Cloud-seeding operation begins in skies over Saudi Arabia
Cloud-seeding operation begins in skies over Saudi Arabia/node/2071321/business-economy
Cloud-seeding operation begins in skies over Saudi Arabia
The government approved the artificial seeding project recently in an effort to increase the amount of rainfall in the Kingdom. (Screenshot/Twitter/@PmeMediacen)
Cloud-seeding operation begins in skies over Saudi Arabia
The first phase of the effort to increase rainfall is taking place in the Riyadh, Qassim and Hail regions; phase two will include Asir, Al-Baha and Taif regions
The project, launched by the environment minister, is using advanced meteorological equipment and techniques, including ‘environmentally friendly’ materials to stimulate precipitation
Updated 27 April 2022
Arab News
RIYADH: The first phase of a cloud-seeding operation was officially launched on Tuesday by Abdulrahman Al-Fadhli, the Saudi minister of environment, water and agriculture and chair of the National Center of Meteorology. It is taking place in the skies over Riyadh, Qassim and Hail regions.
The Council of Ministers approved the artificial seeding project recently in an effort to increase the amount of rainfall in the Kingdom, one of the driest countries in the world, which currently stands at less that 100 millimeters a year.
Ayman Ghulam, the CEO of the NCM and supervisor of the cloud-seeding program, said that its operations room opened on Monday at the center’s headquarters in Riyadh and the first flights took place in the region surrounding the capital. They achieved their goals, he added, in terms of the results and timing of the seeding operations, and the center will issue periodic updates on progress.
Work will continue around the clock in the operations room, he said, which uses the most advanced meteorological equipment and techniques and is staffed by international cloud-seeding experts and technical and logistical support workers. It will monitor cloud formations over the Kingdom to determine the best locations for seeding efforts, using “environmentally friendly” materials, to stimulate precipitation in targeted areas, Ghulam added.
It is hoped that the project, which utilizes a safe, flexible and cost-effective technology, will play its part in efforts to maintain the water balance in Saudi Arabia, he said. The second phase will include Asir, Al-Baha and Taif regions. The program also includes research, the evaluation of expertise, localization efforts and transfer of knowledge in the field.
The cloud-seeding operation is one of the results of the Middle East Green Initiative Summit, which took place in October, following the announcement of the initiative by Crown Prince Mohammed bin Salman in March last year. It is part of a series of integrated national and regional projects that aim to promote sustainable development, preserve the environment, secure new water resources and increase the Kingdom’s natural capabilities. It is also designed to reduce desertification and increase green spaces in accordance with the aims of the Kingdom’s Vision 2030 development plan.
ADX imposes mandatory insider trading blackout ahead of Q3 results
Updated 10 sec ago
Nirmal Narayanan
RIYADH: A mandatory 15-day blackout on insider trading has been enforced by the Abu Dhabi Securities Exchange, effective Sept. 16, as companies prepare to release their third-quarter 2024 financial results.
The restriction, in line with Securities and Commodities Authority regulations, prohibits board members, executives, and employees with insider information from trading shares until the earnings are fully disclosed.
According to a report by state news agency WAM, the decision follows Article 14 of the Securities and Commodities Authority Board of Directors’ Decision No. 2/R of 2001, which outlines regulations on trading, clearing, settlement, transfer of ownership, and custody of securities.
The rule is designed to ensure transparency and prevent insider trading ahead of major financial disclosures.
Insider trading involves the buying or selling of a publicly traded company’s stock by individuals who possess non-public, material information about the company. This practice is not allowed because it gives an unfair advantage to people with inside information, which can affect the fairness of the market and reduce trust among investors.
The report also stated that the resolution will be shared with the SCA, all listed companies, ADX departments, accredited brokers, and investors.
Established in 2000, ADX facilitates the trading of various securities, including shares from public and private companies, debt instruments, exchange-traded funds, derivatives, and other financial instruments approved by the UAE’s SCA.
On Aug. 30, WAM reported that ADX has become the most active and liquid ETF market in the Middle East and North Africa region, with notable value and volume since the start of the year.
ETF trading on the exchange totaled 1.86 billion dirhams ($506.46 million) in the first eight months of 2024. The trading volume for ETFs on ADX reached approximately 450.7 million units, with 19,853 transactions recorded.
Earlier this month, ADX also welcomed the listing of $1 billion in green bonds issued by Abu Dhabi Future Energy Co., known as Masdar.
The green bonds are split into two tranches: the first, valued at $500 million, has a fixed interest rate of 4.87 percent and matures on July 25, 2029; the second tranche, also $500 million, offers a 5.25 percent interest rate and matures on July 25, 2034.
WAM reported that the bond issuance witnessed strong demand from both international and domestic investors, with subscription orders peaking at $4.6 billion, representing an oversubscription of 4.6 times.
SMEs account for 90% of Saudi industrial and mining sectors: minister
Updated 20 min 13 sec ago
MANAL AL-BARAKATI
RIYADH: Small and medium enterprises constitute 90 percent of Saudi Arabia’s industry and minerals companies, highlighting that the sector is not “exclusive” to top players, according to a senior official.
