Oman oil company OQEP sets price range for upcoming IPO on Muscat Exchange 

Oman oil company OQEP sets price range for upcoming IPO on Muscat Exchange 
The IPO is set to be the largest in Oman’s history. OQ Exploration and Production SAOG
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Updated 23 September 2024
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Oman oil company OQEP sets price range for upcoming IPO on Muscat Exchange 

Oman oil company OQEP sets price range for upcoming IPO on Muscat Exchange 

RIYADH: Omani state-run oil and gas company OQ Exploration and Production has announced the price range for its upcoming initial public offering on the Muscat Stock Exchange, setting shares between 0.37 ($0.96) and 0.39 Omani rial per share. 

The company will offer 2 billion shares, equivalent to 25 percent of its total, with listing anticipated by Oct. 28, pending final regulatory approval. 

“This marks the largest IPO in Oman’s history and the first of its kind in the exploration and production sector,” said Ashraf Al-Mamari, Group CEO of OQ, following the Financial Services Authority’s approval of the prospectus.   

OQ first announced its intention to list OQEP on Sept. 9, aiming to drive future growth. 

Ahmed Al-Azkawi, CEO of OQEP, called the offering “a rare opportunity to invest in a leading Omani oil and gas explorer and producer.” 

This IPO follows successful listings of other OQ subsidiaries, including Abraj Energy Services and OQ Gas Networks. 

The share offering will be split into two tranches: one for institutional investors and one for retail investors.  

Institutional investors have been allocated 800 million shares, priced between 0.37 and 0.39 rial, with the final price to be set through a bookbuilding process. 

Anchor investors will receive 400 million shares, representing 20 percent of the offer, with multiple firms already committed. Omani institutions such as Al-Hosn Investment Co. SAOC and Bank Dhofar SAOG have pledged approximately 156 million rial at the maximum price. 

Retail investors will be allocated another 800 million shares, equally divided between large and small applicants. Omani individuals will receive a 10 percent discount on shares, with a maximum price of 0.351 rial per share, while non-Omani individuals will pay up to 0.39 rial. 

The retail offering will be open for subscription from Sept. 30 to Oct. 9, while the institutional offering closes a day later on Oct. 10. 

OQEP plans to use the proceeds to focus on value creation and sustainable practices in the oil and gas sector.  

Al-Azkawi reaffirmed the company’s commitment to transparency and maximizing shareholder value, noting that the offering is Shariah-compliant. 

The firm has announced a quarterly dividend policy, with the first payout of 57.7 million rial expected in December 2024.  

OQ will retain a 75 percent stake in OQEP post-IPO and has agreed to a 365-day lock-up period for the remaining shares.  

All proceeds from the sale will go to OQ, the selling shareholder, with OQEP receiving none of the funds. Completion of the IPO is subject to market conditions and regulatory approvals. 


Saudi Arabia’s economic diversification fuels 4.4% growth forecast for 2025: ICAEW

Saudi Arabia’s economic diversification fuels 4.4% growth forecast for 2025: ICAEW
Updated 9 sec ago
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Saudi Arabia’s economic diversification fuels 4.4% growth forecast for 2025: ICAEW

Saudi Arabia’s economic diversification fuels 4.4% growth forecast for 2025: ICAEW

RIYADH: Saudi Arabia’s economy is forecast to grow 4.4 percent in 2025, driven by strong non-oil sector momentum and easing oil production cuts, according to the projections.

The Institute of Chartered Accountants in England and Wales highlighted that this marks a rebound from the 1.4 percent growth expected in 2024, supported by a 5.8 percent increase in the non-oil sector. 

Similarly, the Organization for Economic Co-operation and Development projects Saudi Arabia’s gross domestic product growth at 3.6 percent in 2025 and 3.8 percent in 2026. 

ICAEW emphasized the non-oil sector as a key growth driver across the Gulf Cooperation Council, with industries like tourism, real estate, and finance at the forefront.

Regional outlook

GCC economies are expected to grow at an annual rate of 4 percent over the next five years, more than double that of advanced economies. 

Scott Livermore, ICAEW’s economic advisor, said: “The GCC’s projected 4 percent growth in 2025 highlights the success of the region’s diversification efforts amid global challenges.” 

He added: “Managing capacity constraints in these high-growth sectors and navigating global uncertainties will be critical to sustaining long-term economic stability.”

