TRSDC, AMAALA look into EVs, hydrogen cars as part of sustainable mobility solutions

Exclusive AMAALA’s Triple Bay master- plan for phase one offers a unique mix of luxurious assets sitting side- by-side yet providing varied guest experiences. Every resort offers full privacy from the adjacent resort. Supplied
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AMAALA’s Triple Bay master- plan for phase one offers a unique mix of luxurious assets sitting side- by-side yet providing varied guest experiences. Every resort offers full privacy from the adjacent resort. Supplied
Exclusive TRSDC airport. Supplied
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TRSDC airport. Supplied
Exclusive TRSDC Shurayrah Bridge
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TRSDC Shurayrah Bridge
Exclusive TRSDC temporary causeway. Supplied
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Updated 24 April 2022

TRSDC, AMAALA look into EVs, hydrogen cars as part of sustainable mobility solutions

TRSDC, AMAALA look into EVs, hydrogen cars as part of sustainable mobility solutions
  • Strategy involves destination-wide clean mobility as well as green approach to design

RIYADH: The Red Sea Development Co. is taking every possible measure to see that the megaproject meets its sustainability target. Andreas Flourou, operations and mobility executive director at TRSDC, told Arab News that efforts are underway to provide transportation at the project in line with its green ambitions.

“At the end of 2020, we engaged global engineering firm Mott MacDonald to provide consultancy services to determine the optimal sustainable vehicle and fleet configuration at the destination,” Flourou told Arab News.

Mott MacDonald delivered a comprehensive and robust analysis of the total land, sea and air transport needs for the development and operation of the 28,000 sq. km site, from its opening in 2022 to its completion in 2030.

This involved a strategy for destination-wide clean mobility using electric and potentially hydrogen vehicles, boats and aircraft

“More recently, we have been engaged with WSP, one of the world’s leading engineering consulting firms, who are assisting us in operationalizing our mobility strategy and the wider marketplace, looking to challenge mobility providers to come up with solutions that meet our aspirations to be net-zero from day one,” Flourou noted.

“Our need spans terrestrial, marine and aviation, and so far, there has been a huge amount of enthusiasm to participate and be part of this journey.”

TRSDC is currently investigating the use of electric vertical take-off and landing aircraft in the runways, he added.

“Excitingly, we have even been investigating the use of electric vertical take-off and landing aircraft, which can take off and land without a runway and are fully sustainable. In parallel, we have also commenced planning of our Urban Air Mobility strategy,” Flourou revealed.

Sustainable approach to design

AMAALA, on the other hand, is making sure that innovative ideas and creative designs match the beautiful nature and landscape in this area.

Asked how sustainable considerations are shaping the approach to design at the megaproject managed by TRSDC, Zak Ayache, design executive director at AMAALA, replied: “We are blessed with an abundance of diverse, colorful marine habitats home to natural treasures. From nesting turtles and falcons to blooming corals, inspiration quite literally surrounds us. All our designs value these assets and prioritize their preservation and enhancement.”

All of AMAALA’s built assets are sustainable and are achieving Leadership in Energy and Environmental Design gold certificates as a minimum on all buildings, with some achieving platinum rating, the highest LEED category, according to Ayache.

Furthermore, all of AMAALA’s masterplans comply with the Dark Sky Strategy, prohibiting any light pollution, and its ambition is to become an international dark sky reserve.

Ayache added: “The majority of our planting palette is locally sourced with planting species that do not require excessive irrigation water. Our sister project, TRSDC, has a fully operational landscape nursery, the largest in the region, growing upwards of 25 million plants across both destinations.”

Furthermore, all cars and vehicles considered in the master plan are electric, eliminating carbon emissions and noise pollution.

Ayache elaborated that innovation is present in the exceptional architectural designs that sit in harmony with the unique natural features of the site, capitalizing on the beautiful and dramatic mountains to the east, the blue azure pristine coves dotted along our coastline, and the sensational sunset views to the west.

“Equally, the Triple Bay masterplan for phase one offers a unique mix of luxurious assets sitting side-by-side yet providing varied guest experiences. Every resort offers full privacy from the adjacent resort, meaning no overlooking views, which enhances the privacy and seclusion of each retreat. Every asset is linked by an innovative wellness route,” he noted.

