Saudi Arabia to host 12th session of OIC’s statistical committee

Saudi Arabia to host 12th session of OIC’s statistical committee
According to a statement by the General Authority for Statistics, the two-day meeting will take place from Oct. 3-4 in Jeddah. Shutterstock
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Updated 02 October 2023
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Saudi Arabia to host 12th session of OIC’s statistical committee

Saudi Arabia to host 12th session of OIC’s statistical committee

RIYADH: Amid efforts to enhance communication and collaboration between countries, Saudi Arabia is set to host the 12th session of the Organization of Islamic Cooperation statistical committee. 

According to a statement by the General Authority for Statistics, the two-day meeting will take place from Oct. 3-4 in Jeddah. 

The engagement cements the Kingdom’s standing globally and in the Arab world, given that this is the first time the gatherings have been held outside its headquarters in Turkey.

The primary objective of the meeting is to provide statistical data in support of development plans and facilitate the exchange of experiences among member states.

It also aims to enhance the technical and scientific capabilities of statistical professionals working in official statistical agencies of member countries.

Participants will share expertise and knowledge to improve the production and dissemination of accurate statistical data and indicators, aligning with internationally recognized methodologies and standards. 

The agenda includes discussions on developing a strategic vision to elevate statistical systems through short-, medium-, and long-term plans, enhancing the technical capabilities of national statistical agencies in Islamic countries.

The event is expected to see the participation of heads of official statistical centers from OIC member countries.

In September, Saudi Foreign Minister Prince Faisal bin Farhan attended a coordination meeting of foreign ministers from OIC member states during the 78th UN General Assembly session in New York. 

During the session at the time, the Saudi foreign minister emphasized the importance of a safe and stable regional and international environment for collective action to address common challenges.


Closing Bell: Saudi main index rose to close at 11,174

Closing Bell: Saudi main index rose to close at 11,174
Updated 6 sec ago
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Closing Bell: Saudi main index rose to close at 11,174

Closing Bell: Saudi main index rose to close at 11,174

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Wednesday, gaining 30.19 points, or 0.27 percent, to close at 11,174.02.

The total trading turnover of the benchmark index was SR5.78 billion ($1.54 billion) as 118 of the listed stocks advanced, while 95 retreated. 

Similarly, the MSCI Tadawul Index rose 1.15 points, or 0.08 percent, to close at 1,435.

The Kingdom’s parallel market, Nomu, slipped 453.70 points, or 1.89 percent, to close at 23,549.89. This comes as 26 of the listed stocks advanced while as much as 33 retreated.

The best-performing stock of the day was National Agricultural Development Co., whose share price surged 9.87 percent to SR26.50.

Other top performers include Riyadh Cables Group Co. and Saudi Enaya Cooperative Insurance Co., whose share prices soared by 9.41 percent and 8.22 percent to stand at SR84.90 and SR16.58, respectively.

In addition to this, other top performers included Sustained Infrastructure Holding Co. and Sinad Holding Co.

The worst performer was Naqi Water Co., whose share price dropped by 6.84 percent to SR73.60.

Other poor performers were United Cooperative Assurance Co. as well as Tourism Enterprise Co., whose share prices dropped by 4.76 percent and 3.23 percent to stand at SR9.01 and SR0.60, respectively.

Al-Omran Industrial Trading Co. and Riyadh Cement Co. also saw drops in value.

On the announcements front, the Saudi Exchange disclosed the inclusion and commencement of trading for Lana Medical Co. shares on Nomu. 

Meanwhile, shareholders of United Cooperative Assurance Co. have approved, in a statement, the planned merger with Saudi Enaya Cooperative Insurance Co., involving the transfer of its assets and liabilities through a share swap offer.

Enaya shareholders, however, have declined the deal put forward by UCA.

The completion of the merger is contingent upon the endorsement of both companies’ shareholders. 


Global energy crisis sparked significant tax reductions in OECD countries: report 

Global energy crisis sparked significant tax reductions in OECD countries: report 
Updated 53 min 18 sec ago
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Global energy crisis sparked significant tax reductions in OECD countries: report 

Global energy crisis sparked significant tax reductions in OECD countries: report 

RIYADH: The escalating global energy crisis, exacerbated by Russia’s war against Ukraine and the surge in energy prices, has prompted the vast majority of Organization for Economic Cooperation and Development nations to reduce taxes, according to a new report.  

