Saudi Arabia to automate 40% of its electricity distribution network by 2025: Minister

Saudi Arabia to automate 40% of its electricity distribution network by 2025: Minister
Prince Abdulaziz bin Salman speaking at the 12th Saudi Arabia Smart Grid 2024 Conference in Riyadh. SPA
Short Url
Updated 5 min 1 sec ago
Follow

Saudi Arabia to automate 40% of its electricity distribution network by 2025: Minister

Saudi Arabia to automate 40% of its electricity distribution network by 2025: Minister
  • Prince Abdulaziz bin Salman made the announcement at the opening of the 12th Saudi Arabia Smart Grid 2024 Conference in Riyadh
  • Energy ministry is advancing plans to establish nine control centers by 2026

RIYADH: Saudi Arabia is working to automate 40 percent of its electricity distribution network by the end of 2025, having already achieved 32 percent of this target, according to the minister of energy.

Prince Abdulaziz bin Salman made the announcement at the opening of the 12th Saudi Arabia Smart Grid 2024 Conference in Riyadh, held under the theme “Energy and Sustainability.”

Automating an electricity distribution network uses technologies like smart meters and real-time monitoring to improve efficiency, and also facilitates the integration of renewable energy – which aligns with Vision 2030 goals of producing 50 percent of the Kingdom’s electricity using renewable sources.

In his opening remarks, Prince Abdulaziz highlighted the key role of smart grid technologies in transforming energy systems, focusing on smart meters, automation, and enhanced communication to improve electricity production, transmission, and consumption.

The minister highlighted Saudi Arabia’s progress under Vision 2030 saying: “More than 11 million smart meters have been installed across the Kingdom since 2021, contributing to improved energy consumption efficiency and enabling consumers to track their consumption in real time through smart applications, thereby enhancing their ability to make more informed decisions about electricity conservation.”

This large-scale deployment has empowered consumers with the ability to monitor their real-time energy consumption through advanced applications, enabling them to make informed decisions to optimize electricity use and promote energy conservation, SPA reported.

Similar efforts were seen in different nations in the Gulf Cooperation Council with the UAE’s Dubai Electricity and Water Authority and Qatar’s Kahramaa advancing smart grid initiatives to enhance energy infrastructure. 

DEWA’s multi-billion project integrates AI, blockchain, and IoT for seamless communication and automation, supporting smart city goals. Meanwhile, Kahramaa’s smart meters, covering 450,000 units, improve monitoring, reduce operational costs, and support sustainability by optimizing energy use and integrating clean energy.

Discussing automation efforts, Prince Abdulaziz revealed that the ministry is advancing plans to establish nine control centers by 2026. 

These facilities will be equipped with state-of-the-art technologies to enable real-time monitoring and precision management of the electricity distribution network. 

These developments aim to enhance network stability and performance, ensuring Saudi Arabia remains at the forefront of technological innovation in energy management. 

The minister also addressed the challenges posed by renewable energy sources, particularly their sensitivity to weather conditions. To mitigate these challenges and maintain grid reliability, the Kingdom is enhancing its energy storage capabilities.

Current plans target a battery storage capacity of 26 gigawatt-hours, with the goal of increasing this to 48 GWh by 2030.

Regarding the efforts to enhance the stability and efficiency of the national grid, which is the largest in the Middle East and Africa, the minister said: “We continue to expand transmission and distribution networks and develop flexible transmission system technologies that contribute to enhancing energy exchange and reducing losses.”

He added: “Additionally, four regional control centers have been established, along with a national control center, whose advanced systems enable efficient monitoring and operation of the networks, thereby strengthening the security and resilience of the electrical grid.”

Following the inauguration of the conference, Prince Abdulaziz oversaw the signing of several agreements and memorandums of understanding aimed at further advancing energy solutions across the Kingdom. 

He also honored the winners of the Energy Hackathon, which saw participation from more than 60 participants. The contestants presented creative and innovative projects focused on energy storage efficiency and sustainability, reflecting the growing emphasis on nurturing talent and fostering innovation in the energy sector.

The three-day conference is set to host discussions on over 40 scientific papers, showcasing the latest research, technologies, and sustainable solutions in the field of smart grids. 

These talks will spotlight the role of smart grid systems in enabling digital transformation, enhancing renewable energy solutions, and creating new opportunities for private sector participation.

Launched in Jeddah in 2011, SASG began as the first specialized event on smart grid technologies with global participation. Now an annual fixture in Saudi Arabia, it has attracted over 55,000 participants and 280 sponsors and exhibitors, offering a platform to showcase products, services, and innovations.


