Saudi TRSDC gets a boost with environmental ISO accreditation 

Saudi TRSDC gets a boost with environmental ISO accreditation 
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Updated 24 April 2022

Saudi TRSDC gets a boost with environmental ISO accreditation 

Saudi TRSDC gets a boost with environmental ISO accreditation 

RIYADH: The Red Sea Development Co., achieved another milestone in its journey to develop the world's largest sustainable tourism project. 

The Saudi developer, known as TRSDC, was awarded the Environmental Management Standard, ISO 14001:2015 accreditation.

TRSDC’s Environmental Management System was developed as the company launched the EMS manual in January 2021, it said in a statement. 

With respect to the environment, the EMS aimed at guiding and managing TRSDC’s activities throughout design, construction, and operational stages of the project.

“We made a commitment to ourselves, our project and to the Kingdom to go beyond the current expectations of environmental best practice, to deliver a regenerative approach to tourism development,” CEO, John Pagano, said. 

“Achieving this certification is rewarding for our team, who work tirelessly to deliver against our commitments to the environment in which we are working,” said Raed Albasseet, the chief environment and sustainability officer.

TRSDC is developing an area over 28,000 square kilometres on the West Coast of Saudi Arabia. 

Recently, it closed a SR14 billion ($3.7 billion) term loan facility and revolving credit facility with four Saudi banks.

Last year, it was one of the first companies in the Middle East to achieve the ISO 9001:2015 certification for quality management for design and construction of assets, as well as a Green Financing accreditation.


GESAT wins a new gas turbine contract for Aramco oilfield

GESAT wins a new gas turbine contract for Aramco oilfield
Updated 13 sec ago

GESAT wins a new gas turbine contract for Aramco oilfield

GESAT wins a new gas turbine contract for Aramco oilfield

DAMMAM: General Electric Saudi Advanced Turbines has been awarded a new contract to build three gas turbines at Aramco’s Tanajib oilfield, based 200 km north of Dammam in the Kingdom’s Eastern Province.

The deal was handed out by South Korean conglomerate Samsung, which is the engineering, procurement and construction manager of the project, with Saudi Aramco as the end-user, said GESAT CEO Hassan Elokdi in an exclusive interview with Arab News.

Dammam-based GESAT is a joint venture between Saudi industrial investments firm Dussur and US-based engineering giant GE to manufacture heavy-duty gas turbines and components in the Kingdom, founded in 2017.

The project involves supplying three gas turbines with a total capacity of 100 megawatts of power.

“This is a long-cycle project, we expect the first gas turbine to be ready in the first quarter of 2023, and then every three to four months we will build another turbine” Elokdi added.

(stock image of gas turbines in a modern industrial factory)

The last unit will be delivered during the first quarter of 2024, said Elokdi on the sidelines of GESAT’s fifth-anniversary celebrations.

GE and Dussur, signed a new memorandum of understanding to expand the scope of GESAT by adding further products and services, on May 16.

Since it was founded, GESAT has also exported over 160 component kits around the world, including the US, Mexico, Brazil, Malaysia and Europe.

Elokdi said exploring new markets was essential during the COVID-19 pandemic outbreak to make up for the shortfall in demand across the region.

“GESAT has been actively working to maximize its exports as well as supporting local demand in Saudi Arabia,” he added.

The engineering head said heavy industry will require a few more years to recover from the slowdown caused by the health crisis. He expects demands to return to pre-pandemic levels by 2024.

Elokdi said: “The manufacturing process is typically a long-cycle business. To manufacture one of our products could take a couple of years. So, it would take a long time to fully recover.”

GESAT is keen to adopt the Kingdom’s localization workforce targets, with Saudis making up 65 percent of its staff, while 14 percent of its employees are female.


Business leaders to discuss post-pandemic inflation, SPACs, Metaverse at Top CEO in Dubai

Business leaders to discuss post-pandemic inflation, SPACs, Metaverse at Top CEO in Dubai
Updated 50 min 27 sec ago

Business leaders to discuss post-pandemic inflation, SPACs, Metaverse at Top CEO in Dubai

Business leaders to discuss post-pandemic inflation, SPACs, Metaverse at Top CEO in Dubai

DUBAI: Business leaders from across the world gather as the Top CEO forum kicks off in Dubai, after a successful day one that saw leading Arab businesswomen and industry stalwarts discuss business and challenges and the role of women in driving the global economy.   

Today’s event is set to be dominated by a wide range of topics, right from how the businesses should go about beating inflation post-pandemic, deal with their initial public offering plans, and raising capital to how the special purpose acquisition companies operate in this changing environment. The other topics to lead the discussion today include digitization, blockchain and metaverse. 


