South Africa needs $14bn for green hydrogen plan: Climate finance chief

South Africa needs $14bn for green hydrogen plan: Climate finance chief
At least $1 billion is needed to kick-start South Africa's green hydrogen industry (Shutterstock)
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Updated 13 May 2022

South Africa needs $14bn for green hydrogen plan: Climate finance chief

South Africa needs $14bn for green hydrogen plan: Climate finance chief

RIYADH: South Africa will need to attract investments of $14 billion for its green hydrogen plan to succeed, Bloomberg reported citing the head of the government’s climate finance task team.

At least $1 billion would be needed to create an industry that could export 20,000 tons of climate friendly fuel annually, Daniel Mminele said in a speech this week.

An additional $13 billion will be required to hit the 270,000 ton target, he said.

Mminele, a former central banker, was appointed this year to negotiate details of an offer of $8.5 billion in climate finance from some of the world’s richest nations to help South Africa cut its reliance on coal. 

Some of that money would need to go toward developing green hydrogen and electric-vehicle industries in South Africa, he told a think-tank.

On a separate note, Saudi Arabia will discuss closer cooperation in the mining industry with South Africa, as agreed at a meeting of the Kingdom’s Cabinet last February, the Saudi Press Agency reported.

This comes as a step to diversify the Kingdom's economy away from oil.

In this context, Saudi state-owned mining company Ma'aden announced the opening of a new regional office in South Africa on its Twitter account, on May 12. 

“From Africa, Saudi culture shines with its deep-rooted history,” Ma'aden said.


Ritz Carlton, Miraval, Rosewood sign management agreements to operate resorts at TRSDC

Ritz Carlton, Miraval, Rosewood sign management agreements to operate resorts at TRSDC
Updated 14 sec ago

Ritz Carlton, Miraval, Rosewood sign management agreements to operate resorts at TRSDC

Ritz Carlton, Miraval, Rosewood sign management agreements to operate resorts at TRSDC

RIYADH: Three new hotel management agreements were inked with international hotel brands to operate resorts in the first phase of development at The Red Sea Project, the Red Sea Development Co. confirmed on Tuesday.
The announcement was made at the Future Hospitality Summit in Riyadh.
These hotels include Ritz-Carlton Reserve and Miraval hotels – the first to operate in the Middle East – and Rosewood, a global luxury hospitality company.
“This announcement demonstrates industry confidence in The Red Sea Project, with a total of 12 hospitality brands now confirmed, and signifies a growing appetite from global leaders to participate in the expansion of the Saudi Tourism market. With two brands now entering the region for the first time, I believe the future of tourism in the Kingdom is bright,” said John Pagano, CEO at TRSDC.


Ritz Carlton Reserve is situated at the destination’s idyllic Ummahat Islands, whilst Miraval and Rosewood are located on Shura Island, the main hub for the resort. The new collection of hospitality brands collectively features nearly 500 hotel keys of the total 3,000 planned for Phase One.
“Together with our collection of globally recognized and respected partners, we are excited to play our part in opening up this unique and undiscovered part of the world, setting new benchmarks for sustainable development along the way,” Pagano said.
A top executive from Marriott International also shared his thoughts with Arab News about the new deal.
“Nujuma, a Ritz-Carlton Reserve will offer a highly personalized leisure experience that blends intuitive and heartfelt service with stunning natural beauty and indigenous design. The resort will be surrounded by unspoiled natural beauty and designed to blend seamlessly with the environment,” Jerome Briet, chief development officer, Europe, Middle East & Africa, Marriott International told Arab News.


He added: “We will work closely together with the Red Sea team to promote the overall destination, as well as Nujuma, which will be a destination in itself. This is also where the strength of Marriott’s distribution system, our channels and partners will play a key role.  When it opens, the resort will also have access to a network of over 160 million members as part of our loyalty programme, Marriott Bonvoy, which Ritz-Carlton Reserve recently joined.”
The posh hotel companies join a line-up of globally renowned brands that have already confirmed they will operate at The Red Sea Project, including: EDITION Hotels and St Regis Hotels & Resorts, part of Marriott International; Fairmont Hotel & Resorts, Raffles Hotels & Resorts and SLS Hotels & Residences, part of global hospitality group Accor; Grand Hyatt, part of Hyatt Hotels Corporation; Intercontinental Hotels & Resorts and Six Senses, part of IHG Hotels & Resorts; and Jumeirah Hotels & Resorts.
The statement explained that the Red Sea Project has already passed significant milestones and work is on track to welcome the first guests in early 2032, when the first hotels will open. Phase one, which includes 16 hotels in total, will complete by the end of 2023.
Upon completion in 2030, The Red Sea Project will comprise 50 resorts, offering up to 8,000 hotel rooms and more than 1,000 residential properties across 22 islands and six inland sites. The destination will also include an international airport, luxury marinas, golf courses, entertainment, and leisure facilities.


