Aramco, Linde, and SLB partner on major carbon capture hub in Jubail 

Aramco, Linde, and SLB partner on major carbon capture hub in Jubail 
Located in ’s Eastern Province, the project is set to be among the largest of its kind globally. File/Supplied
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Updated 04 December 2024

Aramco, Linde, and SLB partner on major carbon capture hub in Jubail 

Aramco, Linde, and SLB partner on major carbon capture hub in Jubail 
  • Under the agreement, Aramco will hold a 60 percent equity stake, with Linde and SLB each owning 20 percent
  • The initiative supports Aramco’s broader ambition to achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions across its wholly-owned operated assets by 2050

RIYADH: Saudi energy giant Aramco has signed a shareholders’ agreement with Linde and SLB to advance the development of a major carbon capture and storage hub in Jubail,  

Under the agreement, Aramco will hold a 60 percent equity stake, with Linde and SLB each owning 20 percent, according to a press release. 

Located in ’s Eastern Province, the project is set to be among the largest of its kind globally. It marks a critical step toward Aramco’s emission mitigation goals and aligns with its 2035 interim climate objectives. 

Phase one of the hub aims to capture and store up to 9 million tonnes of CO2 annually, with construction expected to be completed by the end of 2027. Future phases will further expand its capacity. 

“CCS plays a critical role in furthering our sustainability ambitions and our new energies business. This announcement represents a step forward in delivering on our strategy to contribute to global carbon management solutions and achieve our emission mitigation goals,” said Ashraf Al-Ghazzawi, executive vice president of strategy & corporate development at Aramco. 

He added: “Aramco’s collaboration with SLB and Linde demonstrates the importance of global partnerships in driving technological innovation, reducing emissions from conventional energy sources and enabling new, lower-carbon energy solutions.” 

The executive noted that the CCS hub was among several programs that would enable them to meet the rising demand for affordable, reliable, and more sustainable energy. 

The initiative supports Aramco’s broader ambition to achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions across its wholly-owned operated assets by 2050, as well as its interim target to reduce upstream carbon intensity by 15 percent by 2035. 

Oliver Pfann, Linde’s executive vice president for Europe, the Middle East and Africa, noted the project’s significance to ’s climate goals. “Carbon capture and sequestration is essential for achieving the Kingdom’s emission reduction targets. Linde is proud to collaborate with Aramco and SLB, contributing Linde’s innovative technology and experience in delivering world-scale decarbonization projects,” he said. 

Announced during the Saudi Green Initiative Forum in Riyadh, the project reflects ’s commitment to achieving its 2060 net-zero target.  

Phase one will capture CO2 from three Aramco gas plants and other industrial sources. The CO2 will be transported through a pipeline network and stored in a saline aquifer, leveraging the region’s geological capacity for carbon storage. 

Gavin Rennick, SLB’s president of new energy, highlighted the hub’s potential to reduce emissions. “Leveraging our proven portfolio of CCS technologies and extensive experience in complex CCS projects around the world, we are confident that SLB will play a critical role in advancing this important initiative. This project aligns perfectly with our commitment to industrial decarbonization, and we look forward to collaborating closely with Aramco and Linde to make it a success.” 

The hub also complements Aramco’s blue hydrogen and ammonia initiatives, reinforcing its efforts to support a circular carbon economy and contribute to the Kingdom’s energy transition.

Pilot carbon capture technology 

Saudi Aramco has also signed an agreement with Carbon Clean and SAMSUNG E&A to pilot a new carbon capture technology targeting CO2 emissions from natural gas turbine exhaust streams.  

The initiative will utilize Carbon Clean’s CycloneCC technology, designed to capture CO2 from exhaust gases with around 4 percent CO2 content. 





(From left to right): Krishna Kumar Singhania, chief growth officer, Carbon Clean; Cheon Hong Park, executive vice president, sustainable solutions business division, SAMSUNG E&A; DongChan Kim, vice president and managing director, SAMSUNG E&A; Aniruddha Sharma, chair and CEO, Carbon Clean; Mohammed Al-Qahtani, downstream president, Aramco; Ahmad Al-Khowaiter, executive vice president, technology & innovation, Aramco; Ali Al-Meshari, senior vice president of technology oversight and coordination, Aramco. Supplied.

CycloneCC features a modular design and a footprint 50 percent smaller than traditional systems. If proven effective, it could lower the total installed cost of carbon capture by up to 50% while maintaining efficiency even with low CO2 concentrations, according to a press release. 

“I am excited about this collaboration with Carbon Clean and Samsung to demonstrate this promising new technology in one of our facilities. If successful, this demonstration will pave the way for the wider deployment of this technology with partners in the Kingdom and beyond,” said Ali Al-Meshari, senior vice president of technology oversight & coordination at Aramco.  

