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ACWA Power, ITOCHU Corp. sign MoU at COP29 to accelerate global clean energy transition

Both companies share a vision for accelerating the global energy transition, leveraging their unique strengths to create transformative solutions in renewables and water desalination.
Both companies share a vision for accelerating the global energy transition, leveraging their unique strengths to create transformative solutions in renewables and water desalination.
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Updated 20 November 2024

ACWA Power, ITOCHU Corp. sign MoU at COP29 to accelerate global clean energy transition

ACWA Power,  ITOCHU Corp. sign MoU at COP29 to accelerate global clean energy transition

RIYADH: șÚÁÏÉçÇű’s ACWA Power has entered into an agreement with Japan’s ITOCHU Corp. during COP29 to strengthen investments in environmental infrastructure and renewable energy across the Middle East, Central Asia, and Africa.

As outlined in a press release, the memorandum of understanding aligns with ACWA Power’s broader mission to address the “energy quadrilemma” — ensuring energy and water are provided affordably, reliably, sustainably, and rapidly.

Both companies share a vision for accelerating the global energy transition, leveraging their unique strengths to create transformative solutions in renewables and water desalination.

Marco Arcelli, CEO of ACWA Power, expressed his enthusiasm: “We are thrilled to strengthen our strategic collaboration with ITOCHU Corp. through this new memorandum of understanding, signed at COP29 in Azerbaijan.”

He further added: “This partnership — which spans across various geographies and technologies — will benefit from our expertise in renewable energy sources, water desalination, and green hydrogen.”

Arcelli highlighted the company’s commitment to achieving net-zero emissions by 2050, a full decade ahead of șÚÁÏÉçÇű’s national target, noting that it “aligns perfectly with the global sustainability agenda.”

The MoU, in collaboration with ITOCHU’s extensive network and resources, will facilitate mutual growth ambitions and open up new opportunities for Japanese investors in the clean energy sector, according to the CEO. “Together, we are poised to make significant strides in accelerating the energy transition and addressing climate change challenges,” he concluded.

Headquartered in Riyadh, ACWA Power is the world’s largest private water desalination company and a leader in renewable energy and green hydrogen. Its portfolio spans 90 projects in 13 countries, with a total investment value of $94.7 billion.

ITOCHU Corp., founded in 1858, is one of Japan’s leading multinational trading and investment companies. With operations in 61 countries and approximately 90 bases worldwide, ITOCHU boasts a diversified portfolio that includes renewable energy projects and water infrastructure.

Through this partnership with ACWA Power, “ITOCHU aims not only to contribute to regions expecting economic growth and population increases but also to achieve a balance between responding to societal needs and business expansion.”

The collaboration is expected to advance progress in renewable energy projects, including high-efficiency combined cycle power plants and green hydrogen production, with both companies dedicated to addressing climate change and advancing global sustainability initiatives.

Earlier this year, ACWA Power signed multiple agreements with Japanese companies on May 21, during the Saudi-Japan Vision 2030 Business Forum, to further the sustainable energy transition and attract foreign investment.

The forum, held in Tokyo, brought together over 300 industry officials and leaders to discuss ways to enhance trade, investment, and cultural ties.


Oil Updates — crude climbs on potential Russia sanctions; OPEC+ output, tariffs weigh

Oil Updates — crude climbs on potential Russia sanctions; OPEC+ output, tariffs weigh
Updated 11 July 2025

Oil Updates — crude climbs on potential Russia sanctions; OPEC+ output, tariffs weigh

Oil Updates — crude climbs on potential Russia sanctions; OPEC+ output, tariffs weigh

BEIJING/SINGAPORE: Oil prices rose on Friday after US President Donald Trump said he would make an announcement regarding Russia, raising the prospect of more sanctions on the major oil producer, while tariff concern and rising OPEC+ output capped gains.

Brent crude futures were up 19 cents, or 0.28 percent, at $68.83 a barrel as of 7:08 a.m. Saudi time. US West Texas Intermediate crude ticked up 24 cents, or 0.36 percent, to $66.81 a barrel.

