Al-Falih unveils 5-point plan at Beijing meeting

Energy, Industry and Mineral Resources Minister Khalid Al-Falih
Updated 02 July 2016
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Al-Falih unveils 5-point plan at Beijing meeting

RIYADH: Energy, Industry and Mineral Resources Minister Khalid Al-Falih, has drawn up a new plan to meet the goals of global requirements.
The plan covers five areas to meet the goals, which include the overall economy, energy and the environment, technology, energy efficiency, and clean natural gas and renewable energy.
Speaking at the ministerial meeting of the energy ministers of Group of Twenty (G20) in Beijing, the minister said: “This plan aims to obtain an adequate supply of energy. We have to facilitate investments in all energy sources, without discrimination. The include investments in technology to make all energy sources environmental-friendly.”
Al-Falih added: “Innovation and technology must be strategic pillars to reduce the environmental impacts of the energy usage as well as focusing on energy efficiency. We have to take advantage of cleaner natural gas in order to achieve a significant reduction in carbon emissions.”
He urged the international community to develop a policy based on voluntary participation and make contributions with a view to achieving fundamental goals of economic growth and environmental sustainability.
He called upon the international community to work together to maintain a sufficient and reliable supply of energy while reducing emissions contain greenhouse gases to the lowest possible level, and pointed out the challenges the international community faces to balance the goals of economy, energy and environment.
Highlighting Saudi Arabia’s efforts to promote preservation of the environment, Al-Falih said: “The international community must work toward ensuring the growing clean energy demand of the world population. The world will still need to use all forms of energy to meet this growing demand.”
He added: “In light of continuation of various technical and economic challenges faced by the energy alternatives, we have to realize that fossil fuel will remain the main core to meet the global demand for energy for the coming decades.”
Highlighting the Saudi energy policy ensuring the Kingdom’s continuation of energy supply to the global markets, the minister said the Kingdom also focuses its efforts on developing energy based on the cleaner gas.
It also has an ambitious program regarding efficiency of energy consumption in the Kingdom, especially in transportation, housing and commercial buildings and industrial area in order to reduce the intensity of energy consumption.
The Kingdom also plans to pump more investments in field of renewable energy, particularly in the field of solar power, he said.
The G20 meeting of the energy ministers was focused on a number of issues pertaining to energy, natural gas, climate change and sustainable development.
Al-Falih also held a number of bilateral meetings with heads of delegations participating in the G20 meeting, including those from China, the United States, Italy, Japan, the UK and Germany.
During the meetings, bilateral relations and issues of common interests were discussed.


Owner of Abu Dhabi’s Al Hilal Bank appoints chairman and CEO

Updated 21 April 2019
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Owner of Abu Dhabi’s Al Hilal Bank appoints chairman and CEO

  • Eraiqat is currently group chief executive of Abu Dhabi Commercial Bank (ADCB)
  • Eraiqat will serve as chairman at Al Hilal in addition to his current role at ADCB

DUBAI: Abu Dhabi Islamic lender Al Hilal Bank said on Sunday its owner, the Abu Dhabi Investment Council, had appointed Alaa Eraiqat as the bank's chairman.
Eraiqat is currently group chief executive of Abu Dhabi Commercial Bank (ADCB), which is expected to merge with Al Hilal Bank and Union National Bank (UNB) in the first half of 2019.
Eraiqat will serve as chairman at Al Hilal in addition to his current role at ADCB.
The Abu Dhabi Investment Council, a sovereign wealth fund which combined with Abu Dhabi state fund Mubadala last year, also appointed Amr Saad Al Menhali as chief executive of Al Hilal Bank.