China’s clean power firm Sungrow to supply energy storage system for NEOM

China’s clean power firm Sungrow to supply energy storage system for NEOM
Under the terms of the MoU, Sungrow will provide a 536 megawatt/600 megawatt-hour facility for the Giga project. (Supplied)
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Updated 14 December 2022

China’s clean power firm Sungrow to supply energy storage system for NEOM

China’s clean power firm Sungrow to supply energy storage system for NEOM

RIYADH: China-based clean power firm Sungrow has signed a Memorandum of Understanding with Saudi Arabia-based power generation company ACWA Power to supply an energy storage system for NEOM city, according to a statement.

Under the terms of the MoU, Sungrow will provide a 536 megawatt/600 megawatt-hour facility for the Giga project.

In addition to this, Sungrow and ACWA Power also signed a strategic cooperation agreement in an attempt to encourage collaboration between China and the Kingdom in the clean energy industry.

This will also raise the contribution of both countries to the Belt and Road Initiative and the Saudi Vision 2030 respectively.

Sungrow already has a presence in the Gulf as it previously provided inverters for a number of solar photovoltaic projects in the region.

Among the projects that Sungrow has participated in are the 1.6 GW Sudair project in the Kingdom, the 800 MW Al-Kharsaah project in Qatar, a 900 MW project in Dubai, as well as a 1.5 GW photovoltaic solar project in Abu Dhabi.

Founded in 1997, Sungrow is committed to providing clean power for all and is steadfast in its efforts to become the global leader in clean power conversion technology.

Earlier this year, in April, ACWA Power and its partners kicked off the construction work at the world's largest green hydrogen project in NEOM. 

The partners announced a limited notice to proceed with a $900 million contract for the engineering, procurement and construction of the project, according to a bourse filing by ACWA Power. 

Paddy Padmanathan, CEO of ACWA Power, told Arab News in an interview last year that the project will be a game-changer for the Kingdom and the company as it will help ACWA expand into the green hydrogen business once it’s completed.

The facility is anticipated to be powered by 4 GW of renewable power from onshore solar, wind, and storage.

NEOM is a pillar of Saudi Arabia’s Vision 2030 and is being precisely constructed with a foundation that serves nine specialized investment sectors: energy, biotech, food, mobility, advanced manufacturing, technological and digital sciences, tourism, media, and entertainment; all sectors strategically designed to attract international investment, and all part of a grand push to diversify Saudi Arabia’s oil-centric economy.

The deal between Sungrow and ACWA Power comes just days after the visit of Chinese President Xi Jinping to the Kingdom saw the signing of 35 investment agreements involving organizations from the two countries.

The deals covered a range of sectors, including green energy, technology and cloud services, and were worth about $30 billion, and come as China seeks to shore up its COVID-19-hit economy and the Kingdom continues to diversify its economic and political alliances in line with Vision 2030.


Nuclear energy offers ‘a golden opportunity’ to build a clean world

Nuclear energy offers ‘a golden opportunity’ to build a clean world
Updated 07 February 2023

Nuclear energy offers ‘a golden opportunity’ to build a clean world

Nuclear energy offers ‘a golden opportunity’ to build a clean world

RIYADH: Being a cost-effective and low-carbon solution, nuclear energy “offers a golden opportunity” to help build a clean world, according to the director general of the World Nuclear Association.

Sama Bilbao y Leon was speaking as a keynote speaker at the 44th IAEE International Conference in Riyadh on Tuesday. The top official said nuclear energy offers an opportunity to build a cleaner and more equitable world in which everyone has access to “clean, abundant and affordable round-the-clock energy and high quality of life.”

“As a low-carbon energy source, nuclear power can play a very important role, decarbonizing other difficult-to-able sectors,” she said.

The official said nuclear energy is certainly a cost-effective, low-carbon solution and a catalyst for economic development. It is more efficient than other sources when we think of energy transition, she added.

She, however, cautioned saying that much work is needed to deploy nuclear power with determination and speed.

Leon also pointed out that the current energy market is unstable, and there is a need to take a step back and adopt scientific approaches to make the sustainable energy transition a success.

Yousef Al-Ghamdi, executive director of strategic planning at the Saudi Electricity Co. noted that renewable energy will play an important role in energy transition, especially hydrogen energy.

Shihab Elborai, a partner at Strategy& Middle East, underscored the importance of technological advances to meet the challenges of climate change. He said recycling can help mitigate the climate effect and reduce carbon in the environment, therefore countries should invest in efficient technologies to improve the energy sector.

Peter Hartley, the George A. Peterkin Professor of Economics at Rice University, said natural gas is cheaper and a better option and as an energy source is going to stay. He added that nuclear energy is a costly affair.

Ayad Alamri, executive director for business development, at ACWA Power, said that PVC has a key role in clean energy management and distribution as we are aiming at a net-zero future.


Saudi, Hong Kong bourses sign MoU to explore listing opportunities

Saudi, Hong Kong bourses sign MoU to explore listing opportunities
Updated 07 February 2023

Saudi, Hong Kong bourses sign MoU to explore listing opportunities

Saudi, Hong Kong bourses sign MoU to explore listing opportunities

RIYADH: Saudi Tadawul Group Holding Co. has signed a memorandum of understanding with Hong Kong Exchanges and Clearing to work together to explore listing opportunities and collaborate in sectors such as fintech and environmental, social and governance, according to a tweet by the parent company of the Saudi Exchange.

