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Chairman of UAE Banking Federation: COVID-19 Will Change Economic Life, Everyone Must Adapt

Abdul-Aziz Al-Ghurair, the CEO of Mashreq Group and Chairman of the UAE Banking Federation. Asharq Al-Awsat
Abdul-Aziz Al-Ghurair, the CEO of Mashreq Group and Chairman of the UAE Banking Federation. Asharq Al-Awsat
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Chairman of UAE Banking Federation: COVID-19 Will Change Economic Life, Everyone Must Adapt

Abdul-Aziz Al-Ghurair, the CEO of Mashreq Group and Chairman of the UAE Banking Federation. Asharq Al-Awsat
Abdul-Aziz Al-Ghurair, the CEO of Mashreq Group and Chairman of the UAE Banking Federation. Asharq Al-Awsat

A senior Emirati banker said that economic life in the wake of the coronavirus pandemic will change for everyone, calling on companies and institutions to adapt to the new situation.

Abdul-Aziz Al-Ghurair, the CEO of Mashreq Group and Chairman of the UAE Banking Federation, said that the UAE government and the central bank were looking to back private sector companies and institutions by supporting the economy in the country.

In remarks to Asharq Al-Awsat through a video call, Al-Ghurair said: “Everyone desires that companies and small and medium enterprises and individuals working in the country keep their businesses running.”

He explained that crises “usually create great opportunities for some companies to adjust their way of business, by knowing the best means to manage them.”

“There is no doubt that some companies, which cannot respond to the current circumstances, will find difficulties to survive,” he emphasized.

Al-Ghurair noted that recent initiatives launched by the UAE government constituted the largest support for the banking sector.

He pointed out that the stimulus amounted to about 265 billion dirhams (USD 72.1 billion), including 205 billion dirhams (USD 55.8 billion) to increase liquidity, in addition to 50 billion dirhams (USD 13.6 billion) represented in reducing the capital adequacy requirements to give banks the opportunity to start offering additional facilities without resorting to increasing their capital.

According to the senior banking official, the total number of loans granted to individuals and companies from the private sector, except for the public sector or semi-public companies, amounted to one trillion dirhams (USD 272.2 billion).

“Growth may not be at the same pace in the coming four years, but I would like to assure everyone that there is a sufficient package of liquidity to be used in the banking sector,” he stressed.

He also said that depositors have to take precautionary decisions within the institution, by reducing costs and expansive operations, and waiving some imaginative projects that they wished to implement.

The UAE leadership attaches great importance to controlling health conditions after approving the stimulus package to bring life back to normal, according to Al-Ghurair.

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Business

Saudi PIF Backs Multibillion-Dollar Projects to Boost Sustainability

A solar power project in Saudi Arabia (SPA)
A solar power project in Saudi Arabia (SPA)
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Saudi PIF Backs Multibillion-Dollar Projects to Boost Sustainability

A solar power project in Saudi Arabia (SPA)
A solar power project in Saudi Arabia (SPA)

Saudi Arabia’s Public Investment Fund has fully allocated the proceeds of its green bond issuance, directing $9 billion to eligible projects, in a move that highlights the sovereign wealth fund’s growing role in shaping a more sustainable future and delivering lasting positive impact worldwide.

According to a recent report issued by the Public Investment Fund, reviewed by Asharq Al-Awsat, the expected impact of the fund’s eligible green projects includes generating 427 megawatts of renewable energy, avoiding emissions equivalent to 5.1 million tons of carbon dioxide, and treating 4 million cubic meters of wastewater.

The Public Investment Fund aims to establish itself as an active participant in global debt markets, while also fostering the development of a dynamic domestic market. This would enable the fund to access short- or long-term liquidity through a diverse range of financing instruments.

Financing strategy

The fund’s capital markets program aims to further strengthen its financing strategy and execution capabilities, both at the level of the Saudi sovereign wealth fund and across its portfolio companies, while enabling deeper engagement with global and local debt markets.

The program will also support expanding the fund’s capacity to raise debt and deploy it as a source of investment financing, in line with its overall funding strategy. This approach is designed to instill greater discipline in cash flow management and enhance returns on equity for the fund and its portfolio companies.

The green bond issuance will provide the fund with access to a broader pool of investors who prioritize environmental, social, and governance considerations in their investment decisions. It will also allow investors to diversify their portfolios through green assets, a step expected to help accelerate the pace of green investment globally.

Climate change

The fund has taken concrete steps to advance governance and policy, focusing on sustainability, and is a founding member of the One Planet Sovereign Wealth Funds initiative. This international platform aims to accelerate the integration of climate change considerations into asset management decisions and investment opportunities.

As an investment vehicle, the Public Investment Fund operates through acquiring stakes in companies aligned with its mandate, including ACWA Power and Lucid.

It has also established the Saudi Investment Recycling Company, a leader in waste management and recycling, manages the National Energy Services Company, Tarshid, and supports the creation of a voluntary carbon market in the Middle East and North Africa.

These efforts aim to strengthen Saudi Arabia’s position as one of the world’s most energy-efficient countries.

The green bond issuance will finance tangible projects on the ground, helping to accelerate the green transition and advance the Kingdom’s core targets of achieving net zero emissions by 2060 and generating 50 percent of electricity consumption from renewable energy sources by 2030.

This forms a key pillar of the renewable energy program implemented by the fund, which involves developing 70 percent of renewable power generation capacity.

Business

Saudi E-Commerce Hits Record Monthly Sales over SAR30.7 Billion in October

A view of Riyadh, Saudi Arabia. (SPA file)
A view of Riyadh, Saudi Arabia. (SPA file)
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Saudi E-Commerce Hits Record Monthly Sales over SAR30.7 Billion in October

A view of Riyadh, Saudi Arabia. (SPA file)
A view of Riyadh, Saudi Arabia. (SPA file)

E-commerce sales in Saudi Arabia via "mada" cards soared to an all-time monthly high in October 2025, surpassing SAR30.7 billion.

The surge in sales represents a 68% year-on-year increase, totaling about SAR12.4 billion more than the SAR18.3 billion recorded in October 2024, according to the Saudi Central Bank (SAMA) statistical bulletin on Wednesday.

E-commerce sales for the third quarter (Q3) of 2025 hit SAR88.3 billion, up 15.2% from the previous quarter, representing an increase of about SAR11.6 billion over the SAR76.6 billion recorded in Q2.

On a monthly basis, e-commerce sales in October rose 6%, gaining approximately SAR1.6 billion over September’s total of SAR29.1 billion.

From January to October, "mada" data showed e-commerce sales grew 47.3%, rising by around SAR9.9 billion over the SAR20.9 billion recorded in January.

These figures cover transactions made via "mada" cards on e-commerce websites, apps, and digital wallets, and do not include credit-card payments.

Business

Jeddah's King Abdulaziz Airport Launches First Direct Flight to Moscow

The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)
The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)
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Jeddah's King Abdulaziz Airport Launches First Direct Flight to Moscow

The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)
The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)

Jeddah's King Abdulaziz International Airport (KAIA) celebrated the launch of its first direct flynas flight to Moscow, operating three weekly flights between Jeddah and Vnukovo International Airport.

This initiative, in partnership with the Saudi Tourism Authority and the Air Connectivity Program, boosts air links between Saudi Arabia and Russia.

It marks KAIA's third direct Russian destination, following Makhachkala and Mineralnye Vody, which were inaugurated earlier this month by Azimuth Airlines.

The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location.