Qatar Energy to launch green bonds in 2022; state commits to emissions reduction

Qatar Energy to launch green bonds in 2022; state commits to emissions reduction
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Updated 28 October 2021

Qatar Energy to launch green bonds in 2022; state commits to emissions reduction

Qatar Energy to launch green bonds in 2022; state commits to emissions reduction

RIYADH: Qatar Energy is looking to raise between $5 to $10 billion from issuing green bonds, banking sources told CNBC Arabia.

Qatar Energy is developing an environmental framework in collaboration with global investment banks, including Goldman Sachs, to move into the green bond market in conjunction with the global trend towards reducing carbon emissions, sources said.

The offering is expected to take place in the first quarter of 2022 or by the end of June 2022, sources added.

Separately, Reuters reported that the Ministry of Environment and Climate Change in Qatar launched a national climate change action plan aimed to reduce greenhouse gas emissions by 25 percent by 2030.

The plan also envisioned reducing "carbon intensity" of its liquefied natural gas facilities by 25 percent by the same year.

Qatar's move follows other Gulf Arab states, including Saudi Arabia which announced its net-zero emission target by 2060 ahead of the COP26 climate change summit in Glasgow next week.


Qatar is the world’s largest producer of liquefied natural gas and aims to expand LNG production to 127 million tonnes annually by 2027. It says its gas production helps combat climate change globally because it can help the world shift from high-polluting fuels like oil and coal to renewable energies.


Saudi Arabia takes more steps to develop and protect the Red Sea

Saudi Arabia takes more steps to develop and protect the Red Sea
Updated 10 sec ago

Saudi Arabia takes more steps to develop and protect the Red Sea

Saudi Arabia takes more steps to develop and protect the Red Sea
  • The Saudi cabinet approved on Tuesday the establishment of a new body to protect the coral reefs and sea turtles in the Red Sea

RIYADH: Saudi Arabia is taking more steps to develop and protect the Red Sea, which the Kingdom deems to be a big contributor to the growth of its tourism industry. 

The Saudi cabinet approved on Tuesday the establishment of a new body to protect the coral reefs and sea turtles in the Red Sea, as well as organizational preparation work for a new authority in the area, according to the cabinet's weekly statement carried by Saudi Press Agency.


Egypt imposes a 10% customs tax on mobile phones 

Egypt imposes a 10% customs tax on mobile phones 
Image: Shutterstock
Updated 1 min 42 sec ago

Egypt imposes a 10% customs tax on mobile phones 

Egypt imposes a 10% customs tax on mobile phones 

RIYADH: Egypt’s house of representatives approved a presidential decree that includes imposing a 10 percent customs tax on imported mobile phones, to promote local industry.

Egypt’s Minister of Finance explained that the amendments aim to encourage investment, maximize production facilities and strengthen competitiveness of goods manufactured there in international markets.

Mohamed Maait added that computers and tablets are excluded from the tax, because they constitute a tool for digital transformation and the development of the education system. 

The amendment of some categories of customer tariffs comes in light of the conclusions reached by the Higher Council of Customs Tariffs in Egypt, head of the Egyptian customs authority, El-Shahat Ghaturi said. 


Sweden’s Lundin Energy explores potential sale that could reach up to $10.7bn

Sweden’s Lundin Energy explores potential sale that could reach up to $10.7bn
Updated 5 min 11 sec ago

Sweden’s Lundin Energy explores potential sale that could reach up to $10.7bn

Sweden’s Lundin Energy explores potential sale that could reach up to $10.7bn

Sweden-based Lundin Energy, valued at around $10.7 billion, is exploring a potential sale in what could be one of the largest European oil and gas deals in years, Bloomberg said citing unnamed sources.

The shares of the company climbed as much as 14 percent on Monday, the highest jump during a day since April 2020. They rose 10 percent by the market close in Stockholm, recording a value of about 96.8 billion kronor ($10.7 billion).

The company said in a statement Monday that it “continuously engages in opportunities that are potentially value accretive,” but there are no conclusive decisions yet.


India's CashFree invests $15m in UAE payment platform Teller

India's CashFree invests $15m in UAE payment platform Teller
Image: Shutterstock
Updated 16 min 53 sec ago

India's CashFree invests $15m in UAE payment platform Teller

India's CashFree invests $15m in UAE payment platform Teller
  • They also aim to develop a unified payments platform to help merchants in India

RIYADH: Indian payments and banking solutions company CashFree has invested $15 million in Dubai-based Teller, which provides electronic payment services in the UAE and Saudi Arabia.

With this investment CashFree's market share has exceeded 50 percent.

The two companies intend to launch joint services in the MENA region, building on Teller's knowledge of the region's markets and payments infrastructure, Asharq reported.

They also aim to develop a unified payments platform to help merchants in India accept payments from customers in the region.

The electronic payments market in India exceeds $20 billion annually.


Saudi National Water Company unifies water distribution sector 

Saudi National Water Company unifies water distribution sector 
Updated 17 min 39 sec ago

Saudi National Water Company unifies water distribution sector 

Saudi National Water Company unifies water distribution sector 

RIYADH: Saudi Arabia’s National Water Company has completed merging 13 public water distribution firms to increase efficiency of operations and fix technical gaps.

The move will also localize expertise in the sector, NWC’s chief Mohammed Al-Mowkley said on Monday. 

The announcement was attended by the Kingdom’s Minister of Environment, Water, and Agriculture Abdulrahman Al-Fadley, who said investments in the water sector stood at $21.3 billion. 

The move is part of Saudi Arabia's National Water Strategy that aims to restructure the sector to serve its residents better. 

Under the integration, Tabuk and Al-Madinah will be the “northwestern sector,” while governorates in Riyadh will be under the “middle sector.”

NWC had previously launched a unified digital structure to improve its services across the Kingdom.