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Saudi SABIC Targets Carbon Neutrality by 2050

Riyadh Skyscrapers tower over a highway in the main financial hub, Riyadh, Saudi Arabia, Dec. 16, 2020. (AFP)
Riyadh Skyscrapers tower over a highway in the main financial hub, Riyadh, Saudi Arabia, Dec. 16, 2020. (AFP)
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Saudi SABIC Targets Carbon Neutrality by 2050

Riyadh Skyscrapers tower over a highway in the main financial hub, Riyadh, Saudi Arabia, Dec. 16, 2020. (AFP)
Riyadh Skyscrapers tower over a highway in the main financial hub, Riyadh, Saudi Arabia, Dec. 16, 2020. (AFP)

Petrochemicals giant Saudi Basic Industries Corp (SABIC) announced plans on Saturday to meet carbon neutrality by 2050, the company said in a statement on the sidelines of the Saudi Green Initiative summit.

“SABIC is committed to the Paris Agreement goals and will continually pursue efforts and explore solutions to meet carbon neutrality from operations under our control by 2050, taking into account the different regional and national ambitions, commitments and initiatives,” the world’s fourth biggest petrochemical company by sales said.

“Focusing on our direct and indirect emissions generated by our own production, we aim to reduce our greenhouse gas emissions by 2030 worldwide by 20% compared to 2018,” it added.

Speaking at the Saudi Green Initiative (SGI) in Riyadh on Saturday, Crown Prince Mohammed bin Salman said the world’s top oil exporter aimed to reach “net zero” emissions of greenhouse gases - mostly produced by burning fossil fuels - by 2060. He also said it would double the emissions cuts it plans to achieve by 2030.

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$266 Mln Deal Boosts Liquidity in Saudi Housing Market

One of the projects under the Sakani program in Saudi Arabia (Asharq Al-Awsat)
One of the projects under the Sakani program in Saudi Arabia (Asharq Al-Awsat)
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$266 Mln Deal Boosts Liquidity in Saudi Housing Market

One of the projects under the Sakani program in Saudi Arabia (Asharq Al-Awsat)
One of the projects under the Sakani program in Saudi Arabia (Asharq Al-Awsat)

The Saudi Real Estate Refinance Company (SRC), owned by the Public Investment Fund, has signed a SAR 1 billion ($266.7 million) agreement with Bidaya Finance to buy a mortgage portfolio.
The deal is the largest of its kind, aimed at injecting liquidity into Saudi Arabia’s housing market.
The agreement, signed on Sunday, was attended by Housing Minister Majed Al-Hogail, who also chairs SRC, and Abdulaziz Al-Omair, Chairman of Bidaya Finance.
This move supports SRC’s efforts to grow the mortgage market and expand refinancing options, aligning with Vision 2030’s goal of increasing homeownership among Saudi citizens.
SRC CEO Majeed Al Abduljabbar said the deal will boost liquidity and stabilize the housing finance market, helping more Saudis own homes. He added that it builds on SRC’s plan to partner with key lenders and develop a strong secondary mortgage market.
“This agreement is a pivotal step toward achieving the strategic objectives of the Housing Program by increasing homeownership among citizens,” Abduljabbar noted.
“It also aligns with our strategy to forge strategic partnerships with leading financing institutions, fostering the development of an active secondary market for residential mortgages,” he added.
Bidaya Finance CEO Mahmoud Dahduli called the agreement a step forward in offering innovative financing solutions, enabling more citizens to achieve their housing goals and contributing to Vision 2030’s housing targets.
“This strategic collaboration with SRC reinforces our shared role in offering reliable, innovative financing solutions that empower citizens to realize their housing aspirations, aligning with the Housing Program’s goal of increasing homeownership,” Dahduli said.
Established in 2017 by the Public Investment Fund, SRC aims to make home financing more accessible by providing liquidity to lenders and supporting Saudi Arabia’s housing sector under the national transformation plan, Vision 2030.