Mitsubishi Power: Saudi Arabia a Key Hub for Our Sustainable Energy Investments

Adel Al-Juraid, CEO of Mitsubishi Power in Saudi Arabia (Asharq Al-Awsat) 
Adel Al-Juraid, CEO of Mitsubishi Power in Saudi Arabia (Asharq Al-Awsat) 
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Mitsubishi Power: Saudi Arabia a Key Hub for Our Sustainable Energy Investments

Adel Al-Juraid, CEO of Mitsubishi Power in Saudi Arabia (Asharq Al-Awsat) 
Adel Al-Juraid, CEO of Mitsubishi Power in Saudi Arabia (Asharq Al-Awsat) 

Saudi Arabia has emerged as one of Mitsubishi Power’s most strategic global markets and a prime destination for its sustainable energy investments, in line with the Kingdom’s Vision 2030 agenda for localization and clean energy.

The Japanese company is partnering with leading national institutions, including the Ministry of Energy, Saudi Aramco, SABIC, Saudi Electricity Company, ACWA Power, and the Saline Water Conversion Corporation, in addition to projects spearheaded by the Public Investment Fund.

In an interview with Asharq Al-Awsat, Adel Al-Juraid, CEO of Mitsubishi Power in Saudi Arabia, emphasized that the company’s role extends beyond supplying high-efficiency and reliable energy. It also focuses on knowledge transfer, workforce development, and technology localization through its centers across the Kingdom, where Saudi nationals make up more than half of the workforce.

These efforts, he said, align with the In-Kingdom Total Value Add (IKTVA) program to boost local supply chains.

A subsidiary of Mitsubishi Heavy Industries, Mitsubishi Power specializes in innovative energy solutions aimed at accelerating carbon reduction. The company is also advancing digital transformation by integrating artificial intelligence and the Internet of Things into its operations.

Strategic Projects

Al-Juraid said that Mitsubishi Power has recently secured a strategic contract to supply gas turbines for the Rumah-1 and Nairyah-1 plants, using JAC-class units designed to transition to hydrogen in the future.

He added that the project will add 3.5 gigawatts to the national grid, making it one of the largest power supply projects in Saudi Arabia and the wider region.

The turbines will be assembled locally at the company’s Dammam facility, underscoring its role in supporting Vision 2030 industrial goals.

In the industrial sector, Mitsubishi Power is supplying turbines for the SATORP refinery in Jubail - a joint venture between Aramco and TotalEnergies - capable of producing 475 megawatts of power and 452 tons of steam per hour.

The turbines are designed to co-fire hydrogen with natural gas and can be upgraded to operate on 100 percent hydrogen, aligning with Saudi Arabia’s 2060 net-zero ambitions.

Expansion Plans

Al-Juraid stressed that Saudi Arabia is central to Mitsubishi Power’s long-term growth strategy, with plans to expand investments in clean energy and data center infrastructure. Future offerings include hydrogen-ready turbines and carbon capture solutions to help balance productivity with grid reliability. He cited the company’s success in the United States with Georgia Power, where blending hydrogen into turbines cut emissions by 22 percent.

Local Partnerships and Manufacturing

The company operates three service centers in the Kingdom, with its Dammam facility recently localizing the assembly of next-generation gas turbines. According to its CEO, Mitsubishi Power is also exploring partnerships with Saudi universities and innovation hubs in research and development, leveraging expertise from Japan’s Takasago Hydrogen Park, the world’s first dedicated hydrogen validation facility.

Moreover, the company currently holds the largest global market share in gas turbines, with 36 percent overall and 56 percent in advanced turbine categories in 2023, marking the second consecutive year of global leadership.

Concluding, Al-Juraid reaffirmed Mitsubishi Power’s commitment to providing advanced solutions that meet Saudi Arabia’s rising energy demand, particularly from data centers and artificial intelligence applications, while contributing to sustainable economic growth.

 

 



Egypt Imposes Business Curfew to Counter Soaring Fuel Costs

Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz (File Photo)
Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz (File Photo)
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Egypt Imposes Business Curfew to Counter Soaring Fuel Costs

Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz (File Photo)
Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz (File Photo)

Egypt has ordered shops, restaurants and shopping malls to close from 9:00 pm from Saturday, hoping to curb energy bills that have more than doubled because of the Iran war.

Prime Minister Mostafa Madbouly announced the curfew and said it would last for a month initially.

"Shops, shopping centers, restaurants and cafes will all close at 9:00 pm on weekdays," he said, adding that on Thursdays and Fridays at the weekend they will be allowed to stay open until 10:00 pm, Reuters reported.

The premier said that before the war, Egypt's monthly energy bill was $560 million. Today, for the same quantity, he said Egypt is paying $1.650 billion.

Madbouly said Cairo must work on the "worst-case scenario" in the face of a war whose outcome is unpredictable.

Tourism Minister Sherif Fathy said the new restrictions "will not affect tourists" or flagship destinations, a statement from his office said.

At the beginning of March, Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz, the crucial shipping route now virtually paralysed by the war.

Around a fifth of global crude oil and liquefied natural gas passes through the waterway in peacetime.

The rerouting of shipping away from the Suez Canal is also depriving Cairo of a vital source of foreign currency.


Turkish Central Bank Forex Sales since Start of Iran War Close to $45 Billion

Turkish Central Bank (official website)
Turkish Central Bank (official website)
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Turkish Central Bank Forex Sales since Start of Iran War Close to $45 Billion

Turkish Central Bank (official website)
Turkish Central Bank (official website)

The Turkish Central Bank's balance sheet for this week will show foreign exchange sales amounting to near $20 billion, bringing the total forex sales since the beginning of the Iran war to nearly $45 billion, bankers said, Reuters reported.

According to calculations made by four bankers, based on preliminary data for the first part of the week and their estimates for the rest of the week, the central bank's balance sheet will show $18-21 billion in foreign exchange sales.

Bankers said that although $8 billion of the total $20 billion was made before a public holiday last week, this figure will be reflected in the balance sheet on the first day of this week.

The central bank sold $26 billion in foreign exchange in the first three weeks of the war, using its gold reserves as well, resulting in a $35 billion decrease in its net reserves.


Mawani Adds Marsa Ocean Shipping's RSX Service to Jeddah Islamic Port

Mawani Adds Marsa Ocean Shipping's RSX Service to Jeddah Islamic Port
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Mawani Adds Marsa Ocean Shipping's RSX Service to Jeddah Islamic Port

Mawani Adds Marsa Ocean Shipping's RSX Service to Jeddah Islamic Port

The Saudi Ports Authority (Mawani) has announced the addition of the RSX service by Marsa Ocean Shipping to Jeddah Islamic Port, featuring a capacity of up to 372 TEUs and connecting Jeddah with the regional ports of Aden, Hodeidah, and Djibouti, SPA reported.

This expansion aligns with the National Transport and Logistics Strategy, aiming to enhance the Kingdom’s operational efficiency and its ranking in global performance indicators.

As a primary gateway, Jeddah Islamic Port utilizes its 62 multipurpose berths and specialized terminals to support a total capacity of 130 million tons, reinforcing Saudi Arabia’s position as a global logistics hub connecting three continents.