Ethiopia starts power generation from second turbine at mega-dam

Ethiopia starts power generation from second turbine at mega-dam
Blue Nile Falls, Tis Issat, Ethiopia (Shutterstock)
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Updated 11 August 2022

Ethiopia starts power generation from second turbine at mega-dam

Ethiopia starts power generation from second turbine at mega-dam

RIYADH: Ethiopian Prime Minister Abiy Ahmed kickstarted electricity production from the second turbine at its controversial mega-dam on the Blue Nile on Thursday, despite continuing objections by Egypt and Sudan over the project, according to AFP.

Abiy also confirmed that a third filling of the multi-billion dollar Grand Ethiopian Renaissance Dam was under way, a development that led Egypt last month to protest to the UN Security Council.

Thursday’s move came even though there is still no agreement between Ethiopia and its downstream neighbors Egypt and Sudan about the GERD’s operations.

Abiy insisted that the third filling of the $4.2 billion dam — set to be the largest hydroelectric scheme in Africa — was not causing any water shortages for the two countries.

“We have repeatedly told downstream countries, especially Egypt and Sudan, that by generating power we’re developing our economy, as well as (our desire) to see our citizens who live in the dark see light,” he said.

There was “no aim to sideline and harm” those countries, he added.

Ethiopia first began generating electricity at the dam in February. Currently, the two turbines, out of a total of 13 at the dam, are generating 750 megawatts of electricity.

We are ready to face all scenarios after Ethiopia completes the third filling phase of the Renaissance Dam, and we expect an unprecedented rise in the Nile waters after the gates of the dam are opened, the Sudanese Minister of Irrigation Yasser Abbas told Asharq.  

 


Saudi Arabia issues 115 permits for new industrial units with $1bn investments: Data

Saudi Arabia issues 115 permits for new industrial units with $1bn investments: Data
Updated 12 sec ago

Saudi Arabia issues 115 permits for new industrial units with $1bn investments: Data

Saudi Arabia issues 115 permits for new industrial units with $1bn investments: Data

RIYADH: Saudi Arabia’s Ministry of Industry and Mineral Resources issued 115 industrial licenses with investments worth SR4 billion ($1.06 billion) in August 2022, official data showed. 

The data from the ministry revealed that the number of industrial units across the Kingdom reached 10,707, up from 10,685 in July 2022.

In August 2021, the number of industrial facilities across Saudi Arabia was 10,159.

According to the data, 68 factories became operational in August 2022, with an investment volume of SR2.3 billion.

Forty-one licenses were issued to industrial units in the Riyadh region followed by 26 in the Eastern Province and 22 in the Makkah region.

In the Madinah region, eight new factory licenses were issued in August, and it was followed by the Qassim region with seven, four in Asir,  three each in Tabuk and Hail regions and one license for a factory in the Jazan region.


War in Ukraine drags on global economy into 2023, OECD says

War in Ukraine drags on global economy into 2023, OECD says
Updated 1 min 31 sec ago

War in Ukraine drags on global economy into 2023, OECD says

War in Ukraine drags on global economy into 2023, OECD says

PARIS: Russia’s war in Ukraine and the lingering effects of the COVID-19 pandemic are dragging down global economic growth more than expected and driving up inflation that will stay high into next year, the Organization for Economic Cooperation and Development said Monday in a darkening outlook, according to AP.

The Paris-based organization projects worldwide growth to be a modest 3 percent this year before slowing further to just 2.2 percent next year, representing around $2.8 trillion in lost global output in 2023.

The war in Ukraine has driven up food and energy prices worldwide, with Russia a key global energy and fertilizer supplier and both countries major exporters of grain for millions of people worldwide already facing hunger.

Meanwhile, China’s COVID-19 lockdowns have shuttered large parts of its economy.

“The war, the burden of high energy and food prices, as well as zero COVID-19 policies from China, mean that growth will be lower, and inflation will be higher and more persistent,” OECD Secretary-General Mathias Cormann told reporters in Paris.

The inflation and energy supply shock led the OECD to project annual economic growth to slow to around 1.5 percent in the United States this year and just 0.5 percent next year.

The group expects the economy to grow 1.25 percent this year in the 19 countries using the euro currency, with risks of deeper declines in several European economies during the winter months, and 0.3 percent in 2023.

It noted the specter of energy shortages in Europe after Russia reduced supplies of natural gas needed to heat homes, generate electricity and power factories. Shortages could send energy prices up worldwide and force businesses to ration, pushing many European countries into a recession next year, the OECD said.

Growth in China is expected to drop to 3.2 percent this year. Except in 2020 when the pandemic emerged, it would be the lowest growth rate in China since the 1970s. The group projected it would rise slightly to 4.7 percent next year.

Inflation is expected to drop gradually through next year in most Group of 20 countries as central banks keep raising interest rates and global growth slows. Headline inflation is projected to ease from 8.2 percent this year to 6.6 percent in 2023 in the G-20 economies, but that’s still far above many central banks’ targets of 2 percent.

“These challenging economic situations will require bold, well-designed and well-coordinated policies,” Cormann said.

The OECD called for short-term help for people hurt the most by rising prices, further interest rate hikes by central banks, climate policies that follow countries’ search for alternate energy sources and international cooperation to strengthen food supplies.