So far this week, Brent has added 0.8 percent and WTI has dipped 0.2 percent.

Both contracts lost more than 2 percent on Thursday as investors worried about the impact of Trump’s evolving tariff policy on global economic growth and oil demand.

“This morning, prices have recouped some of this decline after President Trump said he plans to make a ‘major’ statement on Russia on Monday. This could leave the market nervous over the potential for further sanctions on Russia,” ING analysts wrote in a client note on Friday.

Trump has expressed frustration with Russian President Vladimir Putin due to the lack of progress on peace with Ukraine and Russia’s intensifying bombardment of Ukrainian cities.

Tight market fundamentals with improving seasonal demand has also lent some support to oil prices, as has renewed Houthi attacks on vessels sailing through the Red Sea, BMI analysts said in a weekly report.

A sign of demand improvement was the prospect of șÚÁÏÉçÇű shipping about 51 million barrels of crude oil in August to China, the biggest such shipment in over two years.

Pressuring prices this week was an agreement on Saturday by the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, to raise production by 548,000 barrels per day in August.

ING analysts said there might be one more increase for September before a pause.

These increases should move the global market into a large surplus in the fourth quarter, intensifying downward pressure on prices, ING analysts said.

OPEC cut its forecasts for global oil demand in 2026 to 2029 because of slowing Chinese demand, the group said in its 2025 World Oil Outlook published on Thursday.

Global demand is likely to average 106.3 million barrels per day in 2026, OPEC said, versus 108 million bpd estimated in last year’s forecast. 


Saudi non-oil trade surplus with GCC jumps over 200% in April

Saudi non-oil trade surplus with GCC jumps over 200% in April
Updated 10 July 2025

Saudi non-oil trade surplus with GCC jumps over 200% in April

Saudi non-oil trade surplus with GCC jumps over 200% in April

JEDDAH: șÚÁÏÉçÇű’s non-oil trade surplus with fellow Gulf Cooperation Council countries jumped by more than 200 percent in April 2025, driven by a sharp rise in re-exports and strengthening regional economic ties.

According to the latest figures released by the General Authority for Statistics, the Kingdom posted a trade surplus of SR3.51 billion ($935 million) with GCC nations during the month, compared to just SR1.16 billion in April 2024 — a year-on-year increase of 203.2 percent.

The total value of non-oil trade, which includes re-exports, between șÚÁÏÉçÇű and the GCC bloc reached SR18.03 billion in April, reflecting a robust 41.3 percent growth from SR12.76 billion in the same month last year.

This momentum is attributed to the accelerated pace of regional economic integration, supported by strategic initiatives such as șÚÁÏÉçÇű’s Vision 2030 and similar diversification programs across the Gulf. These frameworks aim to reduce dependence on hydrocarbons by fostering growth in sectors like logistics, finance, tourism, and manufacturing.

Non-oil exports — encompassing both national products and re-exported goods — saw a notable rise of 55 percent year on year to SR10.77 billion. Within this category, re-exports surged by 81 percent to SR7.74 billion, highlighting șÚÁÏÉçÇű’s growing role as a regional re-export hub. National-origin exports also rose by 13.3 percent, totaling SR3.03 billion.

Imports from GCC countries also registered an increase, climbing to SR7.26 billion in April — a 25.2 percent rise compared to SR5.80 billion in the previous year.

Among individual member states, the UAE continued to dominate șÚÁÏÉçÇű’s regional trade portfolio, accounting for SR13.53 billion — or 75.1 percent — of the Kingdom’s total non-oil trade with the GCC. Bahrain followed with SR1.8 billion (10 percent), while Oman recorded SR1.45 billion (8.1 percent). Kuwait and Qatar contributed SR819.9 million (4.5 percent) and SR422.1 million (2.3 percent), respectively.

The data reflects not only șÚÁÏÉçÇű’s growing non-oil export capacity but also a broader regional shift toward more diversified, interconnected Gulf economies.


