The Royal Commission for Jubail and Yanbu (RCJY) will organize an international conference on modern technologies in recycling and reusing industrial waste in Jubail Industrial City from Dec. 3-4.
Ahmed bin Mutair Al-Balawi, general manager of technical affairs in the RCJY and the general supervisor of the conference, told Arab News that the conference is an extension to the efforts made by the RCJY in preserving the environment and putting strict procedures for the management and control of hazardous and non-hazardous industrial waste produced by industrial establishments operating in the city.
The RCJY aims to promote its support of recycling and using industrial waste. It also aims to reduce risks and find safe ways to dispose them, and the procedures involved in determining the type of waste, the methods of its treatment and how to transport and dispose it.
The conference also aims to strengthen the RCJY’s approach to support recycling and using industrial waste. The conference will address several topics such as oil waste recycling up-to-date technology, recycling promoters, waste and energy, recycling mining industry waste, modern studies and experiments in the fields of recycling industrial waste and recycling plastic and other materials.
More than 20 specialists and academics from inside and outside the Kingdom will discuss topics related to recycling by presenting latest technologies used nowadays and recent local and international studies in six sessions. There will be an exhibition accompanying the conference that will have many specialized companies participating in it.
The first session will focus on modern technologies in recycling oil waste that is headed by Ahmed Al-Hazmi from Saudi Basic Industries Corporation (SABIC).
The agenda of this session includes three lectures: Retrieving oil from the sludge using a three-stage centrifuge by Jihad Shana from Saudi Aramco; Refining today to be cleaner tomorrow by Jameel Aldeen Sheikh from the United Lube Oil Company (UNILUBE) in Jubail; and using technology to recover hydrocarbons and sediment treatment by Rae’ed Al-Atrash from Al-Atrash Company for Industrial Materials in Alkhobar.
The second session entitled "Recycling Catalyst" is headed by Khalaf Al-Anzi from Sadara Company. The agenda of this session includes four lectures — Using molybdenum from catalysts, renewing catalysts by using water technologies presented by Saleh Abu Alteen from Al-Bilad Catalyst Company, Advanced processing for recycling and using catalysts by Ameen Dahia from GMC company, and recycling catalysts by Matthew Bell from the Dutch company BV.
The third session entitled "Energy and Waste" is headed by Omar Agha from Dammam University and includes three lectures — Producing energy from waste by Ahmed Ayoub from Abu Dhabu Company for Onshore Oil Operations (ADCO), Using luminous gas to generate electricity using solid oxide fuel cell by Rchberg Giorgn from Austria, and evaluating possible waste energy in Saudi Arabia by Omar Ouda from Prince Muhammad bin Fahd University.
The second day of the conference will have three sessions. The first session is entitled "Recycling mineral industry waste" led by Mustafa Aqil from Maaden Company and it includes three presentations — Reviewing disposal methods of three main types of industrial waste in Jubail and Ras Al-Khair by Muhammad Esmaiel from Rashid Geotechnical and Materials Engineers, Effective management of waste in Hadeed (Saudi Iron and Steel Company), and Recycling gypsum waste by Henrik Land from Denmark.
The second session is entitled "Modern studies and experiments in the field of recycling and using industrial waste" headed by Hussain bin Mohammed Al-Beshri, former director of the Department of Environmental Protection Authority in the Royal Commission in Jubail.
The session includes four presentations: Managing sodium hydroxide in Saudi Aramco by Hadi Al-Doghman from Saudi Aramco, Recycling and using waste in SABIC by Abdulrasheed Ja’afar from SABIC company, Catalyst and mercury: Example of a comprehensive treatment plant by Yves Thiller from Switzerland, and Reducing and recycling industrial waste by Tahir Hussain from Canada.
Al-Balawi explained that a group of specialists and academics from both inside and outside the Kingdom will present lectures revolving around the previous themes to benefit and exchange experiences that will be reflected positively on the environment.
He said there will be an exhibition organized with the conference in which many companies that are specialized in recycling and using industrial waste will take part.
The Royal Commission for Jubail and Yanbu carries out many periodic inspection tours in industrial plants and monitors the waste to find ways to recycle it. It makes sure that all these factories and companies follow the right procedures in disposing waste.
The Royal Commission monitors the waste produced by the factories and companies operating in the city and the correct and safe ways of disposing it. The Royal Commission tracks the process from the moment the waste is produced till its disposal.
Al-Balawi said that the RCJY encourages recycling and avoiding disposing. Recycling raises the value-added to the city’s production and helps to reduce the process of consumption and waste available resources.
The petrochemical industries produce 200,000 tons of industrial waste annually. It includes a mixture of solid and liquid waste that is recycled, some that is disposed of, some more of which 22 percent is burned, and the rest is hazardous waste.
