Saudi Arabia to Host Energy Convention in May 2024

The Saudi Energy Convention will feature over 250 international speakers and decision-makers. (Asharq Al-Awsat)
The Saudi Energy Convention will feature over 250 international speakers and decision-makers. (Asharq Al-Awsat)
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Saudi Arabia to Host Energy Convention in May 2024

The Saudi Energy Convention will feature over 250 international speakers and decision-makers. (Asharq Al-Awsat)
The Saudi Energy Convention will feature over 250 international speakers and decision-makers. (Asharq Al-Awsat)

Saudi Arabia will be at the forefront of renewable energy, hydrogen, and water advancements as it gears to host the Saudi Energy Convention in May 2024.

The Convention will feature over 250 international speakers leading over 50 conference sessions, providing visitors with essential insights into the latest energy trends and strategies.

The event, organized by dmg events, will be held at the Riyadh International Convention and Exhibition Centre (RICEC) as the Kingdom's first event designed to focus on energy, hydrogen, and water.

Vision 2030 aims to see the Kingdom become one of the most competitive in the world by the end of the decade, with an economy powered by renewable energy, a burgeoning private sector, and thriving small and medium enterprises.

The Kingdom's ongoing socioeconomic reforms have already enabled it to become the fastest-growing G20 economy in 2022, according to the International Monetary Fund (IMF), with overall economic growth reaching 8.7 percent.

The Convention will convene leaders and experts across the energy value chain to accelerate and scale the energy transition.

The event will gather the people and solutions required to build a more resilient, efficient, and eco-conscious energy landscape, covering both the conventional and renewable energy sectors.

Furthermore, the conference will address solutions needed for a more flexible, efficient energy landscape that prioritizes environmental preservation.

Specialized sub-conferences will be dedicated to each energy, water, and hydrogen theme, gathering sector leaders to deliberate on vital opportunities and challenges.

President of dmg events Christopher Hudson said the Saudi Energy Convention will be a new focal point for the global energy industry.

The new event is designed to respond to the great investment and collaboration opportunities as the Kingdom leverages its passion, ambition, and resources to provide the world with a new economic and social strength model, he added.

"We look forward to having the Saudi Energy Convention play a key role in facilitating the partnerships, innovation, and investment in energy, hydrogen, and water that can fast-track Saudi Arabia's ongoing transformation and growth," said Hudson.

The Saudi Energy Convention also includes the Saudi Water Convention and the Saudi Hydrogen Convention, providing a 360-degree view of Saudi Arabia's forward-looking energy diversification and economic development efforts.

All these events will create an integrated platform for Saudi Arabia that addresses the challenges facing the entire energy value chain and the pivotal role of hydrogen and water in the energy transition.

The three conventions will jointly showcase the latest innovative solutions accelerating the global energy transition and support Saudi Arabia's goals of seeing renewable energy meet 50 percent of its energy mix and becoming net zero for carbon emissions by 2060.

The conventions will offer direct access to financiers from key infrastructure and utilities projects within the Kingdom, alongside international investors and decision-makers, facilitating new growth opportunities and commercial partnerships.

Saudi Arabia is among the world's fastest-growing economies, with national development plans paving the way for investment opportunities worth hundreds of billions of dollars.

The Kingdom is witnessing unprecedented growth, aligned with the national strategy anticipated to draw in $90 billion in energy investments and $53 billion in water sector investments to cater to domestic demand.

Additionally, the Kingdom is eyeing investments exceeding $36 billion as part of its national hydrogen strategy, aiming to position Saudi Arabia as the world's premier hydrogen supplier.



Revenue Growth, Improved Operational Efficiency Boost Profitability of Saudi Telecom Companies

A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
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Revenue Growth, Improved Operational Efficiency Boost Profitability of Saudi Telecom Companies

A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)

Telecommunications companies listed on the Saudi Stock Exchange (Tadawul) achieved a 12.46 percent growth in their net profits, which reached SAR 4.07 billion ($1.09 billion) during the second quarter of 2024, compared to SAR 3.62 billion ($965 million) during the same period last year.

They also recorded a 4.76 percent growth in revenues during the same quarter, after achieving sales worth more than SAR 26.18 billion ($7 billion), compared to SAR 24.99 billion ($6.66 billion) in the same quarter of 2023.

The growth in the revenues and net profitability is the result of several factors, including the increase in sales volume and revenues, especially in the business sector and fifth generation services, as well as the decrease in operating expenses and the focus on improving operational efficiency, controlling costs, and moving towards investment in infrastructure.

The sector comprises four companies, three of which conclude their fiscal year in December: Saudi Telecom Company (STC), Mobily, and Zain Saudi Arabia. The fiscal year of Etihad Atheeb Telecommunications Company (GO) ends on March 31.

According to its financial results announced on Tadawul, Etihad Etisalat Company (Mobily) achieved a 33 percent growth rate of profits, bringing its profits to SAR 661 million by the end of the second quarter of 2024, compared to SAR 497 million during the same period in 2023. The company also achieved a 4.59 percent growth in revenues to reach SAR 4.47 billion, compared to SAR 4.27 billion in the same quarter of last year.

The Saudi Telecom Company achieved the highest net profits among the sector’s companies, at about SAR 3.304 billion in the second quarter of 2024, compared to SAR 3.008 billion in the same quarter of 2023. The company registered a growth of 4.52 percent in revenues.

On the other hand, the revenues of the Saudi Mobile Telecommunications Company (Zain Saudi Arabia) increased by about 6.69 percent, as it recorded SAR 2.55 billion during the second quarter of 2024, compared to SAR 2.39 billion in the same period last year.

Commenting on the quarterly results of the sector’s companies, and the varying net profits, the head of asset management at Rassanah Capital, Thamer Al-Saeed, told Asharq Al-Awsat that the Saudi Telecom Company remains the sector leader in terms of customer base expansion.

He also noted the continued efforts of Mobily and Zain to offer many diverse products and other services.

Financial advisor at the Arab Trader Mohammed Al-Maymouni said the financial results of telecom sector companies have maintained a steady growth, up to 12 percent, adding that Mobily witnessed strong progress compared to the rest of the companies, despite the great competition which affected its revenues.

He added that Zain was moving at a good pace and its revenues have improved during the second quarter of 2024. However, its profits were affected by an increase in the financing cost by SAR 26.5 million riyals and a rise in interest, while net income declined significantly compared to the previous year, during which the company made exceptional returns.