All you need to know before the trading week on the Saudi bourse

 All you need to know before the trading week on the Saudi bourse
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Updated 03 April 2022

All you need to know before the trading week on the Saudi bourse

 All you need to know before the trading week on the Saudi bourse

RIYADH: Saudi Arabia’s stock market closed March higher, despite investors fretting over Russia’s war in Ukraine, which sent oil prices on a rollercoaster ride.

The main index, TASI, rose 3.9 percent on the month to 13,090 points. As for the parallel market, Nomu, it closed almost unchanged at 25,010.

TASI also witnessed a record high as it crossed 13,000 points for the first time since 2006, amid a strong earnings season for most major players.

In Thursday’s session, most Middle Eastern bourses were either flat or nudged higher, but Qatar’s QSI shed 0.2 percent.

Stock exchanges in Dubai, Egypt, and Oman closed almost flat, while Saudi Arabia, Bahrain, Kuwait, and Abu Dhabi advanced between 0.1 and 1 percent.

Oil prices retreated at Friday’s close, with Brent crude reaching $104.39 per barrel, and US benchmark West Texas Intermediate hitting $99.27.

Stock news

Saudi oil giant Aramco awarded a one-year contract to Walaa Cooperative Insurance Co. to provide insurance coverage on energy, property, motor, marine, and others

Yamama Cement Co. obtained financing worth SR1.66 billion ($443 million) to improve financial efficiency, increase production capacity in a Riyadh plant, and finance working capital requirements

Saudi Cable Co., Advance International Co. for Information Technology, and Obekian Glass Co. are suspended from trading for one day after not disclosing their financial results during the specified period by the Saudi exchange


Aramco exploring options to reduce cost of hydrogen production, says official

Aramco exploring options to reduce cost of hydrogen production, says official
Updated 11 sec ago

Aramco exploring options to reduce cost of hydrogen production, says official

Aramco exploring options to reduce cost of hydrogen production, says official

RIYADH: Transition to low-carbon alternatives including green and blue hydrogen demands huge investments and a marketplace that needs collaboration between different nations, said Nabil Nuaim, Saudi Aramco’s chief digital officer.

While speaking at a virtual conference during the MEA Energy Week, Nuaim said that Saudi Aramco, being a carrier, needs to optimize the projects and make them cost-efficient.

He also added that energy generation using green hydrogen is still in the adoption phase.

Nuaim further noted that digital transformation is very much necessary to enable a hydrogen economy, where Aramco will supply and become a source of fuel.

“Hydrogen has a huge significance in the energy sector. It is a very good energy source. It has a significant energy value in the transportation sector,” he said.

Nuaim also said that Aramco is looking at options to reduce the cost of hydrogen production and transport, and the company is checking whether existing pipelines and infrastructure are sufficient enough for the future.

He added: “We are involved with blue hydrogen with very specific targets. Transportation of the fuel is very important, and the safety should be checked and assured.”

 


‘Worst case’ is Europe cutting renewable investment due to Ukraine war: Energy consultant

‘Worst case’ is Europe cutting renewable investment due to Ukraine war: Energy consultant
Updated 6 min 2 sec ago

‘Worst case’ is Europe cutting renewable investment due to Ukraine war: Energy consultant

‘Worst case’ is Europe cutting renewable investment due to Ukraine war: Energy consultant

RIYADH: Europe turning its back on renewable energy investment as the fuel crisis bites is a “worst-case scenario”, according to energy consultant Pierre Samaties, partner at consultancy firm Roland Berger.

Speaking at a virtual conference during the MEA Energy Week, Samaties speculated that western countries could turn back to traditional forms of energy production in response to Russia’s invasion of Ukraine.

“The worst-case scenario is that Europe will go back to the use of coal and gas instead of developing renewables due to shortage or fuel prices going up, but I’m optimistic,” said Samaties.

He added that traditional energy still has its investment potential as it is needed until sufficient renewable sources are available,

“You need traditional technology until you reach a point where you have enough renewable resources. Traditional energy is still a place of investment. You need to still have conventional power,” said Samaties, adding that Saudi Arabia and the UAE are spearheading energy transition in the region.

“Saudi Arabia’s NEOM is having the biggest hydrogen project that is very promising. UAE is also heavily exploring hydrogen export opportunities,” added Samaties.

During his speech, he noted budgets for energy transition is a very tough issue.

According to Samaties, policymakers should first think about the available power options and should go ahead by accelerating investments in renewable sources.

Talking about the vitality of investing in technology in the sector he said: “Technologies to invest in include advancing storage technology, achieving a renaissance of nuclear power, and decarbonization storage.”