The recently released “Revenue Statistics 2023” report by the OECD revealed a decline in the average tax-to-gross domestic product ratio in these countries, falling by 0.15 percentage points to 34 percent in 2022.  

This marked the third such decline since the global financial crisis in 2008-09, with previous decreases observed in 2017 and 2019. 

In response, 34 out of 36 countries witnessed a decrease in excise tax revenues as a share of GDP, with 21 of them experiencing an absolute decline.   

Notably, European countries were particularly affected, with declines linked to both reduced energy taxes and lower demand for energy products. 

The report highlighted that while excise tax revenues decreased, revenues from corporate income taxes increased in more than three-quarters of OECD countries. This uptick was driven by higher profits, especially within the energy and agricultural sectors.  

Norway saw a substantial rise in CIT revenues, increasing by 8.8 percent of GDP due to exceptional profits in the energy sector.  

While CIT revenues offset part of the decline in excise taxes, overall tax revenues saw a reduction as a share of GDP in 21 countries, an increase in 14 countries, and remained stable in one.  

Denmark experienced the most significant decline, with a 5.5 percentage point drop to 41.9 percent, while Korea and Norway observed the largest increases at 2.2 and 1.8 percentage points, respectively.  

This decline in the OECD’s average tax-to-GDP ratio follows two consecutive years of increases during the COVID-19 pandemic. In 2022, tax-to-GDP ratios ranged from 16.9 percent in Mexico to 46.1 percent in France. 

A feature in the report delved into the historical analysis of tax buoyancy, revealing that tax revenues generally increased at the same rate as GDP over the past four decades.  

Notably, CIT revenues proved to be the most buoyant, increasing faster than economic growth, while excise taxes were the least buoyant, growing at a slower rate than GDP. 


CBUAE and Bank Indonesia ink deal to expand joint cooperation

CBUAE and Bank Indonesia ink deal to expand joint cooperation
Updated 06 December 2023
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CBUAE and Bank Indonesia ink deal to expand joint cooperation

CBUAE and Bank Indonesia ink deal to expand joint cooperation

RIYADH: The central banks of the UAE and Indonesia have inked a comprehensive deal which will intensify collaboration across key areas such as monetary and macro-prudential policy, financial stability, and payment systems. 

The signed memorandum of understanding between the Central Bank of the UAE and Bank Indonesia signifies the extension of an already established cooperation framework between the two entities.  

The deal aims to strengthen their relationship, elevate information exchange, and foster collaboration across various areas, according to a press statement.

The agreement was signed by Khaled Mohamed Balama, governor of CBUAE, and Perry Warjiyo, governor of Bank Indonesia. 

Balama said: “The MoU with our Indonesian counterparts constitutes a strong basis for consolidating relations and strengthening the future partnership between both parties and contributes to opening the way for more joint regulatory cooperation to foster business opportunities in technology, innovation and digital.”

Under the deal, both central banks will also collaborate to enhance cooperation in digital financial innovation, Islamic finance, and technical capacity building. 

He added: “We are confident that through this cooperation, a favorable environment for business growth, trade and investment partnership, will be established and leads to sustainable growth in the two friendly countries.”

Furthermore, the press statement added that CBUAE and Bank Indonesia will collaborate on the development of a regulatory framework addressing anti-money laundering and countering the financing of terrorism, showcasing their commitment to fostering a secure and compliant financial environment. 

The trade and economic relationship between the UAE and Indonesia has witnessed a significant boost with the implementation of a free trade pact on Sept. 1, 2023. 

The Indonesia-UAE Comprehensive Economic Partnership Agreement, signed in July of the previous year, marks Jakarta’s first such agreement with a Gulf country and Abu Dhabi’s inaugural pact with a Southeast Asian nation. 

This agreement eliminates about 99 percent of existing tariffs and establishes mutual recognition of each country’s halal certification, further solidifying economic ties between the two nations.

