Saudi Arabia’s SWCC garners 9 Guinness World Records for sustainable desalination innovations 

A ceremony to mark the records was held at the Ministry of Environment, Water, and Agriculture headquarters in Riyadh. Supplied
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A ceremony to mark the records was held at the Ministry of Environment, Water, and Agriculture headquarters in Riyadh. Supplied
A ceremony to mark the records was held at the Ministry of Environment, Water, and Agriculture headquarters in Riyadh. Supplied
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A ceremony to mark the records was held at the Ministry of Environment, Water, and Agriculture headquarters in Riyadh. Supplied
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Updated 20 February 2024
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Saudi Arabia’s SWCC garners 9 Guinness World Records for sustainable desalination innovations 

Saudi Arabia’s SWCC garners 9 Guinness World Records for sustainable desalination innovations 

RIYADH: Sustainable desalination technology in Saudi Arabia has achieved global recognition, with the Kingdom’s Saline Water Conversion Corp. receiving nine Guinness World Records.   

In a ceremony at the Ministry of Environment, Water, and Agriculture headquarters in Riyadh, the company was awarded a certificate for its multi-effect distillation water desalination plant. This facility, with a daily capacity of 92,000 cubic m., is recognized as the largest in the world.  

In December 2021, the organization unveiled its roadmap for achieving environmental sustainability at a major international industry conference. By being awarded the record for the lowest energy consumption for a water desalination plant globally, SWCC has taken a significant step toward fulfilling its Saudi Green Initiative action plans.  

Saudi Arabia, considered one of the most water-stressed countries globally, is implementing various measures to ensure water security, a foundational element for the socioeconomic transformation outlined in the Vision 2030 plan.  

The actions include reducing water demand through optimizing agricultural production and increasing water supplies via expanded desalination and storage capacity. Additionally, water system resilience will be enhanced through the implementation of transmission and interlinkage projects, as outlined in a report by the nation’s desalination company.  

During the ceremony, the company was recognized for achieving a record for the largest water storage facility, the Riyadh Strategic Water Reservoir, with a capacity of 4.79 million cubic m.  

It also received acknowledgment for having the largest drinking water storage tank network, totaling a capacity of 8.79 million cubic m.. 

Speaking on the sidelines of the event, SWCC Gov. Abdullah Al-Abdulkarim, said: “The corporation is proud to have achieved these new records that enhance its pioneering and leadership role in the desalination industry and to continue its race with the future with deliberate and confident steps.” 

He further outlined that achieving nine new Saudi records in the Guinness resulted from continuous development, research, and innovation efforts. This success reflects a strategy emphasizing increased business efficiency through technology harnessing, capability empowerment, and knowledge localization. 

“Our vision expands today in the desalination industry, so that our ambitions exceed the horizons of competing for record achievements to making a change, making a difference, and exporting Saudi leadership to the world,” added Al-Abdulkarim.  


Norway to open world’s 1st CO2 storage service

Norway to open world’s 1st CO2 storage service
Updated 26 September 2024
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Norway to open world’s 1st CO2 storage service

