Qatar Says it Will Build World's Biggest Blue Ammonia Plant

Energy Minister Saad al-Kaabi said the plant would cost $1.2 billion. QNA
Energy Minister Saad al-Kaabi said the plant would cost $1.2 billion. QNA
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Qatar Says it Will Build World's Biggest Blue Ammonia Plant

Energy Minister Saad al-Kaabi said the plant would cost $1.2 billion. QNA
Energy Minister Saad al-Kaabi said the plant would cost $1.2 billion. QNA

Qatar announced Wednesday that it will build the world's biggest plant making blue ammonia -- one of the new fuels being touted as a cleaner energy source.

Energy Minister Saad al-Kaabi said the plant would cost $1.2 billion and start production in early 2026.

State-owned Qatar Energy, a firm that is making huge profits from liquefied natural gas, said the plant would produce 1.2 million tons of ammonia a year "making it the world's largest such facility".

"We see increasing interest in using ammonia as fuel, driven by the need to reduce CO2 emissions in the energy ecosystem," said al-Kaabi, who is also Qatar Energy's CEO.

"Potential customers have expressed a desire for low-carbon fuels -- including blue ammonia -- and we have reacted in a pragmatic and meaningful manner and with scale," he added, according to AFP.

Ammonia is already a huge part of the global fertilizer industry. CO2 is captured and stored as part of the production of blue ammonia.

The foul-smelling chemical is being touted by gas-producing nations such as Qatar as an alternative to hydrogen. Due to its high hydrogen content, it can also be used to store or transport the chemical.

Japan is already looking into using ammonia to power former coal fired electricity generators.



Positive Outlook for Saudi Stock Market Next Week

A trader monitors the screen at the Saudi Exchange in Riyadh. (AFP)
A trader monitors the screen at the Saudi Exchange in Riyadh. (AFP)
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Positive Outlook for Saudi Stock Market Next Week

A trader monitors the screen at the Saudi Exchange in Riyadh. (AFP)
A trader monitors the screen at the Saudi Exchange in Riyadh. (AFP)

Saudi Arabia’s Tadawul All Share Index (TASI) ended the second week of March with a slight decline for the third consecutive week, closing down 0.73% at 11,725.88 points, compared to the previous week's close of 11,811.11 points.

In an analysis of the market performance during the week ending March 13, Dr. Suleiman Al-Humaid Al-Khalidi, a financial market analyst, told Asharq Al-Awsat that the market experienced a sharp decline not seen in years, coinciding with a drop in global markets, particularly in the US, where $2 trillion in value was wiped out in a single day.

This accounted for roughly 60% of the total market value of the Saudi stock market.

Al-Khalidi noted that the key player in the Saudi market is the banking sector, especially Al-Rajhi Bank's shares, which showed resilience and did not follow the downward trend. This was attributed to the strong profits reported by the banking sector in 2024.

The primary factors contributing to the market’s decline include global economic pressures, particularly US tariffs on most global economies, ongoing global uncertainty, and the Federal Reserve's tight monetary policies, he explained.

These factors have significantly impacted liquidity flows into financial markets. Additionally, fluctuations in global oil prices, despite recent stability, have also played a role.

This downturn has been accompanied by caution among sovereign wealth funds, investment institutions, and some portfolios in injecting new liquidity or altering their positions until there is more clarity in the financial markets, he went on to say.

Moreover, Al-Khalidi said that the Saudi stock market has not accurately reflected the true strength and size of the Saudi economy, which has grown to SAR 4 trillion, up from SAR 600 billion in 2016, before the launch of Vision 2030.

Additionally, the country’s GDP has reached approximately $1.1 trillion.

Looking ahead to the market's performance in the coming week, he noted that there are strong support levels at 11,550 points, followed by 11,450 points.

These levels could help shift the market toward an upward trajectory and better reflect the robust growth of the Saudi economy.

Al-Khalidi emphasized that the banking and energy sectors could play a leading role in driving the market higher, pushing the index beyond this week’s closing levels.

He also pointed out that some stocks are hitting new lows, presenting significant investment opportunities for those seeking safe havens with steady returns in the Saudi market.