ISLAMABAD: Pakistani Prime Minister Shehbaz Sharif met Saudi Investment Minister Khalid Al-Falih in Riyadh on Monday to discuss the progress of recently signed business agreements between the two countries, according to the Prime Minister’s Office.
On Oct. 10, Pakistani and Saudi businesses signed 27 memorandums of understanding worth $2.2 billion during Al-Falih’s visit to Islamabad. Later, during Sharif’s visit to Saudi Arabia on Oct. 30, Al-Falih announced that the number of agreements would be increased from 27 to 34, and the total value would rise to $2.8 billion.
Sharif is in Riyadh to attend the Arab-Islamic Summit. On the sidelines of the summit, he also met with Mohammed Al-Tuwaijri, the royal court’s adviser.
According to the Prime Minister’s Office, the meeting focused on reviewing the progress of economic cooperation initiatives between the two countries. Sharif praised the ongoing efforts of Pakistani and Saudi technical teams working on these major projects.
The meeting comes as Pakistan seeks to strengthen trade and investment ties with its allies, particularly Saudi Arabia. The Kingdom has pledged a $5 billion investment package, which is crucial for Pakistan as it grapples with a dire balance of payments crisis and dwindling foreign reserves.
To tackle its economic challenges, Pakistan established the Special Investment Facilitation Council in 2023. This hybrid civil-military body aims to expedite foreign investments in key sectors like agriculture, mining, tourism, and minerals.
Sharif has been actively engaging in economic diplomacy in recent months, seeking increased investments and fostering trade and regional connectivity. Pakistan is positioning itself as a key trade and transit hub linking Central Asia with the global market, while also seeking mutually beneficial partnerships with Gulf countries.
Saudi Arabia launches national sustainability committee
Updated 08 December 2024
MOHAMMED AL-KINANI
JEDDAH: Saudi Arabia has launched the first national sustainability committee to drive a green economy and integrate environmentally forward business practices.
On Dec. 8, the Federation of Saudi Chambers announced the formation of its first committee on its X platform, with Khaled bin Abdulrahman Al-Othman appointed as chairman and Nouf bint Abdulaziz Al-Ghamdi selected as vice chairman.
The Kingdom shares the environmental challenges witnessed in many other countries, mainly stemming from rapid industrialization and population growth.
In response, Saudi Arabia is taking decisive action to tackle climate change, protect its environment, and reduce carbon emissions, according to the Saudi Press Agency.
Aligned with international climate pacts such as the Paris Agreement, the nation is committed to mitigating the effects of climate change. The Kingdom, with its arid climate and vast desert terrain, is especially vulnerable to these environmental impacts.
To combat these challenges, the Saudi Green Initiative was launched in 2021, with goals to reduce carbon emissions, plant 10 billion trees, and protect 30 percent of the country’s land and marine areas.
The SGI represents a shift from vision to implementation, with over 80 initiatives launched, backed by a $188 billion investment. These undertakings cover key areas such as afforestation, biodiversity conservation, and emissions reduction.
The Kingdom is also progressing toward its goal of becoming the world’s leading producer and exporter of hydrogen, with plans to sequester 27 million tonnes of CO2 annually by producing 4 million tonnes of clean hydrogen.
Saudi Arabia has made impressive strides in transitioning to clean energy. In the past year, it connected 1.3 gigawatts of renewable energy to the national grid, raising its total renewable capacity to 4.1 GW.
Additionally, four new gas-fired power plants have been commissioned, increasing the share of electricity production from natural gas to 50 percent by 2030.
The SGI has also driven significant progress in land rehabilitation, with over 95 million trees planted and 111,000 hectares of land restored — equivalent to over 172,000 football fields. Through these efforts, the Kingdom is well on its way to creating a sustainable and green economy.
Closing Bell: Saudi main index rises to close at 11,955
Parallel market Nomu gained 313.47 points, or 1.01%, to close at 31,215.27
MSCI Tadawul Index gained 2.47 points, or 0.17%, to close at 1,497.49
Updated 08 December 2024
REEM WALID
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 23.39 points, or 0.20 percent, to close at 11,955.24.
