Saudi Arabia focused on promoting energy efficiency: top official

Nasser Al- Ghamdi, CEO of Saudi Energy Efficiency Center, speaks at a forum in Riyadh on Monday.
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Updated 27 May 2024
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Saudi Arabia focused on promoting energy efficiency: top official

RIYADH: Saudi Arabia’s budding energy efficiency sector has witnessed notable growth, with the number of licensed service providers reaching 55 by the end of 2023, says a top official.  

As the Kingdom strives to reduce its carbon footprint, with recently amplified goals to achieve net-zero by 2060, the Saudi Energy Efficiency Center is working to aide the nation in realizing these ambitions, Nasser Al-Ghamdi, the CEO of the center noted.  

In his inaugural address at the Saudi ESCO forum, the top executive stressed the entity’s role in raising awareness about energy efficiency. He highlighted that 26 universities nationwide have adopted energy efficiency topics and courses in their curricula. 

“Since the inception of the center, we have launched various initiatives that will help in reducing energy consumption,” Al-Ghamdi said. 

Among these undertakings, the body has succeeded in launching and implementing more than 200 training programs in the field of energy efficiency, the CEO added.  

The executive emphasized that the center has strived to create the necessary ecosystem for suppliers and their beneficiaries in this “promising market” to ensure the quality of energy-efficiency service providers. 

He added that this will be achieved through the application of a licensing system for those interested in investing in this field after meeting the technical requirements necessary to provide the service.  

Highlighting the role that the fledgling sector is playing in achieving net-zero goals, the CEO said: “The sector, which is considered relatively new, is helping companies and enterprises and buildings in finding solutions to efficiently use energy, including financing and managing solutions and projects. These companies also contribute energy consumption analysis and knowing opportunities for companies to improve their consumption.” 

During his opening speech, Waled Al-Ghreri, CEO of the National Energy Services Co., also known as Tarshid, emphasized the company’s role in advancing energy efficiency initiatives in Saudi Arabia.  

The Saudi Press Agency quoting Al-Ghreri as saying: “Since 2017, we have worked with SEEC to expand the number of companies in energy efficiency services to 55 licensed firms, including 41 local and 14 international companies.”  

He added: “These partners actively participate in our rehabilitation and energy efficiency projects, such as retrofitting public buildings and facilities. These efforts have led to an estimated savings of approximately 7 terawatt-hours by the end of the first quarter of 2024. Tarshid is dedicated to fostering the growing energy efficiency services market in the Kingdom and supporting their involvement in projects throughout the country.” 

Due to the absence of energy efficiency activities in the commercial sector, one of the highest energy consumers in the Kingdom, accounting for 15.7 percent of total consumption of facilities in the nation, the body launched a pilot project to improve this field.  

The initiative aims to improve conditions in the commercial sector by raising business owners’ awareness of opportunities, as implementing energy auditing projects is expected to improve overall efficiency. 


Closing Bell: Saudi indices close in green at 12,048

Updated 29 sec ago
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Closing Bell: Saudi indices close in green at 12,048

  • MSCI Tadawul Index increased by 5.51 points, or 0.37%, closing at 1,512.82
  • Parallel market Nomu gained 72.27 points, or 0.27%, to close at 27,297.45

RIYADH: Saudi Arabia’s Tadawul All Share Index started the week in green, gaining 26.15 points, or 0.22 percent, to close at 12,048.26. 

The total trading value of the benchmark index was SR4.2 billion ($1.1 billion), with 82 listed stocks advancing, while 147 retreated. 

The MSCI Tadawul Index also increased by 5.51 points, or 0.37 percent, closing at 1,512.82. 

The Kingdom’s parallel market Nomu gained 72.27 points, or 0.27 percent, to close at 27,297.45, with 38 stocks advancing and 35 retreating. 

The best-performing stock of the day was Riyadh Cables Group Co., whose share price surged by 9.98 percent to SR112.40. 

Other top performers included MBC Group Co., which saw a rise of 9.98 percent to SR45.75. 

