US body seeks to explore more ‘green’ opportunities in KSA

US body seeks to explore more ‘green’ opportunities in KSA
The council’s collaboration with the SGI is on a project scale; individual projects, city projects or community plan phases, as well as in terms of education and awareness and capacity-building. (GettyImages)
Short Url
Updated 25 October 2021

US body seeks to explore more ‘green’ opportunities in KSA

US body seeks to explore more ‘green’ opportunities in KSA
  • US Green Building Council plans collaboration with Saudi institutions to reduce carbon emissions

JEDDAH: The US Green Building Council plans to support the Saudi Green Initiative in terms of its goals in reduction of carbon emission, global warming, and carbon footprint, and achieving carbon neutrality by 2060. 

The USGBC certifies projects in Saudi Arabia under the LEED operating system (Leadership in Energy and Environmental Design), an internationally recognized certification system that certifies buildings that achieve innovation in sustainability and energy efficiency, water efficiency and better indoor environment quality and better quality of life.

The system also recognizes best-in-class buildings, cities and communities “to reduce carbon emissions through the built environment, which contributes to climate change especially in carbon emissions by almost 40 percent,” Mohammed Al-Surf, regional manager of the USGBC in the Kingdom, told Arab News.

FASTFACTS

• The USGBC certifies projects in Saudi Arabia under the LEED operating system.

• The system also recognizes best-in-class buildings, cities and communities to reduce carbon emissions.

• The council is also looking toward collaborating with different institutions such as financial institutions to establish green bonds.

“Our goal is to collaborate with the SGI through different platforms and different projects like the giga-projects to help minimize their emissions and mitigate climate change,” he added.

He said the council is also looking toward collaborating with different institutions such as financial institutions to establish green bonds and green loans to stimulate the economy as well. “These green projects will have investors investing in these projects to make the environment more sustainable,” he said.

The council’s collaboration with the SGI is on a project scale; individual projects, city projects or community plan phases, as well as in terms of education and awareness and capacity-building, he said.

“We’re going to see reports from different projects on how they have achieved the objectives of the SGI through LEED certification which is the main aim of the collaboration with the USGBC,” he added.

The council has certified over 1,500 projects in the Kingdom, including well-known ones such as King Abdullah University of Science and Technology, Prince Mohammed bin Abdulaziz Airport in Madinah, Princess Noura University campus, King Abdullah Petroleum Studies and Research Center, Ithra museum and the masterplan for the Red Sea Development project.


SISCO’s subsidiary LogiPoint acquires Elite Group

SISCO’s subsidiary LogiPoint acquires Elite Group
sisco.com
Updated 28 November 2021

SISCO’s subsidiary LogiPoint acquires Elite Group

SISCO’s subsidiary LogiPoint acquires Elite Group
  • The transaction is to be funded through bank financing and direct cash investment

Saudi Trade and Export Development Co. (LogiPoint) has acquired Elite Group through Green Dome Investments LLC, according to a bourse filing by its parent Saudi Industrial Services Co. 

The transaction was concluded on Nov. 25, with LogiPoint’s investment in Green Dome valued at SR58 million ($15 million).

SISCO expects the impact of the transaction to be shown in the consolidated financial statements of the fourth quarter of 2021, through LogiPoint.

The transaction is to be funded through bank financing and direct cash investment. 

Elite Group is an integrated land freight and courier solutions provider in the region. 


Bahrain outlook improves on fiscal reforms, S&P says

Bahrain outlook improves on fiscal reforms, S&P says
Image: Shutterstock
Updated 28 November 2021

Bahrain outlook improves on fiscal reforms, S&P says

Bahrain outlook improves on fiscal reforms, S&P says
  • The agency said it expects the government to benefit from additional financial support from its Gulf neighbours

S&P Global Ratings has revised Bahrain's outlook to 'stable' from 'negative' on the back of new fiscal reforms aimed at improving non-oil revenues and cutting state spending, the ratings agency said in a statement.

Rated below investment grade, Bahrain was bailed out to avoid a credit crunch in 2018 with a $10 billion package from wealthy neighbours, Saudi Arabia, Kuwait and the United Arab Emirates.