The total trading turnover of the benchmark index was SR4.58 billion ($1.22 billion), as 158 of the stocks advanced and 70 retreated.
Similarly, the Kingdom’s parallel market Nomu gained 313.47 points, or 1.01 percent, to close at 31,215.27. This comes as 58 of the listed stocks advanced, while 29 retreated.
The MSCI Tadawul Index gained 2.47 points, or 0.17 percent, to close at 1,497.49.
The best-performing stock of the day was Al-Baha Investment and Development Co., whose share price surged 10 percent to SR0.33.
Other top performers included MBC Group Co., whose share price rose 5.31 percent to SR57.50 as well as Saudi Chemical Co., whose share price surged 4.9 percent to SR10.28.
Dr. Soliman Abdel Kader Fakeeh Hospital Co. recorded the biggest drop, falling 3.81 percent to SR68.20.
National Co. for Learning and Education also saw its stock prices falling 3.67 percent to SR230.80.
Meanwhile, Bawan Co. also saw its stock prices drop 2.92 percent to SR48.15.
On the announcement front, Jahez International Co. for Information System Technology said it will list and begin trading its shares on the main Saudi market next Tuesday following its transfer from the parallel market, Nomu.
Sure Global Tech Co. announced it has signed a project to renew service licenses and provide technical support for applications with a governmental entity. According to a Tadawul statement, the project’s value exceeds 9 percent of the company’s revenue for the fiscal year ending Dec. 31, inclusive of value-added tax.
The project involves developing and maintaining applications for the governmental entity, including licensing, maintenance, technical support, and system development. The contract spans 850 days and is expected to positively impact the company’s financial statements in 2025 and 2026.
Sure Global Tech Co. ended the session at SR87.50, down 1.14 percent.
The Mediterranean and Gulf Cooperative Insurance and Reinsurance Co. announced it has received approval from the Insurance Authority to renew its license for insurance and reinsurance activities.
MEDGULF’s stock closed at SR21.10, up 0.95 percent.
Meanwhile, Yanbu Cement Co.’s Board of Directors approved the distribution of SR78.75 million in cash dividends to shareholders for the second half of 2024. A bourse filing revealed that 157.5 million shares are eligible for a dividend of SR0.5 per share, representing 5 percent of the share’s par value.
Yanbu Cement Co. closed at SR23.92, up 2.93 percent.
Saudi Arabia achieves major financial milestone with IPSAS adoption
Announcement was made during the Saudi Public Sector Accounting Forum in Riyadh
Forum highlighted Kingdom’s transition to accrual-based accounting and its adoption of IPSAS
Updated 08 December 2024
Nour El-Shaeri
RIYADH: Saudi Arabia has achieved a significant milestone in public financial management by successfully transitioning to International Public Sector Accounting Standards on an accrual basis.
This move highlights the Kingdom’s commitment to modernizing its public sector financial practices as part of its Vision 2030 agenda.
The adoption of these global standards underscores Saudi Arabia’s efforts to enhance transparency, accountability, and decision-making within its government operations. The announcement was made during the Saudi Public Sector Accounting Forum, held on Dec. 8 in Riyadh, under the patronage of Finance Minister Mohammed Al-Jadaan.
Speaking at the event, Abdulaziz Al-Furaih, chairman of the steering committee at the Ministry of Finance, said: “Today marks a significant milestone, made possible by the unwavering support of our visionary leadership, which has fully backed this strategic national project.”
The forum highlighted Saudi Arabia’s transition to accrual-based accounting and its adoption of IPSAS.
Ian Carruthers, chairman of the International Public Sector Accounting Standards Board, emphasized that the Kingdom’s success was driven by Vision 2030 and the strong leadership of the Ministry of Finance.
Abdullah Al-Mehthil, assistant deputy minister of finance for policies and governance, explained: “Accrual accounting enhances the Kingdom’s ability to make strategic decisions by providing detailed insights into long-term financial obligations and improving the overall quality of financial reporting.”
