Riyadh Witnesses Completion of International Green Energy Alliance

 Officials at the signing ceremony. (Asharq Al-Awsat)
Officials at the signing ceremony. (Asharq Al-Awsat)
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Riyadh Witnesses Completion of International Green Energy Alliance

 Officials at the signing ceremony. (Asharq Al-Awsat)
Officials at the signing ceremony. (Asharq Al-Awsat)

Riyadh witnessed on Sunday the signing of an agreement between the Global Green Energy Alliance and the Saudi Ministry of Investment, which seeks to adopt the next generation projects for sustainable development and green energy.  

The agreement aims to facilitate the access of the alliance members to the Saudi market, support green energy projects, and reinforce the Kingdom’s plan to reach carbon neutrality.  

The coalition includes US and Chinese non-governmental organizations that share economic and environmental goals, and seek to build a new model for a sustainable, low-carbon future. 

The coalition works to implement “a practical path rather than political solutions”, based on concrete economic and social benefits.  

The delegation of the Global Alliance for Green Energy provided the concerned authorities with a number of proposals that strengthen joint efforts to build a superior manufacturing base in Saudi Arabia and to take advantage of the country’s geographic location and multi-field talents.  

The members of the alliance are working on projects that cover advanced long-term energy storage, such as the Energy Vault project, which is currently being completed in China, on the coast of the Yellow Sea. The project manages 14 cities and five regions.  

Abdullah bin Zaid Al-Meleihi, Chairman of Excellence Holding Company - the local partner of the Global Alliance for Green Energy - explained that the alliance aims to attract a large number of Chinese industrial companies to the Kingdom, to manufacture green energy materials and products, and produce green energy for the operation of factories.  

He stressed that the US-Saudi delegation held several meetings with Saudi authorities, including the Public Investment Fund, the Ministry of Investment and Aramco, where the Excellence Holding Company organized and provided advice and ways to comply with the specifications specified in the policy documents recently issued by the Kingdom.  

According to Al-Meleihi, the meetings with the US-Chinese delegation reviewed ways to transform the idea of the Global Green Energy Alliance into a reality from Riyadh, and to enhance joint cooperation between members of the alliance and official authorities in the field of industry, green energy projects and zero carbon emissions. 



Lebanon Bonds Rally to Fresh Two-year High on Ceasefire Hopes

A man counts Lebanese pounds at a currency exchange shop in Beirut, Lebanon October 1, 2020. REUTERS/Mohamed Azakir
A man counts Lebanese pounds at a currency exchange shop in Beirut, Lebanon October 1, 2020. REUTERS/Mohamed Azakir
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Lebanon Bonds Rally to Fresh Two-year High on Ceasefire Hopes

A man counts Lebanese pounds at a currency exchange shop in Beirut, Lebanon October 1, 2020. REUTERS/Mohamed Azakir
A man counts Lebanese pounds at a currency exchange shop in Beirut, Lebanon October 1, 2020. REUTERS/Mohamed Azakir

Lebanon's deeply distressed sovereign dollar bonds hit a fresh two-year high on Tuesday as investors bet that a potential ceasefire with Israel could improve the country's prospects.

The bonds, which are still trading below 10 cents on the dollar, have gained more than 3% this week. The 2031 maturity was biding at 9.3 cents on the dollar, its highest since May 2022, according to Reuters.

"Some investors are mulling if it is a right time to buy, since a ceasefire is the first step needed to at some point in time restructure bonds," said Bruno Gennari, emerging markets strategist with KNG Securities International.

Israel's cabinet is expected to convene on Tuesday to discuss, and likely approve, a US plan for a ceasefire with the Iran-backed Hezbollah, a senior Israeli official said.

Israeli airstrikes, which continued on Tuesday, have decimated Lebanon's infrastructure and killed thousands.

But the counterintuitive rally, the second since Israel began bombing the country in September, was driven by bets that the deal could jolt Lebanon's fractured political system and revive efforts to pull the country out of default.