Saudi Arabia finances $77m solar power project in Belize

The agreement is part of the fund’s effort to promote sustainable development in emerging economies and Small Island Developing States. File
The agreement is part of the fund’s effort to promote sustainable development in emerging economies and Small Island Developing States. File
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Updated 06 August 2023
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Saudi Arabia finances $77m solar power project in Belize

Saudi Arabia finances $77m solar power project in Belize

RIYADH: The Saudi Fund for Development has signed a deal with Belize, a Central American country, to finance a new solar project worth $77 million. 

The agreement is part of the fund’s effort to promote sustainable development in emerging economies and Small Island Developing States. 

The Saudi loan, which will help build a 60-megawatt solar power plant, will reduce emissions by 60,000 tons annually from the energy sector. The project will also play a key role in boosting Belize’s socioeconomic growth. 

Additionally, it will help improve the reliability of the country’s electrical network and enhance Belize’s efforts to mitigate climate change and transition to clean energy. 

“The project to construct a solar energy plant in Belize will support the health and well-being of the local population and help provide direct and indirect job opportunities, which will contribute toward the socioeconomic growth of the country,” said Sultan Al-Marshad, CEO of SFD. 

He added: “This project reflects the importance that SFD places on mitigating climate change.”

Aside from environmental benefits, the project will boost the local economy by producing direct and indirect employment opportunities and increasing Belize’s self-sufficiency and competitive advantage. 

The initiative also contributes to achieving the UN’s sustainable development goals.

Established in 1975, SFD has implemented over 700 development projects and programs in 90 countries. 

“The solar project is timely, as Belize finds it necessary to expand its energy output because of a growing economy,” said Belizean Prime Minister John Briceno.

He added: “This brings numerous benefits to Belize, including clean energy, cost savings, energy independence, environmental sustainability, job creation and improved access to electricity to rural communities.” 

Regarding supporting small island developing countries, SFD’s CEO also met Dickon Mitchell, the prime minister of Grenada, on Wednesday. 

“Grenada is working with the Saudi Fund for Development to sign an agreement to support major infrastructure projects that will address Grenada’s ability to address and mitigate the effects of climate change in some key urban and rural tourist areas, including coastlines and beaches,” Mitchell said. 

They discussed future development projects and ways to improve and achieve sustainable development goals. 


Saudi Arabia to invest $100m to boost its aviation sector 

Saudi Arabia to invest $100m to boost its aviation sector 
Updated 7 sec ago
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Saudi Arabia to invest $100m to boost its aviation sector 

Saudi Arabia to invest $100m to boost its aviation sector 

RIYADH: Saudi Arabia plans to invest $100 million to serve 356 million passengers to further boost its tourism efforts and aviation strategy in line with Vision 2030, according to the president of the Kingdom’s General Authority of Civil Aviation.

Abdulaziz Al-Duailej made this revelation at the 15th International Conference on Air Services Negotiations, organized by the International Civil Aviation Organization in Riyadh on Sunday. The event, hosted by GACA, will continue till Dec. 7.

Emphasizing the comprehensive nature of the strategy, Al-Duailej provided insight into the multifaceted approach. 

He said: “We aim at developing and upgrading all aviation sectors, including Saudi airlines, logistics services, cargo services, and other support services.”

This financial injection underscores Saudi Arabia’s dedication to becoming a prominent player in the global aviation arena. 

Al-Duailej articulated the strategic objectives: “We are building an integrated airline network with Riyadh and Jeddah as strategic and central hubs.”

He outlined plans to establish international connections with 250 destinations by 2030.

This forward-looking approach aims to position Saudi Arabia as a leader in the aviation industry, fostering global connectivity and economic growth.

The significance of this commitment was further underscored by the President of the International Civil Aviation Organization, Salvatore Sciacchitano, who commended Saudi Arabia’s dedication. 

Sciacchitano said: “I am proud to say that the strategic direction of the Kingdom of Saudi Arabia in this sector will help countries achieve development and success.”

Saudi Minister of Transport and Logistic Services Saleh Al-Jasser also emphasized the impact of the civil aviation strategy, designed not only to enhance transportation but to foster relationships, facilitate trade, and open doors to Arab tourism. 

Al-Jasser spoke of the conference as evidence of a collective commitment to global integration through aviation.

The $100 million investment announcement serves as a cornerstone in Saudi Arabia’s journey to become a global aviation leader, as outlined by leaders at the ICAN conference. 

The financial commitment and strategic initiatives reflect the Kingdom’s determination to shape the future of air travel and contribute to the international aviation landscape.


Plans afoot for new facility to produce low-carbon chemicals, says Saudi energy minister

Plans afoot for new facility to produce low-carbon chemicals, says Saudi energy minister
Updated 19 min 27 sec ago
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Plans afoot for new facility to produce low-carbon chemicals, says Saudi energy minister

Plans afoot for new facility to produce low-carbon chemicals, says Saudi energy minister

DOHA: Stressing the key role of the petrochemical industry in the fight against climate change, the Saudi energy minister disclosed the Kingdom’s plan to build a carbon dioxide utilization hub to produce low-carbon chemicals.

