Aramco, KAUST form technology consortium to advance nonmetallic materials 

Aramco aims to propel advancements in nonmetallic materials within the energy sector. Shutterstock.
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Updated 09 January 2024
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Aramco, KAUST form technology consortium to advance nonmetallic materials 

RIYADH: Saudi Arabia’s drive for environment-friendly materials is set to gain momentum as oil giant Aramco is collaborating with the Kingdom’s premier research university to establish a technology consortium.  

The world’s most valuable company has formalized an agreement with the King Abdullah University of Science and Technology to create ENERCOMP, a new initiative will focus on the performance and integrity management of nonmetallics and composites in energy applications.  

As a founding member and initial research sponsor, the oil company aims to propel advancements within the power sector, according to a press release.  

The five-year technology consortium represents a significant investment in university led research and development, specifically targeting nonmetallics and composites in the Kingdom, the release added, as well as creating an innovation hub.  

Ali Al-Meshari, senior vice president of Technology Oversight and Coordination at Aramco, said: “By focusing on the development and integration of smart and cost-effective sensors in composite materials and applying emerging AI solutions, we can deploy novel integrity management technologies to the energy industry at large.”   

The two parties stated that this initiative serves as an exemplary model for uniting a novel technology value chain to enhance the country’s position in energy and materials transitions.   

The collaborative investment is directed toward advancing the Vision 2030 for sustainability and diversification by promoting the development of materials that are less energy-intensive and have a reduced carbon footprint. 

According to the statement, Aramco will utilize its expertise gained from pertinent initiatives like the Rice University Carbon Hub in the US and the Nonmetallic Innovation Center in the UK to assist ENERCOMP in translating foundational science into practical integrity management solutions. 

The announcement added that the endeavor aims to enhance industry confidence in the enduring significance of nonmetallics and composites as integral elements of the materials transition.  

Mirroring the NIC model, the initiative seeks to prompt other players in the energy sector to join the consortium and leverage KAUST’s state-of-the-art research capabilities in engineering solutions, artificial intelligence, and material science. 

Gilles Lubineau, director of ENERCOMP and professor of mechanical engineering at KAUST, said that ENERCOMP marks a new era of robust collaboration between his university and leaders in the energy sector, through an ambitious industry-focused partnership.  

“We will establish a specialized team at KAUST to support engineering applications of nonmetallics and composites across the full energy value chain. By supporting the Kingdom’s nonmetallic and composite agenda, ENERCOMP will deliver innovative solutions needed for a sustainable future,” he said. 


Closing Bell: Saudi main market closes the week in red at 10,526 

Updated 14 sec ago
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Closing Bell: Saudi main market closes the week in red at 10,526 

RIYADH: Saudi equities ended Thursday’s session modestly lower, with the Tadawul All Share Index slipping 14.63 points, or 0.14 percent, to close at 10,526.09.    

The MSCI Tadawul 30 Index also declined 3.66 points, or 0.26 percent, to 1,389.66. In contrast, the parallel market outperformed, as Nomu jumped 237.72 points, or 1.02 percent, to close at 23,430.93.  

Market breadth on the main market remained tilted to the downside, with 156 stocks ending lower against 99 gainers.    

Trading activity eased further, with volumes reaching 80.46 million shares and total traded value amounting to SR1.66 billion ($442 million).    

On the movers’ board, Saudi Industrial Export Co. led the gainers, rising 6.6 percent to SR2.10, followed by Consolidated Grunenfelder Saady Holding Co., which advanced 6.43 percent to SR9.60.    

Raoom Trading Co. climbed 4.36 percent to SR61.05, while Astra Industrial Group gained 4.35 percent to close at SR139. Riyadh Cables Group Co. added 3.77 percent to end the session at SR135.00.    

On the downside, Methanol Chemicals Co. topped the losers’ list, falling 5.96 percent to SR7.41.  

Flynas Co. retreated 5.43 percent to SR61.00, while Leejam Sports Co. dropped 5 percent to close at SR100.80.    

Alramz Real Estate Co. slipped 4.64 percent to SR55.50, and Almasane Alkobra Mining Co. declined 4.55 percent to SR84.00.  

On the announcement front, ACWA Power said it has completed the financial close for the Ras Mohaisen First Water Desalination Co., a reverse osmosis desalination project with a capacity of up to 300,000 cubic meters per day, alongside associated potable water storage facilities totaling 600,000 cubic meters in Saudi Arabia’s Western Province.    

The project was financed through a consortium of local and international banks, with total funding of SR2.07 billion and a tenor of up to 29.5 years, while ACWA Power holds an effective 45 percent equity stake.  

Shares of ACWA Power ended the session at SR185.90, up SR0.2, or 0.11 percent.     

Meanwhile, Consolidated Grunenfelder Saady Holding Co. announced the sign-off of a customized solutions project with Saudi Aramco Nabors Drilling Co., valued at SR166.0 million excluding VAT.    

The 24-month contract covers the sale and maintenance of field camp facilities, with the financial impact expected to begin from the first quarter of 2026.