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
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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: Saudi Arabia’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 Saudi Arabia’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.


Saudi Aramco lifts crude prices for Asian buyers

Saudi Aramco lifts crude prices for Asian buyers
Updated 06 August 2025
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Saudi Aramco lifts crude prices for Asian buyers

Saudi Aramco lifts crude prices for Asian buyers

RIYADH: Saudi Aramco has increased the official selling price of its flagship Arab Light crude for Asian buyers in September.

The state-owned energy giant raised the Arab Light price by $1 per barrel from August to a premium of $3.20 over the average of Oman and Dubai crude benchmarks, according to an official statement issued on Wednesday. Prices for Arab Extra Light rose by $1.20 per barrel, while Arab Heavy gained $0.70.

In North America, Aramco set the September OSP for Arab Light at $4.20 per barrel above the Argus Sour Crude Index. The company prices its crude across five density-based grades: Super Light (above 40), Arab Extra Light (36-40), Arab Light (32-36), Arab Medium (29-32), and Arab Heavy (below 29).

Aramco’s monthly pricing decisions influence around 9 million barrels per day of crude exports to Asia and act as a benchmark for other major producers, including Iran, Kuwait, and Iraq. The adjustments are based on feedback from refiners and an assessment of crude value changes, product prices, and yields.

The price revisions come as the OPEC+ alliance agreed earlier this week to increase collective oil production by 547,000 barrels per day in September, citing improved global economic prospects and stable market fundamentals.

This move concludes the phased reversal of 2.2 million bpd in voluntary cuts introduced by eight members in 2023 to stabilize prices amid economic uncertainty.

The group reaffirmed its commitment to full compliance with the Declaration of Cooperation, with the Joint Ministerial Monitoring Committee continuing oversight.

The September hike will raise Saudi Arabia’s output to 9.97 million bpd. Russia is set to produce 9.44 million bpd, Iraq 4.22 million, and the UAE 3.37 million. Output targets for Kuwait, Kazakhstan, Algeria, and Oman are projected at 2.54 million, 1.55 million, 959,000, and 801,000 bpd, respectively.


Syria signs $14bn in investment deals, including airport and subway projects

Syria signs $14bn in investment deals, including airport and subway projects
Updated 06 August 2025
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Syria signs $14bn in investment deals, including airport and subway projects

Syria signs $14bn in investment deals, including airport and subway projects

CAIRO: Syria signed 12 investment deals worth $14 billion on Wednesday in a ceremony attended by interim President Ahmed Al-Sharaa, including infrastructure, transportation and real estate projects aimed at reviving the war-damaged economy.

The agreements included a $4 billion deal for building a new airport in Damascus signed with Qatar’s UCC holding, and a $2 billion deal to establish a subway in the Syrian capital with the UAE’s national investment corporation.

Other major developments include the $2 billion Damascus Towers project signed with Italy-based UBAKO.

In July, Syria signed $6.4 billion of investments with Saudi Arabia as it seeks to rebuild after a 14-year civil war.

 


Closing Bell: Saudi main index closes in green at 10,946 

Closing Bell: Saudi main index closes in green at 10,946 
Updated 06 August 2025
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Closing Bell: Saudi main index closes in green at 10,946 

Closing Bell: Saudi main index closes in green at 10,946 

RIYADH: Saudi Arabia’s Tadawul All Share Index edged up on Wednesday, gaining 24.89 points, or 0.23 percent, to close at 10,946.74. 

The total trading turnover of the benchmark index stood at SR4.80 billion ($1.27 billion), with 169 listed stocks advancing and 78 declining. 

However, the Kingdom’s parallel market Nomu declined by 143.18 points to close at 26,709.64 

The MSCI Tadawul Index also recorded a modest gain, rising 0.12 percent to reach 1,410.12. 

The top performer on the main market was Shatirah House Restaurant Co., whose share price rose 10 percent to SR16.83. 

