Huawei and stc sign deal to build data centers in Kingdom

Huawei and stc sign deal to build data centers in Kingdom
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Updated 02 February 2022

Huawei and stc sign deal to build data centers in Kingdom

Huawei and stc sign deal to build data centers in Kingdom

RIYADH: Saudi Telecom Company, stc, has signed a strategic agreement with China’s Huawei to set up local data centers in the Kingdom.

The deal plans to develop the data centers by setting up a factory, which will use Huawei’s global reach to establish national competencies in the Kingdom.

CEO of stc, Olayan Mohammed Al-Watied said the possibility of setting up a data center equipment factory increases the readiness of the digital infrastructure in the Kingdom, and boosts its position as a leading digital center in the region.

The agreement will also go some way to achieving the Kingdom's 2030 vision of diversifying the economy.


Egypt In-Focus — Bidding starts for water desalination project; Environmental study of $1bn industrial complex begins

Egypt In-Focus — Bidding starts for water desalination project; Environmental study of $1bn industrial complex begins
Updated 18 sec ago

Egypt In-Focus — Bidding starts for water desalination project; Environmental study of $1bn industrial complex begins

Egypt In-Focus — Bidding starts for water desalination project; Environmental study of $1bn industrial complex begins

CAIRO: Egypt’s annual urban consumer inflation has surged to 13.6 percent year-on-year in July, according to the Central Agency for Public Mobilization and Statistics.

On a monthly basis, headline inflation went up by 1.3 percent, after a slight decline of 0.1 in June, reported Reuters.

These changes may have an impact on changes to the country’s current interest rate of 11.25 percent, which will be decided on Aug. 18.  

Egypt starts bids on water desalination project

The Sovereign Fund of Egypt has started bids on the contract for the development of desalination plants powered by renewable energy sources, reported MEED.

The contract bids by the prequalified companies are to be received by Sept. 22.

This project aims to acquire up to 3.8 million cubic meters per day of water desalination capacity over the next two years.

It falls in tandem with Egypt’s long-term water strategy plan of procuring 100 water desalination plants by 2050.

Study on $1 billion industrial complex

A study on the environmental effects of developing an industrial complex for ferroalloys is being carried out in Egypt.

The $1 billion Arab Alloys project will cover an area of 40,000 square meters in Egypt’s Suez Canal Economic Zone and take five years to be completed, according to MEED.


ACWA Power starts operations at $797m desalination plant in UAE

ACWA Power starts operations at $797m desalination plant in UAE
Updated 41 min 23 sec ago

ACWA Power starts operations at $797m desalination plant in UAE

ACWA Power starts operations at $797m desalination plant in UAE

RIYADH: ACWA Power Co., which is part-owned by Saudi Arabia’s Public Investment Fund, has announced the start of operations at the Umm Al-Quwain desalination plant in the UAE.

The $797 million plant, known as Umm Al-Quwain IWP, has the capacity to generate 682,000 cubic meters per day of desalinated potable water, according to a bourse filing.

The Saudi-listed utility provider holds a 40 percent stake in the project, from which it expects a positive financial impact starting from the ongoing quarter onward.


Eastern Province Cement’s half-year profit down 41% on lower sales

Eastern Province Cement’s half-year profit down 41% on lower sales
Updated 45 min 26 sec ago

Eastern Province Cement’s half-year profit down 41% on lower sales

Eastern Province Cement’s half-year profit down 41% on lower sales

RIYADH: Eastern Province Cement Co. has posted a 41 percent profit drop for the first half of 2022, dragged down by lower sales.

The Saudi-listed cement producer’s profit went down to SR72 million ($19 million) from SR122 million in the same period a year earlier, a bourse filing revealed.

The profit drop was mainly driven by a decline in cement sales, higher selling and other expenses, and a decrease in the share of profit of associates.

Total sales fell by 17 percent on the year to SR357 million, compared to SR429 million in the first half of 2021.


TASI ends higher as profit reports roll in: Closing bell

TASI ends higher as profit reports roll in: Closing bell
Updated 10 August 2022

TASI ends higher as profit reports roll in: Closing bell

TASI ends higher as profit reports roll in: Closing bell

RIYADH: Saudi stocks market ended higher on Wednesday after more companies revealed their earnings for the first half of the year.

