SAN FRANCISCO: Apple announced its newest iPhones, the 7 and 7 plus, which are water and dust resistant.
Analysts say the new iPhones could help Apple recover modestly from a recent dip in sales. But with few expected dramatic changes from previous models, Apple watchers aren’t expecting the kind of big spikes in consumer demand that the company saw two years ago, when it introduced larger screens.
Apple sold nearly 92 million iPhones during the first six months of this year, about 15 percent fewer than the same period last year. This year marks the first time that Apple has seen such declines. Industry analysts say it’s because last fall’s iPhone 6S and 6S Plus didn’t contain many new features or improvements.
Investors are hoping for a bigger boost in sales next year. Wall Street analysts say reports from Apple’s Asian manufacturers and suppliers indicate the company has decided to wait a year before introducing a major overhaul of the phone in 2017. That will be the iPhone’s 10th anniversary.
The company also introduced a new generation of smartwatches that will include GPS tracking and enough water resistance to swim with, part of its effort to boost sales in its newest product line.
Although the first version of the Apple Watch can tap the GPS function on a companion iPhone, that requires carrying another device with you. GPS isn’t common in smartwatches, though the upcoming Samsung Gear S3 will also get GPS.
As for swims, the previous Apple Watch model is resistant to splashes, but not extensive use in water.
Apple says one of the engineering challenges has been sealing the speaker port, which needs air to work. The company says it has designed the speaker to eject water after workouts.
Fitbit has one swim-proof model and Garmin has a few, but the capability isn’t common.
The watch update was announced 17 months after the first model came out. The “Series 2” watch will also get a faster processor and a brighter display for outdoor use. Apple didn’t make any mention of the new model’s battery life. The original model ran down its battery quickly.
New styles include a case made of ceramic and a run-centric design made in collaboration with Nike.
The original model is getting a price cut, to $269, and will get a faster processor. Series 2 will start at $369. The updates are coming Sept. 16. Existing watches can get new software on Sept. 13.
The Apple Watch has been the only major new product released since CEO Tim Cook succeeded company founder Steve Jobs as CEO five years ago, and sales of the device so far have been lukewarm. The company hasn’t disclosed sales figures for the Internet-connected watch, but research firm IDC estimates that Apple shipped 1.6 million watches in the April-June quarter, less half the 3.6 million a year earlier.
Watch sales are expected to increase this fall as the holiday gift season gets underway. Analyst Jan Dawson of Jackdaw Research says consumers are finding the watch is useful for health and fitness tracking, but that other apps have not caught on.
The Apple Watch will get a popular new app later this year tough. Niantic Labs, the maker of the cultural sensation Pokemon Go, announced Tuesday that the game will be released for the watch, building upon the apps that it already has built for the iPhone and devices running on Google’s popular Android software.
Apple’s stock fell 19 cents to $107.51 in afternoon trading.
Apple’s iPhone 7 has a better camera, repels water and dust
Apple’s iPhone 7 has a better camera, repels water and dust
ACWA Power expands in China with $312m in renewable energy deals
RIYADH: Saudi Arabia’s ACWA Power has solidified its position in China’s renewable energy sector with two major agreements valued at $312 million.
These agreements mark a significant step in the company’s global expansion strategy and underscore its commitment to driving the country’s clean energy transition.
The deals include a 132-megawatt solar photovoltaic portfolio in Guangdong province and a 200-megawatt wind energy project, according to a company statement. Both projects are central to ACWA Power's broader strategy in China, which was launched in 2023 to support the nation’s renewable energy goals.
Marco Arcelli, CEO of ACWA Power, expressed enthusiasm about the developments: “This is a significant milestone for ACWA Power in China, establishing our operational presence in renewable energy and water desalination. We are committed to working alongside our Chinese partners to contribute to the country's clean energy and water transition.”
Arcelli further emphasized the company’s long-term vision: “We are not only investing in renewable energy projects but also in Chinese expertise and building enduring relationships within the country.”
The solar project, ACWA Power’s first collaboration at the asset level with its long-term supply chain partner Sungrow Renewables, will span three separate sites in Guangdong. Additionally, the wind energy agreement, which was signed with Mingyang Smart Energy Group — a leading wind turbine manufacturer — opens the door for joint investments in China’s rapidly expanding wind sector.
ACWA Power’s formal entry into China’s renewable energy market was announced in December 2024, with the company planning to develop projects exceeding 1 gigawatt across multiple provinces.
Mohammad Abunayyan, founder and chairman of ACWA Power’s board of directors, commented: “Our entry into China’s renewable energy market represents a key milestone in our global strategy for a sustainable future. Our growth is not just about adding megawatts; it’s about forging lasting partnerships that accelerate the energy transition and create a cleaner, more prosperous world for future generations.”
These projects are part of an initial phase that will see ACWA Power expand its portfolio to more than 1 gigawatt of capacity in China. This move aligns with the company’s long-term ambition to triple its assets under management to approximately $250 billion globally by 2030.
Closing Bell: Saudi main index gains 0.52% to close at 12,173
RIYADH: Saudi Arabia’s benchmark Tadawul All Share Index rebounded on Tuesday, rising by 62.81 points, or 0.52 percent, to close at 12,172.75.
