Sustainability Saudi Arabia to establish carbon capture and storage hub By Pramod Kumar November 13, 2022, 7:10 AM REUTERS The move comes as China ramps up talks on mega investments in southeast Asia Oil giant Saudi Aramco and the Saudi energy ministry will establish a carbon capture and storage hub, Arab News reported. After the announcement of the new project, Saudi energy minister Prince Abdulaziz bin Salman said that the kingdom could achieve its net-zero target before the stipulated target in 2060. Saudi Aramco CEO Amin Nasser said that the new hub in Jubail will have a storage capacity of up to nine million tons of carbon dioxide annually by 2027, the report said. “At Aramco, we aim to contribute around six million tons, and the remaining three million tons from other industrial sources,” he said, adding the company will start other phases of its carbon-capture sequestration process as overall capacity ramps up. Saudi Aramco announced in October the creation of a $1.5 billion sustainability fund to find solutions to climate challenges. Managed by Aramco Ventures, its venture capital arm, the sustainability fund is an extension of the company’s efforts to meet the world’s growing energy demand, with lower greenhouse gas emissions. The fund plans to invest in technologies that support the company’s announced net-zero 2050 ambition in its wholly-owned operational assets, as well as the development of new lower-carbon fuels.
Infrastructure Etihad Rail train to link Abu Dhabi and Dubai in 30 minutes Authorities from Abu Dhabi and Dubai formally unveiled plans on Thursday for a high-speed passenger rail link that will reduce travel between the two cities to 30 minutes. Spearheaded by Etihad Rail, the train service will reach speeds of up to 350km/h, and “pass through key strategic destinations and tourist attractions”, an Abu Dhabi media […] 7 hours ago
Aviation Saudi budget airline Flynas expects IPO approval soon Saudi low-cost carrier Flynas is likely to get approval soon from the market regulator for its planned listing on the Riyadh stock exchange. Talal Al Maiman, CEO of the airline’s part-owner Kingdom Holding, said in an interview with Al Arabiya TV at the World Economic Forum that Flynas planned to list 30 percent of its […] 9 hours ago
Artificial Intelligence MGX could use Trump deal as springboard to global stage UAE technology investment company MGX emerged on to the global stage this week when it was announced as one of the core backers of Donald Trump’s $500 billion Stargate artificial intelligence programme. Among the myriad announcements made in the opening days of Trump’s second stint as US president, was a $500-billion investment over four years […] 9 hours ago
Economy Turkey cuts interest rate by 250 basis points Turkey’s central bank cut its key interest rate by 250 basis points to 45% as expected on Thursday, carrying on an easing cycle it launched last month alongside a decline in annual inflation that is expected to continue. The central bank indicated it would continue to ease policy in the months ahead, noting that it anticipated a rise in trend inflation in January, […] 10 hours ago
