UAE’s Barakah plant Unit 2 begins delivering carbon-free electricity
When completed Barakah will have four reactors with 5,600 MW of total capacity
Updated 14 September 2021
Arab News
DUBAI: The second unit of the Barakah Nuclear Energy Plant has been successfully connected to the national power grid, delivering the first megawatts of carbon-free electricity, the Emirates Nuclear Energy Corp. said on Tuesday.
It said following the safe and successful start-up of Unit 2 on Aug. 27, 2021, the plant has become the first multiunit operating nuclear plant in the UAE and Arab world.
ENEC said: “With the Unit 2 grid connection completed, it is in preparation to adding a further 1,400MW of clean electricity capacity to the UAE grid, with the first megawatts of emissions-free electricity from this unit now being dispatched to businesses, schools, and homes.”
This milestone takes ENEC and its subsidiaries another step closer to the halfway mark of its goal to supply up to a quarter of the country’s electricity needs 24/7 while driving reductions in carbon emissions — the leading cause of climate change.
The Barakah Nuclear Energy Plant in Abu Dhabi was established as part of the UAE's efforts to diversify its energy sector.
When completed Barakah, which is being built by Korea Electric Power Corp., will have four reactors with 5,600 MW of total capacity — equivalent to around 25 percent of the UAE’s peak demand.
“The Barakah Plant continues to set new benchmarks for future nuclear programs. The cumulative knowledge and expertise developed by the operations teams on Unit 1 have been used to connect Unit 2 to the grid more efficiently, with a 10 percent reduction in the time between start-up and connection while in parallel, ensuring the highest standards of nuclear safety and operational excellence continue to be applied,” the company said.
The plant is one of the largest nuclear energy plants in the world, with four APR-1400 units. Construction of the facility began in 2012 and has progressed steadily ever since. Units 1 is now producing thousands of megawatts of clean electricity around the clock. Units 3 and 4 are in the final stages of commissioning at 95 percent and 91 percent complete respectively, benefitting from the experience and lessons learned during the construction of Units 1 and 2.
US and China reach deal to slash tariffs, officials say
Updated 38 min 16 sec ago
Reuters
LONDON/SHANGHAI: Stocks and the dollar rallied on Monday after the US and China said they had agreed on a 90-day pause on tariffs and reciprocal duties would drop sharply, giving investors some confidence that a full-scale trade war may have been averted.
US Treasury Secretary Scott Bessent, speaking after talks with Chinese officials in Geneva, told reporters the two sides had reached the deal that was outlined in a joint statement and that reciprocal rates would drop by 115 percentage points.
This weekend’s Geneva meetings were the first face-to-face interactions between senior US and Chinese economic officials since US President Donald Trump returned to power and launched a global tariff blitz, imposing particularly hefty duties on China.
Market reaction
Futures on the S&P 500 ESc1 and Nasdaq NQc1 jumped to trade up 2.8 percent and 3.6 percent, respectively, from gains of 1.5 percent to 2 percent previously, while in Europe, the STOXX 600 .STOXX rose 1 percent in early trading.
The dollar extended gains, with the euro down 0.8 percent at $1.1164, having traded down 0.2 percent on the day earlier, while the yen weakened, leaving the US currency up 1.1 percent at 146.945, from a 0.5 percent gain earlier.
Benchmark 10-year US Treasury yields edged up 6 basis points on the day to 4.435 percent, having traded up 5 bps before the joint statement.
Analyst comments
Kenneth Broux, senior strategist FX and rates, at Societe Generale in London, said: “There is a de-escalation between China and US resulting in a reduction of tariff on Chinese goods to 30 percent and Chinese tariffs on US goods to 10 percent. It’s a clear vote by the market in favor of riskier assets. It’s a step in the right direction and a positive of US assets and US economy.”
He added: “The dollar was lagging other markets in the recovery from the April lows. We had equities up back to April 2nd levels, we had bond yields up to those levels and the dollar was actually lagging that move. Now the conditions are falling into place for a deeper adjustment and a bigger recovery of the dollar to catch up with equities and bond yields.”
