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​​RSG to revamp Saudi Arabia’s Al Wajh Airport

​​RSG to revamp Saudi Arabia’s Al Wajh Airport
RSG is supporting an ambitious sustainable travel industry in the Kingdom. Red Sea Global.
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Updated 16 October 2023
Arab News
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​​RSG to revamp Saudi Arabia’s Al Wajh Airport

​​RSG to revamp Saudi Arabia’s Al Wajh Airport
Updated 16 October 2023
Arab News
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RIYADH: Saudi Arabia’s Al Wajh Airport is on track to be revamped in line with international standards thanks to multi-project developer Red Sea Global.  

The group, which is owned by the Public Investment Fund, has announced it will modernize the airport as well as upgrade the existing terminal and infrastructure, according to a statement.  

This development comes as RSG facilitates an ambitious sustainable travel industry in the Kingdom, keen to diversify its economy under its Vision 2030 plan, particularly in the tourism sector.  

“Last year, RSG announced a growing portfolio of projects stretching along the Red Sea coast of Saudi Arabia. Today, I can reveal the first of those projects is to refurbish Al Wajh Airport, making it a modern airport for the people of Tabuk,” Group CEO of RSG John Pagano said.

He added: “It’s an honor to be the developer of choice for this important work, ensuring Al Wajh is ready and equipped to support the needs of the growing local community.”

As part of the refurbishment, RSG will build an international terminal, allowing the airport to offer more direct flights, leading to greater travel connectivity and local employment opportunities.

In addition, this initiative will enable Al Wajh Airport to serve key developments in the area. This includes becoming a gateway for luxury destinations such as AMAALA, which RSG is also developing. 

Additionally, the airport’s revitalization will position it as the future operational hub for the Kingdom’s first seaplane company, Fly Red Sea.

Coinciding with the project’s start date, four flights operated by national carrier Saudia will be transferred from Al Wajh Airport to the developer’s Red Sea International Airport starting Oct. 29.

The airport’s revamp comes amid a growing list of aviation projects under the leadership of RSG.

Just last month, RSI commenced operations with the arrival of the first Saudia domestic flight. Currently, the airport adheres to a regular schedule.

RSG is developing a second private airport near The Red Sea and AMAALA destinations.

Topics: Red Sea Global Al Wajh Airport

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Saudi Arabia calls for regional cooperation to tackle environmental challenges 

Saudi Arabia calls for regional cooperation to tackle environmental challenges 
Updated 6 sec ago
Nirmal Narayanan
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Saudi Arabia calls for regional cooperation to tackle environmental challenges 

Saudi Arabia calls for regional cooperation to tackle environmental challenges 
Updated 6 sec ago
Nirmal Narayanan

RIYADH: Regional and international cooperation is pivotal in addressing environmental challenges, especially in rehabilitating degraded lands, according to Saudi Arabia’s vice minister of environment, water, and agriculture. 

Speaking at the 26th meeting of Gulf Cooperation Council ministers responsible for environmental affairs in Qatar, Mansour Al-Mushaiti emphasized that collaboration is essential to strengthen the resilience of drought-prone communities, as reported by the Saudi Press Agency. 

The Kingdom is leading environmental protection efforts in the region through the Saudi Green Initiative, which aims to protect 30 percent of the nation’s land and marine areas by 2030. 

Saudi Arabia’s National Environment Strategy provides a framework focused on conserving biodiversity, preventing land degradation, and advancing global coral reef research. 

During the meeting, Jasem Mohamed Al-Budaiwi, secretary-general of the Gulf Cooperation Council, noted that environmental protection and addressing climate change impacts have become core priorities for countries in the region. 

“On the international front, collective cooperation to address climate change and other environmental challenges has become essential among all countries, with GCC states actively contributing to global cooperation and providing solutions to mitigate the effects of climate change while preserving the environment,” Al-Budaiwi said in a statement. 

He added that GCC nations are working to enhance environmental policies, promote renewable energy, and reduce carbon emissions to strike a balance between development and environmental preservation. 

Saudi Arabia’s Al-Mushaiti urged GCC nations to ratify the Middle East Green Initiative Charter and set national targets for tree planting and land rehabilitation. He also called for greater support from national development funds for vegetation projects across the region. 

In May, Saudi Arabia committed $2.5 billion to the Middle East Green Initiative to further environmental sustainability across the region. 

Al-Mushaiti also noted that the upcoming COP16 in Saudi Arabia this December will play a significant role in advancing international efforts to reduce land degradation and combat drought. 

Earlier this month, during the 10th Regional Forum of the International Union for Conservation of Nature for West Asia, Saudi Minister of Environment, Water, and Agriculture Abdulrahman Al-Fadhli highlighted the Kingdom’s environmental progress through the National Environment Strategy and the Saudi Green Initiative. 

