‘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
Traditional energy still has its investment potential, according to energy consultant Pierre Samaties
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Updated 27 June 2022

‘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.


Emirates announces third daily flight to Mauritius

Emirates announces third daily flight to Mauritius
Updated 6 sec ago

Emirates announces third daily flight to Mauritius

Emirates announces third daily flight to Mauritius

DUBAI: Emirates has announced plans to add a third-daily flight to Mauritius starting Oct. 1, 2022, a statement on state-run news agency WAM said. 
The plans to increase the frequency of flights to Mauritius by adding an evening flight is in response to increased travel demand to and from the country and will boost connectivity to the island nation.
Emirates’ third-daily flight to Mauritius will boost seat capacity on the routes by approximately 35 percent, catering to the surge in demand and providing added support to the tourism industry during one of the busiest travel seasons.

The added frequency supplements the existing double-daily Airbus A380 services.

Emirates started operations to Mauritius in September 2002 with three weekly flights. 

The airline is currently in its 20th year of operations to the island nation.

 Mauritius is a very popular leisure destination, and continues to experience consistent growth post-pandemic.


TASI opens flat as investors await inflation and earnings reports: Opening bell

TASI opens flat as investors await inflation and earnings reports: Opening bell
Updated 16 min 16 sec ago

TASI opens flat as investors await inflation and earnings reports: Opening bell

TASI opens flat as investors await inflation and earnings reports: Opening bell

RIYADH: Saudi stocks market started flat on Wednesday as investors await inflation data and additional earnings reports.

As of 10:07 a.m. Saudi time, the Saudi benchmark index TASI and the parallel market Nomu traded at 12,336 and 22,201, respectively.

The Kingdom’s oil giant Saudi Aramco dropped 0.13 percent, while the country's biggest lender Saudi National Bank gained 0.41 percent.

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

National Gas and Industrialization Co. fell 1.73 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 0.51 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 2.72 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 1.66 percent, after approving the sale of SR211 million worth of land owned by the company in Al-Madinah Al-Munawarh.

Baazeem Trading Co. declined 1.88 percent, after its half-year profit was down 8.5 percent to SR13.4 million.

Theeb Rent a Car Co. increased 1.52 percent, after its profit rose by 68 percent to SR86 million during the first half of 2022.

Southern Province Cement Co. slipped 1.53 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.


Saudi PIF acquires stakes in 4 Egyptian companies for about $1 billion: Asharq sources

Saudi PIF acquires stakes in 4 Egyptian companies for about $1 billion: Asharq sources
Updated 3 min 59 sec ago

Saudi PIF acquires stakes in 4 Egyptian companies for about $1 billion: Asharq sources

Saudi PIF acquires stakes in 4 Egyptian companies for about $1 billion: Asharq sources

RIYADH: The Saudi Egyptian Investment Co., affiliated with the Saudi Public Investment Fund, has acquired stakes in four Egyptian companies, for about $1 billion, Asharq reported citing sources.

The four companies are E-Finance for Financial and Digital Investments, Abu Qir Fertilizers and Chemical Industries, MOPCO and Alexandria Container & Cargo Handling Co.

The agreement comes after a government official confirmed to Asharq on Tuesday that the SEIC successfully completed an agreement to buy 25 percent of the shares of the Misr Fertilizer Production Co., MOPCO, at a premium of 25 percent over the stock price on the stock exchange.


Saudi Industrial Production Index rose by 21% in June

Saudi Industrial Production Index rose by 21% in June
Updated 42 min 3 sec ago

Saudi Industrial Production Index rose by 21% in June

Saudi Industrial Production Index rose by 21% in June

RIYADH: Saudi Industrial Production Index increased by 20.8 percent from a year ago, according to data from General Authority for Statistics.

"The IPI continued to show positive growth rates due to the high production in mining & quarrying, and manufacturing activity," Gastat said in a statement today.


Here’s what you need to know before Tadawul trading on Wednesday

Here’s what you need to know before Tadawul trading on Wednesday
Updated 10 August 2022

Here’s what you need to know before Tadawul trading on Wednesday

Here’s what you need to know before Tadawul trading on Wednesday

RIYADH: Saudi Arabia’s main stock index gained 0.3 percent on Tuesday, buoyed by chemical giant Saudi Basic Industries Corp. which posted higher second-quarter profits.

TASI closed the session at 12,330, while the parallel Nomu market added 0.6 percent to 22,199.

Abu Dhabi and Dubai advanced by 0.2 and 1.1 percent, respectively, while Qatar, Oman, and Kuwait all lost between 0.1 and 0.3 percent. The Bahraini index finished flat.

Outside the Gulf, Egypt’s EGX30 closed 0.8 percent lower.

Oil prices retreated on Wednesday, with Brent crude down to $95.65 a barrel and US West Texas Intermediate reaching $89.73 a barrel by 9:06 a.m. Saudi time.

Stock news

Filling and Packing Materials Manufacturing Co.’s board proposed a SR115 million ($31 million) capital increase through a rights issue

Bupa Arabia for Cooperative Insurance Co. received final approval from the Saudi Central Bank to sell its new insurance product "Bupa Policy Benefit Upgrade" in the Kingdom

National Gas and Industrialization Co. recorded a 14 percent decline in net profit to SR105 million during the first half of 2022

Walaa Cooperative Insurance Co.’s 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. approved the sale of SR211 million worth of land owned by the company in Al-Madinah Al-Munawarh

Al-Jouf Agricultural Development Co. saw its profits jump 203 percent during the first half of 2022 to SR22 million

Al-Jouf Agricultural will distribute cash dividends of SR0.5 per share to shareholders for the first half of 2022

Saudi miner Almasane Alkobra Mining Co.’s profits dropped 11 percent to SR82 million during the first half of 2022

Southern Province Cement Co. reported a 42 percent profit drop to SR150 million for the first half of 2022

Profits of Theeb Rent a Car Co. rose by 68 percent to SR86 million during the first half of 2022

Baazeem Trading Co.’s half-year profit was down 8.5 percent to SR13.4 million

Shareholders of Baazeem Trading Co. are set to receive SR0.7 per share in cash dividends for the first half of 2022

Calendar

August 14, 2022

Saudi Aramco will announce its financial results for the second quarter of 2022

Close of Naba Alsaha Medical Services Co.’s IPO subscription