Strong investments in construction, tourism, and infrastructure, coupled with rising oil production from 2025, are anticipated to bolster growth. 

Saudi Arabia’s economy is undergoing a significant transformation, with Vision 2030 spearheading efforts to reduce oil dependence and diversify economic activities.

Reforms, including regulatory changes and infrastructure investments, are strengthening non-oil industries and attracting both domestic and foreign investments. This transformation is positioning the Kingdom for long-term economic stability, supported by growing oil production and a thriving non-oil sector.

The GCC region is also projected to experience robust growth, driven by government-led diversification initiatives that are accelerating economic expansion.

According to an ICAEW report, the regional Purchasing Managers’ Index remains in expansionary territory, indicating sustained momentum in non-energy sectors. This growth is expected to result in a 4 percent expansion in industries such as tourism, real estate, and finance in both 2024 and 2025.

These developments highlight the successful implementation of strategies aimed at reducing oil dependence and fostering sustainable, diversified economic growth across the region.

Oil production recovery 

ICAEW projects that Saudi Arabia’s oil production will rise by 3.4 percent in 2025, recovering from 2024’s production cuts, which reduced output to around 9 million barrels per day.

This rebound is expected to boost GDP growth in oil-dependent economies such as Kuwait and Oman. However, the region faces challenges from the global shift toward cleaner energy and the development of renewable projects, which add complexities to long-term oil strategies. 

OPEC+ members, including Saudi Arabia, have been withholding a combined 5.86 million barrels per day of oil output — around 5.7 percent of global demand — through a series of cuts initiated in 2022 to stabilize the oil market.

OPEC+ is scheduled to meet on Dec. 5, with expectations of extending the current output cuts until the end of the first quarter of 2025 to maintain market support.  

Inflation and interest rates

ICAEW anticipates that interest rates in the GCC, which have been aligned with the US Federal Reserve’s monetary policy, will continue to ease into 2025.

After two years of aggressively tightening monetary policy to combat inflation, GCC countries lowered rates by 50 basis points in September and 25 basis points in November. 

While this easing of interest rates is expected to stimulate lending, it has also contributed to rising real estate prices, as lower borrowing costs make it easier for individuals and businesses to secure financing. 

However, the effects on the real estate market and corporate lending have been mixed. The lower rates have fueled increased demand, particularly in major cities like Riyadh, which has led to higher property prices and rents.

In Saudi Arabia, rental prices have been a key driver of inflation, particularly as the growing population and urbanization have intensified the demand for housing. As a result, inflation is forecast to rise from 1.7 percent in 2024 to 2.3 percent in 2025, with rents expected to remain a significant contributor, according to ICAEW.

State Street Global Advisors forecasts a “soft landing” in 2025, with the economy growing gradually without a sharp downturn, balancing inflation control with sustainable growth. This scenario aims to avoid major negative impacts such as high unemployment or a sharp decline in consumer spending.

Debt levels and fiscal flexibility

Saudi Arabia’s budget deficit is projected to persist, with ICAEW estimating a shortfall of 2.8 percent of GDP in 2024. However, the country's low government debt levels provide flexibility to fund key Vision 2030 initiatives and infrastructure projects.

The Kingdom’s 2025 budget, approved in early November, forecasts revenues of SR1.18 trillion and expenditures of SR1.28 trillion, resulting in a deficit of SR101 billion. 

These deficits are within manageable, planned levels, strategically designed to support the government’s expansionary spending on key projects aimed at diversifying the economy.

Saudi Arabia also maintains a strong credit rating from international agencies, reflecting its fiscal stability and investor confidence, which bolsters its capacity to finance these expansionary projects. 

Across the GCC, most countries are expected to maintain manageable debt levels, with sovereign wealth funds and other financial tools helping bridge budget gaps. 

According to State Street Global Advisors, the GCC’s economic diversification efforts have led to a significant increase in fixed income issuance, with outstanding bonds surpassing $1.35 trillion by September, more than tripling since 2019.

Notable growth in local currency bonds, sukuk, and green bonds reflects the region’s commitment to economic diversification and sustainability.

GCC bonds have outperformed the broader JP Morgan EMBI Global Diversified Index, offering lower volatility and drawdowns compared to other emerging market bonds, making them attractive to investors, according to their report.  

