Emirates operates MENA’s first test flight powered by 100% green fuel

The Emirates flight will act as a reference for potential demonstrations in the near future where 100 percent sustainable aviation fuel is approved.
The Emirates flight will act as a reference for potential demonstrations in the near future where 100 percent sustainable aviation fuel is approved.
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Updated 30 January 2023

Emirates operates MENA’s first test flight powered by 100% green fuel

Emirates operates MENA’s first test flight powered by 100% green fuel

RIYADH: The UAE’s Emirates airlines has operated its breakthrough test flight powered by 100 percent sustainable aviation fuel, according to a press release.

The flight is the first of its kind in the Middle East and North Africa region. It is “a milestone moment for Emirates and a positive step for our industry as we work collectively to address one of our biggest challenges — reducing our carbon footprint,” a statement quoted Chief Operating Officer of Emirates Adel Al-Redha as saying.

Nowadays, sustainable aviation fuel is used in airplanes but only in blends of 50 percent with conventional jet fuels.

 

That said, the Emirates flight will act as a reference for potential demonstrations in the near future where 100 percent sustainable aviation fuel is approved.

“We hope that landmark demonstration flights like this one, will help open the door to scale up the SAF supply chain and make it more available and accessible across geographies, and most importantly, affordable for broader industry adoption in the future,” Al-Redha added.

It is important to note that in order to procure and develop a sustainable aviation fuel blend that is capable of replacing conventional jet fuel, Emirates worked with its partners, namely GE Aerospace, Boeing, Honeywell, Neste, and Virent. 

“Sustainable aviation fuel will play a critical role in the aviation industry’s commitment to becoming net zero by 2050, requiring strong industry collaboration,” said Omar Arekat, vice president of commercial sales and marketing, Middle East at the Boeing Co.

“Sustainable aviation fuel plays a crucial role in reducing the emissions of air travel but to fully leverage its decarbonization potential we need to enable 100 percent sustainable aviation fuel use,” added Jonathan Wood, vice president of EMEA, renewable aviation at Neste.


Dubai inflation rises close to 5% in February on higher F&B prices 

Dubai inflation rises close to 5% in February on higher F&B prices 
Updated 12 sec ago

Dubai inflation rises close to 5% in February on higher F&B prices 

Dubai inflation rises close to 5% in February on higher F&B prices 

RIYADH: In line with the global trend, Dubai saw its annual inflation rate rising to 4.9 percent in February driven by an increase in food and beverages costs, the latest data from the emirate's Statistics Center showed.   

This comes as Dubai’s Consumer Price Index rallied by 0.32 percent in February from 4.58 in January.  

According to the report, food and beverage prices increased by 6.29 percent in February, while the prices of housing, water, electricity, gas and other fuels surged by 4.87 percent.  

The rise in inflation for the month of February was also driven by an increase in prices of restaurants and accommodation services and insurance and financial services which went up by 4.47 percent and 5.41 percent respectively.  

The report, however, added that the prices of furnishings, household equipment and routine household maintenance marginally went down to 9.42 percent in February, from 9.50 percent in January.  

Inflation in the UAE has stayed relatively low when compared to other parts of the world, as the emirate showed signs of recovering from the pandemic, amid global economic headwinds.  

According to the UAE Central Bank, the country’s economy had grown 7.6 percent in 2022, the highest in 11 years, after expanding by 3.9 percent in 2021.  

Earlier in March, data analytics firm Kantar said that inflation and the resulting price rises are putting pressure on consumers in the UAE.  

“Spending has remained high since 2019 and this ongoing financial strain is leading consumers to change the way they shop,” said Imtiaz Hashem, consumer insights director at Kantar Worldpanel, UAE. 

But despite this, he added the UAE economy ended 2022 solidly and signs suggest this growth will continue but might slow in the first half of 2023.  

In February, a report released by Kuwait-based investment strategy and research firm Kamco Invest said that the inflation rate in the Gulf Cooperation Council countries is showing a downward trend in 2023 compared to 2022.  

The International Monetary Fund, in its World Economic Report, also noted that nearly 84 percent of the countries in the world are forecasted to have lower consumer price index inflation growth in 2023 than in 2022.  

IMF added that global headline inflation would fall from an annual average of 8.8 percent in 2022 to 6.6 percent in 2023 and further to 4.3 percent in 2024.  

Amid economic uncertainties, Saudi Arabia also showed strong signs of combating inflation effectively in February.  

