SAN RAMON, California: Apple on Tuesday unveiled a new version of its budget-priced iPhone that’s capable of connecting to ultrafast 5G wireless networks, an upgrade that’s already been available on the company’s upscale models for more than a year.
The latest iPhone SE marks the first upgrade to the bare-bones version of Apple’s most popular product in nearly two years. In the latest sign of the inflationary pressures that have been roiling the economy, the new iPhone SE will sell for $429 — an 8 percent increase from $399 price tag for the last version that rolled out it nearly two years ago during the early stages of the pandemic. The new iPhone SE will be available in stores March 18.
In a pandemic precaution, Apple still refrained from inviting the media and other guests to the in-person events that it has traditionally staged to introduce its latest products. Instead, Apple streamed the event from the theater named after co-founder Steve Jobs at its Cupertino, California, headquarters.
Although the latest iPhone SE will feature a faster processer, more durable 4.7-inch screen and longer-lasting battery than the last model, its biggest selling points will likely be its compatibility with still-emerging 5G wireless networks and its relatively low price.
It’s a sharp discount from the fancier iPhone 13 line-up released last autumn. Consisting of four different models, the iPhone 13’s prices range from $700 to $1,100. All of them, like the iPhone 12s released during autumn 2020, can connect to 5G phones.
Even though 5G networks still aren’t widely available, the allure of faster connections turned out to be a major draw that helped spur more iPhone fans to upgrade from older models. The iPhone 13 proved to be such a hot commodity that it helped Apple to vault past longtime rival Samsung and assume the mantle of the world’s top seller of smartphones during the final three months of last year, according to the research group International Data Corp.
During Tuesday’s presentation, Apple CEO Tim Cook boasted the company has been attracting more new iPhone users than ever before since last autumn, without providing specific numbers. “We are excited for the new iPhone SE to build on this momentum,” Cook said.
Wedbush Securities analyst Dan Ives expects Apple to sell about 30 million of the new iPhone SE models during the next year, filling a need among less affluent consumers who own one of the estimated 225 million iPhones that are at least three-and-half years old.
Even though Apple doesn’t make as much money from selling iPhone SEs as it does the pricier models, it will still give the company more opportunities to sell subscriptions to music streaming, video streaming, games, and other services that have become huge money makers, said Tuong Nguyen, a smartphone analyst for Gartner.
“It’s all about widening the ecosystem,” Nguyen said. “It’s always nice when Apple can get you to buy a new phone. But it’s even better when they can get you to subscribing everything they can because that turns into recurring revenue.”
Apple services division has mushroomed into a booming business that generated $68 billion in revenue during its last fiscal year, up from $24 billion in 2016 — the first year after its music streaming service came out. The company’s success in services also has turned into a regulatory mine field, sparking antitrust lawsuits and proposed legislations seeking to loosen Apple’s exclusive control on its iPhone app store, which collects lucrative commissions from digital transactions processed on the device.
The iPhone itself remains Apple’s biggest gold mine, with sales of $192 billion in its last fiscal year, despite supply shortages that have curtailed production. Apple in January said those problems were easing as the pandemic let up and suppliers began to catch up with backlogs.
Besides the new iPhone SE, Apple also used Tuesday’s showcase to announce its has struck a deal with Major League Baseball to begin showing two Friday night games each week on its video subscription after the sport resolves a labor dispute that has already delayed the start of its season. The deal marks latest foray by a major tech company into a sports programming niche that traditionally has been dominated by long-established television networks.
Although the addition of baseball games could help Apple sign up from subscribers to its 2-year-old video service, the company initially plans to make them available for free to all viewers.
Apple also a new desktop version of its personal computer called the Mac Studio that will cost $2,000 to $4,000 for the processing unit. A high-resolution 27-inch display screen designed for the Mac Studio will cost another $1,600. The company also rolled out the latest version of its lightweight tablet, the iPad Air, for $600 . All those computing devices will be powered by Apple’s own in-house chips.