Saudi non-oil exports in March rose 12.8%: GASTAT

Saudi non-oil exports in March rose 12.8%: GASTAT
Updated 5 min 11 sec ago

Saudi non-oil exports in March rose 12.8%: GASTAT

Saudi non-oil exports in March rose 12.8%: GASTAT

Saudi Arabia's non-oil exports including re-exports stood at SR28.2 billion ($7.5 billion) in March, up 12.8 percent from February according to the General Authority of Statistics.

 


Wafa Insurance delisted from Saudi stock exchange after bankruptcy

Wafa Insurance delisted from Saudi stock exchange after bankruptcy
Updated 22 min 29 sec ago

Wafa Insurance delisted from Saudi stock exchange after bankruptcy

Wafa Insurance delisted from Saudi stock exchange after bankruptcy

RIYADH: Saudi Indian Co. for Cooperative Insurance, known as Wafa Insurance, has been delisted from the Saudi stock exchange.

The resolution was issued by the Capital Market Authority after a Riyadh court endorsed the decision to liquidate the firm, according to a CMA disclosure on Tuesday.

Wafa Insurance has been suspended from trading since 2018 due to its failure to abide by regulatory measures of announcing financial results in specified time frames.  

The insurer was unable to settle payments to creditors in accordance with its financial reorganization plan, after which it terminated the restructuring plan and went bankrupt.


World’s largest asset manager BlackRock appoints chairman, CEO for Saudi unit

World’s largest asset manager BlackRock appoints chairman, CEO for Saudi unit
Updated 51 min 35 sec ago

World’s largest asset manager BlackRock appoints chairman, CEO for Saudi unit

World’s largest asset manager BlackRock appoints chairman, CEO for Saudi unit

RIYADH: World’s largest asset management firm BlackRock has appointed a CEO and managing director as well as a board chairman for its business in Saudi Arabia.

Yazeed Almubarak was selected to serve as CEO and managing director of the company, while Suliman Algwaiz will take over as chairman, BlackRock said in a statement.

The investment firm also appointed Tarek Mahmoud as chairman of alternative investments in Europe, the Middle East, and Africa, and Ahmed Talhaoui as head of EMEA fixed income strategy.

 “I am delighted that BlackRock is taking this next step in the growth of our Saudi business,” said Stephen Cohen, head of EMEA at BlackRock.

“The appointment of two such experienced professionals in Saudi Arabia underscores BlackRock’s commitment to the Kingdom and the opportunity that we see for our business there,” he added.


Saudi Arabia to witness ‘a golden era of hospitality’ in next 10 years

Turab Saleem said Saudi Arabia, Dubai and Qatar are putting the region on the international global tourism map. (AN photo)
Turab Saleem said Saudi Arabia, Dubai and Qatar are putting the region on the international global tourism map. (AN photo)
Updated 25 May 2022

Saudi Arabia to witness ‘a golden era of hospitality’ in next 10 years

Turab Saleem said Saudi Arabia, Dubai and Qatar are putting the region on the international global tourism map. (AN photo)
  • Saudi Arabia, Dubai and Qatar are putting the region on the international global tourism map more strongly and forcefully

RIYADH: The next 10 years will be a golden era for Saudi hospitality as the country has laid down the foundation of transformation in the sector, according to a top official of Knight Frank in the Middle East and North Africa.

“You can call the coming 10 years of Saudi Arabia the golden era of its hospitality. It will not happen again in the coming years and years to come. It will lay the foundation for hospitality in the long term,” Turab Saleem, head of hospitality, tourism and leisure consultancy at Knight Frank in the Middle East and North Africa, told Arab News in an exclusive interview on the sidelines of the Future Hospitality Summit in Riyadh.

MENA affirms top spot on global tourism map

Saleem added that the entire Middle East and North Africa region is becoming a tourism hotbed, as each country is flowering its own tourism plan to elevate the industry.

“Saudi Arabia, Dubai and Qatar are putting the region on the international global tourism map more strongly and forcefully. You got half-a-million keys under development within Egypt, UAE and KSA. Where else is this happening?” asked Saleem.

The advent of Saudi cuisine

Saleem predicted that Riyadh would soon become one of the top five food destinations globally and added that the flavors of the Saudi capital would mesmerize the world.

“Riyadh will be among the top five-six destination in the world. It is going to emerge from Riyadh and is happening. Three or four very talented chefs and entities are doing it, and one or two are ahead of others. I can’t share the name, though,” pointed out Saleem.

He further added: “It’s a matter of a few months. Soon, you will see some great Saudi cuisines launched from Riyadh that will reach out to London, New York, and other international destinations.”

Saleem lauded the Kingdom’s lofty ambitions to attract 100 million tourists by the end of this decade as part of its Vision 2030 blueprint.

“It’s a very ambitious target. We will reach it. Even if we reach it partially, it’s still a big success. Let the world know we are at par with them,” said Saleem.