Good afternoon, everyone. Like the weather, the news cycle is warming up. This issue contains all you need to know about Orascom Construction’s plans for a power plant in KSA, Washington’s efforts to broker a ceasefire in Ukraine, and what you need to do to protect your information before you travel to the US.
THE BIG STORY TODAY
Orascom Construction and Spain’s Tecnicas to build USD 2.6 bn power plant in KSA: A 50-50 JV between Orascom Construction and Spain-based general contractor Tecnicas Reunidas has inked a contract to build a USD 2.6 bn, 3 GW combined cycle gas-fired power plant in Saudi Arabia’s Eastern Province as part of the Qurayyah IPP expansion project, according to a statement (pdf). The engineering, procurement and construction (EPC) contract was awarded by Hajr Two Electricity Company — a consortium of Saudi renewables giant ACWA Power, Saudi Electricity Company (SEC), and Haji Abdullah Alireza & Co (Haaisco).
More on the facilities: The 3.01 GW combined-cycle gas turbine (CCGT) power plant will be equipped with carbon capture technology and a 380 kV electrical substation.
Background: SEC and Acwa Power signed a SAR 13.4 bn power purchase agreement with the Saudi Power Procurement Company for the project last month. SEC and Acwa Power each hold a 40% stake in the project, while Haaisco owns the remaining 20%. The existing USD 668.3 mn Qurayyah IPP project — touted as the world’s largest CCGT power plant — has a net generation capacity of 3.9 GW and began commercial operations back in 2015.
THE BIG STORY ABROAD
The foreign press is honed in on Washington’s continued push for a ceasefire in Ukraine: US and Russian officials launched talks in Saudi Arabia today to negotiate a ceasefire in Ukraine, with the US reportedly prioritizing a maritime ceasefire in the Black Sea before moving to a broader ceasefire agreement. Earlier statements by White House national security adviser Mike Waltz to CBS had indicated that the talks would also focus on “the line of control” between Russia and Ukraine, which would entail “verification measures, peacekeeping, freezing the lines where they are.” The discussions come after Washington held talks with Ukrainian officials in the Gulf nation yesterday as part of US President Donald Trump’s intensified push toward ending the three-year war.
MEANWHILE- South Korea’s Constitutional Court reinstated Prime Minster Han Duck-Soo as acting president, overturning his impeachment. Han, who had been suspended since December 27, immediately pledged to focus on navigating South Korea through what he called a “trade war” with the US. Han had temporarily replaced President Yoon Suk Yeol, who was impeached in December for briefly imposing martial law. He currently awaits a verdict on his impeachment, expected within days, as well as a separate criminal trial for alleged insurrection. If Yoon is removed, a new presidential election must be held within 60 days.
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** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
- Domestic gas production falls to an 8-year low in January: Gas output dropped 20% y-o-y to 4.3 bn cubic feet per day (bcf/d) in January, marking its lowest monthly level since December 2016.
- The House gave the initial thumbs up to the entirety of the re-drafted Labor Act, with the bill's final approval by the legislative body penciled in for an upcoming session.
- EU back the Arab plan to rebuild Gaza: European Commission Vice President Kaja Kallas joined the meeting of the Arab-Islamic Ministerial Committee yesterday, where the parties backed Egypt’s USD 53 bn, five-year plan to reconstruct Gaza and “firmly rejected any attempts at annexation and unilateral measures that seek to alter the legal and historical status quo of the Holy Sites in Jerusalem”.
☀️ TOMORROW’S WEATHER- The mercury is still on the upswing in the capital, with tomorrow’s weather reaching 31°C in the morning and cooling to 16°C at night, according to our favorite weather app.