Anaam International Holding Group and Al-Baha Investment and Development Co. also recorded gains of 8 percent and 7.69 percent, closing at SR1.35 and SR0.28, respectively. 

Rabigh Refining and Petrochemical Co. was also among the top performers with SR8.61, recording a 5.51 percent increase. 

Quara Finance Co. announced its nine-month financial results, seeing SR147.1 million in revenue, a 2.3 percent year-on-year increase. 

Despite the company’s gains in sales, net profit saw a 28.1 percent yearly decline, recording SR34.5 million in net income. 

Quara attributed the revenue increase to a growth in yield of the retail portfolio, while the decrease in profits was due to an increase in write-offs and decrease in write-off recoveries. 

Quara closed Sunday’s trading at SR16, a 0.49 percent increase. 

Elm Co. also released its financial results for the nine months of the year recording SR5.2 billion in revenue, a 25.2 percent year-on-year increase. 

The company’s net profit also saw an increase to reach SR1.3 billion, a 29.1 percent growth. 

Elm attributed the revenue growth to a 25.66 percent increase in digital business revenue and a 29.02 percent rise in business process outsourcing revenue, partially offset by a 19.13 percent decline in professional services revenue. 

Elm closed Sunday’s trading at SR1,072.20, a 4.85 percent increase. 

Tanmiah Food Co. reported a revenue increase of 23.8 percent year on year for the first nine months, reaching SR1.8 billion. 

Net profits also increase by 39.3 percent to reach SR69.1 million by the end of the period, driven mainly by fresh poultry. 

Tanmiah Food closed Sunday’s trading at SR143, a 4.99 percent increase. 

Dr. Sulaiman Al Habib Medical Services Group’s revenue also increased by 14.9 percent in the first nine months of the year compared to the same period last year, to reach SR8 billion. 

Net profits grew to reach SR1.7 billion, an 11.8 percent year-on-year increase. 

The revenue increase was primarily driven by growth in the hospital and pharmacy segments, fueled by a rise in the number of patients in the hospital sector. The rise in net profits was largely attributed to this revenue growth. 

Dr. Sulaiman Al Habib Medical Services Group closed Sunday’s trading at SR288.40, a 0.77 percent increase. 

Fragrance company Al Majed Oud Co. reported revenue of SR683.7 million for the first nine months of the year, marking a 25.5 percent increase compared to the same period last year. 

Net profits rose to SR141.9 million, a 23.3 percent year-over-year increase. The company attributed the growth in profits and sales to the strong performance of branches opened in 2023, which significantly boosted sales in the current period. 

Al Majed Oud Co. closed trading at SR150.60, a 1.05 percent decrease.


IMF to begin review Egypt’s loan program on Tuesday

Updated 59 min 38 sec ago
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IMF to begin review Egypt’s loan program on Tuesday

  • Review is fourth under Egypt’s latest 46-month IMF loan program approved in 2022
  • Egypt had requested financing under the RSF since 2022, with hopes it could unlock up to an additional $1 billion

CAIRO: The International Monetary Fund will begin its review of Egypt’s loan program on Tuesday, Egyptian Prime Minister Mostafa Madbouly said on Sunday at a press conference with IMF managing director Kristalina Georgieva.
The review, which could unlock more than $1.2 billion in financing, is the fourth under Egypt’s latest 46-month IMF loan program that was approved in 2022 and expanded to $8 billion this year after an economic crisis marked by high inflation and severe foreign currency shortages.
Madbouly emphasized the mutual cooperation with the IMF, adding that Egypt “expects continued successful and fruitful partnership in the coming period.”
Georgieva also praised the fund’s cooperation with Egypt and highlighted the current global challenges.
She noted that the IMF’s discussions with Egypt next week will also look into ways of supporting the Egyptian objectives in the area of greening the economy and Egypt’s access to the Resilience and Sustainability Facility in the pursuit of this effort.
Egypt had requested financing under the RSF since 2022, with hopes it could unlock up to an additional $1 billion.
Egyptian President Abdel Fattah El-Sisi has recently cautioned that Egypt may need to reassess its expanded loan program if international institutions do not factor in the exceptional challenges the region currently faces.
Madbouly later said that talks with the IMF during the fund’s annual meetings in October did not include additional financing but aimed to reassess Egypt’s commitments, targets, and timings.
When the IMF completed its third review in July, it said that inflationary pressures were gradually abating, foreign exchange shortages have been eliminated, and fiscal targets (including those related to spending by large infrastructure projects) were met.
It also underscored the need for greater efforts to accelerate a program of divestment of state-owned enterprises and carry out reforms to prevent them from using unfair competitive practices.