Aniruddha Sharma, chair and CEO of Carbon Clean, expressed pride in strengthening the company’s relationship with Aramco and Samsung Ventures, noting that both are already investors in Carbon Clean. 

“This first-of-a-kind deployment capturing very low concentrations of CO2 is a key milestone in scaling up and commercializing CycloneCC. Its compact, modular design should be easily integrated with gas turbines, delivering high-performance carbon capture in an industrial setting where space is typically limited,” he said. 

SAMSUNG E&A will handle the engineering, procurement, and construction of the plant. The unit will be installed on the exhaust gas stack of a sales gas compressor turbine, with the trial providing critical data on its real-world performance. 

“This project aligns with our mission to deliver innovative solutions that help industries reduce their environmental impact. With the successful execution of the demonstration, I hope that SAMSUNG E&A contributes to Aramco’s carbon reduction ambition, including future scale-up,” said Cheon Hong Park, executive vice president and head of the sustainable solutions division, SAMSUNG E&A. 

The project represents a step toward making carbon capture more accessible and efficient. 


Saudi PIF’s assets under management rise 19% to $913bn in 2024

Saudi PIF’s assets under management rise 19% to $913bn in 2024
Updated 13 August 2025

Saudi PIF’s assets under management rise 19% to $913bn in 2024

Saudi PIF’s assets under management rise 19% to $913bn in 2024
  • Total revenue increased by 25% year on year
  • PIF witnessed an annual average portfolio return of 7.2% since 2017

RIYADH: The total value of assets under management held by ’s sovereign wealth fund reached $913 billion by the end of 2024, representing a 19 percent rise compared to the same period of the previous year. 

In its 2024 Annual Report, the Public Investment Fund said that total revenue increased by 25 percent year on year, while cash balance remained strong and broadly unchanged. 

The analysis follows Brand Finance’s recent ranking of PIF as the most valuable and fastest-growing sovereign wealth fund globally, with a brand value of $1.2 billion.

In July, a Global SWF study reported that the wealth fund had risen to fourth place globally among sovereign wealth funds, with assets exceeding $1 trillion, slightly higher than the figure in PIF’s annual report.

“PIF’s portfolio delivered year-on-year growth of assets under management of 19 percent to reach $913 billion. Capital deployment across priority sectors reached $56.8 billion in 2024, bringing cumulative investment since the beginning of 2021 to more than $171 billion,” said Yasir A. Al-Salman, chief financial officer of PIF. 

PIF witnessed an annual average portfolio return of 7.2 percent since 2017, while the fund’s cumulative real non-oil gross domestic product contribution to the Kingdom between 2021 and 2024 grew to $243 billion. 

 

 

“Throughout 2024, PIF continued to lead with long-term vision and purpose. PIF deepened its impact and continued to drive the economic transformation of , while generating sustainable returns,” said Maram Al-Johani, PIF’s acting chief of staff and secretary general to the board. 

She further said that the fund currently represents 10 percent of the Kingdom’s non-oil economy. 

“PIF’s portfolio reflects its focus on diversifying the Saudi economy. PIF continued to invest in and establish new companies, driving forward change and bringing the total number of portfolio companies at year-end to 225, of which PIF has created and established 103,” said Al-Johani. 

Al-Johani added that PIF continued to drive the development of strategic economic sectors in the Kingdom through expanding the technical capabilities of its investment portfolios, promoting localization, and encouraging innovation.

“The 2024 results highlight PIF’s transition from digital transformation to digital leadership, with artificial intelligence and automation together becoming a vital part of operations. In 2024, PIF completed 58 digital projects, launched 15 new applications and automated more than 477 processes, enabling insights, strategy and the creation of economic value,” said Al-Johani. 

PIF said that it continued to diversify funding sources, raising $9.83 billion in public debt and an additional $7 billion in private debt. 

Affirming the financial stability of PIF, global credit rating agency Moody’s upgraded the fund’s credit rating to Aa3 from A1 with a stable outlook, while Fitch affirmed its A+ rating with a stable outlook. 


Closing Bell: Saudi main index closes in red at 10,763 

Closing Bell: Saudi main index closes in red at 10,763 
Updated 13 August 2025

Closing Bell: Saudi main index closes in red at 10,763 

Closing Bell: Saudi main index closes in red at 10,763 

RIYADH: ’s Tadawul All Share Index slipped on Wednesday, shedding 6.21 points, or 0.06 percent, to close at 10,763.45. 

Total trading turnover on the main index reached SR4.20 billion ($1.12 billion), with 102 stocks advancing and 147 declining. 

The Kingdom’s parallel market, Nomu, gained 189.19 points to close at 26,333.30, while the MSCI Tadawul Index edged up 0.04 percent to 1,391.63. 

