SABB completes $319m business deal between HSBC and Alawwal

In May, SABB announced that its two affiliates, HSBC Saudi Arabia, which it owns 49 percent of, and Alawwal Invest, which it owns 100 percent of, had signed a deal to trade certain business lines. (Shutterstock)
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Updated 18 September 2022

SABB completes $319m business deal between HSBC and Alawwal

SABB completes $319m business deal between HSBC and Alawwal

RIYADH: Saudi British Bank has completed a deal to trade certain lines of business between HSBC Saudi Arabia and Alawwal Invest Co. 

The deal, which is valued at SR1.2 billion ($319 million), involves lines of business including asset management, retail margin lending, and retail brokerage, which are estimated to be worth approximately SR767 million.

In May, SABB announced that its two affiliates, HSBC Saudi Arabia, which it owns 49 percent of, and Alawwal Invest, which it owns 100 percent of, had signed a deal to trade certain business lines.  

The deal is subject to post-completion modifications, as agreed between the parties involved, according to a bourse filing.


Fury stops Chisora to retain WBC heavyweight title

Fury stops Chisora to retain WBC heavyweight title
Updated 18 min 11 sec ago

Fury stops Chisora to retain WBC heavyweight title

Fury stops Chisora to retain WBC heavyweight title

LONDON: Tyson Fury retained his World Boxing Council heavyweight title with a decisive stoppage win over British rival Derek Chisora on Saturday.
Fury, still unbeaten as a professional, dominated from the start, and with Chisora's eyes starting to close, referee Victor Loughlin stopped the fight shortly before the end of the 10th round at the Tottenham Hotspur Stadium.
The 34-year-old now boasts a record of 33 wins from 34 fights with one draw.
Fury's latest win also paved the way for a unification bout with Oleksandr Usyk, the IBF, WBA and WBO heavyweight champion.
Usyk was at ringside on Saturday as he returned to the venue where he deprived Britain's Anthony Joshua of all those titles in September last year before defeating him again in Jeddah this July.
Soon after Fury's hand was raised in victory, he was involved in a ringside face-off with Usyk with only the ropes separating him from the Ukrainian.


Messi stars as Argentina set up World Cup quarter-final date with Netherlands

Messi stars as Argentina set up World Cup quarter-final date with Netherlands
Updated 15 min 30 sec ago

