ACWA Power to develop $680m independent water plant in Sharjah 

ACWA Power to develop $680m independent water plant in Sharjah 
ACWA Power has signed an agreement with Sharjah Electricity, Water and Gas Authority. ACWA Power
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Updated 04 September 2024
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ACWA Power to develop $680m independent water plant in Sharjah 

ACWA Power to develop $680m independent water plant in Sharjah 

RIYADH: Saudi utility developer ACWA Power will develop Sharjah’s first independent water plant with a capacity of 410,000 cubic meters per day. 

The Saudi-listed firm has signed an agreement worth SR2.56 billion ($680 million) with Sharjah Electricity, Water and Gas Authority for the project, according to a press statement. 

The Hamriyah IWP will use seawater reverse osmosis technology, with partial operations expected to commence in the second quarter of 2027, initially producing 272,000 cubic meters per day. 

Upon full completion in the third quarter of 2028, the plant will produce 410,000 cubic meters per day of desalinated water. 

This contract follows ACWA Power’s recent recognition as the world’s largest water project developer outside China. In February, Global Water Intelligence ranked the company as a leading global developer in the water sector, with 6.8 million cubic meters per day of gross capacity. 

Marco Arcelli, CEO of ACWA Power, said: “We are delighted to collaborate with SEWA on this landmark project, bringing our total portfolio in the UAE to eight projects in both power and water.” 

He added: “This project reinforces ACWA Power’s indisputable global leadership in water desalination, and we look forward to bringing our extensive experience in low-carbon intensive RO desalination to the emirate of Sharjah, providing an end-to-end solution to meet growing demand for clean and affordable water.” 

The contract includes development, design, and financing. It also covers engineering, procurement, construction, and commissioning, as well as completion, testing, and ownership, along with operation, maintenance, and insurance of the IWP. 

“The signing of the agreement to establish a water desalination plant in Al Hamriyah with one of the largest specialist companies in this field aligns with the plan to develop the water sector system in Sharjah,” said Abdullah Abdul Rahman Al-Shamsi, director general of SEWA. 

He said that it is considered one of the largest investments in water at the emirate level, utilizing the latest technologies. 

The new plant will operate using the reverse osmosis system for water desalination and will incorporate the latest post-treatment, filtration, and disinfection technologies. 

“The project will increase water production capacity, adding a storage capacity of 90 million gallons, in addition to consuming no more than 3.2 kilowatts per hour to produce one cubic meter of water,” Al-Shamsi added. 

The Hamriyah IWP aligns with Sharjah’s water strategy, which aims to enhance water security, support comprehensive development, and ensure sustainable access to clean water for the Emirate’s residents.


Closing Bell: Saudi indices close in green

Closing Bell: Saudi indices close in green
Updated 53 sec ago
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Closing Bell: Saudi indices close in green

Closing Bell: Saudi indices close in green

RIYADH: Saudi Arabia’s Tadawul All Share Index edged up on Wednesday, gaining 12.33 points, or 0.10 percent, to close at 11,961.05.  

The total trading turnover of the benchmark index was SR4.5 billion ($1.2 billion), as 117 of the listed stocks advanced, while 106 retreated.     

The MSCI Tadawul Index increased by 0.40 points, or 0.03 percent, to close at 1,498.37.  

The Kingdom’s parallel market Nomu also gained 95.94 points, or 0.31 percent, to close at 31,196.25. This comes as 47 of the listed stocks advanced, while 39 retreated.  

The best-performing stock of the day was Savola Group, with its share price surging by 9.98 percent to SR33.60.  

Other top performers included United International Holding Co., which saw its share price rise by 9.01 percent to SR171.80, and Batic Investments and Logistics Co., which saw a 6.05 percent increase to SR3.68.     

Alkhaleej Training and Education Co. saw its share price surge by 4.35 percent to SR32.35, while Fitaihi Holding Group recorded a 3.58 percent rise, closing at SR4.34.  

Red Sea International Co. saw the biggest decline of the day, with its share price dropping 7.05 percent to SR56.70. 

Jahez International Co. for Information System Technology saw its shares drop 5.07 percent to SR29, while Zamil Industrial Investment Co. declined 3.95 percent to SR32.80. 

Moreover, Sumou Real Estate Co. dropped 3.83 percent to SR46.50, while Al-Baha Investment and Development Co. fell 3.12 percent to SR0.31. 

On the parallel market Nomu, the top performer was View United Real Estate Development Co. with its share price surging by 30 percent to reach SR9.88.  

