Apple halts product sales in Russia after cutting off exports last week
Updated 02 March 2022
Arab News
Apple Inc has halted its product sales in Russia, following the country's invasion of Ukraine, according to a Bloomberg report.
The tech giant said that it stopped exporting products into Russia's sales channel last week, ahead of pausing sales.
In a statement, Apple made it clear that the recent move was in response to the ongoing invasion. The iPhone maker said it will stand “with all of the people who are suffering as a result of the violence.”
The company is also removing RT News and Sputnik News applications from App Stores outside Russia.
Apart from Apple, other tech giants like Google and Meta had restricted or withdrawing services in Russia since the invasion of Ukraine which began on Feb. 24.
Aramco completes acquisition of 50% stake in Blue Hydrogen Industrial Gases Co.
Updated 24 March 2025
MOHAMMED AL-KINANI
JEDDAH: Saudi Aramco has finalized its acquisition of a 50 percent stake in Blue Hydrogen Industrial Gases Co., a joint venture with Air Products Qudra. This follows the initial agreement made last year.
The move is a key step in advancing the production of low-carbon hydrogen in Saudi Arabia’s Jubail Industrial City, supporting the establishment of a hydrogen network in the Kingdom’s Eastern Province.
BHIG is set to produce hydrogen, including lower-carbon hydrogen derived from natural gas, known as “blue hydrogen,” through the process of carbon dioxide capture and storage.
The company is expected to begin commercial operations in coordination with Aramco’s carbon capture and storage activities in Jubail, as confirmed in a joint statement from Aramco and APQ on March 24.
Ashraf Al-Ghazzawi, Aramco’s executive vice president of Strategy and Corporate Development, stated that the company’s investment in BHIG will contribute significantly to the development of the hydrogen network in Saudi Arabia’s Eastern Province.
“This network, along with our CCS hub in Jubail, can help us capitalize on emerging opportunities both domestically and globally to reduce carbon emissions, support growth, and diversify our energy portfolio,” Al-Ghazzawi said.
Ahmed Hababou, chairman of APQ, emphasized that this joint venture represents a significant step in furthering the development of a robust hydrogen network in the Kingdom’s Eastern Province, specifically serving the refining, chemical, and petrochemical industries.
Mohammad Abunayyan, vice chairman of APQ, expressed pride in the partnership with Aramco, underscoring the strategic collaboration between one of the world’s leading energy companies and the top hydrogen supplier. This partnership aims to produce lower-carbon energy solutions in line with Saudi Arabia’s Vision 2030.
In July, Aramco signed definitive agreements to acquire an equity stake in BHIG, a wholly owned subsidiary of APQ. At that time, Aramco confirmed that the deal, subject to standard closing conditions, would include options for the company to offtake hydrogen and nitrogen.
Building on its commitment to developing a lower-carbon hydrogen business and expanding its alternative energy portfolio, Aramco highlighted that its investment in BHIG would play a vital role in creating a low-carbon hydrogen network in the Eastern Province, which will cater to both domestic and regional customers.
The partnership underscores Aramco’s dedication to expanding its portfolio in new energies and promoting sustainable energy solutions, aligning with Saudi Arabia’s Vision 2030.
Additionally, the agreement brings together the expertise of both companies to provide hydrogen—including lower-carbon hydrogen — on a large scale in the Jubail Industrial City area.
This initiative is in line with Saudi Arabia’s commitment to achieving net-zero emissions by 2060 through a circular carbon economy approach, which focuses on reducing, reusing, recycling, and removing carbon.
It also supports the Saudi Green Initiative, aiming to cut carbon emissions by 278 million tonnes annually by 2030, and transition 50 percent of the country’s energy sources to renewables. Furthermore, it aligns with Aramco’s goal of achieving net-zero emissions from its own operations by 2050.
Closing Bell: Saudi main index rises to close at 11,778
Updated 24 March 2025
REEM WALID
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Monday, gaining 83.31 points, or 0.71 percent, to close at 11,778.08.
The total trading turnover of the benchmark index was SR4.25 billion ($1.13 billion), as 134 of the stocks advanced and 106 retreated.
The Kingdom’s parallel market Nomu gained 75.17 points, or 0.25 percent, to close at 30,610.63. This came as 44 of the listed stocks advanced while 37 retreated.