The Saudi benchmark index, TASI, edged 0.82 percent higher to finish at 12,431, and the parallel market Nomu added 0.13 percent to end at 22,227.

The Kingdom’s oil giant Saudi Aramco added 0.13 percent, while the country's biggest lender Saudi National Bank gained 0.68 percent.

Al-Jouf Agricultural Development Co. dropped 0.77 percent, despite seeing its profits jump 203 percent during the first half of 2022 to SR22 million ($6 million).

National Gas and Industrialization Co. fell 1.04 percent after a 14 percent decline in net profit to SR105 million during the first half of this year.

Bupa Arabia for Cooperative Insurance Co. increased 1.15 percent, after it received final approval from the Saudi Central Bank to sell its new insurance product in the Kingdom.

Filling and Packing Materials Manufacturing Co. climbed 1.52 percent, after its board proposed a SR115 million capital increase through rights issues.

Walaa Cooperative Insurance Co. lost 0.40 percent, after its losses widened to SR27 million during the first half of 2022, compared to SR13 million in the same period last year.

Abdullah Al-Othaim Markets Co. gained 3.99 percent, after approving the sale of SR211 million worth of land owned by the company in Al-Madinah Al-Munawarh.

Baazeem Trading Co. declined 2.63 percent, after its half-year profit was down 8.5 percent to SR13.4 million.

Theeb Rent a Car Co. gained 3.19 percent, after its profit rose by 68 percent to SR86 million during the first half of 2022.

Southern Province Cement Co. slipped 1.19 percent, after reporting a 42 percent profit drop to SR150 million for the first half of 2022.

Saudi miner Almasane Alkobra Mining Co. dropped 1.66 percent, after its profits dropped 11 percent to SR82 million during the first half of 2022.


Russian oil shipments to central Europe expected to resume

Russian oil shipments to central Europe expected to resume
Updated 10 August 2022

Russian oil shipments to central Europe expected to resume

Russian oil shipments to central Europe expected to resume
  • “I expect the oil shipments to resume in hours,” Slovakia’s Economy Minister said
  • Transneft cited complications due to European Union sanctions for its action on Aug. 4

BRATISLAVA, Slovakia: Oil shipments from Russia through a critical pipeline to several European countries should resume soon after a problem over payments for transit was resolved, Slovakia’s Economy Minister Richard Sulik said on Wednesday.
“I expect the oil shipments to resume in hours,” Sulik said.
Russian state pipeline operator Transneft said Tuesday it halted shipments through the southern branch of the Druzhba, or Friendship, pipeline, which runs through Ukraine to the Czech Republic, Slovakia and Hungary. The northern leg of the Druzhba pipeline, which runs through Belarus to Poland and Germany, was unaffected, Transneft said.
Transneft cited complications due to European Union sanctions for its action on Aug. 4, saying its payment to the company’s Ukrainian counterpart was refused.
Sulik said the payments would be made Wednesday by Slovak refiner Slovnaft after both the Russian and Ukrainian sides agreed to the solution.
Slovnaft is owned by Hungary’s MOL energy group.
MOL confirmed the money has been transferred.
Slovakia receives practically all its oil through the Druzhba pipeline. Sulik said the payment is worth some 9–10 million euros (up to $10.2 million).
He said his country would work on a long-term solution to the problem which he said was caused by the refusal of an unnamed bank in Western Europe to transfer the money due to the sanctions imposed by the EU on Russia for its war against Ukraine.
“I wouldn’t look for a political context behind it, there’s none,” Sulik said.
However, Simone Tagliapietra, an energy expert at the Bruegel think tank in Brussels, said Russia has weaponized natural gas heading to Europe by claiming technical issues, and “this opens questions on whether it might now do the same with oil.”
Russia has blamed equipment repairs for its decision to slash flows through the Nord Stream 1 pipeline to Germany, whose government has called it a political move to sow uncertainty and push up prices amid the war in Ukraine.
EU leaders agreed in May to embargo most Russian oil imports by the end of the year as part of the bloc’s sanctions over Moscow’s invasion of Ukraine.
The embargo covers Russian oil brought in by sea, but allowed temporary Druzhba pipeline shipments to Hungary and certain other landlocked countries in central Europe, such as Slovakia and the Czech Republic.