Spotlight on opportunities in Madinat Yanbu Al-Sinaiyah

Updated 01 December 2015

Spotlight on opportunities in Madinat Yanbu Al-Sinaiyah

JEDDAH: The Royal Commission at Yanbu has organized an introductory meeting on investment opportunities in Madinat Yanbu Al-Sinaiyah, in the presence of board chairman and members of Council of Saudi Chambers of Commerce on the sidelines of the 87th meeting of the council.
Alaa Abdullah Nassif, CEO of Royal Commission at Yanbu, delivered a speech in which he welcomed the visiting delegation and provided a brief overview of the Royal Commission establishment and its role in setting up the infrastructure of residential, industrial and commercial sectors in the city.
Nassif said that the Royal Commission industrial cities primarily participate in supporting the Kingdom’s economy.
They account for around 12 percent of Saudi Arabia’s Gross Domestic Product (GDP).
With active collaboration with global partners, committed capital investments at MYAS reached by SR266 billion the end of 2015 — SR34 billion are government investments and SR232 billion are private sector investments.
Nassif indicated that the economic indicators studies assure increase of industrial, commercial and residential investment returns at Madinat Yanbu Al-Sinaiyah.
Zaidan Mohammed Omar Yousef, director general of Strategic Planning and Investment Development, made a visual presentation on various investment opportunities at Madinat Yanbu Al-Sinaiyah.
Industrial complexes related to hydro- carbonic industries, spare parts, renewable energy and rubber, water desalination industries, multi-modal logistics hub as well as residential and commercial investment opportunities like residential complexes and commercial and health facilities, hotels, tourism and recreational buildings at the waterfront area.


Big oil feels the heat on climate as industry leader promises: ‘We will be different’

Updated 22 January 2020

Big oil feels the heat on climate as industry leader promises: ‘We will be different’

  • Trump singles out ‘prophets of doom’ for attack
  • Greenpeace told the Davos gathering that the world’s largest banks, funds and insurance companies had invested $1.4 trillion in fossil fuel companies since the Paris climate deal

LONDON: Teenage environmental activist Greta Thunberg slammed inaction over climate change as the global oil industry found itself under intense scrutiny on the opening day of the World Economic Forum in Davos.

The teenage campaigner went head to head with US President Donald Trump, who dismissed climate “prophets of doom” in his speech.
She in turn shrugged off the US president’s pledge to join the economic forum’s initiative to plant 1 trillion trees to help capture carbon dioxide.
“Planting trees is good, of course, but it’s nowhere near enough,” Thunberg said. “It cannot replace mitigation. We need to start listening to the science and treat this crisis with the importance it deserves,” the 17-year-old said.
The 50th meeting of the World Economic Forum was dominated by the global threat posed by climate change and the carbon economy.
The environmental focus of Davos 2020 caps a year when carbon emissions from fossil fuels hit a record high, and the devastating effects of bushfires in Australia and other climate disasters dominated the news.
Oil company executives from the Gulf and elsewhere are in the spotlight at this year’s Davos meeting as they come under increased pressure to demonstrate how they are reducing their carbon footprint.
“We are not only fighting for our industry’s life but fighting for people to understand the things that we are doing,” said Vicki Hollub, CEO of Occidental, the US-based oil giant with extensive oil operations in the Gulf. “As an industry when we could be different — we will be different.”

‘Planting trees is good, but nowhere near enough,’ activist Greta Thunberg told Davos. (Shutterstock)

She said the company was getting close to being able to sequester significant volumes of CO2 in the US Permian Basin, the heartland of the American shale oil industry which is increasingly in competition with the conventional oil producers of the Arabian Gulf.
“The Permian Basin has the capacity to store 150 gigatons of CO2. That would be 28 years of emissions in the US. That’s the prize for us and that’s the opportunity. People say if you’re sequestering in an oil reservoir then you are producing more oil, but the reality is that it takes more CO2 to inject into a reservoir than the barrel of oil that it makes come out,” Hollub said.
The challenge Occidental and other oil companies face is to make investors understand what is happening in this area of carbon sequesteration, she added.
The investment community at Davos is also looking hard at the oil industry in the face of mounting investor concerns.
Greenpeace told the Davos gathering that the world’s largest banks, funds and insurance companies had invested $1.4 trillion in fossil fuel companies since the Paris climate deal. It accused some of these groups of failing to live up to the World Economic Forum goal of “improving the state of the world.”