Green hydrogen gets a push during Saudi Crown Prince’s visit to Greece

Special Green hydrogen gets a push during Saudi Crown Prince’s visit to Greece
Saudi Arabia and Greece look to deepen ties in the area of green hydrogen and clean energy during the official visit of Crown Prince Mohammed bin Salman. (SPA)
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Updated 28 July 2022

Green hydrogen gets a push during Saudi Crown Prince’s visit to Greece

Green hydrogen gets a push during Saudi Crown Prince’s visit to Greece

RIYADH: Saudi Arabia and Greece signed an agreement to deepen ties in the area of green hydrogen and clean energy on the sidelines of the official visit of Crown Prince Mohammed bin Salman ahead of the Saudi-Greek Investment Forum.

The Crown Prince will also discuss helping the European country establish an electrical interconnection network.

Calling the relationship between both the countries “historical,” the Crown Prince said there are further opportunities that can be finalized during his two-day visit, including linking the electricity grid to south-west Europe, through Greece, to provide the continent with cheaper renewable energy.

“Also, we are working (on)...hydrogen and how to turn Greece as a hub for Europe to hydrogen. That’s a game changer for both of us. Also, we are working (on)...linking the telecommunication grid,” the Crown Prince said in a statement issued by the Greek prime minister's office.

The Crown Prince said he has a lot on the agenda for the talks, citing investment, trade, economic, political, and security issues. He promised he had not come “empty-handed” and his plans would be a “game changer for both countries and also for the whole region.”

He also mentioned a “big item that we cannot announce today” as he talked up the relations between Saudi Arabia and Greece.




A memorandum was signed between Saudi Minister of Energy Prince Abdulaziz bin Salman and Greek Minister of Foreign Affairs Nikolaos Georgios Dendias. (SPA)

The memorandum signed between Saudi Minister of Energy Prince Abdulaziz bin Salman and Greek Minister of Foreign Affairs, Nikolaos Georgios Dendias, sets a framework for cooperation in the fields of renewable energy, electrical interconnection, exporting electricity to Greece and Europe, clean hydrogen and its transfer to Europe, Saudi Press Agency reported.

The agreement will also look at working together in the areas of energy efficiency and the oil, gas and petrochemical industry, while adopting the circular economy approach to carbon and technologies to reduce the effects of climate change.

Both countries will also explore the scope of capturing carbon, reusing, transporting and storing the gas, as well as capturing carbon directly from the air.

The two also signed an agreement to promote digital transformation and innovation in the fields of energy, including cyber security, while working to develop qualitative partnerships to localize materials, products and services related to all energy sectors and their associated supply chains and technologies.

The Crown Prince and the Greek Prime Minister also witnessed the signing of the agreement to establish the Saudi-Greek Strategic Partnership Council.

Connecting East to West

A strategic partnership was announced between the Saudi and Greek private sectors on the sidelines of the Crown Prince's visit to build a data cable project linking the East to the West.

This cable will ensure the smooth digital supply of data worldwide at a time when the data traffic is growing by more than 30 percent, SPA said.

This comes through the leadership of the Saudi Telecom Co. on the submarine cable project in partnership with the Greek Telecom Co., the General Energy Co. of Greece and the Cyprus Telecom Co.

STC Group announced that its subsidiary MENA Hub will cooperate with the Greek telecom firm TSSA to build a data corridor that extends from the Kingdom to Europe through a modern, high-capacity network of terrestrial optical fibers under the sea and will connect Europe with Asia.

The project aims to position the two countries as an eastern digital station for Europe to reach the Middle East, the continents of Africa and Asia. 

Once completed, the project will also contribute to accelerating the growth of the global digital economy, which is estimated to reach $15 trillion, reported SPA. The project will also contribute to supporting new industries and emerging markets based on innovative business models.

 

 

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Saudi recruiter iHR sets IPO price at $9 

Saudi recruiter iHR sets IPO price at $9 
Updated 13 sec ago

Saudi recruiter iHR sets IPO price at $9 

Saudi recruiter iHR sets IPO price at $9 

RIYADH: International Human Resources Co. has set its offering price at SR34 ($9) per share for its 20 percent public offering to list on the parallel market, Nomu.

Known as Aldawliah, the company’s offering coverage was oversubscribed by 19.45 times of total offered shares, Yaqeen Capital, the financial advisor and lead manager for the offering said in a bourse filing.

Established in 2005, iHR offers human resources solutions and employment-related consultancy to businesses.

 


Regional Domino’s Pizza franchiser Alamar to start trading on TASI this week

Regional Domino’s Pizza franchiser Alamar to start trading on TASI this week
Updated 5 min 35 sec ago

Regional Domino’s Pizza franchiser Alamar to start trading on TASI this week

Regional Domino’s Pizza franchiser Alamar to start trading on TASI this week

RIYADH: Fast-food chain operator Alamar Foods Co. will start trading its shares on the Saudi Exchange on Aug. 9, after a SR1.2 billion ($326 million) initial public offering, according to a bourse filing.

The company raised 42 percent of its capital, representing 10.6 million ordinary shares, in an initial share sale to join the Kingdom’s primary market TASI.

Following the bidding period and strong demand from investors, the IPO was priced at the top end of an indicative range of SR115.

