Banks gain $3.4bn from green fees; Korea Zinc invests $50m in Swiss Energy Vault: NRG Matters

Banks gain $3.4bn from green fees; Korea Zinc invests $50m in Swiss Energy Vault: NRG Matters
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Updated 06 January 2022

Banks gain $3.4bn from green fees; Korea Zinc invests $50m in Swiss Energy Vault: NRG Matters

Banks gain $3.4bn from green fees; Korea Zinc invests $50m in Swiss Energy Vault: NRG Matters

RIYADH: Further steps towards greener policies from governments and eco-friendly products from corporations continue despite the current volatility in the energy sector.

Looking at the Bigger Picture:

·UK’s prime minister — Boris Johnson — pledges to opt for cheap and affordable energy to help mitigate the pain of surging prices, Reuters reported.

·Banks gained $3.4 billion from green-labeled bond sales and loans as opposed to $3.3 billion from their work with oil, gas and coal firms in 2021, Bloomberg reported.

This marks the first time since the release of the Paris agreement back in 2015 — which aims to limit global warming to below 2 degrees Celsius — that green debt fees exceed fossil fuel corporations funding.

Figures from 2020 show that green fees accumulated to $1.9 billion while fossil fuel financing was as much as $3.7 billion.

Through a micro lens:

·German multinational automotive corporation Daimler has released an electric vehicle concept, also known as Vision EQXX, that is projected to range up to one thousand kilometres (621 miles) per charge, CNBC reported.

The company revealed the vehicle is made up of 117 solar cells utilized on the roof and a green material — a leather  alternative — called “Mylo” making up the interior of the vehicle.

·Electric services firm, Korea Zinc injects $50 million in Swiss based energy storage corporation, Energy Vault, Reuters reported.

This comes as Korea Zinc has acquired a wind and solar farm developer in Australia and plans to utilize Energy Vault’s resources and technology to decarbonize operations in its plant.

·Indian city Ghaziabad welcomes the first set of 15 electric buses in the city, according to Reuters.

 


National Bank of Kuwait stops operations in Jordan

National Bank of Kuwait stops operations in Jordan
Updated 11 sec ago

National Bank of Kuwait stops operations in Jordan

National Bank of Kuwait stops operations in Jordan

RIYADH: Following the sale of its banking business to the Arab Jordan Investment Bank, the National Bank of Kuwait has halted its operations in Jordan.

The bank said in a statement that all assets and liabilities will be transferred to the Arab Jordan Investment Bank, as of May 25, including accounts balances, deposits and loans.

Meanwhile, the Central Bank of Jordan terminated the license of the National Bank of Kuwait as of Wednesday.


Saudi TDF signs financing deal for $63m luxury hotel project in Eastern Province 

Saudi TDF signs financing deal for $63m luxury hotel project in Eastern Province 
Updated 35 min 30 sec ago

Saudi TDF signs financing deal for $63m luxury hotel project in Eastern Province 

Saudi TDF signs financing deal for $63m luxury hotel project in Eastern Province 

RIYADH: Saudi Arabia’s Tourism Development Fund has inked a financing deal with Rimal AlKhobar Real Estate Co. to develop a five-star hotel with a project cost of SR238 million ($63 million) in the Eastern Province of the Kingdom. 

Announced during the second edition of the Future of Hospitality Summit in Riyadh, the partnership aims to enhance tourism and entertainment services for the Eastern Region, Saudi Press Agency reported.

The new project will include over 100 hotel rooms and suites, 62 housing units and restaurants, Wahdan Al-Kadi, chief business officer at TDF, said. 

The property will have all the other amenities including swimming pools, a health center, a gym and spaces for meetings and events.

He stressed the TDF’s commitment to attract more investors and provide them with the necessary support to develop quality tourism projects that keep pace with Saudi Arabia’s tourism boom.

TDF was established in 2020 with $4 billion in capital to facilitate local and international investors’ access to high-potential tourism investments across key destinations in the Kingdom, its website stated.


Diriyah Gate Project has 36% Saudi female staff, says CEO

Diriyah Gate Project has 36% Saudi female staff, says CEO
Updated 44 min 3 sec ago

Diriyah Gate Project has 36% Saudi female staff, says CEO

Diriyah Gate Project has 36% Saudi female staff, says CEO

RIYADH: The majority of Diriyah Gate Project staff, 83 percent, are Saudi nationals, out of which 36 percent are women, said Jerry Inzerillo, group CEO of the Diriyah Gate Development Authority.

