Saudis welcome Kingdom’s entry into the wind age

January 20, 2017

Riyadh, Jan 20: Saudi Arabia, expecting to diversify energy sources in line with plans established under Vision 2030, officially entered the wind power age with the commissioning of its first utility-scale wind turbine by Aramco and GE.

Saudis

The Kingdom marked the commissioning of its first wind energy turbine by providing electricity to its bulk plant facility in Turaif in northwestern Saudi Arabia on Tuesday. The launch of the first wind energy turbine, developed in partnership with GE, marks a milestone in Saudi Aramco’s plan to realize the national renewable energy target defined in the Saudi Vision 2030.

Dr. Majed Abdullah Al-Hedayan, a legal consultant specializing in foreign investment, told Arab News that “the commissioning of this first wind energy turbine is significant as it marks the start of something new in the energy sector in the Kingdom and very much in line with Saudi Vision 2030 that has set an initial target of generating 9.5 gigawatts of renewable energy.”

He added: “It also assumes significance as it came in the week that Khalid Al-Falih, minister of energy, industry and mineral resources, announced that the Kingdom will shortly launch its renewable energy program, a new engine of growth in wind and solar sectors.”

Nevertheless, it will be another alternative to reduce the energy costs and will encourage more investment projects in near future, he added.

Abdullah Inayat, co-founder and media relations director of W7 Communications, told Arab News that “the successful commissioning of the first utility scale wind power turbine is a welcome step toward reliance on renewable energy which is part of Vision 2030 plan.

“Moreover, this successful demonstration highlights the viability of deploying wind power in the Kingdom to diversify energy sources and to meet an increase in demand,” he said.

Abdulkarim Al-Ghamdi, Saudi Aramco’s executive head for power systems, said in a statement that “Saudi Aramco is actively promoting the reduction of energy intensity across the Kingdom by advocating responsible policies, awareness and energy innovation.”

The new wind turbine will generate 2.75 megawatts of power at its peak, enough to power around 250 Saudi households, and it will also reduce the burning of diesel for power generation by 18,600 barrels of oil equivalent per year.

The new initiative for renewable energy will also help reduce the Kingdom’s greenhouse gas emissions and will contribute to global climate action outlined in the Paris climate agreement.

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News Network
May 4,2020

Dubai, May 4: An Indian salesman in the UAE has won a whopping 10 million dirhams at an Abu Dhabi draw, a media report said.

Dileep Kumar Ellikkottil Parameswaran, from Kerala’s Thrissur, works with an auto spare parts company in Ajman and earns 5,000 dirhams (USD 1,361) a month, Gulf News reported on Sunday.

Parameswaran, who won the 10 million dirhams (USD 2.7 million) prize at the Big Ticket draw in Abu Dhabi, will spend a big part of the money to repay a loan of 700,000 dirhams (USD 190,574 ), according to the report.

He said that a good part of the prize money will be spent on the education of his two children.

Parameswaran, who has been a resident of the UAE for 17 years, lives in Ajman along with his family.

Big Ticket is the largest and longest-running monthly raffle draw for cash prizes and dream luxury cars in Abu Dhabi.

A live monthly draw is organized at the Abu Dhabi International Airport on 3rd of each month.

Tickets are sold for 500 dirhams (USD 136).

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Agencies
May 1,2020

Saudi Arabia has initiated refund of work visa fee to foreigners unable to travel to the Kingdom due to the suspension of international flights in the aftermath of Covid-19 pandemic.

Several work visas were cancelled, following which the Ministry of Human Resources and Social Development, in cooperation and coordination with the Ministry of Foreign Affairs, announced the refund. The cancellation and refunding of the stamped visas will be considered effective from the date of issuance of the royal decree on March 18, reported Saudi Gazette.

As a precautionary measure to curb the spread of coronavirus, the Kingdom suspended all international flight. The ministry of health in Saudi Arabia on Wednesday announced 1,325 new Covid-19 coronavirus cases and 169 recoveries. With this, the total number of cases in the Kingdom now stands at 21,402, while recoveries stand at 2,953, as on Wednesday reported KT.

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News Network
January 12,2020

Dubai, Jan 12: Saudi Arabian oil giant Aramco announced Sunday that its initial public offering raised a record $29.4 billion, a figure higher than previously announced, after the company used a so-called "greenshoe option" to sell millions more shares to meet investor demand.

The company said that the sale of an additional 450 million shares took place during the initial public offering process.

The oil and gas company, which is majority owned by the state, began publicly trading on the local Saudi Tadawul exchange on December 11. It hit hit upwards of $10 a share on the second day of trading. This gave Aramco a market capitalization of $2 trillion, making it comfortably the world's most valuable company.

Aramco's additional sales mean the company has publicly floated 1.7% of its shares. It's IPO, even before the added sales, was the world's largest ever.

The shares sold in the over-allotment option "had been allocated to investors during the book-building process and therefore, no additional shares are being offered into the market today," Aramco said.

Company shares traded down on Sunday, dipping to around 34.7 riyals, or $9.25 a share, amid heightened tensions in the Persian Gulf between Iran and the United States. Aramco was a target of rising tensions over the summer when a missile and drone attack, which Saudi Arabia and the US blame on Iran, temporarily halved its production.

Sunday's trading figures value Aramco at $1.85 trillion, still well ahead of Apple, the second largest company in the world after Aramco, but below the $2 trillion mark sought by Crown Prince Mohammed bin Salman.

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