Gasoline prices hit highest level in 12 years: American Automobile Association
Updated 07 March 2022
Arab News
RIYADH: Gasoline prices hit $4 per gallon on Sunday, its highest level since 2008, CNBC reported, citing the American Automobile Association.
This is mainly attributed to the global surge in oil prices as a result of Russia’s invasion of Ukraine.
The underlying costs of oil account for over half the cost of gasoline consumers use for their vehicles.
Customers are paying $0.4 more than a week ago — and $0.57 higher compared to a month ago.
An estimated 66 percent of Russian oil is struggling to find buyers because of the new imposed sanctions post the invasion.
“Oil buyers are reducing their purchases of refined products from Russia causing Russian refineries to shut down,” CNBC reported, citing Andy Lipow, president of Lipow Oil Associates.
The national average is projected to reach $4.5 per gallon, he added.
As inflationary concerns ripple through the economy, customers are asking the government to halt the federal gas tax.
Statement says move underscores commitment to impactful global investments
Updated 6 sec ago
Arab News
RIYADH/LONDON: Saudi Arabia’s Public Investment Fund announced on Thursday it had finalized the acquisition of a 15 percent stake in FGP TopCo, the holding company of Heathrow Airport Holdings.
The stake was purchased from Ferrovial SE and other shareholders of FGP TopCo.
Simultaneously, Ardian, a private investment firm, acquired a 22.6 percent stake in FGP TopCo through a separate transaction.
A PIF statement said the strategic investment underscored its commitment to impactful global investments that bolstered key sectors, and its broader strategy of supporting sustainable and long-term growth in major international markets.
Turqi Al-Nowaiser, deputy governor and head of international investments at PIF, said the fund was pleased to be investing in Heathrow, calling it a “vital UK asset and a world-class airport.”
He added: “We believe in the importance of infrastructure as a key sector in supporting the transition to net zero.
“Heathrow acts as a crucial gateway to the world, and we look forward to supporting Heathrow’s management in its efforts to secure the sustainable growth of the airport and to continue to maintain its position as a global aviation hub.”
NEOM partners with GMT Robotics to revolutionize construction
Updated 12 December 2024
Reem Walid
RIYADH: NEOM has signed a landmark investment agreement with GMT Robotics, one of Europe’s leading innovators in advanced construction technology, to accelerate the delivery of its capital projects, the Saudi Press Agency reported on Thursday.
The deal, spearheaded by the NEOM Investment Fund, seeks to integrate robotics in construction. This collaboration highlights NEOM’s role as a trailblazer in modern construction techniques, including automation and robotics.
GMT Robotics, based in Copenhagen, specializes in robotic systems designed for the rebar market. Its robotic rebar cage assembly and handling systems significantly improve both productivity and safety in construction.
By reducing onsite workforce requirements by up to 90 percent through offsite prefabrication, GMT Robotics enhances efficiency while maintaining high safety standards.
Majid Mufti, CEO of NEOM Investment Fund, commented: “Our investment in GMT Robotics reflects NEOM’s commitment to advancing transformative technologies that will unlock next-generation industries. By localizing these cutting-edge technologies, we are laying the foundation for sustainable development, creating high-skilled jobs, and fostering the growth of commercially viable sectors. Partnerships like this are critical to turning NEOM’s visionary goals into reality, solidifying its position as a global innovation hub.”
As part of the agreement, the technology will be localized within NEOM, with rebar cages to be produced in local factories. This initiative also opens up new opportunities for Saudi engineers to apply robotics to other areas of construction.
Bandar Ashrour, sector head of design and construction at NEOM, added: “Aligning construction technology startups with NEOM’s ambitious goals is essential to our strategy. GMT’s expertise in robotics offers unprecedented efficiency, consistency, and sustainability in construction. We look forward to a dynamic collaboration that will contribute to safer, more sustainable infrastructure and enhance the next generation of NEOM-built assets.”
This partnership is yet another milestone in NIF’s strategic investment efforts, which focus on supporting NEOM’s sector strategies by fostering innovative technologies, establishing new businesses, and creating jobs to drive economic growth in the region.
The global market for construction robotics, valued at $168.2 million in 2022, is projected to grow over 360 percent to reach $774.6 million by 2032.
‘Uplifting’ Gulf development model will return to US, Eric Trump predicts
Security and stability make Saudi Arabia a safe bet
‘Sky’s the limit’ in GCC, says Trump
Updated 12 December 2024
Marco Ferrari
RIYADH: The mindset in the Gulf region that fosters the development of iconic projects is “uplifting” and will make its way back to the US under Donald Trump’s next presidency, Eric Trump told Arab News on Thursday.
The president-elect’s second son, who serves as executive vice president of the Trump Organization, praised the region for its innovative approach, which he believes defies common misconceptions held by Western nations.
During a visit to the Saudi capital following an official launch event in Jeddah for a new Trump Tower, Eric Trump suggested that the Gulf’s no-limits mentality is something that the incoming US president will adopt.
