Saudi sovereign fund to become Aston Martin’s no.2 shareholder

Saudi sovereign fund to become Aston Martin’s no.2 shareholder
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Updated 15 July 2022

Saudi sovereign fund to become Aston Martin’s no.2 shareholder

Saudi sovereign fund to become Aston Martin’s no.2 shareholder

Saudi Arabia’s sovereign wealth fund will become the second-largest shareholder of Aston Martin with a nearly 17 percent stake in a capital raise aimed at paying off debt and shoring up its business, the British luxury carmaker said on Friday.

The company, faced with with high debt, a torrid stock fall and a struggling Formula One team, said it planned to raise £653 million ($773.15 million) through PIF’s £78 million investment and a separate rights issue of £575 million.

The Saudi fund will own 16.7 percent stake in Aston Martin, behind the 18.3 percent holding by Chairman Lawrence Stroll’s Yew Tree will have after the rights issue, and will be entitled to two board seats at the carmaker.

Current second-largest shareholder, German carmaker Mercedes-Benz AG, will own about 9.7 percent after the capital increase. The firm was looking to lift it stake to up to 20 percent by 2023.

Frequently featured in the James Bond movie franchise, Aston Martin has had a bumpy ride since its initial public offering in late 2018. Its London-listed shares have fallen nearly 73 percent so far this year. They jumped 10 percent on Friday morning after hitting a record low earlier.

Half of the new capital will be used to repay debt, Aston Martin said. The company had a debt of 957 million pounds at the end of March. It will also serve to accelerate future capital expenditure.

The Financial Times reported on Thursday that Aston Martin was closing in on a deal to raise over 500 million pounds by, bringing in the Saudi fund as a major shareholder.

PIF, which owns stakes in electric carmaker Lucid and British supercar group McLaren, did not immediately respond to a Reuters’ request for comment.

Separately, Aston Martin also reported wholesale volumes of 2,676 in the first half of 2022, down from 2,901 a year ago. It expects to sell more than 6,660 units for the full-year. 

Data, technology help make construction industry more environmentally friendly

Data, technology help make construction industry more environmentally friendly
Updated 07 October 2022

Data, technology help make construction industry more environmentally friendly

Data, technology help make construction industry more environmentally friendly

The building and construction industry is one of the largest in the world’s economy with approximately $10 trillion spent on construction-related goods and services every year.

But it is also disproportionately destructive as one of the world’s most energy-intensive polluting industries on the planet.

According to figures published on the website in July this year, the world’s construction industry is still responsible for 38 percent of CO2 emissions, 23 percent of air pollution, 40 percent of water pollution, 50 percent of landfill waste, 21 percent of the depletion of natural resources and 40 percent of energy usage.

These are not new figures. It’s not as if the construction industry has suddenly tumbled down a path of self-destruction.

In Las Vegas in 2019, a conference held by the software company Autodesk was told that the construction and manufacturing industries were hugely wasteful and among the world’s biggest polluters.

And in 2021, the general picture for the world’s future was dealt another blow when delegates at COP 26 admitted they were nowhere near to reaching the targets set previously to slow global warming.

“Our theory for how we transform the AEC industry (Architectural Engineering and Construction) is unchanged. We very much want to bring (new) industrial methods and processes to it,” said Andrew Anagnost, CEO of Autodesk on the sidelines of the 2022 Autodesk University conference in New Orleans.

Anagnost said the data and technology was available to help make the industry more environmentally efficient and less wasteful.

There are companies already in existence that provide digital information that can predict potential flaws in plans before they become a reality, and even how much material is needed – and yet Anagnost said there were still companies that were not using the information.

“The biggest waste that you see in the AEC ecosystem, is people making it up along the way.”

In contrast, he said the manufacturing industry generally stuck to its plans so that the end product was what was intended from the outset.

“That kind of precision needs to evolve into the AEC industry. And that's why you see us building these things that are coming together from both sides. And when that when that work is done, we believe we will have made an impact on how these industries work. Until then, they still redo and undo at a pace that's, you know, unparalleled in other industries,” he added.

But it’s not all bad news, there are efforts to reduce the amount of waste using cloud-based technology, and it is the Middle East that seems to be embracing this technology.


The good news is that the Middle East has largely cleaned up its act, according to Naji Atallah, head of construction and manufacturing at Autodesk Middle East.

Speaking to Arab News, he said the reason for the improvement was a factor that had always been present.

He said construction in the region was usually based on undeveloped land, thus removing the need to take into consideration existing structures, that might introduce additional costs.

“There’s no major legacy of buildings and bridges and roads that need to be maintained,” he explained, adding that the construction industry in the region was effectively working on a “blank canvas,” which enabled developers to place sustainability at the forefront of their projects.

“If I look at probably all of the mega projects in the region, sustainability has been one of the big goals that they see.”

“We have seen a shift (in the Gulf region) from we want everything delivered tomorrow, to we want things delivered in a better way.”

