The role of Saudi youth in promoting sustainability

The role of Saudi youth in promoting sustainability

The role of Saudi youth in promoting sustainability
Training the youth to plant trees and care for them could help them develop a deeper connection with their environment. (SPA)
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More and more people understand that sustainable practices are essential and young people are vital to solving environmental problems. Indeed, youthful voices are trending across the world, demanding improvements in sustainability.

The UN Sustainable Development Goals are crucial to tackling the climatic issues facing Saudi Arabia, like scarcity of water and desertification. For the Kingdom, the goals are especially important because the country is aiming to diversify its economy and provide a sustainable future for its citizens.

Young people are more likely to support campaigns for the conservation of the environment than older generations, who are more concerned with the country’s economic development. The younger generation is also more environmentally conscious and more likely to play a role in designing environmentally friendly practices.

Small changes like avoiding single-use plastics or reducing water consumption can significantly impact the larger sustainability agenda. Increasing awareness about these issues and the activism of younger generations will be crucial for the Kingdom’s move towards sustainable development.

Through leadership, the emerging generation of young Saudis can change current policies, develop and lead community-relevant initiatives, and encourage people to adopt sustainability. For example, the Green Horizons initiative has organized tree-planting campaigns and recycling schemes at universities.

Young people are supporting practical measures to prevent pollution, such as promoting the proper disposal of waste, the conservation of clean water and the adoption of environmentally friendly measures. They participate in clean-up programs, promote the use of recycling bins and post pollution information on social networks.

Young Saudis have the opportunity to take an active role in promoting sustainable development that can have a lasting impact on their communities and the environment.

Majed Al-Qatari

In Saudi Arabia, water is scarce, so activities like highlighting its proper use for irrigation and supporting water reuse projects are particularly important.

It is also possible to learn from other countries about how to engage young people in driving the sustainability agenda. For example, environmental movements led by the Nordic youth have contributed to policy changes, particularly the reduction of carbon emissions. Young Saudis could follow their example to encourage changes in water conservation policies.

Opportunities for Saudi youths to participate in sustainability efforts are numerous. However, they often face societal pressure and a lack of resources to promote their campaigns. To overcome this, young people can partner with NGOs that provide funding and training on environmental projects.

Nonetheless, the Saudi Vision 2030 has bold strategies focusing on innovation and sustainability that lay the groundwork for youth environmentalism. By harnessing such opportunities, young Saudis can enhance sustainability and reduce pollution.

Young Saudis have the opportunity to take an active role in promoting sustainable development that will have a lasting impact on their communities and the environment by taking leadership roles and implementing practical actions to prevent pollution.

It is essential for all young people to make whatever small contribution they can. With each step, it is possible to raise the quality of life in Saudi Arabia to another level and make it as sustainable as possible for future generations.

The time to act is now.

Majed Al-Qatari is a sustainability leader, ecological engineer and UN Youth Ambassador.

 

Disclaimer: Views expressed by writers in this section are their own and do not necessarily reflect Arab News' point of view

Afridi among 3 Pakistan players fined for conduct breaches in win over South Africa

Afridi among 3 Pakistan players fined for conduct breaches in win over South Africa
Updated 2 min 24 sec ago
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Afridi among 3 Pakistan players fined for conduct breaches in win over South Africa

Afridi among 3 Pakistan players fined for conduct breaches in win over South Africa
  • Afridi was fined 25 percent of his match fee by the ICC for deliberately obstructing batter Matthew Breetzke when he ran a single in the 28th over
  • Saud Shakeel and substitute fielder Kamran Ghulam were fined 10 percent of their match fees after they celebrated too closely to South Africa captain

DUBAI: Fast bowler Shaheen Shah Afridi was among three Pakistan cricketers fined for breaching the ICC code of conduct during the record run chase against South Africa in Karachi.
Afridi was fined 25 percent of his match fee by the ICC for deliberately obstructing batter Matthew Breetzke when he ran a single in the 28th over, resulting in physical contact and a heated exchange between them in the tri-nations match on Wednesday.
Saud Shakeel and substitute fielder Kamran Ghulam were fined 10 percent of their match fees after they celebrated too closely to South Africa captain Temba Bavuma after he was run out in the 29th over.
In addition, all three players received one demerit point each on their disciplinary records, and accepted the sanctions, the ICC said.
Pakistan recorded its highest ever successful one-day international run chase of 355-4 and will play New Zealand on Friday in the final, a warmup for the Champions Trophy.