The MSCI Tadawul Index gained 13.77 points, or 0.93 percent, to close at 1,493.24.
The best-performing stock of the day was Umm Al Qura for Development and Construction Co., whose share price surged 30 percent to SR19.50. The company began trading today on the main market with a total offering size of 130.7 million shares, an offering price per share of SR15, and with Albilad Capital as lead manager.
The company also announced its annual financial results for the year, which ended on Dec. 31. According to a Tadawul statement, the firm reported a net profit of SR498.61 million in 2024, reflecting a 57.29 percent increase compared to 2023. This surge is mainly due to a jump in revenues coupled with a decrease in general and administration expenses as well as zakat fees.
Other top performers included Naseej International Trading Co., whose share price rose 9.76 percent to SR92.20 as well as East Pipes Integrated Co. for Industry, whose share price increased 7.39 percent to SR154.
Arabian Pipes Co. recorded the most significant drop, falling 4.68 percent to SR10.58, while Middle East Specialized Cables Co. also saw its stock prices decline 3.82 percent to SR37.80.
Shares in National Medical Care Co. registered a drop of 3.16 percent to SR153.
On the announcements front, Jarir Marketing Co. declared its annual financial results for the year, which ended on Dec. 31. A bourse filing revealed that the company reported a net profit of SR974 million in 2024, reflecting a 0.1 percent rise compared to 2023. This growth is owed to the increase of the selling and marketing costs, administrative and general expenses, and non-operating fees.
The company has also announced the board of directors’ recommendation to distribute SR276 million worth of cash dividends to shareholders for the fourth quarter of 2024. According to a Tadawul statement, the total number of shares eligible for dividends amounted to 1.2 billion, with the dividend per share standing at SR0.23. The statement also revealed that the percentage of dividends to the share par value stood at 23 percent.
Jarir Marketing Co. ended the session at SR12.60, up 1.12 percent.
Arabian Centers Co., or Cenomi Centers, announced it has approved the launch of sukuk with a local special offering of up to SR3.75 billion.
The company’s share price ended the session at SR20.40, up 1.96 percent.
The Capital Market Authority has approved the registration and offering of shares of Wajd Life Trading Co. on the parallel market. The firm is offering 2.5 million shares, representing 20 percent of its share capital.
CMA also approved the registration and offering of shares of Afaq Al Arabiya for Transportation & Storage Co. on Nomu, with the company offering 900,000 shares, representing 10 percent of its share capital.
The authority also gave the go-ahead for the registration and offering of shares of Rawabi Marketing International Co. on the parallel market. The group is offering 1 million shares, representing 6.45 percent of its share capital.
Riyadh’s international airport tops Saudi aviation rankings
Updated 24 March 2025
MOHAMMED AL-KINANI
JEDDAH: King Khalid International Airport in Riyadh led Saudi Arabia’s aviation performance rankings for February, driven by improved passenger services and faster processing times, official data showed.
The airport, handling over 15 million passengers annually, topped the Kingdom’s largest airport category with an 82 percent compliance rate, according to the General Authority of Civil Aviation’s latest report.
It narrowly outperformed King Abdulaziz International Airport in Jeddah, which scored the same but ranked second based on evaluation criteria.
The report assessed airports across five categories using 11 performance standards, including check-in, security, customs, and services for passengers with limited mobility. This is part of GACA’s efforts to improve transparency and service quality, aiming to enhance the travel experience across the Kingdom’s airports.
In the second category, for terminals handling 5 to 15 million passengers annually, King Fahd International Airport in Dammam led with a 91 percent compliance rate, followed by Prince Mohammed bin Abdulaziz International Airport in Madinah at 82 percent.
For airports handling 2 to 5 million passengers in the third category, King Abdullah bin Abdulaziz International Airport in Jazan and Abha International Airport both achieved a perfect 100 percent score.
Arar International Airport topped the fourth category — international airports with under 2 million passengers — also with 100 percent, standing out for its low wait times on arrivals and departures.
Gurayat led the fifth category for domestic airports with a 100 percent compliance rate, surpassing others in minimizing wait times.
Saudi Arabia’s air travel sector posted strong gains in 2024, with total passenger numbers hitting a record 128 million — a 15 percent increase from 2023 and a 25 percent jump from pre-pandemic levels.
