ACWA Power reaches 50 MW at South Africa’s Redstone solar plant

ACWA Power reaches 50 MW at South Africa’s Redstone solar plant
Redstone Concentrating Solar Power plant in South Africa. ACWA Power
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Updated 28 October 2024
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ACWA Power reaches 50 MW at South Africa’s Redstone solar plant

ACWA Power reaches 50 MW at South Africa’s Redstone solar plant

JEDDAH: Saudi utility firm ACWA Power has achieved a milestone of 50 megawatts at its Redstone Concentrating Solar Power plant in South Africa and is set to reach full capacity soon. 

In a press release, the company, in which the Public Investment Fund holds a 50 percent stake, stated that the project aims to provide clean energy to nearly 200,000 households while significantly reducing carbon emissions, with a total capacity of 100 MW. 

The successful synchronization of Redstone with South Africa’s national grid, facilitated by partnerships with Herlogas and SEPCOIII, reinforces ACWA Power’s position as a leading private investor in Africa's renewable energy sector, it added. 

With a plan to triple its business size announced in 2023, ACWA Power continues to expand globally, driven by its mission to deliver affordable and reliable energy solutions that foster economic and social development. 

Marco Arcelli, CEO of ACWA Power, said: “Our investments in Africa reflect our commitment to sustainable growth through strategic partnerships and leading-edge technology. ACWA Power is not only a financial leader but also a responsible partner and a pioneer in shaping Africa’s energy and water future.” 

He added that his company is keen to make additional investments in the most promising opportunities, aiming to bring positive change to communities throughout the continent. 

Additionally, the company noted that the Kom Ombo Photovoltaic plant in Egypt has reached its full production capacity of 200 MW, providing clean energy to over 200,000 households, marking another milestone in its African portfolio. 

With current investments totaling $7 billion across Africa, ACWA Power stands as a leading private-sector investor in renewable energy on the continent. 

Beyond power generation, the Saudi-listed company is advancing in green hydrogen, energy storage, and water desalination, thus strengthening Africa’s renewable energy and water landscape for the future.  

Recent agreements with the Egyptian and Tunisian governments underscore ACWA Power’s dedication to promoting green hydrogen initiatives and expanding its influence across the continent. 

Currently, ACWA Power manages a global portfolio of 65 gigawatts and has achieved record-low costs in power generation, water desalination, and potentially green hydrogen, with production expected from NEOM Green Hydrogen Company by 2026 — crucial for providing affordable and accessible solutions worldwide. 

With the lowest levelized water tariff globally, ACWA Power is positioned to enhance access to affordable, clean water across Africa, supporting its commitment to sustainability.


Saudi edtech platform AlGooru raises $4m to boost expansion, AI development

Saudi edtech platform AlGooru raises $4m to boost expansion, AI development
Updated 09 December 2024
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Saudi edtech platform AlGooru raises $4m to boost expansion, AI development

Saudi edtech platform AlGooru raises $4m to boost expansion, AI development

RIYADH: Saudi-based educational technology platform AlGooru has successfully raised $4 million in a pre-Series A funding round, combining both debt and equity financing.

The round was led by Constructor Capital, with additional support from Hub71, angel investors, and family offices.

Founded in 2021 by CEO Khalid Abou Kassem and Omer Awad, AlGooru connects students with on-demand private tutors, offering educational services in 20 core subjects, including mathematics, science, and language development.

The platform holds the distinction of being Saudi Arabia’s first licensed private tutoring service, ensuring its compliance with government regulations for secure and accessible learning.

The new funding will support AlGooru’s expansion across Saudi Arabia, with a focus on scaling its offline tutoring services, enhancing AI-driven technologies, and exploring new verticals. Strategic partnerships, expected to be announced in 2025, will further broaden the platform’s offerings.

This latest investment follows a successful $1.8 million seed round in 2022, led by RAZ Group, RZM Investment, 100 Ventures, RAY Investment, and Oqal Angel Investors.

Matthias Winter, managing partner at Constructor Capital, expressed confidence in AlGooru’s mission, stating, “We believe in AlGooru’s vision of making quality education accessible through innovation and technology.”

He added: “We see tremendous potential in the Kingdom and look forward to supporting Khalid and the AlGooru team in achieving their goals.”

With the new funding, AlGooru plans to further enhance its AI and data-driven capabilities to offer personalized learning experiences tailored to the evolving needs of students. The platform also aims to attract top-tier talent in the edtech sector to drive innovation and meet the growing demand for flexible, tech-enabled tutoring solutions.

“The continued support from our investors underscores the positive impact AlGooru is having in transforming the tutoring landscape in Saudi Arabia,” said Kassem.

“This investment positions us to not only redefine the tutoring sector in the Kingdom but also to contribute to the broader goal of enhancing educational accessibility and quality in the region.”

This new capital infusion marks a significant step toward AlGooru’s goal of reshaping education in Saudi Arabia and beyond, aligning with the Kingdom’s Vision 2030 goals for educational transformation and innovation.