The best-performing stock on the main market was LIVA Insurance Co., which jumped 8.76 percent to SR13.29.  

Nice One Beauty Digital Marketing Co. rose 7.27 percent to SR24.78, while Saudi Automotive Services Co. gained 6.33 percent to SR52.40.  

Methanol Chemicals Co. posted the sharpest drop, falling 8.66 percent to SR9.70. Saudi Industrial Development Co. declined 7.21 percent to SR30.12, Nahdi Medical Co. dropped 4.81 percent to SR114.90, and Sport Clubs Co. decreased 4.30 percent to SR11.57. 

On the parallel market, Future Care Trading Co. recorded the largest gain, rising 29.71 percent to SR2.27. Balady Poultry Co. registered the steepest decline, down 5.87 percent to SR147.50.  

Meanwhile, Alinma Capital — acting as financial adviser, book-runner, underwriter, and lead manager for the initial public offering of Marketing Home Group Co. — announced the successful completion of the book-building process for the participating parties’ tranche. 

The final offer price has been set at SR85 per share, following strong demand that resulted in 967 percent coverage of the total offered shares. 

The subscription period for retail investors will open on Aug. 19 and close at 11:59 p.m. on Aug. 20, during which up to 960,000 ordinary shares — representing 20 percent of the total offered — will be allocated to individual subscribers. 


Record sales, rents signal new growth cycle in UAE office market

Record sales, rents signal new growth cycle in UAE office market
Updated 13 August 2025

Record sales, rents signal new growth cycle in UAE office market

Record sales, rents signal new growth cycle in UAE office market
  • Dubai sales jump 207 percent; Abu Dhabi leasing doubles

RIYADH: Office market activity in the UAE surged in the first half of 2025, with Dubai’s high-value transactions jumping 207 percent and Abu Dhabi’s leasing demand more than doubling, according to Knight Frank.
Dubai recorded 83 office sales worth over 10 million dirhams ($2.7 million) each, up from 27 in the same period last year. In Abu Dhabi, office requirements topped 50,000 sq. meters — a 110 percent year-on-year increase — as corporate expansions drove demand.
Analysts attributed the growth to strong global occupier confidence, buoyed by rising activity in business services, technology, real estate, and consulting, coupled with near-full Grade A occupancy in both cities.
Faisal Durrani, partner – head of research, MENA at Knight Frank, said: “Confidence in Dubai as a global business hub remains exceptionally strong. Indeed, this is reflected in record low vacancy rates for Grade A stock across the city, which stands in sharp contrast to many other global gateway cities.”  
He added: “The technology and trading systems sector has emerged as major driver of demand, while sustained activity from financial, real estate and business consulting firms underscores the city’s appeal to a diverse range of global occupiers.” 

Dubai leads
Downtown Dubai led the city’s office sales in the first half of 2025, with average prices topping 5,000 dirhams per sq. foot — far ahead of other submarkets. 
Business Bay ranked second, breaking the 2,000-dirham mark for the first time after posting 21.2 percent growth since 2020.
Off-plan sales gained traction, particularly in Business Bay, where 1.3 million sq. feet of office space is under development, reflecting strong investor confidence. In leasing, the Dubai International Financial Centre remained the priciest location for fitted offices at 400 dirhams per sq. foot, while Dubai Design District, The Greens, and Business Bay also saw solid rental gains.
Business services drove 38 percent of demand, followed by technology (31 percent), real estate (12 percent), and banking and finance (10 percent). Knight Frank expects 15.8 million sq. feet of new supply by 2030, pushing total stock to nearly 137.8 million sq. feet.
“The confidence in the office sector is further evidenced by the boom in high-value transactions, with the number of office sales over 10 million dirhams setting a record of 83 sales in the first half of 2025,” Durrani added.   

Abu Dhabi market 
In Abu Dhabi, business services led office demand in the first half of 2025 with a 32 percent share, followed by government entities at 9 percent. Grade-A occupancy hit record highs, driving rents higher in prime locations.
“New rental contracts in Abu Dhabi have been a primary driver of market activity this year, with transaction volumes experiencing a significant peak in January, signaling fresh demand and business expansion in the UAE capital,” said Durrani.
Musaffah recorded the strongest rental growth in the second quarter, up 68 percent, followed by Al Bateen at 64 percent and Al Hisn at 18 percent. Older districts such as Al Danah and Al Nahyan posted slight declines due to a higher share of secondary stock.
The pipeline includes Aldar’s HB Tower on Yas Island (22,171 sq. meters) and the Saas Business Tower on Al Reem Island (12,004 sq. meters), both Grade A developments aimed at meeting evolving occupier needs.


