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Saudi Arabia and Japan sign 15 investment agreements during bilateral forum 

Saudi Arabia and Japan sign 15 investment agreements during bilateral forum 
The agreements were signed to drive investment in the sector of metals, marine, petrochemicals, and automotive among others. (MISA)
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Updated 26 December 2022
Arab News

Saudi Arabia and Japan sign 15 investment agreements during bilateral forum 

Saudi Arabia and Japan sign 15 investment agreements during bilateral forum 
Updated 26 December 2022
Arab News

RIYADH: Saudi Arabia and Japan on Monday signed 15 strategic investment agreements spread across various industries during the Saudi Japan Investment Forum held in Riyadh, as both countries look to deepen business ties.  

The agreements were signed to drive investment in the sector of metals, marine, petrochemicals, and automotive among others, with around 99 Japanese companies investing in the Kingdom as both countries want a further boost in their economic relations. 

Speaking during the forum Saudi Minister of Investment Khalid Al-Falih said the two countries have bolstered their relationship with tremendous dedication as the Kingdom targets $3.3 trillion worth of investments with Japan by 2030. 

The minister added that Saudi Arabia will utilize its relationship with the east Asian country to build more than 500,000 electric cars annually by the end of the decade.

Moreover, the Kingdom aims to build five largest marine industry parks in the world in Ras Al-Khair, Al Falih said during the forum. 

He added that the Kingdom aims to become the world’s leading energy nation as the two countries intend to cooperate for a smoother energy transition. 

Al-Falih said Saudi Arabia aims to become a major hub for gaming and e-sports by 2030 with content that can be exported in the region and globally. 

One day before the forum, Saudi Arabia and Japan held a ministerial meeting in Riyadh, the Saudi Press Agency reported. 

Saudi Minister of Energy Prince Abdulaziz bin Salman, and Japan’s Minister of Economy, Trade and Industry Nishimura Yasutoshi, signed a memorandum of cooperation in the circular carbon economy and carbon recycling fields as well as hydrogen, fuel ammonia, and derivatives. 

Both ministers agreed to focus on emissions reduction rather than energy sources through the effective deployment of carbon recycling and a circular carbon economy. 

The dialogue also expressed the two countries’ ambitions to collaborate in the fields of petrochemicals to maximize integration across the value chain, SPA reported. 

The two sides also revealed their intentions to continue to collaborate in the energy sector with a focus on electricity, renewable energy, energy efficiency and innovation. 

Topics: Saudi Arabia Japan Investment forum

World comes together to tackle climate issues in Helsinki

World comes together to tackle climate issues in Helsinki
Updated 30 May 2023
NOOR NUGALI

World comes together to tackle climate issues in Helsinki

World comes together to tackle climate issues in Helsinki
  • Over 2,000 participants from more than 100 countries are attending the World Circular Economy Forum
  • One of the issues addressed was about being more organized with our resources and using them wisely
Updated 30 May 2023
NOOR NUGALI

HELSINKI: Climate change, pollution, excess waste, renewable energy and more were on the agenda as expert speakers, environmentalists and business moguls gathered to discuss and tackle the issues affecting planet Earth on Tuesday’s first day of the World Circular Economy Forum in Helsinki.

The circular economy and how companies can adopt the model was discussed, as many companies would like to embrace it but lack the knowledge. They need examples in order to be inspired and to learn.

One of the issues addressed was about being more organized with our resources and using them wisely. At the moment, the world has an excess of resources that are poorly managed and an influx of food insecurity, with an estimated 2.3 billion people — about 29 percent of the global population — facing dangerous levels of food security.

The momentum and drive behind the forum was to equip businesses with the know-how and enthusiasm to embrace the circular economy.

Ahead of the forum, Arab News spoke to Anne Vasara, the Finnish ambassador for the circular economy and energy. She said: “It’s really a super week. We have so many events going on around the World Circular Economy Forum because, of course, this forum itself is the flagship of the circular economy of Finnish origin, of the Finnish Innovation Fund, SITRA, and the Finnish government, and it has been for several years.”

We know that what we need to do is find solutions to many global environmental problems, of which one of the most urgent at the moment is climate change.

