Saudi Arabia approves new authority for the Red Sea amid more steps to develop and protect it

Saudi Arabia approves new authority for the Red Sea amid more steps to develop and protect it
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Updated 30 November 2021

Saudi Arabia approves new authority for the Red Sea amid more steps to develop and protect it

Saudi Arabia approves new authority for the Red Sea amid more steps to develop and protect it
  • 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.

The new authority will be chaired by Minister of Tourism Ahmed Al-Khateeb, and it includes the ministers of sport and culture as well as CEOs of NEOM and The Red Sea Development Co.

The authority will be responsible for organizing recreational activities, tours of cruise ships and yachts and build mechanisms to protect the coastal environment. 

“The Red Sea’s natural environment is one of our greatest assets,” said Al-Khateeb. 

“This (authority) will support our ambitious plans for tourism development, generate new job opportunities for Saudi citizens, and help us to attract international and domestic tourists,” he wrote on his Twitter account.  


Military-affiliated companies to be listed on the Egyptian bourse next year: PM

Military-affiliated companies to be listed on the Egyptian bourse next year: PM
Updated 53 min ago

Military-affiliated companies to be listed on the Egyptian bourse next year: PM

Military-affiliated companies to be listed on the Egyptian bourse next year: PM

RIYADH: Some military affiliated companies operating in the economy and civil sectors are being restructured to be listed on Cairo's Stock Exchange next year, Egypt's Prime Minister, Mostafa Madbouly, said.

The companies will be available to all Egyptians, not just the private sector,  he added during his interview on a BBC program, citing President Abdel Fattah El Sisi’s statement. 

Soliman did not disclose the names of other companies affiliated with the Egyptian army that are planned to be listed, until the validity of their legal structures is verified. 

“We have offered more than 25 percent of the wholly state-owned e-finance company on the EGX, and many companies, including companies affiliated with the armed forces, are scheduled to be offered on the stock exchange next year,” Madbouly said.  

He added that the size of the armed forces' institutions represents less than 1 percent of the Egyptian economy.

Ayman Soliman, the CEO of the Sovereign Fund of Egypt had previously revealed the organisation was in the process of completing the legal restructuring of two affiliated companies, namely the Safi food company and the Watania petroleum distribution company, with both set to be listed on the stock exchange.


UAE’s Masdar wants to hit 200 GW with global renewable energy projects: minister

UAE’s Masdar wants to hit 200 GW with global renewable energy projects: minister
Updated 17 January 2022

UAE’s Masdar wants to hit 200 GW with global renewable energy projects: minister

UAE’s Masdar wants to hit 200 GW with global renewable energy projects: minister

RIYADH: UAE-owned renewable energy company Masdar wants to see its global projects produce up to 200 gigawatts of electricity, the country’s Industry Minister Sultan al-Jaber said on Monday in Dubai.

Al-Jaber, who is also the CEO of Abu Dhabi National Oil Company (ADNOC), was speaking at the Abu Dhabi Sustainability Week Summit at the Expo 2020 site in Dubai.

He said  Masdar has invested in wind and solar projects in 40 countries around the world, according to Reuters, adding: “Our ambition is to accelerate this development globally to reach 100 GW and ultimately double that again to 200 GW.”

No timeframe was set out for the growth, but last month the  Abu Dhabi government confirmed plans to increase Masdar's capacity to more than 50 gigawatts by 2030.


Tanmiah Food appoints Ahmed Osilan as managing director

Tanmiah Food appoints Ahmed Osilan as managing director
Updated 17 January 2022

Tanmiah Food appoints Ahmed Osilan as managing director

Tanmiah Food appoints Ahmed Osilan as managing director

RIYADH: Saudi-listed Tanmiah Food Co. will see executive board member Ahmed Sharaf Osilan take over as managing director for the ongoing term, which shall end on April 4, 2022.

The decision was approved by the company’s board of directors today, Jan. 17.  

The newly elected member, Osilan, will replace Muhammad Sajid Saeed.

Osilan holds a bachelor’s degree in industrial management, and has 20 years of experience in the investment field, having held many leadership positions in the past.

The Riyadh-based food company, which employs more than 1,500 people, has grown to become a major supplier of chicken products.

It operates a veterinary services unit and food processing business.

 


General Motors Middle East appoints Sajed Sbeih as new vice president

General Motors Middle East appoints Sajed Sbeih as new vice president
Updated 17 January 2022

General Motors Middle East appoints Sajed Sbeih as new vice president

General Motors Middle East appoints Sajed Sbeih as new vice president

RIYADH: Automotive company General Motors Africa and Middle East, or GM AMEO, has appointed Sajed Sbeih to the role of vice president of strategy, product & operations at GM Europe. 

Sbeih was previously serving as the managing director of commercial operations for GM Middle East & Sub-Saharan Africa, according to the company’s statement.

Currently named as GM AMEO chief financial officer, Albert Nazarian has been named as the managing director of commercial operations for GM Middle East & Sub-Saharan Africa.

Also, Ajai Shankar, former finance director, is appointed as the company’s new chief financial officer.  

This comes in line with the company’s global growth strategy and efforts to support its vision of Zero Crashes, Zero Emissions and Zero Congestion.


Saudi energy minister: OPEC+ has worked hard to stabilize oil markets

Saudi energy minister: OPEC+ has worked hard to stabilize oil markets
Updated 17 January 2022

Saudi energy minister: OPEC+ has worked hard to stabilize oil markets

Saudi energy minister: OPEC+ has worked hard to stabilize oil markets

The Organization of Petroleum Exporting Countries and its allies, known as OPEC+, has done a lot to ensure the stability of the oil market, the Saudi Energy Minister has said.

Speaking at the Abu Dhabi Sustainability Week Summit on Monday, Prince Abdulaziz bin Salman emphasized the importance of a stable market, adding that the Kingdom enjoys good relationships with OPEC+ members.

OPEC+ has consistently resisted pressure from countries such as the US to raise oil production plans above the agreed rate of an extra 400,000 barrels a day.

Prince Abdulaziz also said that Saudi Arabia is engaging in many events globally with the aim of demonstrating the initiatives taken to boost sustainability.

In addition, while the energy sector faces some challenges in terms of technology, the minister said that young people are expected to welcome this with excitement as they try to satisfy their ambitions.