SGI: Youth will play a big role in Saudi Arabia’s environmental agenda

SGI: Youth will play a big role in Saudi Arabia’s environmental agenda
Almost 51 percent of the Kingdom's population is below 25 years old (Getty)
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Updated 24 October 2021

SGI: Youth will play a big role in Saudi Arabia’s environmental agenda

SGI: Youth will play a big role in Saudi Arabia’s environmental agenda
  • "It is your generation that must make us be accountable," says UN Secretary-General Antonio Guterres

DUBAI/JEDDAH: Saudi Arabia is in full gear to host the upcoming Saudi Green Initiative in Riyadh — a much awaited event that will set out the Kingdom’s ambitious environmental agenda. 

But the event is not only going to cover Saudi efforts to fight climate change, but also rally the wider Middle East region to comply with international targets, including limiting global warming to below 2 degrees compared to pre-industrial levels. 

Experts all over the world have emphasized the role of collaboration to achieve this, with Saudi Arabia demonstrating it with its remarkable hosting of the G20 summit last year — at the height of the COVID-19 pandemic. 

The efforts are not only coming from governments though — one of the most reported environmental campaigns is coming from young people, which the UN said is just logical given they are the inheritors of the Earth.

“My generation has largely failed until now to preserve both justice in the world and to preserve the planet. It is your generation that must make us be accountable to make sure that we don't betray the future of humankind,” UN Secretary-General Antonio Guterres previously said in a statement. 

This will be reflected in the upcoming SGI, where a parallel event that focuses on youth participation in the regional and global environmental agenda will be held.

The Youth Green Summit, happening on October 24, is “a platform for environmental literacy, advocacy, and policy making,” according to the SGI website. 

It will feature interactive workshops and collaborative climate policy activities, as well as panels with leading youth activists. 

Saudi Arabia has a massive young population — almost 51 percent of the Kingdom is below 25 years old, and the government has been empowering them to contribute to Crown Prince Mohammed bin Salman’s “Vision 2030” to improve the quality of life in the Kingdom. 

A Saudi-based founder of a local environmental initiative said including the youth in discussions about the environment is “what will provide effective results.”

“The future of national development in the Kingdom hinges on empowering its youthful majority,” Eshraq Al-Haddad told Arab News.

She added: “The Kingdom has already made tremendous efforts to empower youth through programs and projects of national transformation initiatives, increasing their participation in society and the labor market.”

Al-Haddad said many young Saudis have shown an increasing interest in environmental sustainability, and many are championing this cause through creating businesses or promoting environmental awareness through community activities or campaigns.

“In a recent development, Saudi youth have been profoundly involved in the lead up to the Saudi G20 Summit. Hence, youth have been the major beneficiaries of the chance for open dialogue and inclusive policy making,” she said.

The Saudi youth is “yearning for an active role to make a positive impact towards the environment,” Al-Hadded said, adding the “Saudi Green Initiative is a great step.”

A 23-year-old Saudi-based diver, Joud Hamshari, said she is “thrilled” for the upcoming Youth Green Summit.

“We scuba dive to explore the underwater and enjoy the scenery of marine life. As divers, it is our responsibility to preserve the aquatic environment, and it is good to have the support of SGI to sustain the effort we do as scuba divers,” she said.

Other divers like Hamshari have been involved in different activities to create awareness in their own communities, including annual clean-up drives. 

Fifteen-year-old Saudi Nour Binmahfouz said: “As divers, it is our obligation to preserve the aquatic environment and educate those who have neglected their duties. With the support of the Saudi Green initiative, us divers will be able to continue with our efforts in spreading awareness as pollution in the ocean has skyrocketed.”

The SGI Forum will take place on October 23, followed by the Youth Green Summit on the next day.