TASI drops below 11k for the first time in over 9 months as the market trembles: Closing bell

TASI drops below 11k for the first time in over 9 months as the market trembles: Closing bell
Updated 26 min 55 sec ago

TASI drops below 11k for the first time in over 9 months as the market trembles: Closing bell

TASI drops below 11k for the first time in over 9 months as the market trembles: Closing bell

RIYADH: Saudi Arabia’s main index dropped below 11,000 points for the first time in nearly nine months thanks to falling oil prices and global recession fears.

The Tadawul All Share Index dipped 2.26 percent at the end of Monday’s trade, reaching 10,909 for the first time since Dec. 12, while the parallel market Nomu shed 0.84 percent to 19,708.

“The markets are likely to continue to be volatile and in jittery mode until inflation is under control.” Fawaz Al-Fawaz, a Saudi-based independent economist and columnist told Arab News.

Oil prices sank to sub-$85 for the first time since January, hot on the heels of aggressive interest rate rises across the world, including by the US Federal Reserve and the Saudi Central Bank.

The market fall was led by a 2.85 percent decline in oil behemoth Saudi Aramco and a 3.92 percent drop in the Kingdom's most valued bank Al Rajhi.

Riyad Bank slid 6.74 percent to lead the fallers, closely followed by Saudi petrochemicals maker Sipchem which was down 6.51 percent.

The Saudi National Bank, the Kingdom’s largest lender, decreased by 1.45 percent, while Saudi British Bank declined by 1.73 percent.

National Agricultural Development Co. shed 1.76 percent, following signing a non-binding memorandum of understanding with the Leha Agricultural Co. to produce potato seeds in Saudi Arabia.

Retal Urban Development Co. gained 3.39 percent, after selling its share in a land located in Al Khobar city for SR67 million ($18 million) to Maali Holding Co.

Anaam International Holding Group gained 5.6 percent to continue leading the gainers since early trade, after reporting that it turned into profits of SR1.6 million during the first half of 2022.

Saudi economist Ali Alhazmi told Arab News that the market direction is unpredictable, but he anticipated the decline to continue this week.

“The decline is from the uncertainty about the global economics, or also the decline of growth and the existence of recession in major economies, especially the US and the EU.”

“We cannot avoid the continued closure in China, which affects supply chains. We also have the ongoing war between Russia and Ukraine.”


Serco opens hub in Riyadh to elevate regional trade

Serco opens hub in Riyadh to elevate regional trade
Updated 26 September 2022

Serco opens hub in Riyadh to elevate regional trade

Serco opens hub in Riyadh to elevate regional trade

RIYADH: British public services firm Serco has opened its new headquarters in Riyadh as the company aims to develop its Saudi-based resources and leverage the location as a driver for local and regional trade.

According to a press release, the new office opened on Sept. 24, a day after Saudi Arabia’s National Day. 

The press release noted that Serco has already formed a specialized team with 15 percent Saudi-national representation, to deliver high-profile contracts with EXPRO and Royal Commission of AlUla. 

The company is also eyeing opportunities in the Kingdom’s smart cities and giga-projects, and these projects will be led by Serco’s Saudi national female country director, Mona Al-Thagafi.

“The opening of this new office, just after National Day on Friday, represents a key milestone for Serco as we fully embrace Saudization. We are already providing rewarding careers for young, local talent and creating many exciting opportunities in the future, for both men and women,” said Al-Thagafi. 

She added that Serco is offering candidates a chance to develop their skills through developmental, graduate and internship programs. 

The press release further added that the new office in Riyadh will also feature an ‘ExperienceLab,’ Serco's user-centered research and design agency, which the company says is “centered around people and innovation.” 

Speaking to Arab News in April 2021, Phil Malem, CEO of Serco for the Middle East region, opened up about the company’s aspirations in the Kingdom. “We are hugely enthusiastic about the potential of the Kingdom and we have tried to grow in line with Saudi Vision 2030. We are passionate about the Saudization program. It’s a key part of our strategy. We have continued to recruit, train and develop skills in Saudi nationals who can make a difference in the organization,” said Malem. 

He also added that Serco is closely following the development of Saudi giga projects including NEOM and The Red Sea Development Co. “We are actively in discussion around the potential of helping,” he said. 


Daman Investments launches UAE IPO fund for institutional investors

Daman Investments launches UAE IPO fund for institutional investors
Updated 26 September 2022

Daman Investments launches UAE IPO fund for institutional investors

Daman Investments launches UAE IPO fund for institutional investors

RIYADH: Dubai’s Daman Investments has launched a UAE initial public offering fund for professional and institutional investors, according to a statement. 

In line with the Gulf country’s plans to develop financial markets, the move will provide investors with higher returns compared to UAE stock market indices. 

Regulated and supervised by the Securities and Commodities Authority, the fund is expected to attract investment firms, professional investors and private family businesses.

“The fund will invest in the upcoming IPOs and in companies which have been listed during the past two years,” CEO Ahmed Khizer Khan said. 

He added the fund is “designed to meet the needs of professional and institutional investors, as it is expected to distribute quarterly and annual profits, respectively.”

This comes amid the rapid developments in financial markets and liquidity rates in the UAE.

In August, the UAE’s net financial surplus increased by 129 percent during the first quarter of this year, according to data from the UAE Ministry of Finance.

The surplus during the first three months of 2022 amounted to 36.4 billion dirhams ($10.1 billion), compared to 15.9 billion dirhams in the same period last year.