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Aramco, Linde, and SLB partner on major carbon capture hub in Jubail 

Aramco, Linde, and SLB partner on major carbon capture hub in Jubail 
Located in ֱ’s Eastern Province, the project is set to be among the largest of its kind globally. File/Supplied
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Updated 04 December 2024

Aramco, Linde, and SLB partner on major carbon capture hub in Jubail 

Aramco, Linde, and SLB partner on major carbon capture hub in Jubail 
  • Under the agreement, Aramco will hold a 60 percent equity stake, with Linde and SLB each owning 20 percent
  • The initiative supports Aramco’s broader ambition to achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions across its wholly-owned operated assets by 2050

RIYADH: Saudi energy giant Aramco has signed a shareholders’ agreement with Linde and SLB to advance the development of a major carbon capture and storage hub in Jubail,  

Under the agreement, Aramco will hold a 60 percent equity stake, with Linde and SLB each owning 20 percent, according to a press release. 

Located in ֱ’s Eastern Province, the project is set to be among the largest of its kind globally. It marks a critical step toward Aramco’s emission mitigation goals and aligns with its 2035 interim climate objectives. 

Phase one of the hub aims to capture and store up to 9 million tonnes of CO2 annually, with construction expected to be completed by the end of 2027. Future phases will further expand its capacity. 

“CCS plays a critical role in furthering our sustainability ambitions and our new energies business. This announcement represents a step forward in delivering on our strategy to contribute to global carbon management solutions and achieve our emission mitigation goals,” said Ashraf Al-Ghazzawi, executive vice president of strategy & corporate development at Aramco. 

He added: “Aramco’s collaboration with SLB and Linde demonstrates the importance of global partnerships in driving technological innovation, reducing emissions from conventional energy sources and enabling new, lower-carbon energy solutions.” 

The executive noted that the CCS hub was among several programs that would enable them to meet the rising demand for affordable, reliable, and more sustainable energy. 

The initiative supports Aramco’s broader ambition to achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions across its wholly-owned operated assets by 2050, as well as its interim target to reduce upstream carbon intensity by 15 percent by 2035. 

Oliver Pfann, Linde’s executive vice president for Europe, the Middle East and Africa, noted the project’s significance to ֱ’s climate goals. “Carbon capture and sequestration is essential for achieving the Kingdom’s emission reduction targets. Linde is proud to collaborate with Aramco and SLB, contributing Linde’s innovative technology and experience in delivering world-scale decarbonization projects,” he said. 

Announced during the Saudi Green Initiative Forum in Riyadh, the project reflects ֱ’s commitment to achieving its 2060 net-zero target.  

Phase one will capture CO2 from three Aramco gas plants and other industrial sources. The CO2 will be transported through a pipeline network and stored in a saline aquifer, leveraging the region’s geological capacity for carbon storage. 

Gavin Rennick, SLB’s president of new energy, highlighted the hub’s potential to reduce emissions. “Leveraging our proven portfolio of CCS technologies and extensive experience in complex CCS projects around the world, we are confident that SLB will play a critical role in advancing this important initiative. This project aligns perfectly with our commitment to industrial decarbonization, and we look forward to collaborating closely with Aramco and Linde to make it a success.” 

The hub also complements Aramco’s blue hydrogen and ammonia initiatives, reinforcing its efforts to support a circular carbon economy and contribute to the Kingdom’s energy transition.

Pilot carbon capture technology 

Saudi Aramco has also signed an agreement with Carbon Clean and SAMSUNG E&A to pilot a new carbon capture technology targeting CO2 emissions from natural gas turbine exhaust streams.  

The initiative will utilize Carbon Clean’s CycloneCC technology, designed to capture CO2 from exhaust gases with around 4 percent CO2 content. 





(From left to right): Krishna Kumar Singhania, chief growth officer, Carbon Clean; Cheon Hong Park, executive vice president, sustainable solutions business division, SAMSUNG E&A; DongChan Kim, vice president and managing director, SAMSUNG E&A; Aniruddha Sharma, chair and CEO, Carbon Clean; Mohammed Al-Qahtani, downstream president, Aramco; Ahmad Al-Khowaiter, executive vice president, technology & innovation, Aramco; Ali Al-Meshari, senior vice president of technology oversight and coordination, Aramco. Supplied.