Leen Alkhair Trading Co. saw a 9.62 percent surge in its share price to SR25.65, placing second, followed by Yaqeen Capital Co., which rose 8.13 percent to SR26.60. 

Dar Almarkabah for Renting Cars Co. saw a 7.71 percent increase, reaching SR17.75, while Abdulaziz and Mansour Ibrahim Albabtin Co. rose 7.59 percent to SR17.80. 

Nomu’s two biggest decliners for the day were Enma AlRawabi Co., with its share price falling 11.65 percent to SR22, and Knowledge Net Co., which dropped 8.70 percent to SR31.50. 

Leaf Global Environmental Services Co. followed with a dip of 8.40 percent in its share price reaching SR97.10.  

Bena Steel Industries Co. and Advance International Company for Communication and Information Technology were also among the worst performers with a 7.16 percent and 6.25 percent decline respectively.  

On the announcement front, Saudi Arabia’s Capital Market Authority has approved Saudi Fisheries Co.’s request to reduce its capital from SR400 million to SR66.99 million, representing a reduction in the number of shares from 40 million to 6.7 million. The move aims to restructure the company’s capital base.

Saudi Fisheries Co.’s share price closed Wednesday with a 0.44 percent drop to settle at SR22.56.

Additionally, the CMA has approved Makkah Construction and Development Co.’s request to increase its capital from SR1.65 billion to SR2 billion.

The capital increase will be achieved by issuing 0.213 bonus shares for every existing share owned by registered shareholders, with a total of 35.18 million new shares to be issued.

The increase will be funded by transferring SR351.84 million from the company’s statutory reserve account to its capital.

Makkah Construction and Development Co.’s share price dropped 1.46 percent on Wednesday to settle at SR107.80.

In a separate announcement, Yaqeen Capital Co., acting as the financial advisor and lead manager for ITMAM Consulting Co., disclosed the firm’s intention to offer 3 million ordinary shares, representing 14.29 percent of its total capital, in an initial public offering.

The company plans to list its shares on the parallel market, subject to regulatory approval. 


Cairo-Jeddah named second-busiest international air route for 2024

Cairo-Jeddah named second-busiest international air route for 2024
Updated 56 min ago
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Cairo-Jeddah named second-busiest international air route for 2024

Cairo-Jeddah named second-busiest international air route for 2024
  • Airline capacity on this route has surged by 14% compared to 2023, and has increased by 62% compared to 2019
  • Expansion contributes to Saudi Arabia’s target of attracting 150 million visitors annually by the end of the decade

RIYADH: The Cairo-Jeddah air route has been ranked as the second-busiest international flight corridor in 2024, with approximately 5.5 million available seats, according to a new report.

The analysis, conducted by global travel data provider the Official Airline Guide, revealed that airline capacity on this route has surged by 14 percent compared to 2023, and has increased by 62 percent compared to 2019.

This growth is aligned with Saudi Arabia’s broader efforts to enhance its aviation sector, which is a key part of its Vision 2030 strategy.

These efforts include strengthening the country’s airlines, logistics services, cargo infrastructure, and other support industries to boost tourism and make the Kingdom a global aviation hub.

The expansion also contributes to Saudi Arabia’s target of attracting 150 million visitors annually by the end of the decade.

John Grant, chief analyst at OAG, attributed the rapid growth of the Cairo-Jeddah route to significant investments under Vision 2030, as well as longstanding ties between the two cities, which have historically seen high volumes of worker traffic and, more recently, increased business activity in consultancy and services.

He also noted that the easing of travel restrictions for entry into Saudi Arabia and the rise of low-cost carriers have contributed to the route’s growth.

The report also highlights a 19.1 percent capacity gap between the second and first-place routes. Hong Kong-Taipei holds the title of the world’s busiest international route in 2024, with 6.8 million available seats.

The Seoul Incheon-Tokyo Narita route ranks third with 5.4 million seats, just 58,818 seats behind Cairo-Jeddah, while Kuala Lumpur-Singapore Changi follows closely in fourth place with 5.4 million seats, only 28,293 behind third.

The Bangkok-Hong Kong route has made a significant leap into the Top 10 Busiest International Routes for 2024, ranking seventh with 4.2 million seats. This marks a 29 percent increase in capacity compared to 2023, although it still lags 13 percent behind the 2019 levels.

Asia dominates the top 10, with seven of the busiest routes located in the region. Other notable routes include New York JFK to London Heathrow and two Middle Eastern routes: Cairo-Jeddah and Dubai-Riyadh. The Jeddah-Riyadh route has also seen impressive growth, with capacity increasing by 10 percent in 2024 compared to the previous year.

