DUBLIN: A planned $1 billion Apple data center is in doubt after Irish Prime Minister Leo Varadkar said the US company’s Chief Executive Tim Cook would no longer commit to it, adding that Dublin would do whatever necessary to get it built.
Apple announced plans in February 2015 to build the facility in a rural location in the west of Ireland to take advantage of green energy sources nearby, but the project has faced a two-year delay due to planning objections.
In a meeting on Thursday, Cook did not commit to going ahead with it, Varadkar told state broadcaster RTE.
“We didn’t get a start date, or a definite commitment or anything like that,” said Varadkar, who is on a tour of the United States to meet investors, adding he had told Cook that the government would do “anything within our power” to facilitate the resumption of the project.
Ireland relies on foreign multinational companies like Apple for the creation of one in every 10 jobs across the economy and sees major investments such as data centers as a means of securing their presence in the country.
Apple did not respond to an email query asking about whether it was committed to the project.
A similar Apple center announced at the same time in Denmark is due to begin operations later this year and Apple in July announced it would build its second EU data center there.
The government has said it is considering amending its planning laws to include data centers as strategic infrastructure, thus allowing them to get through the planning process much more quickly.
Future of $1 billion Apple data center uncertain, says Irish PM
Future of $1 billion Apple data center uncertain, says Irish PM
Saudi stocks rise above 11,000 as energy shares lead gains
RIYADH: Saudi Exchange’s benchmark Tadawul All Share Index climbed above 11,000 on Sunday, led by energy and materials stocks despite geopolitical uncertainty from ongoing tensions between US-Israel and Iran across the region.
As of 12:30 p.m. Saudi time, the benchmark index had advanced 224.80 points, or 2.09 percent, to 11,001.12. The MSCI Tadawul Index rose 26.96 points, or 1.84 percent, to 1,488.86, while the Kingdom’s parallel market, Nomu, slipped 0.05 percent to 22,485.78.
The gains came as Gulf markets reacted to heightened tensions between the US-Israel alliance and Iran, prompting investors to shift toward sectors more resilient to higher oil prices and supply disruptions.
Saudi Aramco was among the strongest performers, with its share price rising 4.56 percent to SR27.06 as of 12:30 p.m. Saudi time.
Speaking to Arab News, Tony Hallside, CEO of STP Partners, said: “Energy producers and oilfield services typically outperform on higher crude, while the pain concentrates in airlines, shipping, petrochemicals, and any sector with high fuel or logistics intensity.”
Century Financial chief investment officer Vijay Valecha told Arab News that energy companies such as Saudi Aramco could see their share prices rise under current market conditions.
“At the sector level, energy and petrochemical companies are likely to remain relatively resilient due to stronger pricing. In contrast, sectors such as real estate, consumer discretionary, banking, and capital markets would likely see short-term volatility and profit-taking as investors adopt a more cautious stance,” said Valecha.
He added that elevated energy prices could also increase global inflationary pressures and create uncertainty in supply chains, potentially weighing on broader economic activity.
Stock exchanges across the Gulf Cooperation Council also showed signs of recovery on March 6, with the Bahrain Bourse edging up 0.24 percent and the Muscat Stock Exchange gaining 1.44 percent.
The Qatar Stock Exchange, however, declined 0.15 percent.
UAE equities were closed on Sunday due to an official holiday.
On March 6, the Dubai Financial Market index fell for a fifth straight session, down 3.2 percent, or 197.49 points, to 5,917.22. It declined 9.01 percent for the week.
The Abu Dhabi Securities Exchange general index fell for a seventh consecutive session, dropping 1.4 percent, or 141.49 points, to 9,903.36 on March 6.
“UAE equities ended the week lower as the widening conflict involving the US, Israel, and Iran continued to weigh heavily on risk sentiment. Dubai and Abu Dhabi stocks slid further upon reopening on Wednesday, pressured by regional tensions after the two-day break,” Valecha said in a separate statement.
He added: “Banking and property stocks have been the largest drags as investors reassessed and questioned whether the market had priced in too much resilience. The shift in perception followed missile and drone attacks on Dubai over the weekend, which undermined the idea that the city remained insulated from global tensions.”
