ACWA power to sign $7bn green hydrogen deal with Omanoil, Air Products

Crown Prince Mohammed bin Salman is greeted by Haitham bin Tarik, Sultan of Oman in Muscat. (ONA)
Crown Prince Mohammed bin Salman is greeted by Haitham bin Tarik, Sultan of Oman in Muscat during his GCC tour. (ONA)
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Updated 07 December 2021

ACWA power to sign $7bn green hydrogen deal with Omanoil, Air Products

Crown Prince Mohammed bin Salman is greeted by Haitham bin Tarik, Sultan of Oman in Muscat. (ONA)
  • Part of 13 MoUs signed with a value of $10bn

MUSCAT: Saudi ACWA power will sign on Tuesday a $7 billion deal with Omanoil and Air Products to produce green hydrogen in Oman's Salalah Free Zone, it was reported on Monday.

Omani and Saudi firms signed 13 memoranda of understanding (MoU) potentially valued at more than $10 billion, Omani official media reported on Monday, as Saudi Crown Prince Mohammed bin Salman sets off on a Gulf tour.

The deals come as part of Prince Mohammed's visit to Oman as part of a GCC-wide tour.

The crown prince will also meet with leaders and senior officials of the UAE, Qatar, Bahrain and Kuwait, to discuss bilateral relations.


Saudi Arabia calls on GCC to speed up establishment of customs union, common market

Saudi Arabia calls on GCC to speed up establishment of customs union, common market
Updated 24 January 2022

Saudi Arabia calls on GCC to speed up establishment of customs union, common market

Saudi Arabia calls on GCC to speed up establishment of customs union, common market
  • Saudi finance minister stressed the importance of overcoming obstacles by achieving a qualitative leap in cooperation

RIYADH: Saudi Arabia’s Minister of Finance Mohammed Al-Jadaan called on Gulf countries to complete the establishment of a customs union, and implement the Gulf common market, to achieve economic unity by 2025.
He was speaking during the 115th extraordinary meeting of the Financial and Economic Cooperation Committee in Riyadh, with Gulf Cooperation Council member state counterparts also in attendance.
The meeting was chaired by Al-Jadaan with the participation of GCC Secretary-General Nayef Al-Hajraf, and a number of officials and specialists.
Al-Jadaan said the Kingdom was keen to redouble efforts to implement King Salman’s vision of promoting joint Gulf action, a statement released by the Saudi Press Agency said.
He stressed the importance of overcoming obstacles by achieving a qualitative leap in cooperation and a consensus among the GCC states at all levels, praising the role of the General Secretariat in expanding ties in line with global developments and long-term strategies of GCC members.
Al-Jadaan added that vigorous steps were being taken to achieve coordination, integration and interdependence among GCC member states in all fields.
During the meeting, the attending ministers reviewed progress on strengthening financial and economic cooperation between GCC states.
They were briefed on the economic decisions issued by the Supreme Council in its 42nd session and a plan to complete the remaining steps for establishing the customs union before the end of 2024, as well as recommendations made by the Customs Union Authority and the Gulf Common Market Committee.
The committee meeting is held periodically to discuss matters of economic progress and developments in legislation and economic measures adopted by GCC members to achieve long-term common strategic interests.


Saudi Arabia spends $991m on water projects in Jazan area

Saudi Arabia spends $991m on water projects in Jazan area
Updated 23 January 2022

Saudi Arabia spends $991m on water projects in Jazan area

Saudi Arabia spends $991m on water projects in Jazan area

RIYADH: Saudi Arabia’s Ministry of Environment, Water, and Agriculture, known as MEWA, launched on Sunday 20 water and environmental projects to provide sustainability in the southwest of Saudi Arabia, set to cost a total of SR3.6 billion ($991 million). 

The Ministry, in participation with the Emirate of Jazan Province inaugurated four water projects costing over SR2.5 billion, to produce desalinated water in Jazan.

Five further water projects costing more than SR709 million were also initiated to expand water transmission systems. Seven projects for water and environmental services costing SR346 million were initiated to expand distribution.

The inauguration involved four projects costing more than SR70 million, to enhance water resources, serving more than 1.3 million beneficiaries in the region.

 


Saudi Industrial Development Fund to provide new financing products worth $3bn this year

Saudi Industrial Development Fund to provide new financing products worth $3bn this year
Updated 23 January 2022

Saudi Industrial Development Fund to provide new financing products worth $3bn this year

Saudi Industrial Development Fund to provide new financing products worth $3bn this year

RIYADH: The Saudi Industrial Development Fund will launch and update new financing products to serve new sectors during the current year, at a value ranging between SR10 billion to SR11 billion ($2.6 billion to $3 billion).

The Fund's spokesperson Khalil Al-Nimri told Alarabiya it will be targeting four sectors, with the Supply Chain Finance program being one of the programs to be updated. Alarabiya didn't name the sectors.

This comes as the fund seeks to boost private sector investment in targeted sectors and appeal to a large number of investors. 

So far, the Saudi Industrial Development Fund has approved the financing of more than 100 projects in the mining sector, amounting to a total of SR28 billion, Al-Nimri said.  


Saudi Eastern Province closes $40m deal to improve its public transport network

Saudi Eastern Province closes $40m deal to improve its public transport network
Updated 23 January 2022

Saudi Eastern Province closes $40m deal to improve its public transport network

Saudi Eastern Province closes $40m deal to improve its public transport network

RIYADH: Riyadh-based Saudi Public Transport Co., also known as SAPTCO, has sealed a SR150 million ($40 million) deal for a public bus transport project in the Eastern Province’s Dammam and Al Qatif governorate.

The contract, signed with the Eastern Province Municipality, will be valid for five years, the homegrown transport firm said in a bourse statement.

The Transport General Authority partnered with the Eastern Municipality to supply the project with eight lanes over a distance of 453 kilometers, 212 stops, and 85 buses, SPA reported, citing the authority’s president Rumaih Al Rumaih.

From reducing the effects of environmental pollution to rationalizing energy consumption, the project comes in line with Saudi Vision 2030.

Upon its completion, the region is expected to see less traffic congestion and more organized transportation systems, SPA reported.

SAPTCO noted that the deal’s financial impact is expected to reflect on the company’s financial statements during the first half of the ongoing year.


UAE’s DEWA launches 16 power transmission stations totalling $816m last year

UAE’s DEWA launches 16 power transmission stations totalling $816m last year
Updated 23 January 2022

UAE’s DEWA launches 16 power transmission stations totalling $816m last year

UAE’s DEWA launches 16 power transmission stations totalling $816m last year

RIYADH: Dubai Electricity and Water Authority, known as DEWA, has inaugurated 16 new electricity transmission stations in 2021, at a total cost of 3 billion dirhams ($816 million).

These include fourteen 132kV stations with a transmission capacity of 2,100 megavolt-amperes, and two 400kV transmission stations with a conversion capacity of 4,000 megavolt-amperes in the Mohammed bin Rashid Al Maktoum Solar Park and Al Quoz 2. 

This brings the total value of DEWA’s investments in electricity transmission to 9.5 billion dirhams, CEO & MD of the authority, Saeed Mohammed Al Tayer, said.

The inauguration of the substations comes as part of DEWA’s efforts to increase the capacity, efficiency, and readiness of electricity transmission networks in Dubai, he added.