Largest Global Maritime Congress Kicks Off in Dammam

The President of MAWANI, Omar Hariri, and CEO of Bahri Ahmed al-Subaey, at the inauguration of the maritime congress (Asharq Al-Awsat)
The President of MAWANI, Omar Hariri, and CEO of Bahri Ahmed al-Subaey, at the inauguration of the maritime congress (Asharq Al-Awsat)
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Largest Global Maritime Congress Kicks Off in Dammam

The President of MAWANI, Omar Hariri, and CEO of Bahri Ahmed al-Subaey, at the inauguration of the maritime congress (Asharq Al-Awsat)
The President of MAWANI, Omar Hariri, and CEO of Bahri Ahmed al-Subaey, at the inauguration of the maritime congress (Asharq Al-Awsat)

The fourth edition of the Saudi Maritime Congress, the Kingdom’s largest and most important global maritime event, has successfully opened its doors at the Dhahran Expo in Dammam.

Several senior officials and representatives from leading international tech companies attended the event on Wednesday.

Under the patronage of the Ministry of Transport and Logistic Services, the President of MAWANI, Omar Hariri, and CEO of Bahri Ahmed al-Subaey officially inaugurated the opening ceremony with keynote addresses at the two-day event.

The event is supported by founding strategic partners Bahri & Seatrade Maritime, with prominent partners MAWANI & Transport General Authority (TGA) and strategic partners Saudi Aramco and IMI.

Deputy for Maritime Transport at the Transport General Authority Abdulrahman al-Thonayan stated that the Saudi Maritime Conference is being held when the maritime transport industry is experiencing significant changes and developments.

Al-Thonayan underscored the importance of keeping pace with these changes and enhancing cooperation and collaboration among all countries worldwide to achieve common goals in this critical industry.

The conference will also address pressing issues and tackle the challenges facing the maritime sector in Saudi Arabia, he said.

- Showcase of Products and Services

Al-Thonayan highlighted that the conference serves as a crucial platform, bringing together key regional technological companies in the maritime sector to showcase their latest products and services to conference attendees and visitors, thus adding value to the event and its accompanying exhibition.

Also at the conference, the Group Director of organizer Seatrade Maritime, Chris Morley, announced that day one has been what the company hoped for and more.

“We were anticipating a great day based on the pre-registration figures, which far exceeded previous editions. The event has been really exciting and reflects the eagerness of the global industry to be part of Saudi Arabia’s commitment to developing its maritime trade and doing business on an international scale,” Morley indicated.

Morley noted that Saudi Arabia scored the highest regional progress in the Maritime Connectivity Index in 2021 and ranked 20th globally in the maritime transport industry.

- Discussion Sessions

Day one saw broad participation in discussion sessions with a selection of international experts addressing crucial topics for the maritime sector.

Bahri and MAWANI signed two strategic Memorandum of Understanding (MOU) deals on the show floor.

The Saudi maritime sector now has 53,000 ships operating within its borders, is registered in 150+ countries, and carries 11 billion tons of cargo annually, making Riyadh a robust and promising regional and global trade partner.

Day two of the conference agenda includes several activities and events, starting with a session on “Energy Transition and the Strategy for Sustainability in the KSA and GCC – Outlook for Investment and Business in the Region.”

Saudi Arabia focuses more on developing a circular carbon economy (CCE), which essentially seeks to reduce, reuse, recycle, and remove carbon to keep its hydrocarbon industry relevant.

The session explores developments and opportunities for key partners in this field.



Saudi Sovereign Fund Allocates $19.4 Billion for Green Projects Spending

King Abdullah Financial Center in Riyadh (Asharq Al-Awsat)
King Abdullah Financial Center in Riyadh (Asharq Al-Awsat)
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Saudi Sovereign Fund Allocates $19.4 Billion for Green Projects Spending

King Abdullah Financial Center in Riyadh (Asharq Al-Awsat)
King Abdullah Financial Center in Riyadh (Asharq Al-Awsat)

The Saudi Public Investment Fund (PIF) has earmarked $19.4 billion for eligible green projects, with $5.2 billion allocated by June of this year.

As one of the largest sovereign wealth funds in the world and the investment arm of Saudi Vision 2030, PIF places significant emphasis on the utilities and renewable energy sectors, which are considered strategic. The fund also supports the Saudi Green Initiative and the National Renewable Energy Program under the Ministry of Energy.

On Friday, PIF published the second edition of its Investment Allocation and Impact Report, reaffirming its commitment to transparency and disclosure at various stages of its green financing initiatives. The allocated funds will be directed towards spending on renewable energy projects, green buildings, and sustainable water management.

According to the report, new eligible green projects will soon be added to PIF’s green financing portfolio, including a wide range of initiatives in renewable energy, sustainable water management, green buildings, pollution prevention, energy efficiency, sustainable management of living natural resources and land, and clean transportation.

The report also highlights that all eligible green projects contribute to the United Nations Sustainable Development Goals and are expected to deliver significant environmental benefits.

In October 2022, PIF issued the first green bonds from a sovereign wealth fund globally, including century-long green bonds. This issuance helps diversify the fund’s financing sources and supports green investments that positively impact the Saudi economy.

PIF has been rated “A1” by Moody’s with a positive outlook and “A+” by Fitch Ratings with a stable outlook.