Capital market expansion

The GCC is undergoing a significant transformation in its capital markets, with Saudi Arabia at the forefront.

According to State Street Global Advisors, GCC equities have outperformed the broader emerging markets index over the past decade, despite global challenges. This outperformance is attributed to the region’s economic resilience and successful diversification efforts.

GCC equities also exhibit low correlation with oil prices and both developed and emerging markets, offering distinct sectoral exposure. The stability of dollar-pegged currencies further reduces currency risk, making GCC equities an attractive investment in volatile global markets.

Saudi Arabia’s stock market has grown to become the seventh-largest globally, reflecting the strength of the real economy.

Key reforms in the sector, including new regulatory frameworks, have increased liquidity and market accessibility.

Saudi Arabia’s inclusion in the MSCI Emerging Markets Index and the expansion of local equity offerings have been pivotal milestones. Additionally, the introduction of sukuk and green bonds has diversified the investment landscape, drawing international investors.

The ongoing integration of Saudi capital markets with global markets, coupled with Vision 2030 reforms, has positioned the Kingdom as an attractive destination for international investors, signaling a shift toward greater economic diversification and sustainability.


Saudia teams up with Air France-KLM to strengthen local MRO services

Saudia teams up with Air France-KLM to strengthen local MRO services
Updated 6 min 19 sec ago
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Saudia teams up with Air France-KLM to strengthen local MRO services

Saudia teams up with Air France-KLM to strengthen local MRO services
  • Partnership demonstrates shared commitment to advancing Kingdom’s aviation sector
  • Air France-KLM revealed plans to expand its presence in Saudi Arabia

JEDDAH: The Kingdom’s national carrier, Saudia, has entered into a strategic partnership with Air France-KLM to expand and localize its maintenance, repair, and overhaul capabilities. This collaboration aims to enhance the Kingdom’s aviation infrastructure and contribute to its economic growth.

The agreement was formalized during a signing ceremony on Dec. 3, which was attended by French President Emmanuel Macron, Saudi Arabian Airlines Corp. Chairman Saleh Al-Jasser, Saudia Group Director Gen. Ibrahim Al-Omar, and several other dignitaries and ministers, as per a statement from Saudia.

Al-Omar said the partnership is in line with Saudi Arabia’s Aviation Strategy, led by the General Authority of Civil Aviation, and demonstrates a shared commitment to advancing the country’s aviation sector.

Benjamin Smith, the CEO of Air France-KLM, highlighted the long-standing relationship between Saudia and the Air France-KLM Group, noting: “In the context of Saudi Arabia’s rapid development, we see great mutual benefit in expanding our commercial cooperation and combining our expertise, especially in the strategic area of MRO services.”

He added that Air France-KLM Engineering and Maintenance, a leader in the field, is well-positioned to deepen its collaboration with Saudia to unlock additional opportunities in Saudi Arabia and across the region.

This agreement is also part of Saudia’s broader effort to increase local content and develop local talent and capabilities in aviation, aligning with Saudi Vision 2030’s objectives to build a strong national economy.

The deal supports Saudi Arabia’s National Aviation Strategy, which aims to position the Kingdom as a global leader in tourism, business travel, and logistics. Key goals include enhancing interconnectivity, expanding the market share of national carriers, and improving airport infrastructure.

The agreement was signed by Fahd Cynndy, managing director of Saudia Technic, and Anne Brachet, executive vice president of engineering and maintenance at Air France-KLM.

The partnership marks a significant milestone in Saudia’s efforts to enhance its technical operations within the Kingdom and solidify both parties’ commitment to mutual growth in the aviation sector.

Under the terms of the agreement, Saudia will take on the assembly and disassembly of GE90 engines, which are used in Boeing 777 aircraft. Saudia will also allocate at least 50 percent of GE90 work orders to Air France-KLM in exchange for the localization of these processes.

Additionally, the partnership explores the creation of a joint venture to support GEnx engines, which power Boeing 787 aircraft. This will further bolster Saudia’s growing MRO capabilities, which already include servicing CFM LEAP-1A engines used on the Airbus A320neo family of aircraft.

On the commercial front, the agreement also focuses on strengthening the codeshare relationship between Saudia and Air France-KLM, both members of the SkyTeam alliance. This will allow for expanded reciprocal codesharing across a broader range of domestic and international routes, improving connectivity and increasing flight frequency.