That money was linked to a set of fiscal reforms, but after the coronavirus crisis strained its finances, Bahrain in September postponed plans to balance its budget by two years and announced plans to increase a value-added tax.


"The Bahraini government recently announced additional fiscal reforms to strengthen non-oil revenue and rationalize expenditure. These measures, along with the more supportive oil price environment, should improve the sovereign's fiscal position", S&P said in a statement this weekend.


The agency said it expects the government to benefit from additional financial support from its Gulf neighbors, if needed.


Bahrain will double value-added tax to 10 percent next year, a move which S&P estimated could contribute receipts of about 3 percent of gross domestic product in the next few years, up from about 1.7 percent this year.


The Gulf state is also planning to rationalize operational government expenditure and social subsidies in 2023 and 2024, a move which shifts the focus of its reforms more on the spending side than on raising non-oil revenues.


"We believe there is higher implementation risk in expenditure rationalization as the delicate political and social environment on the island, which has constrained the government's efforts, persists", S&P said.


Bahrain has in the past backtracked on some reforms as its Sunni Muslim rulers feared that austerity moves would bolster the majority Shi’ite-led opposition and stir more of the unrest that rattled the country since the 2011 Arab Spring uprisings.


How Omicron is affecting Middle East markets

How Omicron is affecting Middle East markets
Image: Shutterstock
Updated 24 min 30 sec ago

How Omicron is affecting Middle East markets

How Omicron is affecting Middle East markets
  • Oil prices stumbled in their biggest decline since April 2020

DUBAI: The new COVID-19 variant, Omicron, has prompted global economic concerns, as fears of its spread begin to affect stock markets and oil prices. 

Saudi Arabia’s main market, the Tadawul All Share Index, opened 5.3 percent lower on Sunday, trading near 10,700 points. 

The Dubai Financial Market was down 8.49 percent.

Oil prices stumbled in their biggest decline since April 2020, with Brent prices dropping 11.55 percent to $72.72 per barrel when markets closed on Friday, while WTI slid 13.06 percent down to $68.15 per barrel.

“It's obvious that traders are concerned about the implications of the newly mutated virus which brings back the lock-down memories from last year. If Saudi decides to impose more restrictive measures the economy will be impacted significantly and the growth prospects next year will vanish”, Mohammed Al-Suwayed, chief executive officer of Razeen Capital, said.

He said the time is now suitable for investors to reinvest in the market since the share prices are relatively low.

The variant was first discovered in South Africa and had also since been detected in Belgium, Botswana, Israel, the UK, Australia and Hong Kong.

Within the Middle East Israel is the only country to have reported a case of the new variant so far, but some governments in the region have issued travel curbs to prevent the virus from spreading. 

On Sunday, Saudi Arabia expanded the list of African countries where it barred travel because of Omicron, adding Malawi, Zambia, Madagascar, Angola, Seychelles, Mauritius and the Comoros Islands.

The Kingdom earlier halted flights to and from South Africa, Namibia, Botswana, Zimbabwe, Mozambique, Lesotho and Eswatini.

Other Middle East countries, including the UAE, Bahrain, Morocco, and Jordan have issued similar measures. 


Saudi stock market drops 5.3 as Omicron sparks global concern

Saudi stock market drops 5.3 as Omicron sparks global concern
Updated 28 November 2021

Saudi stock market drops 5.3 as Omicron sparks global concern

Saudi stock market drops 5.3 as Omicron sparks global concern

Saudi Arabia’s main market, the Tadawul All Share Index, opened 5.3 percent lower on Sunday, trading near 10,700 points.


Aramco prepares work on its largest non-associated gas field

Aramco prepares work on its largest non-associated gas field
Updated 28 November 2021

Aramco prepares work on its largest non-associated gas field

Aramco prepares work on its largest non-associated gas field
  • The Saudi-listed firm claims it to be the “largest non-associated gas field” in the Kingdom

DUBAI: Saudi Arabia’s oil giant Aramco is marking the start of its development of the Jafurah unconventional gas field on Nov. 29. 

The Saudi-listed firm claims it to be the “largest non-associated gas field” in the Kingdom. 

The move is part of the Kingdom’s push to commercialize its unconventional resources and expand Aramco’s integrated gas portfolio.