Latest news with #QEWC
Business Recorder
12-05-2025
- Business
- Business Recorder
Most Gulf shares gain on US-China tariff deal; Egypt snaps losing streak
Gulf equities ended higher on Monday as the U.S. and China agreed to temporarily slash harsh reciprocal tariffs while U.S. President Donald Trump's planned visit to Saudi Arabia and Gulf states on Tuesday also raised investor sentiment. The U.S. will cut extra tariffs it imposed on Chinese imports in April to 30% from 145% and Chinese duties on U.S. imports will fall to 10% from 125%, the two countries said on Monday following talks in Geneva. The new measures are effective for 90 days. Saudi Arabia's benchmark stock index rose 1.3%, the sharpest rise in a month with almost all sectors in the green. Saudi Aramco gained 2.2% after the world's top oil exporter reported a net profit of 97.54 billion riyals ($26.01 billion) in the first quarter on Sunday, beating a company-provided median estimate from 16 analysts of $25.36 billion. Among other gainers, National Industrialization Co rose 1.1% after the petrochemical company posted a quarterly net profit compared to a net loss a year earlier. Meanwhile, Saudi Arabia and the United States are set to discuss a number of blockbuster economic deals during Trump's visit on Tuesday, with the U.S. poised to offer Saudi Arabia an arms package worth well over $100 billion, sources have told Reuters. Most Gulf bourses gain on US-China trade talks The Qatari benchmark index continued its three-session winning streak and rose 0.7%, with most stocks posting gains. Qatar National Bank, the region's largest lender, gained 2% and Qatar Electricity and Water (QEWC) climbed 4%, its biggest rise in more than a year. Qatar's main electricity and desalinated water supplier, QEWC said on Monday that Qatar General Electricity and Water Corporation 'Kahramaa' has signed a strategic agreement with QEWC, QatarEnergy, and Sumitomo Corporation to build the Ras Abu Fontas Independent Water and Power Facility at a cost of 13.5 billion Qatari Riyals ($3.71 billion). Dubai's benchmark stock index was up 0.4%, helped by a 7.3% rise in Parkin and a 2.8% gain in Talabat Holding. The online food ordering company Talabat reported a first-quarter net profit of $103.3 million. The Abu Dhabi benchmark index edged up 0.1% with Aldar Properties gaining 1% and Fertiglobe rising 2.2%. The fertilizer producer has signed an asset sale and purchase agreement to acquire the distribution assets of Wengfu Australia Pty Ltd. Outside the Gulf, Egypt's blue-chip index advanced 0.5% after three consecutive sessions of losses. Commercial International Bank rose 1.1% and Abu Dhabi Islamic Bank Egypt climbed 3.6%. The lender reported a 43% rise in first quarter net profit. --------------------------------------- SAUDI ARABIA up 1.3% to 11,489 KUWAIT gained 0.1% to 8,730 QATAR rose 0.7% to 10,609 EGYPT up 0.5% to 31,577 BAHRAIN fell 0.2% to 1,916 OMAN up 0.5% to 4,376 ABU DHABI rose 0.1% to 9,639 DUBAI gained 0.4% to 5,334 ---------------------------------------
Zawya
21-04-2025
- Business
- Zawya
Qatar: QEWC posts $79.12mln net profit in Q1
Doha, Qatar: Under the chairmanship of H E Saad bin Sherida Al-Kaabi, Minister of State for Energy Affairs, yesterday, the Board of Directors ('BOD') of QEWC approved the financial results for the three months period ended on March 31, 2025. QEWC reported revenue of QR681m compared to QR687m during the same period in 2024. Operating profits amounted to QR236m compared to QR295m during the same period in 2024. This performance generated a net profit (attributable to the equity holders of the company) of QR288m (EPS: QR0.26)compared to the QR318m (EPS: QR0.29) during 2024. © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
07-03-2025
- Business
- Zawya
Qatar signs $439mln agreement for 500MW power plant
Qatar General Electricity & Water Corporation (Kahramaa) and Qatar Electricity and Water Company (QEWC) have signed a power purchase agreement for peak electricity generation units in Ras Abu Fontas Plant. The Power Purchase project, which has previously been awarded to QEWC, represents a strategic step towards enhancing the stability and reliability of the national electricity grid, as well as supporting efforts to expand the use of solar energy within the country's energy mix. The total contractual capacity for the units is 511 megawatts, with a total cost of QR1.6 billion. The project is scheduled to start at Ras Abu Fontas in January 2027. On the agreement, Minister Saad Sherida Al Kaabi, said: 'This agreement is a milestone in Qatar's quest for energy security and sustainability, and a reflection of our commitment to meeting the growing demand for energy in with the highest standards of efficiency and environmental responsibility." "This initiative is a testament to the strong cooperation between the public and private sectors, who are working together to develop the efficiency of the national electricity grid and to increase its capacity to accommodate renewable energy sources, ensuring a sustainable electricity supply to various vital sectors," he added. -TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
06-03-2025
- Business
- Trade Arabia
Qatar signs $439m agreement for 500MW power plant
Qatar General Electricity & Water Corporation (Kahramaa) and Qatar Electricity and Water Company (QEWC) have signed a power purchase agreement for peak electricity generation units in Ras Abu Fontas Plant. The Power Purchase project, which has previously been awarded to QEWC, represents a strategic step towards enhancing the stability and reliability of the national electricity grid, as well as supporting efforts to expand the use of solar energy within the country's energy mix. The total contractual capacity for the units is 511 megawatts, with a total cost of QR1.6 billion. The project is scheduled to start at Ras Abu Fontas in January 2027. On the agreement, Minister Saad Sherida Al Kaabi, said: 'This agreement is a milestone in Qatar's quest for energy security and sustainability, and a reflection of our commitment to meeting the growing demand for energy in with the highest standards of efficiency and environmental responsibility." "This initiative is a testament to the strong cooperation between the public and private sectors, who are working together to develop the efficiency of the national electricity grid and to increase its capacity to accommodate renewable energy sources, ensuring a sustainable electricity supply to various vital sectors," he added. -TradeArabia News Service
Zawya
03-03-2025
- Business
- Zawya
Qatar's Kahramaa, QEWC sign PPA for 500 MW peaking power project at Ras Abu Fontas
State-owned utility Qatar General Electricity & Water Corporation (KAHRAMAA) and Qatar Electricity and Water Company (QEWC) have signed a Power Purchase Agreement (PPA) for a 500 megawatts (MW) peaking power generation project, to be located at the Ras Abu Fontas Plant, QEWC announced in a stock exchange filing. The 1.6 billion Qatari riyals ($440 million) project is expected to start operations in January 2027 and will enhance grid stability and support the integration of renewable energy into Qatar's electricity network, the QEWC statement said. PowerChina International Corporation Shandong Power Construction No. 3 has been awarded the Engineering, Procurement, and Construction (EPC) contract for the single-cycle power plant, the company said in a Chinese language statement on its website. The scope of work includes design, procurement, construction and commissioning of two F-class gas turbine generator sets and related auxiliary systems, the company said. (Writing by Deva Palanisamy; Editing by Anoop Menon) (