Apple’s new budget iPhone will be faster and more expensive
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Apple’s new budget iPhone will be faster and more expensive
ACWA Power signs $800m water purchase agreement with Senegal
RIYADH: Saudi energy giant ACWA Power has signed an SR3 billion ($800 million) agreement with Senegal’s Ministry of Water to develop a desalination plant.
The company, partly owned by the Public Investment Fund, announced the inking of a water purchase agreement for the construction of the facility in Dakar, Senegal in a statement on the Saudi Stock Exchange, Tadawul.
ACWA Power will be responsible for the infrastructure, design and financing as well as construction, operation and maintenance of the Grande Cote seawater desalination plant in the West African country.
The project will have a production capacity of 400,000 cubic meters per day, the statement said.
NEOM CEO lands in top 3 of Forbes’ Real Estate Leaders list
RIYADH: NEOM CEO Nadhmi Al-Nasr has been ranked third in Forbes Middle East’s “Most Impactful Real Estate Leaders” list, underlining the Kingdom's prominence in the sector.
The giga-project chief was placed beneath Mohamed Al-Abbar from the UAE-based Emaar Properties, Talal Al Dhiyebi from Abu Dhabi-headquartered Talal Al-Dhiyebi.
The Kingdom saw the second most entries on the list, with 23 Saudis landing on the publication’s ranking.
This is a testament to the major investments the nation has made in its real estate sector, a statement from Forbes noted.
“Governments, corporates, and semi-government developers are investing in real estate projects throughout the region, particularly in Saudi Arabia, Egypt, and the UAE. These projects are giving a huge boost to the regional construction sector, which also has a positive outlook over the next few years,” the statement said.
UAE, Japan to develop industrial steam and electricity cogeneration plant in Saudi Arabia
Abu Dhabi National Energy Co., also known as TAQA, together with JERA Co., Inc, Japan’s largest power generation company, announced Thursday that they have entered into a Power and Steam Purchase Agreement with Saudi Aramco Total Refining and Petrochemical Co., or SATORP, a joint venture company owned by Saudi Aramco and TotalEnergies.
According to the Emirates News Agency, they will develop a greenfield industrial steam and electricity cogeneration plant that will produce electricity and steam for the Amiral petrochemical complex to be developed in Jubail in the Eastern Province of Saudi Arabia.
The Amiral petrochemical complex is expected to house one of the largest mixed-load steam crackers in the Arab Gulf region.
The Amiral cogeneration plant will include state-of-the-art power and steam generation systems, gas and water receiving systems, and gas-insulated switchgear interconnections while meeting stringent efficiency standards imposed by the Saudi Energy Efficiency Centre.
The project also provides for the future installation of a carbon dioxide capture plant and is capable of hydrogen cofiring, WAM reported.
The Amiral cogeneration plant will be developed by a special purpose entity owned by TAQA, holding 51 percent, and JERA, holding 49 percent. It will operate on a build, own, and operate basis for 25 years, with the possibility of extension by five years upon mutual agreement.
TAQA and JERA will also undertake the operation and maintenance of the plant through an O&M special purpose entity.
Farid Al Awlaqi, CEO of TAQA Generation, said: “The signing of the offtake agreements for the cogeneration power and steam project at the Amiral petrochemical facility, a key downstream project being developed by two of the world’s leading energy companies, demonstrates the confidence in TAQA’s ability to deliver critical utilities, including power and steam effectively.
Together with our partner JERA, TAQA is looking forward to developing an efficient cogeneration plant that reduces carbon emissions and supports SATORP with its long-term decarbonization program. The agreement will bolster TAQA’s efforts in building on our growth and executing our 2030 goals.”
Steven Winn, chief global strategist of JERA, said: “We will be providing stable, highly efficient, clean and reliable power and steam to our customer SATORP. The Amiral Cogeneration plant will not only enhance the Amiral Complex’s operational efficiency, but also demonstrate our commitment to environmental stewardship and our growth ambitions for sustainable power generation solutions in the Kingdom of Saudi Arabia and the region.”
