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.


Day 5 of COP28: Saudi Green Initiative Forum set to begin

Day 5 of COP28: Saudi Green Initiative Forum set to begin
Updated 12 sec ago
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Day 5 of COP28: Saudi Green Initiative Forum set to begin

Day 5 of COP28: Saudi Green Initiative Forum set to begin
  • The 3rd edition of the forum will discuss critical sustainability, primarily energy transition, protecting the seas, and unlocking climate finance

DUBAI: The Saudi Green Initiative Forum (SGI Forum) is set to begin today as COP28 continues to mobilize world leaders towards serious action against climate change.

Held under the slogan “From Ambition to Action”, the 3rd edition of the forum will discuss critical sustainability, primarily energy transition, protecting the seas, and unlocking climate finance to enable climate action at the UN climate Summit.

It will also highlight Saudi Arabia’s projects and initiatives to promote sustainability and mitigate climate action under SGI, which was launched by Saudi Crown Prince Mohammed bin Salman in 2021.  

More than 80 initiatives are being implemented to contribute to achieving the SGI’s goals of the Saudi Green Initiative.

SGI Forum is an annual platform convening policy makers, thought leaders and climate experts from around the world to share insights, and discuss the best solutions to reach a more sustainable regional and global future.

It comes this year as the UN climate summit continues with key pledges from world leaders to mobilize efforts to combat the rising threats.


US pledges $3 billion for Green Climate Fund at COP28

US pledges $3 billion for Green Climate Fund at COP28
Updated 23 min 33 sec ago
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US pledges $3 billion for Green Climate Fund at COP28

US pledges $3 billion for Green Climate Fund at COP28
  • The fund, with more than $20 billion in pledges, is the largest international fund supporting climate action in developing countries

DUBAI: The United States has pledged $3 billion to the Green Climate Fund, Vice President Kamala Harris said on Saturday in Dubai at the UN COP28 climate summit.

The fund, with more than $20 billion in pledges, is the largest international fund dedicated to supporting climate action in developing countries.

The latest pledge, which Reuters was first to report, would be additional to another $2 billion previously delivered by the US.

Sources said the pledge was subject to the availability of funds. The politically divided U.S. Congress needs to authorize the funding.

Harris announced the pledge in her address to the summit.

"Today I am also proud to announce a new $3 billion pledge to the Green Climate Fund which helps developing countries invest in resilience, clean energy, and nature-based solutions,” she said.

The fund's facilitators said in October that the current second round of replenishments had brought in about $9.3 billion in pledges to fund projects in climate-vulnerable counties between 2024 and 2027.

Even so, pledges so far represent a fraction of roughly $250 billion that developing countries would need every year by 2030 just to adapt to a warmer world, according to the United Nations. In addition to supporting climate adaptation, the fund also finances projects to help countries shift to clean energy.

Harris, who was representing the US at COP28 in place of President Joe Biden, was part of a US delegation that also includes climate envoy John Kerry and dozens of senior administration officials and cabinet members.

“It was important for both the president and vice president to ensure that a leader from the United States was at COP,” an official said, adding that Harris wanted to “make sure we are telling the world the story of progress that we have made in the US.”


US stock rally could wobble if tensions spike after Red Sea attacks

US stock rally could wobble if tensions spike after Red Sea attacks
Updated 04 December 2023
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US stock rally could wobble if tensions spike after Red Sea attacks

US stock rally could wobble if tensions spike after Red Sea attacks
  • The developments risk inflaming fears that the Israel-Hamas war could widen into a broader conflict encompassing the US and regional players like Iran