Closing Bell: Saudi main index closes in green at 12,097 

Closing Bell: Saudi main index closes in green at 12,097 
Updated 09 December 2024
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Closing Bell: Saudi main index closes in green at 12,097 

Closing Bell: Saudi main index closes in green at 12,097 

RIYADH: Saudi Arabia’s Tadawul All Share Index edged up on Monday, gaining 142.16 points, or 1.19 percent, to close at 12,097.40.   

The total trading turnover of the benchmark index was SR6.81 billion ($1.81 billion), as 126 of the listed stocks advanced, while 96 retreated.    

The MSCI Tadawul Index decreased by 19.11 points, or 1.28 percent, to close at 1,516.60. 

The Kingdom’s parallel market Nomu surged, gaining 287.58 points, or 0.92 percent, to close at 31,502.85. This comes as 45 of the listed stocks advanced, while 34 retreated. 

The best-performing stock of the day was the Mediterranean and Gulf Insurance and Reinsurance Co., with its share price surging by 5.28 percent to SR22.32. 

Other top performers included Emaar The Economic City, which saw its share price rise by 5 percent to SR8.40, and Astra Industrial Group, which saw a 4.21 percent increase to SR183.  

Al Rajhi Bank and Al-Rajhi Co. for Cooperative Insurance also saw positive change with their share prices surging by 4.09 percent and 3.66 percent to SR94.20 and SR181.40, respectively. 

Etihad Atheeb Telecommunication Co. saw the steepest decline of the day, with its share price easing 3.38 percent to close at SR114.20.  

Middle East Healthcare Co. and Almunajem Foods Co. recorded declines, with their shares slipping 3.01 percent and 2.86 percent to SR74 and SR95.20, respectively. 

Fawaz Abdulaziz Alhokair Co. and Tamkeen Human Resource Co. also faced losses in today’s session, with their share prices dipping 2.57 percent and 2.24 percent to SR12.12 and SR69.70, respectively. 

The Saudi Exchange announced the listing and trading of Banan Real Estate Co. on the main market starting Monday. 

Banan’s opening price on TASI was SR8.25, matching its last closing price on Nomu. By the end of the session, the company’s shares edged down 0.61 percent to close at SR8.20. 

This transition raises the number of companies listed on TASI to 227, excluding 19 real estate investment trusts, while reducing the number of firms on Nomu to 104, excluding Alwaha REIT Fund. 


Trump Tower to rise in Jeddah, boosting Saudi Arabia’s luxury real estate market

Trump Tower to rise in Jeddah, boosting Saudi Arabia’s luxury real estate market
Updated 09 December 2024
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Trump Tower to rise in Jeddah, boosting Saudi Arabia’s luxury real estate market

Trump Tower to rise in Jeddah, boosting Saudi Arabia’s luxury real estate market
  • Agreement builds on the success of the Trump International Oman project within the AIDA development
  • New project marks Dar Global’s debut in the Saudi coastal city

JEDDAH: Trump Tower is set to be built in Jeddah, further enhancing Saudi Arabia’s luxury real estate offerings and providing more modern living options in the Kingdom.

Dar Global, an international real estate developer, and The Trump Organization, known for its upscale global properties, have announced plans for a new project in Saudi Arabia.

The agreement builds on the success of the Trump International Oman project within the AIDA development, one of the world’s largest and most acclaimed premium mixed-use real estate ventures, according to a statement from Dar Global.

Ziad El-Chaar, the CEO of Dar Global, expressed excitement about deepening their partnership with the Trump Organization and expanding their portfolio by delivering properties that will redefine the Kingdom’s rapidly growing real estate market.

 

“The new agreement in Saudi Arabia will leverage the strengths of both organizations to attract more international investors and vacationers,” the CEO said.

He added that this collaboration highlights his company’s commitment to expanding its presence while setting new standards for luxury living in the region.

The property developer said that the Jeddah project is aimed at both the luxury Saudi market and international investors, marking a key step in its growth strategy to seize opportunities in the Kingdom’s prime cities.

As the international arm of the Saudi mega-developer Dar Al-Arkan, the new project marks Dar Global’s debut in the Saudi coastal city and will further strengthen its real estate offerings in the country.

Listed on the London Stock Exchange, Dar Global currently has $5.9 billion worth of projects under development in six countries, including the UAE, Oman, Qatar, the UK, Spain, and Bosnia.

Eric Trump, executive vice president of the Trump Organization, said: “We are thrilled to expand our footprint in the Middle East and bring the Trump standard of luxury to the region through our longstanding relationship with Dar Global.”

He added that this collaboration embodied their shared vision of creating developments that incorporate luxury, quality, and sophistication.

“Together with Dar Global, we are setting new benchmarks for excellence, aiming to meet the demand for iconic properties in key markets,” he said.