Alamar is a fast-food restaurant franchiser of two globally recognized brands: Domino’s Pizza and Dunkin, with operations across 11 Middle Eastern, North African countries, and in Pakistan.


TASI in red as oil price drop drags down shares

TASI in red as oil price drop drags down shares
Updated 29 min 14 sec ago

TASI in red as oil price drop drags down shares

TASI in red as oil price drop drags down shares

RIYADH: Dragged down by falling oil prices, Saudi Arabia’s main index declined 0.6 percent to reach 12,216 on Sunday. The parallel market, Nomu, finished 0.28 percent lower at 21,776.

This was led by a 1.13 percent decline in oil giant Saudi Aramco, and 1.49 percent in the Kingdom’s largest valued bank, Al Rajhi. 

Elm Co. sank 2.86 percent, despite announcing a 59 percent surge in profit for the first half, in addition to a contract award worth SR57 million ($15.17 million) with the Ministry of Interior.

Leejam Sports Co. continued to lead the fallers since the opening, down 9.98 percent, following the announcement that it will distribute SR0.37 per share in cash dividends for the second quarter of 2022.

The Red Sea International surged 9 percent, despite seeing its first-half losses widen to SR67 million, following a revenue drop of 24 percent

Dr. Sulaiman Al Habib Medical Services Group decreased 0.46 percent, despite posting a 22 percent profit rise to SR789 million for the first half of 2022.

The Saudi British Bank, which was voted the best bank in 2022, declined 0.95 percent, while Alinma Bank decreased 0.27 percent.

The price of oil fell last week to its lowest level since February. Brent crude closed Friday at $94.92 a barrel and US West Texas Intermediate at $89.01 a barrel.


NRG Matters — China’s coal imports rise 24%; UAE’s Masdar to develop 2 GW renewable energy projects in Tanzania

NRG Matters — China’s coal imports rise 24%; UAE’s Masdar to develop 2 GW renewable energy projects in Tanzania
Updated 57 min 16 sec ago

NRG Matters — China’s coal imports rise 24%; UAE’s Masdar to develop 2 GW renewable energy projects in Tanzania

NRG Matters — China’s coal imports rise 24%; UAE’s Masdar to develop 2 GW renewable energy projects in Tanzania

RIYADH: On a macro level, China’s coal imports surged 24 percent in July to near the highest levels so far this year. Zooming in, Abu Dhabi’s Masdar signed an agreement with Tanzania Electric Supply Co. to develop 2 GW renewable energy projects in the African country. 

Looking at the bigger picture:

Egypt is expected to issue a request for qualifications for the initial phase of its long-term water desalination program, according to MEED.

The North African country aims to develop up to 3.8 million cubic meters a day of water desalination capacity over the next 18 to 24 months. 

China’s coal imports surged 24 percent in July to near the highest levels so far this year, according to Reuters. 

Through a micro lens:

Abu Dhabi’s Masdar has signed an agreement with Tanzania Electric Supply Co. to develop 2 GW renewable energy projects in the African country, according to Trade Arabia. 

Through the joint venture, the two companies will initially target the development of renewable energy projects with a capacity of about 600 MW starting with solar photovoltaic and onshore wind.


Egypt In-Focus— Saudi Egyptian Investment Co. aims to attract $10bn; Nile River cleanup campaign

Egypt In-Focus— Saudi Egyptian Investment Co. aims to attract $10bn; Nile River cleanup campaign
Updated 07 August 2022

Egypt In-Focus— Saudi Egyptian Investment Co. aims to attract $10bn; Nile River cleanup campaign

Egypt In-Focus— Saudi Egyptian Investment Co. aims to attract $10bn; Nile River cleanup campaign

CAIRO: Egypt’s pre-qualification requests to develop 57 schools under the second phase of the public-private partnership project have received interest from 23 companies. 

The pre-qualification process is expected to get over by the end of August, MEED reported, citing the director of the PPP Central Unit at Egypt’s Finance Ministry Atter Ezzat Hannoura.

 The PPP unit is responsible for procurement of non-energy-related projects in Egypt that involve private sector participation and investment, it added.

Saudi Egyptian Investment Co. aims to attract $10bn in investments 

The Sovereign Fund of Egypt has partnered with Saudi Arabia’s Public Investment Fund to launch a new company — the Saudi Egyptian Investment Co. — which is set to attract investments worth $10 billion, the Egyptian Cabinet said.

The deal will help Egyptian and Saudi private companies diversify their markets, and benefit from one another, reported Egyptian Streets.

 The fund will target several sectors such as financial services, agriculture, health, manufacturing, and pharmaceuticals, it added.

This comes after Crown Prince Mohammed bin Salman announced the importance of investments in Egypt for the completion of the NEOM City Project.

Nile River cleanup campaign

Egypt’s Ministry of Irrigation and Water Resources has planned a major clean-up campaign along the Nile River on Sept. 17, in accordance with the World Cleanliness Day.

The purpose is to wash away all the pollution and waste that inevitably ends up in the world's longest Nile, Egypt Today reported.

The ministry is looking forward to the event, which will extend from Cairo all the way to the city of Aswan, it added.

“This major campaign to clean the Nile River will be recorded in the “Guinness Book of Records” as the longest campaign ever in the world,” stated Mohamed Abdel-Atti, minister of water resources and irrigation.