Coinciding with this announcement, Air France-KLM revealed plans to expand its presence in Saudi Arabia. The group will launch a new route between Paris-Charles de Gaulle and Riyadh in the summer of 2025, operated by Air France. This follows a recent agreement between Air France-KLM and Saudi Arabia’s Air Connectivity Program, signed in the presence of Deputy Minister of Tourism for International Affairs Sultan Al-Musallam.

In addition to the new Paris-Riyadh route, Transavia, the low-cost carrier of Air France-KLM, will begin flights to Jeddah from Paris-Orly and Lyon. With these new services, all three airlines in the Air France-KLM Group — Air France, KLM, and Transavia — will operate in Saudi Arabia. KLM currently serves Riyadh and Dammam from its hub at Amsterdam Schiphol.

Benjamin Smith expressed his excitement about the expansion, saying, “Saudi Arabia is rapidly becoming a world-class destination and a key gateway. We are thrilled to support the Kingdom’s growth by expanding our network and strengthening our existing routes.”

Majid Khan, CEO of the Saudi Air Connectivity Program, welcomed the addition of Air France services to the Kingdom, emphasizing that this move is part of broader efforts to enhance air connectivity to vital international destinations and streamline travel to Saudi Arabia.

“Air connectivity plays a critical role in driving tourism development. The new direct flights between Riyadh and Paris, set to launch in summer 2025, will facilitate a stronger flow of tourism between our two nations,” Khan said.


Saudi Arabia positioned to lead global hydrogen production, say experts

Saudi Arabia positioned to lead global hydrogen production, say experts
Updated 16 min 36 sec ago
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Saudi Arabia positioned to lead global hydrogen production, say experts

Saudi Arabia positioned to lead global hydrogen production, say experts
  • SABIC, in collaboration with its parent company Aramco, plans to produce low-carbon ammonia
  • COP16 panelists cautioned hydrogen alone will not solve global decarbonization challenges

RIYADH: Saudi Arabia is poised to become one of the world’s leading producers of hydrogen, capitalizing on its abundant renewable energy resources and robust infrastructure, experts say.

At the Saudi Green Initiative Forum in Riyadh, Abdulrahman Al-Fageeh, CEO and executive board member of SABIC, outlined the Kingdom’s unique advantages in the hydrogen sector.

“Saudi Arabia, by the way, as a country, is going to be the best competitive in terms of the economics of producing hydrogen from any source by having the solar, by having the wind and also by having the gray hydrogen that we have in our systems,” he said. 

Al-Fageeh underscored that the Kingdom’s hydrogen ambitions would depend on close collaboration across the entire value chain, as well as strong regulatory support.

“Collaboration across the value chain is key, and regulators will play a crucial role,” he emphasized, highlighting the importance of coordinated efforts to scale production and integrate hydrogen into fuel systems and broader decarbonization strategies.

As part of its hydrogen strategy, SABIC, in collaboration with its parent company Aramco, plans to produce low-carbon ammonia.

“We have committed to advancing our decarbonization efforts using hydrogen and will collaborate with Aramco to produce low-carbon ammonia, which will play an important role in the fuel systems of the future,” Al-Fageeh added.

Sanjiv Lamba, CEO of Linde, also spoke positively about Saudi Arabia’s potential, describing hydrogen as a vital link in the global energy transition.

“Low-carbon hydrogen offers a cost-effective, scalable solution with mature technologies today, ensuring safe and reliable hydrogen production,” he said, adding that Saudi Arabia is particularly well-positioned to produce green hydrogen at globally competitive prices.

Kholoud Al-Otaibi, a clean hydrogen analyst at the Saudi Ministry of Energy, highlighted the Kingdom’s ongoing progress in building the necessary infrastructure for hydrogen production and export.

“The Kingdom is already taking deliberate steps to develop the protection and capacity, as well as the export infrastructure needed for hydrogen,” she said, underscoring the potential of hydrogen to support a sustainable energy future.

Despite the optimism, panelists cautioned that hydrogen alone will not solve global decarbonization challenges.

“It is one of many solutions. To address this pragmatically, we need to answer three key questions: where, what, and how,” said Al-Fageeh.

Francois Jackow, CEO of Air Liquide, noted that the energy transition is at a critical “scale-up phase,” requiring substantial investment and industrial innovation to unlock its full potential.

