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. 


Riyadh Air orders up to 50 Airbus A350 jets to expand long-haul fleet 

Riyadh Air orders up to 50 Airbus A350 jets to expand long-haul fleet 
Updated 16 June 2025

Riyadh Air orders up to 50 Airbus A350 jets to expand long-haul fleet 

Riyadh Air orders up to 50 Airbus A350 jets to expand long-haul fleet 
  • Deal includes 25 firm orders and purchase rights for an additional 25 aircraft
  • A350-1000s will enable long-haul connections ahead of high-profile events

JEDDAH: ’s Riyadh Air has signed a deal to acquire up to 50 Airbus A350-1000 aircraft as it gears up to launch operations later this year. 

The agreement, signed at the 55th Paris Air Show, includes 25 firm orders and purchase rights for an additional 25 aircraft. The deal supports Riyadh Air’s plan to build a wide-body fleet capable of serving over 100 destinations globally by 2030.  

Owned by the Public Investment Fund, Riyadh Air was unveiled in March 2023 by Crown Prince Mohammed bin Salman as part of ’s strategy to become a global aviation hub by expanding connectivity to over 250 destinations and tripling annual passenger traffic to 330 million. 

In a statement, Yasir Al-Rumayyan, PIF governor and chairman of Riyadh Air, said: “Our new national carrier is set to take to the skies in the near future, and as a fundamental element of the Kingdom of ’s infrastructure, will connect our capital city to over 100 international destinations around the globe by 2030.

He added: “With its outstanding range, adding the Airbus A350-1000 to our fleet demonstrates the strategic contribution of Riyadh Air in positioning as a global aviation hub.” 

The A350-1000s, with an operational range exceeding 16,000 km, will enable long-haul connections ahead of high-profile events such as Riyadh Expo 2030 and the FIFA World Cup 2034. 

In April, the airline received its Air Operator Certificate from the General Authority of Civil Aviation, authorizing it to commence flight operations after meeting all regulatory, safety, and operational requirements. 

“Riyadh Air is making significant progress as we move towards our first flight later this year and agreeing this deal for up to 50 Airbus A350-1000 aircraft is an important statement of intent,” said Tony Douglas, CEO of Riyadh Air. 

The airline’s launch supports ’s broader efforts to diversify its economy. According to the General Authority for Civil Aviation, the aviation industry generated $32.2 billion in tourism receipts and supported more than 958,000 jobs in 2023 — 241,000 in aviation and 717,000 in tourism-related sectors. 

“We play an important role in the evolution of the Saudi aviation ecosystem with the aim to create 200,000 direct and indirect jobs and contribute almost $20 billion to the Kingdom’s non-oil GDP,” added Douglas. 

The sector is a key pillar of the National Transport and Logistics Strategy, which aims to raise its gross domestic product contribution from 6 percent to 10 percent by 2030. 

Christian Scherer, CEO of commercial aircraft at Airbus, said: “This partnership reflects our shared commitment to innovation and decarbonization whilst connecting the vibrant Kingdom of to the world!”  


Closing Bell: TASI gains 135 points after positive market breadth 

Closing Bell: TASI gains 135 points after positive market breadth 
Updated 16 June 2025

Closing Bell: TASI gains 135 points after positive market breadth 

Closing Bell: TASI gains 135 points after positive market breadth 
  • Market breadth was strongly positive with 223 gainers and 23 fallers
  • Trading activity remained robust with a total value of SR4.87 billion

RIYADH: ’s Tadawul All Share Index closed higher on Monday, advancing 135.45 points, or 1.26 percent, to end at 10,867.04. 

Market breadth was strongly positive with 223 gainers and 23 fallers. Trading activity remained robust with a total value of SR4.87 billion ($1.2 billion), supported by optimism across key sectors. 

Among the top gainers, Red Sea International Co. rose 10 percent to SR36.85, while CHUBB Arabia Cooperative Insurance Co. added 9.98 percent to end at SR33.60.  

National Gypsum Co. and Saudi Enaya Cooperative Insurance Co. gained 9.97 percent and 8.02 percent, respectively, closing at SR19.42 and SR9.29. 

ACWA Power Co. also rose 6.94 percent to close at SR262.00. 

Among the worst performers, MBC Group Co. led losses with a decline of 3.11 percent to close at SR35.80.

Dr. Sulaiman Al Habib Medical Services Group followed, shedding 2.30 percent to settle at SR255, while Gulf Union Alahlia Cooperative Insurance Co. fell 1.63 percent to SR14.52.  

