Global investment in carbon capture and storage projects hit $6.4 bn in 2022: KAPSARC official 

Global investment in carbon capture and storage projects hit $6.4 bn in 2022: KAPSARC official 
KAPSARC co-hosted the second International Energy Forum High-Level Roundtable on Carbon Management Technologies in collaboration with the IEF and the Clean Energy Ministerial. (Supplied)
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Updated 19 February 2023
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Global investment in carbon capture and storage projects hit $6.4 bn in 2022: KAPSARC official 

Global investment in carbon capture and storage projects hit $6.4 bn in 2022: KAPSARC official 

RIYADH: The volume of global investment in carbon capture and storage projects has hit $6.4 billion in 2022, said Fatih Yilmaz, an expert in the Climate and Sustainability Program at the King Abdullah Petroleum Studies and Research Center. 

Speaking during a panel discussion on carbon management techniques with the International Energy Forum and the Clean Energy Forum in Riyadh, Yilmaz highlighted that the average investment in CCUS projects ranged from $2 billion to $3 billion annually until 2022. 

This indicates that last year witnessed a jump in the rate of investments in the sector, which further implies the need to invest in clean hydrogen. 

Citing a recent study by the International Energy Agency which listed CCUS as one of the seven pillars of achieving net-zero by 2050, he added that there is an underlying need to reach a capacity to capture and store 8 million tons of carbon dioxide by 2050. 

The world striving to achieve net-zero carbon emissions goals needs a new approach to attract investments to scale up carbon capture and storage capacity, said experts who participated in the roundtable.   

“We cannot achieve net-zero without carbon capture, and we need to scale up carbon capture and storage over the coming years to deliver it,” said KAPSARC President Fahad Alajlan. 

He added that the world needs a new approach to attract financiers to support CCUS initiatives. 

Stressing on the importance of the roundtable, the KAPSARC president said such events will allow experts to share their knowledge and identify ways to promote carbon management technologies. 

Speaking at the event, IEF Secretary General Joseph McMonigle, added: “We need to make 2023 the year of CCUS, and enhance collaboration to improve the investment in and usage of this technology.” 

The panel, which comprised representatives from industry, government and academia also discussed ways to enhance investment momentum in CCUS projects to reach zero neutrality. It also addressed how large-scale investments can be de-risked through clear and cohesive policies.  

Delegates also spoke about how carbon market initiatives and environmental, social and governance standards advance the circular carbon economy. In addition, they identified the CCUS synergies between hydrogen and material transitions. 

A research consulting center, KAPSARC has so far published more than 700 research papers on topics ranging from climate change policy and governance to energy and economic diversification. 


Saudi private sector employment reaches 10.8m

Saudi private sector employment reaches 10.8m
Updated 8 sec ago
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Saudi private sector employment reaches 10.8m

Saudi private sector employment reaches 10.8m

RIYADH: Saudi Arabia’s total number of employees in the private sector reached 10.8 million in November, up 0.93 percent from the previous month, according to newly released figures.

Of those, 2.3 million were Saudi nationals, and 8.5 million were residents of the Kingdom, the Saudi National Labor Observatory report revealed.

Analysis of the Saudi national contingent shows that 40.99 percent were females. In contrast, of the 8.5 million non-Saudi workers, 3.86 percent were females.

This data represents a positive trend as the private sector continues to expand its workforce, creating opportunities for Saudi citizens.


Saudi environment ministry initiates programs to propel agricultural sector growth

Saudi environment ministry initiates programs to propel agricultural sector growth
Updated 29 min 26 sec ago
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Saudi environment ministry initiates programs to propel agricultural sector growth

Saudi environment ministry initiates programs to propel agricultural sector growth

RIYADH: Several initiatives are underway in Saudi Arabia by the Ministry of Environment, Water, and Agriculture to drive the growth of the agricultural sector and bolster its contribution to the gross domestic product through strategic training and investment incentives. 

Among these efforts are projects aimed at localizing agricultural professions through comprehensive training programs. The focus is on qualifying professionals in various fields, ranging from fishing trades to livestock management, beekeeping, and honey production. 

Additional government support is being extended through a series of legislative decisions, with the objective of enforcing high-quality standards for Saudi products. This is achieved by issuing food quality certificates and expediting the procedures for obtaining agricultural licenses.

The support also encompasses the provision of subsidies and the allocation of soft agricultural loans through the Agricultural Development Fund, the Saudi Press Agency reported. 

The ministry has introduced distinct labels for agricultural products, fish, and livestock in the Kingdom. These labels include “Organic,” “Fish,” “Saudi Dates,” and “Saudi Qab” certification. 

This allows farmers and investors to market and export their products, thereby expanding opportunities in both local and global markets. Simultaneously, it provides a dependable means to ensure quality and safety standards. 

This came during a workshop organized by the ministry, aligning with the Vision 2030 objectives for food security and sustainable agricultural development. The workshop was conducted under the title “Future Prospects for Investment in the Agriculture and Aquaculture Sector.” 

The workshop took place with the attendance of various private sector companies, investors, and experts in the agriculture and aquaculture sectors within the Kingdom, as reported by the SPA. 
Participants in the workshop expressed their consensus that the ministry is actively working toward implementing numerous initiatives and programs.  

These initiatives aim to foster and implement sound agricultural practices, advance applied agricultural research, and fortify frameworks for the sustainable development of food consumption. 

Moreover, the ministry reiterated its commitment to establishing the previously announced Regional Center for Sustainable Development of Marine Fisheries, demonstrating its dedication to supporting the aquaculture industry. 

The measures implemented by the ministry resulted in a substantial boost to the agricultural sector’s contribution to the GDP, reaching approximately SR100 billion ($27 billion) in 2022.  