Domestic flights carried 59 million passengers, while international routes accounted for 69 million.
Flights across the Kingdom’s airports rose 11 percent to 905,000, including 474,000 domestic and 431,000 international flights, according to GACA’s Air Traffic 2024 Report.
Air connectivity expanded 16 percent, linking Saudi Arabia to more than 170 global destinations, while cargo volumes surged 34 percent to over 1.2 million tonnes. Riyadh, Jeddah, Dammam, and Madinah airports handled 82 percent of total air traffic.
Saudi Arabia aims to enhance air connectivity to 250 destinations, serving 330 million passengers, and double air cargo capacity to 4.5 million tons by 2030 through its National Aviation Strategy.
SAMA grants license to Alannaya Al-Yatmania to conduct finance aggregation services
Updated 24 March 2025
Reem Walid
RIYADH: Saudi Central Bank has granted a license to Alannaya Al-Yatmania to conduct finance aggregation services.
This involves gathering and consolidating financial data from various sources — such as bank accounts, credit cards, loans, investments, and other financial platforms — into a single interface, providing consumers with greater visibility and control over their finances.
With this move, the total number of licensed firms offering finance aggregation services in Saudi Arabia rises to five.
These developments align with the Kingdom’s Vision 2030 objectives, which aim to strengthen the digital economy, expand financial inclusion, and increase the share of cashless transactions to 70 percent by 2025.
They also support SAMA’s ongoing efforts to enhance the financial sector, improve transaction efficiency, and promote innovative solutions that drive financial inclusion in Saudi Arabia.
SAMA’s initiatives are in line with the Financial Development Sector strategy, which targets having 525 active fintech companies in the Kingdom by 2030.
Earlier in January, Saudi Arabia’s fintech ecosystem expanded even further when SAMA granted licenses to two new service providers.
Tal Finance was granted authorization to offer debt-based crowdfunding solutions, making it the 12th company in Saudi Arabia to provide such services. This brings the total number of finance companies licensed by SAMA to 62, underscoring the growing prominence of alternative financing solutions in the country.
In a parallel development, SAMA issued a license to Hiberbay Ink Al-Saoudia for IT Systems to deliver e-wallet services, raising the total number of payment service providers in the Kingdom to 27. This move supports the promotion of digital payment solutions and accelerates the nation’s shift toward a cashless economy.
Through these initiatives, the central bank aims to foster financial stability, stimulate economic growth, and position Saudi Arabia as a global fintech leader.
The fintech sector is expected to play a pivotal role in driving foreign investment, projected to account for 20 percent of total foreign inflows. This growth is fueled by Saudi Arabia’s tech-savvy population, which is rapidly adopting consumer fintech innovations like buy-now, pay-later services.
In a December interview with Arab News, Arjun Singh, partner and global head of fintech at Arthur D. Little Middle East, discussed the natural evolution of the Kingdom’s consumer finance landscape, driven by an expanding array of financial products tailored to the diverse needs of its growing market.
He also noted that the Saudi buy-now, pay-later market was expected to grow from $1.4 billion in 2024 to $2.8 billion by 2029, reflecting a compound annual growth rate of over 10 percent.
Global energy demand up 2.2% in 2024, above 10-year average: IEA
Updated 24 March 2025
Nirmal Narayanan
RIYADH: Global energy demand saw an above-average annual rise of 2.2 percent in 2024, fueled by rising electricity consumption and growth in emerging economies, according to a new report.
Analysis by the International Energy Agency showed last year’s increase outpaced the annual average of 1.3 percent recorded between 2013 and 2023.
The power sector led the charge, with global electricity consumption climbing by nearly 1,100 terawatt-hours, or 4.3 percent.
The rise in electricity consumption stemmed from various factors, including higher cooling demand due to extreme temperatures, increased industrial use, the electrification of transport, and the expansion of data centers and artificial intelligence.
“What is certain is that electricity use is growing rapidly, pulling overall energy demand along with it to such an extent that it is enough to reverse years of declining energy consumption in advanced economies,” IEA Executive Director Fatih Birol said in the report.