Zhiwei Zhang, chief economist at Pinpoint Assets Management in Hong Kong said: “This is better than I expected. I thought tariffs would be cut to somewhere around 50 percent and this is much lower.
“Obviously, this is very positive news for economies in both countries and for the global economy, and makes investors much less concerned about the damage to global supply chains in the short term.
“But we also need to keep in mind this is only a three-month temporary reduction of tariffs. So this is the beginning of a long process. The two sides will spend months probably, to come up with a resolution, or reach a final trade deal, but this is a very good starting point.”
Arne Petimezas, director research at AFS Group, in Amsterdam said: “Such a sharp U-turn by the US on tariffs on a Monday morning is quite the surprise. It seems that tariffs on China will fall to manageable levels, albeit temporary. Markets should rally on this. How can Trump credibly raise tariffs when the 90-day pause ends? He has toned down his tariffs faster than anyone thought he could, and April 2 will soon be forgotten. Granted, he told you to buy the dip.”
William Xin, chairman of hedge fund Spring Mountain Pu Jiang Investment Management, in Shanghai, said: “The result far exceeds market expectations. Previously, the hope was just that the two sides can sit down to talk, and the market had been very fragile. Now, there’s more certainty. Both China stocks and the yuan will be in an upswing for a while.”
Oil Updates — prices jump over 3% on US-China tariff reductions
Updated 32 min 4 sec ago
Reuters
TOKYO: Oil prices rose more than $2 in Asian trading on Monday after the US and China said they would ease some of their tariff measures, lifting market sentiment that the world's two largest crude users may be moving toward resolving their trade dispute.
Brent crude futures climbed $2.11, or 3.3 percent, to $64.14 a barrel by 10:14 a.m. Saudi time. US West Texas Intermediate crude futures were trading at $63.14 a barrel, up $2.12, or 3.47 percent, from Friday’s close.
Both sides said on Monday they would suspend 24 percent of additional ad valorem tariffs on goods from the other country for an initial period of 90 days, in a joint statement following trade talks in Geneva over the weekend.
Both benchmarks rose more than $1 on Friday and gained over 4 percent last week for their first weekly gains since mid-April, after a US trade deal with Britain swelled investors’ optimism that economic disruptions from US tariffs on trading partners may be avoided.
The US and China had ended trade talks on a positive note on Sunday, with US officials touting a “deal” to reduce the US trade deficit, while Chinese officials said both had reached “important consensus.”
Positive talks between the world’s two largest economies could help boost crude demand as trade, currently disrupted by massive tariffs levied by both countries, is restored between them.
Toshitaka Tazawa, an analyst at Fujitomi Securities, said that OPEC’s plan to raise output capped gains.
Tazawa was referring to plans by the Organization of the Petroleum Exporting Countries and its allies, known collectively as OPEC+, to accelerate output hikes in May and June that will add more crude to the market.
However, a Reuters survey found that OPEC oil output edged lower in April.
Additionally, talks between Iranian and US negotiators to resolve disputes over Tehran’s nuclear program ended in Oman on Sunday with further negotiations planned, officials said, as Tehran publicly insisted on continuing its uranium enrichment.
A US-Iran nuclear deal could alleviate concerns about lower global oil supply, which could also pressure oil prices.
Last week, US energy firms cut the number of oil and natural gas rigs operating to their lowest since January, energy services firm Baker Hughes said on Friday.
RIYADH: The Kingdom’s hotel industry has achieved 45 percent Saudization in its workforce, marking a significant step toward the Kingdom’s Vision 2030 goals, according to a senior executive.
Speaking at the Future Hospitality Summit in Riyadh, Imran Changezi, executive director of Hospitality Development at Diriyah, emphasized the sector’s accelerating efforts to localize talent and create opportunities for Saudi nationals.