Anne Vasara

Finnish ambassador for the circular economy and energy

She explained that the forum aims to bring together “all the most important actors, organizations, governments, private sector, academia related to the circular economy … (There) will be a record participation of over 2,000 participants from all over the world. And this is really something which is crucial for the circular economy because you cannot do it on your own.”

Vasara added: “You need wide international cooperation because we are talking about the planetary crisis, we are talking about solutions. How, in a positive manner, by the circular economy, we can bring solutions to climate change, to biodiversity loss and the depletion of all natural resources. So, this is really a week of possibilities and solutions.”

Kerstin Stendhal, Finland’s special envoy for climate change, told Arab News: “It’s come at a very good time to Helsinki, because at the moment what we are seeing is a lot of things happening in the international environmental arena. Next week, we will be going to the Bonn Climate Change Conference, which will be preparing for the extremely important forthcoming COP28, which will be held in Dubai.

“And so, the world is coming together … We know that what we need to do is find solutions to many global environmental problems, of which one of the most urgent at the moment is climate change. That’s why I think it’s also really, really good that this week we will be having the World Circular Economy Forum here in Helsinki.”

Stendhal added: “What we also need to do is, while we recognize the problems and we know very well about the problems — the (Intergovernmental Panel on Climate Change) has told us about the climate change challenges that we are faced with — we also know that we have a lot of solutions. And these are the ones that we will need to be communicating about in order to both combat, to lessen emissions, to adapt to a world that is changing, whether we want it or not. And also to prepare a world which is fit for our future generations and children.”

This is the seventh edition of the World Circular Economy Forum and 20 international organizations are contributing to the issues being discussed. About 2,000 participants from more than 100 countries are attending in person and another 6,000 are viewing online.

Last year’s forum was held in Kigali, Rwanda. Rwanda’s Environment Minister Dr. Jeanne d'Arc Mujawamariya said in a speech at this year’s event: “(We have seen) trailblazing circular solutions from Africa. The global circular economy movement is growing. Last year’s forum launched an action plan and roadmap — implementation is on the way.”

Topics: climate World Circular Economy Forum

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Saudi Real Estate Refinance Co. issues $933m in sukuk to spur liquidity in realty market

Saudi Real Estate Refinance Co. issues $933m in sukuk to spur liquidity in realty market
Updated 30 May 2023
Arab News

Saudi Real Estate Refinance Co. issues $933m in sukuk to spur liquidity in realty market

Saudi Real Estate Refinance Co. issues $933m in sukuk to spur liquidity in realty market
Updated 30 May 2023
Arab News

RIYADH: The Kingdom’s housing market will get a fresh stream of liquidity, with Saudi Real Estate Refinance Co. announcing SR3.5 billion ($933 million) in sukuk issuances. 

The latest issuance of the SRC, owned by the Public Investment Fund, marked the sixth tranche under its upsized SR20 billion sukuk program. 

The real estate finance company will keep boosting market liquidity and assisting lenders and investors, which will stabilize the Saudi mortgage market, stated SRC CEO Fabrice Susini.   

Furthermore, this move will also speed up the rise of homeownership in the country, he added. 

“The positive response from investors to SRC’s latest sukuk issuance is a clear testament to the strength of the Kingdom’s housing market and economy,” Susini said.

“As SRC continues to refinance existing financings for financiers, we are proud to contribute to developing a robust secondary home financing market that supports the efficiency and stability of the primary housing market,” the CEO continued.   

Earlier this month, SRC received an “A-” classification at the level of global credit and “ksaAAA” at the level of local credit with a stable outlook from the credit rating agency S&P Global.   

According to the rating company, an obligatory rated “A-” falls under an upper-medium category, indicating strong creditworthiness and a good capacity to meet its financial commitments.   

On the other hand, a rating of “AAA” on the national scale means the debtor’s capacity to meet its financial commitments on the obligation relative to other national debtors is extremely strong.   

According to the SRC website, the real estate financing company is rated “A-” stable by Fitch Ratings and “A2-” stable by Moody’s Investors Service. 
Founded in 2017 by the Kingdom’s PIF, SRC’s primary role is to provide banks and real estate finance companies with liquidity, enabling growth in the home financing sector to increase homeownership rates among Saudi citizens. 

