Germany discussed energy cooperation with Qatar

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Updated 12 March 2022
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Germany discussed energy cooperation with Qatar

BERLIN: The German government, working to reduce its dependence on Russian oil and gas, discussed energy supplies with Qatar this week, the federal chancellery’s state secretary said on Saturday.

“We discussed bilateral cooperation particularly in energy and corporate investments,” Joerg Kukies said on Twitter, adding he talked to Deputy Prime Minister Sheikh Mohammed bin Abdulrahman Al-Thani, who also heads the Qatar Investment Authority sovereign wealth fund, on Wednesday.

Germany is to close its last nuclear power plants this year and plans to build its first liquefied natural gas terminal within two years.

Qatar is one of the countries that recently have been approached by the US to reroute gas supplies to Europe. The country has said it could divert probably 10-15 percent of its LNG shipping volumes. It plans to raise LNG production capacity to 126 million tons a year by 2027 from 77 million tons at present.

The European Commission is working on plans to phase out the EU’s dependency on Russian gas, oil and coal in five years following Russia’s invasion of Ukraine, its head Ursula von der Leyen said on Friday.

German Economy Minister Robert Habeck told the Frankfurter Allgemeine Sonntagszeitung he planned to make Germany independent of Russian coal and oil in less than a year.

“Every day, in fact every hour, we say goodbye to Russian imports to a certain extent,” Habeck told the weekly. “If it works, we will be independent of Russian coal in the autumn and almost independent of oil from Russia by the end of the year.”

He said gas was more complicated as Germany does not yet have capacity to import LNG and reiterated an immediate embargo on supplies could cause bottlenecks next winter, an economic slump and high inflation.


Taiba Investments profit rises 9% on stronger pilgrim-driven revenue 

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Taiba Investments profit rises 9% on stronger pilgrim-driven revenue 

RIYADH: Saudi Arabia’s Taiba Investments Co. reported a 9.32 percent rise in annual profit to SR364.8 million ($97.20 million) as higher pilgrim flows lifted revenue to SR1.36 billion, a filing on Tadawul showed.  

Net profit attributable to shareholders increased from SR333.7 million a year earlier, with earnings per share climbing to SR1.40 from SR1.28. Revenue rose 3.7 percent to SR1.36 billion in the year ended Dec. 31, compared with SR1.32 billion in 2024. 

Taiba, a hospitality and real estate developer backed by the Kingdom’s sovereign wealth fund, Public Investment Fund, focuses on hotel and property assets primarily in the holy cities of Makkah and Madinah. 

In a Tadawul filing, the company stated: “This growth was primarily driven by improved performance across the company’s segments in Makkah and Madinah, supported by higher numbers of visitors and Umrah pilgrims, the commencement of operations of new facilities, and increased revenues from the real estate segment.” 

Taiba Investments reported that the SR31.1 million rise in net profit was mainly attributable to improved operating performance, the reversal of a litigation provision previously recognized in 2023 following the termination of a contractual relationship with one of the operators after a settlement between the parties, and capital gains realized from the expropriation of one of its properties in Madinah. 

Total comprehensive income attributable to shareholders declined 55.53 percent to SR198.2 million from SR445.7 million.  

Other comprehensive income recorded a loss of SR166.6 million, compared with a gain of SR111.9 million in the previous year, primarily due to a decline in the fair value of financial derivatives used for hedging and a decrease in the market value of certain investments measured at fair value through other comprehensive income. 

Shareholders’ equity increased marginally by 0.04 percent to SR6.85 billion. Taiba's share price saw a 3.03 percent increase to SR34 by 10:20 am Saudi time.