Prince Charles: Saudi Arabia has 'critical role' in fighting climate change

Prince Charles: Saudi Arabia has 'critical role' in fighting climate change
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Updated 23 October 2021

Prince Charles: Saudi Arabia has 'critical role' in fighting climate change

Prince Charles: Saudi Arabia has 'critical role' in fighting climate change

RIYADH: Saudi Arabia has a “critically important” role in diversifying the world’s energy mix and tackling climate change, UK’s Prince Charles has insisted.

In a video message played at the Saudi Green Initiative Forum in Riyadh, the prince of Wales said the work in the Middle East to tackle climate change is providing hope that the world can experience a green recovery.

The prince warned there is a “dangerously narrow window of opportunity” for nations to act, adding: “But, there is hope, and we are already seeing real progress — something the Saudi Green Initiative and Middle East Green Initiative aim to accelerate.

“As I’ve been trying to stress for many years, the region has huge potential for renewable energy including solar power, wind, green hydrogen and carbon capture.

“These industries can drive economic growth and increase green job opportunities.

“Ladies and gentlemen, the Kingdom’s global leadership in energy transition is critically important.

“I can only say that it is enormously encouraging to see the commitment to diversifying its emergency mix, recognizing the cascading economic and social environment benefits that renewable energy provides.

“Practical projects on the ground help bring to life the transformative potential of the green economy.

“Bearing in mind that the region is estimated to lose $13 billion to dust storms every year, there is no doubt that the regional initiative to plant billions of trees would have a truly transformative effect for the benefit of generations to come.”

He said in the Middle East the current climate is 1-1.5 degrees centigrade warmer than pre-industrial time, with an increasing risk of future warming during the summer temperatures of the year. 

Prince Charles warned the warming temperatures can have severe effects on the people and the ecology of the region. 

He said a green economy has the potential to transform a country’s use of energy resources driving economic activity. 


Indian salesmen threaten supply disruptions in protest against Reliance

Indian salesmen threaten supply disruptions in protest against Reliance
Image: Shutterstock
Updated 05 December 2021

Indian salesmen threaten supply disruptions in protest against Reliance

Indian salesmen threaten supply disruptions in protest against Reliance

India’s household goods salesmen have threatened to disrupt supplies to mom-and-pop stores if consumer companies provide products at lower prices to Reliance Industries, according to a letter seen by Reuters.


Reuters reported last month Indian salesmen representing companies such as Reckitt Benckiser , Unilever and Colgate-Palmolive said their sales had dropped 20-25 percent in the last year as mom-and-pop stores were increasingly partnering with Indian billionaire Mukesh Ambani’s Reliance.


Ambani’s deeply discounted offerings were prompting more stores to order digitally from his JioMart Partner app, posing an existential threat to more than 450,000 company salesmen who for decades served every corner of the vast nation by going store-to-store to take orders.


Citing the Reuters story, the All India Consumer Products Distributors Federation — which has 400,000 members — has written to consumer companies demanding a level playing field, saying they must get products at same prices like other big corporate distributors such as Reliance.


If the pricing-parity demand is not met, the group said in its letter, its salesmen will stop distribution of products to mom-and-pop stores, and will also not supply newly launched consumer goods if such partnerships continue beyond Jan 1.


“We have earned reputation and goodwill among our retailers by giving them good service for many years ... We have decided to call a ‘Non-cooperation’ movement,” said the letter.


The group’s president, Dhairyashil Patil, said the letter was sent to Reckitt, Hindustan Unilever, Colgate and 20 other consumer goods companies.


None of the three consumer companies, as well as Reliance, responded to requests for comment.


Mom-and-pop stores, or “kiranas,” account for 80 percent of a near-$900 billion retail market in India.

About 300,000 such stores in 150 cities order goods from Reliance, with the company setting a target of 10 million partner stores by 2024.


Traditional distributors have told Reuters they have been forced to cut vehicle fleet and staff as their business has been suffering because they can’t match Reliance’s pricing.


Jefferies in March estimated kiranas will “steadily increase the share of procurement” from Reliance “at the cost of traditional distributors.”

Such sales for Reliance could mushroom to $10.4 billion by 2025 from just $200 million in 2021-22, Jefferies estimates.


Saudi Space Commission signs agreement with French counterpart 

Saudi Space Commission signs agreement with French counterpart 
Updated 05 December 2021

Saudi Space Commission signs agreement with French counterpart 

Saudi Space Commission signs agreement with French counterpart 
  • The agreement outlines different cooperative activities between the two firms, the Saudi firm said in a statement

RIYADH: The Saudi Space Commission has signed a cooperative agreement with its French counterpart, National Center for Space Studies, in the field of the peaceful use of outer space.

The agreement outlines different cooperative activities between the two firms, the Saudi firm said in a statement. It comes amid French President Emmanuel Macron’s visit in Saudi Arabia. 

It provides a framework for cooperation in space activities, including exchanging information and technologies, capacity building, organizing mutual visits and meetings, holding workshops and training courses. 