He further noted that the energy sector can move much faster than the initial forecast. Samaties also added that the usage of solar energy on glass technology will contribute a lot to the energy transition.


Petro Rabigh’s rights issue yields $2.1bn in proceeds amid 91% capital hike

Petro Rabigh’s rights issue yields $2.1bn in proceeds amid 91% capital hike
Updated 13 min 35 sec ago

Petro Rabigh’s rights issue yields $2.1bn in proceeds amid 91% capital hike

Petro Rabigh’s rights issue yields $2.1bn in proceeds amid 91% capital hike

RIYADH: Saudi-listed Rabigh Refining and Petrochemical Co.’s rights issue has generated SR7.65 billion ($2 billion) in proceeds amid a 91-percent capital hike plan.

The company, better known as Petro Rabigh, offered 795 million shares, out of which 96.26 percent were subscribed, according to a bourse filing.

This allowed the company to increase its capital to SR16.7 billion from SR8.8 billion.

The decision to offer new shares comes in a bid to raise additional capital, strengthen equity, and cut debt.


NEOM's circular energy production plan key to sustainability, says NOMAC’s official

NEOM's circular energy production plan key to sustainability, says NOMAC’s official
Updated 14 min 2 sec ago

NEOM's circular energy production plan key to sustainability, says NOMAC’s official

NEOM's circular energy production plan key to sustainability, says NOMAC’s official

RIYADH: Circularity in electricity production is crucial for ensuring sustainability in Saudi Arabia's 500-billion futuristic city of NEOM, said Thorsten Schwarz from First National Operation and Maintenance Co., also known as NOMAC. 

Power will be generated using both water and hydrogen in the city.

While speaking at a virtual conference during the MEA Energy Week, Schwarz — who is  executive director of grid technology and projects at the firm — said that sustainability is not just about environmental protection, but is also a human need. 

He admitted that NOMAC, a wholly-owned subsidiary of ACWA Power, is seeing some disruptions coming up due to the traditional design of grids, which are challenging to NEOM’s concept. 

NOMAC is spearheading independent operations and maintenance services for the power and desalination industry in Saudi Arabia. 

He further noted that NEOM has currently positioned itself as a human progress destination. 

Schwarz revealed that the renewable energy transition in NEOM will happen in phases, and will finally reach the 100 percent renewable target in 2030. 

Talking about the usage of renewable energy sources in NEOM, he said: “In NEOM, we will start 50 percent renewable from day one,  up to 100 percent in 2030 or earlier as possible.” 

He also added that blockchain technology should be also activated in NEOM to achieve sustainability goals. 

NEOM is one of Saudi Arabia’s flagship projects aimed at transforming the Kingdom, as it plans to move away from an oil-dependent economy, outlined in its Vision 2030. 

Aimed at functioning as a tourist destination, NEOM will be a smart city, adopting all advanced technologies.

One of the main highlights of the NEOM project is The Line, a 170-kilometer linear city which will have 1 million citizens without conventional cars, no streets, and no carbon emissions.

Other notable highlights in the NEOM project include NEOM Bay, NEOM Bay Airport, and NEOM Industrial City. 


Saudi Aramco launches research hub to help hit net-zero emissions by 2050

Saudi Aramco launches research hub to help hit net-zero emissions by 2050
Updated 29 min 50 sec ago

Saudi Aramco launches research hub to help hit net-zero emissions by 2050

Saudi Aramco launches research hub to help hit net-zero emissions by 2050

RIYADH: Saudi Aramco has launched a new research center to accelerate the development of low-carbon energy solutions using advanced analytics as the oil giant moves ahead with hitting its net-zero ambition. 

Inaugurated today at the King Abdullah University of Science and Technology, the Aramco Research Center will deploy artificial intelligence and machine learning to develop ways to advance low-carbon solutions and enable a circular carbon economy, a press release said.

“The Aramco Research Center at KAUST offers a unique opportunity to strengthen our collaboration with KAUST and accelerate the development of cutting-edge technologies that will contribute to a low-carbon future,” Chief Technology Officer Ahmad Al-Khowaiter said. 

He added that the research at this new facility will help the company meet its obligations to customers and energy consumers worldwide, while also supporting its ambition of reaching operational net-zero emissions by 2050. 

This comes after the world’s biggest oil exporter released its first sustainability report earlier this month, pledging to reduce its upstream carbon intensity by at least 15 percent to 8.7 kilograms of carbon dioxide by 2035.

With the establishment of the research center, Aramco looks to leverage on KAUST’s capabilities in areas such as super-computing and data analytics.