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Recent stories from sustg

  • PIF steps up Saudi clean hydrogen push
     

    Bloomberg reports that the Public Investment Fund intends to invest at least $10 billion to support production of clean hydrogen. 

     
  • KSA moves forward on its nuclear energy plans
     

    The IAEA has for years been in talks with Riyadh on making the switch to a Comprehensive Safeguards Agreement that covers issues like inspections in countries that have ratified the nuclear Non-Proliferation Treaty.

     
  • KSA FDI outlook
     

    Saudi Arabia’s net FDI rose 5.6% in Q1 2024 with tourism investment leading the way along with construction, electronics, and financial service sectors, among others.  The United States is the home country for 333 ongoing and announced projects; by far the leading country.

     
  • Saudi Arabia’s Energy Efficiency Drive – ESCO Awards
     

    In 2021, Saudi Arabia announced its intent to achieve carbon neutrality with the goal of reaching net-zero Global Greenhouse Gas (GHG) emissions, by 2060. In addition to efforts to transition to lower carbon sources of energy (natural gas, renewables, clean energy) and reduce carbon emissions (carbon capture), Saudi Arabia is working to increase its energy efficiency.

     
  • Amaala getting closer
     

    Public Investment Fund-owned Red Sea Global has awarded more than 600 contracts worth $6.13 billion to date as it develops the Amaala resort.

     
  • Mortgage rates up but more liquidity needed
     

    Saudi authorities have made home ownership a key goal of Vision 2030, aiming to have 70 % of Saudis owning their own homes by 2030. An estimated 62% to 65% of Saudis are currently home owners. 

     
  • 7th Family Forum held in Riyadh
     

    The Family Affairs Council hosted its seventh Family Forum in Riyadh on September 1-2, 2024, focusing on “Family Counseling: Building Strength from Within in a Changing World.”

     
  • Saudi non-oil economy continues growth
     

    Jadwa Investments’ August 2024 macroeconomic update showed robust growth in non-oil activity.

     
  • Esports World Cup crowns winners after historic 8-week tournament
    • August 26,2024
    • •
     

    The Esports World Cup Foundation, the non-profit organization hosting the Esports World Cup, the world’s largest esports competition and gaming festival, celebrated the historic inaugural event with HRH Mohammed bin Salman in attendance by crowning Team Falcons the first Esports World Cup Club Champion on Sunday night in Riyadh, Saudi Arabia. 

     
  • KSA and it’s summer power surge challenge
     

    In terms of oil consumption used for its electricity sector Saudi Arabia matches the entire oil consumption of Italy, Spain or Turkey. The kingdom’s oil for power use spikes over 1 million barrels per day in summer to generate power and water. 

     

MUST-READS

  • Saudi’s NEOM awards $12.5mn contract to Pakistani company

    NESPAK signed the agreement to provide construction management services to the economic zone two weeks ago, says the company’s vice president of business development, Ahmad Said. He added that the project has a budget of SR46.5 million ($12.5 million), equivalent to Rs3.794 billion, adding that it was granted by the Saudi Electric Company (SEC) with a specific focus on NEOM’s energy sector.

  • Saudi Aramco awards major EPC contracts for $10bn Jafurah expansion project

    Jafurah represents the largest shale gas reserve in the Middle East, notable for its high content of liquid resources, including condensates and Natural Gas Liquids (NGL). Beneath the Jafurah basin, there is an estimated 200 trillion standard cubic feet (scf) of natural gas, a valuable resource that holds the potential to contribute to emissions reduction efforts and serve as a critical feedstock for the production of lower-carbon future fuels.

  • Ma’aden awards SAR 105 Million construction contract to Darkstone Company

    Ma’aden Gold and Base Metals Company (MGBM) awarded the Procurement and Construction contract of the stage 02 project to Darkstone Arabia Ltd company and the Engineering assigned to ATC Williams to aid in designing the tailings and water management system.

  • Qatar set to award EPCI contract for $5 billion offshore project

    Qatar’s North Oil Co (NOC) will soon award engineering, procurement, construction and installation contracts for its $5 billion Ruya offshore project, previously referred to as Al-Shaheen Phase 3-Batch 1, Upstream reported. “NOC is currently evaluating the price bids and is expected to award contracts as early as next month,” the report noted.

  • Saudi Electricity Company awards $198mn contract for NEOM substation

    Saudi Electricity Company (SEC) has awarded a major contract for the setting up of a 380/132kV substation within the mega futuristic city NEOM in the northwest of Saudi Arabia. The contract worth SR744 million ($198.3 million) for NEOM Mountain BSP was clinched by local firm Al Gihaz Contracting Company. A diversified Saudi company, Al Gihaz boasts more than 40 successful years of providing integrated solutions for conventional energy, renewable energy, communications infrastructure, security services, and entertainment projects.

  • Saudi’s Six Flags Qiddiya awards $20mn contract to international design company

    Scruffy Dog Creative Group will be providing development design, build, delivery, and installation of several thematic features

  • L&T awards 805 MW solar trackers Contract to PVH in Saudi Arabia

    PVH, a leading global manufacturer and supplier of solar trackers, is thrilled to announce the signing of another major contract with Larsen & Toubro (L&T) for the supply of 805 MW on a solar project in Saudi Arabia at Ar Rass City. The project will be located in Saudi Arabia Qassim province near Ar Rass city. It will be included within The National Renewable Energy Program and overseen by the Kingdom’s Ministry of Energy, Industry and Mineral Resources (MEIM) as a strategic initiative under Saudi Vision 2030.

  • Aramco awards $80.4m contract to Saudi Steel Pipe Co. 

    Energy behemoth Saudi Arabian Oil Co. will procure oil and gas tubing worth SR301.9 million ($80.4 million) from Saudi Steel Pipe Co. over the next 12 months, according to a bourse filing on Tuesday. The financial impact of this order is expected to materialize in the first and second quarter results of 2024, the pipe manufacturing company said in the statement. Saudi Steel Pipe Co. has signed four contracts with Saudi Aramco so far this year. The value of its previous contracts amounted to about SR222.7 million.

  • Sudan’s warring factions agree to weeklong ceasefire, U.S.-Saudi mediators say

    Sudan’s warring factions have agreed to a new short-term ceasefire, U.S. and Saudi mediators announced on Saturday, after several previous attempts to broker a truce that holds have failed. Meeting in the Saudi port city of Jeddah, the Sudanese army and the Rapid Support Forces signed off on a seven-day ceasefire that is due to take effect on Monday 9:45 p.m. local time in Sudan, the U.S. and Saudi Arabia said in a joint statement. The ceasefire could be extended if both sides agree. “Both parties have conveyed to the Saudi and U.S. facilitators their commitment not to seek military advantage during the 48-hour notification period after signing the agreement and prior to the start of the ceasefire,” it said.

  • NEOM awards $1.5bn contract to connect THE LINE and Oxagon via high-speed railway

    Webuild and its joint-venture partner Shibh Al Jazira Contracting Company (SAJCO) have signed a contract worth circa $1.5 billion to design and build 57 kilometres of a high-speed railway in NEOM, along the north Red Sea coast of Saudi Arabia. The contract covers the design and build for the majority part of the Connector, a railway connecting Oxagon, NEOM’s centre for advanced and clean industries with THE LINE, a future-forward city.