Middle East Specialized Cables Co. ended the session down 1.13 percent at SR30.55, and Dr. Soliman Abdel Kader Fakeeh Hospital Co. edged 0.75 percent lower to SR39.85. 

On the announcement front, ASAS Makeen Real Estate Development and Investment Co. began trading on the Nomu-Parallel Market on June 16, with shares priced at SR80 each. 

The company’s stock rose 14.38 percent to close at SR91.50 after it confirmed the signing of an SR240 million real estate development agreement with the National Housing Co. 

The stock is subject to daily and static price fluctuation limits of plus or minus 30 percent and 10 percent, respectively. 

The 42-month project includes the construction of 470 residential units in Riyadh and is expected to impact financial results in the fourth quarter following the issuance of the required license. 

ASAS Makeen offered 10 percent of its SR100 million capital, or one million shares, in an initial public offering that was nearly 1,949 percent oversubscribed. 

Tabuk Agricultural Development Co. closed 1.90 percent higher at SR10.18 after announcing it had received the full SR14.85 million operational financing loan from the Agricultural Development Fund.

The two-year facility is secured by a mortgage on the company’s land and investment shares. 


PIF’s AviLease to acquire up to 77 Airbus jets in expansion drive


PIF’s AviLease to acquire up to 77 Airbus jets in expansion drive

Updated 16 June 2025

PIF’s AviLease to acquire up to 77 Airbus jets in expansion drive


PIF’s AviLease to acquire up to 77 Airbus jets in expansion drive

  • Order marks first direct deal with Airbus as PIF-owned lessor targets global growth
  • Agreement announced at Paris Air Show

RIYADH: ’s Public Investment Fund-owned AviLease has signed a deal to purchase up to 77 Airbus aircraft, further expanding its next-generation, fuel-efficient fleet to meet rising global demand across passenger and cargo operations.

The agreement, announced at the Paris Air Show, includes 55 A320neo Family aircraft and 22 A350F freighters, with deliveries scheduled through 2033, according to a press release.

This marks AviLease’s first direct order with Airbus. The move aligns with the goals of the Saudi Aviation Strategy, which targets a rise in annual passenger capacity to 330 million and cargo throughput to 4.5 million tonnes by 2030, while enhancing the Kingdom’s status as a regional aviation hub.

“This dual order reinforces AviLease’s credentials as a leading lessor, and it demonstrates the broad appeal of our products among lessors and their airline customers,” said Benoit de Saint-Exupéry, executive vice president of sales for Airbus Commercial Aircraft.

Edward O’Byrne, CEO of AviLease, said: “We are proud to establish an Airbus order book, strengthening our position as a full-service, investment grade global lessor. The addition of these latest generation aircraft enhances our ability to offer modern, fuel-efficient fleet solutions to our airline partners in and around the world.”

Benoit de Saint-Exupery, Airbus executive vice president sales of the commercial aircraft business, and Edward O’Byrne, CEO of AviLease, the global aircraft lessor headquartered in , shake hands after a firm order signature for Airbus A350F freighters and A320neo Family aircraft, during the 55th International Paris Airshow at Le Bourget Airport near Paris, France, June 16, 2025. Reuters

The A350F freighters were selected following consultations with local stakeholders and will support ’s expanding air cargo requirements. O’Byrne noted that AviLease has secured delivery slots in line with the Kingdom’s Vision 2030 goals.

“We thank our local partners and Airbus for the strong long-term partnership we have established and look forward to placing these aircraft across our valued customer base,” he said.

The A350F, according to Airbus, offers at least 20 percent lower fuel consumption, improved loading capabilities, and extended range.

The new order follows AviLease’s purchase of 30 Boeing 737 MAX aircraft in May—its first direct deal with a manufacturer—bringing its total new aircraft orders within two months to 107.

“In less than two months, AviLease has signed two major deals, reflecting its long-term ambition to become a top 10 global player in aircraft leasing and to strengthen its position as a national champion,” said Fahad Al-Saif, chairman of AviLease.

As of March 31, AviLease had a portfolio of 200 aircraft leased to 48 airlines around the world.

In April, the firm secured a $1.5 billion unsecured revolving credit facility to support its global expansion. The three-year facility attracted commitments from 20 international banks, including eight new lenders from Europe, Asia, and North America.

The company holds investment-grade ratings of Baa2 (stable) from Moody’s Ratings and BBB (stable) from Fitch Ratings.