In March, a report released by Saudi Arabia’s General Authority for Statistics showed the Kingdom’s inflation rate has softened to 3 percent in February 2023, against 3.4 percent recorded in January, driven by a slight decrease in food and beverage prices.  

The monthly consumer price index was affected by a 0.6 percent fall in food and beverages prices, as a result of the decrease in food by 0.7 percent.  

The GASTAT data revealed that transport prices also fell by 0.5 percent in February against the previous month, mainly due to the decrease in motor car prices by 0.9 percent.    


Saudi Venture Capital launches $80m Saudi fintech fund 

Saudi Venture Capital launches $80m Saudi fintech fund 
Updated 39 min 40 sec ago

Saudi Venture Capital launches $80m Saudi fintech fund 

Saudi Venture Capital launches $80m Saudi fintech fund 

CAIRO: Saudi Arabia’s booming fintech sector is set to be boosted by an $80 million investment fund launched by Saudi Venture Capital Co..

The ‘Investment in Fintech VC Fund’ was launched in partnership with Saudi Arabia’s Capital Market Authority and the Financial Sector Development Program to preserve the Kingdom’s fintech industry growth that attracted almost 25 percent of all Saudi venture capital funding last year. 

SVC aims to stimulate and sustain financing for startups and small and medium enterprises from early stage to initial public offering by backing venture capital and private equity firms all around the region. 

The firm has been keen to empower the startup landscape in the Kingdom, and also signed a memorandum of understanding last month with the Saudi stock market Tadawul to support SMEs going public. 

The company will strategically place the new fund to support Saudi Arabia’s fintech ecosystem which raised $239 million in funding in 2022, according to venture data firm MAGNiTT. 

Saudi Arabia’s venture capital market has been one of the most attractive markets globally, capturing $987 million in funding last year, a 72 percent increase from the year before. 

The Kingdom’s 2022 funding boom came as investment across the world decreased by 35 percent year-on-year, while the US venture market experienced a 37 percent drop, according to Crunchbase. 

The UAE and Egypt, which are the region’s leading venture markets, also witnessed a decline in funding activity last year. 

Founded in 2018, SVC is a government investment company under the SME Bank and has invested in 35 funds which financed 525 companies through 904 deals. 


Oil Updates — Crude down; Venezuela president accepts resignation of oil minister  

Oil Updates — Crude down; Venezuela president accepts resignation of oil minister  
Updated 21 March 2023

Oil Updates — Crude down; Venezuela president accepts resignation of oil minister  

Oil Updates — Crude down; Venezuela president accepts resignation of oil minister  

RIYADH: Oil drifted lower on Tuesday as more than a week of banking turmoil kept weighing on market confidence. 

Brent crude futures for May settlement dropped 84 cents, or 1.14 percent, trading at $72.95 per barrel at 11.00 a.m. Saudi time.  

US West Texas Intermediate crude futures were down 56 cents, or 0.83 percent, to $67.08 a barrel. 

In the previous session, both Brent and WTI fell about $3 a barrel before settling higher. That followed Swiss bank UBS throwing a lifeline to Credit Suisse and major central banks saying they would enhance market liquidity and support the banking system. 

Venezuela’s Maduro accepts resignation of oil minister El Aissami 

Venezuela’s President Nicolas Maduro on Monday accepted the resignation of the country’s oil minister Tareck El Aissami, following the detention of at least six high-level officials amid a corruption probe focused on state-run company PDVSA and the judiciary. 

El Aissami had said earlier on Monday on Twitter he would resign to fully support the investigations. The probe especially touches PDVSA, which is supervised by the oil ministry. 

Maduro did not immediately name a replacement for El Aissami, who has served as vice president, and as a minister and mayor over the past two decades. 

Brazil environment agency asks for more info from Petrobras  

Brazil’s environmental regulator Ibama has asked Petrobras for additional information on its plan to drill at the mouth of the Amazon river before authorizing the company to test its emergency oil spill response, the agency’s president told Reuters. 

Ibama has not defined a test date because Petrobras did not deliver all of the documents required, but it will be scheduled as soon as the company provides the information, the agency’s president Rodrigo Agostinho said. 

Petrobas views the mouth of the Amazon as the newest and most important frontier for oil exploration in Brazil and the company planned the test to assess its response in the event of a major spill. 

The company has been working for years to open up a new exploration frontier in a region close to Guyana, where Exxon Mobil has made important discoveries and many wells were drilled. 

Later on Monday, Petrobras said it had just filed details and responses to Ibama’s demands. 