Also, 800,000 tons of waste is annually produced by iron and mining industries that is recycled completely.
The city is now 40 years old since its foundation and along the incredible industrial growth there is waste production accumulating. The RCJY deals with waste in three ways such as disposing some waste by burying in dedicated and safe places, burning some waste by specialized companies, or through encouraging the companies to recycle their own waste.
After studying the environmental problems that may result from industrial waste, the RC started from its foundation to help investors set up the first waste treatment plant in the Kingdom that has all modern technologies according to international and local standards.The RCJY monitors industrial waste and handles it strictly and accurately through watching waste quantity in the industries and the time they are produced. Also, the RCJY monitors the transportation of the waste by certified carriers to transport it to the treatment plant.
“The commission is keen on following up with factories and companies to make sure they follow the proper procedures in waste management and taking environmental standards into account,” he said.
“We have a waste control program in the city that requires companies to commit and report waste periodically and quarterly reports are received from designated companies. The reports study the waste and the mechanism to deal with it,” he added.
Also, there are reports from the transportation company because the RCJY’s control program covers all stages of waste production to its final disposal stages in accordance with international and local standards.
Industry waste is considered a stock and every stock should be watched. It is prohibited that any material goes out of the building other than for recycling process.
Al-Balawi said that there is a pilot program to monitor waste electronically. The company enters the quantity that it wants to dispose of electronically and the carrier company and the treatment plant send out their requests electronically. “In that way, we will have a system that monitors, evaluates and gives us indicators on a daily basis or weekly that will make the monitoring process very accurate. The new system will be launched soon.”
Recycling and reusing industrial waste in focus at Jubail conference
Recycling and reusing industrial waste in focus at Jubail conference
Oil Updates – prices ease but remain near 2-week highs on Russia, Iran tensions
SINGAPORE: Oil prices retreated on Monday following 6 percent gains last week, but remained near two-week highs as geopolitical tensions grew between Western powers and major oil producers Russia and Iran, raising risks of supply disruption.
Brent crude futures slipped 26 cents, or 0.35 percent, to $74.91 a barrel by 7:40 a.m. Saudi time, while US West Texas Intermediate crude futures were at $70.97 a barrel, down 27 cents, or 0.38 percent.
Both contracts last week notched their biggest weekly gains since late September to reach their highest settlement levels since Nov. 7 after Russia fired a hypersonic missile at Ukraine in a warning to the US and UK following strikes by Kyiv on Russia using US and British weapons.
“Oil prices are starting the new week with some slight cool-off as market participants await more cues from geopolitical developments and the Fed’s policy outlook to set the tone,” said Yeap Jun Rong, market strategist at IG.
“Tensions between Ukraine and Russia have edged up a notch lately, leading to some pricing for the risks of a wider escalation potentially impacting oil supplies.”
As both Ukraine and Russia vie to gain some leverage ahead of any upcoming negotiations under a Trump administration, the tensions may likely persist into the year-end, keeping Brent prices supported around $70-$80, Yeap added.
In addition, Iran reacted to a resolution passed by the UN nuclear watchdog on Thursday by ordering measures such as activating various new and advanced centrifuges used in enriching uranium.
“The IAEA censure and Iran’s response heightens the likelihood that Trump will look to enforce sanctions against Iran’s oil exports when he comes into power,” Vivek Dhar, a commodities strategist at Commonwealth Bank of Australia said in a note.
Enforced sanctions could sideline about 1 million barrels per day of Iran’s oil exports, about 1 percent of global oil supply, he said.
The Iranian foreign ministry said on Sunday that it will hold talks about its disputed nuclear program with three European powers on Nov. 29.
“Markets are concerned not only about damage to oil ports and infrastructure, but also the possibility of war contagion and involvement of more countries,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.
Investors were also focused on rising crude oil demand at China and India, the world’s top and third-largest importers, respectively.
China’s crude imports rebounded in November as lower prices drew stockpiling demand while Indian refiners increased crude throughput by 3 percent on year to 5.04 million bpd in October, buoyed by fuel exports.
For the week, traders will be eyeing US personal consumption expenditures data, due on Wednesday, as that will likely inform the Federal Reserve’s policy meeting scheduled for Dec. 17-18, Sachdeva said.
Saudi Arabia’s private debt market targets over $1.77bn by Q3 2024: report
RIYADH: Saudi Arabia’s private debt market is experiencing significant growth, with eight active funds targeting to raise over $1.77 billion in capital by the third quarter of 2024, according to a new report.
