Red Sea Global takes up most ambitious horticultural endeavor ‘in human history’

Red Sea Global takes up most ambitious horticultural endeavor ‘in human history’
RSG’s fully operational nursery aims to raise over 25 million plants in the Red Sea Project and the ultra-luxury destination AMAALA by 2030, reducing the Kingdom’s reliance on importing foreign plant species and promoting the growth of native flora. (Supplied)
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Updated 27 April 2023
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Red Sea Global takes up most ambitious horticultural endeavor ‘in human history’

Red Sea Global takes up most ambitious horticultural endeavor ‘in human history’

RIYADH: Saudi Arabia’s biodiversity is set to reap huge benefits thanks to Red Sea Global planning the “single most challenging horticultural endeavor ever attempted in human history,” the company has announced.

RSG’s fully operational nursery aims to raise over 25 million plants in the Red Sea Project and the ultra-luxury destination AMAALA by 2030, reducing the Kingdom’s reliance on importing foreign plant species and promoting the growth of native flora. 

It will also produce over 30 million seedlings, which according to Grant Shaw, senior nursery director at RSG, is “incredibly exciting for horticulturalists.” 

“If you think about 25 million plants in the time frame we’re talking about, it’s never been attempted before. It’s like the single most challenging horticultural endeavor ever attempted in human history in the middle of the desert.”

He added: “With our designers, we’ve looked at what can we use natively and then what can we enhance with some adaptive species.” 

“Some of the species you see in this region will never be seen anywhere else in the world because they can’t grow elsewhere,” Shaw concluded. 

The Red Sea region’s exceptional year-round climate allows for adding a broad range of plants, including cultivated, adapted and native plants, said Fahd Al-Habely, the company’s assistant director of the environmental program department. 

Consequently, the company has implemented two initiatives. One is collecting native seeds across the Kingdom, and the other is transplanting mature trees. 

With a mandate to increase biodiversity in the area by 30 percent, the company has a “laser-like focus on sustainability,” he explained.   

Though the nursery mainly comprises plants native to Saudi Arabia, the giga-project has also been sourcing desert plant species worldwide, including Australia, where the climate is similar to the Kingdom. 

Saudi Arabia has successfully planted over 12 million trees in the past five years through the National Center for Vegetation Development as it moves toward achieving its sustainability goals as part of the Saudi Green Initiative, stated the annual report issued by the National Transformation Program for 2022. 

According to the report, more than 22 percent of the treated water in the Kingdom was reused while recording a 35 percent increase in desalinated water production capacity since 2018. 

Some of the other achievements include the release of up to 921 endangered animals in national parks and reserves, the first birth of the Arabian oryx at the King Salman Royal Reserve, and the first birth of the Idmi gazelle at the Ibex Reserve.  


Banks in GCC benefiting from strong operating conditions: Fitch Ratings  

Banks in GCC benefiting from strong operating conditions: Fitch Ratings  
Updated 6 sec ago
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Banks in GCC benefiting from strong operating conditions: Fitch Ratings  

Banks in GCC benefiting from strong operating conditions: Fitch Ratings  

RIYADH: Banks in the Gulf Cooperation Council are currently reaping the benefits of robust operating conditions, driven by factors such as high oil prices, contained inflation, and rising interest rates, according to Fitch Ratings.  

In its latest report, the US-based credit rating agency pointed out variations in bank performance across the GCC markets, with financial institutions in the UAE demonstrating signs of improvement compared to their counterparts. 

“We expect this improvement to be overall sustained, which, along with other solid financial metrics being maintained, could lead to positive rating actions on some UAE banks’ Viability Ratings,” said Fitch Ratings.  

The report highlights that banks in Saudi Arabia, Qatar, and the UAE are well-positioned to benefit from rising interest rates, primarily due to the swift repricing of loan books and substantial funding from low-cost current and savings accounts. 

UAE banks, in particular, have seen significant gains from rising rates, with average net interest margins increasing by 100 base points in the first half of 2023 compared to 2020.  

NIMs in the UAE are anticipated to stabilize in the second half of 2023 before experiencing a slight dip in 2024, the report added. 

Conversely, Qatari banks have experienced only modest NIM improvements due to weak credit demand and ongoing public sector repayment of overdraft facilities. 

Strong operating conditions have contributed to robust asset quality metrics in the UAE and Saudi Arabia during the first half of 2023.  

“UAE mortgage portfolios could be pressured given their high proportion of variable-rate loans, but the rise in property prices should keep losses-given-default close to nil,” added Fitch.   

Saudi banks are projected to outpace the GCC average in financing growth for both 2023 and 2024, driven by increased corporate credit demand and persistent high interest rates. 

With oil prices expected to average $80 per barrel in 2023 and $75 per barrel in 2024, the region’s banks can anticipate continued support for their operating conditions, as per the report. 


Saudi endowment investment funds exceed $133m in net assets 

Saudi endowment investment funds exceed $133m in net assets 
Updated 38 min 40 sec ago
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Saudi endowment investment funds exceed $133m in net assets 

Saudi endowment investment funds exceed $133m in net assets 

RIYADH: Saudi Arabia’s endowment investment funds have experienced significant growth, with the number of licensed funds increasing by 13 in 2023, reaching a total of 24, as reported by the General Authority of Awqaf. 

