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TotalEnergies’ First Solar Power Plant in Saudi Arabia Fully Financed

RIYADH: Sustainable energy provision in Saudi Arabia is set to grow after French energy giant TotalEnergies achieved financial closure for its first solar power plant in the Kingdom.  According to a press statement, the 119 megawatts solar plant will be developed by a consortium of TotalEnergies, Japan’s Toyota Tsusho and Saudi Arabia’s Altaaqa Renewable Energy.  The group secured a power purchase agreement for the project with Riyadh-based Saudi Power Procurement Co. in an auction held between 2021 and 2022. 
Business

Saudi cement companies in central region may reduce prices due to strong competition.

RIYADH: A price war between cement producers is likely to break out in Saudi Arabia’s central region on the back of the giga-projects boom, according to a recent report from AlJazira Capital. Since the majority of the huge ongoing developments in the Kingdom are located in its center, companies from across the country have ventured into the region, causing competition to soar.   The report added that the central area is also logistically more feasible and accessible for the majority of the firms in the Kingdom, further attracting external players. 
Business

Survey shows US oil and gas production slowing amidst high demand

RIYADH: Driven by a fall in crude and commodities pricing, oil and gas production in the US is decelerating at a time when demand is showing signs of recovery, research by the Federal Reserve Bank of Dallas has shown. The survey posted a score of zero for business activity growth in the second quarter of 2023 among 150 oil and gas groups in its region, the lowest since 2020 when oil prices crashed due to the pandemic, ultimately forcing operators to close rigs and cut headcounts. 
Business

Real Estate Fund Deposits $244.1m in Sakani Accounts in June

RIYADH: Saudi Arabia is getting closer to its Vision 2030 home ownership goal, with the Kingdom’s Real Estate Development Fund on Monday depositing SR916 million ($244.1 million) in the accounts of affordable housing beneficiaries.  According to the Saudi Press Agency, Mansour bin Madi, CEO of the fund, said the total amount deposited from June 2017 to June 2023 has now surpassed SR49.3 billion. 
Environment

Samuel Alito’s Wife Leases Land to Oil and Gas Company During EPA Battle

A deal made by Alito’s wife with an energy company paints recent Supreme Court decisions on the environment in a damning light.

The post Samuel Alito’s Wife Leased Land to an Oil and Gas Firm While the Justice Fought the EPA appeared first on The Intercept.

Business

Boost for Makkah’s Hospitality Industry during Hajj Season

RIYADH: Hotels in Makkah have been running at full capacity as Muslims worldwide flocked to the holy city to perform Hajj after Saudi Arabia removed restrictions on the number and age of pilgrims, according to a top realtor in the city.   “The hotel occupancy rates in Makkah have reached 100 percent, such as the Novotel Thakher Makkah hotel. This substantial increase in occupancy comes in contrast to the 80 percent rate observed during the last Ramadan,” said Abdulaziz Al-Aboudi, the CEO of Thakher Development Co, a real estate firm focused on the hospitality sector.
Business

GACA suggests economic rules to enhance aviation efficiency

  RIYADH: Saudi Arabia’s aviation sector’s efficiency and competitiveness are set to receive a boost thanks to the new economic regulations that are likely to be introduced. The General Authority of Civil Aviation has put forward the draft economic regulations for airports on a survey platform between June 22 and July 20, according to a statement. The regulations aim to support the rapid growth of the sector, enhance passenger experience and ensure transparency and fairness.
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