CycloneCC features a modular design and a footprint 50 percent smaller than traditional systems. If proven effective, it could lower the total installed cost of carbon capture by up to 50% while maintaining efficiency even with low CO2 concentrations, according to a press release. 

“I am excited about this collaboration with Carbon Clean and Samsung to demonstrate this promising new technology in one of our facilities. If successful, this demonstration will pave the way for the wider deployment of this technology with partners in the Kingdom and beyond,” said Ali Al-Meshari, senior vice president of technology oversight & coordination at Aramco.  

Aniruddha Sharma, chair and CEO of Carbon Clean, expressed pride in strengthening the company’s relationship with Aramco and Samsung Ventures, noting that both are already investors in Carbon Clean. 

“This first-of-a-kind deployment capturing very low concentrations of CO2 is a key milestone in scaling up and commercializing CycloneCC. Its compact, modular design should be easily integrated with gas turbines, delivering high-performance carbon capture in an industrial setting where space is typically limited,” he said. 

SAMSUNG E&A will handle the engineering, procurement, and construction of the plant. The unit will be installed on the exhaust gas stack of a sales gas compressor turbine, with the trial providing critical data on its real-world performance. 

“This project aligns with our mission to deliver innovative solutions that help industries reduce their environmental impact. With the successful execution of the demonstration, I hope that SAMSUNG E&A contributes to Aramco’s carbon reduction ambition, including future scale-up,” said Cheon Hong Park, executive vice president and head of the sustainable solutions division, SAMSUNG E&A. 

The project represents a step toward making carbon capture more accessible and efficient. 


OPEC sees global oil demand rising to 123m bpd by 2050: Secretary-General

OPEC sees global oil demand rising to 123m bpd by 2050: Secretary-General
Updated 6 sec ago

OPEC sees global oil demand rising to 123m bpd by 2050: Secretary-General

OPEC sees global oil demand rising to 123m bpd by 2050: Secretary-General

JEDDAH: Global demand for oil is expected to reach around 123 million barrels per day by 2050, with the crude maintaining the largest share of the global energy mix at nearly 30 percent, OPEC Secretary-General Haitham Al-Ghais said.

Speaking at a conference in Kuwait on Oct. 22, Al-Ghais said demand for all types of fuel will continue to rise through 2050 and beyond, driven by population growth, economic expansion, rising urbanization, and the emergence of new energy-intensive industries, the Saudi Press Agency reported.

Al-Ghais added that meeting this projected demand will require massive investments estimated at about $18.2 trillion by 2050.

 


Closing Bell: Saudi main index ends in green at 11,585 

Closing Bell: Saudi main index ends in green at 11,585 
Updated 40 min 2 sec ago

Closing Bell: Saudi main index ends in green at 11,585 

Closing Bell: Saudi main index ends in green at 11,585 

RIYADH: ֱ’s Tadawul All Share Index rose on Wednesday, gaining 40.10 points, or 0.35 percent, to close at 11,585.90. 

The total trading turnover of the benchmark index was SR5.35 billion ($1.42 billion), as 91 of the listed stocks advanced, while only 163 retreated. 

The MSCI Tadawul Index also increased, up 3.47 points, or 0.23 percent, to close at 1,510.94. 

The Kingdom’s parallel market Nomu lost 36.98 points, or 0.15 percent, to close at 25,035.14. This comes as 39 of the listed stocks advanced, while 40 retreated. 

The best-performing stock was CHUBB Arabia Cooperative Insurance Co., with its share price surging 9.91 percent to SR32.84. 

Other top performers included LIVA Insurance Co., which saw its share price rise by 4.57 percent to SR13.50, and ֱn Oil Co., which saw a 3.75 percent increase to SR25.98.

On the downside, Canadian Medical Center Co. saw the largest drop, with its share falling 8.84 percent to SR8.25. 

Tourism Enterprise Co. fell 8.43 percent to SR15.75, while Naseej International Trading Co. dropped 7.04 percent to SR62.70. 

On the announcements front, the Saudi Investment Bank released its interim financial results for the first nine months of the year. 

Net profit reached SR518.4 million, up 0.11 percent year on year and 1.15 percent compared with the previous quarter. The bank attributed the modest annual increase to a decline in total operating expenses. 