Pakistan’s HBL Microfinance Bank, IFC sign $80 million risk sharing agreement

Pakistan’s HBL Microfinance Bank, IFC sign $80 million risk sharing agreement
Updated 9 min 54 sec ago
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Pakistan’s HBL Microfinance Bank, IFC sign $80 million risk sharing agreement

Pakistan’s HBL Microfinance Bank, IFC sign $80 million risk sharing agreement
  • Facility will allow HBL MfB to share 50 percent of risk on microfinance loan portfolio of up to $80 million with IFC on an unfunded basis
  • Collaboration aims to enhance access to finance for smallholder farmers, microenterprises across the country, with focus on women

KARACHI: HBL Microfinance Bank (HBL MfB) has signed a Risk Sharing Agreement (RSA) with the International Finance Corporation (IFC), a member of the World Bank Group and the largest global development institution focused on the private sector in emerging markets.
The facility, which is supported by the Private Sector Window of the Global Agriculture and Food Security Program (GAFSP), will allow HBL MfB to share 50 percent of the risk on its microfinance loan portfolio of up to $80 million with IFC on an unfunded basis. The collaboration aims to enhance access to finance for smallholder farmers and microenterprises across the country, with a strong focus on women entrepreneurs.
“This RSA is another milestone, reinforcing the Bank’s legacy of innovation and leadership in addressing the evolving financial needs of underserved communities,” HBL said in a statement. 
“By being the first microfinance bank to establish an agreement on such a scale, HBL MfB is not only pushing boundaries but also redefining industry standards, ensuring that microfinance remains a catalyst for empowerment and economic growth.”
HBL said the RSA exemplified the bank’s approach toward leveraging strategic partnerships to strengthen financial resilience, expand lending capabilities, and maintain sustainable growth.
“This partnership with IFC is a testament to our commitment to financial inclusion. The facility serves as a replicable model for strategic partnerships that mitigate market challenges while driving sustainable development,” Amir Khan, President and CEO HBL Microfinance Bank, said in a statement.
“By pioneering this Risk Sharing Facility in the microfinance sector, we are ensuring that underserved segments of the society — especially small business owners and farmers, particularly women, have access to the capital they need to thrive. We are thankful to IFC for their trust in us and look forward to the growth and progress it will bring for underserved Pakistanis.”
Momina Aijazuddin, Regional Head of Financial Institutions Group at IFC, said boosting access to finance, especially for smallholder farmers, small businesses and women, could be a “gamechanger” in Pakistan. 
“With this in mind, IFC is excited to support this pioneering risk sharing facility which aims to de-risk HBL MfB’s on-lending activity to its microfinance clients and support critical growth opportunities in agriculture, entrepreneurship, and women’s empowerment,” Aijazuddin said. 
“This agreement will accelerate financial inclusion, and further HBL Microfinance Bank’s mission of creating a more inclusive and resilient financial ecosystem in Pakistan.”
Despite challenging macroeconomic conditions, microfinance banks (MFBs) have continued to expand their outreach to the low-income population of Pakistan. Although MFBs account for only 1.3 percent of total financial sector assets, they have a broad customer base. Over the past five years, MFBs’ total assets grew by an average of 19.1 percent annually, according to government data. 


Saudi construction sector issues 3,800 new licenses amid regulatory reforms 

Saudi construction sector issues 3,800 new licenses amid regulatory reforms 
Updated 10 min 39 sec ago
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Saudi construction sector issues 3,800 new licenses amid regulatory reforms 

Saudi construction sector issues 3,800 new licenses amid regulatory reforms 

RIYADH: Saudi Arabia’s construction sector saw significant growth in 2024, with 3,800 new licenses added in just one year, bringing the total to 8,900, according to a top official. 

During a panel discussion at the Public Investment Fund Private Sector Forum in Riyadh, Fahad Al-Hashem, assistant deputy minister at the Ministry of Investment, stated that the surge reflects increasing foreign investment and regulatory reforms aimed at streamlining market entry. 

“In the number of licenses, we had 8,900 construction companies licensed in the Kingdom, last year alone we had 3,800 companies licensed in the Kingdom,” Al-Hashem stated.

The deputy minister highlighted the broader impact of these reforms, noting that real estate developers also saw a rise in licenses — addiing 244 in 2024 to the 446 already issued. 

 “This is just to showcase the uptake from foreign investors into the market, and we hope to see an increase with these upcoming reforms,” he said. 

Al-Hashem emphasized the Kingdom’s efforts to enhance its regulatory framework, with 800 improvements identified since the launch of Vision 2030, 80 percent of which have already been implemented. 

One major shift was the replacement of the licensing regime with a registration system to simplify market entry. 

“We are working continuously with our colleagues across the government to really reduce the timeframe from being really interested to entering the market to being fully operational,” he added. 

Addressing cost challenges in the sector, Al-Hashem pointed to initiatives such as the establishment of an international contractor office within the ministry. 

“We collaborate with stakeholders to streamline such service-wide journey into the market, to ensure ample supply comes into the market, in order to also add competition and ensure that project owners and investors have good returns with their capital,” he said. 

He underscored the government’s commitment to fostering a dynamic and competitive market, stating: “I can go on and on and on about many examples that we’re seeking to liberate, add supply into the market, and constantly develop value chains to ensure that the Kingdom, as it has high ambitions, has the most conducive, the most dynamic, and most competitive market out there.” 

Saud Al-Sulaimani, country head of Saudi Arabia at JLL, highlighted the dual nature of the Kingdom’s construction boom. 

“What makes the Saudi market interesting is that there are two things happening at the same time: the redevelopment of projects as well as the development of new cities and projects,” he said. 


