Sudan to pursue nuclear energy, exploit gold resources: Energy minister

Sudan to pursue nuclear energy, exploit gold resources: Energy minister
Sudan's Minister of Energy and Petroleum Moheiddin Naeem Mohamed Saeed said the merging of the ministries is aimed at capitalizing on the nation’s gold resources. (Supplied)
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Updated 30 April 2024
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Sudan to pursue nuclear energy, exploit gold resources: Energy minister

Sudan to pursue nuclear energy, exploit gold resources: Energy minister
  • Energy, mining ministries combined, says official at WEF meeting
  • Nuclear power will ‘accelerate’ industrial developmental progress

RIYADH: In a bid to boost the country’s development, Sudan has consolidated its energy and mining ministries, and is pursuing nuclear power as a source of electricity, a senior official said at the World Economic Forum here on Monday.

Speaking to Arab News, Minister of Energy and Petroleum Moheiddin Naeem Mohamed Saeed said the merging of the ministries is aimed at capitalizing on the nation’s gold resources. Pursuing nuclear energy would boost the war-torn country’s development, he added.

“Sudan’s significant gold production will be leveraged to drive development in other sectors,” the minister said.

Meanwhile, Saeed said that he found the discussions on nuclear energy during the WEF event beneficial, adding that his country has begun the process of developing its nuclear-power sector.

“Having completed the initial two steps, it is now high time to seriously consider nuclear energy, given it is safe. This action will accelerate Sudan’s industrial and developmental progress, potentially spearheading reforms in the energy sector, which is a key indicator of a country’s level of development,” Saeed said.

He said that discussions around energy were critical for all nations. “Energy is no longer a private matter; it is a concern that resonates worldwide. Access to energy is a fundamental right for people everywhere. With the evolving quality of life, energy has become indispensable. From household appliances to industrial machinery, our modern way of life relies heavily on energy,” he said.

Saeed added that the WEF special meeting provides a platform for participants to discuss different energy sources and strategies for investing in them optimally, while keeping costs as low as possible, and developing industry standards.

“This forum seeks to unite the global regulations and provide safe and available energy,” he said.

Saeed said Sudan was developing relations with other nations with regard to energy provision. “We have a power interconnection with Ethiopia, and we have a power interconnection with Egypt; they are our neighbors. We have a big goal to achieve in Africa, which is to pursue this interconnection. So, African countries exchange energy,” he said.

He emphasized that Africa, known for its economic challenges, requires collaborative efforts among its nations to address energy issues effectively. “Energy has become an indicator of whether a country is advanced or not, as I previously said. They strive to integrate electricity and energy in general.”

Saeed said that as an oil-producing country, Sudan had undertaken projects with China and Malaysia. “In early 2000, our oil production reached 500,000 bpd (barrels per day), after the country split into two with the establishment of South Sudan, where most of the oil projects were located.

“Our big challenge now is to cooperate with oil old players or the new ones everywhere, as we have no political issues with any country, and this is business. We have a substantial oil reserve in the north,” he said.

He said Sudan has only exploited 20 percent of its known oil reserves for energy, and the government was striving to maximize production due to high demand.

“We currently meet 40 percent of our energy requirements. Additionally, we have initiatives in solar, thermal and wind energy to generate electricity. Moreover, our river systems, supported by numerous dams, contribute to half of Sudan’s power supply, and we are making significant progress in this area.”

On gas, he said Sudan has potential fields in the Red Sea, and are transitioning electricity stations to utilize more of this source.


Saudi Arabia’s technological advancements drive sustainability efforts

Saudi Arabia’s technological advancements drive sustainability efforts
Updated 05 August 2024
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Saudi Arabia’s technological advancements drive sustainability efforts

Saudi Arabia’s technological advancements drive sustainability efforts

RIYADH: Saudi Arabia has made significant strides in sustainability by harnessing technology and forging strategic partnerships, completing 13 successful projects across 16 public and private entities, according to a recent report.

The Kingdom’s Communications, Space, and Technology Commission unveiled these successes, showcasing their impact on environmental, economic, and social sustainability.

In its latest Digital and Space Sustainability report, the commission highlighted several technological advancements, including Aqua-Fi’s bi-directional lasers. Led by King Abdullah University of Science and Technology, this project enables high-speed, reliable communication between underwater devices. The report revealed that Aqua-Fi achieved data rates of 2.11 megabits per second over 20 meters, facilitating real-time data transmission for ocean monitoring related to aquaculture, energy, environmental concerns, and security.

Another key project featured in the report involves the King Abdulaziz City for Science and Technology and Taqnia Space. This initiative uses satellite imagery and field validations to compile comprehensive agricultural data for the Kingdom. By employing geospatial technologies and remote sensing, the project saves 9 billion cubic meters of groundwater in sedimentary shelf areas, catalogs 40,000 agricultural activities, and surveys 400,000 agricultural registries across Saudi Arabia.

