MENA Project Tracker—ADNOC on $500m cogeneration plant; MOIAI, EDGE sign MoU for Industry 4.0 Center

MENA Project Tracker—ADNOC on $500m cogeneration plant; MOIAI, EDGE sign MoU for Industry 4.0 Center
The 200 MW cogeneration plant cost approximately $500 million. (Shutterstock)
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Updated 07 August 2022

MENA Project Tracker—ADNOC on $500m cogeneration plant; MOIAI, EDGE sign MoU for Industry 4.0 Center

MENA Project Tracker—ADNOC on $500m cogeneration plant; MOIAI, EDGE sign MoU for Industry 4.0 Center

CAIRO: Over ten companies submitted their bids on 15th July for the contract to build a cogeneration plant utilized by Taziz derivatives complex in Abu Dhabi's Ruwais area.

The consortium of Abu Dhabi National Oil Co. and Abu Dhabi National Energy Co. tendered the contract on March 17, but many delays have occurred since, reported MEED.

The 200 MW cogeneration plant cost approximately $500 million.

This is part of the even bigger Ruwais derivatives park, which will cost $5 billion in total. 

MOIAI, EDGE sign MOU for 4.0 Enablement Center

The Ministry of Industry and Advanced Technology and EDGE have signed a memorandum of understanding to launch the UAE’s first Industry 4.0 Enablement Center, reported Construction Week.

The center’s purpose is to encourage and support digital transformation and the use of industry 4.0 technologies in the UAE’s manufacturing sector.

Moreover, it will help organizations better their productivity through the most updated and efficient technology. 


Chipmakers weigh on European shares; focus on US jobs data

Chipmakers weigh on European shares; focus on US jobs data
Updated 15 sec ago

Chipmakers weigh on European shares; focus on US jobs data

Chipmakers weigh on European shares; focus on US jobs data

BENGALURU: European shares slipped on Friday, led by semiconductor firms after weak earnings and forecasts from Samsung and Advanced Micro Devices, while recession fears lingered amid signs that central banks would remain aggressive with policy tightening, according to Reuters.

The continent-wide STOXX 600 index was down 0.3 percent, as of 0800 GMT, in line with a downbeat Asian trading session.

The index closed lower on Thursday after minutes from the European Central Bank’s last meeting fanned fears about the state of inflation in the euro zone and aggressive policy moves to tame it.

All eyes are on the US nonfarm payrolls report, due at 1230 GMT, which will show job growth likely slowed in September, although overall labor market conditions remain tight, providing the Federal Reserve with cover to continue hiking rates.

“The reason this data set is a big one, arguably the biggest since markets began to unravel, is because the data will show if the Fed’s enthusiastic interest rate hikes are now being felt in the jobs market,” said Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown.

“Today’s news will shape the Fed’s monetary decision in November.”

The STOXX 600 had rallied earlier this week after a smaller-than-expected rate hike by Australian central bank and softer US economic data spurred hopes of central bank pivot. The index has gained 1.9 percent so far in the week and is on pace for its best weekly performance since late July.

Meanwhile, data showed German retail sales fell more than expected in August, while industrial production contracted as supply bottlenecks remain due to pandemic-related distortions and the war in Ukraine.

Among stocks, European chipmakers fell after South Korea’s Samsung Electronics Co. Ltd. and US chipmaker AMD signalled the chip slump could be much worse than expected.

Infineon, BE Semiconductor, Soitec , Nordic Semiconductor, ASML, STMicroelectronics and ASMI dipped between 1.6 percent and 2.9 percent, dragging down the broader tech sector by 1.7 percent.

Adidas lost 2.8 percent after the German sporting goods maker put under review its business partnership with rapper and fashion designer Kanye West.

Renault jumped 3.7 percent to top the STOXX 600 index after ODDO BHF upgraded the French carmaker’s stock.

Credit Suisse rose 3.3 percent after the lender said it would buy back up to 3 billion Swiss francs ($3 billion) of senior debt securities, making a show of strength as it seeks to reassure investors after a tumultuous week. 


Diriyah Gate, National Housing Co. join efforts to enhance Saudi housing sector

Diriyah Gate, National Housing Co. join efforts to enhance Saudi housing sector
Updated 35 min 21 sec ago

Diriyah Gate, National Housing Co. join efforts to enhance Saudi housing sector

Diriyah Gate, National Housing Co. join efforts to enhance Saudi housing sector

RIYADH: Diriyah Gate Development Authority has signed a memorandum of understanding with the Saudi National Housing Co. to enhance cooperation in common areas that serve the housing sector.

Through this deal, Diriyah and NHC aim to elevate quality of life, improve the urban landscape, and provide designs models that are compatible with the urban code of Wadi Hanifa — a valley in Riyadh — and its tributaries, Saudi Press Agency reported.

The deal also aims at supporting the integration of efforts to increase the supply of designs for beneficiaries of NHC's services within Diriyah authority’s supervisory scope, based on the importance of coordination between them and seeking to expand areas of cooperation, which include initiatives, workshops, joint projects, exchange of data, experiences and statistics between the two parties.

Diriyah CEO Jerry Inzerillo stressed the importance of the MoU, as it includes holding a workshop entitled 'Design Studio', as well as NHC's notification to the authority of all its initiatives within the supervisory scope of the authority.

Workshops will be held by the authority regarding participation in the initiatives to explain the urban code of Wadi Hanifa, Inzerillo said.

The cooperation includes allocating a page on the company’s Sakani platform for beneficiaries of residential villa models within the supervisory scope of Diriyah under the title ‘Engineering designs compatible with the Wadi Hanifa code and its tributaries’, with the ability to display the designs of the authority on the Sakani platform through the same page, in addition to Diriyah platforms, NHC CEO Mohammad Albuty said.


