DUBAI: Saudi Arabia is building a $5-billion green fuel plant for export in a bid to become the world’s largest supplier of hydrogen, Bloomberg reported.
The hydrogen plant will be located in the planned megacity of NEOM, which lies north of the Red Sea. It will be powered entirely by sun and wind, the report said.
“There’s nothing I’ve ever seen or heard of this dimension or challenge,” Peter Terium, who heads the energy, water, and food sector at NEOM, said.
“I’ve been spending the last two years wrapping my mind around ‘from scratch,’ and now we’re very much in execution mode,” he added.
The move comes as global demand for clean fuel surges, with superpowers such as China and Europe setting sights on the growing hydrogen business, which Bloomberg predicts to be worth as much as $700 billion by 2025.
The European Union alone earlier dedicated $500 billion as investment to hydrogen production, but experts suggested there were still major obstacles that hinder a global energy transition.
Many countries have expressed a desire to use the gas more, including the UK, China, Japan, and the US, highlighting the potential of the industry.
Energy experts reportedly described Saudi Arabia as the one to watch in the global race in the hydrogen scene, which could be attributed to the Kingdom’s geographical characteristics – “perpetual sunshine and wind, and vast tracts of unused lands.”
Green hydrogen is produced by using renewable energy instead of fossil fuels, and producing a kilogram of the gas currently costs about $5.
Saudi Arabia could drive this cost down to $1.5 per kilogram by 2030, according to Bloomberg’s energy research arm.
Saudi Arabia pushes ahead with plan to be world’s top ‘green hydrogen’ producer
https://arab.news/yuz5g
Saudi Arabia pushes ahead with plan to be world’s top ‘green hydrogen’ producer
- The move comes as global demand for clean fuel surges, with superpowers such as China and Europe setting sights on the growing hydrogen business
- Energy experts reportedly described Saudi Arabia as the one to watch in the global race in the hydrogen scene
Saudi benchmark index crosses $2bn in trade volume, closes in green
RIYADH: Saudi Arabia’s Tadawul All Share Index closed in green on Monday, gaining 183.15 points, or 1.58 percent, to close at 11,808.25.
The total trading turnover of the benchmark index was SR7.9 billion ($2.1 billion) as 207 stocks advanced, while 22 retreated.
On the other hand, the Kingdom’s parallel market Nomu also edged up 445.62 points, or 1.71 percent, to close at 26,563.86. This comes as 26 stocks advanced, while as many as 32 retreated.
Similarly, the MSCI Tadawul Index also gained 22.06 points, or 1.52 percent, to close at 1,477.38.
The best-performing stock of the day was Saudi Research and Media Group whose share price surged 10 percent to SR220.
Other top performers included Etihad Atheeb Telecommunication Co. as well as the Aljazira Takaful Taawuni Co., whose share prices soared by 7.10 percent and 6.94 percent, to stand at SR111.60 and SR18.50, respectively.
The worst performer was Saudi Pharmaceutical Industries and Medical Appliances Corp., whose share price dropped by 3.75 percent to SR29.50.
Astra Industrial Group as well as ACWA Power, also saw their share prices dropping by 3.40 percent and 3.10 percent to stand at SR142 and SR407, respectively.
On Nomu, Academy of Learning Co. emerged as the top gainer with its share price rising by 14.06 percent to SR12.98.
Other best performers on the parallel index were Future Care Trading Co. as well as Bena Steel Industries Co., whose share prices soared by 10.66 percent and 5.12 percent to stand at SR13.50 and SR31.85, respectively.
Al Mohafaza Company for Education and Osool and Bakheet Investment Co. also fared well.
Knowledge Net Co. experienced a significant drop in its share price on Nomu, with the company’s shares falling by 5.69 percent to SR27.35.
The share prices of Banan Real Estate Co. as well as Pan Gulf Marketing Co. also fell by 4.84 percent and 4.30 percent to stand at SR5.70 and SR49, respectively.
Saudi capital to host Future Semiconductors Forum 2024
RIYADH: Domestic electronic chip production in Saudi Arabia will receive a boost as Riyadh prepares to host the third Future Semiconductors Forum.
Organized by King Abdulaziz City for Science and Technology, the two-day event will take place in the Garage Innovation District from June 5-6. It also seeks to strengthen the digital economy within the Kingdom, according to a statement.
This is in line with KACST’s strategy to enhance research, development, and innovation system, expediting advancements, and promoting the localization of technologies.
According to the president of KACST, Munir El-Desouki, the forum reflects the goals and priorities set by Crown Prince Mohamed bin Salman in the field of research, development, and innovation.
It also plays a significant role in advancing the digital economy in the Kingdom, El-Desouki emphasized.
This forum is set to gather esteemed policymakers, industrial pioneers, experts, and scholars in semiconductor technology.
The president of King Abdullah University of Science and Technology, Tony Chan, explained that the upcoming edition of the event offers promising prospects to further improve the digital economy and advance research cooperation between various entities.
Chan noted that it will also facilitate the exchange of knowledge about best practices in the electronic chip industry by bringing together the most prominent local and international entities.
Over the two days, the forum will tackle various topics to outline the semiconductor industry’s future trajectory in the Kingdom by exploring the value chain, from raw materials to finished microchips.
It will also examine the application of this cutting-edge technology in areas like space exploration, quantum technologies, and 6G communications, as well as electric vehicles and integrated sensors to enable smart cities.
Moreover, the Future Semiconductors Forum 2024 is set to announce significant initiatives that will work to bolster the nation’s standing in the global semiconductor arena, drive transformation in the Middle East as well as cultivate talent in this vital sector and address industry challenges to spur economic growth.
The agenda includes multiple scientific activities such as lectures, panel discussions, research posters, and an accompanying exhibition for global companies to showcase the latest semiconductors.
