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UAE’s Masdar to issue green finance framework within weeks: CEO

UAE’s Masdar to issue green finance framework within weeks: CEO
CEO Mohamed Jameel Al Ramahi. (Supplied)
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Updated 19 January 2023
Reuters

UAE’s Masdar to issue green finance framework within weeks: CEO

UAE’s Masdar to issue green finance framework within weeks: CEO
Updated 19 January 2023
Reuters

ABU DHABI: UAE renewable energy company Masdar will publish its first green finance framework within weeks, enabling it to issue its first green bonds, its chief executive said on Thursday.

"Masdar will be ready to issue its first-ever green bond in 2023, and we intend to move forward subject to market conditions," CEO Mohamed Jameel Al Ramahi said, speaking at the Abu Dhabi Sustainable Finance Forum.

Last month, TAQA, Abu Dhabi sovereign wealth fund Mubadala Investment Co. and Abu Dhabi National Oil Co. said they would become shareholders in Masdar, with stakes of 43 percent, 33 percent and 24 percent, respectively.

Fitch and Moody's reaffirmed their A+ and A2 credit ratings assigned in 2021 following the change to the company's shareholding structure, Al Ramahi said.

Issuers in the hydrocarbon-rich Gulf have increasingly looked to burnish their environmental credentials by issuing green bonds or other sustainability-linked debt.

Saudi Arabia's sovereign wealth fund raised $3 billion in green bonds in October in its maiden debt issue.

The UAE will host this year's COP28 climate summit and last week named the head of oil giant ADNOC, Sultan al-Jaber, to lead it. He also chairs Masdar and was its founding CEO.

Topics: UAE masder Green

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UAE’s healthcare sector sets global benchmark in medical services and innovation

UAE’s healthcare sector sets global benchmark in medical services and innovation
Updated 14 sec ago
Arab News

UAE’s healthcare sector sets global benchmark in medical services and innovation

UAE’s healthcare sector sets global benchmark in medical services and innovation
Updated 14 sec ago
Arab News

RIYADH: The UAE’s healthcare sector continues to lead regionally and globally in medical services and scientific achievements this year, according to a study.

The Legatum Institute Prosperity Index Report ranked the UAE in the top position in three key global competitiveness indexes in the healthcare sector: early detection programs, scope of medical coverage and antenatal care coverage.

The Gulf country also secured the second global rank and the top regional spot in the Health Outcomes Index, according to the 2022 Open Data Inventory report by Open Data Watch. 

Furthermore, it emerged as a regional leader in the Middle East and Africa, topping the list in drug innovation and regulatory approval processes, reported the state-run news agency WAM. 

But that is not all. The country also leads the Gulf Cooperation Council countries’ healthcare spending growth rate with a projected investment of $30.7 billion in the sector by 2027, marking an annual growth rate of 7.4 percent, according to the international investment banking advisory firm Alpen Capital.

In its ongoing commitment to the sector, Emirates Health Services launched in March the Innovation Strategy, which aims to ensure the sustainability of the healthcare sector and contribute toward the National Strategy for Wellbeing 2031 and We the UAE 2031 vision, in line with the UAE Centennial 2071. 

In February, the nation’s healthcare authorities, including the Ministry of Health and Prevention, the Department of Health Abu Dhabi and the Dubai Health Authority, launched Tatmeen, a platform that aims to safeguard and secure the healthcare supply chains, underscoring the UAE’s strategic approach toward drug assessment and approval processes. 

The UAE’s healthcare expenditure has been on a steady rise, increasing from 3.8 billion dirhams ($1.03 billion) in 2016 to 4.8 billion dirhams in 2023. 

The growth of the country’s healthcare infrastructure remains a top priority, while developing its healthcare workforce is a key focus area, highlighting the UAE’s commitment to fostering a robust healthcare system. 

Topics: UAE healthcare Legatum Institute Prosperity Index Report Health Outcomes Index 2022 Open Data Inventory National Strategy for Wellbeing 2031 We the UAE 2031

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SAMA permits 2 fintech firms to offer flexible consumer spending options

SAMA permits 2 fintech firms to offer flexible consumer spending options
Updated 16 min 4 sec ago
Arab News

SAMA permits 2 fintech firms to offer flexible consumer spending options

SAMA permits 2 fintech firms to offer flexible consumer spending options
Updated 16 min 4 sec ago
Arab News

RIYADH: Saudi shoppers can soon find more flexible payment options with two more buy now, pay later companies entering the consumer finance market. 