A key focus of the forum was the cultural transformation needed within the public sector to sustain these changes. Mohammed Al-Nwaiser, assistant deputy minister for financial affairs and accounts at the Ministry of Finance, stressed the importance of evolving financial practices to ensure long-term sustainability following the transition.
Abdullah Majrashi, CEO of the Financial Skills Center, emphasized the center’s role in improving financial literacy and building capacity within the public sector workforce. Ross Smith, program leader and technical director at IPSASB, noted that while resistance to such transitions often stems from knowledge gaps, Saudi Arabia has made remarkable progress through its well-structured approach.
Hamad Al-Kanhal, deputy minister of finance for financial affairs and accounts, discussed the broader significance of the transformation, stating, “This is not just the implementation of an accounting standard; it is a comprehensive change management process that requires continuous commitment and collaboration across all relevant entities.”
He further emphasized that the shift would enable the government to manage its financial resources more efficiently and achieve its strategic objectives.
At the forum’s conclusion, several government entities were honored through the “Pioneers of Accrual Accounting” award program.
The Ministry of Communications and Information Technology, King Saud University, and the Saudi Water Authority received the Diamond Award for their excellence in business continuity following the transition and for issuing interim financial statements.
Other awards included recognition for governance and project management to the Digital Government Authority, innovative solutions to the National Center for Waste Management, and technological enablement to the Ministry of Environment, Water, and Agriculture.
The forum, which coincided with Saudi Arabia’s hosting of the IPSASB meetings, attracted over 600 attendees, including local and international experts, standard-setting legislators, and leaders from various Saudi government entities.
KAUST drives Vision 2030 with groundbreaking sustainability efforts
KAUST’s Accelerating Impact Strategy focuses on translating research into practical innovations, directly aligning with Vision 2030
KAUST is spearheading innovations in agriculture, energy, and water management, sectors vital to the Kingdom’s future
Updated 08 December 2024
Nadin Hasssan
RIYADH: With a vision that merges innovative research and practical solutions, King Abdullah University of Science and Technology is shaping the future of Saudi Arabia by tackling sustainability challenges and driving economic innovation.
Speaking to Arab News on the sidelines of the UN Convention to Combat Desertification COP16 in Riyadh, Sir Edward Byrne, the president of KAUST, emphasized the university’s critical role in achieving the Kingdom’s ambitious goals.
Sir Edward Byrne, President of KAUST.
“KAUST has two major contributions to make: brilliant science to validate the principles and the direction forward, and technology implementation to enable the journey,” he said.
KAUST’s Accelerating Impact Strategy focuses on translating research into practical innovations, directly aligning with Vision 2030.
The university’s initiatives are addressing pressing environmental challenges, fostering economic development, and positioning KAUST as a global research leader.
“We have several hundred projects currently geared to the environmental needs of the Kingdom,” Byrne said.
Turning vision into reality
KAUST is spearheading innovations in agriculture, energy, and water management, sectors vital to Saudi Arabia’s future.
The university’s Center for Sustainable Food Production is developing salt-resistant crops and advanced soil technologies to enhance dryland farming.
“Our researchers are making better soil that holds water, enabling efficient farming with minimal resources,” Byrne said.
In energy, KAUST is pioneering clean energy generation and battery storage solutions.
“We’ve signed a memorandum on cryogenic carbon capture with the Ministry of Energy, showing how we can safely store carbon while transitioning to a diverse energy mix,” Byrne said.
These innovations are not years away but are being developed and implemented now, benefiting both the Kingdom and the global community.
Water sustainability is another priority. KAUST is exploring methods to reduce the energy cost of desalination by up to 90 percent. “Generating water is incredibly energy-intensive,” Byrne said.
He added: “We’re looking at ways to make it far more efficient, which is crucial for the Kingdom’s sustainability goals.”
KAUST’s contributions extend beyond the lab and into real-world applications, as Byrne highlighted partnerships with key entities such as SABIC, Saudi Aramco, and the Saudi Electricity Co., which are leveraging KAUST’s expertise to scale transformative technologies.