Sports Boulevard Foundation launches $933m fund for mixed-use development in Riyadh

Sports Boulevard Foundation launches $933m fund for mixed-use development in Riyadh
Updated 6 sec ago
Follow

Sports Boulevard Foundation launches $933m fund for mixed-use development in Riyadh

Sports Boulevard Foundation launches $933m fund for mixed-use development in Riyadh

JEDDAH: Saudi Arabia’s Sports Boulevard Foundation has launched a SR3.5 billion ($933 million) real estate investment fund to develop Urban Wadi High Rises, a mixed-use project in Riyadh. 

SBF signed agreements with Riyadh Development Co., Turkiye’s FTG Development, and Jadwa Investment to establish the fund, which aims to transform Riyadh’s urban landscape. 

Spanning 40,000 sq. meters with a gross floor area exceeding 207,000 sq. meters, the Urban Wadi High Rises will adhere to Salmani architectural principles, blending cultural heritage with modern design, according to a press release.

The initiative is part of the broader Sports Boulevard project launched in 2019, which spans 135 km, linking Wadi Hanifa in the west to Wadi Al-Sulai in the east. Designed as the world’s largest linear park, it integrates sports, cultural, and environmental features to promote healthier lifestyles in line with Vision 2030’s Quality-of-Life objectives. 

Jayne McGivern, CEO of the Sports Boulevard Foundation, said: “Establishing a real estate investment fund and the strategic partnership it entails is a significant step toward enhancing urban development.”  

She added: “This fund reflects our unwavering commitment to the Sports Boulevard project and our vision of improving the quality of life in the city. We aim to transform Riyadh into one of the best in the world, contributing to regional growth and successfully achieving the overarching goals outlined in the Saudi Vision 2030.” 

As part of the deal, Sports Boulevard Development Co. will hold the majority stake, while Riyadh Development Co. and FTG Development will act as co-investors and developers. Jadwa Investment will manage the closed-ended fund, the release added. 

“Through collaboration with our partners, we will be able to provide Sports Boulevard’s Urban Wadi destination with world-class facilities that will guarantee a positive impact in all areas related to Riyadh’s community,” said McGivern. 

This is the second real estate investment fund launched by SBF, following its earlier fund announcement for the Promenade destination. The foundation described the initiative as a unique partnership model between the public and private sectors. 

Urban Wadi will feature a water canal with green spaces, pedestrian and cycling paths, shaded play areas, sports courts, a kayaking zone, and retail spaces with shops and restaurants. A 10,000-sq.-meter shaded structure will provide an additional community gathering space for residents and visitors.  

Jehad Al-Kadi, CEO of Riyadh Development Co., emphasized the project’s alignment with Vision 2030, noting its potential to enhance Riyadh’s infrastructure and support the Kingdom’s growth ambitions. 

“We are proud to announce the establishment of a real estate investment fund as part of our strategic partnership with the Sports Boulevard Development Company. This investment will support the common goal of the Sports Boulevard Project by providing world-class facilities to the residents and visitors of Riyadh,” said Al-Kadi.  

Given the project's significance and the Kingdom’s current economic and investment dynamics, he noted that a successful partnership had been formed with international real estate developer FTG Development to implement best practices in design, construction, and asset management.

Tariq Al-Sudairy, managing director and CEO of Jadwa Investment, underscored the fund’s role in strengthening Riyadh’s global standing, adding: “The management of this Fund demonstrates our commitment to strengthening Riyadh’s position as a global city by developing sustainable infrastructure to the highest standards, attracting investments that contribute to achieving the goals of Saudi Vision 2030, and improving the quality of life in the capital.” 

Launched in 2019 under the leadership of King Salman and Crown Prince Mohammed bin Salman, the Sports Boulevard project is a flagship initiative designed to enhance Riyadh’s livability and promote active lifestyles. 


Saudi Entertainment Ventures unveils $346m destination in Jazan region

Saudi Entertainment Ventures unveils $346m destination in Jazan region
Updated 18 min 21 sec ago
Follow

Saudi Entertainment Ventures unveils $346m destination in Jazan region

Saudi Entertainment Ventures unveils $346m destination in Jazan region
  • Development supports SEVEN’s goal to expand entertainment offerings across the Kingdom
  • Global architecture firm Gensler will design the project

RIYADH: Saudi Arabia’s Jazan region is set to host a new SR1.3 billion ($346 million) entertainment destination, with Saudi Entertainment Ventures, or SEVEN, awarding the project’s development contract to Alfanar Projects. 

