Italy looks to new business and political ties with Saudi Arabia

Italy looks to new business and political ties with Saudi Arabia
Tourists wearing protective masks outside the Colosseum in Rome. (AFP)
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Updated 12 November 2020

Italy looks to new business and political ties with Saudi Arabia

Italy looks to new business and political ties with Saudi Arabia
  • Undersecretary for trade says Saudi Arabia’s response ‘will help defeat pandemic’

ROME: The Italian government has praised Saudi Arabia’s running of the G20 amid “very challenging” circumstances due to the coronavirus disease (COVID-19) pandemic, and expects the forthcoming G20 Summit, held in the Kingdom, to embolden a “strong commitment” on multilateralism.

“I want to compliment Saudi Arabia for running the G20 in these really unprecedented circumstances,” Italian Undersecretary of Foreign Affairs Ivan Scalfarotto, who will represent his country at the summit, said.

In an interview with Arab News, Scalfarotto, 55, who is in charge of the foreign trade dossier of Prime Minister Giuseppe Conte’s government, expressed his “deep sympathy for the difficult conjuncture that the Kingdom is facing due to the pandemic,” adding: “We are all in the same boat.”

 

Elected to the Italian Chamber of Deputies for the Partito Democratico, and now a member of Italia Viva, Scalfarotto has a proven business background, having worked for several years in managerial positions in the City of London. 

“Saudi Arabia had to handle the G20 in a very challenging time, also from an organizational perspective, because when we meet at multilateral fora, we tend to work with each other. Of course, there are formal meetings, but there’s also a lot of opportunities to talk to each other, cooperate and work on single issues,” he said.

Scalfarotto recalled that, normally, a number of meetings would run in tandem alongside summits such as the G20.

 

“In this case it was not possible, so I would say that the Saudi presidency did very well to keep us together and to keep the work flowing, in spite of the very difficult circumstances. We really appreciated their work and their commitment, and especially their ability to bring to our attention the most important issues we’re facing at this very moment.”

The undersecretary has high expectations for the G20 summit. “Especially after this pandemic we’re currently facing, what we need to see is a strong commitment of multilateralism,” he said, adding he was convinced that “this huge unprecedented challenge showed us that the only way forward for the world economy is strengthening the multilateral institutions in charge of regulating trade and economic relations.

“We are in the process of appointing a new director general (at the World Trade Organization). We know that the dispute settlement body has been stuck for some time already. So I think that what we have learned — the hard way — in facing this pandemic is that we need to leverage each other’s strengths and make sure that we get more integration; more globalization, not less globalization, within a multilateral and rule-based system.”




Italian trade envoy Ivan Scalfarotto.

The pandemic, Scalfarotto believes, “has been, and actually represents, an unprecedented challenge.” He recalled that the last major pandemic the world went through before COVID-19 was the 1918 “Spanish flu,” but added: “The world was completely different at that time. There was no internet. People were not traveling around. There was no globalization. In a way, the world seemed so much, much bigger at that time.

“Thanks to technology, now it is smaller, and this huge infection has basically hit all the continents.”

However, Scalfarotto is confident of a better future, and that the pandemic will be defeated. 

“History has taught us that humans were always able to face this kind of challenge. And I believe that the level of technology we have available now will be very, very important and useful for us all,” he said.

 

“I also believe that this will be something that forces us to carry out reforms that are needed in so many countries,” he added, highlighting bureaucracy as one. “But we also need to increase digitalization processes around the world. Then, I think of everything related to the environment, and sustainability.

“Most of the time, if they are well-handled, crises can turn into opportunities. We will have to restart and build with a brand new approach to the economy, with more attention to technological development and sustainability. It is a hard time, but I’m confident that Italy and the rest of the world will make it in the end.”

Scalfarotto also talked about the bilateral relations between Italy and Saudi Arabia, which he called “very good.”

Between the two countries, he said, “there are many areas of mutual interest. I would say that the business relations and political relations between Italy and Saudi Arabia are very good. Vision 2030 is a very important framework to develop cooperation in many sectors.”

He added he wanted to see improvement of bilateral cooperation in several fields, from infrastructure to manufacturing, but also in other sectors such as logistics, energy, health care, tourism and entertainment.

“There are so many fields where our economies and our skills are complementary. I’m sure we will be working together in an even more cohesive way so that we can build on our cooperation, for the benefit of both our countries.

