عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Green Investments Surge in Saudi Arabia with Circular Economy, Clean Hydrogen Tech

N/A
N/A
TT
TT

Green Investments Surge in Saudi Arabia with Circular Economy, Clean Hydrogen Tech

N/A
N/A

Saudi Arabia is pushing towards achieving carbon neutrality by 2060 and developing a green economy.
Skytower Investments, a renewable technology, green manufacturing, supply chain and green power production investment company, is actively seeking new partnerships to advance carbon and green hydrogen technologies.
Such initiatives will bring new economic opportunities to Saudi Arabia.
Skytower Investments predicted Saudi Arabia attracting more investments in upcoming projects, creating opportunities for global companies and boosting job growth. This supports Saudi Arabia’s role as a driver of sustainable growth in the region, with plans underway to foster green economy development.
The investment company has backed a recent agreement between Riyadh and Washington for a transcontinental green trade corridor, aiming to facilitate trade and climate adaptation strategies.
Saudi Arabia is promoting this initiative globally, benefiting neighboring and South Asian countries. It aims to expand green supply chains, green manufacturing, and digital transformation, contributing to a sustainable future.
Hydrogen production is seen as economically valuable for Saudi Arabia, leveraging its abundant natural resources and young, dynamic population.
The Kingdom’s green potential lies in its high-quality silica resources, used for green energy production and advanced manufacturing.
Chairman Neil Bush of Skytower Investments highlighted ongoing efforts to strengthen partnerships and support Saudi Arabia’s economic goals under Vision 2030. This includes promoting green energy, green hydrogen, and carbon economy technologies.
Skytower Investments CEO Eric Fang aligned current efforts with Saudi Arabia’s strategy to support local, regional, and global development, focusing on high-quality job creation in the green industry.
Saudi partner Abdullah bin Zaid Al Mulaifi mentioned rapid progress in introducing green energy and technologies, supporting Saudi Arabia’s goals for green and carbon-neutral energy by 2060.
Skytower Investments plans to invest further in specialized global technologies, collaborating with public and private sectors in the Kingdom.

Most Viewed

 
 
Business

China Mulls Draft Law to Promote Private Sector Development

A Chinese national flag flutters on a financial street in Beijing. (Reuters)
A Chinese national flag flutters on a financial street in Beijing. (Reuters)
TT
TT

China Mulls Draft Law to Promote Private Sector Development

A Chinese national flag flutters on a financial street in Beijing. (Reuters)
A Chinese national flag flutters on a financial street in Beijing. (Reuters)

Chinese lawmakers are deliberating a draft of the country's first basic law specifically focused on the development of the private sector, the country’s Xinhua news agency reported.

“The law will be conducive to creating a law-based environment that is favorable to the growth of all economic sectors, including the private sector,” said Justice Minister He Rong, while explaining the draft on Saturday during the ongoing session of the Standing Committee of the National People's Congress, the national legislature.

The draft private sector promotion law covers areas such as fair competition, investment and financing environments, scientific and technological innovation, regulatory guidance, service support, rights and interests protection and legal liabilities.

The draft has incorporated suggestions solicited from representatives of the private sector, experts, scholars and the general public, the minister said.

China left its benchmark lending rates unchanged as expected at the monthly fixing on Friday.

Persistent deflationary pressure and tepid credit demand call for more stimulus to aid the broad economy, but narrowing interest margin on the back of fast falling yields and a weakening yuan limit the scope for immediate monetary easing.

The one-year loan prime rate (LPR) was kept at 3.10%, while the five-year LPR was unchanged at 3.60%.

In a Reuters poll of 27 market participants conducted this week, all respondents expected both rates to stay unchanged.

Morgan Stanley said in a note that the 2025 budget deficit and mix are more positive than expected and suggest Beijing is willing to set a high growth target and record fiscal budget to boost market confidence, but further policy details are unlikely before March.

Last Friday, data released by the country's central bank said total assets of China's financial institutions had risen to 489.15 trillion yuan (about $68.03 trillion) by the end of third quarter this year.

The figure represented a year-on-year increase of 8%, said the People's Bank of China.

Of the total, the assets of the banking sector reached 439.52 trillion yuan, up 7.3% year on year, while the assets of securities institutions rose 8.7% year on year to 14.64 trillion yuan.

The insurance sector's assets jumped 18.3% year on year to 35 trillion yuan, the data showed.

The liabilities of the financial institutions totaled 446.51 trillion yuan, up 8% year on year, according to the central bank.

Separately, data released by the National Energy Administration on Thursday showed that China's electricity consumption, a key barometer of economic activity, rose by 7.1% year on year in the first 11months of the year.

During the period, power consumption of the country's primary industries increased by 6.8% year on year, while that of its secondary and tertiary sectors rose by 5.3% and 10.4%, respectively.

Residential power usage saw strong growth of 11.6% during this period, the administration said.

In November alone, power usage climbed 2.8% from one year earlier, according to the data.