The company issued two sukuks in 2022, the first tranche totaling SR4 billion in April and the other SR3 billion in September. 

Topics: Saudi Real Estate Refinance Co. (SRC) #sukuk

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Closing bell: Saudi main index closes flat at 11,140 points

Closing bell: Saudi main index closes flat at 11,140 points
Updated 30 May 2023
Arab News

Closing bell: Saudi main index closes flat at 11,140 points

Closing bell: Saudi main index closes flat at 11,140 points
Updated 30 May 2023
Arab News

RIYADH: Saudi Arabia’s Tadawul All Share Index remained steady for the second consecutive day, gaining 4.31 points or 0.04 percent to close at 11,139.98. 

Parallel market Nomu, however, dropped 64.82 points to 20,943.02, while the MSCI Tadawul Index closed 0.23 percent up at 1,483.78. 

The total trading turnover of the benchmark index was SR4.94 billion ($1.32 billion) as 74 listed stocks advanced, while 130 retreated.

The top-performing stock of the day was National Medical Care Co., as its share price surged 8.57 percent to SR114. 

Abdullah Al Othaim Markets Co. and Saudia Dairy and Foodstuff Co. also performed well on Tuesday, as their share prices rose by 5.22 percent and 4.44 percent, respectively. 

Buruj Cooperative Insurance Co. was the worst performer; its share price dropped 3.98 percent to SR20.24.

Savola Group and Al Alamiya for Cooperative Insurance Co. were the worst performers, whose share prices fell 3.93 percent and 3.89 percent, respectively. 

On Tuesday, the share price of Saudia Dairy and Foodstuff Co. hit an all-time high of SR318.80 since its debut in Tadawul in 2005. The company, however, closed its trading at SR306 at the end of today’s session. 

Meanwhile, First Milling Co. has announced that it has set the initial public offering final price at SR60, implying a market capitalization of SR3.3 billion. 

In a statement to Tadawul, the company said the IPO coverage ratio reached 68.9 times.

“The impressive demand by participating parties for First Mills’ offer shares is a resounding validation of the company’s investment thesis. They appreciate the company’s long-term value creation potential supported by its market leadership, diverse product portfolio, outstanding financial performance and effective leadership team,” said Abdullah Ababtain, CEO of First Milling Co. 

On Tuesday, Saudi Aramco Base Oil Co., also known as Luberef, announced that it signed an amendment to its feedstock agreement with Saudi Arabian Oil Co. to supply additional 5,000 barrels per day of reduced crude oil. 

In a bourse filing, Luberef said that this amendment is expected to increase the total quantity of RCO received in its Yanbu facility from 45,000 bpd to 50,000 bpd, subject to product availability.

“This increase in RCO quantity is part of a business transformation program which is in line with Saudi Aramco’s transformation initiative for its joint ventures,” said Luberef in the statement. 

The Saudi Public Transport Co. announced the contract sign-off with the Jazan municipality for operating the public transport network in the region at a contract value of SR93 million.

SAPTCO said that the project will positively impact the company’s revenues in the second half of 2023. 

Topics: Closing Bell MSCI Tadawul 30 Index nomu-parallel Tadawul All Share Index (TASI)

Saudi Arabia issues 55 mining licenses in April

Saudi Arabia issues 55 mining licenses in April
Updated 30 May 2023
Arab News

Saudi Arabia issues 55 mining licenses in April

Saudi Arabia issues 55 mining licenses in April
Updated 30 May 2023
Arab News

RIYADH: The number of mining licenses handed out in Saudi Arabia showed sustained growth for the third consecutive month, as the government issued 55 new permits in April. 

According to the Saudi Ministry of Industry and Mineral Resources, this number is up from the 27 handed out in March and the 18 handed out in February. 

In April, the ministry issued 34 licenses for exploration, 17 for quarrying building materials, three for surplus mineral ores and one for mining and small mine exploitation.  

The total number of licenses issued in the sector until April numbered 2,336, including 1,454 permits for quarrying building materials, 634 for scavenging, 180 for mining and small mine exploitation, 36 for reconnaissance activities and 32 for the surplus of mineral ores.   

