Plans afoot for new facility to produce low-carbon chemicals, says Saudi energy minister

Prince Abdulaziz bin Salman speaks at the 17th Annual Gulf Petrochemicals and Chemicals Association Forum in the Qatari capital on Sunday.
Prince Abdulaziz bin Salman speaks at the 17th Annual Gulf Petrochemicals and Chemicals Association Forum in the Qatari capital on Sunday.
Short Url
Updated 03 December 2023
Follow

Plans afoot for new facility to produce low-carbon chemicals, says Saudi energy minister

Plans afoot for new facility to produce low-carbon chemicals, says Saudi energy minister

RIYADH: Stressing the key role of the petrochemical industry in the fight against climate change, the Saudi energy minister disclosed the Kingdom’s plan to build a carbon dioxide utilization hub to produce low-carbon chemicals.

Prince Abdulaziz bin Salman was speaking at the 17th Annual Gulf Petrochemicals and Chemicals Association Forum in the Qatari capital on Sunday. He said the petrochemical sector has a crucial role to play in the global campaign to reduce greenhouse gas emissions.

Prominent industry leaders attended the forum titled “Using chemistry to achieve impactful transformation” and advocated the use of sustainable practices in the oil and gas sector.

The Saudi minister affirmed the Kingdom’s commitment to preserving cultural heritage while embracing positive changes.

“We’re not going to change our beliefs, we would not change our pride, of our history, of our culture, but I’m sure what we are trying to do with all of our visions is to make sure that the generations to come will be proud as we are today proud of ourselves,” he said.

“We envision (that) the (carbon utilization) hub will maximize value for carbon dioxide and enable new green industry in the Kingdom’s clean energy economy,” Prince Abdulaziz added.

He also expressed pride in the Kingdom’s success in converting oil derived from plastic waste into certified circular polymers, marking a first in the Middle East and North Africa through collaboration between Saudi Aramco, SABIC, and Total Energies.

Prince Abdulaziz also revealed plans for a minimum of four projects to be launched in the upcoming years, specifically emphasizing liquid-to-chemical processes.

SABIC CEO Abdulrahman Al-Fageeh emphasized the journey of the forum, a testament to a vision combining entrepreneurial spirit with industry knowledge inherited across generations.

Al-Fageeh acknowledged geopolitical risks and uncertainties but urged resilience and the discovery of new avenues for growth, underscoring chemistry as a solution provider to global challenges.

Saad Sherida Al-Kaabi, CEO of Qatar Petroleum, stressed the need for a meaningful and realistic transition, urging a common understanding of achievable goals.

He highlighted three essential areas, which include greater investment in energy efficiency and low carbon innovation, political commitment through coordinated policies, and raising awareness about the crucial role the chemical industry plays in improving lives worldwide.

Al-Kaabi concluded with a call for collective action to challenge the status quo and contribute to a better tomorrow.

The GPCA represents the downstream hydrocarbon industry in the Arabian Gulf.

Established in 2006, the association voices the common interests of more than 250 member companies from the chemical and allied industries, accounting for over 95 percent of chemical output in the Arabian Gulf region.

The industry makes up the second-largest manufacturing sector in the region, producing over $108 billion worth of products a year.

The association supports the region’s petrochemical and chemical industry through advocacy, networking, and thought leadership initiatives that help member companies to connect, share and advance knowledge, contribute to international dialogue and become prime influencers in shaping the future of the global petrochemicals industry.


ACWA Power, IRENA join hands to accelerate global renewable energy transition

ACWA Power, IRENA join hands to accelerate global renewable energy transition
Updated 18 April 2024
Follow

ACWA Power, IRENA join hands to accelerate global renewable energy transition

ACWA Power, IRENA join hands to accelerate global renewable energy transition

RIYADH: In a bid to add impetus to the adoption of clean energy sources worldwide, Saudi utility firm ACWA Power has signed a deal with the International Renewable Energy Agency, said a press release issued on Thursday.

The Saudi-listed firm said that the partnership aligns with its mission to provide sustainable energy solutions and seeks to accelerate the adoption and sustainable use of renewable energy across the globe. 

ACWA Power will work closely with IRENA to share crucial insights on infrastructure investment in renewable energy, green hydrogen advancement, solar energy, smart grids, and the intersection of energy and water, the press release said. 

The Saudi-listed company also announced its participation in various IRENA initiatives, such as Green Hydrogen, Collaborative Frameworks, Project Facilitation, the Alliance for Industry Decarbonization, the Utilities for Net-Zero Alliance, and the Coalition for Action.

