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Qatar Inaugurates Solar Plant as World Cup Approaches

Solar Panels are seen at the Al Kharsaah solar plant project, in Al Kharsaah, Qatar October 18, 2022. (Reuters)
Solar Panels are seen at the Al Kharsaah solar plant project, in Al Kharsaah, Qatar October 18, 2022. (Reuters)
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Qatar Inaugurates Solar Plant as World Cup Approaches

Solar Panels are seen at the Al Kharsaah solar plant project, in Al Kharsaah, Qatar October 18, 2022. (Reuters)
Solar Panels are seen at the Al Kharsaah solar plant project, in Al Kharsaah, Qatar October 18, 2022. (Reuters)

Qatar inaugurated Tuesday its first solar power plant stretching across the desert, a vast site planned to provide up to 10 percent of the Gulf nation's energy supply.

The solar farm in al-Kharsaah, west of the capital Doha, is "one of the biggest" in the Middle East, said Saad Sherida al-Kaabi, the emirate's energy minister and president of QatarEnergy.

It was launched in 2016 in partnership with France's TotalEnergies and Japan's Marubeni as part of a broader push by Qatar -- one of the world's biggest producers of liquefied natural gas -- to invest in solar energy.

The project, at a cost of 1.7 billion Qatari riyals (about $467 million), consists of some 1.8 million solar panels and covers an area of more than 10 square kilometers (3.9 square miles).

Operational since June, the plant has a capacity of 800 megawatts and will "expand" further in coming years, Kaabi told a press conference.

Kaabi said the plant is part of Qatar's "strategic initiatives to build projects that contribute to reducing gas and thermal emissions".

During the day, sun-tracking technology moves the panels to ensure maximum solar exposure, while at night, robotic arms clean off the dust.

Organizers of the football World Cup, which begins on November 20, have used the huge solar plant to back claims that Qatar will host the first "net zero" World Cup.

But Kaabi said he could not confirm the al-Kharsaah plant will provide power for the stadiums hosting matches during the November-December tournament.

Qatar has announced a target of five gigawatts of solar energy capacity by 2035.

It announced two major solar projects in August that will more than double its energy output from the renewable source within two years.

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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.