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QatarEnergy inks $3.9bn deal with Hyundai for 17 LNG carriers 

QatarEnergy inks $3.9bn deal with Hyundai for 17 LNG carriers 
This agreement will raise the total number of new LNG carriers to be delivered to QatarEnergy and its subsidiaries to 77. QNA.
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Updated 28 September 2023
ARAB NEWS 
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QatarEnergy inks $3.9bn deal with Hyundai for 17 LNG carriers 

QatarEnergy inks $3.9bn deal with Hyundai for 17 LNG carriers 
Updated 28 September 2023
ARAB NEWS 
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RIYADH: QatarEnergy has signed a contract with South Korea’s Hyundai Heavy Industries to construct 17 new liquefied natural gas carriers, marking the beginning of the second phase of the energy firm’s maritime fleet expansion program. 

Valued at 14.2 billion Qatari riyals ($3.9 billion), this deal, according to Qatar News Agency, aims to support increased LNG production from the North Field Expansion and Golden Pass projects while addressing long-term fleet modernization needs. 

In addition to the 60 carriers contracted during the first phase of the program, which were constructed in Korean and Chinese shipyards, this agreement will raise the total number of new LNG carriers to be delivered to QatarEnergy and its subsidiaries to 77. 

Furthermore, there are plans for additional carriers in the future, as reported by QNA. 

The agreement was signed by Saad bin Sherida Al-Kaabi, the minister of state for energy affairs and the CEO of QatarEnergy, and Sam Hyun Ka, vice chairman at Korea Shipbuilding & Offshore Engineering Co. Ltd. 

Al-Kaabi stated that the agreement represents another milestone in the relationship with Hyundai Heavy Industries and the Korean shipbuilding industry.

He added: “Hyundai Heavy Industries will construct these 17 LNG carriers to the highest technical, environmental, and quality standards, ensuring optimal fuel efficiency and significant reductions in carbon emissions. This underscores our ongoing commitment to leadership in sustainability, innovation, and growth in the LNG industry.” 

Hyun Ka said: “We take pride in our partnership with Qatar and participation in one of the world's largest LNG projects. We have strong faith that this opportunity will enhance the long-term cooperation between our two companies and our nations.” 

QatarEnergy’s LNG carrier fleet expansion program plays a crucial role in meeting future shipping demands as the country expands its production capacity from the North Field.

Topics: qatarenergy Hyundai

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Saudi Arabia’s POS transactions surge 20%, driven by telecoms growth

Saudi Arabia’s POS transactions surge 20%, driven by telecoms growth
Updated 15 sec ago
MIGUEL HADCHITY 
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Saudi Arabia’s POS transactions surge 20%, driven by telecoms growth

Saudi Arabia’s POS transactions surge 20%, driven by telecoms growth
Updated 15 sec ago
MIGUEL HADCHITY 

RIYADH: Saudi Arabia’s point-of-sale transactions registered a weekly increase of 20.4 percent between Aug. 25 and 31, with the telecommunication sector leading the growth.

The Saudi Central Bank, also known as SAMA, recorded SR14 billion ($3.7 billion) in transactions over the seven-day period, with the telecoms industry posting the highest sectoral increase at 42 percent to reach SR131.9 million.

The figures revealed the education sector saw the only decline, dropping 38.6 percent to SR516.2 million. This was the second decrease in a row for the sphere after surging for four straight weeks, coinciding with the start of the academic year on Aug. 18.

Spending on food and beverages recorded the second largest surge, with a 40.8 percent positive change, reaching SR2.16 billion. 

Expenditure in clothing and footwear came in third place, recording a 31 percent increase reaching SR785 million during this period.

Restaurants and cafes accounted for the second-largest POS transaction value, with SR1.96 billion. Miscellaneous goods and services followed at SR1.58 billion.

Spending in the leading three categories accounted for 40.62 percent or SR5.7 billion of the week’s total value.

At 6.1 percent, the smallest increase occurred in hotel spending, boosting total payments to SR238.3 million. Expenditures on construction and building materials came second, surging 9 percent to SR343.5 million. In the third place, spending on recreation and culture increased by 13.7 percent to SR334.2 million.