Prince Abdulaziz bin Salman was speaking at the 17th Annual Gulf Petrochemicals and Chemicals Association Forum in the Qatari capital on Sunday. He said the petrochemical sector has a crucial role to play in the global campaign to reduce greenhouse gas emissions.

Prominent industry leaders attended the forum titled “Using chemistry to achieve impactful transformation” and advocated the use of sustainable practices in the oil and gas sector.

The Saudi minister affirmed the Kingdom’s commitment to preserving cultural heritage while embracing positive changes.

“We’re not going to change our beliefs, we would not change our pride, of our history, of our culture, but I’m sure what we are trying to do with all of our visions is to make sure that the generations to come will be proud as we are today proud of ourselves,” he said.

“We envision (that) the (carbon utilization) hub will maximize value for carbon dioxide and enable new green industry in the Kingdom’s clean energy economy,” Prince Abdulaziz added.

He also expressed pride in the Kingdom’s success in converting oil derived from plastic waste into certified circular polymers, marking a first in the Middle East and North Africa through collaboration between Saudi Aramco, SABIC, and Total Energies.

Prince Abdulaziz also revealed plans for a minimum of four projects to be launched in the upcoming years, specifically emphasizing liquid-to-chemical processes.

SABIC CEO Abdulrahman Al-Fageeh emphasized the journey of the forum, a testament to a vision combining entrepreneurial spirit with industry knowledge inherited across generations.

Al-Fageeh acknowledged geopolitical risks and uncertainties but urged resilience and the discovery of new avenues for growth, underscoring chemistry as a solution provider to global challenges.

Saad Sherida Al-Kaabi, CEO of Qatar Petroleum, stressed the need for a meaningful and realistic transition, urging a common understanding of achievable goals.

He highlighted three essential areas, which include greater investment in energy efficiency and low carbon innovation, political commitment through coordinated policies, and raising awareness about the crucial role the chemical industry plays in improving lives worldwide.

Al-Kaabi concluded with a call for collective action to challenge the status quo and contribute to a better tomorrow.

The GPCA represents the downstream hydrocarbon industry in the Arabian Gulf.

Established in 2006, the association voices the common interests of more than 250 member companies from the chemical and allied industries, accounting for over 95 percent of chemical output in the Arabian Gulf region.

The industry makes up the second-largest manufacturing sector in the region, producing over $108 billion worth of products a year.

The association supports the region’s petrochemical and chemical industry through advocacy, networking, and thought leadership initiatives that help member companies to connect, share and advance knowledge, contribute to international dialogue and become prime influencers in shaping the future of the global petrochemicals industry.


Saudi cybersecurity body releases toolkit to fortify digital infrastructure

Saudi cybersecurity body releases toolkit to fortify digital infrastructure
Updated 03 December 2023
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Saudi cybersecurity body releases toolkit to fortify digital infrastructure

Saudi cybersecurity body releases toolkit to fortify digital infrastructure

RIYADH: Saudi Arabia’s National Cybersecurity Authority has released its second package of cybersecurity tools in a strategic initiative to fortify the Kingdom’s digital infrastructure.

This comprehensive suite of tools is designed to enhance the efficiency and effectiveness of cybersecurity measures across various sectors, aligning with the Kingdom’s efforts to combat evolving threats and boost digital readiness.

The newly released toolkit includes a range of templates and procedures for developing robust cybersecurity policies and standards, according to a statement issued by the authority.

Available in both Arabic and English, it caters to a wide spectrum of entities in the government and private sectors.

This initiative reflects the authority’s commitment to establishing and governing cybersecurity policies, frameworks, standards, and guidelines in Saudi Arabia.

Developed through an extensive study of various policies and best practices in the cybersecurity domain, the toolkit encompasses critical topics such as malware protection, risk management, email and network security, web application protection, and data security.

It also covers security aspects of user and mobile devices, industrial control systems, social media, and virtual environments.

The authority emphasizes that these implements aim to ensure a safer cyber environment for all stakeholders in the Kingdom.

The availability of the toolkit on the authority’s website ensures easy access and widespread adoption.

As the national reference in cybersecurity holds significant importance, the authority’s primary objective is to protect the region’s vital interests, national security, and critical infrastructures.

Saudi Arabia’s cybersecurity reforms have been rapidly growing with the hosting of the Global Cybersecurity Forum last month in Riyadh.

Furthermore, the NCA announced its second cybersecurity accelerator program in October to boost entrepreneurship, investment, and innovation in the sector.

The program provided more than SR6.5 million ($1.7 million) to support expanding companies and over 500 hours of guidance and direction.

These initiatives coincide with the Kingdom’s position as one of the global leaders in cybersecurity.

In June, Saudi Arabia secured second place in the Global Cybersecurity Index in the World Competitiveness Yearbook for 2023 by the Swiss-based International Institute for Management Development.


