Saudi Arabia Says Factories with Environmental Permits Increased to 72%

Saudi Arabia continues to increase the percentage of factories committed to obtaining environmental permits (Asharq Al-Awsat)
Saudi Arabia continues to increase the percentage of factories committed to obtaining environmental permits (Asharq Al-Awsat)
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Saudi Arabia Says Factories with Environmental Permits Increased to 72%

Saudi Arabia continues to increase the percentage of factories committed to obtaining environmental permits (Asharq Al-Awsat)
Saudi Arabia continues to increase the percentage of factories committed to obtaining environmental permits (Asharq Al-Awsat)

The Saudi Ministry of Industry and Mineral Resources has announced that the number of factories obtaining an environmental permit has increased from 18 percent at the beginning of 2021 to 72 percent at the end of the second half of 2023.

The Ministry revealed on Tuesday that 7,239 factories obtained an environmental permit, which is a primary condition for granting an industrial license.

The rising numbers are in implementation of Saudi government decisions to include environmental permits among the prerequisites for issuing licenses to practice activities with an environmental impact.

The Ministry said that this rise reflects its efforts to protect the environment and improve sustainability in the industrial sector.

It is keen to provide factories with the facilities needed to obtain environmental permits, including coordination with competent authorities to resolve any challenges they may face.

The Ministry of Industry called on all factories to quickly apply to obtain the permit by completing the necessary procedures, available on the National Center for Environmental Compliance website.



Saudi PIF Completes $7 bln Inaugural Murabaha Credit Facility

The Public Investment Fund (PIF) logo
The Public Investment Fund (PIF) logo
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Saudi PIF Completes $7 bln Inaugural Murabaha Credit Facility

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

Saudi Arabia's Public Investment Fund (PIF) completed on Monday a $7 billion inaugural murabaha credit facility.
In a statement, PIF said the credit facility is supported by a syndicate of 20 international and regional financial institutions.
PIF head of the Global Capital Finance Division and head of Investment Strategy and Economic Insights Division Fahad AlSaif said: “This inaugural murabaha credit facility demonstrates the flexibility and depth of PIF’s financing strategy and use of diversified funding sources, as we continue to drive transformative investments, globally and in Saudi Arabia”, the Saudi Press Agency reported on Monday.
This financing complements PIF’s successful sukuk issuances over the past two years, the statement added. It also underpins PIF’s strong financial position, as well as its best-practice approach to debt financing.
PIF is rated Aa3 by Moody’s with stable outlook and A+ by Fitch with stable outlook. PIF has four main sources of funding: capital injections from government, government asset transfers, retained earnings from investments, and loans and debt instruments.