RIYADH: Two Saudi universities have signed an agreement to combine their capabilities and resources to help realize the Kingdom’s ambitions in the fields of atomic and renewable energy.
The deal, between King Abdulaziz City for Science and Technology and King Abdullah City for Atomic and Renewable Energy, was signed by Prince Abdulaziz bin Salman, who is minister of energy and KACST chairman, and Abdullah Al-Swaha, the minister of communications and information technology and chairman of K.A.CARE.
“The integration between the energy system and the King Abdulaziz City for Science and Technology is an important step in strengthening the Kingdom’s leading position as a global leader in the field of atomic and renewable energy, as the city is the national laboratory,” a statement said.
It added that the deal affirmed confidence in Saudi nationals to implement projects and studies related to national security, water security, radiation monitoring, as well as developing technologies to serve the Kingdom’s vision to reach an ideal energy mix by 2030.
According to the agreement, the two sides will benefit from each other’s research institutes, reactors and their facilities, and develop operational plans to serve the National Atomic Energy Project.
Areas of cooperation will include building human, technical and research capacities, exchanging scientific expertise, setting up training programs, workshops and conferences, equipping and developing laboratories and research facilities, and providing consultations on atomic and renewable energy projects.
Saudi universities agree to cooperate on atomic, renewable energy
https://arab.news/wxyku
Saudi universities agree to cooperate on atomic, renewable energy
- Deal aims to strengthen Kingdom’s position as a global leader in the field
Oil Updates — prices dip as traders watch for jump in US crude stockpiles
SINGAPORE: Oil prices retreated on Wednesday as traders eyed a potential jump in US crude inventories, though prices held near two-week highs amid relief after the United States and China agreed to temporarily lower their reciprocal tariffs.
Brent crude futures fell 32 cents, or 0.5 percent, to $66.31 a barrel by 10:00 a.m. Saudi time. US West Texas Intermediate crude slipped 32 cents, or 0.5 percent, to $63.35. Both benchmarks had climbed more than 2.5 percent in the previous session.
The two largest economies agreed on Monday to pause their trade war for at least 90 days, with the US cutting tariffs to 30 percent from 145 percent and China slashing duties on US imports to 10 percent from 125 percent.
“The US-China economic pause might have crafted a narrative that could invigorate demand amidst a backdrop of cautious optimism,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.
However, expectations of a staggering jump in US oil inventories capped optimism for now, Sachdeva added.
“This sharp contrast to last week’s substantial draw signals that the demand side is still grappling with significant challenges, leaving market watchers on edge and wondering where the next twist will come from,” she said.
Crude stocks were up by 4.3 million barrels in the week ended May 9, market sources said, citing American Petroleum Institute figures on Tuesday.
Official weekly inventory data from the US Energy Information Administration is due on Wednesday at 5:30 p.m. Saudi time.
Investors remain watchful of demand signals. Rystad energy analysts said in a note the agreement had “eroded some demand side pessimism,” while cautioning against any lingering impact of the tariffs despite the rollbacks.
The market is also watching US President Donald Trump’s Gulf trip, begun on Tuesday with an appearance at an investment forum in Riyadh, where he said the US would lift longstanding sanctions on Syria and secured a $600-billion pledge of Saudi investment.
Rystad Energy’s global head of commodity markets Mukesh Sahdev said preventing oil price spikes over the summer travel season will be a key part of the president’s agenda on the trip.
The US could take advantage of lower prices to buy more Middle East crude for its Strategic Petroleum Reserve, he added.
“The big unknown for the market is how US actions related to Iran, Russia and Venezuela will result in supply disruptions or additions,” Sahdev said.
On Tuesday, the US slapped fresh sanctions on about 20 companies it said were helping Iran’s Armed Forces General Staff and its front company, Sepehr Energy, send Iranian oil to China.
The sanctions follow a fourth round of US-Iran talks in Oman to tackle disputes over Iran’s nuclear program.
Pakistan and Russia agree to establish new steel mill in Karachi — state media
- The two countries have worked on deepening their ties in recent years, focusing on energy cooperation
- Both sides also collaborated in the 1970s when the Soviet Union helped set up Pakistan Steel Mills
ISLAMABAD: Pakistan and Russia have agreed to establish a steel mill in Karachi, state media reported on Tuesday, aiming to boost bilateral ties and expand industrial collaboration between the two countries.