Saudi Arabia calls for robust action against land degradation

Updated 37 min 3 sec ago
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Saudi Arabia calls for robust action against land degradation

  • Kingdom’s incoming UNCCD presidency aims to increase the number of participating countries and the ambition of their goals
  • More than 71,000 square km of land expected to face deterioration before the Dec. 2nd start of the conference

RIYADH: Saudi Arabia is encouraging urgent action to combat drought, as vast areas of land — larger than the size of Ireland — are projected to face degradation globally in the near future.

With less than one month remaining until the 16th session of the Conference of Parties of the UN Convention to Combat Desertification begins in Riyadh, the Kingdom’s incoming UNCCD presidency has urged the international community to take decisive measures on drought resilience and land restoration. 

Recent data underscores the urgency of this appeal, with more than 71,000 square km of land expected to face deterioration before the Dec. 2nd start of the conference, according to the UNCCD. 

“COP16 in Riyadh is a critical moment for the international community to address land degradation if we are to meet the UNCCD target of restoring 1.5 billion hectares of land by 2030,” said Osama Faqeeha, the Kingdom’s deputy minister for environment at the Ministry of Environment, Water and Agriculture. 

Faqeeha, who is also the adviser to the COP16 presidency, added: “As the hosts, we are calling for all parties to come to Riyadh ready to increase their ambition by strengthening land restoration targets, bolstering drought resilience initiatives, and enhancing land tenure rights.” 

Since 2015, countries have been aligning with voluntary Land Degradation Neutrality targets as part of the UN Sustainable Development Goals. 

Over 130 nations have engaged in the LDN Target Setting Programme, with more than 100 already defining their objectives.

Saudi Arabia’s incoming UNCCD presidency aims to increase the number of participating countries and the ambition of their goals. 

The UNCCD has estimated that more than $44 trillion in economic output, representing over half of global gross domestic product, is moderately or highly dependent on natural capital. 

Restoration investments are highlighted as economically beneficial, with projections that each dollar invested could yield up to $30 in returns, presenting a significant opportunity for a trillion-dollar restoration economy. 

COP16 in Riyadh will mark the first time the UNCCD will introduce a Green Zone, a dedicated space for businesses, scientists, and financial institutions, as well as NGOs, the public, and impacted communities to collaborate on sustainable solutions. 

The conference will also feature seven thematic days focused on key topics such as land restoration, governance, and agri-food systems, as well as resilience, finance, and advancements in science, technology, and innovation. 


Oman’s oil exports hit 230.6m barrels by September: official data

Updated 03 November 2024
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Oman’s oil exports hit 230.6m barrels by September: official data

JEDDAH: Oman’s oil exports totaled approximately 230.6 million barrels by the end of September, averaging $82.60 per barrel and accounting for 84.6 percent of total production, which exceeded 272.4 million barrels.

According to statistics from the country’s National Center for Statistics and Information, as reported by the state news agency, oil exports increased by 0.1 percent compared to September 2023, when total exports were nearly 230.3 million barrels. This rise occurred alongside a 5.1 percent decrease in production, which was recorded at over 287 million barrels during the same period last year.

Total crude oil production declined by 6.7 percent, reaching over 208.5 million barrels by the end of September, while condensate production saw a slight increase of 0.6 percent, totaling more than 63.86 million barrels. The NCSI noted that the average daily oil production was 994,200 barrels through the end of September.