As per the deal, ACWA Power and IRENA will investigate avenues to mobilize finance and investment for renewable energy projects, while also supporting infrastructure for the development, storage, distribution, transmission, and consumption of renewables. 

Moreover, collaborative workshops and seminars will be arranged to exchange best practices, enhance skills, and promote awareness of the energy transition among youth, professionals, and the public using IRENA’s platforms and programs. 

ACWA Power CEO Marco Arcelli said the partnership with IRENA marks a significant milestone in his company’s journey toward a sustainable energy future.

“By combining our strengths and resources, we are prepared to drive meaningful change and accelerate the transition to renewable energy on a global scale,” he said.

The CEO added that through collaborative partnerships and innovative solutions, ACWA Power remains committed to advancing the widespread adoption and sustainable use of renewable energy, shaping a brighter and more sustainable future for generations to come.

IRENA Director General Francesco La Camera commented: “We have less than a decade left to secure a fighting chance for a 1.5°C world. Accelerating the renewable-based energy transition needs industry leaders and this deal between IRENA and ACWA Power stands for the growing commitment of global industry to act on decarbonization.”

He added: “We need to act together to accelerate the sustainable use of renewables and green hydrogen across the globe.”


Closing Bell: TASI ends the week in green with trading turnover at $2.18bn

Closing Bell: TASI ends the week in green with trading turnover at $2.18bn
Updated 18 April 2024
Follow

Closing Bell: TASI ends the week in green with trading turnover at $2.18bn

Closing Bell: TASI ends the week in green with trading turnover at $2.18bn

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 36.37 points, or 0.29 percent, to close at 12,502.35.

The total trading turnover of the benchmark index was SR8.19 billion ($2.18 billion) as 130 stocks advanced, while 90 retreated. 

The MSCI Tadawul Index also increased by 5.98 points, or 0.38 percent, to close at 1,575.11.

The Kingdom’s parallel market, Nomu, followed suit and gained 305.77 points, or 1.16 percent, to close at 26,418.75. This comes as 33 stocks advanced, while as many as 27 retreated.

The best-performing stock on the main index was Saudi Arabian Amiantit Co., as its share price rose by 7.69 percent to SR30.80.

Allianz Saudi Fransi Cooperative Insurance Co. also performed well as its share price saw a 6.79 percent increase to close at SR20.16.

This comes as Abu Dhabi National Insurance Co. completed a strategic acquisition of a 51 percent stake in Allianz, according to the Emirates News Agency, WAM.

ADNIC Chairman Mohamed Al- Nahyan told WAM: “The connection between the UAE and Saudi Arabia is deep, mutually beneficial and ever-growing. At ADNIC, we see Saudi Arabia as a high-potential market which perfectly aligns with our overall growth strategy, and we are looking forward to unlocking new possibilities for growth and success.”

Other top performers include United Cooperative Assurance Co. and Saudi Pharmaceutical Industries and Medical Appliances Corp. whose share prices soared by 5.68 percent and 5.51 percent, to stand at SR11.16 and SR14.16 respectively.

The worst performer was Alkhaleej Training and Education Co., whose share price dropped by 5.27 percent to SR33.25.

On the announcements front, Saudi mining giant and Public Investment Fund subsidiary, Saudi Arabian Mining Co., known as Ma’aden, announced the launch of single stock options in a statement on Tadawul. 

SSOs will enable local and international investors to effectively hedge and manage portfolio risks as well as diversify products available for trading in the market. 


Saudi minister calls for ‘decisive financial policies’ to counter global economic uncertainties

Saudi minister calls for ‘decisive financial policies’ to counter global economic uncertainties
Updated 18 April 2024
Follow

Saudi minister calls for ‘decisive financial policies’ to counter global economic uncertainties

Saudi minister calls for ‘decisive financial policies’ to counter global economic uncertainties

RIYADH: Saudi Arabia’s finance minister on Thursday stressed the need for “decisive financial policies” across the world to navigate through uncertain economic conditions.

Speaking during the Spring Meetings 2024 of the IMF held in Washington, D.C, Mohammed Al-Jadaan noted that such a decisive approach would bolster resilience and sustainability amid the ongoing uncertainties.

He was attending a meeting of finance ministers and governors of the Middle East, North Africa, Afghanistan and Pakistan region with IMF Managing Director Kristalina Georgieva.