“In the past years we have worked together very well, especially in the oil and gas industry,” he added. “A number of Italian companies have worked together with Saudi Aramco in that field, contributing to make the Kingdom a global leader in oil and gas. I believe that a portion of the success of Saudi Arabia in that sector comes also out of Italian competencies and quality.” For this reason, Scalfarotto believes that the G20 Summit could be an occasion for new political and business deals between Italy and the Kingdom. For the moment Scalfarotto does not want to show his cards, but he is definitely confident.

“I hope so, of course. I’m not in a position to comment on this because you wouldn’t comment on deals that are not closed.” He said. “But let me say that it is another opportunity to work together very positively.

“When you have a good business relationship and good political relations, sooner or later new deals come up. So I’m sure we will see something coming up in the close future.”


UAE to build waste-to-energy plants to burn two thirds of trash

UAE to build waste-to-energy plants to burn two thirds of trash
Updated 30 July 2021

UAE to build waste-to-energy plants to burn two thirds of trash

UAE to build waste-to-energy plants to burn two thirds of trash
  • Dubai is building a $1.1 billion waste-to-energy plant
  • Sharjah, Abu Dhabi also constructing facilities

RIYADH: The UAE plans to build a series of waste incinerators that will eventually burn up to two thirds of the country’s trash to deal with a growing refuse problem.

Dubai is constructing a $1.1 billion waste-to-energy facility, one of the largest in the world, while a smaller plant in being built in Sharjah and will begin operation this year, Bloomberg reported. Two further projects are being built in Abu Dhabi.

Burning trash creates carbon emissions, potentially making it harder for the UAE to reach its target of becoming carbon neutral by 2050.

However, Bee’ah, Sharjah’s waste company, will try to mitigate this by creating green spaces, install a 120-MW solar array on top of the plant and produce hydrogen from the garbage to fuel its rubbish trucks. Sharjah will also be able to close its landfill site.

Bee’ah CEO Khaled Al Huraimel said he wants to export the model across the region, including Saudi Arabia.

While environmentalist favor recycling over burning of trash, turning plastics and other waste into usable products is extremely challenging.

China’s recent ban on the importation of waste “has really changed the economic drivers,” said Mr.John Ord, a UK business director at engineering firm Stantec. “All of a sudden, we have a lot of waste that needs to be dealt with.”


Bitcoin tests the $40k resistance level

Bitcoin tests the $40k resistance level
Updated 30 July 2021

Bitcoin tests the $40k resistance level

Bitcoin tests the $40k resistance level

RIYADH: Bitcoin traded higher on Thursday, rising by 0.03 percent to $39,670.54 at 4:02 p.m. Riyadh time. Ether, the second-most traded global cryptocurrency, was up 0.44 percent to $2,291.72.05, according to data from CoinDesk.

Below is the latest news from the world of cryptocurrency:

Bitcoin buyers have been profitable, as the cryptocurrency tests the $40,000 resistance level. Sentiment has improved significantly over the past week, although some analysts believe it is time to pause before rallying again.

In a CoinDesk report, Justin Chuh, a senior trader at Wave Financial, said: “Bitcoin easily broke through $35,000, but I think it will probably have a harder time going through $40,000 this time.”

But attitudes could easily shift from bullish to bearish as bitcoin was still in a consolidation phase with strong resistance, the report added.

HIGHLIGHT

Bitcoin buyers have been profitable, as the cryptocurrency tests the $40,000 resistance level. Sentiment has improved significantly over the past week, although some analysts believe it is time to pause before rallying again.

Meanwhile, in a research paper published on Wednesday, Bank of America described central bank digital currencies as a more efficient payment system than cash. The second-largest bank in the US by total assets, said that digital central bank currencies could completely replace cash in the distant future.

A report released in May by blockchain infrastructure platform Bison Trails found that around 80 percent of central banks were exploring using digital currencies, with CoinDesk reporting that 40 percent were already testing proof-of-concept programs.

London-based Fabric Ventures has closed a $130 million fund to invest in early stage blockchain companies. One of its supporters is the European Investment Fund, which provided $30 million, marking the first time a European Commission company had invested in a fund focused on digital assets, said CoinDesk.

Stock and cryptocurrency trading app Robinhood has received a $32 billion valuation with its initial public offering and was set to debut on the Nasdaq on Thursday.