“It’s a different mindset in the Gulf, and that mindset is going to return to America, believe me, in the next four years under my father. But that mindset really, it’s uplifting. It’s almost empowering. It makes you want to come over here and do something really great. And it kind of makes you want to say no to those other countries where it’s just impossible to navigate the political system. They’re just too cumbersome. They’re too lethargic.”
Trump went on to explain that Gulf countries actively encourage developers to realize their grand visions, offering not just permits but also support for larger, more ambitious projects.
“They tell you, ‘not only are we going to give you the permits, but we actually want you to make your project bigger. We want you to make it even more iconic. We want you to make it more luxurious. We want you to attract the greatest restaurants and the greatest amenities. Sky’s the limit.’ And that's a beautiful thing for a developer,” he said.
He also revealed that the Trump Organization is planning additional projects in Riyadh, though he did not disclose further details.
The Trump Organization has lent its branding to several properties across the Gulf region, including a hotel and golf club in Oman, a golf club and tower in Dubai, and most recently, the Jeddah hotel. Trump Tower Jeddah is being developed in partnership with Saudi developer Dar Global, with the two companies having previously collaborated on projects in Oman and Dubai.
Praising Saudi Arabia’s safety and political stability, Trump said: “Obviously, the people in this country love us, love our company, love our brand, love what we stand for. We have so much unbelievable support in this amazing country.”
Dar Global CEO Ziad El Chaar speaks to Arab News during an interview on Thursday. AN photo
Ziad El Chaar, CEO of Dar Global, told Arab News that the Trump brand is synonymous with success. “The Trump name is a global brand that people attach to it always a very big sense of success,” he said.
“You can see the projects of Trump; they always feature the best material, the best design, and are really created for a great living experience and customer experience.”
Eric Trump’s visit to the Kingdom came after attending a cryptocurrency conference in Abu Dhabi earlier in the week.
The Trump family has ties to a new cryptocurrency called World Liberty Financial, and Donald Trump has pledged to launch a strategic national crypto stockpile during his second term.
Bitcoin’s value surged following Trump's election win in November, and this week it surpassed the $100,000 mark for the first time.
Islamic Trade Finance Corp. allocates $566m to back Uzbekistan’s local banks
Updated 12 December 2024
Reem Walid
RIYADH: Thirteen banks in Uzbekistan have secured a combined $566 million in financing through a key initiative by the International Islamic Trade Finance Corp., a member of the Islamic Development Bank Group.
The funding aims to foster job creation, drive economic development, and empower local communities, according to a report by the Saudi Press Agency.
ITFC is committed to using these funds to support the private sector’s import and pre-export requirements, with a particular focus on small and medium-sized enterprises, which are vital to the country's economic growth and resilience.
This initiative aligns with the ITFC's broader mission to provide integrated trade solutions to member countries of the Islamic Development Bank. The institution, which currently has 57 member states, is primarily funded by Saudi Arabia, the largest shareholder with a 22.5 percent stake in the corporation.
The funds will specifically target SMEs, which are globally recognized as key drivers of economic growth. The ITFC has already provided over $69 billion in financing to the member countries of the Organization of Islamic Cooperation, solidifying its position as a leading provider of trade solutions within the OIC community.
In addition to financial support, ITFC also focuses on improving access to trade finance and offering technical assistance programs. These efforts equip member-state entities with the tools they need to compete successfully in the global marketplace.
Closing Bell: Saudi main index sheds 50 points to 12,099
Updated 12 December 2024
Nirmal Narayanan
RIYADH: Saudi Arabia’s Tadawul All Share Index continued its downward trend for the second consecutive day on Thursday as it shed 49.86 points or 0.41 percent to close at 12,099.33.
The total trading turnover of the benchmark index was SR4.77 billion ($1.27 billion), with 101 of the listed stocks advancing while 123 declined.
The Kingdom’s parallel market Nomu also slipped by 0.57 percent to 31,100.89, while the MSCI Tadawul Index shed 7.37 points to close at 1,519.01.
Sumou Real Estate Co. was the best-performing stock of the day. The company’s share price soared by 9.98 percent to SR44.65.
Zamil Industrial Investment Co. was another top gainer, as the firm’s share price increased by 6.62 percent to SR33.80.
Meanwhile, the share price of Al-Baha Investment and Development Co. increased by 6.45 percent to SR0.33, and Saudia Dairy and Foodstuff Co. also advanced by 5.88 percent to SR360.
Conversely, Makkah Construction and Development Co.’s share price slipped by 3.04 percent to SR114.80.
The best performer on the parallel market was Riyadh Steel Co., as its share price increased by 17.37 percent to SR2.50.
Other top performers on Nomu were Dar Almarkabah for Renting Cars Co. whose share prices increased by 12.90 percent to SR70 while Watani Iron Steel Co.’s share prices grew by 12.20 percent to SR3.03.
On the announcements front, Almasane Alkobra Mining Co. revealed that it received a license from the Ministry of Industry and Mineral Resources to explore chromium, manganese, copper, and nickel in the Al-Baha region.
In a statement to Tadawul, the mining firm said the license is valid until Dec. 10, 2029.
The company added that the timing of any potential development of this license will become clear after the completion of exploration work and studies within the legal period.
AMAK’s share price, however, slipped by 2.49 percent to SR70.40.