Saudi Minister of Communications and Information Technology Abdullah Al-Swaha emphasized the Kingdom’s commitment: “The Kingdom of Saudi Arabia is committed to harnessing technology, innovation, and science to empower people, safeguard the planet, and shape new frontiers for all. We believe in the pivotal role of green technologies and sustainability efforts to achieve prosperity across all economic sectors.” He added: “Today, the Kingdom is leading initiatives that transcend borders to help countries adopt the most effective solutions to shape a more sustainable future for all.”

Sustainability is a cornerstone of Saudi Arabia’s Vision 2030. The Kingdom’s pledge to achieve net-zero emissions by 2060 highlights its proactive stance against climate change, integrating environmental, social, and governance principles into its societal and economic frameworks.

The report also spotlighted Saudi-based Optimal PV’s project, which automates solar rooftop system design using advanced algorithms and machine learning. This innovation enhances solar power installations by improving efficiency, accuracy, and scalability, achieving a 40 percent increase in profitability and an 80 percent reduction in design costs.

NanoPalm’s project, using machine learning and deeptech nanotechnology, was another highlight. This technology aims to accelerate pharmaceutical research and development, significantly reducing the average research and development cost from $100 million to $4.54 billion and increasing efficacy from 10 percent to 85 percent.

King Faisal Hospital and Research Center’s use of 3D printing technology to improve patient care was also featured. This technology has reduced surgical times by up to 30 percent, creating 5,158 virtual models and 1,168 printed models for precise diagnosis and surgical planning.

The launch of SDM’s SAARIA, the Middle East’s first AI technology for diagnosing chronic diseases, was noted as a significant achievement. SAARIA, with 97 percent accuracy, is designed for early detection of diabetic retinopathy, a condition that can lead to irreversible blindness. This initiative aims to protect 7 million people with diabetes in the Kingdom.

The report underscored Saudi Arabia’s ongoing investment in digital infrastructure as a key factor in its emergence as a global leader in digital sustainability. Supported by a comprehensive strategy, visionary leadership, and a forward-looking regulatory framework, the Kingdom is well-positioned to reduce its environmental footprint.

In addition to the Ministry of Communications and Information Technology’s ICT strategy, which aims to boost emerging technologies by 50 percent, CST is preparing to address future challenges with enhanced resilience. The report also highlighted a focus on advancing the space sector to foster technological innovation and sustainability.


Bahrain’s Q1 real GDP up 3.3% year-on-year, government report says

Bahrain’s Q1 real GDP up 3.3% year-on-year, government report says
Updated 05 August 2024
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Bahrain’s Q1 real GDP up 3.3% year-on-year, government report says

Bahrain’s Q1 real GDP up 3.3% year-on-year, government report says
  • Non-oil gross domestic product increased 3.3% in the period
  • Finance ministry projects Bahrain’s economy to grow 3% in 2024

DUBAI: Bahrain’s economy grew 3.3 percent year-on-year in the first quarter of 2024, according to a quarterly economic performance report by the Ministry of Finance, citing preliminary data from the Information & eGovernment Authority.
The Gulf state’s non-oil gross domestic product increased 3.3 percent in the period, contributing almost 85.9 percent to overall GDP, while oil GDP grew 3.4 percent, the report said, with accommodation and food services, and financial services and insurance among the top performing sectors.
The finance ministry projects Bahrain’s economy to grow 3 percent in 2024, driven mainly by non-oil sectors, as the government accelerates efforts to diversify income sources and economic sectors away from hydrocarbons.
Among the region’s smaller oil producers, Bahrain has introduced reforms to make doing business easier, create more jobs, and attract foreign investment to boost economic growth. 


Saudi Arabia sees nearly 50% surge in investment licenses in Q2 amid rising investor confidence

Saudi Arabia sees nearly 50% surge in investment licenses in Q2 amid rising investor confidence
Updated 05 August 2024
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Saudi Arabia sees nearly 50% surge in investment licenses in Q2 amid rising investor confidence

Saudi Arabia sees nearly 50% surge in investment licenses in Q2 amid rising investor confidence
  • Ministry of Investment said figure excludes licenses granted under Kingdom’s anti-concealment campaign
  • FDI inflows increased by 0.6% year-on-year in the first quarter of 2024

RIYADH: Saudi Arabia issued 2,728 investment licenses in the second quarter of this year, a 49.6 percent increase year on year, underscoring its growing appeal as a business destination. 

The Ministry of Investment said that the figure excludes licenses granted under the Kingdom’s “Tasattur” anti-concealment campaign. 

The growth reflects the Kingdom’s enhanced attractiveness due to its stable, supportive business environment and competitive advantages, aligning with Vision 2030’s goals of economic diversification and increased private sector participation. 