Changezi recalled starting his hospitality career in Riyadh, noting that when he began, it was common to find only one Saudi employee among 300 hotel staff. He said that the situation has since improved significantly, with Saudi nationals now making up 45 to 50 percent of hotel workforces.
He added that Saudi Arabia is undergoing a hospitality transformation that is unprecedented both in scale and execution.
“I have never seen a transformation of this scale in my life, in my career. The speed at which this is being executed is just phenomenal,” Changezi said.
He noted that since the launch of Vision 2030, the sector has witnessed a surge in talent, energy, and a strong commitment to development.
Reflecting on the cultural foundation that supports the hospitality industry, Changezi emphasized the innate sense of hospitality embedded within Saudi society. He noted that the “DNA of hospitality” is deeply rooted in the way of life for citizens, residents, and all who call the Kingdom home, describing it as an integral part of their identity and daily interactions.
As Diriyah’s development progresses, Changezi stated that the organization is working closely with key government stakeholders to ensure alignment and support.
He said that once the planned hotels open, they expect to employ between 14,000 and 15,000 people, adding that strong collaboration is already underway with the Saudi Tourism Authority and the Ministry of Tourism.
Mohammed Marghalani, chief franchised assets officer at Dan Co. —a subsidiary of the Public Investment Fund—stressed the importance of aligning with market expectations.
He noted that there is currently a gap between the offerings of the Ministry of Tourism and the actual needs of the market, particularly in relation to what international hotel operators require.
According to Changezi, the Diriyah project is expected to add approximately 5,500 to 6,000 new hotel keys, with a strong focus on the luxury and upper-upscale segments.
He noted that 37 international hotel brands have already been officially announced, and that the team has been working with more than 60 brands in total since as early as 2019 and 2020.
Yasser Faisal Al-Sharif, founder of Al Sadu Advisory, called for stronger educational infrastructure to support the sector. “It’s a fantastic business opportunity. It’s a gold mine — hospitality education,” he said. “What we need is to have an internationally accredited institution.”
Al-Sharif stressed the need for campuses with reduced dependency on government incentives.
Saudi Arabia adds over 1,000 hotel keys as summit opens with major deals
Updated 11 May 2025
Nour El-Shaeri
RIYADH: Saudi Arabia’s hospitality sector saw a boost on the opening day of the Future Hospitality Summit, with more than 1,000 new hotel keys announced across several high-profile agreements.
Key signings on Sunday included new hotel developments in Jeddah, Madinah, and Qassim, underscoring sustained investor confidence in the Kingdom’s ambitious tourism expansion plans.
Among the notable announcements was BWH Hotels’ partnership with Optimal Real Estate and Rsoukh Trading Co. to develop five new properties across Jeddah and Madinah. The move signals a major step forward in the group’s regional expansion strategy.
“We signed five hotels between Jeddah and Madinah,” said Mujahid Pasha, director of development Middle East at BWH Hotels, in an interview with Arab News on the sidelines of the event.
“The partnership only brings five hotels, but these five hotels represent about 1,000 keys in total,” Pasha added.
The centerpiece of BWH’s announcement is a 540-room Best Western Premier property in Madinah, located just 600 meters from the Prophet’s Mosque.
“This is one of the big hotels we just signed today,” said Pasha. “We talk about an upper, upscale offering, which is our Best Western Premier brand.”
Another highlight is a luxury WorldHotels Elite property on King Road in Jeddah — often referred to as the “Golden Mile” due to its prime location. The development will include 215 guest rooms and approximately 300 office units as part of a broader mixed-use complex.
“WorldHotels is our luxury and high-end offering,” said Pasha. “The King Road doesn’t have any luxury offerings, so we wanted to use that brand.”
The event features panels, investment showcases, and strategic signings shaping the future of hospitality. AN photo by Loai El-Kelawy
Three additional hotels will be introduced under BWH’s SureStay brand—its economy and midscale portfolio—including two SureStay Studios and one SureStay Hotel.