The Kingdom’s Minister of Industry and Mineral Resources, Bandar Alkhorayef, highlighted this during a dialogue session at an event organized by the General Authority for Small and Medium Enterprises, known as Monsha’at, according to the Saudi Press Agency.
During the Industry and Mineral Resources Pioneers week, officials highlighted the impact of pioneering projects in the sector, underlining how industrial technical applications, often led by SMEs, are proving effective in resolving challenges in large-scale industries, SPA reported.
In recent years, the Saudi government has launched several initiatives to bolster SMEs’ presence and participation in various sectors, including industry and mining.
These undertakings, spearheaded by entities such as Monsha’at, focus on providing a range of support services, including financing, licensing facilitation, and business development support.
Programs like the SME loan guarantee program – known as Kafalah – and the Saudi Venture Capital Co. are designed to enhance access to capital, mitigating one of the significant challenges faced by smaller companies.
Other examples of SMEs demonstrating innovative capabilities in the sector include improving mine preservation, environmental safety, and productivity.
This reflects the broader trend within Saudi Arabia, where SMEs increasingly leverage technology and innovation to address complex industrial challenges.
EV Auto Show 2024: Riyadh set for key exhibition, spotlighting Saudi green goals
Updated 44 min 6 sec ago
MANAL AL-BARAKATI
RIYADH: The rapidly evolving transport sector in Saudi Arabia is set for a significant boost with the return of the EV Auto Show to Riyadh, taking place from Sept. 17 to 19.
Hosted at the Riyadh International Convention and Exhibition Center, this three-day event aligns with Saudi Arabia’s Vision 2030, emphasizing its commitment to electric vehicles and sustainable technology.
The exhibition is a central event for the Kingdom’s expanding EV ecosystem. It brings together key stakeholders, including automotive manufacturers, charging solution providers, policymakers, and consumers, to discuss the future of mobility in the region.
Attendees will have the chance to explore a variety of EVs, charging solutions, and green technologies. The show will feature interactive seminars and panel discussions, allowing participants to engage with industry experts and innovators.
As Saudi Arabia aims to manufacture and export over 150,000 electric cars by 2026, such events are vital for advancing the shift toward clean technology and sustainable energy sources.
The show also serves as a platform for knowledge exchange, focusing on advancements in battery technology, charging infrastructure, and regulatory developments.
This exchange is crucial for overcoming current challenges and accelerating the Kingdom’s transition to electric mobility.
Shift in perception
Saudi Arabia’s EV market is growing, fueled by government initiatives, public-private partnerships, and increasing consumer interest.
Ravi Ravichandran, president of Ford Middle East, told Arab News: “The electric vehicles market in Saudi Arabia is undergoing rapid expansion, largely driven by the Kingdom’s Vision 2030, which seeks to diversify the economy beyond its traditional reliance on hydrocarbons.”
He noted a rise in consumer interest in EVs, citing a recent survey that shows 40 percent of Saudi consumers are considering purchasing one within the next 12 months. This reflects a growing shift away from traditional internal combustion engine vehicles.
Among those surveyed, hybrid vehicles were the most popular choice, followed by plug-in hybrids and pure battery EVs.
Ravi Ravichandran, president of Ford Middle East. Supplied
Ravichandran added that nearly one third of Saudis are already exploring the EV market. He also highlighted that 81 percent of respondents reported an improved view of electric vehicles over the past year, with many now perceiving them as sleek, enjoyable to drive, and technologically advanced. This indicates a positive shift in public perception.
Infrastructure development
A significant challenge in promoting EV adoption is the development of a comprehensive charging infrastructure.
The Ford executive highlighted that “range anxiety” remains a significant issue for consumers who worry about the availability of charging stations for long trips or daily commutes.
To address this, he added: “The Saudi government, along with regional stakeholders, is actively working to build a robust charging network.”
Electromin is a key player in expanding the charging infrastructure across the Kingdom.
Mark Notkin, chief innovation officer at Electromin, told Arab News: “The widespread implementation of fast charging services across Riyadh hinges on several key factors including governmental incentives, EV adoption rates, regulatory approvals, and partnerships with the private sector.”
These factors will influence the timeline for making fast charging facilities widely available.
Electromin has already installed over 100 chargers across Saudi Arabia, all operated by the company and accessible via its app. The company is focusing on increasing the availability of fast charging services in high-traffic areas, including major malls in Riyadh and Jeddah.
Mark Notkin, chief innovation officer at Electromin. Supplied
Localization and talent development
An essential component of developing a sustainable EV ecosystem is the localization of talent in the infrastructure sector.
Vision 2030 is driving companies to invest in training and hiring local professionals.
Notkin said: “The localization rate of Saudi employees in the EV infrastructure sector is rising, driven by Vision 2030. Companies are increasingly training and hiring local talent in roles such as project management, marketing, and operations.”
This growing localization is expected to continue as the sector expands, contributing to job creation and fostering technological expertise in the Kingdom.