Ayache said this is effectively a “green spine” that provides various activities along its stretch: Hiking, cycling, horseback riding, contemplation spots, outdoor yoga and gym, landscape exploration and more.


Iran’s top automaker sets sights on Russian market

Iran’s top automaker sets sights on Russian market
Updated 14 August 2022

Iran’s top automaker sets sights on Russian market

Iran’s top automaker sets sights on Russian market

TEHRAN: Iran’s leading automaker is seeking to prioritize exports to Russia, its CEO said on Sunday, as both countries reel under Western economic sanctions.

Iran Khodro unveiled the latest model of its crossover Rira vehicle at its factory west of Tehran, where CEO Mehdi Khatibi announced the manufacturer’s ambitions for the Russian market.

“We are going to pay special attention to the Russian market, and we are also thinking of partnering with Russian investors,” he said.

“We have held good negotiations with Moscow. The Russian market, with its capacities, will be one of our important markets,” Khatibi added.

“We will begin exporting this year” to Russia, he said.

Iran Khodro had previously exported vehicles to Russia, notably between 2007 and 2009, Iranian media said.

The two countries have responded to the sanctions by boosting cooperation in key areas to help prop up their economies.
The company’s vice president, Kianoush Pourmojib, struck an optimistic note on Sunday, pointing to increased exports to Azerbaijan over the past five years.

“We are ambitious about improving the quality of our vehicles,” he told AFP.

He added that while the manufacturer hopes to compete in markets such as Azerbaijan, Oman and Iraq, “in volume, it is of course Russia that is the most important.”

“This year, we will produce more than 500,000 vehicles and our goal within three years is to export 100,000 vehicles annually,” compared with fewer than 20,000 currently, he said.


Saudi Arabia’s Kingdom Holding unveils $3.4bn investment program

Saudi Arabia’s Kingdom Holding unveils $3.4bn investment program
Updated 14 August 2022

Saudi Arabia’s Kingdom Holding unveils $3.4bn investment program

Saudi Arabia’s Kingdom Holding unveils $3.4bn investment program

RIYADH: Kingdom Holding Co.unveiled its investment program worth SR12.8 billion ($3.4 billion), according to a bourse filing.

In June, the company announced that it completed its investment program during the period between the second quarter of 2020 and Q2 2022. The program invested in companies operating in diverse sectors with a proven track-record of growth and strong financial position.

The company’s total investments amounted to SR4.33 billion in 2020, SR3.75 billion in 2021 and SR4.73 billion in 2022.

 

 

 


UAE In-Focus — SWVL announces a $20m private placement; Dubai developer plans to raise $4.6bn loan

UAE In-Focus — SWVL announces a $20m private placement; Dubai developer plans to raise $4.6bn loan
Updated 14 August 2022

UAE In-Focus — SWVL announces a $20m private placement; Dubai developer plans to raise $4.6bn loan

UAE In-Focus — SWVL announces a $20m private placement; Dubai developer plans to raise $4.6bn loan

DUBAI: SWVL, Dubai-based mobility and transport solutions provider, announced on Wednesday that it had entered into a deal with US-based institutional investors to sell and buy over 12 million shares and securities for 73.4 million dirhams ($20 million) at 6.06 dirhams a share.

The sale of securities and private placement will take place on Friday, the statement said.

It said warrants issued under Series A and Series B will expire five and two years from the date of issuance, respectively.

The company will receive additional 110 million dirhams if the warrants are exercised during this period, it added.

Earlier this year, a special purpose acquisition company bought the transport startup.

Since its founding in Egypt in 2017, it has raised a total of 969 million dirhams.

Dubai developer plans to raise $4.6bn loan

The developer of Dubai’s artificial palm-shaped islands, Nakheel, plans to refinance existing debt by raising 17 billion dirhams ($4.6 billion), according to Bloomberg.

In addition to Dubai Islamic Bank and Emirates NBD, Mashreqbank is seeking financing from the company, the people said, asking not to be identified because the information is confidential.

Aside from regional and global lenders, the banks arranging the loan are also asking them to participate.
 