These trends highlight the growing demand for air travel in and out of the Middle East, particularly in Saudi Arabia, which continues to make strides toward achieving its ambitious goals under Vision 2030.


King Fahd Airport sees 15% growth in passenger traffic, reaching 12m in 2024

King Fahd Airport sees 15% growth in passenger traffic, reaching 12m in 2024
Updated 18 December 2024
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King Fahd Airport sees 15% growth in passenger traffic, reaching 12m in 2024

King Fahd Airport sees 15% growth in passenger traffic, reaching 12m in 2024
  • Airport set new daily records for the number of passengers, surpassing 50,000 in a single day
  • Saudi Arabia’s civil aviation sector experienced a 17% annual surge to 62 million passengers in the first half of 2024

JEDDAH: Saudi Arabia’s King Fahd International Airport reported a 15 percent annual increase in passenger traffic in 2024, reaching 12 million, according to official statistics.

Dammam Airports Co, the managing and developing firm of the facility, reported that the Eastern Province-based airport achieved this milestone between January and mid-December, adding that it handled over 99,000 flights during the same period, reflecting a 5 percent growth compared to 2023.

The airport also set new daily records for the number of passengers, surpassing 50,000 in a single day, a new peak for daily traffic since it started operations.

On June 13, the airport reached a record daily air traffic volume, with 374 flights operated on the day, according to the report by the Saudi Press Agency.

This aligns with the Kingdom’s aviation goals, including tripling annual passenger numbers to 330 million, expanding connectivity to over 250 destinations from its 29 airports, and increasing air freight capacity to 4.5 million tons of cargo annually by 2030.

Breaking the 12 million passengers record is part of the series of successes accomplished by the KFIA’s operating and managing company, aligning with the goals of the National Transport and Logistics Strategy, represented by the National Aviation Strategy.

Saudi Arabia’s civil aviation sector experienced a 17 percent annual surge to 62 million passengers in the first half of 2024, amidst increasing domestic and international travel demand.

According to official statements the General Authority of Civil Aviation issued in July, the period also saw 446,000 flights, reflecting a 12 percent increase compared to 2023. Additionally, air cargo traffic through the Kingdom’s airports rose by 41 percent, reaching 606,000 tons during the same period.

King Khalid International Airport in Riyadh led the growth, handling 17.7 million passengers, a 21 percent year-on-year increase, and 132,000 flights, marking a 15 percent rise from the previous year.

Jeddah’s King Abdulaziz International Airport recorded 24 million passengers, a 16 percent increase, and 148,000 flights, showing a 13 percent rise compared to 2023.


Saudi Arabia’s crude production climbs to 8.97m bpd in October: JODI 

Saudi Arabia’s crude production climbs to 8.97m bpd in October: JODI 
Updated 18 December 2024
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Saudi Arabia’s crude production climbs to 8.97m bpd in October: JODI 

Saudi Arabia’s crude production climbs to 8.97m bpd in October: JODI 
  • Report noted a 5.91% drop in crude exports, which fell to 5.92 million bpd
  • Refinery crude exports surged 35% year on year to 1.41 million bpd in October

RIYADH: Saudi Arabia’s crude oil production rose to 8.97 million barrels per day in October, a 0.36 percent increase year on year, according to the latest data from the Joint Organizations Data Initiative. 

The report noted a 5.91 percent drop in crude exports, which fell to 5.92 million bpd. Domestic petroleum demand also declined by 96,000 bpd year on year, reaching 2.49 million bpd. 

Refinery crude exports surged 35 percent year on year to 1.41 million bpd in October but declined by 9 percent, or 139,000 bpd, compared to September. 

Key refined products included diesel, motor gasoline, aviation gasoline, and fuel oil. Diesel exports accounted for 46 percent of refined product shipments, while motor and aviation gasoline made up 20 percent, and fuel oil comprised 13 percent. Notably, gas diesel shipments rose 43 percent to 641,000 bpd in October. 

Saudi Arabia’s refinery output reached 2.74 million bpd, a 29 percent year-on-year increase, with diesel representing 45 percent of total refined products, followed by motor and aviation gasoline at 25 percent and fuel oil at 17 percent. 

OPEC+ recently extended its supply cuts — initially implemented to stabilize the market — by an additional three months, pushing them through March 2025.  

