SYDNEY: An epic 3,000-kilometer solar car race across the desert heart of Australia designed to showcase new technology that could one day help develop commercial vehicles got underway Sunday.
The World Solar Challenge, first run in 1987 and last held in 2015, began in a high-tech, futuristic flurry from Darwin's State Square.
Dutch team Nuon is aiming to defend its title but Belgium's Punch Powertrain led the 41 cars — powered by the sun and mostly developed by universities or corporations — off on the punishing journey south to Adelaide after a surprise win in Saturday's time trial.
“We knew our car was good but we never expected pole because there are a lot of competitors over here, a lot of very fast looking cars,” team manager Joachin Verheyen told reporters.
The event has become one of the world's foremost innovation challenges with teams looking to demonstrate designs that could one day lead to commercially available solar-powered vehicles for passengers.
Google co-founder Larry Page and Tesla co-founder J B Straubel are past competitors who credit the event in influencing their careers.
The main action will be the streamlined Challenger class — slick, single seat aerodynamic vehicles built for sustained endurance and total energy efficiency.
Dutch team Nuon crossed the finish line first two years ago, taking 33.03 hours to make the punishing trip ahead of Japan's Tokai University, the 2011 winner, in a nail-biting climax.
Both teams are again in the hunt this year, with cars from the US, Australia, Malaysia, India and South Africa among competitors up against them.
There is also a Cruiser class which aims to showcase solar technology for mainstream vehicles that are more practical for day-to-day use.
Entrants come from Hong Kong, Singapore and even Iran.
“Of course, the point of this challenge is not just to go fast, or to develop technology that will never reach the mainstream,” said event director Chris Selwood.
“Our founder, Hans Tholstrup, and competitors past and present, are all determined to make sustainable, energy positive, solar electric cars and renewable technology a reality.”
Teams are allowed to store a small amount of energy but the majority of their power has to come from the sun and their vehicle's kinetic forces.
Crews are allowed to drive between 8 a.m. and 5 p.m. each day and simply set up camp wherever their car pulls off the road at the end of the day. The first car to cross the line in Adelaide is the winner.
There are seven checkpoints along the route where drivers can get updates on their standings, the weather, and do basic maintenance — clearing any debris from the car and adjusting tyre pressure.
— AFP
World solar car race begins in Australia
World solar car race begins in Australia
Gulf shares rise as Iran-Israel ceasefire holds
- Saudi Arabia’s benchmark stock index extended its gains to a fourth straight session, rising 0.2%
- Abu Dhabi benchmark index rose 0.4%
LONDON: Stock markets in the Gulf rose in early trade on Thursday, extending gains from the previous sessions amid rising oil prices as a ceasefire between Israel and Iran appeared to be holding.
US President Donald Trump hailed the swift end to the air war between Iran and Israel and said Washington would likely seek a commitment from Tehran to end its nuclear ambitions at talks with Iranian officials next week.
Saudi Arabia’s benchmark stock index extended its gains to a fourth straight session, rising 0.2 percent, with most sectors in the green. Oil major Saudi Aramco added 0.3 percent and Red Sea International climbed 3 percent.
Modular house manufacturer Red Sea said on Wednesday it planned to float its mechanical, electrical and plumbing subsidiary on the Saudi market.
Oil prices, a catalyst for the Gulf’s financial markets, were up 0.2 percent as a larger-than-expected draw in US crude stocks signalled firm demand. Brent crude was trading at $67.83 a barrel by 10:05 a.m. Saudi time.
The Abu Dhabi benchmark index rose 0.4 percent, aided by a 5.3 percent advance in RAK Properties and a 0.6 percent gain in Borouge.
Petrochemical company Borouge said on Wednesday it would collaborate with Honeywell on a project to deliver the petrochemical industry’s first AI-driven control room.
Dubai’s benchmark stock index was up for a fifth straight session, advancing 0.6 percent, pushed up by the materials, industry and finance sectors.
Tolls operator Salik gained 1.8 percent and Emirates NBD, the emirate’s largest lender, added 0.6 percent.
The Qatari benchmark index was marginally up, propped up by gains in the materials, utilities and communications sectors.
Vodafone Qatar advanced 1.2 percent while Qatar National Bank, the region’s largest lender, shed 0.3 percent.
Qatar Investment Authority and Canadian asset manager Fiera Capital have launched a $200 million fund to boost foreign and local investment into the Gulf state’s stock market, QIA said on Wednesday.
Health, military spending lift Saudi ICT contracts to $10bn
- Military sector received SR5.16 billion across 1,125 contracts
- Infrastructure and transport saw investments totaling SR5.26 billion
RIYADH: Saudi Arabia’s health, military, and infrastructure sectors led an 18.75 percent rise in government information and communications technology contracts in 2024, reaching SR38 billion ($10.13 billion), official data showed.
According to the Government Spending Report 2024, published by the Digital Government Authority, the value of contracts climbed from SR32 billion in 2023, with the health and social development sector receiving SR6.54 billion through 1,085 contracts.