Oil steady as focus turns to US economic data

Oil steady as focus turns to US economic data
Updated 07 October 2022

Oil steady as focus turns to US economic data

Oil steady as focus turns to US economic data

REUTERS: Oil prices steadied on Friday ahead of key US economic data after rising over 1 percent in the last session on cuts to OPEC+ production targets.

Brent crude futures slipped 11 cents to $94.31 a barrel by 0339 GMT. WTI crude futures were down 5 cents to $88.40 a barrel, after earlier hitting $89.37 per barrel, the highest since Sept. 14.

A stronger dollar added pressure on oil prices amid a chorus of hawkish Federal Reserve speakers signaling further aggressive central bank policy tightening.

Fed officials showed no intention of backing down from the most aggressive rate hike campaign in decades, with Fed Governor Lisa Cook, Chicago Fed President Charles Evans and Minneapolis Fed President Neel Kashkari all stressing that the

inflation fight was ongoing and they were not prepared to change course.

Markets are keenly watching the US nonfarm payrolls report due later on Friday, with economists forecasting 250,000 jobs to have been added last month, compared with 315,000 in August.

“Oil is leaking lower in Asia, which is not so unusual after a big run-up heading into the weekend, especially against rising US yields and a stronger dollar providing the downdraft and triggering some pre-weekend and pre-nonfarm payroll profit-taking,” Stephen Innes, managing partner at SPI Asset Management said in a note.

However, both benchmarks were headed for weekly gains, fueled by production cut announcement by OPEC+.

The cut from the Organization of Petroleum Exporting Countries and allies including Russia, together known as OPEC+, is the largest reduction since 2020 and comes ahead of a European Union embargo on Russian oil. The decision would squeeze supplies in an already tight market, adding to inflation.

“Market sentiment was already bearish in anticipation of a weakening global economy, and this decision should further tighten the market,” analysts at ANZ Research said in a note.

Tightening monetary policy and China’s ongoing COVID-related movement restrictions mean global demand growth is expected to come under pressure, ANZ added.

US President Joe Biden expressed disappointment on Thursday over OPEC+’s plans and he and officials said the United States was looking at all possible alternatives to keep prices from rising.

Some of those options include releasing more oil from the Strategic Petroleum Reserve or exploring a curb on energy exports by US companies. 

 


Riyadh tops global cities with fastest millionaire population growth

Riyadh tops global cities with fastest millionaire population growth
Updated 06 October 2022

Riyadh tops global cities with fastest millionaire population growth

Riyadh tops global cities with fastest millionaire population growth

RIYADH: Saudi Arabia’s capital Riyadh has recorded the fastest millionaire population growth globally in the first half of 2022, as the Kingdom’s economic growth progresses in line with the goals outlined in Vision 2030, according to London-based investment migration consultancy Henley & Partners. 

According to the report, the number of millionaires grew by 20 percent in Riyadh in the first half.

In the first half, Riyadh created 1,700 new high-net-worth individuals who have assets worth $1 million, while 850 people are multimillionaires with assets worth $10 million.

In the same period, 47 people became centi-millionaires with assets worth $100 million, while five people turned into billionaires.

According to the World Wealth Report 2022 issued by the Capgemini Research Institute for Financial Services in June, Saudi Arabia has the largest number of millionaires in the Middle East with more than 224,000 millionaires living in the Kingdom.

The report also suggested that Saudi Arabia is ranked 17th globally in the number of millionaires, with the number of high-net-worth individuals rising from 210,000 in 2020 to 224,000 in 2021. Sharjah also topped the list with a 20 percent growth, followed by Zambia's Lusaka and Dubai in the second spot, as both cities registered a growth of 18 percent.

Angola’s Luanda and Abu Dhabi secured the third spot, both cities reporting growth of 16 percent, followed by Nigeria’s Lagos at 15 percent and Austin at 14 percent in the fourth and fifth spots respectively.


Biden says he is surveying options after OPEC+ decision to cut output

Biden says he is surveying options after OPEC+ decision to cut output
Updated 06 October 2022

Biden says he is surveying options after OPEC+ decision to cut output

Biden says he is surveying options after OPEC+ decision to cut output

WASHINGTON/NEW YORK: US President Joe Biden expressed disappointment on Thursday over announced plans by OPEC+ nations to cut oil output and said the US was looking at its alternatives.

OPEC+ agreed to steep oil production cuts on Wednesday, curbing supply in an already tight market and raising the possibility of higher gasoline prices right before the US midterm elections in November, when Biden’s Democrats are defending their control of the House of Representatives and the Senate.

“We’re looking at what alternatives we may have,” Biden told reporters at the White House when asked about the OPEC decision. “There’s a lot of alternatives. We haven’t made up our minds yet,” he said.

“But it is a disappointment,” he added of the OPEC+ decision, and indicates problems.

Prices

Oil prices held at three-week highs on Thursday after OPEC+ decision. Brent crude futures gained 88 cents, or 0.9 percent, to $94.25 per barrel by 11:19 a.m. EDT (1519 GMT) after settling 1.7 percent up in the previous session. US West Texas Intermediate crude futures rose 79 cents, or 0.9 percent, to $88.55 after closing 1.4 percent up on Wednesday.

Separately on Wednesday, Russian Deputy Prime Minister Alexander Novak said Russia could cut oil output in an attempt to offset the effects of price caps imposed by the West over Moscow’s actions in Ukraine. 

A draw in US oil stockpiles last week also supported prices. Crude inventories dropped by 1.4 million barrels to 429.2 million barrels in the week ended Sept. 30, the Energy Information Administration said.