Research backed by collaboration
Prof. Sami Al-Ghamdi, a leading expert in environmental impact research at KAUST, highlighted the importance of collaboration.
“Addressing sustainability and environmental issues requires partnerships,” Al-Ghamdi said.
He added: “We work with ministries, companies like NEOM, and stakeholders to ensure our research translates into actionable solutions.”
Al-Ghamdi stressed KAUST’s role in bridging the gap between science and implementation stating: “We don’t just create academic papers. We develop solutions that can be applied locally, nationally, and internationally.”
For example, KAUST is advancing the Red Sea research agenda, previously underexplored, to tackle global challenges related to energy, water, and food security.
Through startups and innovations, the university is driving real-world applications of its research.
“We’re transforming lab research into market-ready solutions, addressing issues like climate and environmental sustainability,” Al-Ghamdi said.
He pointed out that KAUST is also playing a significant role in promoting green jobs, aligning with global trends in sustainability-focused employment.
Monitoring sustainability
Prof. Matthew McCabe is at the forefront of KAUST’s Earth Observation Dashboard, a tool that monitors land degradation and restoration in real time.
Prof. Matthew McCabe.
“We are looking for planetary variables that we can turn data into actionable intelligence. And that’s going to be of use for things like the Saudi Green Initiative and the African Forest Restoration Project,” McCabe said.
The dashboard provides independent verification of restoration efforts, a critical need as global agreements like the Kunming-Montreal Protocol call for restoring 30 percent of land by 2030.
“You will be aware that in COP there’s a number of targets and policies that have been signed by representative countries. The Kunming-Montreal Protocol, for instance, calls for the restoration of 30 percent of land by 2030,” McCabe said.
He continued: “Their targets and signatures on pages. What we actually need is independent verification that these activities and actions are actually happening. The beauty of having a platform in space is that it can see everything. It sees everywhere. There’s no country that it’s not passing over at some point in time.”
McCabe underscored the economic benefits of restoring ecosystems noting: “I think having a healthy environment is the centerpiece of a prosperous economy. Full stop, so certainly there's going to be a huge explosion in green jobs.”
The platform’s capabilities extend beyond Saudi Arabia. “We’re using lessons learned here to support large-scale projects like Africa’s AFA100, which aims to restore 100 million hectares,” McCabe stated.
He added: “We have shown we can get these actionable insights, turning data into knowledge. We’ve shown that we can do that here in the Kingdom. What we want to do is translate and scale that to everywhere, and we’re working with partners around the world.”
This scalability ensures that innovations developed at KAUST can benefit global environmental restoration initiatives.
Addressing land degradation
In another interview with Arab News, Prof. Fernando Maestre’s work focused on land conservation through SAUDINet, a network dedicated to sustainable land management, stressed that land is fundamental for achieving sustainability.
“Our projects improve restoration activities and monitor biodiversity and carbon sequestration across Saudi ecosystems,” Maestre said.
One critical gap Maestre’s team is addressing is the lack of data on soil organic carbon in arid regions.
“There is a lack of data from Saudi Arabia, for instance, and for many other arid and hyperactive regions. One of the key objectives of our research program is to contribute to fill this gap, providing reliable data obtaining and standardize manner across major Saudi ecosystems on soil carbon,” he said.
Maestre added: “Another key component for research is to provide the ground data that are needed to validate remote sensing approaches that are currently being used to monitor biodiversity and to characterize vegetation productivity, to achieving land degradation neutrality.”
By combining advanced satellite technology with ground data, Maestre’s research supports both local and global sustainability efforts.
However, Maestre emphasized the importance of local engagement. “Satellites won’t plant trees or move camels,” he said,
He added: “We listen to local stakeholders and integrate their knowledge with cutting-edge science to create effective solutions.”
Maestre’s approach involves building partnerships with local and international collaborators.
“Collaboration is key to addressing global challenges. By working with over 200 scientists from 25 countries, we bring a global perspective to local issues,” he added.
His team’s efforts are helping bridge the gap between research and real-world application, ensuring that science informs policy and practice effectively.