The report said that 2024 spending priorities focused on artificial intelligence, emerging technologies, and cloud computing, positioning these areas as central to enhancing operational performance across public sector entities.
The government’s sustained push to bolster digital services underscores Riyadh’s growing investment in digital infrastructure, part of its Vision 2030 strategy to diversify the economy and modernize public services.
The report added that activating national framework agreements significantly contributed to these outcomes, enabling improved negotiation capabilities and more effective financial planning.
“These tools have enabled government entities to obtain goods and services more quickly, efficiently, and at lower cost,” the report said.
“They also highlight the added value achieved by enhancing supply chains and improving the quality of procurement, which in turn raises the efficiency of government entities in managing expenditures in contracts and agreements,” it also said.
Among other sectors, the military received SR5.16 billion across 1,125 contracts, while infrastructure and transport saw investments totaling SR5.26 billion. The education sector was allocated SR4.37 billion, followed by economic resources at SR3.42 billion, and public administration at SR2.39 billion.
There was a 157 percent increase in purchase orders through national framework agreements, amounting to SR4.47 billion through 9,457 orders. The report said these tools helped accelerate service delivery and improve procurement quality.
Government agencies achieved an estimated SR1 billion in savings during 2024 by improving spending efficiency and optimizing procurement and budgeting practices.
Saudi Arabia also continued to demonstrate global leadership in digital government performance. It ranked sixth globally and first regionally in the 2024 UN E-Government Development Index, climbing 25 places from 2022.
It also topped the Government Electronic and Mobile Services Maturity Index for the third consecutive year, achieving a score of 96 percent.
According to the report, and based on data from global research firm Gartner, Saudi Arabia led all countries in government ICT spending as a share of total ICT expenditure in 2024, reaching 34.1 percent.
Oil Updates — crude steady as investors watch Iran-Israel ceasefire, demand signals
- Market focus switching to fundamentals, analysts say
- Data shows US ‘driving season is in full swing’, ANZ says
LONDON: Oil prices were steady on Thursday after erasing earlier gains as investors remained cautious about the Iran-Israel ceasefire while also shifting focus to market fundamentals.
Brent crude futures fell 6 cents, or 0.09 percent, to $67.62 a barrel by 12:45 p.m. Saudi time. US West Texas Intermediate crude fell 2 cents, or 0.03 percent, to $64.90 a barrel.
Both benchmarks climbed nearly 1 percent on Wednesday, recovering from early-week losses after data showed resilient US demand.
Investors will shift their focus back to macroeconomics and oil balances while also watching the Israel-Iran truce, said PVM analyst Tamas Varga.
Oil prices likely followed equity markets lower this morning, UBS analyst Giovanni Staunovo said.
“US government data showed the US driving season is in full swing after a slow start,” ANZ analysts said in a note.
US crude oil and fuel inventories fell in the week to June 20 as refining activity and demand rose, the Energy Information Administration said on Wednesday.
Crude inventories fell by 5.8 million barrels, the EIA said, exceeding analysts’ expectations in a Reuters poll for a 797,000-barrel draw.
Gasoline stocks unexpectedly fell by 2.1 million barrels, compared with forecasts for a 381,000-barrel build as gasoline supplied, a proxy for demand, rose to its highest level since December 2021.
On Saturday, Igor Sechin, the head of Russia’s largest oil producer Rosneft, said OPEC+, which groups together the Organization of the Petroleum Exporting Countries and allies including Russia, could bring forward its output hikes by around a year from an initial plan.
Meanwhile, US President Donald Trump hailed the swift end to war between Iran and Israel and said Washington would likely seek a commitment from Tehran to end its nuclear ambitions at talks with Iranian officials next week.
Trump also said on Wednesday that the US has not given up its maximum pressure on Iran — including restrictions on sales of Iranian oil — but signalled a potential easing in enforcement to help the country rebuild.
IMF approves $834m resilience support package for Jordan
- Jordan’s economy has faced mounting pressures in recent years
- IMF and World Bank have stepped up their support
RIYADH: The International Monetary Fund has approved a $834 million support package for Jordan’s economy which includes a $700 million loan and a $134 million disbursement from a previously agreed fund.
The institution’s executive board has completed the third review of Jordan’s Extended Fund Facility, allowing for an immediate distribution of the $134 million, according to a press release. This brings total disbursements so far under the four-year, $1.3 billion program, approved in January 2024, to $595 million.
Additionally, the new 30-month Resilience and Sustainability Facility arrangement will grant Jordan access to $700 million to address structural challenges in the water and electricity sectors and strengthen preparedness for public health emergencies, including future pandemics.
Jordan’s economy has faced mounting pressures in recent years, intensified by regional instability, including the ongoing war in Gaza and the prolonged hosting of large numbers of refugees from neighboring conflicts. These challenges have strained public finances, increased unemployment, and disrupted trade and tourism, key sectors for the Jordanian economy.
