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Mitsubishi to Transfer Hydrogen Technology, Ammonia, High-Efficiency Equipment to Saudi Arabia

Koichi Nakagawa, Research Director and Chief Consultant at the Mitsubishi Research Institute (MRI) Middle East. (Saad al-Enezi)
Koichi Nakagawa, Research Director and Chief Consultant at the Mitsubishi Research Institute (MRI) Middle East. (Saad al-Enezi)
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Mitsubishi to Transfer Hydrogen Technology, Ammonia, High-Efficiency Equipment to Saudi Arabia

Koichi Nakagawa, Research Director and Chief Consultant at the Mitsubishi Research Institute (MRI) Middle East. (Saad al-Enezi)
Koichi Nakagawa, Research Director and Chief Consultant at the Mitsubishi Research Institute (MRI) Middle East. (Saad al-Enezi)

Koichi Nakagawa, Research Director and Chief Consultant at the Mitsubishi Research Institute (MRI) Middle East, revealed that Mitsubishi is planning to launch a number of understandings in Riyadh to strengthen partnerships with Saudi government agencies in the field of research and consultancy.

These understandings would help transfer knowledge and technologies in the fields of energy, agriculture, and health and come at a time Saudi Arabia is looking to localize industrial and economic expertise, he told Asharq Al-Awsat.

The company implements 1,800 annual projects for government and private companies daily, he revealed.

By doing this, Mitsubishi looks to open the door for cooperation with the Japanese government and technology providers with wide-ranging solutions to deal with climate change.

Such cooperation could boost energy sector sustainability, help develop new industries and businesses.

It also works to transfer hydrogen and ammonia technology and expertise in high-efficiency equipment, district cooling, infrastructure management, development and use of alternative fuels.

Nakagawa told Asharq Al-Awsat that the MRI chose Saudi Arabia as the first regional platform in the Middle East to launch its research and consultancy work because of the Kingdom's pivotal role in the region, the strength of its economy, and its new initiatives that emerge from Kingdom Vision 2030.

He said he was looking forward to the signing of agreements with several government agencies to launch MRI’s activities in Riyadh, and from there to all parts of the world.

He confirmed that he discussed ways of cooperation with the Ministry of Energy, especially means of transferring knowledge and consultations in the field of technology and renewable energy.

He also contacted the Ministry of Agriculture to maximize knowledge experiences in the field of agricultural and food production. Nakagawa also conducted talks related to health care technology.

He discussed with the King Abdullah University of Science and Technology efforts for maximizing the green and climate economies.

Nakagawa pointed out that “the Saudi market is huge and full of opportunities.”

He emphasized that Saudi regulations are working to attract foreign investment considering the recently launched mega projects and green initiatives, as well as the Saudi drive to promote sustainable development and the green economy.

He stressed that cooperation in the field of research and consultancy between Riyadh and Tokyo is witnessing a new era, stressing that his country gives the Kingdom special attention and is working to strengthen cooperation with it in various fields.

Tokyo is eyeing energy cooperation with Riyadh, revealed Nakagawa, noting the work and research that Saudi Arabia will undertake related to climate change, circular economy, renewable energy, and energy conservation.

Nakagawa explained that 24% of MRI’s work goes to government agencies, while up to 31% is in the field of industries. Around 45% of MRI’s activities focus on projects with financial institutions, while the rest goes to information technology solutions.

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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.