In a newly released report, the authority revealed that this expansion has pushed the net assets of endowment investment funds in the Kingdom beyond the SR 500 million ($133 million) milestone for the current year. 

This aligns with the government’s strategic objectives to advance the financial sector and streamline the licensing processes for various products.  


Saudi Arabia to grant premium residency for regional HQ executives 

Saudi Arabia to grant premium residency for regional HQ executives 
Updated 01 October 2023
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Saudi Arabia to grant premium residency for regional HQ executives 

Saudi Arabia to grant premium residency for regional HQ executives 

RIYADH: As part of Saudi Arabia’s ongoing efforts to enhance its business environment, the Ministry of Investment has developed a mechanism to grant premium residency to executives based at regional headquarters. The initiative is being undertaken in collaboration with the country’s Premium Residency Center, according to an official release. 

In its pre-budget statement for 2024, the Ministry of Finance highlighted the collaborative work between the Ministry of Investment and various government entities to remove obstacles for investors.  

This includes cooperation with the Ministry of Municipal and Rural Affairs and Housing to establish an exception mechanism and permissions for companies looking to set up their headquarters within one of their branches in the Kingdom. 

Furthermore, the Ministry of Finance revealed that the Investment Ministry is working closely with the Ministry of Human Resources and Social Development to implement incentives for employees at regional headquarters. 

These incentives include granting visas based on the company’s requirements, enabling spouses under the family residency to work, and extending the age limit for dependents allowed to stay with regional headquarters employees to 25 years. 

Saudi Arabia continues to make strides in improving its business climate, attracting investments and fostering a more accommodating environment for foreign companies.


S&P upgrades Oman’s credit rating to BB+ with stable outlook  

S&P upgrades Oman’s credit rating to BB+ with stable outlook  
Updated 01 October 2023
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S&P upgrades Oman’s credit rating to BB+ with stable outlook  

S&P upgrades Oman’s credit rating to BB+ with stable outlook  

RIYADH: In a new development signaling a shift in Oman’s economic landscape, global credit rating agency Standard & Poor has upgraded the nation’s long-term credit rating from “BB” to “BB+.”  

S&P Global's assessment underscores a transformation in Oman’s non-oil sector, promising substantial growth in the years ahead, particularly between 2023 and 2026. This shift is poised to play a pivotal role in enhancing the country’s economic prosperity. 

Additionally, positive signs within the oil sector are expected to further fuel Oman’s economic expansion.  


PIF-owned real estate firm ROSHN launches sales for SEDRA Phase 3  

PIF-owned real estate firm ROSHN launches sales for SEDRA Phase 3  
Updated 01 October 2023
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PIF-owned real estate firm ROSHN launches sales for SEDRA Phase 3  

PIF-owned real estate firm ROSHN launches sales for SEDRA Phase 3  

RIYADH: Saudi real estate developer ROSHN has announced expanding its footprint in the Kingdom with the launch of sales for the third phase of its flagship development, SEDRA, located in Riyadh. 

The Public Investment Fund-owned company has introduced 3,438 new residences and a wide range of amenities within this 20 million sq. meter residential project. 

Prospective residents of SEDRA Phase 3 will be able to choose from a wide array of floor plans and facades, the Saudi Press Agency reported. These options encompass single or multi-family configurations, three- and four-bedroom townhouses, duplexes, and spacious four- and five-bedroom villas. 

With the introduction of the project, ROSHN Group is poised to meet the surging demand for modern, sustainable living spaces in the Kingdom. 

David Grover, CEO of ROSHN Group, emphasized the significance of launching the sales of the new offering, underscoring the company’s commitment to enhancing living standards in alignment with Saudi Vision 2030. 

The new development is equipped with advanced insulation, solar-powered water heaters, and energy-efficient air-conditioning systems, all contributing to substantial energy and water conservation. 

Furthermore, the project boasts that 12 percent of its total area is dedicated to open and green spaces, enabling residents to enjoy the natural beauty of the community, including a wadi and acacia forest. 

Located in the northern part of Riyadh, SEDRA offers easy access via Kaden Road, with nearby metro stations F2 and A7, along with key landmarks such as the SAR railway station, Princess Nourah University, Imam Mohammed Ibn Saud University, and King Khalid International Airport. 

The development also provides direct access to ROSHN Front’s shopping, leisure, and business areas, delivering an integrated “live, work, play” lifestyle. 

SEDRA is planned in eight phases, with a scope of adding over 30,000 residential units to Riyadh’s housing stock. Each phase will incorporate elements of nature and local heritage into its design, reflecting a blend of tradition and modernity. 

This development aligns with the objectives of Saudi Vision 2030, aiming to elevate living standards across the Kingdom. 

By 2030, ROSHN’s ambitious plans include the development of over 400,000 homes, along with the establishment of 1,000 kindergartens and schools, and over 700 mosques. 

In a recent move, ROSHN launched MARAFY, a mixed-use development in northern Jeddah, featuring the Kingdom’s first canal project linked to the Red Sea. It encompasses more than 300 sq. km of waterfront promenade, covering a total area exceeding 2 million sq. meters.