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  • Saudi Arabia’s Petro Rabigh inaugurates carbon capture project

    Saudi Arabia’s Petro Rabigh and Gulf Cryo have launched a new carbon capture and utilisation project in the kingdom. The project, in the Red Sea town of Rabigh, will capture 300 metric tonnes of carbon dioxide per day directly from Petro Rabigh's mono ethylene glycol (MEG) plant, the companies said in a statement on Thursday. That would result in a reduction of 100,000 metric tonnes per annum of carbon emissions at the source from the MEG plant, representing an 85 per cent reduction in its total annual emissions footprint.

  • Expo 2030 to have significant positive economic impact on Saudi Arabia: GIB Capital

    "We may see SAR 175-190 billion cumulative gross value added (GVA) impact on the Saudi economy from the government spending with the pre-Expo stage likely witnessing a GVA impact of SAR 44-47 billion and during the Expo impact of SAR 23-24 billion," it said.   GIB Capital also expects Expo to spur robust economic growth in the Kingdom, attracting significant investments from both the government and the private sector, while creating many job opportunities.   Moreover, it anticipates attracting 40 million visitors, ranking second only behind Shanghai 2010 (73 million visitors), marking it as the second-largest attendance since the year 2000.

  • Iran says it sent a capsule capable of carrying animals into orbit as it prepares for human missions

    Iran said Wednesday it sent a capsule into orbit capable of carrying animals as it prepares for human missions in coming years. A report by the official IRNA news agency quoted Telecommunications Minister Isa Zarepour as saying the capsule was launched 130 kilometers (80 miles) into orbit. Zarepour said the launch of the 500-kilogram (1,000-pound) capsule is aimed at sending Iranian astronauts to space in coming years. He did not say if any animals were in the capsule.

  • Saudi Arabia Achieves Remarkable 300% Surge In Installed Renewables Capacity

    In conjunction with COP28, the third edition of the Saudi Green Initiative (SGI) Forum showcased Saudi Arabia’s commitment to climate action and its strides towards achieving net zero by 2060. Launched in 2021 by Crown Prince Mohammed bin Salman, the SGI aims to unite the nation’s efforts in combating climate change and fostering sustainable innovation.

  • Saudi crown prince announces launch of Human Capability Initiative

    Crown Prince Mohammed bin Salman on Monday announced the launch of the Human Capability Initiative, a platform designed to unify dialogue around the world on the challenges and opportunities for developing human capabilities. The inaugural edition of the conference will run from Feb. 28-29 at the King Abdulaziz International Convention Center in Riyadh, the Saudi Press Agency reported.

  • Yemen’s Houthis capture ship linked to Israeli billionaire

    A ship linked to an Israeli tycoon and its international crew have been captured by Yemen’s Ansarullah movement, better known as the Houthis. Israel has blamed the incident in the Red Sea on Iran, although Tehran denies any involvement. Meanwhile, Tel Aviv is also avoiding any reference to the apparent Israeli ownership of the vessel—possibly with the aim of reducing pressure to retaliate. The threat to Israeli civilian shipping highlights the broader repercussions of the war between Israel and the Palestinian Hamas movement in Gaza.

  • Foreign investment in Saudi capital market reaches $93bn

    Foreign investment in the Saudi capital market reached SAR347.01 billion ($92.52 billion) in 2022, up from SAR305.34 billion in 2021 and SAR86.86 billion in 2018, according to the kingdom’s market regulator. Overseas investors constituted 14.2 percent of the total free float value in the Tadawul All Share Index (Tasi) last year, compared to 3.77 percent in 2018, the state-owned SPA news agency reported.

  • CMA: 300% Increase in Foreign Investors’ Ownership Value in the Saudi Capital Market during the Last 5 Years

    The value of foreign investments in the Saudi capital market has increased by 300% over the past five years, specifically from 2018 to the end of 2022, reaching SAR 347.01 billion by the end of the period. This constitutes 14.2% of the total value of the free float in the main market, compared to SAR 86.86 billion in 2018, which represents 3.77% of the total value of free float shares in the main market for that year.

  • Carbon Capture Desperately Needs a Reality Check After Lost Decade

    If the world is going to have any shot of reaching the climate goals laid out in the Paris Agreement, it’s going to need more and more CCS. And such has been the delay, that carbon capture technologies will also have to be deployed to remove CO2 directly from the air to undo some of the damage already caused. At the upcoming COP28 climate summit, organized by the oil exporting United Arab Emirates, there’s widespread expectation that the global oil industry will be encouraged to double down on deployment.

  • Carbon Capture Desperately Needs a Reality Check After Lost Decade

    If the world is going to have any shot of reaching the climate goals laid out in the Paris Agreement, it’s going to need more and more CCS. And such has been the delay, that carbon capture technologies will also have to be deployed to remove CO2 directly from the air to undo some of the damage already caused. At the upcoming COP28 climate summit, organized by the oil exporting United Arab Emirates, there’s widespread expectation that the global oil industry will be encouraged to double down on deployment.