Demand for Saudi commercial real estate soars and Monopoly gets Riyadh makeover
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Argaam
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ACWA Power pens deals to export renewable energy, green hydrogen to Europe
ACWA Power Co. and international partners signed today, July 20, several agreements and memorandums of understanding (MOUs) to build an integrated system for exporting renewable energy and green hydrogen from Saudi Arabia to Europe. According to a statement by Saudi Arabia's Ministry of Energy, the deals underscore the Kingdom's global logistics ambitions and its leadership in the India-Middle East-Europe Economic Corridor. The MoUs include a multilateral agreement with European firms such as Italy' Edison, France's TotalEnergies, Netherlands' Zenobe, and Germany's EnBW, with the aim of exporting Saudi renewable electricity to Europe. The partners will assess market potential after conducting a joint feasibility study, in alignment with Europe's clean energy goals. ACWA Power also signed MoUs with some power interconnection firms, appointing Italy's CESI as an independent advisor. Meanwhile, Prysmian, GE Vernova, Siemens Energy, and Hitachi will support developing advanced cross-border transmission corridors via high-voltage tech. A joint development deal with Germany's EnBW was also sealed to build the first phase of the Yanbu Green Hydrogen Hub, with an eye to begin commercial operations in 2030.
Arab News
21 minutes ago
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Closing Bell: Saudi main index slips to close at 10,964
RIYADH: Saudi Arabia's Tadawul All Share Index slipped on Sunday, losing 42.27 points, or 0.38 percent, to close at 10,964.71. The total trading turnover of the benchmark index was SR3.2 billion ($856 million), as 65 of the stocks advanced and 182 retreated. The Kingdom's parallel market Nomu lost 132.37 points, or 0.48 percent, to close at 27,162.60. This comes as 27 of the listed stocks advanced while 51 retreated. The MSCI Tadawul Index lost 5.85 points, or 0.41 percent, to close at 1,405.02. The best-performing stock of the day was Tourism Enterprise Co., whose share price rose 9.2 percent to SR0.95. Other top performers included National Metal Manufacturing and Casting Co., whose share price rose 9.03 percent to SR16.91 , and Arab Sea Information System Co., whose share price increased 6.27 percent to SR5.59. Fawaz Abdulaziz Alhokair Co., or Cenomi Retail, recorded the most significant drop, falling 9.95 percent to SR29.70. SHL Finance Co. also saw its stock price fall 6.99 percent to SR21.70. Alandalus Property Co. witnessed a decline of 6.31 percent to SR19.90. On the announcements front, Aldrees Petroleum and Transport Services Co. disclosed its interim financial results for the period ending on June 30. According to a Tadawul statement, the firm recorded a net profit of SR99.7 million during the second quarter of the year, reflecting a 20.98 percent increase compared to the same period a year earlier. The climb is mainly attributed to higher sales in the petrol and transport divisions, along with increased income from deposits, sukuk, and other sources, despite a decline in returns from the joint venture investment. Marketing, selling, general, and administrative financing costs, along with Zakat expenses, have all risen. The total comprehensive income for the current quarter increased compared to the same quarter last year, primarily due to the remeasurement of employee-defined benefit obligations. Aldrees Petroleum and Transport Services Co. ended the session at SR129.20, down 0.78 percent. Cenomi Retail announced that it has been notified by a number of its substantial shareholders regarding the signing of a share purchase agreement with Al Futtaim Retail Co. for the sale of part of their stake in Cenomi Retail to Al Futtaim. According to a bourse filing, under the terms of the deal, the selling shareholders will transfer 57.3 million shares, representing 49.95 percent of the company's total share capital, to Al Futtaim in a private transaction valued at SR2.52 billion, with each share priced at SR44. Saudi Exchange has also announced the listing of Sport Clubs Co. shares on the main market on July 22.
Argaam
an hour ago
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Eastern Province Governor unveils master plan for 3 Saudi airports
Governor of the Eastern Province Prince Saud bin Nayef bin Abdulaziz launched today the new identity and master plan for King Fahd International Airport, along with the master plans for Al-Ahsa International Airport and Qaisumah Airport, state-run news agency SPA reported. The Governor also launched Dammam airports' new strategy and electronic gates to streamline passenger procedures, and opened a package of integrated development projects worth over SAR 1.6 billion. These included the implementation of 77 development projects aimed at upgrading infrastructure and improving the passenger experience. The strategic plan aims to serve more than 19.3 million passengers annually at King Fahd International Airport by 2030, a growth of more than 100% compared to 2022. It also targets boosting air cargo capacity to over 600,000 tons annually, a growth of more than 1,000%. Key highlights of the future projects include the first-of-its-kind expansion in the history of King Fahd International Airport to boost its operational capacity to 77 aircraft movements per hour and increase passenger capacity to 32 million annually. This is in addition to a comprehensive upgrade of general aviation facilities and the expansion of airport infrastructure to meet the highest global operational standards. This reflects Dammam airports' commitment to transforming into a regional logistics hub serving the goals of Vision 2030, as passenger numbers have already shown a 35% increase by the end of 2024 compared to 2022.