NEW YORK: An attack on an American warship and commercial vessels in the Red Sea on Sunday risks reigniting investor worries about a widening of the war between Israel and Hamas, potentially complicating the outlook for a rally that saw US stocks crest a fresh closing high for the year last week.
The Pentagon said it was aware of reports regarding attacks on an American warship and commercial vessels in the Red Sea on Sunday, while Yemen’s Houthi group claimed drone and missile attacks on two Israeli vessels in the area.
Also on Sunday, a US military official told Reuters the United States carried out a self-defense strike in Iraq against an “imminent threat” at a drone staging site.
The developments risk inflaming fears that the Israel-Hamas war could widen into a broader conflict encompassing the US and regional players like Iran. Such worries flared after Hamas’ Oct. 7 attack into southern Israel but subsided in recent weeks.
Quincy Krosby, chief global strategist at LPL Financial, said a widening conflict could push some investors to take profits on the recent rally in stocks. The S&P 500 rose nearly 9 percent in November on signs of easing inflation and hopes the Federal Reserve is done raising interest rates. The index is up almost 20 percent on the year after notching a 2023 closing high on Friday at 4594.63.
“The market is sensitive to any expansion of this conflict,” she said. “I think active managers in any event are more likely to lock in their gains if this is a harbinger of a deeper military conflict that involves the US.”
Past spikes in geopolitical tensions have made investors head for popular havens such as gold, Treasuries and the US dollar. Signs of an intensifying Middle East conflict could also boost oil prices, which have slumped in recent weeks.
Phil Orlando, chief equity market strategist at Federated Hermes, said rising tensions in the region could send West Texas Intermediate crude prices up to between $80 and $90 per barrel. Prices on Friday stood at $74.07.
The developments come as investors eye factors that could sway stocks in coming weeks. A US employment report due on Friday could bolster the case for those arguing that a cooling economy will keep the Fed from raising interest rates further and possibly loosen monetary policy sooner than expected.
Other potential catalysts include the Fed’s monetary policy meeting on Dec. 12-13, as well as seasonal factors such as tax-loss selling and the so-called Santa Claus rally.
Orlando said a spike in geopolitical tensions could drop the S&P 500 by “one or two hundred points.”
“There’s no question this represents an opportunity for investors to take profits,” he said. “However I’m still convinced the index ends the year at 4,600.”

 


Experts laud Saudi private sector’s efforts in advancing sustainable development

Experts laud Saudi private sector’s efforts in advancing sustainable development
Updated 03 December 2023
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Experts laud Saudi private sector’s efforts in advancing sustainable development

Experts laud Saudi private sector’s efforts in advancing sustainable development

DUBAI: Experts on Sunday highlighted the positive role the private sector is playing in advancing sustainable development in Saudi Arabia.

The progressive picture emerged through a series of panel discussions held at the Saudi Pavilion on the fourth day of the 2023 UN Climate Change Conference, known as COP28, currently underway in Dubai.

The talks examined diverse subjects, including carbon removal, corporate sustainability, and domestic market mechanisms. Speakers from government organizations, companies, and international organizations, as well as think tanks and consultancies, provided insights into the current situation. The talks extended beyond carbon emission goals as agreed under the Paris Agreement, delving into conversations surrounding Vision 2030 as set out by Saudi Arabia’s Crown Prince Mohammed bin Salman. 

Private sector participation

As a core component of the Saudi Vision 2030 and a means by which to diversify the economy, Hajar Al-Gosair, sustainability head at Saudi Arabia’s Ministry of Economy and Planning, noted while speaking on a panel on corporate sustainability that environmental efforts within the Kingdom cannot be restricted to the public or governmental sector alone. 

Among the driving forces is a steering committee chaired by Saudi Minister of Economy and Planning Faisal Al-Ibrahim, with the participation of over 20 entities from private and governmental bodies, she outlined. 

Al-Gosair cited key players such as the Capital Market Authority, the Ministry of Energy, and the Ministry of Investment, as well as private sector members, such as food company Al-Marai and renewable energy firm Desert Technologies, for their efforts in driving change. 

At the panel, officials from Al-Marai and Desert Technologies outlined the actions taken by their respective companies to cut carbon emissions. 

Saudi Aramco recently announced the launch of a $1.5 billion venture capital fund to invest in technology that will accelerate the net-zero initiative. “This is one of the things that one of the leading companies is doing,” Al-Gosair said. 

Experts emphasize that the shift toward achieving net zero is not exclusive to large corporations, especially as the Saudi government is keen to promote the growth of small and medium enterprises. Therefore, adopting sustainable practices and the accessibility of green finance must extend to SMEs, aligning with the broader goal of promoting environmental responsibility across diverse business sectors.