The Saudi Central Bank, also known as SAMA, has granted permits to Spotii and Madfu to provide consumer finance through the BNPL platform, the Saudi Press Agency reported. 

This move is projected to attract a new segment of investors and value-added firms that can help achieve more efficient operations while maintaining adherence to the regulatory and supervisory guidelines defined by the central bank. 

Additionally, this initiative will help Saudi Arabia come one step closer to achieving the objectives of the Financial Sector Development Program in making the Kingdom among the leading nations in financial technology. 

SAMA has been working toward increasing the adoption of the fintech sector to boost the effectiveness and flexibility of financial transactions. 

Moreover, it has also been promoting financial inclusion for the various segments of society. 

Earlier this week, the central bank opened registration for the third Investment Immersion Program. 

The program entails lectures and hands-on training in several investment fields, intending to foster employment and cultivate local investment expertise. 

It has been designed in collaboration with the Wharton School of the University of Pennsylvania and several prominent global banks and asset managers. 

SAMA also granted open banking certification to Dubai-based Tarabut Gateway earlier this week as the company plans 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 operate 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 small and medium enterprises face 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. 

 

Topics: fintech #sama

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Oil Update — crude falls as weak China data offsets US debt ceiling progress

Oil Update — crude falls as weak China data offsets US debt ceiling progress
Updated 31 May 2023
Arab News

Oil Update — crude falls as weak China data offsets US debt ceiling progress

Oil Update — crude falls as weak China data offsets US debt ceiling progress
Updated 31 May 2023
Arab News

RIYADH: Oil prices extended losses early on Wednesday as worries of slowing demand from top oil importer China after releasing weaker-than-expected economic data outweighed some positive progress on the US debt ceiling bill.

Brent crude futures for August delivery slipped 50 cents to $73.04 a barrel by 11:20 a.m. Saudi time, while US West Texas Intermediate crude fell 46 cents to $69 a barrel, with earlier gains reversed after China manufacturing data was released. Both benchmarks fell by more than 4 percent on Tuesday.

China’s manufacturing activity contracted faster than expected in May on weakening demand, with the official manufacturing purchasing managers’ index dipping to 48.8 from 49.2 in April.  

In the US, trader sentiment remained cautious despite legislation brokered by President Joe Biden and House Speaker Kevin McCarthy to lift the $31.4 trillion US debt ceiling and achieve new federal spending cuts passed an important hurdle late on Tuesday, advancing to the full House of Representatives for debate and an expected vote on passage on Wednesday.

Rosneft’s Q1 net profit up 45.5%  

First-quarter net profit of Russia’s largest oil producer Rosneft rose by 45.5 percent from the previous three months to 323 billion rubles ($4 billion) on the back of rising output, the company said on Wednesday.

Rosneft, headed by Igor Sechin, a long-standing ally of President Vladimir Putin, has shown resilience in the face of Western sanctions by redirecting its oil flows from Europe to Asia amid a wider political fallout.

Sechin said the company’s operations would be further impacted by Russia’s decision to reduce its oil output by 500,000 barrels per day, or about 5 percent, to bolster global oil markets.

“While the cut did not have much influence on the Q1 2023 results, it will have a strong impact on the results of the following quarter,” he said in a statement.

Rosneft also said its core profit increased in January-March to 672 billion rubles, up 25.1 percent from the previous three months, while revenue edged down 1.1 percent to 1.823 trillion rubles.

Iraq’s Cabinet approves $416.9m to build 3rd offshore export pipeline

The Iraqi Cabinet approved on Tuesday $416.9 million for the construction of a third offshore export pipeline, it said in a statement.

Iraq’s state-run Basra Oil Co. has contracted Dutch company Royal Boskalis to construct the pipeline, which has an operating capacity of 2 million barrels daily.

(With input from Reuters)  

Topics: oil updates crude oil Brent crude US West Texas Intermediate

Mexico minister sees ‘infinite opportunities’ in Saudi Arabia

Mexico minister sees ‘infinite opportunities’ in Saudi Arabia
Updated 31 May 2023
Lama Alhamawi

Mexico minister sees ‘infinite opportunities’ in Saudi Arabia

Mexico minister sees ‘infinite opportunities’ in Saudi Arabia
Updated 31 May 2023
Lama Alhamawi

RIYADH: Mexico's Deputy Finance Minister has affirmed his country’s interest in strengthening its economic ties with Saudi Arabia, saying there are “infinite opportunities” in a rapidly transforming nation. 

During a two-day visit to Riyadh, Gabriel Yorio Gonzalez said that Mexico wants to be a partner as the Kingdom rapidly transforms.

