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Riyadh Cables Group (RCG), Saudi Arabia’s leading manufacturer of wires and cables, has reported a revenue of SR6.9 billion ($1.838 billion) for 2022, an increase of 40.3% versus 2021. Net profit was SR351.9 million ($93.75 million).
RIYADH: Saudi Arabia’s Tadawul All Share Index fell 79.36 points — or 0.76 percent — to close at 10,383.82 on Sunday. MSCI Tadawul 30 Index and the parallel market Nomu closed slightly lower at 1,409.41 and 18,965.30, respectively. The total trading turnover of the benchmark index was SR3.42 billion ($910 million) as 75 stocks of the listed 224 advanced and 132 retreated.
Africa’s energy and power sector has continued to evolve over the years and is currently experiencing significant growth. In February 2023, the World Bank signed an agreement with four West and Central African nations to fund renewable energy projects. The agreement worth $311 million will finance 106 megawatts (MW) of solar power generation capacity with battery energy and storage systems, as well as 41 megawatts expansion of hydroelectric capacity for Sierra Leone, Liberia, Togo, and Chad; supporting electricity distribution and transmission interventions.
Middle East Energy, the leading energy industry event in the MEA region, is making its highly-anticipated return to Dubai World Trade Centre from 7 – 9 March 2023.
A lack of investment incentives and integration guidelines could derail the Middle East’s development of smart grid networks and the region’s net zero goals,