Topics: main Mansour Al-Mushaiti Saudi Green Initiative (SGI) Gulf Cooperation Council

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Oil Updates – prices recover on hurricane supply disruption fears

Oil Updates – prices recover on hurricane supply disruption fears
Updated 11 September 2024
Reuters
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Oil Updates – prices recover on hurricane supply disruption fears

Oil Updates – prices recover on hurricane supply disruption fears
  • Hurricane Francine causes offshore production shut-ins
  • About 24 percent of crude production in US Gulf of Mexico shut
  • API shows weekly US crude, gasoline stockpiles fall
Updated 11 September 2024
Reuters

TOKYO: Oil prices climbed more than 1 percent on Wednesday, paring some of the previous day’s losses, as concerns about Hurricane Francine disrupting output in the US, the world’s biggest producer, outweighed worries about weak global demand.

Brent crude futures were up 84 cents, or 1.2 percent, to $70.03 a barrel at 10:04 a.m. Saudi time, while US crude futures were at $66.56 a barrel, up 81 cents, or 1.2 percent.

Both benchmarks fell nearly $3 on Tuesday, with Brent hitting its lowest since December 2021 and WTI falling to a May 2023 trough, after OPEC revised down its demand forecast for this year and 2025.

“The market rebounded autonomously as Tuesday’s drop was substantial,” said Yuki Takashima, economist at Nomura Securities, adding supply disruption fears from Francine also lent support.

“Still, downward pressure will likely continue in the near term as investors are worried about a slowdown in demand due to economic slowdown in China and the United States,” he said, adding he had this week lowered his forecast range for WTI for the rest of the year to $60-$80 from $65-$85.

Francine strengthened into a hurricane in the Gulf of Mexico, the US National Hurricane Center said on Tuesday, prompting Louisiana residents to flee inland and oil and gas companies to shut production.

About 24 percent of crude production and 26 percent of natural gas output in the US Gulf of Mexico were offline due to the storm, the US Bureau of Safety and Environmental Enforcement  said on Tuesday.

On Tuesday, OPEC cut its forecast for world oil demand to rise by 2.03 million barrels per day in 2024, from last month’s forecast for growth of 2.11 million bpd, it said in a monthly report.

OPEC also cut its 2025 global demand growth estimate to 1.74 million bpd from 1.78 million bpd.

But the US Energy Information Administration said on Tuesday global oil demand is set to grow to a bigger record this year while output growth would be smaller than prior forecasts.

Oil prices were also supported by a withdrawal in US crude inventories.

US crude oil stocks fell by 2.793 million barrels in the week ended Sept. 6 while gasoline inventories declined by 513,000 barrels, according to market sources citing American Petroleum Institute figures on Tuesday.

Eleven analysts polled by Reuters estimated on average that crude inventories rose by about 1 million barrels and gasoline stocks fell by 0.1 million barrels..

China’s daily crude oil imports rose last month to their highest in a year, customs data and Reuters records showed on Tuesday, but that was still 7 percent less than a year ago and year-to-date imports are 3 percent less than the year before period.

That has led Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities, to predict the market will remain bearish due to fears about slowing global demand, including China’s.

Topics: energy oil updates Oil oil prices

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Visa aims for 10-fold rise in Pakistani use of digital payments

Visa aims for 10-fold rise in Pakistani use of digital payments
Updated 41 min 10 sec ago
Reuters
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Visa aims for 10-fold rise in Pakistani use of digital payments

Visa aims for 10-fold rise in Pakistani use of digital payments
  • Partnership with 1Link to enhance remittances and payment security
  • Pakistan has 120,541 point of sales machines, according to central bank data
Updated 41 min 10 sec ago
Reuters

KARACHI: Visa plans to increase the number of businesses accepting digital payments in Pakistan tenfold over the next three years, the payments giant’s general manager for Pakistan, North Africa and Levant told Reuters.

The comments from Leila Serhan came as Visa announced a strategic partnership with 1Link, Pakistan’s largest payment service provider, aimed at streamlining remittances into the South Asia country and encouraging digital transactions.

Pakistan, with a population of 240 million, is home to one of the world’s largest unbanked populations. Only 60 percent of its 137 million adult population, or 83 million adults, have a bank account, based on central bank estimates.

Visa is investing in building digital payment infrastructure in the country, aiming to make digital payments less costly and more manageable.

Currently, Pakistan has 120,541 point of sales (POS) machines, according to central bank data.

Visa intends to significantly increase this number. 

“Some businesses have more than one POS machine. We’re aiming at ten-folding businesses’ acceptance (of digital transactions),” said Serhan.

The strategy involves technology that transforms phones into payment instruments and accepting various forms of payment, including QR and card tap. Visa aims to expand beyond large cities and mainstream businesses to include smaller merchants.

The 1Link deal aims to improve the process for sending and receiving remittances, including bolstering payments security, boosting such transactions via legal channels.

As one of the top remittance recipients globally, Pakistan relies heavily on funds from overseas Pakistanis, which constitute a vital source of foreign exchange and significantly contribute to the country’s GDP.

“We’re really looking forward to finishing this technical integration in the coming months, and I think it’s going to be a game changer for a lot of the consumers in Pakistan,” said Serhan.

The partnership with 1Link will also enable 1Link’s PayPak cards to be accepted on Visa’s Cybersource Platform for online transactions, despite PayPak being a competitor in digital payments.

