Abdulaziz bin Salman: KSA Keen on Achieving Concept of Sustainable Development

Minister of State for Energy Affairs and Minister of Housing signing a memorandum of understanding at the opening of the forum. Badr al-Ahmad, Asharq Al-Awsat
Minister of State for Energy Affairs and Minister of Housing signing a memorandum of understanding at the opening of the forum. Badr al-Ahmad, Asharq Al-Awsat
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Abdulaziz bin Salman: KSA Keen on Achieving Concept of Sustainable Development

Minister of State for Energy Affairs and Minister of Housing signing a memorandum of understanding at the opening of the forum. Badr al-Ahmad, Asharq Al-Awsat
Minister of State for Energy Affairs and Minister of Housing signing a memorandum of understanding at the opening of the forum. Badr al-Ahmad, Asharq Al-Awsat

Saudi Minister of State for Energy Affairs Prince Abdulaziz bin Salman bin Abdulaziz, who is also President of the Executive Committee of the Saudi Energy Efficiency Center, has assured the Kingdom’s keenness on achieving sustainable development in its three dimensions, economic, social and environmental.

He pointed out that the ministry of energy, industry, and mineral resources and other relevant agencies have efficiently participated over the past three decades in a number of sustainable development meetings.

“I am pleased to express my gratitude to the organizers of the forum, wishing it will contribute to achieving the goals in the field of housing sustainability and improving the quality of life for individuals and the society,” said Prince Abdulaziz in his speech Monday during the opening session of the Sustainable Housing Forum, which was organized by the Ministry of Housing in Riyadh.

The sustainability of cities and communities is one of the 17 sustainable development goals adopted in 2016 at the United Nations Summit on Sustainable Development.

It was linked to the other goals, particularly the seventh goal on clean energy, the eighth goal on decent work and economic growth and the 13th goal on climate change.

He added that Saudi Arabia, represented by the ministry of energy, has joined many global initiatives to contribute to the achievement of sustainable development goals, the most important of which are the Innovation Initiative, the Global Methane Initiative and the Clean Energy Ministerial (CEM) forum initiative.

Prince Abdulaziz pointed out the establishment of the Saudi Center for Energy Efficiency, which sought to cooperate with the Ministry of Housing to develop and enhance joint coordination through the development of programs and mechanisms that contribute to rationalize and raise the efficiency of energy consumption in urban plans, units, buildings and residential and commercial complexes.

He said that a Memorandum of Understanding between the Ministry of Housing and the Saudi Energy Efficiency Center has been signed, in order to ensure the application of the outcomes of Saudi Energy Efficiency Program in projects implemented, supervised, funded, or supported by the ministry.



Escalating Hormuz Tensions Drive Up Middle East War Risk Insurance Costs

A container ship sails on the Strait of Hormuz, as seen from Ras Al Khaimah, United Arab Emirates, 23 June 2025. EPA/ALI HAIDER
A container ship sails on the Strait of Hormuz, as seen from Ras Al Khaimah, United Arab Emirates, 23 June 2025. EPA/ALI HAIDER
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Escalating Hormuz Tensions Drive Up Middle East War Risk Insurance Costs

A container ship sails on the Strait of Hormuz, as seen from Ras Al Khaimah, United Arab Emirates, 23 June 2025. EPA/ALI HAIDER
A container ship sails on the Strait of Hormuz, as seen from Ras Al Khaimah, United Arab Emirates, 23 June 2025. EPA/ALI HAIDER

War risk insurance premiums for shipments to the Middle East Gulf have jumped to 0.5% from around 0.2-0.3% a week ago after US airstrikes on Iran’s nuclear facilities and growing risks to the critical Strait of Hormuz, insurance sources said on Monday.

The cost of a seven-day voyage is based on the value of the ship and the increase will add tens of thousands of dollars each day in additional costs.

While underwriters typically price risk and rates individually, the current 0.5% level reflected rates on Monday, the sources told Reuters and The Insurer, which is part of the Thomson Reuters group.