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ADNOC Drilling H1 revenue $2.37bn

The company posted a net profit of $692m.

Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

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Saudi Arabia set to build two 600MW solar plants

  • The projects will be handled through the Saudi Authority for Industrial Cities and Technology Zones Modon
  • They are part of the country’s plan to generate 50 percent of its energy from renewables

Saudi Arabia is building two renewable energy plants with 600MW capacity in different parts of the country, local reports have said.

The plants will be built on land plots with a total area of 12 million sq m, said the reports.

They are said to be part of the country’s plan to generate 50 percent of its energy from renewables, as it looks to reduce its dependence on fossil fuels.

The plants will reportedly be built in the Third Industrial City in Jeddah and the Industrial City in Rabigh.

The projects will be handled through the Saudi Authority for Industrial Cities and Technology Zones Modon, said the reports.

The country’s Ministry of Energy is working to diversify the energy mix to produce electricity by increasing the share of gas and renewable energy sources in it.

This week, another Saudi renewable energy project saw a major development when a consortium led by developer Acwa Power reached financial closure for the 1,500MW Sudair solar plant.

Located in Sudair Industrial City in the northern part of the country, it is expected to be the world’s largest single-contracted solar photovoltaic plant.

The developer also announced that Aramco-owned Sapco has joined the consortium, marking the oil giant’s first participation in the Saudi Public Investment Fund’s renewable energy program.