In a statement on Tadawul, the bank said that total operating income had decreased by 3 percent, mainly due to a drop in net special commission income and fair value through the statement of income, partially offset by higher exchange income and fee income from banking services. 

SAIB’s shares traded 1.94 percent lower on the main market to reach SR13.67. 


Egypt’s labor reforms aim to attract Qatari investment 

Egypt’s labor reforms aim to attract Qatari investment 
Updated 22 October 2025

Egypt’s labor reforms aim to attract Qatari investment 

Egypt’s labor reforms aim to attract Qatari investment 

JEDDAH: Egypt and Qatar are set to deepen economic ties, with the North African country’s recent labor law reforms aimed at attracting Gulf investment and improving the business environment. 

Egypt’s Minister of Labor, Mohamed Abdel Aziz Gibran, met in Cairo with Mohamed bin Ahmed Al-Obaidli, a board member of the Qatar Chamber, to discuss boosting bilateral economic cooperation and encouraging Qatari investors to enter the Egyptian market.

The two sides also reviewed Egypt’s labor law and discussed ways to tackle challenges facing investors in the country’s labor market, according to the Qatar News Agency.

In mid-April, the two countries agreed to pursue a package of $7.5 billion in direct Qatari investments. The move comes as Egypt steps up efforts to secure funding from Gulf neighbors and other foreign partners to address high foreign debt and a large budget deficit. 

“During the discussions, HE the Minister reviewed the latest amendments to the Egyptian Labor Law, which include the establishment of an emergency fund to support workers and struggling companies, as well as the creation of an entity dedicated to training and upgrading workers’ skills,” QNA reported. 

It added that the Egyptian official said the new law seeks to create a more favorable work environment and promote a stable, secure climate for investors in Egypt. 

The meeting also reviewed the outcomes of Gibran’s recent visit to Qatar, during which he met with representatives of the Qatari private sector. 

“The visit resulted in positive understandings aimed at strengthening cooperation in the fields of labor, training, and employment,” the QNA report added. 

Al-Obaidli praised the strong fraternal ties between the countries, emphasizing the Qatar Chamber’s commitment to broadening cooperation across economic, commercial, and investment sectors. 

Egypt enacted Labor Law No. 14 of 2025, which took effect on Sept. 1, fully replacing previous labor legislation. 

The law introduces a wide range of reforms designed to modernize labor relations, enhance workers’ rights, and align with international labor standards.

It requires employers to provide annual salary increments, recognizes modern work arrangements such as remote work, part-time roles, flexible hours, and job sharing, and obliges them to contribute to a workforce training fund. 

The law also updates notice periods for resignations, extends maternity and paternity leave provisions, allows longer childcare leave, and regulates annual leave entitlements, including special provisions for disabled employees. 


Gulf sovereign funds fuel global M&A boom, driving deal value to $3.5tn 

Gulf sovereign funds fuel global M&A boom, driving deal value to $3.5tn 
Updated 22 October 2025

Gulf sovereign funds fuel global M&A boom, driving deal value to $3.5tn 

Gulf sovereign funds fuel global M&A boom, driving deal value to $3.5tn 

RIYADH: Sovereign wealth funds from the Middle East and Asia are driving a resurgence in global mergers and acquisitions, with deal volumes surpassing $3.5 trillion since the start of the year, Asharq Business reported. 

The surge marks a 34 percent increase over the previous year, putting 2025 on track to be the strongest year for M&A since 2021. The third quarter alone saw over $1.3 trillion in deals, driven by a number of mega-transactions, according to data compiled by Bloomberg. 

The flurry of activity has been led by mega-deals involving some of the world’s deepest-pocketed state-backed funds. 

On Oct. 21, Blackstone Inc. and TPG Inc. agreed to acquire medical device maker Hologic Inc. for up to $18.3 billion, including debt. The deal features the Abu Dhabi Investment Authority and Singapore’s sovereign wealth fund GIC Pte as minority investors. 

In a separate transaction last week, BlackRock Inc. partnered with MGX, an AI firm backed by Abu Dhabi’s Mubadala Investment Co., in a $40 billion deal to acquire Aligned Data Centers. 

The week prior, Carlyle Group Inc. entered a partnership with the Qatar Investment Authority to purchase the coatings unit of BASF SE in a deal that valued the unit at €7.7 billion ($8.9 billion). 