“We do see infinite opportunities for partnering … to strengthen ties, including sustainable financial markets,” Gonzalez said. “We have shared interest to increase trade, food security, energy transition, sustainable infrastructure, and water.” 

The minister visited the Kingdom from May 28-May 29 as a part of a Gulf-wide tour with the mission of attracting inward investment in Mexico and strengthening economic cooperation with the Gulf states. 

“We are expecting to build a longstanding relationship with Saudi Arabia, in this sense, increasing economic and financial cooperation is key,” he said. “We want a vibrant presence in this beautiful country. 

“This is the first time Mexico sent a delegation (from) the Ministry of Finance and the Ministry of Foreign Affairs (to) Saudi Arabia.

“We agreed to bring together firms and enterprises to identify synergies. Cooperation will focus on culture, tourism, water desalinization,” he added.

“Both countries are engaging in infrastructure projects that will be transformative for our people, and for that, we will need to mobilize resources,” he said.

“Currently, Mexico is benefiting from the nearshoring trend, international firms are relocating to our country to take advantage of the free trade agreements and economic fundamentals.” 

During their visit to Saudi Arabia, the Mexican delegation visited NEOM’s “The Line” exhibition and King Abdullah Financial District.

The Mexican Embassy said that the visit was one of the commitments made by the Foreign Minister, Marcelo Ebrard, during a visit in March of last year as the two countries marked 70 years of diplomatic relations.

The Vice Foreign Minister, Carmen Moreno Toscano, who was also on the more recent trip, said that Mexico was undergoing a deep transformation like Saudi Arabia, “especially transitioning towards equality, prosperity, and environmental justice.”

Topics: Mexico-Saudi Arabia relations Trade ties bilateral trade Gabriel Yorio Gonzalez NEOM

Saudi Arabia’s merchandise exports soared 48.9% to $410bn in 2022

Saudi Arabia’s merchandise exports soared 48.9% to $410bn in 2022
Updated 31 May 2023
Nirmal Narayanan

Saudi Arabia’s merchandise exports soared 48.9% to $410bn in 2022

Saudi Arabia’s merchandise exports soared 48.9% to $410bn in 2022
Updated 31 May 2023
Nirmal Narayanan

RIYADH: Saudi Arabia’s merchandise exports increased 48.9 percent year on year in 2022 to hit SR1.54 trillion ($410 billion), driven by a rise in oil exports, according to the latest report released by General Authority for Statistics.  
The GASTAT report noted that the Kingdom’s oil exports soared 61.8 percent in 2022 to SR1.22 trillion, compared to SR758.1 billion in the previous year.  
The report further noted that the share of oil exports in total exports increased from 73.2 percent in 2021 to 79.5 percent in 2022.    
Reflecting the progress of Saudi Arabia’s economic diversification journey, the Kingdom’s non-oil exports and re-exports increased 13.7 percent in 2022 to SR315.7 billion from SR277.5 billion in 2021. 
Its non-oil exports, excluding re-exports, also rose by 14.8 percent in 2022 compared to the previous year.  
According to the report, the most important non-oil export goods in 2022 were chemicals and allied products, accounting for 35.8 percent of the total exports. 
The GASTAT report added that the Kingdom’s merchandise imports rose 24.2 percent in 2022 to SR712 billion, compared to SR573.2 billion in the previous year.  
China remained Saudi Arabia’s most active trading partner in 2022, as the Kingdom’s exports to the Asian giant amounted to SR249.9 billion or 16.2 percent of total exports.  
China was closely followed by India and Japan with SR157.2 billion and SR152.9 billion of the total exports, respectively.  
South Korea, the US, the UAE, Egypt, Taiwan, Singapore and Bahrain were the other countries that ranked in the top 10 destinations for Saudi Arabia’s exports. 
Exports of the Kingdom to these countries amounted to SR1.02 trillion, accounting for 66.2 percent of total exports, added GASTAT in the report.  
On the other hand, imports from China amounted to SR149.3 billion in 2022, followed by the US and the UAE with SR65 billion and SR45.1 billion, respectively.  
India, Germany, Japan, Egypt, South Korea, Italy and Switzerland were the other countries that ranked in the top 10 countries for imports. 
Imports of Saudi Arabia from these countries amounted to SR435.8 billion, accounting for 61.2 percent of total imports. 
The report revealed that the Jeddah Islamic Port topped the list of ports through which goods reached the Kingdom in 2022 at a value of SR195.6 billion, corresponding to 27.5 percent of the total imports. 

Topics: Merchandise #exports #oil

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