“I also participated in the Global Sovereign Debt Roundtable, where I highlighted the importance of enhancing Comparability of Treatment by establishing a clear and fair framework that ensures equitable treatment among all creditors,” Al-Jadaan said in a post on X.

Additionally, the minister participated in the second G20 finance ministers and central bank governors’ meeting held under the Brazilian presidency in Sao Paulo. He emphasized that effective climate action required a holistic approach.

He said that can be achieved “by integrating diverse sectors acknowledging the diversity of solutions to address climate challenges, including using innovative technologies to manage emissions.”

Al-Jadaan also met with Jose Vinals, chairman of Standard Chartered Bank, to discuss the regional and global economic outlook.

He also met with Spanish Minister of Economy, Trade, and Business, Carlos Cuerpo to discuss ways to enhance relations between the two countries.

Moreover, Al-Jadaan held talks with Jean Lemierre, chairman of Bank BNP Paribas, the global head of Official Institutions Coverage, Laurent Leveque, and the head of Debt Capital Markets, Alexis Taffin.

They discussed progress made in Saudi Arabia, as well as issues related to attracting investment and alternative financing.


Magrabi opens new complex in Makkah

Magrabi opens new complex in Makkah
Updated 18 April 2024
Follow

Magrabi opens new complex in Makkah

Magrabi opens new complex in Makkah

RIYADH: With a new branch in Makkah, Magrabi Hospitals and Centers are expanding to more Saudi cities to meet the growing demand for specialized ophthalmological and dentistry care.

Minister of Health Fahad Al-Jalajel inaugurated the medical complex and one-day surgery center in the holy city, accompanied by Magrabi Hospitals and Centers CEO Mutasim Alireza, the Group’s Deputy CEO and Cheif Operating Officer Abdulrahman Barzangi, and several officials and dignitaries.

Al-Jalajel underscored that the opening reflects the Kingdom’s commitment to enhancing the quality of its healthcare services and transitioning toward a more comprehensive and integrated medical system.

He further stated that this initiative is a vital component of the Health Transformation Program, a foundational aspect of Saudi Vision 2030, which has achieved significant milestones and advancements in the medical sector under the leadership of Crown Prince Mohammed bin Salman.

Following the official inauguration, the minister toured the complex’s facilities, noting its significance as a notable project and a valuable contribution to the Kingdom.

Alireza said: “This specialized medical complex underscores our commitment to being at the forefront of healthcare for ophthalmology and dental services and continuing our mission to offer specialized medical services that meet community needs with the utmost quality and safety.” 

In March, Magrabi Ophthalmology and Dentistry Hospital Dammam officially opened its doors in Al-Shaala, marking an achievement for medical care in Saudi Arabia.

The Magrabi Dammam health facility is the largest specialized center in the region and provides sub-specialized services, meeting the highest quality standards and leveraging the latest global technologies.


UAE records 64% surge in trademark registrations

UAE records 64% surge in trademark registrations
Updated 18 April 2024
Follow

UAE records 64% surge in trademark registrations

UAE records 64% surge in trademark registrations

RIYADH: The UAE recorded an annual 64 percent surge in trademark registrations, amounting to 4,610 in the first quarter of 2024, official data showed.

The figures, released by the nation’s Ministry of Economy, reveal the notable increase from 2,813 signups in the same period of 2023. 

March emerged as a particularly prolific period, with 2,018 new brands reported.

The trademarks registered during this time span a wide range of key sectors, including smart technology, transportation, food and beverage and pharmaceuticals as well as medical devices, finance, real estate, and more. 

The preceding months of January and February collectively accounted for 2,592 trademarks, further highlighting sustained growth and momentum in registrations.

As the country continues to position itself as a global business hub, trademark registrations serve as a crucial indicator of economic vitality and innovation-driven growth.

In a release on X, the ministry noted on April 17 that it has: “Worked on developing the trademark registration service, using the latest technologies and innovative solutions to achieve higher efficiency and better interaction with clients.”

The UAE’s adherence to international treaties and agreements further strengthens its trademark registration regime. 

By adhering to agreements like the Paris Convention for the Protection of Industrial Property and the Agreement on Trade-Related Aspects of Intellectual Property Rights or TRIPS, the UAE facilitates international trademark registration and enforcement, empowering businesses to broaden their operations across borders.

The nation has further established mechanisms for enforcing trademark rights and combating infringement. 

These include civil remedies, such as damages, injunctions, and seizure of infringing goods, as well as criminal penalties for trademark counterfeiting and piracy.