GCC asset management hits $2.2tn in 2024 as , UAE drive growth

GCC asset management hits $2.2tn in 2024 as , UAE drive growth
Updated 13 August 2025

GCC asset management hits $2.2tn in 2024 as , UAE drive growth

GCC asset management hits $2.2tn in 2024 as , UAE drive growth

RIYADH: The Gulf Cooperation Council’s asset management industry grew to $2.2 trillion in assets under management in 2024, up 9 percent from 2023, according to Boston Consulting Group.

BCG’s Global Asset Management report, “From Recovery to Reinvention,” identified and the UAE as key drivers of retail mutual fund growth, while Kuwait and Abu Dhabi’s sovereign wealth funds held the largest share of regional assets.

The GCC sector is in a strong growth phase, underpinned by sovereign fund strength, expanding retail investment, and strategic diversification. BCG notes the region is navigating global market volatility while positioning itself to compete with the world’s leading asset managers.

“The next decade’s leaders will be those who redefine their future, not just endure challenges. The region’s 9 percent AuM growth in 2024 underscores its rising prominence as a hub for institutional and retail capital,” said Lukasz Rey, managing director and partner and Middle East head of financial institutions at BCG.

He added: “With and the UAE anchoring regional momentum, the GCC’s strategic diversification and SWF dominance signal a future where local asset managers could rival global giants.”

Rey noted that recent market volatility presents an opportunity for transformation, prompting asset managers to rethink value delivery, client engagement, and operational strategies.

The report found that 2024 revenue growth was largely driven by market performance rather than new investor inflows, highlighting the sector’s sensitivity to external forces. Ongoing fee pressure, shifting investor preferences, and digital disruption are pushing firms to revamp business models, prioritize cost efficiency, and refine strategic focus.

Mohammad Khan, managing director and partner at BCG, emphasized that the region is steadily establishing itself as a global financial powerhouse.

“ and the UAE are driving retail mutual fund expansion, while Kuwait and Abu Dhabi lead in sovereign wealth fund dominance,” he said.

The report highlights three global forces shaping the asset management sector. First, there is growing opportunity to develop new products in response to evolving investor demands, including active exchange-traded funds, model portfolios, and separately managed accounts.

Retail interest in private assets is also surging, with semi-liquid private funds growing more than fivefold in four years to surpass $300 billion.

Second, consolidation and digital transformation are reshaping the industry. Firms are pursuing scale, expanding offerings, and investing in technology.

Larger players can cut costs through tech partnerships, while smaller firms are adopting leaner business models to remain competitive.

Finally, a renewed focus on cost efficiency is driving adoption of artificial intelligence — particularly generative AI — to automate processes and enhance performance across front, middle, and back-office operations.

“Pension funds and SWFs, led by Saudi and Kuwaiti institutions, are quietly reshaping the region’s financial architecture,” said Nabil Saadallah, managing director and partner at BCG. 

He added: “Cost discipline is now a strategic focus, with firms prioritizing unique value creation, embracing lean practices, and investing in transformative technologies.”


Electric vehicle sales growth eases to 21% in July, research firm says

Electric vehicle sales growth eases to 21% in July, research firm says
Updated 13 August 2025

Electric vehicle sales growth eases to 21% in July, research firm says

Electric vehicle sales growth eases to 21% in July, research firm says

LONDON: Global electric vehicle sales grew 21 percent year-on-year in July, the slowest rate since January and down from 25 percent in June, as momentum in plug-in hybrid sales in China slackened, market research firm Rho Motion said on Wednesday.

China is the world’s biggest car market and accounts for more than half of global EV sales, which in Rho Motion’s data include battery-electric vehicles and plug-in hybrids.

Its overall car sales growth slowed in July, with BYD , the world’s largest EV maker, recording its third monthly drop in registrations.

The relatively muted slowdown in overall EV sales, however, shows other markets are taking up some of the slack, with European sales, for one, benefiting from incentives aimed at speeding up decarbonization.

Global sales of battery-electric vehicles and plug-in hybrids rose to 1.6 million units in July, Rho Motion data showed.

China’s EV sales growth, which averaged 36 percent a month in the first half, eased to 12 percent in July as the previously booming market was dampened by a pause in some 2025 government subsidy schemes for EV and plug-in hybrid purchases, Rho Motion data manager Charles Lester said.

Chinese sales reached around one million vehicles. European sales surged 48 percent to about 390,000 units, while North American sales climbed 10 percent to more than 170,000. Sales in the rest of the world jumped 55 percent to more than 140,000 vehicles.

“Despite regional variations, the overall trajectory for EV adoption in 2025 remains strongly upward,” Lester said.

Chinese car sales are expected to return to strong growth from August as new funds become available for its subsidy schemes, while a cut in US tax credits for buying or leasing new EVs at the end of September will hurt demand there, Lester added.