Saudi media giant SRMG’s revenue grows to $997m
RIYADH: Saudi Research and Media Group’s revenues hit SR3.74 billion ($997 million) in 2023, reflecting a 0.98 percent increase compared to 2022 figures.
According to a Tadawul statement, this increase in sales is primarily attributed to enhanced revenue generated by the publishing and visual and digital content segment, as well as other divisions.
However, the printing and packaging business witnessed a decline in revenues due to several planned projects not being secured.
The total shareholders’ equity for the parent company, after excluding non-controlling interest, as of Dec. 31, 2023, stands at SR3.08 billion, reflecting a 16.26 percent increase compared to the corresponding period a year earlier.
Meanwhile, SRMG’s net profits reached SR559 million by the end of last year, showing a decrease of 13.74 percent compared to the same period in 2022.
The decline was primarily attributed to the drop in revenue of the printing and packaging division, along with the goodwill impairment associated with the same segment, in addition to the operating costs of certain projects.
In January, SRMG, the largest integrated media group from the Middle East and North Africa region, announced the appointment of several new editors-in-chief, deputy editors-in-chief, and assistant editors-in-chief.
This announcement aligned well with SRMG’s digital transformation, growth, and expansion strategy, showcasing the group’s dedication to cultivating the next generation of journalists and media professionals to meet the demands of audiences worldwide.
Moreover, this decision reflected the significant shift in regional media consumption habits, particularly with the increasing popularity of digital, social, and audio-visual media platforms.
Foreign direct investment inflows to Saudi Arabia hit $5.17bn in Q4 2023
RIYADH: Foreign direct investment inflows to Saudi Arabia rose 17 percent in the fourth quarter of 2023 compared to the previous period, according to recent data.
The analysis, released by the General Authority of Statistics, utilizes an updated approach characterized by heightened transparency and governance standards. FDI inflows were shown to have reached SR19.38 billion ($5.17 billion), up from SR16.6 billion in the third quarter.
FDI outflows, representing the Kingdom’s investments in foreign countries, also increased by around 17 percent to SR6.19 billion during this period. Consequently, the net inflow, reflecting the difference between the two, reached SR13.187 billion.
The updated methodology for calculating FDIs aligns with international standards and was developed to enhance accuracy and comprehensiveness through collaborative efforts by the Ministry of Investment, the General Authority for Statistics, and the Saudi Central Bank, in conjunction with the International Monetary Fund.
The new methodology reflects the Kingdom’s commitment to enhancing investment promotion and transparency, aiming to create an attractive global financial environment.
This effort includes initiatives such as the National Investment Strategy, the Regional Headquarters Program, and zero-income tax incentives for foreign companies. These measures are seen as essential for advancing Vision 2030, which aims to expand and diversify Saudi Arabia’s economy.
In 2023, the Kingdom saw a 12 percent increase in FDI inflows, reaching SR72.28 billion compared to SR64.6 billion in 2022. This excludes a major SR58.1 billion deal with Aramco in 2022, where a consortium led by BlackRock Real Assets and Hassana Investment Co. acquired a 49 percent stake in a new gas pipeline subsidiary.
Saudi Arabia’s regional headquarters program has attracted multinational corporations like Google, Microsoft, and Amazon to establish operations in the Kingdom. Additionally, companies such as Northern Trust, Bechtel, and Pepsico from the US, as well as IHG Hotels & Resorts, PwC, and Deloitte from the UK, have joined this initiative.
These moves enable these companies to participate in government contracts, energize Saudi Arabia’s hospitality sector, and establish it as a global business hub.
Looking ahead, the Kingdom aims to achieve an FDI inflow target of SR388 billion by 2030, equivalent to 5.7 percent of gross domestic product, while positioning itself among the 15 largest economies in the world.