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Saudi Arabia Mobilizes Research, Innovation Experts to Activate Circular Carbon Economy

Saudi Energy Minister Prince Abdulaziz bin Salman speaks during the launching of KAUST Circular Carbon Initiative on Tuesday (Asharq Al-Awsat)
Saudi Energy Minister Prince Abdulaziz bin Salman speaks during the launching of KAUST Circular Carbon Initiative on Tuesday (Asharq Al-Awsat)
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Saudi Arabia Mobilizes Research, Innovation Experts to Activate Circular Carbon Economy

Saudi Energy Minister Prince Abdulaziz bin Salman speaks during the launching of KAUST Circular Carbon Initiative on Tuesday (Asharq Al-Awsat)
Saudi Energy Minister Prince Abdulaziz bin Salman speaks during the launching of KAUST Circular Carbon Initiative on Tuesday (Asharq Al-Awsat)

Scientists and experts in Saudi Arabia began working on the circular carbon economy, a strategy that was launched during the Saudi G2O summit in Riyadh and aims to reduce carbon emissions and convert them into active materials.

On Tuesday, King Abdullah University of Science and Technology (KAUST) - west of the Kingdom - launched the Circular Carbon Initiative, in a step to reinforce the directions of the Vision 2030.

Speaking during the event, Saudi Energy Minister Prince Abdulaziz bin Salman stressed that KAUST was equipped with all the needs and requirements to activate the circular carbon initiative, in support of the vision of the Kingdom's leaders and the G20.

KAUST’s Circular Carbon Initiative seeks to harness and mobilize the university’s research strengths and innovations, to develop and disseminate new technical solutions that support the circular carbon economy agenda.

In a statement KAUST said that the Circular Carbon Economy (CCE) was a sustainable and cost-effective approach that recognizes the urgency to act on the climate while ensuring access to clean and affordable energy for all. It added that the university’s initiative was aimed at filling an innovation gap through multidisciplinary work and in turn supporting Saudi Arabia in leading its CCE program.

Tony Chan, KAUST President, said that the university strives to be a global leader with its contributions in providing effective solutions to national and global challenges.

Since its establishment in 2009, KAUST has dedicated strategic investments in the infrastructure for research centers and main laboratories, and a large number of talented people. The university works to enhance cooperation with academics, industries and government agencies to develop and publish new scientific and engineering solutions across several sustainability areas.

“We seek to make an impact by partnering with academics and productive and government sectors, to ensure that university research is applied in a timely manner to achieve social and political benefits,” KAUST Vice President for Research Donal Bradley said in a statement.

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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)
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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.