Messi stars as Argentina set up World Cup quarter-final date with Netherlands

Messi stars as Argentina set up World Cup quarter-final date with Netherlands

DOHA: Lionel Messi finally scored a goal in the knockout rounds of the World Cup on Saturday as he inspired Argentina to a 2-1 win over Australia that sets up a mouthwatering quarter-final showdown with the Netherlands, who proved too strong for the United States earlier.
The Argentina captain marked his 1,000th career appearance with his 789th goal to open the scoring in the first half at Doha’s Ahmad bin Ali Stadium.
It was a classy finish from a player appearing at his fifth World Cup but who had never previously found the net in a knockout tie at the tournament he is looking to win for the first time at the age of 35.
It looked like Argentina were going to run away with the game when Julian Alvarez took advantage of a goalkeeping mistake to double their lead just before the hour mark.
Yet an Australia team who had already defied all expectations in Qatar just in reaching the last 16 went down fighting.
They pulled one back when a Craig Goodwin shot deflected in off Enzo Fernandez for an own goal and only a last-ditch challenge from Lisandro Martinez prevented Aziz Behich, of Dundee United in Scotland, from scoring a remarkable late equalizer.
“It was a really physical game but I am very happy with the victory and that we have taken another little step forward,” Messi told Argentine television.
Argentina were one of the pre-tournament favorites and have since bounced back from losing to Saudi Arabia in their opening game to progress to the last eight.
Australia, meanwhile, go home after failing in their quest to reach the quarter-finals for the first time, but it has been a memorable campaign for Graham Arnold’s Socceroos.
“It’s all about making the nation proud and I’m pretty sure we did that,” Arnold said.
“Everyone said we were the worst Socceroos to ever qualify for the World Cup and the worst Socceroos ever.
“That’s gone now.”
Argentina can now look forward to a last-eight tie next Friday against the Netherlands, a pairing that evokes memories of some classic World Cup contests, including the 1978 final won by the South Americans and a 1998 quarter-final decided by a brilliant Dennis Bergkamp goal.
Louis van Gaal’s Dutch side also started slowly in Qatar but they still topped their group and on Saturday they produced their best performance yet to beat the United States 3-1.
Their victory was set up by a wonderful early opening goal at the Khalifa International Stadium, with Memphis Depay finishing at the end of a 20-pass move.
Daley Blind got their second goal just before half-time and a late strike from Denzel Dumfries sealed a deserved victory after Hajji Wright had pulled one back.
“We always want to improve and, since the start of the tournament, it’s been getting better and better with each game,” Van Gaal said.
For the United States it was a familiar story — they enjoyed plenty of the ball but were hampered by the lack of a cutting edge.
USA coach Gregg Berhalter’s men head home after scoring just three goals in their four matches.
“When you look at the difference of the two teams, there was some offensive finishing quality that Holland had that we were lacking,” said Berhalter.
“We don’t have a Memphis Depay right now, who’s scoring in the Champions League, playing for Barcelona, experienced at scoring at this level.”
The last-16 action continues on Sunday as holders France take on Poland before England meet Africa Cup of Nations winners Senegal.
While Kylian Mbappe and Robert Lewandowski will attract most of the attention when the French and Poland face off, the game will also be significant for France captain Hugo Lloris as he equals Lilian Thuram’s national record of 142 caps.
“It is no small achievement. I am really honored at the figures and very proud, even if it is very much secondary to the fact that we are on the eve of the last 16 of the World Cup,” Lloris said.
England are expected to see off Senegal at Al Bayt Stadium but their manager Gareth Southgate has no intention of underestimating Aliou Cisse’s men.
“They have some excellent individual players who can cause problems, but a good structure as well,” he said.


Dumfries gets kissed as Oranje reach World Cup quarterfinals

Dumfries gets kissed as Oranje reach World Cup quarterfinals
Updated 23 min 7 sec ago

Dumfries gets kissed as Oranje reach World Cup quarterfinals

Dumfries gets kissed as Oranje reach World Cup quarterfinals

DOHA, Qatar: Louis van Gaal leaned to his left, wrapped his arm around Denzel Dumfries, and planted a kiss on the player’s cheek.
Dumfries probably deserved even more smooches from his coach on Saturday after leading the Netherlands into the World Cup quarterfinals with a goal and two assists in the 3-1 victory over the United States.
“Yesterday, or a day before yesterday, I gave him a big fat kiss,” Van Gaal said at the post-match news conference. “I am going to give him another big fat kiss so everybody can see.”
And so he did.
“There you go,” Van Gaal said, showing his affection for the right back, who plays for Italian club Inter Milan.
Dumfries did it all against the Americans as the Netherlands extended its unbeaten run to 19 games as it pursues an elusive World Cup title.
The Dutch national team carries the burden of probably being best soccer country to never have won the World Cup. The Netherlands has been the runner-up three times — 1974, 1978 and 2010 — and was third in 2014 after losing to Argentina on penalties in the semifinals.
However, the team failed to qualify in 2018, probably providing more motivation this time.
Dumfries scored Oranje’s final goal in the 81st minute on a volley after second-half substitute Hajji Wright scored in the 76th to briefly get the Americans back into the match. He also added assists on the other two goals at Khalifa International Stadium — Memphis Depay’s in the 10th, and Daley Blind’s in first-half stoppage time.
“It was a great game and I’m happy I can be important for the team,” said Dumfries, who is named for American actor Denzel Washington.
“I’m proud to have his name,” he said. “I am incredibly proud of Denzel Washington. He is a really strong personality who voices his views and I see that as an example.”
Dumfries said Oranje was “more focused” than it was in lackluster group games — a 1-1 draw with Ecuador and 2-0 victories over Senegal and Qatar.
“We knew that we could play better than we did in the first three matches,” he said.
The United States had more possession of the ball, and more attempts at goal — 16 to 12. But the Dutch dealt with that just fine.
“In Holland we’re used to having the ball, to having possession,” Dumfries said. “This is a different way of playing. I also understand the criticism in Holland because we can play much better with the ball.”
United States goalkeeper Matt Turner and the American defense were under constant pressure handling crosses into the 6-yard box.
“It was like they had a little bit of extra patience and cut the ball back, and we didn’t track well,” Turner said. “I felt like every time they crossed the ball they got a head on it or they got a piece of it.”
Cody Gakpo, who has scored three goals in the tournament, said what Van Gaal has been talking up: The Netherlands can finally win the title, though few think this is one of the nation’s best teams.
“We’ve believed in ourselves from the start and we’ve come here with a goal,” Gakpo said. “And that’s to try and become world champions. We believe in that.”