“These brands are not in the region as well. The first in the region will be in Saudi Arabia,” Pasha noted, confirming that two of the SureStay properties will be in Jeddah and one in Madinah.
BWH Hotels, which operates 18 brands globally, is leveraging its diverse portfolio to target a broad range of travelers and budgets.
In another development, Amsa Hospitality announced a new four-star hotel project in Qassim in collaboration with Alkayan Alarabi. The property will be located within the Al-Kayan Avenue mall on Al-Imam Al-Bukhari Road.
“This is a new hotel, newly developed, with 174 keys including suites, meeting rooms, gym, two restaurants, and a spa,” said Amsa CEO Muin Serhan.
Designed to serve both business and leisure travelers, “the hotel is currently under development and is expected to complete development by the end of this year with official operations expected later in the first quarter of next year,” Serhan added.
Rounding out the day’s announcements, IHG Hotels & Resorts and Ashaad Co. signed an agreement to develop three new hotels in Jeddah and Alkhobar, further adding to the Kingdom’s growing hospitality portfolio.
Beyond real estate deals, the summit spotlighted the industry’s growing focus on talent development. Organizers launched the inaugural NextGen Investment Forum, aimed at addressing workforce challenges in the tourism and hospitality sectors.
“For the first time at FHS Saudi, we proudly introduce the NextGen Investment Forum, a new platform dedicated to addressing one of the most critical issues and urgent challenges in our history—investing in our people,” said Jonathan Worsley, chairman and CEO of The Bench, which organizes the hospitality event.
Worsley emphasized the hospitality sector’s global economic impact.
“Hospitality and tourism is a massive industry, a massive force in today’s contribution to global gross domestic product,” he said.
“It’s the world’s third largest economic sector,” Worsley added, citing 357 million jobs worldwide and a $1.1 trillion contribution to global GDP.
According to summit figures, the industry will require 100 million additional jobs over the next five years to meet rising demand. In Saudi Arabia alone, a $110 billion investment in the sector is set to deliver 362,000 hotel rooms by 2030.
“We need an additional 1 million jobs in the Kingdom by 2030,” Worsley stated. “The foundations of sustainable growth must begin with education and training.”
The NextGen forum aims to bridge the gap between education and industry by fostering dialogue on training, investment, and talent retention.
“We’re bridging the gap between academia and what the industry needs—exploring funding and investment opportunities in hospitality education and enhancing the industry’s appeal to retain talent and reduce turnover,” Worsley said.
During a panel discussion on global tourism trends, Harry Theoharis, member of the Hellenic Parliament and candidate for secretary-general of the UN World Tourism Organization, praised Saudi Arabia’s transformation.
“Saudi Arabia’s tourist plans, if anything, are one of the biggest success stories,” he said.
“We’ve seen Saudi Arabia transform itself from a very specific and niche market of religious tourism, which was the staple of Saudi Arabia, to a very vibrant, very energetic, very young-oriented destination attuned to the wills of the young population,” Theoharis added.
More than 1,000 global tourism leaders, investors, and operators have convened in Riyadh for the Future Hospitality Summit, held from May 11–13 at the Mandarin Oriental Al Faisaliah. Centered on the theme “Where Vision Shapes Opportunity,” the event features panels, investment showcases, and strategic signings shaping the future of hospitality in Saudi Arabia and beyond.
Closing Bell: Saudi main index slips to close at 11,346
Updated 11 May 2025
Reem Walid
RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 17.52 points, or 0.15 percent, to close at 11,346.59.
The total trading turnover of the benchmark index was SR3.32 billion ($896 million), as 108 of the stocks advanced and 128 retreated.
The Kingdom’s parallel market, Nomu, also lost 508.04 points, or 1.82 percent, to close at 27,423.45. This comes as 30 stocks advanced while 45 retreated.
The MSCI Tadawul Index followed suit and lost 0.22 points, or 0.02 percent, to close at 1,451.79.
The best-performing stock of the day was SHL Finance Co., whose share price surged 8.74 percent to SR19.90.