The project, covering 60,000 sq. meters of land and 73,000 sq. meters of built-up space, will be located near the North Corniche Park along Jazan’s waterfront, offering easy access for locals and visitors from nearby regions, according to a press release. 

The development supports SEVEN’s goal to expand entertainment offerings across Saudi Arabia, contributing to Vision 2030. It also aligns with the Jazan Municipality’s growing investment portfolio, valued at SR4 billion. 

Abdullah Nasser Al-Dawood, the chairman of SEVEN, said: “We are excited to unveil SEVEN’s new entertainment destination in Jazan, reflecting our ongoing commitment to enriching the Kingdom’s entertainment offering and enhancing the quality of life for communities across Saudi Arabia.”  

He added: “This destination celebrates the natural diversity and rich cultural heritage of the Jazan region, providing exceptional leisure experiences for residents and visitors alike.”  

The venue will feature attractions such as an indoor golf course, an entertainment district with rides, a cinema complex, a karting track, an indoor adventure center, as well as various dining and retail outlets. 

Global architecture firm Gensler will design the project, incorporating elements of the Red Sea coastline, Jazan’s mountain ranges, and the region’s iconic jasmine flowers, the release added. 

“We are honored to collaborate with SEVEN to develop this landmark entertainment destination in Jazan. Our shared commitment to excellence and innovation will ensure the project meets the highest quality of standards and contributes meaningfully to the Kingdom’s growing entertainment sector,” said Amer Alajmi, executive vice president of Alfanar Projects.  

The project is an exciting opportunity for Alfanar to play a key role in bringing world-class experiences to the Jazan community and beyond.” 

He described the project as an “exciting opportunity” for Alfanar to play a pivotal role in delivering world-class experiences to the Jazan community and beyond. 

The Jazan region is seeing a surge in development, with a project pipeline currently containing 47 projects with a combined construction cost exceeding SR3 billion. Among the projects are two seafront developments, 15 boulevard and resort projects, four hotels, three hospitals, 10 markets, and 13 industrial sites.

SEVEN, part of the Qiddiya Investment Co. and backed by the Public Investment Fund, is investing more than SR50 billion in developing 21 entertainment destinations across 14 cities in Saudi Arabia, furthering the Kingdom’s ambitions to transform its leisure and tourism sectors. 


30 Polish firms set to open HQs in Saudi Arabia, says minister

30 Polish firms set to open HQs in Saudi Arabia, says minister
Updated 42 min 11 sec ago
Follow

30 Polish firms set to open HQs in Saudi Arabia, says minister

30 Polish firms set to open HQs in Saudi Arabia, says minister

RIYADH: Poland is currently working to establish headquarters for up to 30 companies in Saudi Arabia as both nations focus on expanding business cooperation, particularly in technology and digital sectors. 

Polish Deputy Prime Minister and Minister of Digital Affairs Krzysztof Gawkowski confirmed this during a meeting in Riyadh with Hassan bin Moejeb Al-Huwaizi, chairman of the Federation of Saudi Chambers, and several investors from the Kingdom, the Saudi Press Agency reported. 

The interest of Polish firms in setting up headquarters in the Kingdom aligns with Saudi Arabia’s efforts to position itself as a regional hub for digital innovation under its Vision 2030 plan. 

“The Kingdom’s experience in the field of technology, digitization, and artificial intelligence represents an inspiring experience and a model to be emulated in the Middle East,” Gawkowski said. 

Gawkowski revealed that several Polish companies have already obtained licenses to open offices and branches in Saudi Arabia. 

This comes after the Kingdom’s Regional Headquarters program came into effect at the beginning of 2024, aiming to attract multinational corporations to set up their Middle East base in the country. The program offers significant financial incentives, including a 30-year corporate tax exemption for qualifying activities. 

The meeting, which included representatives from both governments, aimed at strengthening business ties and exploring opportunities in emerging technologies, including artificial intelligence and digital infrastructure. 

During the discussions, the Polish minister noted that his government is ready to support Saudi projects and investments in Poland, offering all necessary guarantees and facilities. 

Ibrahim Al-Mubarak, assistant minister of investment and CEO of the Investment Marketing Authority, emphasized Saudi Arabia’s potential as a key partner for Poland in sectors like communications, information technology, and artifical intelligence.  

He also highlighted opportunities in food security and agriculture.