Inzerillo, who was speaking at the Future Hospitality Summit, said that 16 percent of the project's women workforce are operating in the management sector.

“Just build a giga-project and leave your community behind it. It would be immoral,” said Inzerillo.

He added that 40 percent of the workforce in the Diriyah Gate Project are from the local community.

According to Inzerillo, the project will be an iconic initiative which will offer a future grounded in Saudi Arabia’s glorious past.

Inzerillo revealed that the project, upon completion, will have 20,000 residential units, and the contracts to build these settings are being awarded to Saudi builders.

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Hungary proposes removing Russian oil embargo from EU agenda

Hungary proposes removing Russian oil embargo from EU agenda
Updated 25 May 2022

Hungary proposes removing Russian oil embargo from EU agenda

Hungary proposes removing Russian oil embargo from EU agenda
  • Hungarian Prime Minister Viktor Orban, who is considered Russian President Vladimir Putin’s closest EU ally, has argued that an EU oil boycott would be an “atomic bomb” for Hungary’s economy

BUDAPEST: European Union efforts to impose an embargo on Russian oil faced more roadblocks Wednesday as Hungarian officials said they would not back the plan in its current form and recommended removing the topic from the agenda of an EU leaders’ summit next week.

The EU has worked to forge a consensus among its 27 member nations for cutting off Russian oil by the end of 2022 to block a key source of revenue financing Russia’s war in Ukraine.

While some countries in central and Eastern Europe initially expressed reservations over the embargo, Hungary remains the most vocal member nation blocking the measure, which is part of a sixth proposed round of EU sanctions against Russia.

During a news conference in the Hungarian capital, Budapest, Foreign Minister Peter Szijjarto said Wednesday that Hungary would not vote in favor of the oil embargo proposal “as long as it makes Hungary’s energy supply impossible.”

He blamed the EU’s executive branch for pushing the plan without ensuring the energy security of Hungary, which gets 85 percent of its natural gas and more than 60 percent of its oil from Russia.

“This problem was created by the European Commission, so the solution must be offered by the European Commission. The solution must come first, and only then can we talk about sanctions,” Szijjarto said.

While the EU earlier offered exceptions to landlocked countries like Hungary, Slovakia and the Czech Republic that are particularly dependent on Russian oil, granting them extended timelines for the phase-out, the government in Budapest has remained steadfast in its opposition to sanctions on Russian energy.

Hungarian Prime Minister Viktor Orban, who is considered Russian President Vladimir Putin’s closest EU ally, has argued that an EU oil boycott would be an “atomic bomb” for Hungary’s economy and destroy its “stable energy supply.”

Orban wrote a letter to the president of the European Council on Monday, asking that the proposed oil embargo be taken off the agenda of the summit set to begin May 30.

In the letter to Charles Michel, Orban said Hungary was “not in a position to agree to the 6th sanctions package until the negotiations succeed in resolving all outstanding issues,” and that a solution was “very unlikely” to be reached before next week’s summit.
“I am convinced that discussing the sanctions package at the level of leaders in the absence of a consensus would be counterproductive,” Orban wrote. “It must remain our priority to maintain the unity of the European Union.”


TRSDC to award 70% contracts to Saudi firms, says Pagano

TRSDC to award 70% contracts to Saudi firms, says Pagano
Updated 25 May 2022

TRSDC to award 70% contracts to Saudi firms, says Pagano

TRSDC to award 70% contracts to Saudi firms, says Pagano

RIYADH: Seventy percent of the contracts in The Red Sea Development Co. will be awarded to Saudi firms, as the company aims to embrace local communities and upscale them,  said John Pagano, group CEO of TRSDC and AMAALA. 

Speaking at the Future Hospitality Summit in Riyadh on Wednesday, he said TRSDC is conducting training programs in the hospitality sector. It is always trying to uplift members of the local community by providing them with more opportunities, Pagano added. 

“We are giving them the opportunity of a lifetime to join a project of a lifetime,” he said. 

Talking about sustainability in the Red Sea Project, Pagano said that the firm has cut 500,000 tons of carbon emissions.