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Saudi Electricity Co. invests $373m to enhance power grid through 3 projects.

RIYADH: Electricity networks across three Saudi governates are set to undergo SR1.4 billion ($373 million) worth of improvements to reduce the areas’ liquid fuel consumption and carbon emissions. State-owned Saudi Electricity Co. will invest the money across Rafha, Al-Wajh and Najran, reported the Saudi Press Agency.  Ensuring reliability and continuity, the company aims to maximize electric power generation units for network efficiency and subscribers’ benefits.
Business

Saudi Green Initiative intensifies fight against plastic pollution.

RIYADH: As the world is getting choked by plastic pollution, the planet is set to ring in another Environment Day on June 5, focused on ending the nondegradable waste’s disastrous effects.  According to the UN Environment Programme, the world produces around 400 million tons of plastic annually, and just 9 percent of it gets recycled. What is worse? Almost 130,000 tons of plastic waste end up in the ocean every year. 
Business

UAE’s Local Value Projects Boosting Billions for Domestic Companies

ABU DHABI: More than $27.23 billion has been redirected to the local economy since the UAE Ministry of Industry and Advanced Technology (MoIAT) and ADNOC launched major in-country value programs to support domestic industries. Speaking at the Make in the Emirates Forum, Abdulla Al-Shamsi, Assistant Undersecretary of MoIAT, said more than $14.43 billion of investment was redirected to the local economy last year alone, an increase of 25 percent year-on-year.
Business

Mirfa 2 RO Plant in UAE Secures $620m for Financial Closure

RIYADH: Abu-Dhabi-based Mirfa 2 water desalination project has secured funding of 2.3 billion dirhams ($620 million), achieving financial closure of what will become the UAE’s third-largest reverse osmosis plant.  Abu Dhabi National Energy Co., or TAQA, announced the financial closure alongside French low-carbon services company ENGIE and Emirates Water and Electricity Co. in a bourse filing. 
Business

ADNOC Drilling Expands Fleet to Achieve $3bn Revenue by 2023

RIYADH: On the back of a strong first-quarter performance, ADNOC Drilling plans to go big on its expansion strategy as it eyes 20 percent year-on-year growth in revenue this year.  As a sole drilling partner to Abu Dhabi National Oil Co., ADNOC Drilling launched a bold fleet expansion program to enable the energy giant achieve its production targets.  In an interview with Arab News, the CEO of the Middle East’s largest national drilling company, Abdulrahman Abdulla Al-Seiari, said they grew the fleet by 16 rigs in 2022, bringing the total to 115. 
Business

Saudi Arabia and Azerbaijan sign energy deal

RIYADH: Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman met his Azerbaijani counterpart Parviz Shahbazov on Wednesday to discuss bilateral cooperation in the fields of energy, including renewables, Saudi Press Agency reported. During the meeting, the pair signed an energy cooperation agreement covering oil, petrochemicals, gas, electricity and energy efficiency. The deal also outlines cooperation in the field of circular carbon economy and related technologies that seek to mitigate the impact of climate change.
Business

NEOM Green Hydrogen Company in Saudi Arabia seals $8.4bn plant deals

RIYADH: Saudi Arabia’s NEOM Green Hydrogen Company (NGHC) signed financial documents with 23 local, regional and international banks and investment firms on a green hydrogen production facility at a total investment value of $8.4 billion on Monday. The plant is currently being built at Oxagon, in Saudi Arabia’s region of NEOM.
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