Green Finance Surges in Middle East in First Half of 2021

Red Sea Development Company completes the 1st stage of platinum certification in the “Plan & Design” criteria of the Leadership in Energy and Environmental Design - (SPA)
Red Sea Development Company completes the 1st stage of platinum certification in the “Plan & Design” criteria of the Leadership in Energy and Environmental Design - (SPA)
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Green Finance Surges in Middle East in First Half of 2021

Red Sea Development Company completes the 1st stage of platinum certification in the “Plan & Design” criteria of the Leadership in Energy and Environmental Design - (SPA)
Red Sea Development Company completes the 1st stage of platinum certification in the “Plan & Design” criteria of the Leadership in Energy and Environmental Design - (SPA)

Green financing linked to sustainability projects in the Middle East and North Africa region increased by 38 percent and reached $6.4 billion in the first half of 2021, according to a report published by Bloomberg.

The report attributed the increase to the Red Sea Development Company (TRSDC)’s receiving a green loan of a value of $3.8 billion.

The First Abu Dhabi Bank took the lead by issuing Yuan-pegged green bonds with a value of CNY150 million in June 2021.

In March 2021, the TRSDC secured a green loan of 14.12 billion Saudi riyals ($3.76 billion).

"As the global ESG [environment social and governance] market may represent a third of global AUMs [assets under management] by 2025, ESG debt issuance has surpassed $3 trillion with record speed in May 2021,” said Adeline Diab, Bloomberg’s head of ESG and Thematic Investing for Emea and Apac regions.

Global green and sustainability-linked debt issuance volumes stood at approximately $541 billion in the first six months of 2021.



GACA Authorizes ITA Airlines to Operate Regular Flights Between Saudi Arabia and Italy

GACA Authorizes ITA Airlines to Operate Regular Flights Between Saudi Arabia and Italy
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GACA Authorizes ITA Airlines to Operate Regular Flights Between Saudi Arabia and Italy

GACA Authorizes ITA Airlines to Operate Regular Flights Between Saudi Arabia and Italy

Saudi Arabia’s General Authority of Civil Aviation (GACA) announced on Tuesday that Italian Airlines (ITA) will begin regular passenger flights between the Kingdom and Italy.

The flights will operate from Rome to Riyadh during the summer season of 2024, with five flights per week starting from June 2.

This initiative is part of GACA's efforts to improve air connectivity and link the Kingdom to the global network, which aligns with the objectives of Saudi Vision 2030.

The goal is not just to establish the Kingdom as a global logistics hub, but also to open up a world of travel opportunities, expanding horizons in alignment with the National Aviation Strategy.