The index saw a total trading turnover of SR6.10 billion ($1.63 billion), with 150 stocks advancing and 87 declining.
The Kingdom’s parallel market also posted gains, rising by 82.65 points to finish at 31,317.09. The MSCI Tadawul Index increased by 0.50 percent, closing at 1,517.21.
The day’s biggest gainer was Nice One Beauty Digital Marketing Co., with its share price surging 9.81 percent to SR54.30.
Other notable performers included Americana Restaurants International PLC – Foreign Co., which rose 9.01 percent to SR2.42, and Fawaz Abdulaziz Alhokair Co., which gained 8.08 percent to SR15.78.
On the downside, Savola Group saw its share price drop by 2.23 percent, closing at SR37.35.
On the announcements front, Al Jouf Cement Co. announced that recent adjustments to fuel prices in Saudi Arabia would lead to a 10.1 percent increase in production costs.
The company said the impact would be reflected in its financial performance for the first quarter of 2025. As a result, Al Jouf Cement’s share price declined by 0.92 percent, closing at SR10.74. KnowledgeNet Co. revealed that it had signed a SR3.12 million contract with Beltone Securities Brokerage, Beltone Securities Holding, and Beltone Fixed Income to provide financial brokerage and custody services.
The deal will see KnowledgeNet replace its existing systems with the TradeNet Back Office System and TradeNet Custody System, which the company believes will improve the efficiency of its operations. KnowledgeNet’s share price rose by 1.60 percent, closing at SR35.
Ataa Educational Co. also announced that its shareholders had approved a 12.5 percent cash dividend, totaling SR1.25 per share, for the financial year ending July 31, 2024. Despite the dividend approval, the company’s share price fell by 0.27 percent, closing at SR74.50.
Lebanon’s economy recovery dependent on global support, stable ceasefire: Moody’s
RIYADH: Lebanon’s economy is expected to start recovering this year following a 10 percent contraction in 2024, as the country returns to fully functioning institutions, according to Moody’s.
On Jan. 9, the country elected former army commander Joseph Aoun as president, and followed that by appointing Nawaf Salam, chief of the International Court of Justice, as prime minister on Jan. 13.
Aoun’s election ended a leadership void that had persisted since the previous president’s term expired in October 2022.
“We estimate an economic contraction of 10 percent in 2024 because of the conflict but expect economic activity to start recovering later this year – assuming a permanent cessation of hostilities,” Moody’s said in a commentary.
The Middle Eastern country’s return to fully functioning institutions will boost the continued enforcement of the ceasefire with Israel, supported by the monitoring role of the US, France and the UNIFIL, the agency added.
Lebanon’s recovery requires substantial international support, a fact underscored by an international donor conference held in Paris in October. The conference raised $1 billion in pledges, with $800 million allocated for humanitarian assistance and $200 million earmarked for military support.
These funds are expected to address the immediate needs of over 1.3 million people displaced during the September-November conflict, as well as the $8.5 billion in economic losses incurred, including $3.4 billion in physical damage to infrastructure, as reported by the World Bank.
While these pledges offer a lifeline, the disbursement of funds will likely be contingent on the government’s adherence to reform commitments under a forthcoming International Monetary Fund program, Moody’s noted.
These reforms include comprehensive debt restructuring for the government, the central bank, and commercial banks, aimed at ensuring long-term economic recovery and sustainability.
“Lebanon’s current C rating reflects our expectation that holders of Lebanese eurobonds will recover less than 35 percent of par following the eventual eurobond restructuring,” the agency added.
According to Moody’s, fiscal and investment activity has been sharply curtailed, undermining long-term growth prospects and the provision of public services.
Tourism and remittances from Lebanon’s diaspora continue to serve as vital sources of foreign exchange, but they are insufficient to address the structural imbalances in the economy.
Public debt, estimated at 150 percent of the gross domestic product by the end of 2024, remains one of the highest globally, presenting a formidable challenge to fiscal sustainability, noted Moody’s.
Aoun’s election has been welcomed by international observers as a turning point for Lebanon, which has been mired in political paralysis, economic collapse, and the aftermath of recent conflicts.
The new president will lead efforts to form a fully empowered government, replacing the current caretaker administration led by former Prime Minister Najib Mikati “that has been operating with limited powers.”
Aoun’s leadership of the Lebanese Armed Forces was instrumental in enforcing the November ceasefire between Hezbollah and Israel, according to Moody’s.
The ceasefire has been critical in creating a stable environment for Lebanon’s recovery. Observers note that the role of the armed forces in securing the truce reflects Aoun’s ability to command respect and cooperation from various stakeholders, a quality deemed vital for navigating Lebanon’s complex political landscape.
NMDC Energy opens advanced fabrication yard in Ras Al-Khair
JEDDAH: A new fabrication yard with an annual capacity of 40,000 tonnes has opened in Saudi Arabia’s Ras Al-Khair Special Economic Zone, marking a significant development for the Kingdom’s energy sector.
