MENA Climate Week 2023 to Discuss Progress, Solutions in Riyadh

Saudi Arabia will host the MENA Climate Week 2023 in Riyadh on October 8-12. (SPA)
Saudi Arabia will host the MENA Climate Week 2023 in Riyadh on October 8-12. (SPA)
TT
20

MENA Climate Week 2023 to Discuss Progress, Solutions in Riyadh

Saudi Arabia will host the MENA Climate Week 2023 in Riyadh on October 8-12. (SPA)
Saudi Arabia will host the MENA Climate Week 2023 in Riyadh on October 8-12. (SPA)

Saudi Arabia, in coordination and collaboration with the UN Framework Convention on Climate Change, is set to host the MENA Climate Week 2023 in Riyadh on October 8-12.

The event will bring together numerous countries, policymakers, influential organizations from around the world, in addition to representatives from the UN and related bodies, civil society, and the business sector.

The aim is to exchange perspectives on climate solutions, cooperate in finding practical and rational approaches to address climate change and mitigate its effects.

Discussions will encompass policy frameworks, investment opportunities, research and development initiatives, and the spread of various technological solutions, such as renewable energy, energy efficiency efforts, hydrogen, carbon capture and storage, and carbon dioxide removal.

MENA Climate Week 2023 will provide the Kingdom with an opportunity to showcase its efforts and accomplishments in tackling the challenges posed by climate change.

In 2021, Prince Mohammed bin Salman, Crown Prince and Prime Minister, launched the Saudi and Middle East Green initiatives.

The Saudi Green initiative aims to reduce carbon emissions by 278 million tons annually by 2030.

The other initiative seeks to mobilize efforts of various stakeholders to reduce carbon emissions, equivalent to 10% of global contributions, and reduce carbon emissions from oil production in the region by over 60%.

On December 4, the third edition of the Saudi Green Initiative Forum will be launched, coinciding with the COP28 conference. This move reflects the Kingdom’s commitment and ongoing efforts to support the global climate action agenda and take tangible actions to address environmental challenges.

Furthermore, in October 2021, the Crown Prince announced the Kingdom’s target of achieving net-zero emissions by 2060 through a circular carbon economy approach, aligning with its development plans and promoting economic diversification.



Saudi PIF, Elm Sign Agreement for Elm to Acquire Thiqah

The Public Investment Fund (PIF) logo
The Public Investment Fund (PIF) logo
TT
20

Saudi PIF, Elm Sign Agreement for Elm to Acquire Thiqah

The Public Investment Fund (PIF) logo
The Public Investment Fund (PIF) logo

The Public Investment Fund (PIF) and Elm, a leading digital solutions company, have signed a share sale and purchase agreement for Elm to acquire Thiqah Business Services Company – a firm specializing in smart technology solutions for business services – in a deal valued at $907 million (SAR3.4 billion).

Completion is expected once regulatory approvals are obtained and certain conditions are satisfied under the agreement.

According to a PIF statement, the transaction will further support a thriving local information and communication technologies (ICT) ecosystem and contribute to PIF’s strategy which aligns with the Vision 2030 aim of using digital transformation to create the high-skills jobs of the future and further grow the Saudi economy. The deal will enhance the growth of the ICT sector, drive innovation, and localize technologies and knowledge by strengthening Elm to lead the sector at the national level, maximizing the value chain by providing a wide range of ICT products, services and devices.

The ICT sector is among PIF’s strategic priority investment sectors, being a key enabler of other key sectors, including entertainment, financial services, healthcare, transport and logistics, and utilities and renewables, the statement said.

“PIF is committed to enabling the creation of national champions which contribute to driving the development and growth of the Saudi economy. PIF’s sale of Thiqah to Elm will contribute to enhancing the vital role of the ICT sector and will strengthen efforts to localize technology and drive innovation,” Head of Technology and Media, MENA Investments, at PIF Shahd Attar said.

CEO of Elm Mohammad Abdulaziz Alomair said: “This is an important transaction for Elm, as it enhances integration, rationalizes spending, increases profitability, and provides qualitative advantages for both parties and the market.”

“The combined integrated entity will be better able to create advanced national smart services to serve market requirements and clients’ needs. It will also contribute to facilitating innovative operations and capabilities to develop products in the business field with cost advantages while achieving economies of scale,” he added.