The company reported a 19.3 percent year-on-year increase in revenue for the first half of 2025, reaching SR83.81 million, up from SR70.26 million in the same period last year.

However, operating profit dropped nearly 30 percent to SR1.41 million, while net profit declined by 24.6 percent to SR1.07 million. 

The share price of Abdullah Saad Mohammed Abo Moati for Bookstores Co. also rose 10 percent to SR41.80. 

Jadwa REIT Al Haramain Fund saw its stock price increase by 5.62 percent to SR5.83. 

On the other hand, Riyadh Cement Co. witnessed a drop in its share price by 2.79 percent to SR31.40. 

In corporate announcements, Dr. Soliman Abdel Kader Fakeeh Hospital Co., known as Fakeeh Care, reported a 24.1 percent year-on-year rise in revenue for the second quarter of 2025, reaching SR811.84 million, compared to SR654.04 million in the corresponding period last year. 

In a statement on Tadawul, the company also announced that its net profit jumped 59 percent year on year in the second quarter to SR68.2 million, driven by strong underlying business growth across segments, lower finance costs, and higher finance income. 

Fakeeh Care’s share price climbed 2.35 percent to SR40.98. 

Herfy Food Services Co. reported revenue of SR284.56 million in the second quarter of 2025, marking a 5.5 percent decline compared to SR301.12 million in the same period of 2024. 

Despite the drop in sales, the company recorded a net profit of SR899,934 in the second quarter, reversing a net loss of SR23.7 million a year earlier.

The improvement was attributed to lower general and administrative expenses, reduced finance and zakat costs, despite increased selling and marketing expenses. 

Herfy’s share price rose 3.55 percent to SR23.65. 

Edarat Communication and Information Technology Co., also known as Edarat, posted a 31.6 percent year-on-year increase in net profit for the first half of 2025, reaching SR15.24 million, up from SR11.58 million a year earlier. 

The growth was driven by a 35.4 percent rise in gross profit, which reached SR27.9 million in the first half of 2025. 

Improved cost efficiency also played a role, with administrative expenses as a percentage of revenue declining from 17.56 percent in the first half of 2024 to 13.8 percent in the same period this year. 

Edarat’s share price fell 3.42 percent to SR240. 

Arabian Centers Co., known as Cenomi Centers, recorded a 34.2 percent year-on-year increase in net profit for the second quarter of 2025, reaching SR474.7 million, compared to SR353.8 million in the same period last year.

The rise in earnings was attributed to a 7.7 percent reduction in cost of revenue due to operational cost optimization, as well as a boost in other operating income, which reached SR14.2 million following the sale of land in Al Kharj. 

Cenomi Centers’ share price advanced 5.38 percent to SR21.56. 


Egypt’s exports increase 4.6% in May to $4.25bn

Egypt’s exports increase 4.6% in May to $4.25bn
Updated 06 August 2025
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Egypt’s exports increase 4.6% in May to $4.25bn

Egypt’s exports increase 4.6% in May to $4.25bn
  • Petroleum product exports rose by 53.5%
  • Egypt’s trade deficit narrowed to $3.41 billion

RIYADH: Egypt’s exports rose by 4.6 percent year-on-year in May to reach $4.25 billion, supported by a significant uptick in petroleum products and ready-made garments.

The latest monthly bulletin released by the Central Agency for Public Mobilization and Statistics showed that petroleum product exports rose by 53.5 percent, while overseas sales of ready-made garments climbed by 32.8 percent.

Egypt saw export growth in pasta and various food preparations, up by 21.7 percent, along with raw forms of plastics, which increased by 5.7 percent.

Egypt’s latest trade figures come amid currency pressures, inflation, and shifting global demand, with policymakers focusing on boosting exports and curbing non-essential imports to stabilize reserves and improve the balance of payments.

The North African nation’s trade performance reflects broader trends in global commerce as regional economies, including Egypt, work to diversify export markets and enhance manufacturing competitiveness.