The MoU reflected the HKEX’s “ongoing commitment to driving global connectivity and shaping a successful shared sustainable future,” said Nicolas Aguzin, CEO of the Hong Kong bourse operator.

“This MoU brings us one step closer toward enabling cross listings and other areas of collaboration between Saudi Arabia and Hong Kong,” Tadawul CEO Khalid Al-Hussan was quoted as saying by the Chinese media.

“As we seek to position the Saudi capital market as an investment hub between East and West, we are seeing increased interest from issuers and investors in Asia.”

 

 


Saudi Arabia-China Entrepreneur Association launched at LEAP

Saudi Arabia-China Entrepreneur Association launched at LEAP
Updated 07 February 2023

Saudi Arabia-China Entrepreneur Association launched at LEAP

Saudi Arabia-China Entrepreneur Association launched at LEAP

RIYADH: The Saudi Arabia-China Entrepreneur Association was launched at the LEAP 2023 conference in Riyadh on Tuesday.

The association — comprising over 100 Saudi and Chinese businesses, government entities, nongovernmental organizations, and academic institutions — seeks to boost cooperation between the private sectors on both sides along with bilateral ties at the government level. 

The nonprofit organization is supported by the Saudi Ministry of Communications and Information Technology and the Saudi Federation for Cybersecurity, Programming, and Drones. It will be operated by eWTP Arabia Capital.

“In line with Saudi Arabia’s Vision 2030, SCEA will enable cross-border investments and valuable collaborations,” said Jerry Li, founder and managing partner of eWTPA. 

The organization also plans to promote investment, encourage innovation, and develop social responsibility and public welfare.  

“China is a strategic partner for Saudi Arabia in terms of technology and innovation. Having worked closely with Alibaba and eWTPA for the last three years, I highly appreciate their efforts in contributing to the development of our local digital ecosystem,” said Faisal Al-Khamisi, chairman of the Saudi Federation for Cybersecurity, Programming, and Drones. 

Al-Khamisi added: “This association will take our collaboration to the next level and provide the broader Saudi-China business community with a forum to share valuable experiences.”   


Jordanian-Iraqi business forum to start Wednesday in Baghdad

Jordanian-Iraqi business forum to start Wednesday in Baghdad
Updated 07 February 2023

Jordanian-Iraqi business forum to start Wednesday in Baghdad

Jordanian-Iraqi business forum to start Wednesday in Baghdad
  • 3-day conference being held under title ‘Partnership for the Future’
  • Jordanian delegation to include company representatives from range of sectors

AMMAN: A Jordanian-Iraqi business forum will on Wednesday get underway in Baghdad with company representatives and investors from both countries taking part.
The Jordan Chambers of Commerce and Industry and the Jordanian Businessmen Association are co-organizing the three-day event, which is being held under the title “Partnership for the Future,” the Jordan News Agency reported on Tuesday.
The participating Jordanian delegation will include representatives of firms operating in various economic sectors including foodstuffs, communications, information technology, medicines, clothing, financial and banking services, insurance, construction, contracting, real estate development, tourism, agriculture, mining, and plastics industries.
In regard to the current global economic situation, the forum will provide a chance for the private sectors of Jordan and Iraq to work together and make the most of the opportunities available, advancing the strategic goals and common interests of the two countries.
The forum will be held concurrently with the joint Jordanian-Iraqi committee meetings and will feature bilateral talks between Jordanian and Iraqi business leaders as well as an overview of investment opportunities in Jordan.
The Jordanian party will be one of the biggest economic delegations to visit Baghdad, reflecting Amman’s desire to forge close economic ties with Iraq and support initiatives launched by King Abdullah II and the Iraqi leadership.


Tonomus teams with Oracle, Nvidia to boost AI capabilities across NEOM, Saudi Arabia

Tonomus teams with Oracle, Nvidia to boost AI capabilities across NEOM, Saudi Arabia
Updated 07 February 2023

Tonomus teams with Oracle, Nvidia to boost AI capabilities across NEOM, Saudi Arabia

Tonomus teams with Oracle, Nvidia to boost AI capabilities across NEOM, Saudi Arabia

 

RIYADH: With the aim of boosting artificial intelligence capabilities across NEOM and Saudi Arabia, Tonomus announced it had teamed up with Oracle and Nvidia at LEAP 23 on Tuesday.
The collaboration by Tonomus, a cognitive multinational conglomerate and the first company to be established as a full-fledged subsidiary of NEOM, is designed to accelerate AI-powered innovation for a broad range of use by enterprises and government organizations.
Tonomus will provide customers with direct access to Nvidia’s advanced AI, digital twin solutions that take advantage of the planned Oracle cloud region to be located at NEOM.
“The longstanding alliance between Oracle and Nvidia complements Tonomus’ ongoing mission to build the infrastructure and ubiquitous connectivity required to enable the world’s first ecosystem of cognitive technologies,” Joseph Bradley, CEO of Tonomus, said.
“This monumental collaboration will empower NEOM with geographical advantage and place Saudi Arabia firmly on the map as a regional hub for the provision of AI capabilities.”
“Tonomus will benefit from Oracle cloud infrastructure’s unmatched capability of supporting modern cloud native applications in a secure environment. This, coupled with our existing partnership with Nvidia, will speed AI adoption for enterprises,” added Richard Smith, executive vice president, cloud and technology, Europe, Middle East, and Africa of Oracle.
“Nvidia software and systems on OCI provide an ideal platform for developers like Tonomus to build AI-forward, modern cities,” Jaap Zuiderveld, vice president of EMEA at Nvidia, commented.