Emaar reports $1.8bn in H1 revenues

Emaar Development had its highest property sales during the first half of 2022, supported by recent successful launches that will create value for years to come, according to Emirates News Agency, known as WAM.

Compared to 2021, real estate sales increased by 10 percent to 15.216 billion dirhams ($4.143 billion) in the first half of 2022, WAM said.

It added that the Emaar Properties-owned build-to-sell business launched 15 projects in different master plans during the first half of 2022.

The earnings before interest, taxes, depreciation, and amortization at Emaar Development was 2.564 billion dirhams in the first half of 2022, up 15 percent from the same period in 2021, while revenue was 7.282 billion dirhams, WAM said.

Emaar now has a robust backlog of 32.753 billion dirhams, which will be recognized as future revenue for the company.

Over 3,100 residential units have been delivered by Emaar Development across prime locations, including Dubai Hills Estate, Dubai Creek Harbor, Downtown Dubai, Emaar Beachfront, Arabian Ranches, and Emaar South. 

Currently, Emaar is developing over 26,100 residences in the UAE, with more than 55,100 being delivered as of June 2022. 


Saudi Arabia’s Halwani Bros posts 65% decline in profits as inflation bites

Saudi Arabia’s Halwani Bros posts 65% decline in profits as inflation bites
Updated 14 August 2022

Saudi Arabia’s Halwani Bros posts 65% decline in profits as inflation bites

Saudi Arabia’s Halwani Bros posts 65% decline in profits as inflation bites

RIYADH: Saudi food manufacturer Halwani Bros Co. has reported a 65 percent drop in profit in the first half of the year, due to increased costs resulting from global inflation.

The company’s net profit fell to SR18 million ($5 million) compared to SR52 million in the same period last year, according to a bourse filing.

Halwani Bros attributed the lower profits to rising raw material costs and increased marketing costs due to global inflation.

The devaluation of the Egyptian currency also weighed on profits from its subsidiary in Egypt, it added.

Founded in 1952, Jeddah-based Halwani produces and distributes a wide range of food products in Saudi Arabia as well as around the world.


NRG Matters — UAE to hold 8th green economy summit in September; Egypt joins Power Reactors Information System database 

NRG Matters — UAE to hold 8th green economy summit in September; Egypt joins Power Reactors Information System database 
Updated 14 August 2022

NRG Matters — UAE to hold 8th green economy summit in September; Egypt joins Power Reactors Information System database 

NRG Matters — UAE to hold 8th green economy summit in September; Egypt joins Power Reactors Information System database 

RIYADH: The UAE will hold the eighth World Green Economy Summit at Dubai World Trade Centre in September, as the Gulf state prepares to host COP28 next year, Emirates News Agency reported. 

Alongside promoting a green economy, the WGES plays a key role in supporting UAE’s climate action efforts and its commitment to sustainability. 

It also reflects the country’s support for energy and climate change issues and developing sustainable solutions to environmental challenges, according to the statement. 

Egypt's nuclear power plant 

The International Atomic Energy Agency has officially included Egypt among the countries that have a nuclear plant under construction, according to the Nuclear Power Plants Authority. 

The country is now included in the Power Reactors Information System PRIS database, which focuses on nuclear power plants worldwide. 

This happens as Egypt started the construction of the El-Dabaa plant, located in the northwestern governorate of Marsa Matrouh, which aims to generate a total of 4,800MW via four reactors.

Through a micro lens

Oman’s Sur Industrial City, affiliated to the Public Establishment for Industrial Estates, has signed an over $40 million investment contract with Al Ghaith for Chemical Industries to establish a chemical plant on a 60,000 sq. m. site.

The project aims to promote the growth of chemical industries and supply the oil and gas, petrochemical and water treatment industries with basic chemicals and raw materials, according to Trade Arabia. 

Also, China’s CATL said it would build a €7.3 billion ($7.6 billion) battery plant in Hungary, Europe's largest so far, as the electric vehicle battery maker gears up to meet growing demand from global automakers.

The construction of the 100GW plant in the eastern Hungarian city of Debrecen, is the firm’s biggest overseas investment, according to Reuters. 

It would start this year after receiving approvals and should last no more than 64 months.