Norway to open world’s 1st CO2 storage service

OYGARDEN: Norway is set to inaugurate the gateway to a massive undersea vault for carbon dioxide, a crucial step before opening what its operator calls the first commercial service offering CO2 transport and storage.
The Northern Lights project plans to take CO2 emissions captured at factory smokestacks in Europe and inject them into geological reservoirs under the seabed.
The aim is to prevent the emissions from being released into the atmosphere, and thereby help halt climate change.
On the island of Oygarden, a key milestone will be marked with the inauguration of a terminal built on the shores of the North Sea, its shiny storage tanks rising up against the sky.
It is here that the liquified CO2 will be transported by boat, then injected through a long pipeline into the seabed, at a depth of around 2.6 km, for permanent storage. The facility, a joint venture grouping oil giants Equinor of Norway, Anglo-Dutch Shell and TotalEnergies of France, is expected to bury its first CO2 deliveries in 2025.
It will have an initial capacity of 1.5 million tonnes of CO2 per year, before being ramped up to 5 million tonnes in a second phase if there is enough demand.
“Our first purpose is to demonstrate that the carbon capture and storage chain is feasible,” Northern Lights Managing Director Tim Heijn said.
“It can make a real impact on the CO2 balance and help achieve climate targets,” he said.
CCS technology is complex and costly but has been advocated by the UN’s Intergovernmental Panel on Climate Change and the International Energy Agency, especially for reducing the CO2 footprint of industries like cement and steel, which are difficult to decarbonize.
The world’s overall capture capacity is currently just 50.5 million tonnes, according to the IEA, or barely 0.1 percent of the world’s annual total emissions.


Closing Bell: TASI ends in green to close at 12,374

Closing Bell: TASI ends in green to close at 12,374
Updated 26 September 2024
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Closing Bell: TASI ends in green to close at 12,374

Closing Bell: TASI ends in green to close at 12,374

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 30.58 points or 0.25 percent to close at 12,374.30.

The total trading turnover of the benchmark index was SR8.28 billion ($2.2 billion), with 133 of the listed stocks advancing and 91 declining. 

The Kingdom’s parallel market, however, shed 125.91 points or 0.49 percent to close at 25,527.47. 

The MSCI Tadawul Index gained 3.14 points or 0.20 percent to 1,548.77. 

The best-performing stock on the main market was Arab Sea Information System Co. The firm’s share price surged by 9.91 percent to SR7.32.

Other top performers were Batic Investments and Logistics Co. and Alistithmar AREIC Diversified REIT Fund, whose share prices soared by 8.47 percent and 7.81 percent, respectively. 

On another note, ACWA Power shares reached an all-time high of SR500.80 after surging by 8 percent during Thursday’s trading session.

The worst performer of the day was AlJazira REIT, as its share price slipped by 3.17 percent to SR17.72. 

On Nomu, the best performers were Edarat Communication and Information Technology Co. and Arabian Plastic Industrial Co., whose share prices increased by 7.64 percent and 7.46 percent, respectively. 

On the announcements front, Riyad Bank confirmed the commencement of issuing sustainable additional tier-one capital sukuk denominated in US dollars to improve the financial institution’s capital and for general banking purposes. 

In a statement on Tadawul, the bank mentioned that the sukuk issuance would be through a special purpose entity and would be offered to qualified investors inside and outside Saudi Arabia.

The financial institution explained that the value and terms of the sukuk offering would be based on market conditions.

Joint lead managers and bookrunners for the potential offering include HSBC, Kamco Investment Co.,  ad Merrill Lynch International, as well Mizuho International plc, Morgan Stanley and Co., and Riyad Capital.

SMBC Nikko Capital Markets Limited, Standard Chartered Bank, and Warba Bank are also part of the group.

Additional tier-one securities, which are the riskiest debt instruments that banks can issue, are designed to be perpetual; however, this sukuk may be redeemed after five years.

The bank underlined that the minimum subscription is $200,000, with increments of $1000, and that the price and yield of the sukuk offering will be determined based on market conditions.

Another announcement saw the Capital Market Authority issue a decision approving Salama Cooperative Insurance Co.’s request to increase its capital by offering rights issue shares worth SR100 million.

According to the company’s statement on Tadawul, its capital before the growth was SR200 million, and it will rise to SR300 million following the capital increase decision.

As a result, the number of shares will grow from 20 million to 30 million, representing an increase of 10 million at a ratio of one new stock for every two existing.

The CMA also announced the approval of Nice One Beauty Digital Marketing Co.’s request to register its shares and offer 34.65 million stocks for public subscription on the main market.

The stocks to be offered represent 30 percent of the company’s total equity, which amounts to 115.5 million shares.


