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Saudi Finance Minister Participates in World Governments Summit, 9th Arab Fiscal Forum

Saudi Minister of Finance Mohammed Al-Jadaan (SPA)
Saudi Minister of Finance Mohammed Al-Jadaan (SPA)
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Saudi Finance Minister Participates in World Governments Summit, 9th Arab Fiscal Forum

Saudi Minister of Finance Mohammed Al-Jadaan (SPA)
Saudi Minister of Finance Mohammed Al-Jadaan (SPA)

Saudi Minister of Finance Mohammed Al-Jadaan has participated in the World Governments Summit and the Ninth Arab Fiscal Forum, held from February 10 to 13 in Dubai, the United Arab Emirates.
Al-Jadaan chaired the third session of the forum, titled "Fiscal Policy and Climate Resilience," with the participation of ministers, government officials, and economic experts from various countries, SPA reported.
The session addressed the economic costs of climate change in the region and associated financial risks and pressures, including debt sustainability challenges, mainly for heavily indebted countries. Speakers also presented a series of solutions to enhance climate adaptation capabilities.
Al-Jadaan also participated in a high-level roundtable discussion at the summit under the theme "Reimagining the Future of Multilateral Cooperation and the Future Fund."
On the sidelines of the summit, the minister of finance signed a memorandum of understanding on financial cooperation between Saudi Arabia and the United Arab Emirates with the Minister of State for Financial Affairs of the UAE, Mohamed bin Hadi Al Hussaini.

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Saudi Aramco Launches First Direct Air Capture Test Unit

The logo of Saudi Aramco is pictured outside Khurais, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File Photo
The logo of Saudi Aramco is pictured outside Khurais, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File Photo
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Saudi Aramco Launches First Direct Air Capture Test Unit

The logo of Saudi Aramco is pictured outside Khurais, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File Photo
The logo of Saudi Aramco is pictured outside Khurais, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File Photo

Saudi oil giant Aramco has launched a pilot direct air capture unit able to remove 12 tons of carbon dioxide per year from the atmosphere, it said on Thursday.

The facility, developed with Siemens Energy, is Saudi Arabia's first carbon dioxide direct air capture (DAC) unit and will be used to test CO2 capture materials, Aramco said.

"The test facility launched by Aramco is a key step in our efforts to scale up viable DAC systems, for deployment in the Kingdom of Saudi Arabia and beyond," Ali A. Al-Meshari, Aramco senior vice president of technology oversight and coordination, said in Aramco's statement, Reuters reported.

"In addition to helping address emissions, the CO2 extracted through this process can in turn be used to produce more sustainable chemicals and fuels."

Aramco announced the pilot DAC unit with Siemens Energy in October 2023 and said at the time it would be completed in 2024 and was intended to pave the way for a larger pilot plant that would have the capacity to capture 1,250 tons of CO2 per year.

The state oil giant in December signed an agreement with oil services firms SLB and Linde to build a carbon capture and storage project in Jubail, Saudi Arabia. The first phase is expected to be completed by the end of 2027, capturing and storing up to 9 million tons of CO2 a year.