Geographically, Riyadh dominated POS transactions, representing 34 percent of the total, with expenses in the capital reaching SR4.77 billion — a 14.3 percent increase from the previous week. 

Jeddah followed with a 13.6 percent surge to SR1.92 billion, accounting for 13.6 percent of the total, and Dammam came in third at SR691 million, up 17.1 percent.

Hail experienced the most significant rise in spending, increasing 37.9 percent to SR231.8 million. Tabouk and Buraidah also witnessed upticks, with expenditure surging 37.3 percent and 22.9 percent to SR294.1 million and SR335.5 million, respectively.

In terms of the number of transactions, Hail recorded the highest increase at 24.9 percent, reaching 4,055, followed by Tabouk with a 21.4 percent increase, achieving 4,986 transactions.

Topics: Finance PoS point-of-sale Saudi economy

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UAE’s non-oil private sector rebounds in August: PMI report 

UAE’s non-oil private sector rebounds in August: PMI report 
Updated 28 min 9 sec ago
Nirmal Narayanan
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UAE’s non-oil private sector rebounds in August: PMI report 

UAE’s non-oil private sector rebounds in August: PMI report 
Updated 28 min 9 sec ago
Nirmal Narayanan

RIYADH: The UAE’s non-oil private sector regained momentum in August, with the Emirates’ Purchasing Managers’ Index rising to 54.2, up from an almost three-year low of 53.7 in July. 

According to an S&P Global report, this growth is attributed to an upturn in business activity, driven primarily by a stronger intake of new orders, particularly from foreign clients.

While the PMI indicated solid improvement in the non-oil private sector, the rate of expansion was the second-slowest in over a year and a half. 

Developing a robust non-oil private sector is crucial for the UAE as it aligns with the broader economic diversification plans of Middle Eastern countries to reduce reliance on oil. 

“Although the UAE PMI picked up in August and was consistent with a solid expansion in non-oil business conditions, it remained weaker than the levels recorded earlier in the year, as fewer companies reported uplifts in activity,” said David Owen, senior economist at S&P Global Market Intelligence. 

The report noted that international demand improvement in August led to the sharpest rise in new export orders since October 2023. 

“Nevertheless, businesses remain confident that output growth will be sustained over the coming year, especially as sales pipelines remain strong and firms have ample levels of outstanding work to complete. Capacity constraints are also easing which should further aid business activity,” added Owen. 

S&P Global also noted that hiring growth across the non-oil sector weakened in August, marking the slowest pace in seven months. While some firms expanded their workforces to boost output, others cut staffing levels. 

The report highlighted that the future business outlook strengthened in August after falling to a six-month low in July, with firms largely optimistic about improving domestic economic conditions. 

“Ongoing price mark-ups have the potential to curb demand, adding some uncertainty to the view that growth will continue unabated,” said Owen. 

The report also revealed that operating conditions in Dubai’s non-oil private sector improved at a stronger pace in August compared to July. This improvement was driven by a quicker increase in new business inflows, with demand growth reaching a five-month high. 

“Dubai non-oil firms continued to face upward pressure on their input costs in August. Prices rose sharply, albeit at the slowest pace since May. Average selling charges rose for the fourth month in a row and to the greatest extent since April 2021,” added S&P Global. 

Topics: main S&P Global UAE economy

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Oil Updates – crude extends drop on easing Libyan dispute, demand concerns

Oil Updates – crude extends drop on easing Libyan dispute, demand concerns
Updated 57 min 59 sec ago
Reuters
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Oil Updates – crude extends drop on easing Libyan dispute, demand concerns

Oil Updates – crude extends drop on easing Libyan dispute, demand concerns
Updated 57 min 59 sec ago
Reuters

SINGAPORE: Oil prices fell on Wednesday, extending a plunge of more than 4 percent the previous day and hovering at their lowest since December, on expectations that a political dispute halting Libyan exports could be resolved and concerns over sluggish global demand.

Brent crude futures for November fell 43 cents, or 0.6 percent, to $73.32 by 9:45 Saudi time, after the previous session’s fall of 4.9 percent. US West Texas Intermediate crude futures for October were down 49 cents, or 0.7 percent, at $69.85, after dropping 4.4 percent on Tuesday.