These voluntary cuts, amounting to 2.2 million bpd, will be phased out gradually between April 2025 and September 2026, with room for adjustments based on market conditions.  

The alliance, which includes major producers such as Saudi Arabia and Russia, is withholding 5.86 million bpd, roughly 5.7 percent of global demand, as part of measures introduced since 2022.  

The agreement, made during the 38th OPEC and non-OPEC Ministerial Meeting, also allows the UAE to increase output by 300,000 bpd starting in April 2025.  

Despite these efforts, Brent crude prices have remained steady, trading between $70 and $80 this year.  

Direct crude usage 

Saudi Arabia’s direct crude oil burn fell by 169,000 bpd in October to 362,000 bpd, a 32 percent year-on-year decline and a 30.1 percent drop from September. This marks the lowest level in seven months, driven by seasonal demand shifts and structural changes in the Kingdom’s energy strategy. 

The reduction is largely attributed to cooler temperatures in October, which significantly decreased electricity demand, particularly in regions reliant on air conditioning during the summer. Additionally, improvements in the Kingdom’s electricity infrastructure have reduced reliance on crude oil as a backup energy source.  


Arab-China trade surges to $400bn, paving way for housing cooperation

Arab-China trade surges to $400bn, paving way for housing cooperation
Updated 18 December 2024
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Arab-China trade surges to $400bn, paving way for housing cooperation

Arab-China trade surges to $400bn, paving way for housing cooperation
  • China continues to draw global attention due to its economic reforms and growth
  • Arab-China Ministerial Meeting on Housing and Urban Development aims to lay the groundwork for a strategic partnership that will benefit both sides

RIYADH: Trade between Arab countries and China has surged by more than 1,000 percent over the past two decades, reaching approximately $400 billion in 2024, according to Ali bin Ibrahim Al-Maliki, assistant secretary-general of the Arab League.

Al-Maliki made the statement during the inaugural Arab-China Ministerial Meeting on Housing and Urban Development, held alongside the 41st session of the Arab Ministers of Housing Council in Algeria. The event aims to lay the groundwork for a strategic partnership that will benefit both sides, as reported by the Kuwait News Agency.

China, the world’s second-largest economy, continues to draw global attention due to its economic reforms and growth. In May, the China-Arab States Cooperation Forum in Beijing gathered leaders from Saudi Arabia, the UAE, and Egypt, culminating in the Beijing Declaration, which emphasized strengthening China-Arab cooperation and building a shared future.

“China has become the second-largest trading partner for Arab countries, with trade volume increasing from $36 billion in 2004 to nearly $400 billion in 2024,” Al-Maliki stated. He also highlighted the vital role of the housing and construction sectors in driving socioeconomic development and underscored the importance of China-Arab economic ties.

Al-Maliki stressed that the partnership between Arab states and China in the fields of construction and urban development could offer innovative, sustainable solutions to address global challenges, such as rapid population growth, climate change, and the need for sustainable resource management.

Algerian Housing Minister Mohamed Belaribi, who currently chairs the Arab Housing Ministers Council, described the meeting as a significant step toward forging high-level partnerships built on mutual benefit.

“Arab-Chinese relations have evolved since the 1950s, serving mutual interests and strengthening their positions regionally and globally,” Belaribi said.

He added that the meeting provided an opportunity to exchange expertise on key issues like housing sustainability, smart cities, earthquake-resistant construction, and urban renewal.

Chinese Minister of Housing and Urban-Rural Development, Ni Hong, emphasized the vast potential for enhanced cooperation between Arab countries and China in the construction and development sectors. “This opens the door for strengthened exchanges and marks the beginning of a new chapter in our collaborative efforts,” he said.

Ni also commended Arab countries for their achievements in urban development and expressed optimism for mutually beneficial outcomes.

He highlighted China’s ongoing commitment to forging stronger ties with Arab nations through initiatives such as signing memorandums of understanding and conducting seminars and training programs.

These developments align with China’s broader global strategy, particularly the Belt and Road Initiative, a major element of its international cooperation efforts.

Launched in 2013 by Chinese President Xi Jinping, the BRI aims to enhance global connectivity and foster cooperation in areas such as infrastructure, trade, finance, and cultural exchange, drawing inspiration from the ancient Silk Road.

Over the past decade, the BRI has expanded its scope to include over 150 countries and 30 international organizations, supporting projects ranging from railways and ports to green energy and digital infrastructure. The ongoing collaboration between China and Arab countries, particularly in the housing and construction sectors, reflects the growing strength and scope of the BRI’s global ambitions.