Siemens Energy Saudi Arabia Managing Director Urges Increased Investment in Arab Power Networks

Mahmoud Sulaimani, Managing Director of Siemens Energy Saudi Arabia (Asharq Al-Awsat)
Mahmoud Sulaimani, Managing Director of Siemens Energy Saudi Arabia (Asharq Al-Awsat)
TT

Siemens Energy Saudi Arabia Managing Director Urges Increased Investment in Arab Power Networks

Mahmoud Sulaimani, Managing Director of Siemens Energy Saudi Arabia (Asharq Al-Awsat)
Mahmoud Sulaimani, Managing Director of Siemens Energy Saudi Arabia (Asharq Al-Awsat)

Mahmoud Sulaimani, Managing Director of Siemens Energy Saudi Arabia, is urging Arab countries to boost investments in power plants to better handle future challenges.
Speaking to Asharq Al-Awsat, Sulaimani addressed worries about increased load shedding during this summer and its economic effects.
“We need to invest more to ensure our networks can efficiently and reliably deliver electricity now and in the future,” he said.
Many Arab nations are struggling with frequent power outages due to high summer demand. Countries like Kuwait, Egypt, Iraq, Yemen, Sudan, Lebanon, and Syria are facing serious crises. Recently, Egypt improved its situation by securing fuel for its power stations.
Sulaimani stressed the need for strategic partnerships among Arab nations.
“These partnerships are essential for better resource management and finding joint solutions. We need reforms, investment in technology, and regional cooperation to tackle these challenges,” he explained.
In Yemen, outages can last up to 12 hours daily; Iraq sees up to 10 hours, while Sudan experiences between 10 to 14 hours. In Lebanon, outages range from 12 to 20 hours, and Syria faces 10 to 20 hours.
Kuwait experiences 2 to 3 hours, while Egypt had outages of up to 3 hours before resolving its issues.
Sulaimani emphasized the importance of updating infrastructure.
“Modern power plants are much more efficient, reducing fuel use and emissions while minimizing downtime. Embracing smart technologies allows energy systems to work better together, improving efficiency and stability,” he noted.
Sulaimani warns that as Arab countries expand their energy systems to include wind, solar, hydroelectric, and nuclear sources, they will face new challenges.
Many Arab nations have ambitious plans for secure energy supplies, but short-term issues—like securing fuel for power stations and updating old infrastructure—can hinder progress.
Despite these challenges, the long-term strategy for many countries focuses on boosting renewable energy production in their overall energy mix.



Saudi Private Sector Exports Financed by Banks Grow 21.1%

The Jeddah Islamic Port west of Saudi Arabia (Saudi Ports Authority)
The Jeddah Islamic Port west of Saudi Arabia (Saudi Ports Authority)
TT

Saudi Private Sector Exports Financed by Banks Grow 21.1%

The Jeddah Islamic Port west of Saudi Arabia (Saudi Ports Authority)
The Jeddah Islamic Port west of Saudi Arabia (Saudi Ports Authority)

The value of Saudi private sector exports financed by commercial banks through documentary credits (both settled and open) grew by 21.1% year-on-year, reaching SAR 40.4 billion ($10.8 billion) in the third quarter of 2024. This represents an increase of over SAR 7 billion ($1.9 billion) compared to SAR 33.3 billion ($8.9 billion) in the same period in 2023.

According to the Saudi Central Bank’s October statistical bulletin, the Gulf Cooperation Council (GCC) emerged as the leading importer by value, accounting for SAR 26 billion ($7 billion), which represents 64% of total exports. Arab countries followed, importing goods worth SAR 7.7 billion ($2 billion), or 19.1% of the total.

On a quarterly basis, exports financed through documentary credits grew by 35%, rising by more than SAR 10 billion ($2.7 billion) compared to SAR 30 billion ($8 billion) in the second quarter of this year.

The composition of exports showed that “other industrial products” accounted for 79% of the total value of documentary credits, amounting to SAR 31.9 billion ($8.5 billion). Exports of “chemical and plastic materials” made up 19% of the total, valued at SAR 7.6 billion ($2 billion), while “agricultural and livestock products” contributed 2.3%, exceeding SAR 911 million ($243 million).

The Saudi Central Bank’s October bulletin also highlighted a decline in total assets, which stood at SAR 1.8 trillion ($477 billion), down by SAR 80.3 billion ($21.4 billion) compared to September. However, on a year-on-year basis, total assets rose by SAR 27.5 billion ($7.3 billion) compared to October 2023.

The Central Bank’s investments in foreign securities increased by 3% in October, surpassing SAR 1 trillion ($266 billion), compared to SAR 986.8 billion ($262 billion) during the same period last year.

The total reserve assets of the Central Bank grew by 2.19% year-on-year, reaching SAR 1.63 trillion ($433.8 billion) by the end of October, compared to SAR 1.59 trillion ($423 billion) in October 2023. However, reserve assets dropped by 4.7% month-on-month, falling from SAR 1.71 trillion ($455 billion) in September.

Saudi Arabia’s reserve assets include investments in foreign securities, foreign currency deposits, reserves with the International Monetary Fund, Special Drawing Rights, and monetary gold.