Their understanding reflects a broader deepening of Pakistan-Russia relations in recent years, including energy cooperation on oil and gas supplies. In 2023, the two sides worked on a deal for the delivery of Russian crude to Pakistan, and talks have continued on broader energy partnerships.
The two countries are also collaborating on the Pakistan Stream Gas Pipeline, a major infrastructure project aimed at transporting imported gas from Karachi to Punjab to help meet Pakistan’s energy needs.
The idea of the new steel mills was discussed during a meeting between Russian representative Denis Nazaroof and Special Assistant to the Prime Minister (SAPM) Haroon Akhtar Khan.
“The primary focus of the discussion was the establishment of new steel mills in Pakistan,” the Associated Press of Pakistan (APP) news agency reported.
The new project echoes the historic collaboration between the two sides in the 1970s, when the Soviet Union helped set up Pakistan Steel Mills (PSM).
PSM was once the country’s largest industrial complex. However, the facility suffered decades of neglect, financial mismanagement, and political interference, ultimately shutting down production in 2015 after accumulating billions in losses.
“Pakistan is a secure and thriving hub for investment, and the international community has recognized its potential,” Khan said during the meeting.
“I invite all Russian businesspeople to explore investment opportunities in Pakistan,” he added.
Khan also emphasized the Prime Minister’s vision to attract foreign investment and underscored the potential for meaningful Pakistan-Russia cooperation in the steel sector.
Radisson doubles down on Saudi Arabia with aggressive hotel expansion
RIYADH: Saudi Arabia now accounts for half of Radisson Hotel Group’s Middle East portfolio, as the Kingdom cements its role as a global priority for the hospitality giant.
The company currently has 100 hotels either open or under development across the region, with 50 of them located in Saudi Arabia, revealed Radisson’s top executive in an interview with Arab News on the sidelines of the Future Hospitality Summit in Riyadh.
The expansion aligns with Saudi Arabia’s fast-growing hotel sector, as the Kingdom plans to add more than 362,000 new hotel rooms by 2030, backed by a $110 billion investment.
Elie Younes, executive vice president and global chief development officer at Radisson, said: “Saudi Arabia sits in one of the top five countries for us globally.”
He said that of the 50 hotels in Saudi Arabia, 30 are open and 20 are under construction.
Providing details and a timeframe for their planned 20 hotels in Saudi Arabia, Younes said the projects will be rolled out over the next three to four years, with an additional 30 hotels expected to open in the following three to four years.
The new wave of properties will translate into approximately 4,000 to 5,000 rooms. “If you multiply 20 by 200 to 250, you will get 4,000 to 5,000 rooms currently planned under construction in Saudi Arabia, which will eventually also make an economic impact because that will create job opportunities for approximately 5,000 people,” said Younes.
Radisson is also ramping up its presence in the capital. The company recently opened Radisson Blu Minhal in Riyadh and plans to launch its third Radisson Collection hotel in the city soon.
The Mansard Hotel, part of its urban portfolio, was noted as the brand’s first resort in Riyadh. Service apartments under the Radisson Collection brand are expected to open in the next four months.
The group sees strong potential across multiple segments. “There is room for another 10 to 15 Radisson Blu hotels. As for Radisson Collection, which is our entry-level luxury brand, there will be fewer opportunities to grow it because of its luxury nature — maybe four or five more hotels. We already have three in Riyadh alone,” he said.
Younes highlighted the scalability of the core four-star Radisson brand, particularly in smaller Saudi cities.
“We recently opened three of them here in Riyadh alone, and I think we could open at least or sign another 20 or 30 of them in the Kingdom across the next four to five years, focusing on places like Riyadh, Jeddah, Makkah, and Madinah… to some extent, and specifically, after that, in some of the secondary regional cities, where we also see opportunities for business development,” he explained.
Commenting on global tariffs, Younes said it is difficult to assess the impact of what he described as a “semi-political, semi-non-political” decision.
“We don’t see that to have a direct impact in Saudi Arabia because — you have to remember that — over 50 percent of the travel industry in Saudi Arabia is domesticated in terms of traveling, and over 90 percent of investments in Saudi Arabia comes from Saudi Arabia,” he added.
Younes also spoke about broader trends in the hospitality industry, including growing traveler volumes and a heightened focus on sustainability. “I think we are very lucky and should be grateful to work in this industry because it is one of those ever-growing industries,” he said.
He noted shifts in travel behavior as business and leisure increasingly merge: “People going for a long business trip but integrating into that trip a little bit of fun, bringing the wife, bringing the kids, spending the extra day. Wanting to have fun.”
