Saudi Arabia has potential to be hub for green finance: KPMG

Michael Hayes, global head of renewables, KPMG International.
Updated 20 November 2019

Saudi Arabia has potential to be hub for green finance: KPMG

Saudi Arabia can become the center for green finance for emerging markets, which will bring huge economic and commercial benefits to the economy in line with Vision 2030, according to Michael Hayes, global head of renewables, KPMG International.
“The amount of capital required to support the energy transition is vast and it is for this reason that a whole new sector called green finance has emerged in recent years delivering new products such as green bonds and green insurance. Much of the expenditure in renewables over the next 20 years will be in emerging markets and so Saudi Arabia should concentrate on creating a center for green finance for emerging markets,” he said.
The Saudi government intends to attract between $30 billion and $50 billion in new investments into renewables by 2030, as it plans to tender around 9.5GW of solar and wind capacities by 2023. Furthermore, the International Renewable Energy Agency (IRENA) predicts that nearly $148 billion will be required each year until 2050 to meet the goals of the Paris Agreement and limit global temperature increases to 1.5 C above pre-industrial levels.
Given these investment projections, Hayes believes it is an absolute necessity for GCC governments to invest in renewables, which is one of the key goals of governmental visions across the GCC. 
“Climate change is now recognized as the most significant risk on the planet and is likely to dominate the political and economic landscape for many years to come. While there are many different ways to help in the fight against climate change, transitioning from conventional power usage to renewable power is still one of the best and most effective solutions available,” Hayes said.
The Middle Eastern countries are well aware of their strong dependence on fossil fuels to drive economic growth. Therefore, in an era when the long-term viability of fossil fuels is under question, it is critical that these economies diversify as soon as possible. 
“Renewable generation represents an ideal way to do this and over time, I expect to see Saudi Arabia and other GCC countries take a leading role in the growth of renewable energy across the region and even into Sub-Sahara Africa,” he said.
 


Al-Dabbagh Group Ranked sixth on Kingdom of Saudi Arabia’s Great Place to Work List

Updated 04 June 2020

Al-Dabbagh Group Ranked sixth on Kingdom of Saudi Arabia’s Great Place to Work List

Jeddah, Saudi Arabia: Al-Dabbagh Holding Group, founded in 1962, has been ranked sixth in the Saudi Arabian private sector's best working environments for the year 2020. The ranking is compiled by Great Place to Work, a leading global organization that evaluates work environments across more than 60 countries.
This achievement comes in recognition of Al-Dabbagh Group's efforts toward creating and fostering a positive working environment for all. Employees participated in a questionnaire on work-place satisfaction, and the company policies were also subject to an external review, both of which contributed to the resulting ranking.
Al-Dabbagh Group’s Head of Human Resources, Hayfa Abu-Zabibah has said that "this achievement is the result of the Group's unique culture, derived from the philosophy of Omnipreneurship, which embraces comprehensive leadership and is made up of three principles (Giving, Earning and Sustaining) five values (integrity, passion, respect, forward-thinking, teamwork) and ten golden rules. The principles, values and golden rules provide the framework that govern the Group’s ecosystem and culture.”
Hayfa added that receiving this award will only increase the Group’s motivation to further promote this ecosystem and continue efforts toward becoming a better place to work.