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Red Sea Global Announces Completion of Solar Stations in 1st Phase of Infrastructure Project

Amaala is a land and property megaproject currently in development in Saudi Arabia that is managed by Red Sea Global. Asharq Al-Awsat
Amaala is a land and property megaproject currently in development in Saudi Arabia that is managed by Red Sea Global. Asharq Al-Awsat
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Red Sea Global Announces Completion of Solar Stations in 1st Phase of Infrastructure Project

Amaala is a land and property megaproject currently in development in Saudi Arabia that is managed by Red Sea Global. Asharq Al-Awsat
Amaala is a land and property megaproject currently in development in Saudi Arabia that is managed by Red Sea Global. Asharq Al-Awsat

Red Sea Global has announced the installation of 750,000 solar panels and five solar stations dedicated to the operation of the first phase of the “Red Sea Project,” which consists of 16 hotels, retail, and entertainment venues, and supporting infrastructure facilities to be powered entirely by renewable energy.
John Pagano, the CEO of Red Sea Global, explained that since the beginning, the company has been committed to adopting a different approach in its operations and projects.

Its development of the world’s largest tourism destination that is fully powered by renewable energy falls within such commitment, he said.

Pagano added that the installation of electroluminescent (EL) panels at the five solar stations had been completed as part of the first phase of the Red Sea Project, and the complete independence of the mega venture from the national grid makes it not only the largest but also the first of its kind in the world.

One of the solar stations is located near the Six Senses Southern Dunes, the Red Sea Resort, and Spa, the first solar-powered resort and hotel to be inaugurated of the 16 hotels of the first phase of the Red Sea Project.

Two solar stations are located near the Desert Rock mountain resort and the Sheybarah Resort on Sheybarah Island. Two other solar stations of larger capacity will power the remaining resorts and the 15 beach villas in the Turtle Bay Village.

Red Sea Global is also implementing the world’s largest battery storage facility at a capacity of 1,200MWh, which will enable the mega tourism project to achieve 100% grid independence, all within the commitment of the company in sustainability and development and to contributing to realizing the targets of the Saudi Vision 20230.

All vehicles transporting visitors of the Red Sea Tourism Project will be fully powered by solar energy, starting with their arrival at the Red Sea International Airport and continuing through their movements within the sites and between the nearby islands.

Red Sea Global is also investing in human capital. It has provided vocational training scholarships to 500 people in cooperation with the Human Resources Development Fund, of which 50 people have received training in renewables. Providing specialized training to a total of 10,000 Saudi citizens by 2030 is the target of the company.

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Oil Prices Stable on Monday as Data Offsets Surplus Concerns

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Stable on Monday as Data Offsets Surplus Concerns

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices stabilized on Monday after losses last week as lower-than-expected US inflation data offset investors' concerns about a supply surplus next year.

Brent crude futures were down by 38 cents, or 0.52%, to $72.56 a barrel by 1300 GMT. US West Texas Intermediate crude futures were down 34 cents, or 0.49%, to $69.12 per barrel.

Oil prices rose in early trading after data on Friday that showed cooling US inflation helped alleviate investors' concerns after the Federal Reserve interest rate cut last week, IG markets analyst Tony Sycamore said, Reuters reported.

"I think the US Senate passing legislation to end the brief shutdown over the weekend has helped," he added.

But gains were reversed by a stronger US dollar, UBS analyst Giovanni Staunovo told Reuters.

"With the US dollar changing from weaker to stronger, oil prices have given up earlier gains," he said.

The dollar was hovering around two-year highs on Monday morning, after hitting that milestone on Friday.

Brent futures fell by around 2.1% last week, while WTI futures lost 2.6%, on concerns about global economic growth and oil demand after the US central bank signalled caution over further easing of monetary policy. Research from Asia's top refiner Sinopec pointing to China's oil consumption peaking in 2027 also weighed on prices.

Macquarie analysts projected a growing supply surplus for next year, which will hold Brent prices to an average of $70.50 a barrel, down from this year's average of $79.64, they said in a December report.

Concerns about European supply eased on reports the Druzhba pipeline, which sends Russian and Kazakh oil to Hungary, Slovakia, the Czech Republic and Germany, has restarted after halting on Thursday due to technical problems at a Russian pumping station.

US President-elect Donald Trump on Friday urged the European Union to increase US oil and gas imports or face tariffs on the bloc's exports.

Trump also threatened to reassert US control over the Panama Canal on Sunday, accusing Panama of charging excessive rates to use the Central American passage and drawing a sharp rebuke from Panamanian President Jose Raul Mulino.