Other top performers included SICO Saudi REIT Fund, which saw its share price rise 6.54 percent to SR4.40, as well as National Medical Care Co., whose shares surged 4.93 percent to SR149.
Middle East Specialized Cables Co. recorded the steepest decline, falling 8.33 percent to SR33. Fawaz Abdulaziz Alhokair Co. followed with a 6.62 percent drop to SR14.94, while Saudi Chemical Co. slipped 6.47 percent to SR8.39.
On the announcements front, MBC Group Co. reported its interim financial results for the period ending March 31. According to a statement on Tadawul, the company posted a net profit of SR263.5 million in the first quarter of 2025, marking a 117.2 percent increase compared to the same period in 2024. The surge in profit was primarily driven by a SR190 million rise in gross profit, attributed to higher revenues during the month of Ramadan.
MBC Group Co. ended the session at SR43.90, up 0.47 percent.
Al-Rajhi Co. for Cooperative Insurance also announced its interim financial results for the first quarter. A bourse filing showed that the company posted a net profit of SR90.7 million for the period ending March 31, representing an 18.4 percent decline compared to the same quarter last year. The drop in net profit was primarily attributed to a decrease in the insurance service result before re-takaful, total comprehensive income, and total investment income, as well as an increase in other operating expenses and gross written premiums.
Al-Rajhi Co. for Cooperative Insurance ended the session at SR123.40, down 2.76 percent.
Saudi Ground Services Co. has announced its interim financial results for the period ending March 31. According to a Tadawul statement, the company reported a net profit of SR97.6 million in the first quarter of 2025, marking a 37 percent increase compared to the same period in 2024. The growth was primarily driven by an SR18.3 million rise in revenue year on year.
Saudi Ground Services Co. ended the session at SR49.00, down 1.53 percent.
Saudi Chemical Co. has announced its consolidated financial results for the first quarter of 2025. A bourse filing showed the company reported a net profit of SR82.33 million for the period ending March 31, reflecting a 9.9 percent decline compared to the same quarter last year. The decrease was attributed to higher finance costs, the revaluation of derivative financial instruments related to interest rate exposure, and an increase in zakat and tax provisions.
Saudi Chemical Co. ended the session at SR8.95, down 6.47 percent.
Dallah Healthcare Co. has announced its interim financial results for the period ending March 31. According to a Tadawul statement, the company reported a net profit of SR155.56 million in the first quarter of 2025, marking a 30.3 percent increase compared to the same period a year earlier. The rise in profit was driven by higher revenues, along with non-recurring gains of SR51 million resulting from the company’s 33.33 percent stake in a real estate fund through an in-kind contribution of land.
Dallah Healthcare Co. ended the session at SR120, up 0.17 percent.
Tamkeen Human Resource Co. has announced its consolidated financial results for the first quarter of 2025. A bourse filing revealed the company recorded a net profit of SR26 million for the period ending March 31, representing a 40.54 percent increase compared to the same quarter last year. The surge in earnings was attributed to growth in the group’s revenues, gross profit, and operating profit.
Tamkeen Human Resource Co. ended the session at SR55.30, up 3.61 percent.
Umm Al Qura for Development and Construction Co. has announced its consolidated financial results for the first quarter of 2025. A bourse filing showed the company posted a net profit of SR159.6 million for the period ending March 31, reflecting a staggering 3,219.3 percent increase compared to the same quarter a year earlier. The sharp rise in profit was primarily driven by a significant surge in revenues.
Umm Al Qura for Development and Construction Co. ended the session at SR24.26, up 0.34 percent.
Taiba Investments Co. has announced its interim financial results for the period ending March 31. According to a statement on Tadawul, the company reported a net profit of SR131.3 million in the first quarter of 2025, marking a 36.6 percent increase compared to the same quarter last year. This growth is mainly attributed to the rise in operating revenues during the first quarter of 2025.
Taiba Investments Co. ended the session at SR43.25, up 1.5 percent.