In a press statement on Wednesday, Robinhood priced its offering at $38 per Class A common share. The price is at the lower end of the $38 to $42 share price range that the company had targeted, and it planned to sell 5.5 million shares targeting an increase of $1.89 billion.

The firm is trying to reshape its image and said it was working on a new feature that would help protect users from cryptocurrency price volatility, while hiring a former Google graduate to improve the overall product design, according to CoinDesk.


Arab celebrity message app Yela raises $2.2 million funding

Yela has secured over a hundred A-list celebrities who fans can connect with, including Amr Diab. (Supplied)
Yela has secured over a hundred A-list celebrities who fans can connect with, including Amr Diab. (Supplied)
Updated 30 July 2021

Arab celebrity message app Yela raises $2.2 million funding

Yela has secured over a hundred A-list celebrities who fans can connect with, including Amr Diab. (Supplied)
  • The interactions on the platform can range from direct text messages to video clips

JEDDAH: Yela, a platform allowing users to get personalised video messages from their favorite Arab celebrities, has secured $2.2 million in funding, it was announced on Thursday.

Set to launched in August, Yela secured funding from US and UK investors with offices in London, Cairo, and Dubai. Participating from Silicon Valley is Razmig Hoghavian, a board member of Rakuten and General Partner at Graph Ventures.

The application was founded by Alex Eid, who said in a statement: “It’s incredible to see the support that Yela has already received from all sides, investors, celebrity creators, and fans.”

The first round of funding was also led by US investors Justin Mateen, a co-founder of Tinder and the General Partner of JAM Fund, and Sean Rad, a general partner at RAD Fund and also a co-founder of Tinder.

Yela has secured over a hundred A-list celebrities who fans can connect with including Amr Diab, Haifa Wehbe, Youssra, Mohamed Henedy, and Ahmed AlSakka. The interactions on the platform can range from direct text messages to video clips, with prices starting from $100.

 

 


Saudi Arabia to use 4IR to transform energy sector, fight climate change

Economy and Planning Minister Faisal Al-Ibrahim (L), Saudi Energy Minister Prince Abdul Aziz bin Salman (C) and Finance Minister Mohammed Al-Jadaan at the 4IR forum. (Screenshots)
Economy and Planning Minister Faisal Al-Ibrahim (L), Saudi Energy Minister Prince Abdul Aziz bin Salman (C) and Finance Minister Mohammed Al-Jadaan at the 4IR forum. (Screenshots)
Updated 29 July 2021

Saudi Arabia to use 4IR to transform energy sector, fight climate change

Economy and Planning Minister Faisal Al-Ibrahim (L), Saudi Energy Minister Prince Abdul Aziz bin Salman (C) and Finance Minister Mohammed Al-Jadaan at the 4IR forum. (Screenshots)
  • Ministers laud the technology at forum for Fourth Industrial Revolution in Riyadh
  • 4IR is a way of describing the blurring of boundaries between the physical, digital, and biological worlds

DUBAI/RIYADH/JEDDAH: Saudi Arabia is aiming to use Fourth Industrial Revolution (4IR) technology to fundamentally transform the energy sector, enhance the security of its water and food resources, and fight climate change, senior ministers announced.

“Our vision is to transform the energy sector through the application of data and technology,” Saudi Energy Minister Prince Abdul Aziz bin Salman said during the 4IR forum in Riyadh on Thursday.

“Saudi Arabia has a rich resource of youthful innovators who can be entrusted with the task of seeing this transformation through to fulfillment. The synergy between youth and technological innovation will make Saudi Arabia a dynamo for the digital transformation of the energy sector.”

4IR is a fusion of advances in artificial intelligence, robotics, the Internet of Things (IoT), genetic engineering, quantum computing, and more. It is a way of describing the blurring of boundaries between the physical, digital, and biological worlds.

The application of 4IR technology in energy will enable the Kingdom to lead the way in the battle against climate change, the Saudi energy minister said. 

“Perhaps the most important area where technology and energy can combine to the benefit, not just of the Kingdom, but of all mankind, is in the search for cleaner energy,” Prince Abdul Aziz said. “Here, we can use the technology of the 4IR to accelerate the energy transition, and meet the goals for the reduction in greenhouse gas emissions.”