Saudi Arabia advances COP16 plans with first meeting at UN General Assembly

Saudi Arabia advances COP16 plans with first meeting at UN General Assembly
Updated 26 September 2024
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Saudi Arabia advances COP16 plans with first meeting at UN General Assembly

Saudi Arabia advances COP16 plans with first meeting at UN General Assembly

JEDDAH: Saudi Arabia is ramping up its preparations for the UN Convention to Combat Desertification’s COP16, hosting its first Advisory Council meeting during the UN General Assembly in New York.  

The session was chaired by the Kingdom’s Minister of Environment, Water, and Agriculture Abdulrahman Abdulmohsen Al-Fadley. 

Scheduled for Dec. 2 to 13 at Boulevard Riyadh City, COP16 will feature a green zone aimed at fostering collaboration among public and private stakeholders. The gathering brought together experts and policymakers focused on combating land degradation, drought, and desertification. 

Saudi Arabia has launched several key initiatives, including the Saudi Green and Middle East Green Initiatives, aimed at enhancing the value of natural resources for economic and ecological sustainability.  

Announced by Crown Prince Mohammed bin Salman, these initiatives include plans to cut regional carbon emissions by 60 percent and plant 50 billion trees in what is set to become the world’s largest afforestation project. 

The initiatives also aim to increase protected land coverage to over 30 percent, surpassing the global target of 17 percent, while reducing global carbon emissions by more than 4 percent through renewable energy projects set to account for 50 percent of the Kingdom’s energy mix by 2030.  

During the meeting, council members highlighted the critical role of land in supporting both human and planetary health. They discussed strategies to raise awareness of the severe impacts of land degradation, desertification, and drought.  

Ibrahim Thiaw, executive secretary of the UN Convention to Combat Desertification, provided key insights to council members, including former presidents Tarja Halonen of Finland, Iván Duque Márquez of Colombia, and Carlos Alvarado Quesada of Costa Rica.  

Other notable participants included Chadian environmental activist Hindou Oumarou Ibrahim and Nasser Baker Al-Kahtani, executive director of the Arab Gulf Program for Development. 

Saudi Arabia’s delegation featured Adel Al-Jubeir, minister of state for foreign affairs and climate affairs envoy, and Osama Ibrahim Faqeeha, deputy minister of environment and adviser to the president of UNCCD COP16.  

The Riyadh event will be the first UNCCD COP to feature a green zone, offering a platform for the public, businesses, financial institutions, NGOs, media, and affected communities to collaborate on solutions to land degradation, desertification, and drought. 


Saudi Arabia, UAE drive expansion of GCC retail sector in GCC: industry report 

Saudi Arabia, UAE drive expansion of GCC retail sector in GCC: industry report 
Updated 26 September 2024
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Saudi Arabia, UAE drive expansion of GCC retail sector in GCC: industry report 

Saudi Arabia, UAE drive expansion of GCC retail sector in GCC: industry report 

RIYADH: The retail sector in the Gulf Cooperation Council is projected to grow at an annual rate of 4.6 percent between 2023 and 2028, primarily fueled by the UAE and Saudi markets, according to a recent analysis by investment banking advisory firm Alpen Capital.

Retail sales in the GCC are expected to rise from $309.6 billion in 2023 to $386.9 billion by 2028.

The UAE and Saudi Arabia are set to see expansions of 5.4 percent and 5.1 percent, respectively, reaching $161.4 billion and $139.1 billion during this period. This growth is attributed to factors such as population increases, rising per capita income, and heightened tourism activities. Strengthening the retail sector is essential for Saudi Arabia as it seeks to position itself as a leading business and tourist destination, aligning with the economic diversification goals outlined in Vision 2030.

In February, Majid Al-Hogail, Saudi Arabia’s minister of municipal and rural affairs and housing, noted that the retail sector contributes 23 percent to the non-oil economy and aims to surpass $122.6 billion by the end of 2024.