“With the reduction of tariff or zero tariffs, Indonesia could strengthen exports. I believe once exports increase, it will attract more investment,” Husin Bagis, Indonesia’s ambassador to the UAE, told Arab News in September.  

Furthermore, the value of bilateral trade between the UAE and Indonesia surged to around $5 billion in 2022, as per data from the Indonesian Trade Ministry. This represents an increase of around 20 percent compared to the previous year, when it amounted to $4 billion.


UAE’s Masdar to develop 1GW wind project in Jordan 

UAE’s Masdar to develop 1GW wind project in Jordan 
Updated 06 December 2023
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UAE’s Masdar to develop 1GW wind project in Jordan 

UAE’s Masdar to develop 1GW wind project in Jordan 

RIYADH: Jordan’s clean energy mix is set to grow after Abu Dhabi Future Energy Co., also known as Masdar, signed an agreement with the country’s Ministry of Energy to develop a 1 gigawatt wind project. 

The agreement will also see the development of a battery energy storage system and a memorandum to explore the feasibility of establishing a green hydrogen plant, according to a press release. 

These deals were signed by Masdar CEO Mohamed Al-Ramahi and Jordan’s Minister of Energy and Mineral Resources, Saleh Al-Kharabsheh, during the 2023 UN Climate Change Conference in Dubai. 

The ceremony was attended by UAE’s Minister of Industry and Advanced Technology and COP28 President and Chairman of Masdar Sultan Al-Jaber, alongside Jordan’s Minister of the Environment, Muawieh Radaideh. 

The project envisages the establishment of a green hydrogen facility near the Port of Aqaba, leveraging desalinated seawater and renewable power sources to produce cost-competitive green hydrogen. 

“With substantial wind and solar resources that can be used to generate large amounts of renewable energy and produce cost-competitive green hydrogen and green fuels, Jordan has the potential to become a global powerhouse in the green energy transition,” Al-Ramahi said.  

He emphasized Masdar’s commitment to supporting Jordan’s decarbonization plans and unlocking its vast green energy potential. 

Al-Kharabsheh highlighted Jordan’s ongoing efforts to enhance its role as a regional hub for green energy production. 

“The Jordanian government’s efforts continue to enhance Jordan’s role as a regional center for green energy production and provide high-quality, cost-competitive green hydrogen fuel by taking advantage of the abundance of renewable energy sources and our nation’s strategic geographical location in the region to provide excellent access to European markets,” he said. 

He further added that the collaboration with Masdar aligns with the ministry’s priorities and Jordan’s Economic Modernization Vision, encompassing investment in green hydrogen production projects as part of Jordan’s clean energy transition goals. 

Masdar already operates the 200 megawatt Baynouna Solar Park through its Baynouna Solar Energy Co. joint venture in Jordan. The solar park stands as Jordan’s largest clean energy project, inaugurated earlier this year. 

With Masdar targeting 1 million tons of green hydrogen production by 2030, this collaboration marks a significant stride toward the UAE’s ambition to become a global green hydrogen hub and capture a substantial share of the international low-carbon hydrogen market by the decade’s end. 


ACWA Power launches largest green hydrogen project in Indonesia, worth over $1bn

ACWA Power launches largest green hydrogen project in Indonesia, worth over $1bn
Updated 06 December 2023
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ACWA Power launches largest green hydrogen project in Indonesia, worth over $1bn

ACWA Power launches largest green hydrogen project in Indonesia, worth over $1bn

RIYADH: Indonesia is on course to develop its largest green hydrogen project yet, worth over $1 billion, thanks to Saudi Arabia’s energy firm ACWA Power. 

The development, which was announced at COP28 in collaboration with Indonesian utilities company PT Perusahaan Listrik Negara, known as PLN, and chemicals entity PT Pupuk Indonesia, is projected to produce 150,000 tons of green ammonia annually, according to a statement. 

Also referred to as Garuda Hidrogen Hijau, the project is expected to be powered by 600 megawatts of renewable energy. 

This move is in line with ACWA Power’s global green hydrogen expansion endeavors, reinforcing the company’s commitment to a sustainable future.