In July, the Trump Organization announced a deal to partner with the Saudi developer to build a high-rise tower in the UAE business hub of Dubai, its latest project in the Gulf.
 
Trump Tower Dubai will target “the Dubai luxury market,” real estate developer Dar Global said in a press release at that time, adding that the location and design would be unveiled by the end of the year.
 
The development will include a Trump hotel and branded residential units, said Dar Global.


Saudi startup ecosystem poised to drive sustainable growth, says UNDP expert

Saudi startup ecosystem poised to drive sustainable growth, says UNDP expert
Updated 09 December 2024
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Saudi startup ecosystem poised to drive sustainable growth, says UNDP expert

Saudi startup ecosystem poised to drive sustainable growth, says UNDP expert
  • Wamda report revealed that funding for Saudi startups surged to $94 million in November, an 88% increase from October
  • Startups play a critical role in addressing and reversing the effects of land degradation, says UN official

RIYADH: Saudi Arabia is showing the world how economic growth can be achieved without compromising sustainability, thanks to its Vision 2030 program and an emerging startup ecosystem, a UN official said.  

Speaking at COP16 in Riyadh, Vito Intini, regional chief economist at the UN Development Programme, said that startups in the Kingdom are evolving faster and are expected to contribute a lot to the country’s economic development in the future.  

A recent Wamda report revealed that funding for Saudi startups surged to $94 million in November, an 88 percent increase from October. 

“Saudi Vision 2030 demonstrates how sustainability and economic growth can go hand in hand,” Intini said. “The implementation of Saudi Vision 2030 is hopefully increasing a strong emphasis on supporting startups as drivers of innovation in the broader economic and social transformation.” 

Intini commended Saudi Arabia for building a robust entrepreneurial landscape that supports the growth of startups.

“By fostering an entrepreneurial ecosystem and investing in green innovation, the Kingdom can accelerate its sustainability agenda, including promoting the transition to clean energy, more efficient water use, and more sustainable land use,” he added. 

The official also emphasized the role of startups in the broader Middle East and North Africa region, particularly in tackling environmental challenges like land degradation. 

“According to studies that have tried to quantify the cost of land degradation, North Africa has greater losses to its ecosystem and income than other regions. On average, land degradation is estimated to cost about one percent of gross domestic product,” Intini said.  

Through innovative solutions and advanced technologies, he said, startups play a critical role in addressing and reversing the effects of land degradation. 

In the same panel discussion, Himanshu Mishra, associate professor at King Abdullah University of Science and Technology, highlighted Saudi Arabia’s proactive steps to secure a green future.  

“In Saudi Arabia, there is a perfect storm of opportunity in terms of getting rid of organic wastes, doing soil amendment, massive urban greening, and massive rehabilitation. There is a tremendous nationwide alignment on these goals,” Mishra added. 


Saudi ports see 4.29% rise in cargo handled in November

Saudi ports see 4.29% rise in cargo handled in November
Updated 09 December 2024
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Saudi ports see 4.29% rise in cargo handled in November

Saudi ports see 4.29% rise in cargo handled in November
  • Kingdom's ports processed 24.73 million tonnes of cargo last month, up from 23.74 million tonnes in November 2023
  • Navigational traffic saw a 6.96% drop, with 949 vessels calling at Saudi ports in November 2024, down from 1,020 ships in November 2023

RIYADH: Saudi ports reported a 4.29 percent year-on-year increase in the volume of tonnes handled in November, according to official data.

The Saudi Ports Authority, also known as Mawani, revealed that the Kingdom's ports processed 24.73 million tonnes of cargo last month, up from 23.74 million tonnes in November 2023.

The data also showed significant growth in container traffic, with the number of exported containers surging by 23 percent to 261,030 containers. The number of imported containers also rose by 15.62 percent, reaching 259,355 containers during the same period.

This growth contributes to Saudi Arabia’s rising profile as a global logistics hub, with the Kingdom now ranked 15th in the world for container handling in 2024, according to Lloyd’s List, a UK-based maritime journal.

However, overall container throughput showed a slight decline, with the total number of handled containers dropping by 9.14 percent to 670,185 containers. Additionally, transshipment volumes fell sharply by 49.43 percent year on year, with just 138,660 containers transshipped in November.

In terms of cargo types, general cargo totaled 1.13 million tonnes, while solid bulk cargo amounted to 3.59 million tonnes. Liquid bulk cargo saw the highest volume at 13.05 million tonnes.

The Kingdom’s ports also received 716,541 heads of cattle in November, marking a 4.98 percent decline compared to the same period last year.

Meanwhile, navigational traffic saw a 6.96 percent drop, with 949 vessels calling at Saudi ports in November 2024, down from 1,020 ships in November 2023. The number of passengers arriving by sea also fell by 15.78 percent, with 66,422 passengers recorded.

On a positive note, the number of cars imported through Saudi ports increased by 11.82 percent, totaling 99,760 cars during the month compared to 89,269 cars in November 2023.