Pointing to Saudi Arabia’s Red Sea project and Dubai’s Museum of the future, he said there was now greater effort to ensure a sustainable approach to these projects.

And by using software technology developers have been able to create structures that use less energy and materials in their construction by using information gathered from predictive modeling that shows designers how a structure will behave before it is even built.

The digitization of the building industry – if embraced – could potentially revolutionize the way it works – from lowering waste, reducing pollution and to cutting costs.

“Sensors are so cheap now,” Atallah said, “that they could be placed into every new structure – we don’t even need to know what – or if they-re going to be used – and collect all sorts of information.”

That data, he said, could then be used to predict any structural issues, how to improve fuel economies – to name two – but not just for that structure, but also for future projects.

This data, he said could become a commodity that could be sold to help improve future projects.


Imagine a building – in fact any structure – that from the moment it is complete, starts to collect data that can be used to address problems before they are noticed by the human eye and aid in future new builds.

Sounds futuristic – but the truth is the technology is already here – it’s just a question of people in the industry using it.

The Dubai-headquartered company Dar Al-Handasah, which heralds from Lebanon, and is the 10th leading design firm in the world – third in the Middle East has created a cantilever bridge that was built using recycled plastic – mixed with fiberglass to create a poxy – and a 3D printer.

Using algorithms, the designers were able to come up with a design that created a bridge using minimal materials that, when fixed with the sensors, was able to teach them how to better improve the product in later designs.

The bridge is made up in a modular system from 70 percent recycled materials.

It is a step away from traditional construction methods, with the bridge being built as one piece in a factory environment before being transported to its place of use once complete.

Cloud-based technology provided by Autodesk was used to create virtual modules of the bridge to calculate the best design in terms of material use, look and its structural durability.

Ghassan Zein, the Lebanese digital practice manager at Dar Al-Handasah said the bridge was a first of its kind, he said as such they needed to see how it behaved when put into use was essential for future developments, so it was fitted with sensors.

“We have the monitoring of the intelligence of the bridge that would monitor how it’s doing because it’s new,” Zein told Arab News on the sidelines of the Autodesk University 2022 conference in New Orleans.

The bridge is a new shape, a new design, Zein explained, “So we have to know if it's doing well.”

The company has a team whose role is to monitor the data gathered from the bridge.

“They analyze the data and keep changing the design of future projects,” he said.

Zein said the structural engineers addressed the design, what was safe, what was not, what performed well, what did not, using live data gathered from sensors in the structure of the bridge.


The modular approach to building the bridge is not a new concept. In Britain in the 1950s low-cost social housing was created.

These usually low-leveled, single-storied buildings were made up of walls and roofs that were created off-site and then put together once ready.

But they were usually of a low standard with materials that were not long lasting, leaving properties structurally unsound and some of the materials even being harmful to people’s health – including asbestos cladding.

Move forward 70 – 80 years and the concept of building parts, or entire structures such as the 3D printed bridge off-site and then moving them to their final location is now proving to be a leading method of construction – both economically and also environmentally.

Beach villas on the Red Sea project off the coast of Saudi Arabia and Dubai’s Museum of the Future were all built in a factory environment, before they were shipped to their final destination.

The methods being offered at functions such as Autodesk University are an eye opener for the industry.

Invest in the technology and the construction industry could change from being one of the environment’s biggest enemies, to a major green player.

It just needs those in the industry to embrace the future.

The key take away being, collect the data, learn what the potholes are before the building work starts and then embark on the real deal – ultimately the outcome is more efficient.

Suez Canal revenues hit $2.1bn in Q3, highest quarter in history: Egypt Cabinet

Suez Canal revenues hit $2.1bn in Q3, highest quarter in history: Egypt Cabinet
Updated 07 October 2022

Suez Canal revenues hit $2.1bn in Q3, highest quarter in history: Egypt Cabinet

Suez Canal revenues hit $2.1bn in Q3, highest quarter in history: Egypt Cabinet

RIYADH: Suez Canal revenues increased in the third quarter of this year by 23.5 percent year-on-year to hit $2.1 billion — the highest figure ever recorded, official data has revealed.

This increase is supported by the unprecedented jump in revenues during the month of August that hit a historical record at $744.8 million, according to a release from the Egyptian Prime Minister's Information Center on Friday.

As many as 6,252 ships crossed the canal from July to September, with a total net payload of 372.7 million tons.

Revenues during September rose by about 22 percent to $683.2 million. 

Over 2,000 vessels crossed the canal during that period from both directions compared to 1,856 vessels during the same period of last year — an increase of 9.1 percent.

The total net payload reached 120 million tons, compared to 112 million tons during September of last year, reflecting a 7.1 percent increase.


Binance-linked blockchain hit by $570m crypto hack, Binance says

Binance-linked blockchain hit by $570m crypto hack, Binance says
Updated 07 October 2022

Binance-linked blockchain hit by $570m crypto hack, Binance says

Binance-linked blockchain hit by $570m crypto hack, Binance says

LONDON: A blockchain linked to Binance, the world’s largest crypto exchange, has been hit by a $570 million hack, a Binance spokesperson said on Friday, the latest in a series of hacks to hit the crypto sector this year, according to Reuters.