Ravichandran also highlighted the job creation potential, and said: “The expansion of EV manufacturing, charging infrastructure, and related services will generate significant new job opportunities, playing a crucial role in Saudi Arabia’s economic diversification.
“As more local talent is employed in the EV sector, this will in turn foster the transfer of advanced technologies, particularly in battery production, charging solutions, and software development.”
Creating awareness
Increasing consumer awareness about the benefits of EVs is essential for widespread adoption.
However, misconceptions continue to pose barriers. Ravichandran said: “Nearly one-third of Saudis mistakenly believe EV batteries cannot be recycled, half think EVs require routine oil changes, and one-quarter incorrectly assume that EVs still need fuel to operate.”
These misconceptions highlight the need for “targeted education to inform the public about the realities of owning and maintaining an electric vehicle.”
Efforts are underway to enhance consumer understanding of the long-term cost savings associated with EVs. “Consumers need to understand the long-term cost savings, such as reduced fuel consumption and lower maintenance expenses,” said Ravichandran, adding: “Unlike traditional internal combustion engine vehicles, EVs have fewer components to maintain, making them a more cost-effective and reliable option over time.”
Future outlook
Looking ahead, the Saudi EV market is expected to undergo significant evolution over the next five to 10 years, driven by key developments and innovations.
Ravichandran believes that a “pivotal focus will be on accelerating the rollout of advanced charging infrastructure, with particular emphasis on integrating cutting-edge technologies to enhance convenience and efficiency for customers.”
He also highlighted advancements in local manufacturing capabilities, predicting that innovations in EV production processes and materials will likely drive down costs and increase competitiveness.
Oil Updates – prices climb on Fed rate cut outlook
Brent crude futures for November were up 38 cents, or 0.5%, at $71.99 a barrel
US crude futures for October were up 49 cents, or 0.7%, at $69.14 a barrel
Updated 16 September 2024
Reuters
SINGAPORE: Oil prices rose in Asian trade on Monday amid expectations of a US interest rate cut this week, though gains were capped by persistent demand worries and weaker China data, according to Reuters.
Brent crude futures for November were up 38 cents, or 0.5 percent, at $71.99 a barrel at 10:00 a.m. Saudi time. US crude futures for October were up 49 cents, or 0.7 percent, at $69.14 a barrel.
Both contracts had settled lower in the previous session, with concerns about supply disruptions easing as Gulf of Mexico crude production resumed following Hurricane Francine and as rising data showed a weekly rise in US rig count.
Still, nearly a fifth of crude oil production and 28 percent of natural gas output in the Gulf of Mexico remain offline in the hurricane’s aftermath.
“Markets are focused on upcoming FOMC policy decisions and traders are likely to stay cautious,” said Phillip Nova senior market analyst Priyanka Sachdeva, adding that prices are still supported by some supply worries given some capacity remains offline in the Gulf of Mexico.
The Federal Open Market Committee is expected to make a decision during its Sept. 17-18 meeting.
Fed fund futures show investors are increasingly betting the US central bank will cut by 50 basis points instead of 25 bps, according to CME FedWatch.
Lower interest rates typically reduce the cost of borrowing, which can boost economic activity and lift demand for oil.
However, analysts are concerned that an aggressive rate cut of 50 bps could signal underlying recession worries, which would be a bane for demand.
“A cut of 50 bps from the Fed will likely indicate weakness in the US economy, raising demand concerns for oil,” said OANDA senior market analyst Kelvin Wong in an email.
Optimism in the market was dampened by weaker Chinese economic data released over the weekend, with the low-for-longer growth outlook in the world’s second largest economy reinforcing doubts over oil demand, said IG market strategist Yeap Jun Rong in an email.
Industrial output growth in China, the world’s top oil importer, slowed to a five-month low in August, while retail sales and new home prices weakened further.
“Coupled with increased odds of a deflationary risk spiral in China after industrial production and retail sales growth declined in August, the current rebound in WTI crude oil is likely unsustainable with intermediate key resistance at $72.20/73.15 per barrel,” OANDA’s Wong said.
Oil refinery output also fell for a fifth month as disappointing fuel demand and weak export margins curbed production.
Italy’s Saipem wins $4 billion contract from QatarEnergy
Contract will help boost production at QatarEnergy’s North Field offshore natural gas field
Updated 16 September 2024
Reuters
DOHA: Italian energy engineering group Saipem said on Sunday it had won an offshore contract worth $4 billion from QatarEnergy, one of the world’s top suppliers of liquefied natural gas.
The contract will help boost production at QatarEnergy’s North Field offshore natural gas field, which lies off the northeastern coast of Qatar, Saipem added in a statement.
Earlier this year, Qatar announced an expansion project to boost the North Field’s LNG output to 142 million tons per annum (mtpa) from the current 77 mtpa by 2030.
The Italian group said this month it had won two offshore contracts in Saudi Arabia worth about $1 billion in total, under an existing long-term agreement with oil giant Saudi Aramco.
