COPENHAGEN: China will tap Denmark, home to some of the world’s largest offshore energy companies, to help it build a wind farm, Denmark’s energy minister said on Monday.
Speaking after meeting the head of China’s National Energy Administration (NEA), minister Lars Christian Lilleholt said that size, timing and suppliers for the wind farm had not yet been decided but he was convinced it would be built.
China, the world’s biggest emitter of greenhouse gases, plans to raise its non-fossil fuel portion of primary energy consumption to 15 percent from 12 percent by 2020.
Denmark is home to the world’s largest offshore wind farm developer DONG Energy, and to wind turbine maker Vestas Wind Systems, which co-owns one of the leading offshore wind turbine makers, MHI Vestas, with Japan’s Mitsubishi Heavy Industries.
China was looking at concrete locations for the wind farm in three different Chinese regions but that it was too early to reveal which regions, Lilleholt told Reuters.
China and Denmark also decided to co-build a test and demonstration center for offshore wind power in China, he added.
NEA head Nur Bekri met Vestas Chief Executive Anders Runevad during his trip to Denmark, Lilleholt said.
Vestas and MHI Vestas did not immediately respond to Reuters’ request for comments.
DONG Energy also took part in Bekri’s program during his trip, but the company told Reuters it was too early to say which role it may play in the planned offshore project.
The push for offshore wind in China has gained pace after it cut the guaranteed subsidied prices paid for onshore wind turbines by the turn of the year, but kept them for offshore turbines.
China has lagged far behind its target to boost the country’s offshore wind power capacity due to technical problems and high costs.
“China is facing a giant task on green transition to live up to the Paris climate accord, and it’s my clear perception that he (Bekri) is very interested in working with Denmark and Danish companies in this regard,” Lilleholt said.
Lilleholt will head a Danish export promotion tour to China next spring where he said he expected the leading Danish green technology companies to join.
China to call on Denmark to help build offshore wind farm
China to call on Denmark to help build offshore wind farm
Closing Bell: Saudi benchmark index closes lower at 10,540
RIYADH: Saudi equities ended Wednesday’s session lower, with the Tadawul All Share Index falling 55.13 points, or 0.52 percent, to close at 10,540.72.
The sell-off was mirrored across other indices, with the MSCI Tadawul 30 Index retreating 5.79 points, or 0.41 percent, to close at 1,393.32, while the parallel market Nomu slipped 74.56 points, or 0.32 percent, to 23,193.21.
Market breadth remained firmly negative, as decliners outpaced advancers, with 207 stocks ending the session lower against just 51 gainers on the main market.
Trading activity moderated compared to recent sessions, with volumes reaching 123.5 million shares, while total traded value stood at SR2.72 billion ($725.2 million).
On the sectoral and stock level, Al Moammar Information Systems Co. led the gainers after surging 9.96 percent to close at SR172.30, extending its rally following a series of contract announcements tied to data center and IT infrastructure projects.
Al Masar Al Shamil Education Co. climbed 4.89 percent to SR27.48, while Naqi Water Co. advanced 3.36 percent to SR58.50. Al Yamamah Steel Industries Co. and Al-Jouf Agricultural Development Co. also posted solid gains, rising 3 percent and 2.86 percent, respectively.
Losses, however, were concentrated in industrial names. Saudi Kayan Petrochemical Co. fell 3.67 percent to SR4.73, while Makkah Construction and Development Co. slid 3.44 percent to SR80.
Saudi Tadawul Group Holding Co. retreated 3.28 percent to SR147.50, weighed down by broader market weakness, and Saudi Cable Co. declined 3.18 percent to SR143.
Alkhaleej Training and Education Co. rounded out the top losers, shedding just over 3 percent.
On the announcement front, BinDawood Holding announced the signing of a share purchase agreement to acquire 51 percent of Wonder Bakery LLC in the UAE for 96.9 million dirhams, marking a strategic expansion of its food manufacturing footprint beyond Saudi Arabia.
The acquisition, which remains subject to regulatory approvals, is expected to support the group’s regional growth ambitions and strengthen supply chain integration.
BinDawood shares closed at SR4.68, up 0.43 percent, reflecting a positive market reaction to the overseas expansion move.
Meanwhile, Al Moammar Information Systems disclosed the contract sign-off for the renewal of IT systems support licenses with the Saudi Central Bank, valued at SR114.4 million, inclusive of VAT.
The 36-month contract is expected to have a positive financial impact starting from fourth quarter of 2025, reinforcing MIS’s position as a key technology partner for critical government institutions. The stock surged to the session’s limit making it the top gainer.
In a separate disclosure, Maharah Human Resources confirmed the completion of the sale of its entire stake in Care Shield Holding Co. through its subsidiary, Growth Avenue Investments, for a total consideration of SR434.3 million.
The transaction involved the transfer of 41.36 percent of Care Shield’s share capital to Dallah Healthcare, with Maharah receiving the full cash proceeds.
Despite the strategic divestment, Maharah shares closed lower, ending the session at SR6.12, down 1.29 percent.
