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Treating the US oil industry’s dark water: As earthquakes increase, billions needed to switch course

OSLO — A worrying Rystad Energy analysis of seismic activity in the US’s key oil producing regions reveals that the number of noticeable earthquakes has been increasing year after year since 2017.Tremors of above the magnitude of 2 on the Richter scale quadrupled in 2020 and are on track to increase even further in frequency in 2021 if oil and gas activity sticks to its current drilling methods at the same pace.Rystad Energy’s research, which examined data from Oklahoma, Texas, Louisiana and New Mexico, showed that earthquakes of above the given magnitude accumulated to a count of 242 in 2017, growing to 491 in 2018, 686 in 2019 and 938 in 2020.Around 570 such tremors have been recorded through the first five months of 2021, meaning we may see a new record this year if the trend...

June 19, 2021

Treating the US oil industry’s dark water: As earthquakes increase, billions needed to switch course

Boeing’s 737-10, the largest airplane in the 737 MAX family, Saturday completed a successful first flight in Renton.

Boeing completes successful 737-10 first flight

SEATTLE — Boeing’s 737-10, the largest airplane in the 737 MAX family, Saturday completed a successful first flight. The airplane took off from Renton Field in Renton, Wash. at 10:07 a.m. and landed at 12:38 p.m. at Boeing Field in Seattle.“The airplane performed beautifully,” said 737 Chief Pilot Capt. Jennifer Henderson. “The profile we flew allowed us to test the airplane’s systems, flight controls and handling qualities, all of which checked out exactly as we expected.”Today’s flight was the start of a comprehensive test program for the 737-10. Boeing will work closely with regulators to certify the airplane prior to its scheduled entry into service in 2023.“The 737-10 is an important part of our customers’ fleet plans, giving them more capacity, greater fuel...

June 19, 2021

Boeing completes successful 737-10 first flight

Al-Benyan re-elected as GPCA chairman for another three-year term

DUBAI, United Arab Emirates, — The Gulf Petrochemicals & Chemicals Association (GPCA), the voice of the chemical industry in the Arabian Gulf region, Thursday announced the election of a new Board of Directors and a Vice Chairman at the 2021 Annual General Assembly Meeting held at the Habtoor Palace Dubai, LXR Hotels & Resorts, UAE.Yousef Al-Benyan, vice chairman and CEO, SABIC, was re-elected for a new three-year term as chairman of the GPCA Board of Directors. Al-Benyan has served in this position since May 2016, having previously sat on GPCA’s Executive Committee.Dr. Mohamed Al-Mulla was elected to the position of GPCA Vice Chairman, replacing Dr. Abdulrahman Jawahery, president of the Bahrain-based Gulf Petrochemical Industries Company (GPIC). Dr. Abdulrahman Jawahery was elected...

June 19, 2021

Al-Benyan re-elected as GPCA chairman for another three-year term

DP World, UAE Region and Jafza will showcase their commitment to promote the growth of the healthcare and pharmaceutical sector with their participation in Arab Health 2021.

Jafza witnesses 12% growth in healthcare and pharmaceuticals customer base

DUBAI, UAE — DP World, UAE Region’s Jebel Ali Free Zone (Jafza) witnessed a 12 percent growth in its healthcare and pharmaceuticals customer base between 2019-2020. To showcase their commitment to promote the growth of healthcare and pharmaceutical companies, DP World, UAE region and Jafza will participate in Arab Health 2021, one of the leading medical equipment exhibitions in the Middle East.As one of the most important contributing sectors in the Free Zone, the healthcare and pharmaceuticals segment is one of the key economic pillars in Jafza. Spanning an area of around 170,000 sqm, and currently housing 174 companies from 41 countries, the segment provides jobs to 1,100 employees. In 2019, the volume of trade in the segment stood at 25,000 metric tons, valued at AED900 million.The...

June 19, 2021

Jafza witnesses 12% growth in healthcare and pharmaceuticals customer base

5G is more than a radio access technology. It is a new architecture with far greater agility in all domains.

stc, Nokia join forces to raise security awareness in telecom industry

5G is more than a radio access technology. It is a new architecture with far greater agility in all domains. The capacity, latency, agility, reliability, and speeds offered by this technology makes it applicable to Communication Service Providers and all industry verticals. The future vision for 5G and IoT is not just about connecting individual devices; it is an enabling technology in the 4th Industrial revolution that will deliver societal change.5G will underpin several critical use cases, from industrial automation, through public safety service to support utilities or connected cars. The understanding of critical infrastructure has evolved in recent years to encompass government networks and data centers, the infrastructure used by providers of basic products and services such as...