The IMF and World Bank have stepped up their support, backing reforms aimed at stabilizing finances and spurring growth under Jordan’s Economic Modernization Vision.
Kenji Okamura, IMF deputy managing director, praised Jordan’s “steadfast pursuit of sound policies” and urged continued reforms to boost private investment and job creation.
“Monetary policy remains appropriately focused on safeguarding monetary and financial stability and supporting the exchange rate peg that has served Jordan well and helped keeping inflation low,” the deputy managing director said.
Okamura observed that Jordan’s banking sector remains robust, with the central bank bolstering risk analysis, oversight, and crisis response.
The IMF emphasized the need to boost revenue, streamline spending, and implement contingency measures to reduce public debt while safeguarding key social and capital expenditures. It also stressed improving public utilities’ efficiency and viability to ensure fiscal sustainability and better service delivery.
“The authorities continue to make progress with a gradual fiscal consolidation and strengthening fiscal sustainability, thanks to fiscal reforms that have improved revenue administration and expenditure efficiency,” the organization said.
Economic resilience amid regional challenges
Despite external pressures from regional conflicts and global uncertainty, Jordan’s economy has shown steady growth, reaching 2.5 percent in 2024, with inflation remaining low, according to the IMF.
The Central Bank of Jordan has maintained strong foreign reserves of over $20 billion and a stable exchange rate peg.
The Extended Fund Facility program has supported fiscal reforms, helping Jordan reduce public debt while protecting social spending. The new Resilience and Sustainability Facility loan will focus on improving energy and water sector sustainability, strengthening financial resilience, and enhancing pandemic preparedness.
In February, the IMF commended Jordan for effectively managing economic headwinds from the Gaza war through prudent fiscal measures, though the institution did revise down the country’s 2024 growth forecast to 2.6 percent due to regional spillovers.
In April, the World Bank bolstered Jordan’s economic development efforts with $1.1 billion in new financing to expand social protections and drive private-sector growth, targeting the country’s 22.3 percent unemployment rate and 117 percent debt-to-gross domestic product ratio.
Both institutions emphasized the need to sustain reforms to address structural challenges exacerbated by refugee inflows, the pandemic, and regional conflicts.
Closing Bell: Saudi benchmark index edges higher to close at 10,974
- MSCI Tadawul 30 Index rose 0.06% to 1,407.47
- Parallel market Nomu lost 0.05% to close at 26,837.30
RIYADH: Saudi Arabia’s main stock index closed slightly higher on Wednesday, as gains in select industrial and infrastructure stocks offset broader market weakness.
The Tadawul All Share Index added 9.7 points, or 0.09 percent, finishing the session at 10,973.98. Total trading turnover was SR6.10 billion ($1.62 billion), with 180 stocks advancing while 66 declined.
The MSCI Tadawul 30 Index also recorded a modest gain, rising 0.06 percent to 1,407.47.
In contrast, the parallel market Nomu dipped slightly, losing 13.49 points, or 0.05 percent, to close at 26,837.30. A total of 35 stocks posted gains on Nomu, while 45 ended in the red.
Sustained Infrastructure Holding Co. led the market with a sharp 9.89 percent increase to SR30.55, followed by Saudi Printing and Packaging Co., which rose 9.83 percent to SR11.84. Saudi Arabia Refineries Co. also saw strong momentum, climbing 5.48 percent to a new yearly high of SR63.50.
Among the session’s notable losers, Specialized Medical Co. dropped 3.36 percent to SR24.16, Zamil Industrial Investment Co. slipped 2.29 percent to SR40.60, and Arabian Contracting Services Co. fell 2.12 percent to SR96.90.
Meanwhile, Saudi Arabian Mining Co., known as Ma’aden, received shareholder approval to raise its capital from SR38.03 billion to SR38.89 billion during its extraordinary general assembly meeting held on June 24. The 2.26 percent increase will lift the number of issued ordinary shares from 3.80 billion to 3.89 billion.
According to a company disclosure on the Saudi Exchange, the capital hike will be carried out through the issuance of 85.98 million new ordinary shares at a par value of SR10. These shares will be allocated as part of an acquisition agreement to purchase full ownership of two subsidiaries: Ma’aden Bauxite and Alumina Co. and Ma’aden Aluminium Co.
Under the transaction, Ma’aden will acquire all 128.01 million shares held by AWA Saudi in the bauxite firm, representing 25.1 percent of its capital, along with 165 million shares held by Alcoa Saudi in the aluminum unit—also a 25.1 percent stake.
Shares of Ma’aden rose 0.2 percent to end the day at SR50.70.
Red Sea International Co. also announced plans to publicly list its subsidiary, Fundamental Installation for Electric Work Co. Ltd., subject to regulatory and shareholder approval. The decision was approved by the board in a resolution passed on June 23 and implemented the following day.
While Red Sea International will not offer any of its own shares in the IPO, the move is considered a significant transaction due to the subsidiary’s strategic role in the group’s operations. The company’s stock rose 0.12 percent to close at SR42.50.
