Makkah's $27bn project signs deal for power projects 

Makkah's $27bn project signs deal for power projects 
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Updated 23 January 2022

Makkah's $27bn project signs deal for power projects 

Makkah's $27bn project signs deal for power projects 

RIYADH: Masar Makkah, a $27-billion mega project under development in Islam's holy city, is advancing work with new deal for its power requirments.

The project developer Umm Al-Qura Co. for development and construction, known as UAQ, signed an agreement with the National Electricity Transmission Co. to establish two central transmission stations and linking them to the electrical system network.

This agreement comes within the efforts made by the Saudi Electricity Company and its subsidiaries to provide a highly reliable electrical service to all giant projects in the Kingdom, Ibrahim Al-Jarbou, CEO of the Electricity Transmission Co. said.

Masar Makkah is 30 percent away from the completion of its infrastructure phase, Yasser Abu Ateeq CEO of Umm Al-Qura told Asharq News in Novebmer, adding that it has spent SR17 billion from the total SR23 billion allocated for the first phase, with the partial opening of the project slated for 2023.

The importance of Masar lies in its position as it will receive 80 percent of Makkah’s visitors as well as more than 60 percent of vehicles arriving from Jeddah. International hotels such as the Kempinski, Hilton Garden Inn and Taj will be some of the first developments of the project.

UAQ is a closed joint-stock company with investors from the private sector and state-owned investment funds, including the Public Investment Fund, Ministry of Finance, Public Pension Agency, the General Organization for Social Insurance, and the General Authority of Awqaf.

 

 


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 16 sec ago

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.


Saudi Arabia’s first fintech unicorn stc pay posts $117m losses for 2021

Saudi Arabia’s first fintech unicorn stc pay posts $117m losses for 2021
Updated 8 min 9 sec ago

Saudi Arabia’s first fintech unicorn stc pay posts $117m losses for 2021

Saudi Arabia’s first fintech unicorn stc pay posts $117m losses for 2021

RIYADH: Saudi Arabia’s leading payments solutions provider stc pay has posted losses amounting to SR440 million ($117 million) for 2021.

Its revenues stood at SR834 million during the year, Argaam reported.

The parent company Saudi Telecom Co.’s share of the total losses was around SR374 million.

stc pay was established back in 2017 by Arabian Internet and Communications Services Co., better known as solutions, and paved its way to becoming the Kingdom’s first fintech unicorn.

It was transferred to telecom giant stc two years later and Western Union acquired a 15-percent stake in the company for $200 million.


TASI lower on mixed earnings and oil price uncertainty: Closing bell

TASI lower on mixed earnings and oil price uncertainty: Closing bell
Updated 11 min 28 sec ago

TASI lower on mixed earnings and oil price uncertainty: Closing bell

TASI lower on mixed earnings and oil price uncertainty: Closing bell

RIYADH: The Saudi main index ended Monday with another steep decline, as fluctuating oil prices and mixed earnings reports weighed on investors' sentiment again.

As of the closing bell, TASI edged 0.80 percent lower to reach 12,235, while the parallel market, Nomu, added 0.15 percent at 22,363.

In the energy sector, Brent crude rose to $113.70 a barrel and US West Texas Intermediate crude reached $111.34 a barrel, as of 3:08 p.m. Saudi time.

Saudi Industrial Export Co. rallied 9.93 percent to lead the market, while Arab Sea Information System Co. plunged 7.30 percent to lead the laggards.

Saudi Aramco, the largest player on the Saudi oil market, closed today’s trading up 0.77 percent.

Arabian Pipes Co. gained 1.27 percent, after Saudi Aramco awarded the company a SR100 million ($27 million) contract to supply steel pipes.

BinDawood Holding Co. edged down 1.84 percent, despite reporting a 5 percent increase in profit to SR65 million in the first quarter.

Mouwasat Medical Services Co. declined 1.81 percent, following the announcement that it has entered into a nonbinding agreement to acquire Al-Marasem International Hospital in Egypt.

In the financial sector, the Kingdom’s largest valued bank Al Rajhi slipped 2.26 percent, while Alinma Bank fell 0.71 percent.

In the pharma sector, Aldawaa Medical Services Co. gained 0.26 percent, while Nahdi Medical Co. fell 1.68 percent.

Telecom giants Zain KSA and stc saw their share prices decline 0.76 percent and 1.14 percent, respectively.