Binance CEO Changpeng Zhao said in a tweet that tokens were stolen from a blockchain “bridge” used in the BNB Chain, which was known as Binance Smart Chain until February. Blockchain bridges are tools used to transfer cryptocurrencies between different applications.

Zhao said the hackers stole around $100 million worth of crypto. BNB Chain later said in a blog post that a total of 2 million of the cryptocurrency BNB — worth around $570 million — was withdrawn by the hacker.

The Binance spokesperson said in emailed comments that “the majority” of the BNB remained in the hacker’s digital wallet address, while about $100 million worth was “unrecovered.”

Blockchain bridges have increasingly become the target of thefts, which have long plagued the crypto sector.

BNB Chain supports the BNB cryptocurrency, formerly known as Binance Coin, which is the world’s fifth-largest token with a market value of some $46 billion, according to CoinGecko data.

Some $2 billion worth of cryptocurrency has been stolen in 13 different bridge hacks, mostly this year, crypto analytics firm Chainalysis said in August.

In March, hackers stole around $615 million from Ronin Bridge, used to transfer crypto in and out of the game Axie Infinity, in one of the largest crypto heists on record. The United States linked North Korean hackers to the theft.

BNB Chain suspended its blockchain for several hours before resuming at around 0630 GMT, it said in a tweet.

It said in its blog post that BNB Chain was “able to stop the incident from spreading” by contacting the blockchain’s “validators,” — entities or individuals who verify blockchain transactions. BNB Chain said there are 44 validators across several different time zones, without giving further details.

BNB Chain said it would introduce a new “governance mechanism” to counter future hacks, as well as to expand the number of validators.

On the Binance website, BNB Chain is described as a “community-driven, open-sourced and decentralized ecosystem.” 

Abdul Latif Jameel Energy-owned firm to develop $1bn battery energy storage platform in the UK

Abdul Latif Jameel Energy-owned firm to develop $1bn battery energy storage platform in the UK
Updated 07 October 2022

Abdul Latif Jameel Energy-owned firm to develop $1bn battery energy storage platform in the UK

Abdul Latif Jameel Energy-owned firm to develop $1bn battery energy storage platform in the UK

RIYADH: A division of Abdul Latif Jameel Energy has partnered with UK-based firm Tyler Hill Partners to develop a $1 billion battery energy storage platform in Britain, MEED reported.

Fotowatio has put forward the platform, known as FRV TH Powertek, which will be focused on designing, constructing and operating a portfolio of battery energy storage-system projects in the UK. 

It is expected to reach up to 1GW over the next five years with an estimated aggregate investment of £1 billion.

“A significant growth is expected in installed capacity of battery storage projects to keep the UK on track to meet its net zero targets for 2050,” MEED reported citing Abdul Latif Jameel Energy.

FRV expects to invest more than $1.5 billion to double its total installed capacity from 2GW in 2021 to 4GW in 2024.

BESS platforms are expected to play a crucial role in the global expansion of variable renewable energy capacity using solar and wind sources, according to MEED.

Oil target cuts free up capacity in case of crises, OPEC head says

Oil target cuts free up capacity in case of crises, OPEC head says
Updated 07 October 2022

Oil target cuts free up capacity in case of crises, OPEC head says

Oil target cuts free up capacity in case of crises, OPEC head says

DUBAI: Oil output target cuts agreed by the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, will leave producers more supply to tap in the event of any crises, OPEC Secretary General Haitham Al-Ghais told Al Arabiya TV on Friday, according to Reuters.

OPEC+, which includes the 13 members of OPEC and 10 allies led by Russia, agreed on Wednesday to lower their output target by 2 million barrels per day.

OPEC’s de facto leader Saudi Arabia said the move was necessary to respond to rising interest rates in the West and a weaker global economy.

The decision was criticized by the US where the White House said it was a sign the group was aligning itself with Russia.

US President Joe Biden also faces mid-term elections next month in which high energy prices are a hot topic.

“This was not a decision from one country against another, and I want to be clear in saying this, and it’s not a decision from two or three countries against a group of other countries,” said Ghais.

“There are strong indicators that there is a high possibility that recession will happen, we decided in this meeting to be pre-emptive.”

Western nations worry higher energy prices will hurt the fragile global economy and hinder efforts to deprive Moscow of oil revenue following its invasion of Ukraine.

EU sanctions on Russian crude and oil products are also set to take effect, in December and February, respectively.

Asked about the sanctions and a EU proposal to cap the price of Russian oil, OPEC’s Ghais said he could not comment.

“The truth is, the shape of these proposed sanctions is not quite clear, and how they will be implemented is also unclear, so we cannot comment.”

Ghais also said OPEC+ does not target prices: “We are not targeting a price, we are targeting a balance in supply and demand.”