Saudi's ACWA Power signs agreements with European companies to export renewable energy
The European companies included France's TotalEnergies , Italy's Edison and Germany's EnBW .
The Saudi company also signed separate agreements with other companies including Germany's Siemens Energy to develop energy transmission corridors.
(Reporting by Jaidaa Taha and Muhammmad Al Gebaly; Editing by Toby Chopra and Susan Fenton)
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


The National
2 hours ago
- The National
UK wasted £38 billion on migrant arrival programmes, Oxford report finds
Britain has wasted more than £38 billion ($51 billion) on its welcoming schemes for migrants over the past decade, a report has found. The programmes to adjust and integrate migrants had been 'poorly co-ordinated and driven by a reactive crisis mentality', Oxford's University's Global Exchange on Migration and Diversity found. The Future of Welcoming in the UK report disclosed that the overall costs of supporting newcomer communities from 2014 to 2024 totalled £20 billion over 26 funding streams, but came to £38 billion when adjusted for inflation. The major overspend came from finding accommodation for asylum seekers who had fled Afghanistan, Syria, Hong Kong and Ukraine. The report was critical that after 'front-end welcoming' during the first months after entering the UK, there was 'little focus on longer term integration' that included broader community consent for migration. Migrant communities were targeted by hard-right anti-immigration groups in Britain last summer with a series of riots that shocked the country. It was therefore important for the British government to understand that welcoming schemes support 'continuing local consent for migration, which is vital for mitigating tensions', the report said. It also highlighted that migration brought both costs and economic benefits. It said a net increase in migration of 350,000 people would reduce the UK's net borrowing by £7.4 billion by 2028. The report proposed a new model for welcoming migrants, changing from a crisis-led provision to 'proactive interventions to build up social infrastructure'. 'The sums that the UK has spent on asylum accommodation over the last decade are unnecessarily high, and this serves nobody well,' said Jacqueline Broadhead, director of the Global Exchange on Migration and Diversity, 'Better planning and organisation could have reduced this sum substantially ... and helped the country to invest in a longer-term and more acceptable model.' She argued that there is now an opportunity to improve the locations where migrants are hosted that 'supports wider community cohesion and consent for migration'. 'Sensible investment in welcoming has a genuine and positive impact for new arrivals,' she added. There was a positive note that the Labour government had 'taken several steps which address some of the issues highlighted in the report".


Khaleej Times
10 hours ago
- Khaleej Times
Dubai leads gains in GCC equities in July with almost 8% surge
Dubai continued to outperform other GCC stock markets in July, according to a report published on Sunday. According to Kamco Invest's GCC Markets Monthly Report, the DFM General Index posted its fourth consecutive monthly gain, rising 7.9 per cent to close at 6,159.2 points—marking the strongest monthly performance across the region. This rally pushed the index's year-to-date (YTD) return to 19.4 per cent, the highest among GCC markets in 2025. Sector performance was broadly positive, with five out of eight sector indices recording gains. The Financials Index led the charge, surging 12.1 per cent, followed by Real Estate (+11.7 per cent) and Industrials (+6.9 per cent). The Financials Index was buoyed by double-digit share price increases in major players such as Commercial Bank of Dubai (+20.1 per cent) and Emirates NBD (+17.3 per cent). Conversely, the Consumer Discretionary Index fell 4.2 per cent, the steepest decline among sectors. Bloomberg's monthly stock performance data highlighted Ekttitab Holding Company as the top gainer, soaring 43.2 per cent in July. United Foods Co and Commercial Bank of Dubai followed with gains of 21.5 per cent and 20.1 per cent, respectively. On the downside, International Financial Advisors led the decliners with a 9.2 per cent drop, while National General Insurance and Dubai Refreshments Company fell 8.1 per cent and 7.6 per cent, respectively. Trading activity also picked up momentum. Total share volume rose 7.4 per cent to 7.5 billion shares, up from 7.0 billion in June. The value of shares traded increased 10.7 per cent to Dh16.7 billion. Union Properties led in trading volume with 1.2 billion shares exchanged, followed by Drake & Skull International (836.3 million) and Deyaar Development (669.7 million). In terms of value, Emaar Properties topped the chart with Dh3.6 billion in trades, followed by Dubai Islamic Bank (Dh1.5 billion) and Emirates NBD (Dh1.2 billion). Abu Dhabi maintains upward momentum The FTSE ADX Index in Abu Dhabi also recorded its fourth straight monthly gain, rising 4.1 per cent in July after a 2.8 per cent increase in June. The index closed at 10,370.66 points, bringing its YTD gain to 10.1 per cent. Seven out of ten sector indices posted gains, with Health Care, Financials, and Real Estate driving the overall growth. The Health Care Index led with an 11.0 per cent rise, closing at 2,162.1 points, supported by gains across all four constituent companies—most notably PureHealth, which jumped 11.9 per cent. The Real Estate Index climbed 7.0 per cent to 14,115.3 points, bolstered by price increases in all five companies, including a 20.2 per cent surge in Al Khaleej Investment Co. Meanwhile, the Utilities Index saw the sharpest decline, falling 4.6 per cent. Regional overview Across the region, GCC markets continued to rise in July, driven by optimism around Q2 earnings. The MSCI GCC Index posted a 2.2 per cent gain, its second consecutive monthly increase, with broad-based contributions from all exchanges. On a YTD basis, the index was up 3.7 per cent, reflecting positive momentum across most markets—except Saudi Arabia and Bahrain, which declined by 9.3 per cent and 1.5 per cent, respectively.