A bright future ahead
Since its founding 15 years ago, KAUST has established itself as a global research powerhouse.
“KAUST is only 15 years old in an incredibly short period of time, it’s recognized globally as one of the world’s truly great research universities that draws incredible engineering and scientific talent into the kingdom, and that’s happening in an ongoing way,” Byrne said.
KAUST’s groundbreaking contributions are already transforming Saudi Arabia’s view on global science.
Byrne emphasized the university’s role as a beacon for attracting scientific talent to the Kingdom. “KAUST’s success shows that Saudi Arabia can develop a world-class research university from the ground up, inspiring other initiatives like NEOM,” he said.
Looking ahead, KAUST’s commitment to sustainability and innovation will continue to drive progress.
By addressing challenges in energy, water, food, and land management, the university is ensuring that Saudi Arabia not only meets its Vision 2030 goals but sets an example for the world.
“KAUST is the third great university I've led, and it is by far the most aligned with the world's needs. The work going on there at the moment to help develop a sustainable future for the planet is in my mind just incredible,” Byrne concluded.
As the Kingdom advances its Vision 2030 goals, KAUST’s role in sustainability, economic development, and innovation is more vital than ever.
With its unique combination of cutting-edge research, strategic partnerships, and actionable solutions, KAUST is not just shaping the future of Saudi Arabia but also setting a global benchmark for scientific excellence and sustainability.
Egypt advances 36 positions in global aviation rankings amid $626m investment outlay
Egypt’s Civil Aviation Ministry had earmarked $626.7 million for projects aimed at enhancing airport facilities
Egypt has increased its airport capacity by 28.5%, accommodating 66.2 million passengers in 2023, up from 51.5 million
Updated 08 December 2024
Miguel Hadchity
RIYADH: Egypt’s aviation sector has risen 36 positions in the Air Transport Infrastructure Index, reaching 27th place globally in 2024, highlighting significant progress in the industry.
A report from the Cabinet’s Media Center emphasizes that the country’s rise from 63rd place in 2015 underscores the nation’s commitment to establishing itself as a global air transport hub and improving its aviation infrastructure.
The analysis, released on Dec. 7, International Civil Aviation Day, stated that Egypt’s Civil Aviation Ministry had earmarked 31.3 billion Egyptian pounds ($626.7 million) for projects aimed at enhancing airport facilities, modernizing navigation systems, and strengthening safety measures, with completion targeted by June 2027.
“The Egyptian state is committed to enhancing the air transport system, a vital sector that supports the national economy,” the Cabinet said in a statement.
The report highlighted improvements in Egypt’s aviation sector. In the Air Transport Services Efficiency Index, Egypt rose to 23rd in 2024, compared to 40th in 2019. Similarly, the country advanced to 31st in the Airport Connectivity Index in 2024, up from 38th in 2019.
Since 2014, Egypt has increased its airport capacity by 28.5 percent, accommodating 66.2 million passengers in 2023, up from 51.5 million. The addition of four new travel facilities has further bolstered this growth.
Sphinx International Airport has a capacity of 900 passengers per hour, while Berenice International Airport can handle 600 passengers per hour. Both Bardawil and Capital International Airports accommodate 300 passengers per hour.
Several key projects are transforming Egypt’s aviation landscape. At Cairo International Airport, the baggage handling capacity was increased from 4,800 to 12,000 bags per hour.
Borg El Arab Airport saw the opening of a new terminal, expanding its capacity from 1.2 million to 6 million passengers annually. Sharm El Sheikh Airport’s capacity was also increased to 10 million passengers annually.
Additionally, radar systems now cover 83 percent of Egypt’s airspace, with investments totaling €206.6 million.
As part of its strategy to boost operational efficiency, Egypt began transferring the management of its airports to the private sector in March.
Civil Aviation Minister Mohamed Abbas Helmy announced plans to issue an international tender for operating major airports, including Cairo International Airport, marking a broader effort to enhance private sector involvement in logistics and transportation assets.
Egypt’s aviation development plan reflects a strategic vision to improve infrastructure, strengthen its global air transport network, and support economic growth.
