World Bank President: Saudi Arabia Adopting Great Approach to Empower Women in Labor Market

President of the World Bank Ajay Banga addressed the seventh edition of the Future Investment Initiative in Riyadh. (SPA)
President of the World Bank Ajay Banga addressed the seventh edition of the Future Investment Initiative in Riyadh. (SPA)
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World Bank President: Saudi Arabia Adopting Great Approach to Empower Women in Labor Market

President of the World Bank Ajay Banga addressed the seventh edition of the Future Investment Initiative in Riyadh. (SPA)
President of the World Bank Ajay Banga addressed the seventh edition of the Future Investment Initiative in Riyadh. (SPA)

President of the World Bank Ajay Banga stressed on Tuesday that Saudi Arabia has sought to empower women in the labor market, urging other countries to follow suit to realize aspirations through the quality of life to create jobs.

He noted that the World Bank has a mission and vision to address climate change, resilience to engage with the world and focus on the youth as the beating heart of the world to achieve future aspirations, the growth of the global economy and joint efforts.

Banga made his remarks while participating in the seventh edition of the Future Investment Initiative that is currently underway in Riyadh.

He added that aspirations must be realized through the quality of life and generating jobs, reviewing the geopolitical challenges and crises in various countries.

He noted that the global economy will be in a good and reassuring status only if the world joins efforts, adding that all should be responsible for facing challenges related to energy transition and debts.

Moreover, he said the volume of renewable energy amounts to $3 billion, which is increasing, stressing the need for the private sector's engagement to reach a level that develops the global economy, works together to reduce carbon emissions, and focuses on reaching solutions to reduce increasing emissions.

He also highlighted risks related to the economy through legislative frameworks that the World Bank is planning to address, which requires local capital from the private and public sectors.



Abu Dhabi's XRG Targets Gas, LNG Capacity of 20-25 Million Tons a Year by 2035

Sultan Al Jaber, COP28 President, speaks at the United Nations climate change conference COP29 opening in Baku, Azerbaijan November 11, 2024. REUTERS/Maxim Shemetov/File Photo
Sultan Al Jaber, COP28 President, speaks at the United Nations climate change conference COP29 opening in Baku, Azerbaijan November 11, 2024. REUTERS/Maxim Shemetov/File Photo
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Abu Dhabi's XRG Targets Gas, LNG Capacity of 20-25 Million Tons a Year by 2035

Sultan Al Jaber, COP28 President, speaks at the United Nations climate change conference COP29 opening in Baku, Azerbaijan November 11, 2024. REUTERS/Maxim Shemetov/File Photo
Sultan Al Jaber, COP28 President, speaks at the United Nations climate change conference COP29 opening in Baku, Azerbaijan November 11, 2024. REUTERS/Maxim Shemetov/File Photo

XRG, the international investment arm of Abu Dhabi National Oil Company (ADNOC), is aiming to have a gas and LNG business with a capacity of between 20 million and 25 million metric tons a year by 2035, the company said in a statement on Tuesday.

XRG was set up last year as an investment company focused on lower-carbon energy, gas and chemicals, with assets of more than $80 billion.

On Tuesday, its board, whose members include former BP CEO Bernard Looney and Blackstone's Jon Gray, approved the capacity target and a new five-year business plan.

Board members also supported the assessment of potential gas acquisitions and LNG opportunities in North America, Reuters reported.

ADNOC's current US investments already sit under XRG, and the oil giant's Chief Executive Sultan Al Jaber said in March that XRG would make a significant investment in US natural gas in coming months.

XRG has also changed the name of its low carbon energies platform to Energy Solutions to reflect the full scope of the company's strategy, including energy demand linked to artificial intelligence and the digital economy, a company spokesperson said on Tuesday.

The board "endorsed the company's ambition to create a top three global chemicals platform," XRG said.

ADNOC had agreed in October to buy German chemicals maker Covestro for 14.7 billion euros ($16.73 billion) including debt. Jaber later said it would sit under XRG.