Khaleej Times
10 hours ago
- Khaleej Times
UAE secures top spot in global AI talent rankings
The UAE has been ranked among the world's top 20 nations for artificial intelligence (AI) talent density, alongside Saudi Arabia, in the latest Global AI Competitiveness Index published by the International Finance Forum (IFF) and Deep Knowledge Group (DKG). With 0.7 per cent of the global AI talent pool, the UAE has outpaced countries such as Italy and Russia — affirming its growing stature as a global innovation powerhouse. While much of the spotlight has been on Saudi Arabia's ambitious AI push, the UAE's AI ecosystem has quietly gained strength through long-term strategic investments, visionary policymaking, and global partnerships that position it at the forefront of AI development and governance. The UAE's focus on AI began with the launch of the UAE Artificial Intelligence Strategy 2031, which aimed to integrate AI across key sectors including education, healthcare, transport, and space. The country was among the first in the world to appoint a Minister of State for Artificial Intelligence in 2017, and today it continues to expand AI readiness through initiatives such as the Mohammed bin Zayed University of Artificial Intelligence (MBZUAI) — a graduate-level, research-centric university that is already attracting global talent and publishing cutting-edge research. MBZUAI is currently ranked among the world's top 50 institutions in AI research output, and is collaborating with global tech giants including IBM, NVIDIA, and BCG to foster research in machine learning, robotics, computer vision, and AI ethics. 'The UAE's ecosystem is built not just on infrastructure, but on a vision of ethical AI, global cooperation, and a diversified economy driven by knowledge and innovation,' said Dr. Eric Xing, President of MBZUAI. The IFF report underscores the UAE's growing influence in global AI competitiveness by evaluating not only talent density but also the nation's institutional and innovation performance. The UAE ranked well above many traditional tech economies in per capita AI talent and research productivity, due in part to its business-friendly environment, tax-free salaries, and quality of life — factors that attract leading scientists, engineers, and entrepreneurs from around the world. The report's co-author Dmitry Kaminskiy of Deep Knowledge Group remarked: 'Saudi Arabia and the UAE's strategic focus on AI, coupled with visionary investments in talent and infrastructure, is setting the stage for a tectonic shift in global AI leadership.' According to the UAE's Ministry of Economy, the nation aims to increase the AI sector's contribution to GDP by up to 14 per cent by 2030 — translating to over $100 billion in economic output. Much of this is being driven by AI applications in logistics, government services, fintech, and smart city solutions, especially in hubs like Dubai and Abu Dhabi. The Dubai Future Foundation, for instance, is pioneering large-scale AI use cases in government and urban mobility through its Dubai AI Roadmap. Similarly, Abu Dhabi's Hub71 and its partnership with global VCs and accelerators has made the UAE one of the fastest-growing AI startup ecosystems in the region. As per data from Crunchbase and Startup Genome, AI-focused startups in the UAE raised more than $1.3 billion in venture capital in 2024 alone, with projections pointing to a 25 per cent increase in funding in 2025. While Saudi Arabia is investing heavily in infrastructure-led projects like NEOM — where over 30 per cent of its $500 billion budget is earmarked for AI-powered technologies — the UAE's strength lies in policy innovation and ecosystem-building. This complementary approach is helping the broader Gulf region gain momentum as a global AI innovation corridor. 'The UAE provides a unique balance of global accessibility, talent development, and future-ready governance,' noted Professor Patrick Glauner, IFF AI committee coordinator. 'Its neutral diplomatic positioning and strong ties with both Western and Eastern tech partners make it a magnet for cross-border AI collaboration.' At the heart of this transformation is the battle for AI talent. The UAE's efforts in creating AI labs, reskilling programmes like the National Program for Coders, and special visas for AI professionals are enhancing its ability to attract and retain global talent.