This growth is driven by a sharp rise in investor confidence, with 97 percent of Middle East-based institutional investors now viewing the Kingdom as the most promising market for private debt in the coming year, up from 82 percent in 2023, based on Preqin survey data.
The report, titled “Territory Guide: The Rise of Private Debt Funds in Saudi Arabia 2024,” was published in collaboration with Saudi Venture Capital Co. It highlights the increasing interest from both regional and global investors, fueled by the positive outcomes of the Kingdom's Vision 2030 reforms.
The findings align with the fact that Saudi Arabia accounts for up to 27.5 percent of private debt fund transactions in the Middle East and North Africa region between 2016 and the third quarter of 2024.
In 2022, private debt funds focused on Saudi Arabia raised a record $335 million in total capital, a sharp rise from the $32 million raised by a single fund in 2003.
“This first-of-its-kind report highlights the emergence of private debt funds as a key asset class in Saudi Arabia, driven by the Kingdom’s Vision 2030 and its ambition to diversify the economy,” said Nabeel Koshak, CEO and board member at SVC.
“At SVC, we continue our commitment to support the development of such reports that provide policymakers, investors, and founders with insights and data to inform strategic decisions and policies to nurture the private capital ecosystem further,” Koshak added.
David Dawkins, lead author of the report at Preqin, commented: “Global investment firms are not alone in closely watching the growth and evolution of Saudi Arabia’s nascent private debt industry.”
Dawkins also noted: “For other developing economies in the Middle East and beyond, Saudi Arabia’s success in this area will strengthen the impetus for improving transparency to secure the capital needed for sustainable growth in a net-zero world.”
The study further revealed that among all private debt funds with investments tied to Saudi Arabia that concluded between 2016 and the third quarter of 2024, mezzanine funds accounted for 50 percent of total exposure, with direct lending and venture debt funds closely following at 30 percent and 20 percent, respectively.
Support for startups and small to medium-sized enterprises in the Kingdom is also reflected in the high proportion of venture debt, which represents 75 percent of all funds in the market with Saudi Arabia exposure.
The report also highlighted that private debt marked its second consecutive year as the asset class with the highest proportion of Middle Eastern investors intending to increase their investments in the coming year. Nearly 58 percent of investors expressed this sentiment, up from 50 percent in 2023.
The percentage of investors considering private debt the most promising asset class in the region rose by 12 percentage points, from 31 percent in 2023.
Private debt is expected to further bolster Saudi Arabia’s growing entrepreneurial community as the nation advances toward its Vision 2030 goals. Since 2018, new regulatory frameworks have been implemented, ushering in an era of increased transparency and equity within the private debt sector, closely aligned with the Kingdom’s broader investment vision.
Closing Bell: Saudi main index rises to close at 11,864
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 24.38 points, or 0.21 percent, to close at 11,864.90.
The benchmark index recorded a trading turnover of SR4.22 billion ($1.12 billion), with 124 stocks advancing and 99 declining.
The Kingdom’s parallel market Nomu also posted gains, climbing 345.06 points, or 1.13 percent, to close at 30,885.34, as 49 stocks advanced and 32 declined.
The MSCI Tadawul Index increased by 4.74 points, or 0.32 percent, to close at 1,491.56.
The best-performing stock of the day was Arabian Contracting Services Co., whose share price surged 9.97 percent to SR167.60.
Other notable gainers included Saudi Reinsurance Co., rising 4.97 percent to SR45.45, and Saudi Public Transport Co., which climbed 3.98 percent to SR23.00.
Al-Baha Investment and Development Co. led the decliners, falling 6.06 percent to SR0.31. Aldrees Petroleum and Transport Services Co. dropped 4.33 percent to SR123.60, and Batic Investments and Logistics Co. declined 3.23 percent to SR3.59.
Leejam Sports Co. announced the opening of four new fitness centers. These include a men’s center and the first ladies’ center in Al-Rass city, Qassim Province, as well as the first men’s and ladies’ centers in Al-Qunfidah city, Makkah Province.
Branded under “Fitness Time” and “Fitness Time - Ladies,” the centers will feature state-of-the-art facilities, high-spec sports equipment, and modern designs.
The financial impact of these openings is expected to reflect in the fourth quarter of 2024. Despite the announcement, Leejam Sports Co. closed the session at SR180, down 0.34 percent.
Obeikan Glass Co. reported a net profit of SR29.89 million for the nine months ending Sept. 30, a 58.3 percent drop from the same period in 2023. The decline was attributed to lower average selling prices due to global market conditions and increased administrative expenses related to a new investment in a subsidiary, Saudi Aluminum Casting Foundry.
The stock ended at SR49.60, down 1.59 percent.
