Saudi Arabia, Kenya discuss energy cooperation

Saudi Energy Minister Prince Abdulaziz bin Salman meeting with Davis Chirchir, his Kenyan counterpart. SPA
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Updated 29 January 2024
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Saudi Arabia, Kenya discuss energy cooperation

RIYADH: Trade collaboration between Saudi Arabia and Kenya is poised to strengthen as energy ministers met in Riyadh to discuss various topics, including the “Empower Africa” initiative.

Saudi Energy Minister Prince Abdulaziz bin Salman welcomed Davis Chirchir, his Kenyan counterpart, for talks focused on delivering solutions and advancements in various sectors, such as clean energy, communication, electronic health, and online education.

The meeting also explored opportunities for collaboration between the two countries, centering on enhancing cooperation in petroleum and its supplies, renewable energy, and energy efficiency, as well as exchanging expertise in project development, policies, and systems, as reported by the Saudi Press Agency.

Commenting on the official meeting, Kenya’s Ministry of Energy and Petroleum posted on its X account: “We are enthusiastic about seeking partnerships that can contribute to expediting the achievement of our development goals in the energy and petroleum sector.”

According to the Kenyan ministry, to meet its Nationally Determined Contributions of reducing greenhouse gas emissions by 32 percent, the country aims to attain 100 percent clean energy by 2030.

“Currently renewable energy accounts for over 92 percent of the energy mix,” the ministry said.

Energy is one of the key enablers of Kenya’s Vision 2030 and the Big 4 Agenda development programs. The country treats energy security as a matter of national priority, Kenya’s Department for Energy says on its website.

It adds that the Third Medium Plan 2017-2022 identifies energy as the country’s driver into “a newly-industrializing, middle-income economy, providing a high quality of life to all its citizens in a clean and secure environment.”

Nairobi, the same source adds, considers access to competitively priced, reliable, quality, safe and sustainable energy as an essential ingredient for the country’s social-economic development.

In October 2023, the Saudi energy minister unveiled a plan to provide electricity, telecommunication services, e-learning, and e-medical care to African countries.

The initiative, announced at the Middle East and North Africa Climate Week, will be jointly managed by the Kingdom’s health, energy, and communications ministries in cooperation with stc and Dawyiat.


Closing Bell: Saudi main index closes in green at 10,917 

Updated 19 January 2026
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Closing Bell: Saudi main index closes in green at 10,917 

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Monday, gaining 4.86 points, or 0.04 percent, to close at 10,917.04. 

The total trading turnover of the benchmark index was SR3.95 billion ($1.05 billion), as 102 of the listed stocks advanced, while 147 retreated. 

The MSCI Tadawul Index increased, up 0.54 points, or 0.04 percent, to close at 1,467.06. 

The Kingdom’s parallel market Nomu lost 85.41 points, or 0.36 percent, to close at 23,357.50. This comes as 19 of the listed stocks advanced, while 46 retreated. 

The best-performing stock was Tourism Enterprise Co., with its share price surging by 10 percent to SR13.53. 

Other top performers included Al Yamamah Steel Industries Co., which saw its share price rise by 8.64 percent to SR39.22, and Anaam International Holding Group, which saw a 4.05 percent increase to SR12.59. 

Alramz Real Estate Co. saw its share price rising by 3.95 percent to close at SR61.85, while Umm Al Qura for Development and Construction Co. closed at SR18.08, marking a 3.67 percent increase in share price. 

On the downside, the worst performer of the day was Saudi Industrial Export Co., whose share price fell by 3.72 percent to SR2.59. 

ACWA Power Co. saw its share price fall 3.54 percent to SR177.20, while Naseej International Trading Co. declined 3.08 percent to SR29.56. 

Moreover, the share price of Rabigh Refining and Petrochemical Co. dropped 2.95 percent to close at SR6.57, while Nice One Beauty Digital Marketing Co. saw its share price dropping 2.65 percent to SR17.97. 

On the announcement front, Alinma Capital has declared a cash dividend distribution totaling SR6.55 million for unitholders of the Alinma Saudi Government Sukuk ETF Fund.  

The dividend, covering the period from July to December, amounts to SR0.162 per unit and represents approximately 1.56 percent of the fund’s net asset value as of Jan. 15.  

Its share price closed at SR10.42 on the main market, marking a 0.1 percent increase. 

Also, Itmam Consultancy Co. has been awarded a significant project by the Digital Government Authority to develop digital investment skills within the public sector.  

The contract, officially granted on Jan. 19, is valued at more than 5 percent of the company’s total 2024 revenue.  

According to a statement, the program aims to equip government employees with the expertise needed to enhance digital government investment efficiency, focusing on software license development aligned with legal and technical standards.  

Its share price remained unchanged on Nomu at SR16.40.