“After analysis and agreement by the environmental agency, the date for carrying out the pre-operational assessment may be defined together with Ibama,” the company said in a statement. 

The area was auctioned in 2013 and Petrobras has planned to explore there for years after BP and TotalEnergies gave up on their assets, even after investing in studies, because of difficulties in obtaining drilling licenses. 

Iran counts on ‘huge volumes’ of oil and gas swaps from Russia 

Iran counts on “huge volumes” of oil and gas swaps from Russia this year, Iranian Economy Minister Ehsan Khandouzi said in an interview with Russia’s RIA state news agency.  

“This year will witness huge volumes of swap supplies. We are very pleased that Tehran and Moscow have started cooperation on the issue of swap supplies of oil and gas,” Khandouzi was cited as saying. 

There were no details on what volumes of oil and gas Iran is expecting. 

(With input from Reuters)  

 
 

 


Saudi Arabia issues 46 mining licenses in January 

Saudi Arabia issues 46 mining licenses in January 
Updated 20 March 2023

Saudi Arabia issues 46 mining licenses in January 

Saudi Arabia issues 46 mining licenses in January 

RIYADH: Saudi Arabia’s Ministry of Industry and Mineral Resources issued 46 new mining licenses in January 2023 – a 33 percent drop compared to the previous month.

The ministry reported that the permits included 31 reconnaissance licenses, 14 building materials quarry licenses, and extra mineral ores license, according to the Saudi Press Agency. 

It also reported that there are 2,230 mining licenses valid in the sector until the end of January 2023, with building materials quarry licenses accounting for 1,331.

This was followed by 647 reconnaissance licenses, and then 178 for mining and minor mine exploitation.

Some 42 were issued for observation, and 32 extra mineral ores licenses were granted. 

Riyadh region gained the most mining licenses in the sector, with 507 permits, followed by the Makkah region with 418 permits. The Eastern Province had 369 licenses, Madinah had 242 and 191 licenses for Asir. 

Saudi Arabia's Tabuk region had 139 licenses, Al-Qassim had 102 licenses, followed by 68 licenses in Hail, Jazan had 65 licenses, Najran was issued with 45, Al-Baha had 37 and the Northern Province area had 25, along with Al-Jouf’s 22 licenses. 

In accordance with the goals of the Kingdom's Vision 2030 and the National Industry Development and Logistics Program, the Ministry of Industry and Mineral Resources seeks to protect and increase the mining sector’s value. 

To make mining the third pillar of the national economy and seek to harness the Kingdom's mineral resources, which are spread across more than 5,300 sites and are valued at approximately SR5 trillion ($1.33 trillion).


Saudi Arabia’s factory sector sees 50% growth since Vision 2030’s launch: Deputy minister

Saudi Arabia’s factory sector sees 50% growth since Vision 2030’s launch: Deputy minister
Updated 20 March 2023

Saudi Arabia’s factory sector sees 50% growth since Vision 2030’s launch: Deputy minister

Saudi Arabia’s factory sector sees 50% growth since Vision 2030’s launch: Deputy minister

RIYADH: The number of factories in Saudi Arabia has increased 50 percent since the launch of Vision 2030 in 2016, according to the Deputy Minister of Industry and Mineral resources Osama bin Abdulaziz Al-Zamil.

His comments come after figures released last year showed there are now more than 10,000 industrial facilities in the Kingdom, with 1,023 factories starting operations in 2022 alone.

Speaking during the first day of the annual Saudi Industrial Renaissance Forum that took place in the Kingdom’s Al-Yamamah University, Al-Zamil affirmed reliance on the industrial and mining sectors as economic tributaries.

The deputy minister also use his speech at the event to praise the growing Saudi workforce, saying: “The bet today on our young men and women is a big and winning bet as they are the largest percentage in this country, which makes them the basic base for our transformation and change in all fields and their exceptional capabilities and permanent ambition for positive change constitute a great force for the success of the Kingdom’s vision programs and contribute to the development of the homeland.”

The Saudi Industrial Renaissance Forum focused on the vital role that the industry plays in developing and diversifying the national economy which also contributes to achieving the economic and social goals of the Kingdom’s Vision 2030.

“The forum brings together a group of speakers, experts and interested persons with specialization in lectures, discussion sessions, working papers sessions and refereed research papers on many topics, and witnesses a number of important sessions,” said Hussam bin Muhammad Ramadan, Al-Yamamah University president and chairman of the organizing committee.