Renewables accounted for most of the growth in global energy supply at 38 percent, followed by natural gas at 28 percent, coal at 15 percent, oil at 11 percent, and nuclear power at 8 percent.
“The demand for all major fuels and energy technologies increased in 2024, with renewables covering the largest share of the growth, followed by natural gas. And the strong expansion of solar, wind, nuclear power and electric vehicles is increasingly loosening the links between economic growth and emissions,” added Birol.
New renewable energy installations hit record levels for the 22nd consecutive year, with around 700 gigawatts added to total capacity in 2024 — roughly 80 percent of that from solar photovoltaic.
Over 7 GW of nuclear power capacity was brought online in 2024, marking a 33 percent rise compared to 2023.
“The new nuclear capacity added was the fifth-highest level in the past three decades. Electricity generation from nuclear in 2024 rose by 100 TWh, equalling the largest increase this century outside of the post-Covid rebound,” said the IEA.
Nuclear energy is playing an increasing role in the world’s energy mix. Shutterstock
The IEA’s analysis comes as countries including Saudi Arabia ramp up efforts to diversify their energy mix with renewables and nuclear power.
In January, Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, said the Kingdom plans to start enriching and selling uranium.
Launched in 2017, Saudi Arabia’s National Atomic Energy Project is a key pillar of the Kingdom’s strategy to reduce dependence on fossil fuels. The initiative aims to integrate nuclear power into the national energy mix, enhance sustainability, and meet international commitments — supporting the country’s goal of achieving net zero by 2060.
In a separate January report, the IEA said annual investments in nuclear energy development would need to double to $120 billion by 2030 to meet growing infrastructure demands. It emphasized that both public and private investments would be essential to support the sector’s financial needs.
Emerging economies dominate
The report highlighted that emerging and developing economies accounted for over 80 percent of the increase in global energy demand in 2024.
Despite slower growth in China — where energy consumption rose by less than 3 percent, half its 2023 rate — the country still recorded the largest absolute demand growth of any nation.
India ranked second in absolute demand growth, surpassing the combined increase of all advanced economies.
Southeast Asia saw a 4.2 percent rise in energy demand, followed by the Middle East at 2.2 percent and Europe at 0.5 percent.
Advanced economies, after years of decline, also saw a return to growth, with energy demand rising by nearly 1 percent in aggregate.
Oil and gas trends
The IEA noted a marked slowdown in global oil demand growth, which rose by just 0.8 percent in 2024 — down from 1.9 percent in 2023.
For the first time ever, oil’s share in total energy demand fell below 30 percent, 50 years after peaking at 46 percent.
“Oil demand from global road transport fell slightly, driven by declines in China (-1.8 percent) and advanced economies (-0.3 percent). Oil demand from aviation and petrochemicals grew,” said the agency.
In contrast, OPEC shared a different outlook in February, forecasting world oil demand to rise by 1.45 million barrels per day in 2025 and by 1.43 million bpd in 2026, driven by increased air and road travel.
Natural gas recorded the strongest increase in demand among fossil fuels in 2024, driven by rising power consumption across Asia.
The IEA reported that global gas demand rose by 115 billion cubic meters, or 2.7 percent — surpassing the decade-long annual average of 75 bcm.
China led the growth with a 7 percent rise in gas demand, alongside strong increases in other emerging and developing Asian economies.
Gas demand expanded by around 2 percent in the US, while consumption in the EU grew modestly, particularly for industrial use.
While China’s emissions growth slowed in 2024, it was still nearly double the global average. Shutterstock
Emissions and sustainability
According to the IEA, the rapid adoption of clean energy technologies helped curb the annual rise in energy-related carbon dioxide emissions in 2024.
“Record temperatures contributed significantly to the annual 0.8 percent rise in global CO2 emissions to 37.8 billion tonnes. But the deployment of solar PV, wind, nuclear, electric cars and heat pumps since 2019 now prevents 2.6 billion tonnes of CO2 annually, the equivalent of 7 percent of global emissions,” the agency noted.
Emissions in advanced economies fell by 1.1 percent to 10.9 billion tonnes — a level last seen 50 years ago.
Most of the emissions growth in 2024 came from emerging and developing economies outside China.
Although China’s emissions growth slowed last year, the country’s per-capita emissions are now 16 percent higher than those of advanced economies and nearly double the global average.