The executive noted that operational challenges are mounting, driven by rising costs and technological disruption. “The cost of labor going up. Inflation going up. The influence of artificial intelligence. All of these elements will push us and will result in us becoming more efficient,” he said.
While artificial intelligence will likely shape back-end operations, Younes emphasized the enduring value of human service: “The human touch will never go away. We all know that.”
Looking ahead, he sees the convergence of hospitality and residential real estate as a key evolution in the sector.
“I see more integration and fusion between the conventional hospitality and residential real estate as we move forward to try and achieve all of these efficiencies and economies,” he concluded.
Closing Bell: Saudi main index closes in green at 11,532
RIYADH: Saudi Arabia’s Tadawul All Share Index extended its upward momentum for the second consecutive day, gaining 43.62 points, or 0.38 percent, to close at 11,532.27.
The total trading turnover of the benchmark index reached SR5.37 billion ($1.43 billion), with 120 listed stocks advancing and 121 declining.
The Kingdom’s parallel market Nomu also closed higher, rising 585.86 points to end at 27,928.99.
Meanwhile, the MSCI Tadawul Index edged up 0.41 percent to close at 1,474.55.
The best-performing stock on the main market was Saudi Arabia Refineries Co., whose share price jumped 9.85 percent to SR65.80.
Zamil Industrial Investment Co. also saw gains, with its stock rising 7.73 percent to SR47.40.
ARTEX Industrial Investment Co. recorded a 4.35 percent increase, closing at SR13.44.
On the other hand, Gulf General Cooperative Insurance Co. saw its share price decline by 6.45 percent to SR7.11, making it one of the worst performers of the day.
On the announcements front, Al-Babtain Power and Telecommunication Co. reported a net profit of SR88.2 million for the first quarter of 2025, a 6.77 percent increase compared to the same period last year.
The company attributed the rise to improved productivity, cost reductions, and stronger profit margins. Its share price rose 1.45 percent to SR49.
Tabuk Cement Co. posted a 28.35 percent year-on-year decline in net profit for the first quarter, reaching SR13.04 million.
In a statement to Tadawul, the company cited a decrease in sales and other income as the primary reasons for the drop. Its stock fell 0.50 percent to SR11.90.
Riyadh Cement Co. reported a net profit of SR75.68 million for the first quarter, up 7.95 percent from the same period a year earlier, driven by increased sales volume and higher average selling prices. Its share price rose 0.45 percent to SR33.35.
Arabian Drilling saw its net profit plunge 48.63 percent year on year to SR75 million in the first quarter. Its stock declined 1.78 percent to SR82.90.
Fawaz Abdulaziz Alhokair Co., also known as Cenomi Retail, reported a net profit of SR1.8 million for the first quarter, reversing a net loss of SR151.7 million in the same period last year.
The company credited favorable seasonal dynamics and a continued focus on operational efficiency for the turnaround. Cenomi Retail’s share price rose 2.71 percent to SR15.94.
Al-Jouf Agricultural Development Co. reported a net profit of SR34.65 million in the first quarter, up 5.26 percent year on year. Its share price increased 1.76 percent to SR49.15.
Aramco to sign MoUs with NextDecade, Sempra for 6.2m tonnes of LNG
RIYADH: Saudi Aramco will sign on Tuesday memoranda of understanding with US liquefied natural gas producer NextDecade and utility firm Sempra , Aramco’s chief executive said, as the oil giant expands in the LNG market.
“The US today, in terms of gas, is almost 100 billion (dollars) in sales ... and it is continuously increasing,” Aramco’s CEO Amin Nasser told the US-Saudi Investment Forum in Riyadh.
“The US is really a good place to put our investment,” he added, noting that under the MoUs Sempra and NextDecade would supply around 6.2 million tonnes of LNG to Aramco.
The US is already the world’s largest exporter of LNG and producers have plans in place that would double capacity in coming years.
NextDecade last month signed a deal with a subsidiary of Aramco, which is seeking to become a big player in the LNG market, under which the US firm will supply the superchilled gas from its Rio Grande facility for 20 years.
“We do have other investments. So we’re looking at, by 2030, almost seven and a half million tons of LNG,” Nasser noted, speaking of expansion plans.
Nasser also said that one of the investments that Aramco plans to sign on Tuesday involved an expansion of the Motiva Port Arthur’s refinery in the US, noting the oil giant would invest $3.4 billion in the refinery.