The forum also tackled broader challenges in climate finance, with experts stressing the urgent need to bridge the funding gap for climate adaptation, particularly in low- and middle-income countries.

Mohammed Ayoub, lead climate finance negotiator at the Saudi Ministry of Energy, warned that macroeconomic factors, such as unsustainable debt levels and foreign exchange risks, are restricting access to capital for developing nations.

“This is driving up the cost of capital due to lower sovereign ratings,” Ayoub said, explaining that it limits critical investments in climate adaptation measures that save lives and improve quality of life in vulnerable regions.

Florent Baarsch, founder and CEO of finres, highlighted the scale of the shortfall, pointing out that current overseas development assistance stands at $220 billion annually, far below the $300 billion to $500 billion needed each year for climate adaptation.

“Even if we allocated the entire ODA to adaptation, it would still fall short,” Baarsch said.

Rachel Kyte, the UK special representative on climate, said that adaptation finance must prioritize the most vulnerable populations and combine public and private funding to meet the scale of the challenge.


Saudi Arabia advances space industry with acquisition of Airbus’ UP42

Saudi Arabia advances space industry with acquisition of Airbus’ UP42
Updated 37 min 40 sec ago
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Saudi Arabia advances space industry with acquisition of Airbus’ UP42

Saudi Arabia advances space industry with acquisition of Airbus’ UP42
  • Deal is subject to customary closing conditions, including regulatory approvals
  • It aims to unlock the potential of emerging sectors in Saudi Arabia

JEDDAH: Saudi Arabia’s Neo Space Group has finalized an agreement to acquire Airbus’ UP42 platform, a move that marks a key milestone in the Kingdom’s efforts to achieve its Vision 2030 goals.

On Dec. 3, NSG, a company owned by the Public Investment Fund and Saudi Arabia’s leading commercial space services provider, announced that it had reached a definitive agreement with Airbus Defence and Space to acquire the next-generation Earth observation digital platform.

The deal is subject to customary closing conditions, including regulatory approvals, as stated in a company release.

NSG CEO Martijn Blanken said: “By integrating the UP42 platform into the Saudi ecosystem, we are positioning NSG to deliver cutting-edge geospatial insights for one of the world’s fastest-growing economies.”

This acquisition underscores NSG’s strategic role in advancing Earth observation services in Saudi Arabia, following the permit granted in July by the Communications, Space, and Technology Commission to operate the platform within the Kingdom.

Aligned with PIF’s broader strategy, the deal aims to unlock the potential of emerging sectors in Saudi Arabia, boost the country’s non-oil revenues, and support the diversification of its economy in line with Vision 2030.

NSG emphasized that UP42’s platform will enable customers to tackle real-world geospatial challenges, offering valuable solutions across industries such as agriculture, urban planning, real estate, infrastructure monitoring, and disaster management.

The company also reiterated its commitment to fostering local expertise and strengthening the Kingdom’s position within the global space economy, with the goal of supporting the diversification of the Saudi economy and advancing Vision 2030.

Blanken further highlighted the significance of the acquisition: “This is a pivotal move in advancing our vision to drive both local and global innovation in the geospatial sector while contributing to the growth of Saudi Arabia’s space economy.”

Launched in 2019 by Airbus in Germany, UP42 is a leader in simplifying access to and deriving insights from geospatial data through its cloud-based platform. It is set to become an integral part of NSG’s growing geospatial division, which already includes the Saudi-based geospatial services provider, TAQNIA ETS.

UP42’s digital platform offers customers access to data and analytics from more than 80 of the world’s top geospatial companies, enabling users to manage and source diverse data from multiple providers through a single interface.

UP42 CEO Sean Wiid commented: “Joining NSG is an exciting step for UP42. Our continued international growth will help support NSG’s ambition to become a global leader in geospatial innovation.”

Wiid added that the collaboration will play a key role in establishing a robust Earth observation ecosystem within Saudi Arabia, benefiting sectors including government, agriculture, energy, and tourism.

Launched in May, NSG aims to become a global leader in the satellite and space sectors. The company provides a wide range of services, including satellite broadband communications, in-flight connectivity, Earth observation, and remote sensing. It is also a prominent investor in cutting-edge space technologies.

NSG plays a vital role in helping achieve Vision 2030 goals, which focus on economic diversification, industrial development, innovation, and job creation.