Several injured after car drives into crowd of people in Munich

Several injured after car drives into crowd of people in Munich
Updated 11 min 54 sec ago
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Several injured after car drives into crowd of people in Munich

Several injured after car drives into crowd of people in Munich
  • Incident appeared to have affected people participating in a demonstration linked to a strike organized by the Verdi union
  • Security has been in sharp focus in Germany ahead of a federal election next week and following a string of violent attacks

BERLIN: A car drove into a crowd in Munich on Thursday injuring several people, police said, as the southern German city prepares for a top-level security conference due to be attended by US Vice President JD Vance and Ukrainian President Volodymyr Zelensky.
The Bild newspaper reported that 15 people were injured.
The Munich Security Conference is to start on Friday and senior officials, including Vance and Zelensky, were arriving later on Thursday.
A large-scale police operation was underway near the central train station.
Police said on X they were able to detain the driver and did not consider him to pose any further threat.
“One person is lying on the street and a young man has been taken away by the police. People are sitting on the ground, crying and trembling,” a reporter for the local BR broadcaster wrote in a post on X.
The incident appeared to have affected people participating in a demonstration linked to a strike organized by the Verdi union, according to the broadcaster.
The union said it did not have any information on the incident.
The incident occurred around 1.5 kilometers from the security conference venue.
Security has been in sharp focus in Germany ahead of a federal election next week and following a string of violent attacks.


PIF-backed ewpartners leads $48m investment in Valuable Capital to propel fintech expansion

PIF-backed ewpartners leads $48m investment in Valuable Capital to propel fintech expansion
Updated 48 min 15 sec ago
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PIF-backed ewpartners leads $48m investment in Valuable Capital to propel fintech expansion

PIF-backed ewpartners leads $48m investment in Valuable Capital to propel fintech expansion

RIYADH: A $48 million investment in Valuable Capital, led by Public Investment Fund-backed ewpartners, will soon expand the Saudi fintech sector, revealed a top official from the funding firm.

Speaking to Arab News on the sidelines of the PIF Private Sector Forum taking place from Feb. 12-13 in Riyadh, co-founder and Managing Partner of ewpartners Jessica Wong explained that the amount would be utilized in the company’s initial public offering route. 

The investment aligns with the Kingdom’s Vision 2030 goals of advancing fintech development and economic diversification, with the industry expected to contribute 4.4 percent to the Kingdom’s gross domestic product, according to a statement. 

Valuable Capital Financial Co., a subsidiary of Hong Kong-based financial institution Valuable Capital Group Ltd, received a license in 2022 from Saudi Arabia’s Capital Market Authority to provide custody, advice, and dealing services in the Kingdom. 

“We invested in this company three and half years ago, and this time, we continue. We launch a new product, targeting $1 billion, and we continue to invest in this company and kick off their IPO procedure,” Wong said. 

“It will be in the company’s IPO route to support the company, not just kick off the IPO procedure in the target market, but also for further expansion in the GCC (Gulf Cooperation Council) region,” she added. 

The co-founder explained the importance of PIF’s support in enabling their role in the local market, citing how their initial partnership laid the foundation for future investments.

“The reason we will be able to play a significant role and also to focus on the most critical sectors here in the local market is because, you know, five years ago, PIF is playing the role as our anchor LP (limited partner) of our first regional focus, a fund here in the GCC with a $400 million and through the fund, we invest a portfolio company like a Valuable Capital,” Wong said.

“Because our performance is to exceed our expectation, we will be able to launch our second fund, which is also targeting $1 billion,” she added. 

During the interview, the managing partner also tackled the rise of fintech in the Kingdom.

“Seven years ago, when we first launched this platform to serve the local growth and expansion, actually we identify ourselves as the co-builder of the local ecosystem, and we have invested across different sectors like digital infrastructure, digital enablement and also cross-border service and beyond,” Wong said.

“Fintech, in our eyes, is one of the most important sectors to support the local ecosystem growth in a more sustainable and more healthy way,” she added.

“This is one of the perfect examples how, as a one of the PIF portfolio, we invest in a particular sector, double the commitment and support its fast growth and also leveraging more FDI (foreign direct investment) and more know-how to support the company, play a bigger role in the global market and build themselves as another successful story,” Wong said.

The managing director used the interview to shed light on some updates regarding the KSA-Sino Logistics Special Economic Zone. 

“This is one of the projects we have been working on for more than five years. Last October, we were able to sign the MOU (memorandum of understanding) together with our strategic partner, which is King Salman International Airport. So, through this framework of our cooperation, we are working very closely with KSIA, the company itself, to make sure that we will be able to build a platform not just for ewpartners portfolio but also for all the ecosystem players, those who are looking to enter Saudi market as a hub or for their global expansion,” she said.

“The pressure is to come from (a) different angle. One of the biggest motivations for us to continue our work and put together our effort is because there is a huge demand here in the market,” the managing partner added.

Wong also said: “So, our project inside the new expansion of the airport will be one of their top choices, and we’ve already received a lot of requests to further discuss when we can launch and upper running service them, and hopefully, we will start the construction this year.”

Now in its third year, the forum — which united more than 90 PIF-backed companies — aims to strengthen supply chains, boost local manufacturing, and accelerate economic diversification under Vision 2030.