Red Sea Global to Use Sustainable Fuel for its Fleet

Red Sea Global self-driving vehicles for sustainable transportation (Red Sea Global)
Red Sea Global self-driving vehicles for sustainable transportation (Red Sea Global)
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Red Sea Global to Use Sustainable Fuel for its Fleet

Red Sea Global self-driving vehicles for sustainable transportation (Red Sea Global)
Red Sea Global self-driving vehicles for sustainable transportation (Red Sea Global)

Red Sea Global (RSG) announced using low-carbon biofuel in all its delivery trucks.

According to a press statement, RSG's entire fleet of land vehicles now runs on electricity or biofuels, making it the first Saudi company to operate such an eco-conscious supply chain.

The company, wholly owned by the Public Investment Fund (PIF), currently operates a fleet of six 8-ton refrigerated trucks and three 3.5-ton refrigerated trucks running on biofuel.

The vehicles serve many facilities and are active in the long-range supply chain network. It ensures a smooth transportation of goods to all the company's projects and facilities in the implementation of Red Sea Global's vision for a greener future.

The biofuel is produced from used cooking oil sourced within Saudi Arabia.

The type of fuel RSG has adopted emits only 0.17 kilograms of carbon dioxide equivalent per liter, compared with 2.7kg CO2e per liter from regular diesel usage.

Sustainable biofuel operates all cargo delivery trucks to the company's four destination hotels: Turtle Bay, Six Senses, Southern Dunes, St. Regis Red Sea Resort, and Nujuma, a Ritz-Carlton Reserve.

The transition from using conventional to biofuels reduces carbon emissions and increases the life of vehicle engines, bringing environmental and operational benefits.

RSG's Supply Chain and Logistics Leader, Michael Stockdale, explained that by using sustainable biofuel produced from locally sourced cooking oil, the company is significantly reducing carbon emissions and contributing to the circular economy.

Stockdale pointed out that this is the first step towards a fully sustainable logistics network, saying the company is already looking at new technology and innovations that can further reduce the impact of its supply chain.

Red Sea Global launched advanced technologies equipping each vehicle with a chip measuring the amount of biofuel used daily.

The data allows fleet managers to analyze and optimize fuel consumption, which enhances the sustainability of the company's operations to preserve the environment.

Red Sea Global already uses electricity sourced 100 percent from solar energy to operate its electric vehicles. The company's land transportation fleet emits only a minimal amount of carbon.

The recent announcement also aligns with RSG's long-term strategy to transition to green hydrogen throughout its mobility sector.

By 2030, RSG aims to have between 700 and 800 vehicles in its sustainable fleet, which will create a qualitative shift in how goods are transported in the Kingdom and set a new standard for sustainable supply chains.

Notably, Red Sea Global is one of Vision 2030 pillars and contributes a pivotal role in the Kingdom's transformation process towards anticipating new economic horizons and enhancing the country's rich environmental and cultural heritage.



Central Bank Chief: Morocco Preparing Law to Allow Cryptocurrencies

Representations of cryptocurrency Bitcoin are seen in this illustration taken November 25, 2024. REUTERS/Dado Ruvic/Illustration
Representations of cryptocurrency Bitcoin are seen in this illustration taken November 25, 2024. REUTERS/Dado Ruvic/Illustration
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Central Bank Chief: Morocco Preparing Law to Allow Cryptocurrencies

Representations of cryptocurrency Bitcoin are seen in this illustration taken November 25, 2024. REUTERS/Dado Ruvic/Illustration
Representations of cryptocurrency Bitcoin are seen in this illustration taken November 25, 2024. REUTERS/Dado Ruvic/Illustration

A draft law on cryptocurrencies is undergoing the process of adoption in Morocco, the governor of its central bank, Abdellatif Jouahri, said on Tuesday.

The central bank, known as Bank Al Maghrib, "has prepared a draft law regulating crypto assets, which is currently in the adoption process," Jouahri told an international conference in Rabat.

Bank Al Maghrib was also exploring a central bank digital currency (CBDC), Reuters quoted him as saying.
"Regarding central bank digital currencies, and like many countries around the world, we are exploring to what extent this new form of currency could contribute to achieving certain public policy objectives, particularly in terms of financial inclusion," he said.