UK officials warn over Strep infections after child deaths

UK officials warn over Strep infections after child deaths
Updated 40 min 52 sec ago

UK officials warn over Strep infections after child deaths

UK officials warn over Strep infections after child deaths
  • Six children in England and Wales died after being diagnosed with the rare invasive Group A strep (iGAS) illness

LONDON: UK health officials warned on Friday that parents have to be alert for scarlet fever symptoms in their children, following the death of six youngsters from a more serious Group A strep-related illness.

British youngster Muhammad Ibrahim Ali, 4, started showing signs of a red rash across his lower back, and was prescribed antibiotics and Calpol.

Two weeks later, his condition worsened and he developed stomach pains, before dying in an ambulance en route to hospital.

Britain’s Health Security Agency (UKHSA) said five other children in England and Wales had died after being diagnosed with the rare invasive Group A strep (iGAS) illness.

UKHSA Deputy Director Colin Brown said the UK was “seeing a higher number of cases of Group A strep this year than usual” but resulting serious illnesses were “still uncommon.”

“The bacteria usually causes a mild infection producing sore throats or scarlet fever that can be easily treated with antibiotics,” he added.

“However, it is important that parents are on the lookout for symptoms and see a doctor as quickly as possible so that their child can be treated and we can stop the infection becoming serious.”

Brown urged parents to talk to a health professional if their child showed “signs of deteriorating after a bout of scarlet fever, a sore throat, or a respiratory infection.”

The UKHSA said there were 851 scarlet fever cases reported in England in the most recent week with statistics available, compared to an average of 186 for the preceding years.

Investigations are also underway following reports of an increase in lower respiratory tract Group A strep infections in children over the past few weeks, which have caused severe illness.

* With AFP


Full reliance on SAF beyond reach of current aviation technology

Full reliance on SAF beyond reach of current aviation technology
Updated 04 December 2022

Full reliance on SAF beyond reach of current aviation technology

Full reliance on SAF beyond reach of current aviation technology
  • The high cost of SAF will affect its utility when compared with conventional jet fuel, according to KAPSARC

RIYADH: Although aircraft manufacturers and airlines have all aimed to increase energy efficiency over recent decades, the move to find alternatives to fossil-based fuels has been a struggle.

While the International Air Transport Association and the International Civil Aviation Organization are pushing the industry to adopt sustainable aviation fuel, the goal might be beyond the reach of current technologies, noted Riyadh-based King Abdullah Petroleum Studies and Research Center.

SAF is a term the aviation industry uses to describe nonconventional fossil-derived aviation fuel. It uses various sustainable resources, including carbon captured from the air and green hydrogen mixed with traditional jet fuel “with no changes needed to the aircraft or infrastructure,” according to Amsterdam-based SAF producer SkyNRG.

It adds that these green fuels cut emissions by 70 to 80 percent per flight.

Brian Moran, the vice president of global sustainability policy and partnerships for Boeing, explained that SAF is made from different feedstock such as biomass residue, cooking oils, or waste gases.

Brian Moran, the vice president of global sustainability policy and partnerships for Boeing.

Different pathways have been created to convert recycled carbon by combining it with hydrogen to produce a new fuel, Moran told Arab News in an earlier interview.