The facility, built by NMDC Energy — a UAE-based provider of engineering, procurement, and construction services — is equipped with advanced automation and digital technologies, according to a press release.
Valued at 200 million dirhams ($54.4 million), the new yard marks an important step in strengthening NMDC Energy’s regional presence and supporting Saudi Arabia’s energy infrastructure, it added.
The project aligns with the country’s Vision 2030 goals, enhancing its capacity to produce energy solutions while driving industrial growth.
“The inauguration of the Ras Al-Khair yard represents a bold and exciting new chapter for energy cooperation for both the UAE and Saudi Arabia, which will bring vast tangible benefits to both nations,” said Mohamed Hamad Al-Mehairi, chairman of NMDC Energy.
He added: “We foresee vast opportunities to collaborate and to pursue projects in areas that will maximize the value of the resources in both our nations as well as ensure that the UAE and KSA remain leaders in the regional energy transition.”
Ras Al-Khair, located in Eastern Province, is a key industrial region that contributes 60 percent of Saudi Arabia’s gross domestic product. The new yard is expected to further drive growth in the region, fostering investment, trade, and job creation in the energy sector.
The facility was officially inaugurated at the iktva Forum and Exhibition 2025, with Prince Saud bin Nayef bin Abdulaziz, governor of Eastern Province, in attendance.
Spanning 400,000 sq. meters, the new yard will focus on offshore facilities fabrication and onshore modularization, playing a key role in Saudi Arabia’s growing maritime and offshore cluster.
The company has reinvested SR5 billion ($1.33 billion) in the Saudi economy over the past five years, supporting the Kingdom’s economic priorities and diversifying its industrial base.
“At NMDC Energy, we understand that the essence of Saudi Vision 2030 is that it seeks a strong, thriving and stable Saudi Arabia. That’s why we’re looking forward to bringing 51 years of experience to create new opportunities for prosperity for both KSA and the UAE, as well as supporting new and existing clients across the wider region,” said Ahmed Al-Dhaheri, CEO of NMDC Energy.
He added: “Through our projects and collaborations in Ras Al Khair, we can build upon Saudi’s national priorities by helping to diversify the national economy, creating skilled jobs and harnessing the full potential of the skilled labor force.”
Mada cards propel Saudi e-commerce to $4.65bn, up 29%
RIYADH: Saudi Arabia’s e-commerce sales using Mada cards reached SR17.44 billion ($4.65 billion) in November 2024, a year-on-year growth of 29.4 percent, according to recent data from the Saudi Central Bank.
This figure includes payments for online shopping, in-app purchases, and e-wallet transactions, but excludes payments made through credit cards such as Visa and MasterCard.
The rise in e-commerce activity aligns with Saudi Arabia’s goal to make digital commerce 80 percent of the retail sector by 2030, with 70 percent of transactions conducted online by the same year.
Mada, the Kingdom’s national payment card system, supports both debit and prepaid services within its network. The cards utilize near-field communication technology for contactless payments, enabling secure transactions at both physical retailers and online. Mada cards play a crucial role in Saudi Arabia’s transition to a cashless economy.
In addition to the surge in sales, the number of e-commerce transactions also saw a significant increase, rising by 26.49 percent year on year to nearly 99 million transactions in November alone.
The spike in e-commerce activity in Saudi Arabia can be attributed to a combination of demographic and economic factors. With 60 percent of the population under the age of 30, the Kingdom is witnessing a growing trend toward digital consumption, largely driven by a tech-savvy youth demographic eager to embrace online shopping.
Furthermore, the expanding middle class and the rising influx of expatriates are contributing to greater financial capacity, while the growth of dual-income households further bolsters spending power.
This evolving economic landscape, paired with shifting consumer expectations for personalized and seamless digital experiences, is driving businesses to innovate and enhance their online offerings.
Ongoing infrastructure development—including the construction of new cities and modern shopping centers—adds to the momentum. As these trends continue, Saudi Arabia’s e-commerce sector is poised for substantial growth, reshaping the Kingdom’s retail environment in the coming years.
According to the latest data from the Ministry of Commerce, the Kingdom’s e-commerce sector saw a total of 40,953 businesses registered by the fourth quarter of 2024, reflecting a 10 percent year-on-year increase. Riyadh led in business registrations with 16,834, followed by Makkah and the Eastern Province. This uptick is a testament to Saudi Arabia’s push toward a digitally-driven, diversified economy, with e-commerce playing a central role in the transformation.
In parallel, the fintech sector also experienced notable growth, with the Ministry of Commerce reporting a 12 percent increase from the previous year. A total of 3,152 new fintech business registrations were recorded in the fourth quarter of 2024, highlighting the sector’s expanding role in supporting secure and seamless online transactions.
The growth of e-commerce and fintech is part of a broader trend of innovation across various sectors in Saudi Arabia. Recent reports highlight significant advances in cloud computing services, solar panel manufacturing, and real estate development—all in alignment with the goals of Vision 2030, which seeks to diversify the economy and promote sustainability.
With its rapidly expanding digital economy, Saudi Arabia is well-positioned to lead in the future of global e-commerce, as the country continues to embrace technological innovation and sustainability.