Both firms will also develop a mechanism for space-based climate monitoring, and create an attractive environment for investments in the sector. 

Mohammed Al-Tamaimi, CEO of the Saudi Space Commission, said he is pleased to sign the cooperation agreement, as well as to benefit from the French experience in the space sector.


Saudi Chemical, Sanofi sign deal to localize manufacturing of thrombosis drug 

Saudi Chemical, Sanofi sign deal to localize manufacturing of thrombosis drug 
Updated 05 December 2021

Saudi Chemical, Sanofi sign deal to localize manufacturing of thrombosis drug 

Saudi Chemical, Sanofi sign deal to localize manufacturing of thrombosis drug 
  • Clexane is a therapeutic solution that prevents and treats thrombosis

DUBAI: The Saudi Chemical Company Holding has signed an initial agreement with French pharmaceutical giant Sanofi to explore manufacturing Clexane in Saudi Arabia. 

Clexane is a therapeutic solution that prevents and treats thrombosis, which may also “affect a significant percentage of COVID-19 patients with severe symptoms,” the Saudi firm said in a bourse filing. 

Thrombosis is the formation of blood clot within a blood vessel which can lead to life-threatening complications such as stroke and heart attack. 

The MoU outlines Aja Pharma’s, a unit of SCCH, role to provide manufacturing facilities and systems to produce Clexane prefilled syringes in the Kingdom.

The move comes amid France’s President Emmanuel Macron’s state visit in the Kingdom, where a number of deals between Saudi and French companies were signed. 

The agreement is also in line with the Kingdom’s push to localize critical industries, and drive economic growth with more local content. 


Tadawul live updates; TASI, Nomu gain amidst global omicron worries: Market Open

Tadawul live updates; TASI, Nomu gain amidst global omicron worries: Market Open
Updated 13 min 47 sec ago

Tadawul live updates; TASI, Nomu gain amidst global omicron worries: Market Open

Tadawul live updates; TASI, Nomu gain amidst global omicron worries: Market Open

RIYADH: Saudi Tadawul’s major indexes witnessed a morning rally, the main index TASI advanced by 0.92 percent while parallel index Nomu rose by 0.88 percent at midday Saudi time, fueling investor optimism.

Sadr Logistics Co. led the gains today, hitting an all-time high of SR86.2 ($23) up by almost 10 percent, continuing its upward trend from last week.

Among the top gainers, Al Sagr Insurance and The National Company for Glass Industries rose by more than 8 percent.

Maadaniyah announced Dec.9 as its last day for rights issue trading and new shares subscription.

US District Court for Southern Texas ruled in favor of Saudi Aramco for the appeal filed by Khalid Al-Qarqani heirs to enforce nearly SR67.3 billion ($18 billion) purported foreign arbitral award, according to a bourse filing.

Hail Cement Co.’s board of directors announced the recommendation to distribute a cash dividend of 5 percent for the first nine months of 2021.

The National Company for Learning and Education, or NCLE, announced the termination of its contract with Ajaa Company for Trade & Construction by mutual agreement between the parties without any penalties.

This happened as costs of manpower and materials increased due to the interruptions of construction work caused by lock-down periods.

However, NCLE signed a construction contract to complete the construction work for Tilal Al-Doha educational complex in Dhahran City in the Eastern Province with Suhul Al-Baidha Establishment for Construction, raising its value by 2.54 percent today.

Gulf Union Alahlia Cooperative Insurance Co. received the approval to increase the company’s capital from SR229.4 million to SR458.9 million by offering a rights issue, which is expected to boost its share value further after increasing by 2.33 percent in early trading.

Top gainers in the session outnumbered the top losers including Banque Saudi Fransi and CHUBB Arabia Cooperative Insurance Co., share price declines were minor – around 1 percent.


Saudi non-oil sector maintains growth as PMI drops in November: IHS Markit

Saudi non-oil sector maintains growth as PMI drops in November: IHS Markit
Updated 05 December 2021

Saudi non-oil sector maintains growth as PMI drops in November: IHS Markit

Saudi non-oil sector maintains growth as PMI drops in November: IHS Markit
  • The new report business activity rose “at one of the fastest rates since the start of the COVID-19 pandemic”

DUBAI: Strong demand and modest price pressures are pushing business activity to rise Saudi Arabia, a latest IHS Market report showed, indicating a “strong growth momentum” for the Kingdom’s non-oil sector. 

The new Purchasing Managers’ Index (PMI) report said business activity rose “at one of the fastest rates since the start of the COVID-19 pandemic.”

This is despite the index dropping from 57.7 in October to 56.9 in November, which the report still said was “in line with the average recorded over the 12-year series.”

“Despite slipping to a three-month low, new business growth was rapid overall, whilst activity expanded at one of the quickest rates since the start of the pandemic,” David Owen, an economist at the IHS Markit said. 

The fall was due to a slowdown in new orders, which fell for the second month in a row from September’s seven-year high.