Saudia, flyadeal rise high in Cirium’s June punctuality rankings

Saudia, flyadeal rise high in Cirium’s June punctuality rankings
Updated 10 July 2025

Saudia, flyadeal rise high in Cirium’s June punctuality rankings

Saudia, flyadeal rise high in Cirium’s June punctuality rankings
  • Marks Saudia’s second time in 2025 leading global rankings for arrival and departure punctuality
  • Achievement aligns with Kingdom’s ambition to become global aviation hub

JEDDAH: Saudia emerged as the world’s most punctual airline in June, topping global rankings for both on-time departures and arrivals, according to aviation analytics firm Cirium.

In its latest report, the London-headquartered independent aviation analytics company said that Saudia operated 16,733 flights in June, achieving a 91.33 percent on-time arrival rate and a 90.69 percent on-time departure rate — a 2.41 percent increase in arrival punctuality compared to May’s rate of 89.18 percent.

The achievement aligns with șÚÁÏÉçÇű’s ambition to become a global aviation hub and a top destination for international travelers. Under Vision 2030, the Kingdom is investing heavily to boost private sector participation, expand connectivity, and reinforce its role in global aviation.

It also supports the National Aviation Strategy’s goal of enhancing the travel experience, which aims to target 330 million passengers annually, over 250 global destinations, and 4.5 million tons of air cargo by 2030.

Ibrahim Al-Omar, director general of Saudia Group, said, “Achieving exceptional on-time performance and maintaining operational excellence requires seamless coordination across all sectors and subsidiaries of the group.”

This marks Saudia’s second time in 2025 leading global rankings for both arrival and departure punctuality, following a similar achievement in March. It also mirrors the airline’s performance in June 2024, when it topped the rankings with an on-time arrival rate of 88.22 percent and a departure rate of 88.73 percent across 16,133 flights to more than 100 destinations.

Flyadeal, Saudia Group’s low-cost carrier, ranked first in the Middle East and Africa for on-time arrival performance, achieving a rate of 91.77 percent across more than 5,980 flights. The carrier’s performance surpassed that of Saudia within the region.

In a statement, Saudi Group said: “The accomplishment reflects Saudia and flyadeal’s unwavering focus in operational efficiency and excellence, achieved during the high-demand period of Hajj, summer travel, and Eid Al-Adha holidays.”

In the airport category, Cirium ranked Riyadh’s King Khalid International Airport as the world’s most punctual large airport for the same period. The travel gateway recorded a 90.41 percent on-time departure rate and an 86.99 percent on-time arrival rate, outperforming major global hubs in operational efficiency.

With 22,180 flights tracked, the Kingdom’s capital hub served 109 routes operated by 59 airlines, showcasing șÚÁÏÉçÇű’s growing global connectivity and aviation excellence.

Meanwhile, Dammam’s King Fahd International Airport ranked seventh among medium-sized airports for on-time departures, achieving an 86.18 percent punctuality rate across 8,200 flights on 59 routes, according to Cirium.


Closing Bell: Saudi main index steady at 11,277; Nomu edges up

Closing Bell: Saudi main index steady at 11,277; Nomu edges up
Updated 10 July 2025

Closing Bell: Saudi main index steady at 11,277; Nomu edges up

Closing Bell: Saudi main index steady at 11,277; Nomu edges up

RIYADH: șÚÁÏÉçÇű’s Tadawul All Share Index was steady on Thursday, as it marginally declined by 0.01 percent, or 0.82 points, to close at 11,276.91. 

The total trading turnover of the benchmark index was SR4.96 billion ($1.32 billion), with 128 of the listed stocks advancing and 120 declining. 

The Kingdom’s parallel market Nomu gained 31.28 points to close at 27,479.50.

The MSCI Tadawul Index marginally shed 0.02 points to 1,445.23. 

The best-performing stock on the main market was SHL Finance Co. The firm’s share price increased by 9.95 percent to SR19.33. 

The share price of Fawaz Abdulaziz Alhokair Co., also known as Cenomi Retail, rose by 5.8 percent to SR31.38. 

Sustained Infrastructure Holding Co. also saw its stock price rise by 4.24 percent to SR35.44. 

Conversely, the share price of Umm Al Qura for Development and Construction Co. declined by 6.14 percent to SR25.06. 