 


Saudi Arabia raises January Arab Light crude prices to Asia

Saudi Arabia raises January Arab Light crude prices to Asia
Image: Shutterstock
Updated 4 sec ago

Saudi Arabia raises January Arab Light crude prices to Asia

Saudi Arabia raises January Arab Light crude prices to Asia

Saudi Arabia's state oil producer Aramco raised its January official selling price to Asia for its flagship Arab Light crude to $3.30 a barrel versus Oman/Dubai crude, up $0.60 from December, the company said on Sunday.

The company set the Arab Light OSP to Northwestern Europe at minus $1.30 per barrel versus ICE Brent and to the United States at plus $2.15 per barrel over ASCI (Argus Sour Crude Index).


UAE’s BLOOVO, Egypt’s CI Capital sign agreement on streamline recruitment using AI

UAE’s BLOOVO, Egypt’s CI Capital sign agreement on streamline recruitment using AI
Image: Shutterstock
Updated 38 min 12 sec ago

UAE’s BLOOVO, Egypt’s CI Capital sign agreement on streamline recruitment using AI

UAE’s BLOOVO, Egypt’s CI Capital sign agreement on streamline recruitment using AI
  • This comes as BLOOVO pushes forward with efforts to expand across Egypt

RIYADH: UAE-based BLOOVO announced the signing of a partnership agreement with Egypt’s investment banking company CI Capital Holdings to supply it with an artificial intelligence recruitment tool.

The technology company, a specialist provider of  AI-powered recruitment solution, HYRDD will be supplying the AI-powered Applicant Tracking System. 

This comes as BLOOVO pushes forward with efforts to expand across Egypt by using Artificial Intelligence and Machine Learning to transform the HR industry. 

“This partnership comes at a time when Egypt’s digital transformation soars as more firms recognise the importance of AI in improving the way firms run their business processes,”   CEO of BLOOVO, Ahmad Khamis, said.

CI Capital Holding, listed on the Egyptian Exchange, offers diversified financial services, including investment banking, leasing, and microfinance products and services. 

The deployment of HYRRD will equip the investment bank’s hiring teams with tools and resources to streamline their recruitment process and eliminate inefficiencies. 


Higher costs, weak demand weigh on Egypt’s private sector

Higher costs, weak demand weigh on Egypt’s private sector
Updated 05 December 2021

Higher costs, weak demand weigh on Egypt’s private sector

Higher costs, weak demand weigh on Egypt’s private sector

CAIRO: Egypt’s private sector experienced a downturn in November due to rising costs and weaker demand, according to IHS Markit.

The Purchasing Manager’s Index hit 48.7 in November, the 12th consecutive month in which the North African country’s in below 50.

Production levels in Egypt’s private sector were down in November. Output has now slipped for the third month in a row, the London-based firm said.

Following four months of jumps, employment was down during the month as new orders in the North African country declined.

“Inflationary pressures and supply shortages were again the most prominent depressors of Egypt’s non-oil economy in November,” David Owen, economist at IHS Markit, said.

Selling prices were on the rise as inflation rate fell marginally from its 38-month high in October. This prompted firms to mark-up their prices by over 10 percent to safeguard their profits


Trump’s social media venture says it has raised $1bn

Trump’s social media venture says it has raised $1bn
Truth Social app logo seen on the smartphone and the Follow the fruth on blurred screen behind. New social media platform from Donald Trump.
Updated 05 December 2021

Trump’s social media venture says it has raised $1bn

Trump’s social media venture says it has raised $1bn
  • He is working to launch a social media app called TRUTH Social that is at least several weeks away

Donald Trump’s new social media venture said on Saturday it had entered into agreements to raise about $1 billion from a group of unidentified investors as it prepares to float in the US stock market.


The capital raise, details of which were first reported by Reuters on Wednesday, underscored the former US president’s ability to attract strong financial backing thanks to his personal and political brand.

He is working to launch a social media app called TRUTH Social that is at least several weeks away.