Both contracts fell to their lowest since December on signs of a deal to resolve the political dispute between rival factions in Libya that cut output by about half and curbed exports.

“Selling continued in Asia amid expectations of a potential deal to resolve the dispute in Libya,” said Toshitaka Tazawa, an analyst at Fujitomi Securities Co. Ltd.

“The market remained under pressure also because of concerns over sluggish fuel demand following weak economic indicators from China and the United States.”

Libya’s two legislative bodies agreed on Tuesday to jointly appoint a central bank governor, potentially defusing the battle for control of oil revenue that set off the dispute.

Libyan oil exports at major ports were halted on Monday and production cut nationwide. Libya’s National Oil Corp. declared force majeure on its El Feel oilfield from Sept. 2.

“Easing political tension in Libya potentially seeing some supplies return and economic weakness in the world’s largest oil consumers, US and China, serve as a confluence of headwinds for oil prices,” said Yeap Jun Rong, a market strategist at IG.

“The faster contraction in new orders and production, along with increasing prices, presented in the US manufacturing PMI data seems to be renewing growth fears, which does not offer much reassurance around the oil demand outlook.”

Market sentiment weakened after Tuesday’s Institute for Supply Management data showing that US manufacturing remained subdued, despite a modest improvement in August from an eight-month low in July.

In China, the world’s biggest importer of crude, recent data showed that manufacturing activity sank to a six-month low in August, when growth in new home prices slowed.

Weekly US inventory data has been delayed by Monday’s Labor Day holiday. The report from the American Petroleum Institute is due at 11:30 p.m. Saudi time on Wednesday and data from the Energy Information Administration will be published at 6:00 p.m. Saudi time on Thursday.

US crude oil and gasoline stockpiles were expected to have fallen last week, while distillate inventories probably rose, a preliminary Reuters poll showed on Tuesday. 

Topics: energy oil updates oil prices

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2025 Nissan Patrol unveiled in Abu Dhabi global launch

2025 Nissan Patrol unveiled in Abu Dhabi global launch
Updated 19 min 5 sec ago
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2025 Nissan Patrol unveiled in Abu Dhabi global launch

2025 Nissan Patrol unveiled in Abu Dhabi global launch
  • Latest iteration of the Patrol introduces several groundbreaking advancements
  • Abu Dhabi launch a nod to the region’s strong passion for the brand’s longest-running nameplate
Updated 19 min 5 sec ago
ROMMER M. BALABA

ABU DHABI: Nissan’s all-new Patrol took center stage Tuesday night during a global unveiling in Abu Dhabi, in what president and CEO Makoto Uchida described as a nod to the region’s strong passion for the brand’s longest-running nameplate.

The latest iteration features several groundbreaking advancements, including a striking new design, a powerful V6 twin-turbo engine, a nine-speed automatic transmission and customizable adaptive air suspension for enhanced all-terrain capability.

“The seventh generation is a bold leap forward, blending unparalleled performance, cutting-edge technology and a commanding presence to redefine what an SUV can be,” Uchida said during the unveiling, as he emphasized the power of Japanese innovation that has earned the trust around the world.

“The Patrol is a part of this region, and for us at Nissan the Middle East is a very important market. People here have a very strong passion for the Patrol. You understand what it means to push boundaries and defy the ordinary.”

The seventh-generation Patrol is the most powerful to date – setting new standards in performance with an exhilarating blend of response, refinement and efficiency. The next-generation model represents a significant leap forward from previous iterations, with two new engine options.

 

 

The workhorse is powered by a new 3.5-liter V6 twin turbo engine, which delivers an impressive 425HP and 700Nm of torque – a shift away from its previous V8 engine – and resulting to a seven percent increase in power and a 25 percent boost in torque as well as enhancing fuel efficiency by 24 percent. A variant comes with a 3.8-liter naturally aspirated V6 engine option, producing 316HP and 386Nm of torque.

Uchida noted that Nissan would be introducing more models to the Middle East – under its global business plan, The Arc – as the company starts a new chapter to its ‘ongoing commitment to exceed expectations.’