Saudi wealth fund set to issue sterling-denominated bonds
RIYADH: Saudi Arabia’s Public Investment Fund has initiated plans to issue sterling-denominated bonds, according to Arab News sources.
The sovereign wealth fund has mandated Barclays, BNP Paribas, HSBC, and JPMorgan to act as joint global coordinators to arrange meetings with investors starting June 3.
According to the sources, investor calls will be followed by a sale subject to market conditions. This would be the first sterling-denominated offering by Saudi entities since 2020 and reportedly only the second ever.
The fund aims to issue two tranches of sterling-denominated bonds with five-year and 15-year maturity dates.
With approximately $1 trillion in assets under management, the PIF plans to increase its capital deployment to $70 billion a year after 2025, up from the current $40 billion to $50 billion.
The fund raised $5 billion through the sale of a triple-tranche conventional bond in January and $3.5 billion from a sukuk deal in October 2023.
Furthermore, the PIF also commenced the sale of US dollar-denominated sukuk with priority payment for a seven-year term.
The initial indicative price for the bond sale has been reportedly set at a premium of around 115 basis points above US Treasury bonds.
The Kingdom’s sovereign wealth fund has appointed Goldman Sachs, HSBC, and Standard Chartered to arrange meetings with potential investors.
The sovereign fund is also spearheading sustainable efforts in the Gulf Cooperation Council region, as it raised $8.5 billion in green bond proceeds in 2023, according to Moody’s Investors Service.
AI use needs to be focused or will be a costly waste, project management forum hears
RIYADH: Artificial intelligence technology is costly and requires project managers to identify specific areas within their initiatives that necessitate the platform, according to an industry head.
Fadwa Al-Bawardi, founder and CEO of FSAB Consulting, expressed her thoughts on the last day of the Global Project Management Forum in Riyadh – an event that drew over 2,000 attendees.
Al-Bawardi said: “If they bring too many tools just as a fancy way (to say) that we are using Al it’s going to negatively affect the budget of the project.”
She described AI as a toolbox that contains several different applications and instruments, adding: “All the algorithms, data, and results generated are part of the applications and tools within this toolbox.”
Al-Bawardi discussed Al’s potential to streamline project management tasks, predict outcomes, and provide valuable insights, saying: “Utilizing AI tools during meetings increases efficiency and can analyze all the audio conversation and can translate it into an actionable list.”
She claimed the rise of AI is part of the “fourth industrial revolution,” and the technology’s application will thrive in the area of predictions.
Al-Bawardi noted: “Through AI, project managers can make predictions based on the data inputted into algorithms. The other level is judgment, which is essential for determining the accuracy of these predictions.”
Roy Mikhael from professional services firm KPMG stated that he believes embracing AI will revolutionize the way projects are executed and monitored.
Mikhael said that traditional project management offices often adhere to rigid processes and methodologies that may need to be more adaptable to changing project needs or environments.
He reiterated that integrating Al in project management enhances resource utilization, improves risk management, and streamlines communication.
“This ensures that resources are utilized with maximum efficiency, leading to cost savings and Improved project performance,” said Mikhael.
He added that it also enables adaptive planning and agile execution, saying: “Al facilitates agile project planning by analyzing historical data, market trends, and external factors to adapt project plans dynamically.”
Mikhael added that this approach ensures project adaptability and responsiveness to changing conditions.
“By integrating AI-enabled performance monitoring, project managers can gain real-time insights into project progress, identify bottlenecks, and make timely interventions to ensure project transparency and accountability,” he said.
Mikhael discussed how the future of PMOs will involve adapting to new trends and technologies, such as automating repetitive tasks, which will in turn lead to enhanced project monitoring and reporting capabilities.
Additionally, this will include predictive project management strategies that utilize data-driven insights for better decision-making.
“Moreover, continuous learning and improvement will be a key focus for PMOs in the future, enabling teams to stay ahead of industry developments and trends,” said Mikhael.
Saudi barcode agency enhances product tracking to international standards
RIYADH: Saudi Arabia is poised to have an enhanced product tracking system providing accurate production-to-consumption information as its barcode agency expands, adhering to international standards.
GS1 Saudi Arabia, locally known as the Saudi Barcode Center, has unveiled its latest expansion plans and development initiatives, aimed at offering reliable details about national and international products, tracking their production, storage, distribution, and reaching the end consumer.
This will aid in product recalls, reduce commercial fraud, and promote e-commerce.
The center, operating under the Federation of Saudi Chambers, made the announcement during the inaugural meeting of the board of directors, attended by Hassan Al-Huwaizy, chairman of the center and head of the FSC, the Saudi Press Agency reported.
The meeting discussed the center's plans and initiatives to strengthen its position and improve its services to both the public and private sectors. The gathering also saw the approval of the Product Traceability System and the National Products Catalog projects, based on international barcoding standards.
Board member Saad Al-Turaif emphasized the significant potential for the center to expand its capabilities in serving both the government and private sectors. He also underscored the pivotal role of barcoding in facilitating exports and protecting products.
In order to boost the center’s effectiveness, the board of directors proposed refining its organizational structure and implementing comprehensive governance guidelines to regulate all administrative and financial procedures.
According to its website, GS1 Saudi Arabia is the sole authorized entity providing GS1 international barcodes for the local market, serving as a foundational tool for automation in inventory, warehouse management, and point-of-sale systems.
The Saudi center began operations in 1999, aiming to heighten awareness among local businesses about supply chain automation and foster their adoption to enhance logistics workflows.
The center adheres to the specifications of the international organization and aims to increase awareness and promote the adoption of barcoding, utilizing the global barcode system to establish a common international language for economic activities.
GS1, a neutral and global collaboration platform, has over 2 million registered companies worldwide utilizing its standards.