OPEC sees solid 2nd-half of 2025 for world economy, trims 2026 supply

OPEC sees solid 2nd-half of 2025 for world economy, trims 2026 supply
Updated 16 June 2025

OPEC sees solid 2nd-half of 2025 for world economy, trims 2026 supply

OPEC sees solid 2nd-half of 2025 for world economy, trims 2026 supply

LONDON/MOSCOW: OPEC said on Monday it expected the global economy to remain resilient in the second half of this year despite concerns about trade conflicts and trimmed its forecast for growth in oil supply from producers outside the wider OPEC+ group in 2026.

In a monthly report, the Organization of the Petroleum Exporting Countries left its forecasts for global oil demand growth unchanged in 2025 and 2026, after reductions in April, saying the economic outlook was robust despite trade concerns.

“The global economy has outperformed expectations so far in the first half of 2025,” OPEC said in the report.

“This strong base from the first half of 2025 is anticipated to provide support and sufficient momentum into a sound second half of 2025. However, the growth trend is expected to moderate slightly on a quarterly basis.”

OPEC also said supply from countries outside the Declaration of Cooperation — the formal name for OPEC+ — will rise by about 730,000 barrels per day in 2026, down 70,000 bpd from last month’s forecast.

Lower supply growth from outside OPEC+, which groups the Organization of the Petroleum Exporting Countries plus Russia and other allies, would make it easier for the wider group to balance the market. Rapid growth from US shale and from other countries has weighed on prices in recent years. (


PIF earns perfect score on Global SWF Index 

PIF earns perfect score on Global SWF Index 
Updated 16 June 2025

PIF earns perfect score on Global SWF Index 

PIF earns perfect score on Global SWF Index 
  • Saudi fund led the group within EMEA
  • It was the only Middle Eastern institution to reach a perfect score

RIYADH: ’s Public Investment Fund earned a perfect score in the 2025 Global SWF Index, ranking it among just nine sovereign wealth funds worldwide for top governance, sustainability, and resilience.

The report from the sovereign investor benchmarking firm evaluates 200 of the world’s largest state-owned investment institutions across 25 indicators.

PIF’s flawless score this year marks a major milestone in its institutional development, following steady progress from 92 percent in 2023 to 96 percent in 2024. In contrast, the Saudi fund scored just 28 percent in 2020, according to Global SWF data.

In 2025, only nine sovereign investors globally achieved a full 100 percent score. Of those, three were based in the Europe–Middle East–Africa region: PIF, Ireland’s National Treasury Management Agency, and Nigeria’s Sovereign Investment Authority. 

The Saudi fund led the group within EMEA and was the only Middle Eastern institution to reach a perfect score.

With over $925 billion in assets under management, PIF is a cornerstone of ’s Vision 2030, investing across strategic sectors. Shutterstock

The 2024 report described PIF as “continuing to lead the charge,” highlighting that the fund voluntarily publishes an allocation and impact report as well as a self-assessment aligned with the Santiago Principles, despite not being a member of the International Forum of Sovereign Wealth Funds.

PIF’s sustainability strategy operates within the Kingdom’s broader drive for spending efficiency, a theme highlighted in a March analysis by PwC and Consultancy ME. 

The report noted that public funds, anchored by institutions like PIF, are now being redirected toward high-impact sectors such as healthcare, tourism, and logistics, as well as artificial intelligence, combining fiscal prudence with strategic vision.

Moreover, a Strategy& whitepaper outlined how the nation is investing heavily in its energy transition — targeting approximately $235 billion toward renewables by 2030 and embedding efficiency mandates for state utilities — to support its net-zero ambitions and long-term economic resilience.

This alignment of sustainable investment and cost discipline reinforces PIF’s role in delivering value-driven transformation in line with Vision 2030.

The fund’s elevation to the top tier was driven by enhanced climate-risk disclosures, the launch of a dedicated sustainability report, strengthened board oversight, and the implementation of comprehensive business continuity frameworks.

These changes helped it secure full marks in all 25 areas of the GSR Scoreboard — 10 for governance, 10 for sustainability, and 5 for resilience.

With over $925 billion in assets under management, PIF is a cornerstone of ’s Vision 2030, investing across strategic sectors, including tourism and logistics, as well as AI and renewable energy. Its strong transparency credentials and environmental, social and governance alignment have helped it build trust with global partners and signal its readiness for large-scale cross-border investment.

According to the 2024 PIF Effect report, the fund’s strategic projects, ranging from green bond issuances to renewable energy infrastructure, have generated a significant impact throughout and the world, enhancing local job creation, technology transfer, and environmental outcomes.

A February analysis by Consultancy ME underscored how the Kingdom’s broader focus on “spending efficiency is driving growth and building resilience,” with PIF playing a central role by prioritizing cost-effective, high-impact initiatives aligned with Vision 2030 objectives.

The full 2025 GSR report will be released on July 1.