Saudi Arabia to tap private sector, NGOs for Saudi Green Initiative

Saudi Arabia to tap private sector, NGOs for Saudi Green Initiative
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Updated 24 October 2021

Saudi Arabia to tap private sector, NGOs for Saudi Green Initiative

Saudi Arabia to tap private sector, NGOs for Saudi Green Initiative

RIYADH: Saudi Arabia will seek involvement from the private sector and other organizations in the Kingdom to help plant 10 billion trees under the Saudi Green Initiative.

The Minister of Water, Environment, and Agriculture Abdulrahman Al-Fadly told Arab News that the government cannot do it all alone, adding that the final budget and amount of funding available for the entire project is currently under review.

“All the private sector, non-governmental organizations, citizens, agricultural associations, environmental associations, companies, government companies, and the government as well, will participate in planting the trees” he told Arab News on the sideline of Saudi Green Initiative Forum in Riyadh.

“Planting 10 billion trees is one of the milestone initiatives here in the Kingdom of Saudi Arabia,” he said. 

Degradation is one of the major issues under focus in the Kingdom. By achieving the goal of planting 10 billion trees under the Saudi Green Initiative, 50 million hectares of Saudi Arabia will be rehabilitated and redeveloped. 

The minister highlighted that 50 percent of the degraded land in the Kingdom will be rehabilitated to reduce the negative impacts of climate change and new land will be designated solely for the protection of wildlife. 

“The Kingdom will plant 1 percent of the global tree plantation target,” he said. 

As announced by Crown Prince Mohammed bin Salman the private sector will have numerous investment opportunities and contributions along the way.     

“Naturally speaking when it comes to planting 10 billion trees in the Kingdom with this kind of climate it is a great challenge, but I do believe we will be able to put this initiative into action through the use of renewable water, desalinated water, or treated water,” the minister emphasized. 

The initiative will mainly focus on local and native plants that can endure the climate change or the drought along with the implementation of new technology that can research and limit the usage of water. 

Speaking earlier in the day, the minister told the forum the government is planning to use 50 million hectares of land to plant the trees, as it aims to “provide a green cover to reduce the negative impact of climate change."

The minister also reiterated the Saudi crown prince’s commitment to the Kingdom’s environmental objectives. 

He said the crown prince has increased the percentage of the Kingdom’s protected land from 16 percent to 20 percent. 

 


Aramco CEO says energy transition not going smoothly: Reuters

Aramco CEO says energy transition not going smoothly: Reuters
Updated 27 January 2022

Aramco CEO says energy transition not going smoothly: Reuters

Aramco CEO says energy transition not going smoothly: Reuters

BEIRUT: Saudi Aramco CEO Amin Nasser said on Thursday that the energy transition “was not going smoothly,” pointing to a resurgence in demand for oil and gas as the global economy recovers while supplies lag on the back of falling investment, according to Reuters.

“We all agree that to move towards a sustainable energy future a smooth energy transition is absolutely essential but we must also consider the complexities and challenges to get there,” he told the B20 conference in Indonesia via video link.

“We have to acknowledge that the current transition is not going smoothly,” he said.

- Reuters


SNB board recommends dividends of over $1bn for the second half of 2021

SNB board recommends dividends of over $1bn for the second half of 2021
Updated 27 January 2022

SNB board recommends dividends of over $1bn for the second half of 2021

SNB board recommends dividends of over $1bn for the second half of 2021

RIYADH: Saudi National Bank, the Kingdom’s biggest lender, said its board has recommended cash dividends of SR4.03 billion ($1.1 billion), or 9 percent of capital, for the second half of 2021.

SNB’s shareholders will receive SR0.9 per share, with a total amount of 4.48 billion shares eligible for dividends, a bourse statement by the bank revealed.

This brings the annual dividend yield to 2.12 percent, based on a share price of SR73, given the bank paid out SR0.65 per share for the first half of the same year.

The distribution date is yet to be disclosed, according to the statement.


Data-led innovation needed to help Saudi firms process information, says Dell ahead of LEAP

Data-led innovation needed to help Saudi firms process information, says Dell ahead of LEAP
Updated 27 January 2022

Data-led innovation needed to help Saudi firms process information, says Dell ahead of LEAP

Data-led innovation needed to help Saudi firms process information, says Dell ahead of LEAP

RIYADH: The majority of Saudi businesses gather data faster than it can be analyzed and used, Dell Technologies has warned ahead of the LEAP tech event being held in Riyadh from Feb. 1-3.

The US firm is set to take part in the forum, which is focused on future and disruptive technologies.

Ahead of the event, Mohamed Talaat, vice president in Saudi Arabia, Egypt and Levant at Dell Technologies, pointed to research by his company in 2021 that showed 70 percent of Saudi respondents have data-driven business and consider data as the lifeblood of their organisation.

However, 59 percent said they were gathering data faster than they could analyze and use.

Talaat said: “Saudi Arabia today stands at the threshold of change, underpinned by the nation’s ambitious vision and drive to transform, innovate and build a legacy for generations to come.

“Dell Technologies remains committed to advancing the country’s transformation agenda. We're empowering local organizations with end-to-end infrastructure and client solutions. They not only support a data-driven work culture, but are also capable of predicting the future and achieving better business results.”


Pandemic fast food orders see Saudi chain Herfy triple profits in 2021

Pandemic fast food orders see Saudi chain Herfy triple profits in 2021
Updated 27 January 2022

Pandemic fast food orders see Saudi chain Herfy triple profits in 2021

Pandemic fast food orders see Saudi chain Herfy triple profits in 2021

RIYADH: Saudi Arabia’s largest food chain, Herfy Food Service Co. has seen over a threefold rise in its estimated annual profit for 2021, after a surge in its sales during the pandemic.

The estimated net profit amounted to SR162 million ($43.2 million), compared to SR52.8 million a year earlier, according to a bourse filing.

The hike was propelled by a jump in sales of 22 percent, reaching more than SR1.3 billion, as well as a fall in general and administrative expenses.

This came despite a decrease in other income and higher selling and marketing expenses, the Riyadh-based food chain owner said in a bourse statement.

Herfy Food Services was established in 1981, and the first Herfy restaurant opened in Riyadh that same year.


Shares in SoftBank trading at their lowest level since May 2020

Shares in SoftBank trading at their lowest level since May 2020
Updated 27 January 2022

Shares in SoftBank trading at their lowest level since May 2020

Shares in SoftBank trading at their lowest level since May 2020

RIYADH: Japan's SoftBank, backed by the Saudi Public Investment Fund was among the most significant victims of the tech stock sell-off across Asia on Thursday, Bloomberg reported.

Investors turned on billionaire Masayoshi Son's company as the tightening phase of central bank policies unfolded.

The stock dropped as much as 9.8 percent in Tokyo, the most since March 2020, as Nasdaq futures tumbled and shares of the firm’s biggest investment, Alibaba Group, dropped in Hong Kong.

Hawkish signals from Federal Reserve Chair Jerome Powell led investors to bet against technology companies, which have powered much of the recent growth in global markets: something SoftBank has been gambling on with its Vision Funds of speculative tech bets.

“SoftBank is a poster child of a firm highly leveraged to the current asset bubbles,” wrote Amir Anvarzadeh, senior strategist at Asymmetric Advisors Pte, who recommends shorting the stock.

“This latest lurch down in its value could add further pressure on its financing structure.”

Shares in SoftBank traded at their lowest level since May 2020, with reports that a planned sale of its Arm chip unit to Nvidia was likely to fall through also weighing on the stock.

Analysts pointed out that the failure of the deal may lead to a credit downgrade.