United Mining Industries Co. announced the issuance of two exploration licenses for gypsum and anhydrite ore from the Ministry of Industry and Mineral Resources. The company plans to conduct studies to determine the availability of raw materials, with financial impacts to be announced upon completion.
Its stock closed at SR39.60, up 0.26 percent.
Morgan Stanley receives approval to establish regional HQ in Saudi Arabia
RIYADH: US-based investment bank Morgan Stanley has been granted approval to establish its regional headquarters in Saudi Arabia, as the Kingdom continues to attract international investment.
This move aligns with Saudi Arabia’s regional headquarters program, which offers businesses various incentives, including a 30-year exemption from corporate income tax and withholding tax on headquarters activities, as well as access to discounts and support services.
Saudi Investment Minister Khalid Al-Falih confirmed the progress of this initiative in October, stating that the Kingdom has successfully attracted 540 international companies to set up regional headquarters in Riyadh—exceeding its 2030 target of 500.
“Establishing a regional HQ in Riyadh reflects the growth and development of Saudi Arabia and is a natural progression of our long history in the region,” said Abdulaziz Alajaji, Morgan Stanley’s CEO for Saudi Arabia and co-head of the bank’s Middle East and North Africa operations, according to Bloomberg.
Morgan Stanley first entered the Saudi market in 2007, launching an equity trading business in Riyadh, followed by the establishment of a Saudi equity fund in 2009.
This approval follows a similar move by Citigroup earlier this month, with the bank also receiving approval to establish its regional headquarters in Saudi Arabia.
Fahad Aldeweesh, CEO of Citi Saudi Arabia, emphasized that this development would support the firm’s future growth in the Kingdom.
Goldman Sachs, another major Wall Street bank, also received approval in May to set up its regional headquarters in Saudi Arabia.
Prominent international firms that have already established regional headquarters in Saudi Arabia include BlackRock, Northern Trust, Bechtel, PepsiCo, IHG Hotels and Resorts, PwC, and Deloitte.
In addition, a recent report from Knight Frank noted that Saudi Arabia's regional headquarters program has led to increased demand for office space in Riyadh, with the city’s office stock expected to grow by 1 million sq. meters by 2026.
In August, Kuwait’s Markaz Financial Center echoed this sentiment, predicting a significant uptick in the Kingdom’s real estate market during the second half of the year, driven by the regional headquarters program.
QatarEnergy strengthens global footprint with offshore expansion in Namibia
RIYADH: QatarEnergy has expanded its portfolio through a new agreement with TotalEnergies to increase its ownership stakes in two offshore blocks in Namibia’s Orange Basin.
According to a press release, the state-owned energy firm will acquire an additional 5.25 percent interest in block 2913B and an additional 4.7 percent interest in block 2912 under the new deal, subject to customary approvals.
Once finalized, QatarEnergy’s share in these licenses will rise to 35.25 percent in block 2913B and 33.025 percent in block 2912.
Saad Sherida Al-Kaabi, Qatar’s minister of state for energy affairs and CEO of QatarEnergy, said: “We are pleased to expand QatarEnergy’s footprint in Namibia’s upstream sector. This agreement marks another important step in working collaboratively with our partners toward the development of the Venus discovery located on block 2913B.”
TotalEnergies, the operator of both blocks, will retain 45.25 percent in block 2913B and 42.475 percent in block 2912. Other partners include Impact Oil & Gas, which holds 9.5 percent in both blocks and the National Petroleum Corp. of Namibia, which owns 10 percent in block 2913B and 15 percent in block 2912.
Located about 300 km off the coast of the African country, in water depths ranging from 2,600 to 3,800 meters, these blocks host the promising Venus discovery. The Venus field has attracted considerable attention as a significant find that could impact Namibia’s energy future.
This offshore acquisition complements QatarEnergy’s recent ventures into renewable energy. In October, the company announced a 50 percent stake in TotalEnergies’ 1.25-gigawatt solar project in Iraq.
The initiative, part of Iraq’s $27 billion Gas Growth Integrated Project, aims to enhance Iraq’s energy self-sufficiency by addressing its reliance on electricity imports and reducing environmental impacts.
The solar project, set to deploy 2 million bifacial solar panels, will generate up to 1.25 GW of renewable energy at peak capacity, supplying electricity to approximately 350,000 homes in Iraq’s Basra region.
QatarEnergy will share equal ownership of the project with TotalEnergies, which retains the remaining 50 percent.
The firm’s dual focus on traditional and renewable energy highlights its strategic approach to meeting global demands while addressing sustainability concerns.
Its involvement in Namibia’s offshore blocks and Iraq’s shift toward renewable energy highlights a well-rounded portfolio that includes fossil fuels and clean energy investments.