“It has to come down from the very big projects into the middle of the market and the SME sector. As you would know, Saudi has a very strong ambition to build the SME sector as part of its economy. So, complementing that will be SMEs that are building technologies or involved in the ecosystem around ESG-compliant lending. So yes, it’s very important. We have quadrupled our commitments to the SME sector in the last 12 months, and much of that will be in ESG-compliant lending or ESG-compliant products, asset management products, or deposit products.” Tony Cripps, CEO of the Saudi British Bank, told Arab News.

When discussing sectors of the economy where green finance has been or could be applied in the future, Cripps expressed optimism for its impact on emerging technology and green transportation. 

“Building green buildings is obviously important and our new head office is gold standard. But I think in the technology space is where it becomes very interesting. If you look at electric vehicles, if you look at battery storage, these are areas that will transform the environment … You’ve got technology providers from around the world looking to establish businesses in Saudi Arabia and build regional manufacturing infrastructure or even global manufacturing infrastructure around electric vehicles, around batteries. The data storage industry is exploding. So these are just some of the sectors that are very exciting,” Cripps said.

In her speech, Al-Gosair said that in early 2024, the Kingdom intends to launch sustainable development reporting standards for companies, making Saudi Arabia the first of the G20 countries to have a reporting standard aligned with international best practices.

A comprehensive approach

By framing the climate conversation as a silo, we cannot achieve anything, outlined Princess Nouf Al-Saud, CEO of the King Khalid Foundation, during her participation at the Saudi Green Initiative talks. 

It must instead be acknowledged as a comprehensive issue with socioeconomic, health, and developmental ramifications and thus addressed in a comprehensive manner that intersects business, philanthropy, and government, she said.

The CEO underscored that businesses must be the driving force for change within societies, adding that companies must consequently take responsibility for the communities they benefit from.

She said: “We need governments to be contributing, businesses to be contributing properly and taking responsibility for their communities or the communities that they benefit or extract from.”

The CEO added: “Especially in this year, we’re seeing business and philanthropy at COP, so bringing the two pillars of society that are very important, along with the third that is government. It’s very important because it is business that elevates people out of one economic strata.” 

Princess Nouf underscored that by 2030, there will be 38 million green jobs. Thus, the transition into the new economic model rooted in sustainability requires the integration of the youth in order to “re-skill” the workforce.

As it stands, green jobs are “very much tied with the megaprojects,” the CEO said, noting companies such as NEOM and Red Sea Global, which have been at the forefront of sustainability initiatives within the Kingdom.

Carbon capture & removal

In another session held at the Saudi Pavilion on Sunday, experts discussed the latest developments in the field of carbon capture, removal, and storage, which is being touted as one of the ways to get to net zero and mitigate the global temperature rise.

The executive director of the Oxford Net Zero Initiative and CO2RE Research Hub, Steve Smith, launched the discussions with a detailed status report on this sector, which has begun to attract interest from companies and governments. He said that though carbon capture has started to hit some traction, it is still minimal.

“The main problem we have that’s causing climate change at the moment is that we are emitting carbon dioxide and other greenhouse gases into the atmosphere. We’re putting about 40 billion tons per year into the atmosphere and that’s causing the global warming that we’re experiencing. But we’re actually doing a little bit of carbon dioxide removal. That’s taking it back out through our activities. We’re taking about 2 billion tons of carbon dioxide per year out of the atmosphere and that’s mainly through planting trees in certain parts of the world.” Smith told Arab News.

As the technologies are still being tested and tried, Smith says that of the various regions, the Middle East and, notably, the GCC nations may have an edge due to numerous factors.

“There’s a lot of work to be done actually to work out where the best places might be. But we can look at some general factors that give us an indication that if we take the Middle East region, for example, we know that there could be very plentiful resources of renewables, low carbon energy, and that is going to be really important for processes that require energy, for instance, direct capture machines or maybe even kind of processing rock, which we can mineralize through capturing CO2.

"And we know that the Middle East region has plentiful geological resources to store carbon. Indeed, that carbon has actually been stalled for a million years in the forms of oil and gas. And so we know these geological formations on the ground are pretty good at storing things for millions of years. And as they are depleted, depleted with oil and gas, maybe we can actually fill them up with our waste CO2,” said Smith.


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

Saudi Arabia to invest $100m to boost its aviation sector 
Updated 03 December 2023
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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.