Bank of England official warns of tough times for crypto

Bank of England official warns of tough times for crypto
Updated 17 May 2022

Bank of England official warns of tough times for crypto

Bank of England official warns of tough times for crypto
  • G7 to discuss crypto-asset regulation, says French central banker

RIYADH: Investors in crypto currencies should expect more difficult times ahead as tightening financial conditions around the world stoke appetite for safer assets, Bank of England Deputy Gov. Jon Cunliffe said on Tuesday.

Asked at a Wall Street Journal conference if rising interest rates would ramp up pressure on crypto currencies, Cunliffe said: “Yes, I think as this process continues, as (quantitative tightening) starts in the US ... I think we’ll see a move out of risky assets.” Cunliffe added that the conflict in Ukraine also had the potential to cause a renewed flight to safer assets.

Bitcoin, the world’s largest cryptocurrency, fell as low as $25,401 on Thursday, its lowest since Dec. 2020. It hit a record high of $69,000 in November. 

However, it traded higher on Tuesday, up 0.2 percent to $30,418 as of 08:52 a.m. Riyadh time.

Ether, the second most traded cryptocurrency, was priced at $2,077, up 0.32 percent, according to data from CoinDesk.

G7 meeting

The regulation of crypto-assets is likely to be discussed at a meeting of Group of Seven finance chiefs this week in Germany, French central bank head Francois Villeroy de Galhau said on Tuesday.

“What happened in the recent past is a wake-up call for the urgent need for global regulation,” Villeroy told an emerging markets conference in Paris, referring to recent turbulence in crypto-asset markets.

“Europe paved the way with MICA (regulatory framework for crypto-assets), we will probably ... discuss these issues among many others at the G7 meeting in Germany this week,” he added.

Grayscale to launch digital assets

Grayscale will list an exchange-traded fund in Europe made up of companies representing the “Future of Finance,” the world’s largest cryptocurrency asset manager said in a statement on Monday. 

The ETF, tracking the “Bloomberg Grayscale Future of Finance Index,” will be listed on the London Stock Exchange, Italy’s Borsa Italiana and Germany’s Deutsche Börse Xetra and begin trading on May 17. It is the first time that US-based Grayscale has listed a fund in Europe.

The index contains a mixture of companies involved in digital currencies including asset managers, exchanges, brokers, technology firms, as well as firms directly involved in cryptocurrency mining. “For us, the digital economy is primarily being driven through the proliferation of digital assets,” said Grayscale CEO Michael Sonnenshein.


Digital transformation, women participation are the need of the hour, says VP Visa CEMEA

Digital transformation, women participation are the need of the hour, says VP Visa CEMEA
Updated 18 May 2022

Digital transformation, women participation are the need of the hour, says VP Visa CEMEA

Digital transformation, women participation are the need of the hour, says VP Visa CEMEA

RIYADH: In a post-pandemic world, digital transformation has been one of the main changes for companies and economies as a whole.

In an exclusive interview with Arab News on the sidelines of the Arab Women Forum in Dubai, Visa CEMEA Vice President of Marketing Christine Harb emphasized the need for digital transformation and women’s representation.

“I believe that digital transformation is done in multiple phases. There are pretty traditional organizations in the way they operate and are trying to move into a more agile space,” she said.

Harb added: “When you look at how digital is transforming the world and the metaverse impacting on organizations, there is a need to rethink how people collaborate and engage. So it’s not just about making sure that you have the right tools or enabling employees and people to connect.”

She explained that the shift is not only in digitizing the economy but also in how women’s representation has been a focus for organizations and educational spheres.

“Now, we are already equipped. So maybe we are on the right track. But, still, a lot needs to be done, mainly around policies and regulations that would protect women and open new doors to them, when it comes to, you know, bigger roles, but also allowing them to be their authentic selves,” she concluded.


Commercial Bank of Kuwait plans to digitize, says CEO

Commercial Bank of Kuwait plans to digitize, says CEO
Updated 57 min 2 sec ago

Commercial Bank of Kuwait plans to digitize, says CEO

Commercial Bank of Kuwait plans to digitize, says CEO

DUBAI: Elham Mahfouz, CEO of the Commercial Bank of Kuwait, said robots would play a major role in the future, with 85 million jobs expected to be taken over in the next two to three years.

Speaking to Arab News at the Arab Women Forum, Mahfouz said the bank’s next plan was digitization and in the next two to three years the look of banks would be different.

CBK is the only bank to have SwatchPAY, which is a smart-watch payment service, she said.

Starting her career in banking about 35 years ago, Mahfouz climbed the ladder after starting as a credit analyst. She has been the CEO of the bank for the past eight years, she said.

“Being in a high position can favor the institution if you want to implement certain kinds of dreams that you have to get the institution in a certain way and pave the way with the team,” she added.

Mahfouz told Arab News that one of the things that stood out to her as a woman working in the banking sector was getting more support from males than females.

Self-development, focus, and patience are factors that had influenced her journey to reaching the top post, Mahfouz said.

She added that the following generations were tech-savvy and smart when it came to technological advances. However, Mahfouz said they had to have patience and read more.