In a landmark transaction in September, ֱ’s Public Investment Fund, chaired by Crown Prince Mohammed bin Salman, completed the acquisition of video game giant Electronic Arts Inc. to take it private. This leveraged buyout, valued at $55 billion, stands as the largest of its kind in history. 

Beyond participating with private equity, sovereign wealth funds are aggressively expanding their in-house investment teams to execute more direct investments. This strategy allows them to capture profits without paying fees to Wall Street banks. 

They have also become major backers of private equity funds, successfully negotiating privileges that grant them co-investment rights alongside these funds in exchange for their substantial capital commitments. 

Heavy tech and AI focus 

The technology sector has been a particular focus for these funds. In August, ADIA supported Thoma Bravo’s acquisition of HR software provider Dayforce Inc. for nearly $12 billion. 

MGX, backed by the Abu Dhabi government and overseen by Sheikh Tahnoon bin Zayed Al Nahyan, has invested in OpenAI at a $500 billion valuation. It has also supported Elon Musk’s xAI venture and plans to contribute to the “Stargate” project announced by US President Donald Trump. 

Meanwhile, Singapore’s GIC and the Qatar Investment Authority have both invested substantial capital in OpenAI’s competitor, Anthropic. 

Wall Street sees deals continuing

Senior investment bankers anticipate that the M&A wave will persist. Goldman Sachs has predicted that deal activity will accelerate by year-end, with 2026 potentially setting a new record for the M&A market. 

Sovereign funds continue to hunt for new opportunities. For instance, the asset management arm of Mubadala is reportedly considering a bid for outdoor advertising company Clear Channel Outdoor Holdings Inc., which has a market value of approximately $930 million. 

Their investment interests are also expanding beyond direct acquisitions. Qatar Investment Authority recently participated in an over $2 billion funding round for a new company founded by Hollywood super-agent Ari Emanuel, alongside other investors like Apollo Global Management and Ares Management. 


ֱ inks 24k-home deal with China, Korea to boost housing ties

ֱ inks 24k-home deal with China, Korea to boost housing ties
Updated 22 October 2025

ֱ inks 24k-home deal with China, Korea to boost housing ties

ֱ inks 24k-home deal with China, Korea to boost housing ties

JEDDAH: ֱ’s National Housing Co. signed a series of agreements to develop more than 24,000 housing units as part of a 100,000-home Saudi-Chinese plan aimed at expanding residential supply. 

The deals were finalized during an Asian tour by Minister of Municipalities and Housing Majid bin Abdullah Al-Hogail, who visited China and South Korea to strengthen partnerships in housing, infrastructure, and smart cities, the Saudi Press Agency reported. 

The agreements mark a new phase of collaboration between Saudi and Chinese developers under the 2030 framework, with a focus on modern construction technologies to speed up delivery and improve quality. 

The projects fall within broader efforts to lift homeownership rates to 70 percent by 2030. The Kingdom reached 65.4 percent in 2024, surpassing its 2025 target a year early. 

“Al-Hogail emphasized that the tour is part of a comprehensive approach to enhance cooperation with international partners in housing, infrastructure, and real estate technologies,” the SPA report stated. 

He added that the initiative aims to improve execution efficiency, enhance citizens’ homeownership experience, and foster partnerships that support real estate balance and sustainable urban development. 

Al-Hogail’s visit to China included meetings with major developers and technology firms, while the South Korea leg focused on advancing smart city initiatives. 

In South Korea, he met with Minister of Land, Infrastructure and Transport Kim Yun-duk and Minister of Science and ICT Bae Kyunghoon to explore ways to develop housing and infrastructure systems and deploy advanced technologies for smart city projects. 

The Saudi minister also held talks with leaders of NAVER on the second phase of the Baladi digital twin project and witnessed the signing of a memorandum of understanding between NHC and GS E&C to develop a specialized residential project within the Al-Fursan destination east of Riyadh. 

The ministry said the Asian tour set the stage for developing smarter and more sustainable Saudi cities by introducing advanced technologies and global models in urban planning and housing. 

The new partnerships are expected to speed up development, reduce construction costs, stabilize housing prices, expand residential choices, and attract both local and foreign investment to boost the sector’s competitiveness.