UP42’s platform revolutionizes how organizations access, manage, and analyze geospatial data. By simplifying data management and enabling large-scale imagery processing, it facilitates the creation of innovative geospatial solutions.


Ma’aden CEO calls mining industry the solution to global sustainability challenges

Ma’aden CEO calls mining industry the solution to global sustainability challenges
Updated 25 min 10 sec ago
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Ma’aden CEO calls mining industry the solution to global sustainability challenges

Ma’aden CEO calls mining industry the solution to global sustainability challenges
  • CEO Robert Wilt stressed importance of securing materials necessary for transformative progress in energy and industry
  • He said private sector is crucial in helping Kingdom meet its sustainability targets

RIYADH: Metals and minerals are critical to the global energy transition, industrialization, modernization, and the broader push for sustainability, according to Ma’aden CEO Robert Wilt.

Wilt made the statement during a panel discussion on “Enhancing climate resilience through land restoration” at the 4th Saudi Green Initiative Forum in Riyadh.

He emphasized the essential role that these resources play in driving global sustainability and innovation, stressing the importance of securing the materials necessary for transformative progress in energy and industry.

“The world cannot make the energy transition. It cannot industrialize, it cannot energize, it cannot modernize without metals and minerals,” Wilt said.

As Saudi Arabia continues to work toward its Vision 2030 goals, the need for collaboration between the public and private sectors to achieve environmental sustainability has become increasingly clear.

Wilt, whose company Ma’aden is a key player in the mining industry, stated that the private sector is crucial in helping the Kingdom meet its sustainability targets.

He added: “That’s why our board in the Kingdom has said that if you’re going to be the third pillar of the Saudi economy, you’re going to be an ESG (environmental, social, and governance) role model, and you’re going to do it right.”

Wilt also outlined Ma’aden’s ambitious sustainability goals, including achieving double-digit reductions in waste, water usage, and carbon emissions year on year, with the ultimate goal of carbon neutrality by 2050. The company’s commitment to sustainability is also reflected in its efforts to plant over a million trees annually. Wilt argued that the mining sector, often seen as a contributor to environmental degradation, should be recognized as part of the solution to the climate crisis.

“If you want to save the world, join mining because we are the solution, not the problem,” he said, aiming to challenge public perceptions and inspire the next generation to consider careers in the industry.

Saudi Arabia’s Deputy Minister for Environment Osama Faqeeha also addressed environmental challenges during the forum. He pointed out that Riyadh consumes over 1 million cubic meters of water daily. “That’s like a river. So now we are actually aiming for 200 percent recycling,” he noted.

Faqeeha further explained that the government has upgraded several wastewater treatment plants to produce high-quality, reusable water, which will be repurposed for industry, land restoration, and other uses.

He emphasized that effective land restoration requires understanding the broader purpose behind the efforts, cautioning that focusing only on carbon storage offers a limited view. He added that ecosystems provide a wide range of services beyond carbon sequestration, making a holistic approach essential.

In terms of greening efforts, Faqeeha shared that Saudi Arabia is implementing a large-scale and detailed plantation plan, which spans both environmental and urban areas.

He also highlighted ongoing collaboration with the Ministry of Transportation to green the country’s highways, broadening the scope of the Kingdom’s land restoration initiatives.

Grethel Aguilar, director general of the International Union for Conservation of Nature, also stressed the private sector’s key role in driving environmental action.

“The private sector is fundamental, and this is not just about offsetting. It’s about planning. It’s about taking the right decisions at the right time. It’s about measuring what is the impact and taking action,” she stated.

Faqeeha echoed this sentiment, emphasizing that environmental sustainability is not merely a desirable objective but an essential one. “Environmental sustainability is not something nice to do, but it’s an imperative,” he said, underscoring that both business and government must work together to achieve meaningful progress.

The panel discussions highlighted the Kingdom’s commitment to embracing innovation and change in its pursuit of both environmental and business success.

Faqeeha remarked: “I think with the determination and actually the will to change, to embrace innovation, I think you can win on the business front, production, as well as environmental.”

For Wilt and Ma’aden, sustainability is not only about benefiting the planet but is also a critical driver of their business strategy.

“Everything we’re doing is sure to save the planet, to green the world, all that. But at the end of the day, we’re a business. We need to make money and make profits,” he concluded, reinforcing that environmental responsibility and profitability can go hand in hand.