“This latest model captures the true spirit of what makes this iconic nameplate legendary – an enduring legacy of deep connections built over decades of shared experiences and memorable journeys across diverse terrains,” Thierry Sabbagh, Divisional Vice President, President Middle East, KSA - Nissan, INFINITI, meanwhile said in a statement.,

“It reflects Nissan’s dedication to creating automotive experiences that resonate with our customers – and we are proud to present this next chapter in the Patrol’s remarkable journey.”

Watch the all-new Nissan Patrol’s global launch:

Topics: Nissan

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Bupa Digital Clinic leveraging technology to revolutionize Saudi Arabia’s health care landscape

Bupa Digital Clinic leveraging technology to revolutionize Saudi Arabia’s health care landscape
Updated 03 September 2024
Reina Takla
Nirmal Narayanan
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Bupa Digital Clinic leveraging technology to revolutionize Saudi Arabia’s health care landscape

Bupa Digital Clinic leveraging technology to revolutionize Saudi Arabia’s health care landscape
Updated 03 September 2024
Reina Takla Nirmal Narayanan

RIYADH: Insurance giant Bupa Arabia’s recently launched ‘Digital Clinic’ could help revolutionize the health care landscape in Saudi Arabia, according to the company’s chief business development officer. 

Speaking to Arab News, Ali Sheneamer said that the advanced services offered by the Digital Clinic could help people stay healthy, which will ultimately strengthen the company’s profits. 

“Health insurance companies make money if you are healthy. So, I will do whatever it takes for you to stay healthy — a vested interest, and you will like it because you would like to stay healthy as well,” said Sheneamer. 

He added: “We just launched this week the Bupa Digital Clinic, where at the starting point, we have our own doctors who are extremely vested in your health, and they want you to be healthy.” 

He further added that Bupa Arabia is using technologies like artificial intelligence to track peoples’ health and analyze possible outcomes of their habits. 

“Looking at your lifestyle, and your interaction with health care facilities, AI would help me predict will you be at risk in the future or not, because the data of hundreds of thousands of people who followed the same path ended up here,” said Sheneamer. “If you don’t change what you are doing today, you will end up here. I don’t want you to be there.” 

Under the Digital Clinic, people suffering from chronic conditions who are subscribers of Bupa insurance will be assigned to care navigators, so that they will not miss their routine checkups. 

“I start engaging them, ensuring they do their checkups on time. If you are busy, I will send you someone home to collect a blood sample. I have developed that service because it costs me less to send them to you than you having complications in the future,” said Sheneamer. 

He added: “If you need medications, I will deliver them to you. So, when you start your journey with a doctor through Bupa Digital Clinic, his mission is to ensure that your health outcome improves, and he will deploy, all the logistical solutions that we have to ensure that you stay on target.” 

According to Sheneamer, wise use of technology could help predict, analyze, and design a health plan for every chronic patient. 

He said that the marketing campaigns for Bupa Digital Clinic began on Sept.3, with billboards installed across cities in Saudi Arabia. 

“We have been piloting Bupa Digital Clinic using our own doctors for a couple of months now, and we feel confident to go out to the world and say, use us. We are very excited about that. The more advanced we become in AI, as we train them on different datasets, this will help us cover a lot of insights about the health of our own population,” said Sheneamer. 

Describing Bupa Digital Clinic as a “clinic in your pocket,” Sheneamer added that users can access services using their smartphones. 

“We have lots of doctors available for you in Bupa Digital Clinic. In the future, this might be complemented with physical clinics. Probably 80 to 85 percent of the time when you go to a doctor, the doctor will never touch you. You just sit, he asks questions and you answer. So, why drive to the hospital if you end up not being physically examined for the symptoms you have,” said the insurance company official. 

He added: “There are certain cases that you need to go to hospital. If I suspect a fracture in my foot or arm, I need to go there because he needs to examine it physically. But if it’s normal symptoms that I have today, flu or headache, he will never touch me. So, why the hassle of going into traffic jams.” 

He further said that if doctors in the Digital Clinic suspect the need to examine a patient physically, the health care expert will refer them to a hospital. 

Sheneamer added that after the physical examination, doctors from the Digital Clinic will follow up with the patient to ensure they are staying in good shape. 

Topics: 24Fintech Saudi Arabia fintech Saudi Fintech Bupa Arabia main

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