His view was echoed by Ahmed Al-Zahrani, assistant minister for energy, who highlighted the potential of 4IR technologies like IoT and Blockchain. 

“These will help our endeavors to improve efficiency and reduce emissions,” Al Zahrani said.

The Kingdom is known for its energy security as it has been endowed with huge energy resources, but when it comes to food and water security, the country is facing challenges. Adding 4IR applications can address these challenges, Saudi Minister of Environment, Water and Agriculture Abdul Rahman Al-Fadli told the conference. 

Al-Fadli also said 4IR applications such as the use of remote sensors, artificial intelligence, and robotics will help the farming sector in Saudi Arabia as the technologies will provide better data from the fields. He also mentioned that these applications will assist the Kingdom in its plan to plant billions of trees under its green initiative.

“The challenge we all face is to tackle the great issues of the world today, like post-pandemic economic recovery, energy reliability, and sustainability,” Prince Abdul Aziz said.

In other developments from the forum, Ahmed Al-Saadi, senior vice president for technical service at Saudi Aramco, said the oil company had developed its technology for many years, notably in monitoring conditions in oil reservoirs. He said Aramco had made great strides in technology and was among the “best in class” operators in the global energy peer group.

Mohammed Abunayyan, chairman of ACWA Power, the utility developer backed by Saudi Arabia’s Public Investment Fund, told the forum most of its operations were now digital and that essential maintenance was controlled and managed through digital functions.

Abunayyan also said the involvement of the private sector in the digitization of energy was crucial: “The private sector will always deliver better value than the public utility model.”

Jason Bordoff, Dean of the Columbia Climate School in New York, had a warning about the slow progress towards the Paris Agreement goal of reducing CO2 emissions.

“We are not on track to meet those goals,” he said. “We need emissions to decline faster.”

Melissa Lott, research director at Columbia’s energy policy center, said carbon capture, utilization, and storage — a big element in Saudi Arabia’s Circular Carbon Economy framework — was crucial to efforts in reducing emissions.


New center to lead Saudi role in ‘4th industrial revolution’, economic minister says

New center to lead Saudi role in ‘4th industrial revolution’, economic minister says
Updated 30 July 2021

New center to lead Saudi role in ‘4th industrial revolution’, economic minister says

New center to lead Saudi role in ‘4th industrial revolution’, economic minister says
  • The Saudi minister said the new center will contribute to global discussions on the use of 4IR technology, such as 5G and artificial intelligence

DUBAI: The Saudi Centre for the Fourth Industrial Revolution (4IR) will lead the Kingdom’s role in utilizing advanced technologies and their local and global implications, Minister of Economy and Planning Faisal bin Fadel Al-Ibrahim said.

The Saudi minister said the new center will contribute to global discussions on the use of 4IR technology, such as 5G and artificial intelligence, especially amid the COVID-19 pandemic that has introduced new challengers to countries.

“COVID-19 intensified the need for data and evidence-based iterative policymaking supported by technology-driven and innovation-based solutions,” he said at the first Saudi 4IR forum held in Riyadh.

The Kingdom has become a global role model in deploying digital technology at peak of the health crisis, Al-Ibrahim said, enumerating Saudi efforts to manage the pandemic.

The Kingdom is known for its energy security as it has been endowed with huge energy resources, but when it comes to food and water security, the country is facing challenges.
(Shutterstock)

Saudi Arabia ranks 4th in the world in 5G connectivity, he added, and a robust digital infrastructure helped the Kingdom overcome challenges in the education and finance sectors.

Over 850 thousand daily classes were executed for over 6 million students in 2020, and around 2.8 billion digital payment transactions were made.

“This demonstrates Saudi`s leadership in having the most modern digital platform and world class capabilities to design local and global solutions at the technological frontier,” the minister said.

A recent report by the United Nations Conference on Trade and Development said the technology market could reach the value of 3.2 trillion dollars in 2025, increasing by almost 10 times from 2018 figures.

Al-Ibrahim said the Saudi economy could benefit from this by capturing a slice of the industry over the next five years.

The Kingdom is already in a good position, he explained, saying it “has its work cut out for it to move up the Global Innovation Index rankings where we plan to be among the leading pack of our G20 peers.”

“We are passionate about the objectives and vision of the Center, and look forward to working closely with its team in bringing the public and private sectors as well as the science and technology community together,” he added.