Hassan Al-Huwaizi, chairman of the Federation of Saudi Chambers, highlighted that the meeting follows the success of a recent visit by the federation’s delegation to Poland.  

He emphasized the goal of expanding trade beyond the current $9 billion and expressed optimism for broader cooperation between the two nations. 

Abdullah Abu Dabil, chairman of the Saudi-Polish Business Council, added that companies from the European country are set to open their headquarters in the Kingdom by the first quarter of 2025. He also mentioned that a joint action plan is being developed, along with an exhibition for Polish companies in the Kingdom. 

The meeting also featured presentations from the Saudi Data and Artificial Intelligence Authority and Polish counterparts, exploring digital infrastructure and investment opportunities in both countries.  


Saudi Arabia has extracted lithium from oilfield runoffs, says vice minister

Saudi Arabia has extracted lithium from oilfield runoffs, says vice minister
Updated 17 December 2024
Follow

Saudi Arabia has extracted lithium from oilfield runoffs, says vice minister

Saudi Arabia has extracted lithium from oilfield runoffs, says vice minister

RIYADH: Saudi Arabia has successfully extracted lithium from brine samples from Aramco’s oilfields and plans to launch a commercial pilot program for direct extraction soon, the Saudi vice minister of mining affairs said on Tuesday.

Lithium Infinity, also known as Lihytech, a startup launched out of King Abdullah University for Science and Technology, will lead the extraction project with cooperation from Saudi mining company Ma’aden and Aramco, Khalid Al-Mudaifer told Reuters.

“They are extracting lithium through their new technology they have developed in King Abdullah University for Science and Technology and they are in accelerated development in this regard,” he said.

“They’re building a commercial pilot at the oil fields. So the brines that come out of the field will feed into this commercial pilot on a continuous basis,” added Al-Mudaifer.

Lithium is a key component in the batteries of electric cars, laptops, and smartphones.

The vice minister said that while the cost of extracting lithium from the brine runoffs from oil fields remained higher than the traditional method of extraction from salt flats, but added he expected that if lithium prices grew the project would soon be commercially viable.

Aramco, KAUST, and Ma’aden did not immediately reply to Reuters requests for comments.


Closing Bell: Saudi stock market ends in the red at 11,949

Closing Bell: Saudi stock market ends in the red at 11,949
Updated 17 December 2024
Follow

Closing Bell: Saudi stock market ends in the red at 11,949

Closing Bell: Saudi stock market ends in the red at 11,949

RIYADH: Saudi Arabia’s Tadawul All Share Index declined on Tuesday, dropping 148.01 points, or 1.22 percent, to close at 11,948.72.

Total trading turnover for the benchmark index amounted to SR4.84 billion ($1.29 billion), with 36 stocks advancing and 197 declining.

The Kingdom’s parallel market, Nomu, also saw a decline, shedding 44.13 points to close at 31,100.31. Meanwhile, the MSCI Tadawul Index lost 19.13 points, ending the session at 1,498.54.

Among the top performers in the main market, Savola Group saw its share price surge by 9.89 percent, closing at SR30.55. Other gainers included Arriyadh Development Co., whose shares rose by 3.92 percent to SR30.50, and Bawan Co., which gained 3.84 percent, closing at SR54.10.

On the downside, Almarai Co. experienced a drop of 4.27 percent, with its share price closing at SR58.30.

On the announcements front, Almoosa Health Co. announced the final offer price for its upcoming initial public offering on Saudi Arabia’s main market at SR127 per share.

The total offering size is SR1.68 billion, with a market capitalization of SR5.63 billion upon listing, making it the second-largest IPO in the Saudi market in 2024.

The institutional book-building process was oversubscribed by 103 times, with an order book value of SR173 billion.

The subscription period for individual investors will run from Dec. 23 to 24. Malek Almoosa, CEO of Almoosa Health Co., expressed confidence in the company’s future, saying, “We believe that the attractiveness of the Saudi healthcare market, coupled with our 30-year legacy and innovative approach to patient care, ideally position us to capitalize on fresh opportunities by building new, cutting-edge facilities that will drive sustainable growth.”

In another announcement, Yamama Cement Co. revealed that its board of directors has approved plans to sign a non-binding memorandum of understanding with Obeikan Investment Group and Sultan Holding Co. to establish a holding company focused on investments in the minerals sector in Saudi Arabia.

The new entity will focus on producing key minerals such as lithium, graphite, and silica. Despite the positive news, Yamama Cement Co.'s share price fell by 3.17 percent, closing at SR33.60.