On the announcements front, Anmat Technology for Trading Co. said that it received a contract valued at SR50 million from Etihad Etisalat, also known as Mobily, to supply and install power generator systems and a fuel monitoring system. 

In a press statement, Anmat said that the contract is effective from June 26 and will last until May 17, 2028. 

The company added that the impact of the deal will be reflected in the firm’s financials from the second half of this year and will continue until the end of the contract duration. 

The share price of Anmat, which is listed in Nomu, increased by 10.19 percent to SR12.33. 

International Human Resources Co. said that it signed a framework agreement with the Arab National Bank to provide human resources services. 

According to a Tadawul statement, the contract is valid for 12 months and will be renewed for a similar period unless either party notifies the other at least 30 days prior to the expiry date. 

International Human Resources Co.’s share price rose by 2.83 percent to SR6.17. 


Saudi Tourism Development Fund rolls out programs to boost startup growth 

Saudi Tourism Development Fund rolls out programs to boost startup growth 
Updated 10 July 2025

Saudi Tourism Development Fund rolls out programs to boost startup growth 

Saudi Tourism Development Fund rolls out programs to boost startup growth 

RIYADH: Tourism startups and entrepreneurs in șÚÁÏÉçÇű stand to benefit from three newly launched support initiatives aimed at accelerating innovation, attracting investment, and strengthening the Kingdom’s growing travel economy. 

The Tourism Development Fund has introduced the Grow Tourism Incubator, Tourism Hackathons and Bootcamps, and the Grow Tourism Accelerator — a suite of initiatives designed to empower early-stage ventures through TDF Grow, its non-financial enablement arm, according to a press release. 

Developing a robust tourism landscape is a key pillar of șÚÁÏÉçÇű’s Vision 2030 agenda, as the Kingdom works to diversify its economy and reduce its reliance on oil revenues. 

The National Tourism Strategy targets 150 million annual visitors by 2030, after surpassing the 100 million milestone ahead of schedule, with official data showing the Kingdom welcomed 116 million tourists in 2024 — exceeding its annual target for the second year in a row. 

Qusai bin Abdullah Al-Fakhri, CEO of TDF, said: “We remain committed to empowering entrepreneurs to transform their ideas into promising, impactful projects. We strive to provide a comprehensive support ecosystem that addresses the needs of businesses at every stage, helping them overcome challenges and accelerate their growth.”  

He added: “These three programs embody our dedication to practical enablement, offering guidance, support, and connections with key stakeholders, to build a sustainable tourism sector full of opportunity and aligned with the aspirations of Saudi Vision 2030.” 

The Grow Tourism Incubator Program, now in its first edition, will target early-stage tourism startups. Registration opened on June 24 and will remain open until July 17. 

The incubator offers a 10-month immersive environment, providing participants with access to shared workspaces, as well as legal, marketing, and logistical support, along with technical and administrative services. 

The program will also include workshops, specialized training sessions, and mentorship by leading industry experts, delivered both virtually and in person at TDF headquarters — ensuring accessibility for entrepreneurs across the Kingdom. 

The Tourism Hackathons and Bootcamps program aims to support innovators and early-stage tourism projects, with a focus on three key regions: Asir, Al-Ahsa, and Madinah. 

Running for five months, the program will allow participants to take part in hackathons followed by training bootcamps, helping them develop their ideas into actionable prototypes. 

Registrations opened on July 1 and will remain open until July 22. 

The Grow Tourism Accelerator builds on the success of previous cohorts, which have graduated 99 participants to date. 

This three-month program is designed to support startups and help them scale within the tourism sector. 

“The accelerator also attracts international companies, enriching the diversity of the investment landscape and elevating service quality across the industry. The program provides integrated mentorship, culminating in graduation and connections with potential investors,” the TDF release stated. 

It added that the TDF Grow platform has supported 8,800 beneficiaries through its non-financial programs and initiatives, helping entrepreneurs and small and medium enterprises accelerate their projects and enhance the competitiveness of șÚÁÏÉçÇű’s tourism sector.