Saudi economy to grow 7 percent in 2022, ahead of other GCC countries: World Bank report

Saudi economy to grow 7 percent in 2022, ahead of other GCC countries: World Bank report
Updated 12 min 38 sec ago

Saudi economy to grow 7 percent in 2022, ahead of other GCC countries: World Bank report

Saudi economy to grow 7 percent in 2022, ahead of other GCC countries: World Bank report

RIYADH: Saudi Arabia’s economy is expected to grow 7 percent in 2022, ahead of other countries in the Gulf Cooperation Counil, according to the Global Economic Update report by the World Bank. 

According to the report, the Kingdom’s growth in 2022 will be driven by stronger oil output following OPEC+ production cuts and continued growth in non-oil sectors, supported by stronger consumption, increased tourism, and higher domestic capital spending.  The report forecasts a combined growth of 5.9 percent in the GCC countries altogether, driven by the hydrocarbon and non-hydrocarbon sectors. 

The World Bank report added that the GCC economies are strongly rebounding after the COVID-19 pandemic, which is primarily accelerated by a massive vaccination rollout, ease in restrictions and developments in the hydrocarbon market. 

It said Bahrain’s economy will be accelerated 3.5 percent this year due to surging oil prices, while Kuwait will witness a growth of 5.9 percent. 

Oman’s economy will grow by 5.6 percent this year, followed by followed by Qatar and the UAE at 4.9 percent and 4.7 percent respectively. 

HIGHLIGHTS

Bahrain’s economy will be accelerated 3.5 percent this year due to surging oil prices, while Kuwait will witness a growth of 5.9 percent. 

Oman’s economy will grow by 5.6 percent this year, followed by followed by Qatar and the UAE at 4.9 percent and 4.7 percent respectively. 

The report forecasts a combined growth of 5.9 percent in the GCC countries altogether, driven by the hydrocarbon and non-hydrocarbon sectors. 

The World Bank also noted that the ongoing tensions between Ukraine and Russia have resulted in changes in the energy market, which will ultimately benefit the GCC countries. 

“As major hydrocarbon exporters, the GCC countries may also benefit from changes in the energy markets brought about by the war in Ukraine. These countries may see strong fiscal and external surpluses, which could help spur consumer confidence and investments,” it said. 

The Global Economic Update report also outlined the challenges the Gulf countries will face as they work toward a sustainable future. 

Issam Abousleiman, World Bank’s regional director for the GCC, said: “As GCC countries commit to the net-zero objectives laid out in their pledges and strategies, it is important to restructure energy and water subsidies and address the GCC’s challenge of moving to a more sustainable growth model less hydrocarbon dependent and managing the transition to a global low-carbon economic environment that risk to see their oil revenues reduced in the next few decades.” 


MENA Project Tracker: Saudi telecom giant stc partners with a consortium to launch $238m cloud firm

MENA Project Tracker: Saudi telecom giant stc partners with a consortium to launch $238m cloud firm
Updated 15 min 2 sec ago

MENA Project Tracker: Saudi telecom giant stc partners with a consortium to launch $238m cloud firm

MENA Project Tracker: Saudi telecom giant stc partners with a consortium to launch $238m cloud firm

RIYADH: Saudi telecom Co., now known as stc, has partnered with a consortium, led by eWTP Arabia Capital, to set up a cloud computing unit with SR894 million ($238 million) capital. stc will take 55 percent stake in the company with SR492 million investment, whereas eWTPA will hold a 27 percent stake. Alibaba Cloud Singapore will come on board with a 10 percent stake while Public Investment Fund-owned Saudi Co. for Artificial Intelligence and Saudi Information Technology Co. will hold 4 percent stakes each in the company. 

·      Contractors are preparing bids to be submitted by July 19 for the main package to construct Saudi Entertainment Ventures’ Exit 15 project to be located in Al-Nahdah area of Riyadh, MEED reported. Designs for the project — expected to be completed over the span of three years — include a built-up area of over 215,000 square meters in addition to a parking, retail, and food and beverages spaces measuring around 700,000 square meters.

·      Egypt’s majority-owned subsidiary of Orascom Construction, Suez Industrial Development Co., or SIDC, is collaborating with joint-stock private equity firm Al-Ahly Capital Holding in the establishment of a 2.2 million square-meter industrial park to be located in Abu Rawash in the governorate of Giza, MEED reported. The industrial park is set to target sectors including logistic, light industries, small and medium-sized enterprises, among others. Additionally, as the lead developer, SIDC will own as much as 25 percent of the project company.

·      Vulcan Pelletizing has awarded Finnish listed technology firm Metso Outotec a contract to supply engineering and key equipment worth $35 million to a Oman-based iron ore grate-kiln pellet plant, MEED reported. To be located in the city of Sohar, the plant is set to be operational toward the end of 2023. The plant is also projected to have a capacity to produce up to 6 million tons of high-quality iron ore pellets per year.