aramco enters Saudi lubricants market with new product line

Aramco enters Saudi lubricants market with new product line

RIYADH: Saudi Aramco on Sunday announced its entry into the Kingdom’s domestic lubricants market with the launch of a new line of products.

The oil giant timed the ORIZON® launch to coincide with the inaugural Saudi Arabian Formula 1 Grand Prix in Jeddah.

The product line has been introduced in more than 20 cities including Riyadh, Jeddah and Dammam with more locations planned. The products include synthetic and semisynthetic lubricants for gasoline engines and heavy-duty diesel engines, as well as driveline products, greases and brake fluids. 

The company has also expanded the brand to include ORIZONPRO® which is a high-performance line for the industrial sector.

Yasser M. Mufti, Aramco vice president of fuels, said: “Entering the lubricants market is an important milestone for the company, as we continue to expand our presence throughout the downstream value chain.” 

The launch “further complements Aramco’s presence in the Kingdom’s downstream direct-to-consumer segment, following the inauguration of our first two service stations in Riyadh and Saihat recently.”


Countries tackle economic woes amid omicron fears, revised growth outlooks: Economic wrap

Countries tackle economic woes amid omicron fears, revised growth outlooks: Economic wrap
Updated 8 min 2 sec ago

Countries tackle economic woes amid omicron fears, revised growth outlooks: Economic wrap

Countries tackle economic woes amid omicron fears, revised growth outlooks: Economic wrap

CAIRO: The Australian government is expected to raise its economic growth forecast for 2022 in its midyear budget review, according to the country’s treasurer, Josh Frydenberg.

He said omicron’s effect, the new COVID-19 variant, is still unclear.

The country’s fiscal year runs until June.

The Australian economy narrowed by 1.9 percent in the third quarter of this year on the back of the delta variant which led to a national lockdown.

However, the treasurer said the country now enjoys one of the highest vaccination rates in the world, boosting market conditions.

France avoids more restrictions

France will try to refrain from the imposition of any health-related restrictions even as virus cases continue to rise, the country’s Finance Minister Bruno Le Maire said.

France is also avoiding any mandatory vaccination campaigns, Bloomberg reported, citing the minister.

He said two sectors, restaurants and hospitality, were particularly hit by the wave of new cases, adding that they will receive government support.

He also stated the new variant, omicron, is yet to have an effect on the country’s economic growth.

US growth rate

Unlike other countries, US expected growth rates for both 2021 and next year were trimmed down by Goldman Sachs, one of the world’s leading investment banks. 

It said this downward revision was attributed to a potential adverse effect by omicron, according to Bloomberg.

The world’s largest economy is now predicted to grow by 3.8 percent in 2021, instead of the previous 4.2 percent forecast. As for next year, the US is set to expand by 2.9 percent, down from 3.3 percent.

Meanwhile, the country’s unemployment rate plunged to a 21-month low to hit 4.2 percent in November, according to the Labor Department. This is a 2.1 percent drop compared to January’s level, a considerable decline.

However, employment growth slowed down during the month.

The economy is still expected to experience strong growth in the fourth quarter, following the previous quarter’s weak performance.


ENGIE pulls out of a $3bn Qatar project amid global supply chain disruptions: Al Arabiya

ENGIE pulls out of a $3bn Qatar project amid global supply chain disruptions: Al Arabiya
Updated 05 December 2021

ENGIE pulls out of a $3bn Qatar project amid global supply chain disruptions: Al Arabiya

ENGIE pulls out of a $3bn Qatar project amid global supply chain disruptions: Al Arabiya

A coalition led by the French power utility company ENGIE has withdrawn from competing for a $3 billion Qatari project that aims to build a power and water desalination plant.

This happens as uncertainty about the prices of future projects lingers amid the disruption of global supply chains, Al Arabiya reported citing sources. 

The withdrawal came as investment feasibility was lower than the original plan and the responsible party’s refusal to amend the terms of the contract, the report said.

Sources added the withdrawal means the Japanese investment company Marubeni alliance has won the project.

Qatar’s new project aims to produce electricity from gas with a capacity of 2.5 GW and desalinate over 100 million gallons of water per day.

 


Saudi Arabia raises January Arab Light crude prices to Asia

Saudi Arabia raises January Arab Light crude prices to Asia
Image: Shutterstock
Updated 05 December 2021

Saudi Arabia raises January Arab Light crude prices to Asia

Saudi Arabia raises January Arab Light crude prices to Asia

Saudi Arabia's state oil producer Aramco raised its January official selling price to Asia for its flagship Arab Light crude to $3.30 a barrel versus Oman/Dubai crude, up $0.60 from December, the company said on Sunday.

The company set the Arab Light OSP to Northwestern Europe at minus $1.30 per barrel versus ICE Brent and to the United States at plus $2.15 per barrel over ASCI (Argus Sour Crude Index).


UAE’s BLOOVO, Egypt’s CI Capital sign agreement on streamline recruitment using AI

UAE’s BLOOVO, Egypt’s CI Capital sign agreement on streamline recruitment using AI
Image: Shutterstock
Updated 05 December 2021

UAE’s BLOOVO, Egypt’s CI Capital sign agreement on streamline recruitment using AI

UAE’s BLOOVO, Egypt’s CI Capital sign agreement on streamline recruitment using AI
  • This comes as BLOOVO pushes forward with efforts to expand across Egypt

RIYADH: UAE-based BLOOVO announced the signing of a partnership agreement with Egypt’s investment banking company CI Capital Holdings to supply it with an artificial intelligence recruitment tool.

The technology company, a specialist provider of  AI-powered recruitment solution, HYRDD will be supplying the AI-powered Applicant Tracking System. 

This comes as BLOOVO pushes forward with efforts to expand across Egypt by using Artificial Intelligence and Machine Learning to transform the HR industry. 

“This partnership comes at a time when Egypt’s digital transformation soars as more firms recognise the importance of AI in improving the way firms run their business processes,”   CEO of BLOOVO, Ahmad Khamis, said.

CI Capital Holding, listed on the Egyptian Exchange, offers diversified financial services, including investment banking, leasing, and microfinance products and services. 

The deployment of HYRRD will equip the investment bank’s hiring teams with tools and resources to streamline their recruitment process and eliminate inefficiencies.