Egypt’s trade deficit narrowed to $3.41 billion in May, down from $4.15 billion in the same month of 2024, according to CAPMAS.

In parallel, imports fell by 6.7 percent to $7.66 billion, compared to $8.21 billion in the previous year, driven by lower purchases across several categories.

Sector highlights

While fertilizer exports declined by 48 percent, and fresh fruit exports dropped by 4 percent, other categories also saw downturns. These included fresh onions, which fell by 3.2 percent, and non-crude petroleum oils, which recorded a 48.3 percent drop.

On the import side, Egypt reduced its purchases of petroleum products by 34 percent, raw materials of iron or steel by 20.3 percent, primary plastics by 15.9 percent, and iron or steel chemical materials by 18.9 percent.

Despite the overall decline in imports, the report highlighted notable increases in some sectors. Natural gas imports surged by 93 percent, while pharmaceutical preparations rose by 19.1 percent. Imports of wood and related products climbed by 17.7 percent, and passenger cars increased by 14.5 percent.

The trade developments come as Egypt continues to implement policies aimed at boosting industrial output and optimizing its trade balance through import substitution and export expansion.


Turkiye and Syria establish joint business council to deepen economic ties 

Turkiye and Syria establish joint business council to deepen economic ties 
Updated 06 August 2025
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Turkiye and Syria establish joint business council to deepen economic ties 

Turkiye and Syria establish joint business council to deepen economic ties 

RIYADH: Turkiye and Syria have agreed to establish a joint business council to foster economic collaboration and facilitate trade and investment between the two countries. 

The new platform will operate under the Foreign Economic Relations Board of Turkiye and aims to strengthen cooperation between public and private sectors, focusing on rebuilding economic ties and supporting Syria’s reconstruction efforts, the Syrian Arab News Agency, also known as SANA, reported. 

The establishment of the council comes on the heels of growing economic cooperation between Turkiye and Syria. Recently, both countries signed a memorandum enabling direct international road transport, eliminating the need for cargo transshipment at the border. 

This move is expected to streamline trade routes and integrate Syria into regional logistics corridors via the Middle Corridor toward Gulf states. Additionally, as of Aug. 2, Turkiye began supplying Syria with 2 billion cubic meters of natural gas and 1,000 megawatts of electricity, with Azerbaijan and Qatar as partners. 

“In a joint statement issued in Ankara, the two sides affirmed that the Foreign Economic Relations Board will contribute to strengthening cooperation between the public and private sectors of the two countries,” SANA reported, adding: “They will also work to strengthen Syrian customs gates and their infrastructure, improve procedures at customs gates, and enhance cooperation between the two countries’ customs authorities.” 

The announcement follows the signing of two key agreements: the Protocol on the Establishment of the Turkiye-Syria Joint Economic and Trade Committee and a Memorandum of Understanding on Cooperation in Administrative Development and Governance. 

These accords are designed to deepen bilateral economic relations by addressing trade volume, investment opportunities, and collaborative infrastructure projects. 

SANA reported that discussions during the Turkish-Syrian roundtable in Ankara focused on “ways and mechanisms to develop a roadmap for strategic economic and trade cooperation, which will positively reflect on the economic reality in both countries.”  

The agency added that more than 10 agreements were signed between institutions in the two countries. 

The Syrian Minister of Economy and Industry Mohammad Nidal Al-Shaar and the Turkish Minister of Industry and Technology Mehmet Fatih Kacir also signed an agreement to support joint projects, and exchange expertise in the fields of industrial development and modern technology. 

According to Turkiye’s state-run Anadolu Agency, during the inter-delegation meetings “cooperation opportunities in a range of areas, from bilateral trade volume and investments to the reconstruction of Syria and logistics infrastructure projects were discussed.” 

Both sides are seeking to build on “historical ties, shared history and culture, and mutual interests between Turkiye and Syria,” the agency reported.