“The long-term prospects of the GCC retail industry continue to remain positive owing to economic growth, favorable demographics, relaxation of visa rules, and liberalization policies,” said Sameena Ahmad, managing director of Alpen Capital.

She added that ambitious government agendas for economic diversification are leading to significant advancements in infrastructure and tourism, further enhancing the region’s appeal.

Emerging trends such as “buy now, pay later” options and evolving consumer preferences are also reshaping market dynamics. The report projects that retail sales in Kuwait and Bahrain will grow at a compound annual growth rate of 3.1 percent each from 2023 to 2028, while Qatar and Oman are expected to grow at rates of 2.2 percent and 1 percent, respectively.

Alpen Capital emphasizes that the rising population, particularly with a concentration of expatriates and high-net-worth individuals, is a key driver of GCC retail growth.

“Anticipated pick up in the economic activity and improvement in per capita income is expected to further advance the appetite for global brands and luxury items. Amid expanding infrastructure developments, the GCC economies are establishing themselves as a hub for global business, entertainment, and sporting events,” the report said.

Additionally, religious and cultural tourism significantly contributes to sector growth, attracting many tourists during pilgrimages and festivals. However, the analysis also identifies risks that could hinder growth, such as geopolitical tensions. Vulnerabilities in hydrocarbon revenues, rising geopolitical concerns, and global macroeconomic challenges may pressure the industry. “The region is sensitive to supply-side shocks, which could lead to inflationary pressures and affect consumer spending power,” added Alpen Capital.


Saudi Arabia starts process on 4,500 MW-renewable energy projects

Saudi Arabia starts process on 4,500 MW-renewable energy projects
Updated 26 September 2024
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Saudi Arabia starts process on 4,500 MW-renewable energy projects

Saudi Arabia starts process on 4,500 MW-renewable energy projects

JEDDAH: Saudi Arabia will add 4,500 megawatts of renewable energy to its grid after its procurement agency issued a request for qualifications for the sixth round of solar and wind projects. 

The Saudi Power Procurement Co. outlined the key projects, including the 1,500-MW Dawadmi wind project in the Riyadh region, the 1,400-MW Najran solar project, and two solar initiatives in Jazan — Samtah and Al-Darb — each boasting a capacity of 600 MW. Additionally, the Sufun solar project in Hail will contribute 400 MW to the grid. 

This initiative is part of the National Renewable Energy Program, which is overseen by the Ministry of Energy and aligns with Saudi Arabia’s Vision 2030 and the King Salman Renewable Energy Initiative.  

The NREP serves as a strategic framework to diversify the Kingdom’s energy sources, stimulate economic development, and promote sustainable stability. By 2030, the program aims for renewable energy to account for nearly 50 percent of the energy mix used for electricity generation.   

It aims to establish a robust renewable energy industry and advance this vital sector while upholding the Kingdom’s commitment to reducing carbon dioxide emissions. 

The SPPC is tasked with conducting preliminary studies, tendering, and procuring electricity generated from energy projects within the Kingdom. So far, projects totaling over 19 gigawatts have been awarded under the NREP. 

In another move earlier this year, the SPPC finalized power purchase agreements valued at SR12.3 billion ($3.3 billion) for three solar photovoltaic projects with ACWA Power Co., Water & Electricity Holding Co., known as Badeel, and Aramco Power.

These solar projects include the Haden Solar PV and Al-Muwaih Solar PV in the Makkah region, each with a capacity of 2,000 MW, alongside the Al-Khushaybi PV project in Qassim Province, which will add 1,500 MW to the grid. 

In February, the SPPC also announced qualified bidders for its fifth round of renewable energy projects, set to add 3,700 MW to the grid. 

A total of 23 companies, including Abu Dhabi Future Energy Co. or Masdar, GEK Terna, and EDF Renewables, were selected for key roles in these initiatives, which further underline the Kingdom’s commitment to expanding its renewable energy landscape.