Pakistan signed a $7 billion bailout deal with the International Monetary Fund in July, which includes reforms such as raising revenue and documenting the economy.

“Digital payments are going to be at the heart of what the government wants to do from a digitization perspective, and we will continue to partner with them,” Serhan said. 

Topics: visa Pakistan Digital payments PoS 1Link

Standard Chartered starts custody services for digital assets in UAE

Standard Chartered starts custody services for digital assets in UAE
Updated 10 September 2024
Reuters
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Standard Chartered starts custody services for digital assets in UAE

Standard Chartered starts custody services for digital assets in UAE
Updated 10 September 2024
Reuters

DUBAI: Standard Chartered said on Tuesday it had begun offering digital asset custody services in the UAE, with Brevan Howard Digital, the crypto and digital asset division of the British hedge fund, as an inaugural client.

The emerging markets focused bank said it launched the business in the country because of its “well-balanced approach to digital asset adoption and financial regulation.”

“Standard Chartered’s global reputation and demonstrated commitment to this space adds a layer of credibility that is meaningful for institutional adoption,” Brevan Howard Digital CEO Gautam Sharma said in a joint statement.

The UAE has been working hard to attract some of the world’s biggest crypto firms, luring business from Binance, OKX, among others. It has also been trying to develop virtual asset regulation to attract new forms of business.

It has also managed to attract big hedge funds.

Standard Chartered is among several banks that have been extending their foray into the crypto sector as more institutional investors adopt the asset class.

Topics: Finance

Saudi Arabia to scale back debt issuance in H2: Fitch Ratings

Saudi Arabia to scale back debt issuance in H2: Fitch Ratings
Updated 10 September 2024
MANAL AL-BARAKATI
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Saudi Arabia to scale back debt issuance in H2: Fitch Ratings

Saudi Arabia to scale back debt issuance in H2: Fitch Ratings
Updated 10 September 2024
MANAL AL-BARAKATI

RIYADH: Saudi Arabia plans to reduce its debt issuance in the second half of 2024, thanks to substantial dividend payments from Aramco that have alleviated the need for sovereign financing, according to Fitch Ratings.

This decision comes after a period of significant debt issuance in the first half of the year, reflecting the government’s strategic fiscal management.

In the first half of 2024, Saudi Arabia emerged as the largest issuer of US dollar debt among emerging markets, excluding China, and maintained its position as the top global sukuk issuer.

Fitch Ratings anticipates substantial expansion in Saudi Arabia’s debt market in the coming years. Bashar Al-Natoor, global head of Islamic Finance at Fitch, stated.

“The Saudi sukuk and bond market is expected to surpass $500 billion in outstanding value within the next couple of years.”

Al-Natoor highlighted that most Saudi sukuk rated by Fitch are investment-grade, underscoring the robustness of the country’s Islamic finance sector.

Al-Natoor also emphasized the crucial role of Vision 2030 projects, ongoing diversification efforts, and regulatory reforms in fortifying the country’s debt market. He said: “We expect substantial dollar debt issuance to continue in 2025 as oil revenues moderate,” reflecting the necessity for ongoing financing as Saudi Arabia transitions to a more diversified economy.

As the Kingdom pursues its Vision 2030 objectives, these factors will significantly shape its financial markets.

The report highlights that Saudi Arabia’s strategic debt management and reforms position it as a prominent player in global debt markets during its economic transition.

By mid-2024, Saudi Arabia’s debt capital market had expanded by 18 percent year on year to $407.7 billion, with nearly equal proportions in US dollar and riyal-denominated issuances.

The debt issued in the first half of 2024 equaled the total for all of 2023, underscoring the rapid growth of Saudi Arabia’s debt market.

Approximately two-thirds of the 2024 issuances were sukuk, highlighting the Kingdom’s strong preference for Shariah-compliant financing. Additionally, nearly 10 percent of dollar-denominated debt consisted of environmental, social, and governance instruments, reflecting a growing interest in sustainable finance.

Foreign investor participation in Saudi Arabia’s domestic government debt market has surged to 7.2 percent of local issuances by mid-2024, a significant increase from 0.2 percent in 2022.

Local banks continue to dominate the market, holding over 75 percent of the government debt share, with a pronounced focus on sukuk due to Shariah compliance requirements.

While foreign investor participation in Saudi Arabia’s debt market has risen— thanks in part to reforms and the Kingdom's inclusion in global bond indices—domestic banks remain the dominant players. Many of these banks, adhering to Shariah compliance, focus on sukuk rather than conventional bonds, reinforcing Saudi Arabia’s position as the world’s largest sukuk issuer.

The increase in foreign investments is largely attributed to key reforms, including Saudi Arabia’s entry into global bond indices like the FTSE Emerging Markets Government Bond Index and enhanced integration with international central securities depositories such as Euroclear and Clearstream.

Despite the promising growth in the debt market, Fitch Ratings has cautioned that it remains vulnerable to several risks. These include fluctuations in oil prices and interest rates, concerns over the scale and purpose of debt issuance, and ongoing geopolitical uncertainties.

Topics: Finance

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