Closing Bell: Saudi main index rises to close at 11,219

Closing Bell: Saudi main index rises to close at 11,219
Updated 03 December 2023
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Closing Bell: Saudi main index rises to close at 11,219

Closing Bell: Saudi main index rises to close at 11,219

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 41.54 points, or 0.37 percent, to close at 11,219.02.  

The total trading turnover of the benchmark index was SR4.13 billion ($1.10 billion) as 148 of the listed stocks advanced, while 71 retreated.   

On the other hand, the Kingdom’s parallel market Nomu slipped 391.54 points, or 1.55 percent, to close at 24,844.08. This comes as 29 of the listed stocks advanced, while as much as 25 retreated.  

Meanwhile, the MSCI Tadawul Index also rose 3.86 points, or 0.27 percent, to close at 1,445.89.  

The best-performing stock of the day was Middle East Healthcare Co. The company’s share price surged 9.95 percent to SR86.20.  

Other top performers included Naqi Water Co. as well as Fawaz Abdulaziz Alhokair Co., whose share prices soared by 6.34 percent and 6.03 percent, to stand at SR78.80 and SR17.24 respectively.  

In addition to this, other top performers included Arab Sea Information System Co. and Saudi Co. for Hardware.  

The worst performer was Development Works Food Co., whose share price dropped by 5.64 percent to SR130.40.  

Other poor performers were Al-Rajhi Co. for Cooperative Insurance as well as Naseej International Trading Co., whose share prices dropped by 5.26 percent and 3.03 percent to stand at SR162.00 and SR54.40, respectively.  

Moreover, other worst performers also included Saudi Automotive Services Co. and Arabian Cement Co.  

On the announcements front, the Saudi Exchange has announced the trading suspension on Dur Hospitality Co.’s shares starting Dec. 3 to commence delisting procedures of the company’s shares.  

According to a statement from Tadawul, this decision follows the firm’s announcement of the extraordinary general meeting’s approval of the offer submitted by Taiba Investments Co. to acquire shares of Dur Hospitality Co. from shareholders through a securities exchange offer.  

On another note, Methanol Chemicals Co. has announced the issuance of the Ministry of Energy’s approval to allocate the required feedstock for manufacturing methyl diethanolamine, choline chloride dimethyl disulfide, and n-methyl pyrrolidone. 

A bourse filing has disclosed that all the targeted products will be the first of their kind in the region. Furthermore, these innovative products are anticipated to find applications in critical and strategic industries in the Kingdom, including but not limited to oil and gas, pharmaceuticals, fertilizers, and construction materials, among others.  

Moreover, Taiba Investments Co. has announced the results of the extraordinary general assembly meeting which included the increase of the firm’s capital remotely utilizing contemporary technology using the Tadawulaty platform.  

Meanwhile, Abdulaziz and Mansour Ibrahim Al-Babtain Co. has announced the signing of an agreement with Nestle Saudi Arabia.   

According to a Tadawul statement, the agreement will come into force from the date of its signature and expire on Dec. 31. However, it will be automatically extended upon the expiry of the period. 


UNIDO expert highlights crucial steps for hydrogen economy transition at COP28

UNIDO expert highlights crucial steps for hydrogen economy transition at COP28
Updated 03 December 2023
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UNIDO expert highlights crucial steps for hydrogen economy transition at COP28

UNIDO expert highlights crucial steps for hydrogen economy transition at COP28

DUBAI: Partnerships between the private and public sectors are required to address hydrogen development infrastructure, according to a UN Industrial Development Organization expert.

Eunji Park emphasized in a panel discussion titled “Connecting the Dots for the Hydrogen Economy” by King Abdullah Petroleum Studies and Research Center on the sidelines of the 2023 UN Climate Change Conference key factors for a successful global transition to a hydrogen-based economy.

She highlighted the impact of policies like the Carbon Border Adjustment Mechanism, encouraging industries in developing countries to shift toward cleaner industrial processes.

Park said: “Only 10 percent of the projects are presented for local offtake, so in order to solve infrastructure challenges in line with the scale of financing, we really need to ensure that public-private partnerships address more basic infrastructure to be in place for hydrogen development.”

The expert also called for the proximity of renewable energy sources to industrial clusters, advocating on-site installations for maximum efficiency. Park underscored the need for more hydrogen transport pipelines to facilitate widespread adoption.

In addressing a critical gap, she emphasized the urgency for more skills development, citing deficiencies in current international assistance schemes.

“We need more skills development and technical capacity building within the countries. This is something that is currently lacking in the international assistance schemes, so more opportunities for upskilling sufficient knowledge,” she said.

Park added: “I think these are the elements that need to be closely addressed within the public-private partnerships.”

On the topic of upskilling and reskilling, she emphasized the need for a just transition, recognizing the challenge of shifting fossil fuel-based economies without job losses.

Park stressed the importance of a systemic approach to ensure inclusivity in the transition process.

Green hydrogen is hydrogen produced by the electrolysis of water using renewable electricity. The production of green hydrogen causes significantly lower emissions than the production of gray hydrogen, which is derived from fossil fuels.

As COP28 progresses, experts like Park continue to play a pivotal role in shaping discussions and strategies for a sustainable and inclusive hydrogen economy.