According to MISA’s July bulletin, foreign direct investment inflows increased modestly by 0.6 percent year-on-year in the first quarter of 2024, while FDI stock grew by 6.1 percent by the end of the quarter, reflecting rising confidence among international investors in Saudi Arabia’s economic landscape. 

FDI stock represents the total accumulated value of foreign investments in the Kingdom, including all past and current backing in businesses, real estate, and other assets. 

In July, Brendan Marais, a partner at Kearney Middle East & Africa, told Arab News that “one of the key factors that sets Saudi Arabia apart from other emerging markets is its deliberate focus on building FDI-attraction capabilities.” 

This commitment is further highlighted by the increase in the Real Estate Price Index, which rose by 1.7 percent year-on-year, driven by a 2.8 percent rise in residential property prices and a 1.5 percent hike in agricultural real estate prices, although commercial unit prices experienced a slight decline of 0.4 percent. 

Economic activities displayed mixed results in the second quarter of this year, with non-oil sectors growing by 4.4 percent and government activities rising by 3.6 percent. 

Sectors like wholesale and retail trade, as well as restaurants and hotels, grew by 5.9 percent, while the transport, storage, and communication sectors increased by 5 percent. 

Despite a decline in oil activities by 8.5 percent, which contributed to a slight decrease in real gross domestic product by 0.4 percent year-on-year in the second quarter of 2024, the overall economic outlook remains positive with continuous growth in various non-oil sectors, the MISA bulletin noted. 

The Saudi government’s strategic efforts to diversify the economy and reduce dependence on oil revenues are evident in these positive trends. 

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Gulf bourses close in red on US recession fears

Gulf bourses close in red on US recession fears
Updated 05 August 2024
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Gulf bourses close in red on US recession fears

Gulf bourses close in red on US recession fears

DUBAI: Major stock markets in the Gulf tumbled on Monday, tracking Asian shares lower on fears that the US could be heading for recession, while concerns about a widening conflict in the region added to the worries.

The US unemployment rate jumped to near a three-year high of 4.3 percent in July amid a significant slowdown in hiring, heightening fears the labor market was deteriorating and potentially making the economy vulnerable to a recession.

The worryingly weak July payrolls report saw markets price in a 78 percent chance the Federal Reserve will not only cut rates in September, but ease by a full 50 basis points.  

The Qatari benchmark fell 2.5 percent, with all its constituents in negative territory including the Gulf's largest lender by assets Qatar National Bank, which was down 2.3 percent.

Dubai’s main share index dropped 4.2 percent, weighed down by a 8.9 percent plunge in blue-chip developer Emaar Properties.

In Abu Dhabi, the index was down 2.7 percent.

Oil — a catalyst for the Gulf's financial markets — extended losses in a volatile session, as fears of a recession in top oil consumer the US offset supply worries stemming from mounting tensions in the Middle East, the world’s largest oil producing region.


Commodities under pressure as stocks slide on US economic worries

Commodities under pressure as stocks slide on US economic worries
Updated 05 August 2024
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Commodities under pressure as stocks slide on US economic worries

Commodities under pressure as stocks slide on US economic worries

SINGAPORE/LONDON: Commodities including oil, natural gas, metals and agricultural products joined a global sell-off in equities on Monday as fears of a US recession stoked worries over demand, though losses varied widely.

Commodities had already taken a hit in recent weeks, weighed down by a sluggish economy in top buyer China, with crude oil down around 5 percent last week, copper hitting a four-month low on the London Metal Exchange, and corn near its weakest since 2020.

“Commodities have seen selling pressure throughout the last month, basically meaning the momentum crash currently hitting stocks has to a certain degree already occurred,” Saxo Bank analyst Ole Hansen said.

Crude oil dropped around 1-1.5 percent on Monday in volatile trade, less than losses on major equity indexes as US recession fears and possible implications for oil demand were somewhat mitigated by price support from rising tensions in the Middle East.

“Geopolitics, for example anxiety about Middle East supply disruption, and the growing belief that OPEC will not unwind voluntary (output) cuts, provides relative support for oil as opposed to equities,” PVM analyst Tamas Varga told Reuters.

Copper prices tumbled over 3 percent to 4-1/2 month lows as a deteriorating demand outlook in China and the US, the world’s two largest economies, triggered a sell-off of the metal used in power and construction.

European gas, power and carbon contracts also fell. European benchmark gas for the month ahead sank more than 5 percent in early trade to 35.17 euros/megawatt hour.

Gas has been under pressure from higher Norwegian supply and seasonally high temperatures, but panic selling in line with the wider sell-off was also a factor, according to one trader.

EU carbon permit prices for delivery in December were down around 3.5 percent on “fears that an economic downturn will limit activity,” according to Henry Lush, EU carbon analyst at consultancy Veyt.

Most agricultural markets suffered too, with wheat down 3-3.5 percent, corn down 1.5 percent, soybeans down 1 percent and sugar at a near two-year low.