The World Bank forecasts Oman’s economic growth will rise to 2.7 percent in 2025 and 3.2 percent in 2026, driven by a rebound in oil and gas production as the Duqm refinery reaches full capacity, alongside a revival in agricultural and construction activities and a strong services sector.

The report also indicated that inflation is expected to remain low, averaging 1.3 percent from 2024 to 2026, largely due to the country’s currency being pegged to the US dollar and regulated fuel prices.

According to the Oman News Agency, China was the top importer of Omani oil, with imports totaling approximately 219.6 million barrels, marking a 4.5 percent increase compared to September 2023.

Japan followed with nearly 4 million barrels, a decline of 46.4 percent, while South Korea imported around 3.8 million barrels, an increase of 31.8 percent. Exports to India totaled 2,002,000 barrels, down 26.3 percent.

Overall, Oman’s oil exports during the first half of 2024 increased by 0.3 percent to 153,362,300 barrels, with the average price per barrel at $82.20, according to the NCSI.

Oil exports constituted 84.6 percent of the total oil production volume, which was over 181 million barrels, down 5.3 percent from 191.4 million barrels in the same period in 2023. Total crude oil production also fell by 7.4 percent to over 138.7 million barrels by the end of the first half of 2024, while oil condensate production rose by 2.3 percent to 42.5 million barrels. The average daily oil production at that time was reported at 842,700 barrels. During this period, China remained the leading country importing oil from Oman, with nearly 148 million barrels.


Saudi Arabia’s PIF to acquire 54% stake in MBC Group

Updated 40 min 36 sec ago
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Saudi Arabia’s PIF to acquire 54% stake in MBC Group

  • Share price of MBC Group increased by 9.98% to SR45.75
  • Its net profit for the second quarter witnessed a rise of 66.5% to SR116.4 million

RIYADH: Saudi Arabia’s sovereign wealth fund is set to acquire a 54 percent stake in media giant MBC Group for SR7.46 billion ($1.99 billion). 

In a bourse filing, MBC Group, listed on the Kingdom’s main market, said that it was notified by Istedamah Holding Co., one of its major shareholders, on the finalization of a sale and purchase agreement with the Public Investment Fund on Nov. 1.

According to the agreement, Istedamah will sell its entire stake in MBC, valued at 179.55 million shares, representing 54 percent of the company’s total capital, to PIF through a private transaction. 

Touted to be Saudi Arabia’s economic engine, PIF is spearheading the Kingdom’s Vision 2030 journey by making strategic investments in various sectors. 

Some prominent telecom, media, and technology firms backed by the wealth fund include Saudi Co. for Artificial Intelligence, Saudi Information Technology Co., Elm Co., and Saudi Telecom Co. 

“The completion of the transaction is subject to a number of conditions, including obtaining the necessary approvals and non-objections that might be required from the relevant entities,” said MBC Group. 

It added: “The transaction will be executed as a negotiated deal in accordance with the Saudi Exchange’s trading and membership procedures at the completion of the transaction.” 

Followiing the announcement, the share price of MBC Group increased by 9.98 percent to SR45.75 as of 11:.37 a.m. Saudi time. 

Established in 1991 and formerly known as the Middle East Broadcasting Center, MBC Group currently owns several television channels, including Al Arabiya, MBC Max, and MBC Bollywood, as well as the OTT platform Shahid. 

In August, the media giant said its net profit for the first six months of this year surged 359.8 percent to SR237.8 million compared to the same period in 2023. 

The company added that its net profit for the second quarter witnessed a rise of 66.5 percent to SR116.4 million, compared to the same period of the previous year. 

PIF is set to reach $2 trillion in assets under management by 2030, propelling it from fifth to second place globally among sovereign wealth bodies, according to a report by Global SWF in April. 

As per SWF’s release, PIF took the lead as the top investor among all sovereign wealth funds, allocating $31.6 billion across 49 deals in 2023, representing a 33 percent increase from the prior year.

In March, PIF’s assets under management surpassed $925 billion, up from $700 billion at the end of 2022, securing its position as the fifth-largest global sovereign wealth fund.