He added: “It’s not one silver bullet, but sustainable aviation fuel and low carbon fuels on the road to sustainable aviation fuels play a really vital role. And that’s why we’re so invested there.

“In the next 20 years, the world needs 43,000 new airplanes. So it’s on us to make sure that we continue this descend of emissions reduction that we have been on.”

High demand

IATA says the main challenge of SAF producers is meeting the airline demand for alternate fuel.

In 2021, airlines had ordered 14 billion liters of SAF, which “addresses the issue of whether airlines will buy the product,” added Willie Walsh, the director general of IATA, in an interview with CNBC.

The aviation sector has the second-highest energy demand in the transportation industry after the roads sector.

Willie Walsh, the director general of IATA.

Reports show that airlines are slowly moving to adopt SAF, with Qatar Airways and Emirates among them.

Qatar Airways has said 10 percent of its flights will use the fuel by 2030, while Emirates signed a memorandum of understanding with America’s GE Aviation in November 2021 to conduct an Emirates Boeing 777-300ER test flight using 100 percent SAF by the end of the year.

Pan-European aircraft manufacturer Airbus announced that all its aircraft are certified to fly with a mix of up to 50 percent SAF blended with kerosene. The aim is that all of its planes will be able to fly solely using SAF by 2030.

HIGHLIGHT

While the International Air Transport Association and the International Civil Aviation Organization are pushing the industry to adopt sustainable aviation fuel, the goal might be beyond the reach of current technologies, noted Riyadh-based King Abdullah Petroleum Studies and Research Center.

“I think quantity is the main issue at the moment. Governments should intensify the production of SAF. The reality is that airlines used every single drop of sustainable fuel that was available to us in 2021,” Walsh said in an interview issued by the association.

Even though about 100 million liters of SAF were used last year, according to Walsh, “that’s a very small amount compared to the total fuel required for the industry.”

Boosting supplies

Before 2021, only two companies globally produced SAF commercially: Finland-based Neste and Boston-based World Energy, according to the US Global Investors, a Texas-based investment adviser.

Other companies entering the field in 2021 and 2022 include Spain’s Repsol, France’s TotalEnergies, the UK’s BP, Phillips 66 and California-based Fulcrum BioEnergy.

IATA expects to see SAF production hit 7.9 billion liters by 2025, which would meet only around 2 percent of the industry’s fuel requirements. (Shutterstock)

Neste has a small annual capacity for 100,000 metric tons of SAF, but it claims to be on track to increase this to 1.5 million tons by the end of 2023 at its facilities in Europe and Singapore.

On the other hand, World Energy is planning to convert a refinery in Houston to a SAF plant, while Boeing is establishing a facility in Japan to begin researching and developing SAF.

In March, Riyadh-based Alfanar announced it had invested £1 billion ($1.3 billion) in a UK project which produces SAF from waste.

The Lighthouse Green Fuel project generates more than 180,000 metric tons annually in the UK, the firm said in a statement.

The cost factor

The high cost of SAF will affect its utility when compared with conventional jet fuel, according to KAPSARC. IATA estimates SAF generally costs twice or four times as much as any aviation fuel.

According to the Air Transport Action Group, this is happening in an industry that saw 1,478 airlines account for 2.1 percent of all carbon dioxide emissions and 12 percent of the transportation sector discharge in 2019.

“We are committed to supporting Saudi Arabia to succeed in open banking. And that is why we’re working the entire ecosystem, be it the fintech, banks or the regulator,” said Abdulla Al-Moayed, CEO and founder of Tarabut Gateway. (Supplied)

That year, the industry spent $186 billion on 95 billion gallons of fuel to fly its passengers worldwide.

Fossil fuel spending will remain a deciding factor for this sector for some time. Commercial aircraft, like trains and heavy-goods vehicles, cannot rely on electric engines, as they do not provide the thrust these power-hungry vehicles demand.

IATA expects to see SAF production hit 7.9 billion liters by 2025, which would meet only around 2 percent of the industry’s fuel requirements. However, by 2050, the association says production would jump to 449 billion liters or 65 percent of the sector’s needs.