Concurrently, total food production surged to around 11 million tons, contributing significantly to price stability and elevating self-sufficiency rates for essential goods and products in the Kingdom.


UAE’s non-oil activities steady as PMI hits 57 in November: S&P Global

UAE’s non-oil activities steady as PMI hits 57 in November: S&P Global
Updated 54 min 16 sec ago
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UAE’s non-oil activities steady as PMI hits 57 in November: S&P Global

UAE’s non-oil activities steady as PMI hits 57 in November: S&P Global

RIYADH: The growth of non-oil activities in the UAE was steady in November, driven by a sharp rise in new business inflows and efforts to rapidly replenish and build stocks in the face of healthy demand conditions, an economy tracker showed.  

The latest S&P Global Purchasing Managers’ Index report revealed that the UAE’s PMI hit 57 in November, slightly down from 57.7 in October.  

Despite this slight decline, the PMI of the Emirates remained well above the neutral threshold of 50, indicating a continued improvement in business conditions.  

David Owen, senior economist at S&P Global Market Intelligence, said: “The strong run of demand growth in the UAE non-oil economy sparked a rapid increase in input buying during November, as firms looked to ensure they were in a good position to take advantage of growth opportunities.”  

He added: “Indeed, the uplift in buying — the fastest since July 2019 — supported the most rapid build-up of stocks in close to six years, benefiting both local businesses and trade partners.” 

The report revealed that operating conditions for non-oil private firms improved rapidly midway through the final quarter, supported by strong trends for new business, output and inventories.  

S&P Global added that sustained growth in new business also led to an acceleration in purchasing activity in November. 

The report pointed out that overall cost inflation in November remained stronger than recent trends, but selling prices were largely stable.  

On the flip side, some companies that took part in the PMI survey expressed a clear drop in their confidence level about the future due to concerns about competitive pressures.  

Even though the expansion in total sales was one of the fastest seen in close to four-and-a-half years, it slowed markedly from October, as some firms noted greater competitive pressures and a softer rise in new export business.  

“Businesses were much less upbeat about the future path of activity, as some survey panellists reiterated concerns that a large number of firms are entering the market. The build-up of competition was likely a key factor behind stock-building efforts, with businesses wary of falling behind in a fast-growing economy,” explained Owen.  


Saudi Arabia’s real estate supply reservations more than double

Saudi Arabia’s real estate supply reservations more than double
Updated 06 December 2023
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Saudi Arabia’s real estate supply reservations more than double

Saudi Arabia’s real estate supply reservations more than double

RIYADH: Citizens in Saudi Arabia are gaining greater access to residential units as the real estate supply reservations surged 110 percent year on year in November to reach 12,503, according to new figures.    
The Kingdom’s National Housing Co. announced that residential units were sold at competitive prices starting from SR250,000 ($66,649) compared to the previous year’s rates, in which the lowest contract amounted to SR321,000 per residential unit, the Saudi Press Agency reported.
This falls in line with the Gulf country’s plans and strategies to launch several extensive residential projects in order to achieve a balance between population growth and rapid urban expansion.   
This also comes as the rise in population density has led to increased demand for housing, meaning the Kingdom is working to boost the real estate supply to meet this need, aligning with a sustainable urban approach.
This rapid increase in reservations is mainly attributed to the launch of a number of residential projects in various regions, the most prominent of which is the inauguration of the Al-Fursan Suburb in Riyadh which aims to provide the largest real estate supply with a high level of quality and luxury. Other projects include the Sadayem Suburb which was launched in Jeddah along with many housing schemes in distinctive locations within the main cities.
In fact, the number of residential projects reached 46 during 2023, thereby cementing Saudi Arabia’s innovative model for real estate development.
National Housing Co. is the leader and enabler of the real estate development sector and the largest major developer of suburbs and residential communities in the Kingdom characterized by quality of life.  The company pumps more than 300,000 housing units into eight suburbs and six residential communities on an area of more than 120 million sq. meters, accommodating more than 1 million citizens.
It seeks to find solutions to secure supply chains with high quality and more sustainable construction materials, as part of the company’s keenness to increase the real estate supply with residential options according to international standards.
All the firm’s efforts are directed to achieving the goals of the housing program by raising the percentage of residential ownership for Saudi families to 70 percent by 2030.


Council of Ministers to approve Saudi general budget on Wednesday

Council of Ministers to approve Saudi general budget on Wednesday
Updated 05 December 2023
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Council of Ministers to approve Saudi general budget on Wednesday

Council of Ministers to approve Saudi general budget on Wednesday

RIYADH: Saudi Arabia’s Council of Ministers will hold a session on Wednesday to approve the Kingdom’s general budget for the new fiscal year, Saudi Press Agency reported on Tuesday.

A preliminary budget statement issued in October showed predictions of real gross domestic product growing by 0.03 percent this year compared with a previous forecast for growth of 3.1 percent.

The document also projected the government would post a budget deficit of 1.9 percent of the gross domestic project in 2024, 1.6 percent of GDP in 2025, and 2.3 percent of GDP in 2026.

The statement said “limited budget deficits” would continue in the medium term.

Meanwhile, total expenditure was seen as rising to SR1.262 billion in 2023, from an earlier estimate of SR1.114 billion, before slowing down marginally to SR1.251 billion in 2024.

A government press conference will be held on Wednesday, with the participation of Minister of Finance Mohammed Al-Jadaan, during which he will address the state’s general budget for the next fiscal year, and the numbers and indicators of the contents of the budget will be announced.
The finance minister will also answer questions during the conference, which will be broadcast live on Saudi channels.