Digital World Acquisition Corp, the blank-check acquisition firm that will take Trump Media & Technology Group Corp. public by listing it in New York, said it will provide up to $293 million to the partnership with Trump’s media venture, taking the total proceeds to about $1.25 billion.


The $1 billion will be raised through a private investment in public equity (PIPE) transaction from “a diverse group of institutional investors,” Trump Media and Digital World said in a statement.

They did not respond to requests to name the investors.


Trump Media inked its deal with Digital World to go public in October at a valuation of $875 million, including debt.

The social media venture is now valued at almost $4 billion based on the price of Digital World shares at the end of trading on Friday.

Trump supporters and day traders snapped up the stock.


Many Wall Street firms such as mutual funds and private equity firms snubbed the opportunity to invest in the PIPE.

Among those investors who participated were hedge funds, family offices and high net-worth individuals, Reuters reported on Wednesday.

Family offices manage the wealth of the very rich and their kin.


Some Wall Street investors are reluctant to associate with Trump. He was banned from top social media platforms after the Jan. 6 attack by his supporters on the US Capitol amid concerns he would inspire further violence.

The Capitol attack was based on unsubstantiated claims of widespread fraud in last year’s presidential election.


“As our balance sheet expands, Trump Media & Technology Group will be in a stronger position to fight back against the tyranny of Big Tech,” Trump said in a statement on Saturday.


The deal also faces regulatory risk. US Senator Elizabeth Warren asked Securities and Exchange Commission Chairman Gary Gensler last month to investigate the planned merger for potential violations of securities laws around disclosure.

The SEC has declined to comment on whether it plans any action.


Trump Media and Digital World said the per-share conversion price of the convertible preferred stock PIPE transaction represents a 20 percent discount to Digital World’s volume-weighted average closing price for the five trading days to Dec. 1, when Reuters broke news of the capital raise.


If that price averages below $56 in the 10 days after the merger with Digital World has been completed, the discount will grow to 40 percent with a floor of $10, the companies added.

Digital World shares ended trading on Friday $44.97.


Trump had 89 million followers on Twitter, 33 million on Facebook and 24.5 million on Instagram at the time he was blocked, according to a presentation on his company’s website.


Investors attending the confidential investor road shows were shown a demo from the planned social media app, which looked like a Twitter feed, Reuters reported.

Since Trump was voted out of office last year, he has repeatedly dropped hints that he might seek the presidency in 2024.


Special purpose acquisition companies such as Digital World had lost much of their luster with retail investors before the Trump media deal came along.

Many of these investors were left with big losses after the companies that merged with SPACs failed to deliver on their ambitious financial projections.


TRUTH Social is scheduled for a full rollout in the first quarter of 2022.

It is the first of three stages in the Trump Media plan, followed by a subscription video-on-demand service called TMTG+ that will feature entertainment, news and podcasts, according to the news release.


In a slide deck on its website, the company envisions eventually competing against Amazon.com’s AWS cloud service and Google Cloud.


HyperPay gets regulator approval to boost e-commerce in Saudi Arabia

HyperPay gets regulator approval to boost e-commerce in Saudi Arabia
Updated 05 December 2021

HyperPay gets regulator approval to boost e-commerce in Saudi Arabia

HyperPay gets regulator approval to boost e-commerce in Saudi Arabia

DUBAI: Local payment gateway HyperPay has obtained a permit from Saudi Payments to activate new “mada” services for its merchants in Saudi Arabia.

The move will address the growing needs of local e-commerce merchants in the Kingdom, the company said in a statement.

“The Saudi market is witnessing a significant growth in e-commerce, as the value of e-commerce sales via ‘mada’ cards in the Saudi market jumped during the third quarter of this year by 89 percent on an annual basis,” Muhannad Ebwini, chief executive officer at HyperPay, said.

HyperPay claims it will make payments easier and more secure and offers pre-saving customer card details, and other billing services.

The payment gateway currently has over 2,000 Saudi merchants on board its platform, and it aims to expand across the Kingdom.