Moreover, Riyadh bagged 573 permits, Makkah 384, the Eastern Province 374 and Madinah 258. 

The ministry further reported that Asir issued 213 permits, Tabuk 149, Al-Qasim 90, Jazan 80 and Hail 68 in April. On the other hand, the number of permits Najran gave stood at 55, Al-Baha 39, the Northern Borders 27 and Al-Jawf 26.

The ministry has been actively pursuing opportunities to protect the mining sector and maximize its value in line with the Kingdom’s Vision 2030 goals and the National Industry Development and Logistics Program.   

Moreover, Saudi Arabia is on track to transform mining into the third pillar of the national industry and work to exploit the mineral resources in the Kingdom spread across more than 5,300 sites and valued at about SR5 trillion ($1.33 trillion).   

Last January, Mike Henry, the CEO of Australian mining giant BHP, stressed that mining activities of critical minerals worldwide should be accelerated to meet the energy transition targets over the next 30 years as the world dreams of a sustainable future.  

Speaking at the Future Minerals Forum in Riyadh, Henry said it is impossible to meet the rising demand for critical minerals if the world continues to move at the current pace.    

“Over the next 30 years, in order to meet the needs of the energy transition, the world is going to need two times as much copper, four times as much nickel, two times as much steel, and two times as much iron ore, as was needed over the past 30 years,” he said.

Topics: Saudi Ministry of Industry and Mineral Resources Mining Licences

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Saudi Central Bank grants Tarabut Gateway open banking certification

Saudi Central Bank grants Tarabut Gateway open banking certification
Updated 30 May 2023
Nour El-Shaeri

Saudi Central Bank grants Tarabut Gateway open banking certification

Saudi Central Bank grants Tarabut Gateway open banking certification
Updated 30 May 2023
Nour El-Shaeri

CAIRO: As part of its efforts to become a global fintech hub, Saudi Arabia has granted open banking certification to Dubai-based Tarabut Gateway. 

Following the approval from the Saudi Central Bank, also known as SAMA, the fintech company aims to intensify its operations in the Kingdom. 

Tarabut Gateway, the region’s leading regulated open banking platform, has become one of the early recipients of SAMA’s permit to carry out its operations in Saudi Arabia.

Talking to Arab News, Abdullah Almoayed, CEO and founder of the fintech company, said that consumers in Saudi Arabia can now expect a wide range of innovative and personalized financial services.  

“We are aware of the unique challenges faced by small and medium enterprises in Saudi Arabia, particularly regarding cash-flow management and access to funding. We will address this issue head-on by assisting SMEs to access the funding they need, via open banking-enabled financial services and products,” Almoayed said.  

He said: “The new era of financial services we stand for is user-centric and contributes to customers’ financial well-being.”  

Tarabut Gateway is crafting its strategies to contribute to Saudi Arabia’s financial transformation, aligning its objectives with the Vision 2030 blueprint, Almoayed added.  

“To become one of the first entities to receive this certification, we had to prove our capabilities and commitment to Saudi Arabia’s rapidly evolving financial landscape which aligns perfectly with key objectives of our strategic growth plan,” Almoayed stated.  

He further added that, since its inception, TG’s role has been to anticipate and proactively adapt to regulatory innovation.  

“We were always working closely with regulators to foster sector innovation. We want to streamline financial operations on an industrial scale and facilitate economic growth in the process,” he said.  

With its focus on energizing the fintech ecosystem, the fintech company is set to provide a dynamic platform that enables banks, SMEs, lenders, and large corporations to tap into data, facilitate payments and devise groundbreaking financial solutions.  

“Demand for innovative financial solutions in the Kingdom is strong and consumer-driven,” Almoayed said.  

“In building the pipelines for financial data to flow freely between players in the finance industry, we provide organizations with the tools to innovate and think of novel solutions. This will improve consumers’ overall financial experiences and is part of our mission to contribute to a financially savvy and inclusive society,” he added.  

The company recently secured $32 million in funding in an effort to catalyze its open banking operations within the Kingdom.  

Topics: Tarabut Gateway

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