June 18, 2021

stc, Nokia join forces to raise security awareness in telecom industry

Wa’ed launches nationwide road show to identify, fund next generation of transformative Saudi start-up entrepreneurs

RIYADH — Wa’ed, the entrepreneurship arm of Aramco, Wednesday launched a national search to find and fund a new generation of Saudi entrepreneurs at a series of high-profile road show events to be held in six cities across the Kingdom.The Wa’ed Entrepreneurship Roadshow will run from September through December and make stops in Jubail and Yanbu, Riyadh, KAUST north of Jeddah, Makkah and Madinah. The events will combine elements of start-up “shark tank” pitch competitions with high-level expert discussions about the state of entrepreneurship in the Kingdom.The shows are designed to identify and finance a new generation of Saudi entrepreneurs whose game-changing ideas have the potential to open economic horizons in the Kingdom, supporting digitalization of industry and creating new...

June 16, 2021

Wa’ed launches nationwide road show to identify, fund next generation of transformative Saudi start-up entrepreneurs

Donavan Ellis, Digital Asset Management Consultant, Serco Middle East copy

How asset management supports privatization across Saudi Arabia

By Donavan EllisDriven by Vision 2030, a wide range of government entities in Saudi Arabia are looking to privatize their organizations with the ultimate goal of diversifying revenue sources away from a reliance on oil. In a move that will further stabilize the Kingdom for future generations, privatization will enable the country to continue to grow exponentially through income generation from new sources.Mapping the privatization road ahead Privatization is no small task; it demands a broad range of activities to be completed in order to ensure that operations of these entities are profitable, making them attractive to foreign investors and driving growth.Like any transaction, the entity looking to privatize and find foreign investment must in the first instance be an attractive...

June 16, 2021

How asset management supports privatization across Saudi Arabia

Speakers at the two-day Telangana Investment Meet June 14-15.

Ease of doing business stressed in Telangana Investment Meet

RIYADH/JEDDAH — A two-day Telangana Investment Meet, organized by Embassy of India, Riyadh, and Consulate General of India, Jeddah, in partnership with Saudi Centre for International Strategic Partnership (SCISP) and government of State of Telangana was held on June 14-15.Held on virtual platform, Minister of IT, Industries, Municipal Administration and Urban Development, government of Telangana, K.T Rama Rao stressed on the ease of doing business parameters in Telangana which has led to the establishment of many multinational companies in Telangana.Indian Ambassador Dr. Ausaf Sayeed stressed on the strategic partnership agreement signed by India and Saudi Arabia during the visit of Prime Minister of India, Shri. Narendra Modi in 2019. This agreement has given a further impetus to the...

June 16, 2021

Ease of doing business stressed in Telangana Investment Meet

ACWA Power, a leading Saudi developer, investor and operator of power generation and desalinated water plants in 13 high-growth markets, announced Monday that it has successfully raised SR2.8 billion, through a senior, unsecured floating Sukuk rate issuance with a 7-year tenor.

ACWA Power’s maiden 7-year Sukuk issuance achieves lowest pricing amidst 1.8x oversubscription

RIYADH — ACWA Power, a leading Saudi developer, investor and operator of power generation and desalinated water plants in 13 high-growth markets, announced Monday that it has successfully raised SR2.8 billion, through a senior, unsecured floating Sukuk rate issuance with a 7-year tenor, under the Shariah-compliant Mudaraba-Murabaha structure.The issuance marks the company’s maiden entry into Saudi debt capital markets and saw significant interest from fund managers, government funds and insurance companies accounting for approximately 30% of the issuance and resulting in an oversubscription of 1.8 times over the issue size.Initial price guidance had been pegged at 100-125 basis points per annum (bps pa) + 6 month SAIBOR. The oversubscription enabled ACWA Power to tighten pricing by 25...

June 16, 2021

ACWA Power’s maiden 7-year Sukuk issuance achieves lowest pricing amidst 1.8x oversubscription

GE's Grid Solutions Yanbu 4

GE wins deal to build turnkey substation for first desalination plant using clean energy in KSA

RIYADH — GE Renewable Energy’s Grid Solutions has won a deal from Doosan Heavy Industries and Construction Co. Ltd., to build a turnkey substation that will power the Yanbu-4 independent water producer (IWP) plant.This is the first integrated, seawater reverse osmosis project in the Kingdom that uses clean energy. Scheduled to be operational in 2023, Yanbu-4 will have a capacity of 450,000 cubic meters per day of fresh water to be supplied to households in Makkah and Madinah.Located 140 km west of Madinah, near the town of Ar Rayyis on the Red Sea coast of the Kingdom, Yanbu-4 will utilize reverse osmosis technology to supply potable water. The plant will include solar energy units generating 20 MW of power to reduce grid electricity consumption throughout the desalination process, as...

June 16, 2021

GE wins deal to build turnkey substation for first desalination plant using clean energy in KSA

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