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Saudi Energy Ministry, SABIC Sign MoU to Develop Renewable Energy Projects

The Saudi Ministry of Energy and Saudi Basic Industries Corp (SABIC) signed a memorandum of understanding (MoU) (Asharq Al-Awsat)
The Saudi Ministry of Energy and Saudi Basic Industries Corp (SABIC) signed a memorandum of understanding (MoU) (Asharq Al-Awsat)
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Saudi Energy Ministry, SABIC Sign MoU to Develop Renewable Energy Projects

The Saudi Ministry of Energy and Saudi Basic Industries Corp (SABIC) signed a memorandum of understanding (MoU) (Asharq Al-Awsat)
The Saudi Ministry of Energy and Saudi Basic Industries Corp (SABIC) signed a memorandum of understanding (MoU) (Asharq Al-Awsat)

Saudi Arabia's Ministry of Energy and Saudi Basic Industries Corp (SABIC) have signed a memorandum of understanding (MoU) to develop renewable energy projects.

The Ministry aims to support the development of the company's renewable energy projects, ensure the readiness of the transmission networks, conduct the necessary preliminary studies, and prepare tenders and awards for such projects, it said in a statement.

The Ministry focuses on supporting and encouraging the trend towards the utilization of renewable energy in the Kingdom to achieve Vision 2030, such as promoting sustainability and preserving the environment and natural resources.

It also includes empowering the private sector, enhancing the local content, localizing industries related to this sector, and providing more job opportunities in the field of renewable energy locally.

Saudi Energy Minister Prince Abdulaziz bin Salman said that support and assistance had the most significant impact in unifying efforts in energy among state institutions to enhance their contribution to achieving the goals of Vision 2030.

Vice-Chairman and CEO of SABIC Yousef Al-Benyan said the cooperation with the Ministry is one of SABIC's main potentials to achieve its net-zero emission strategy, which was announced as part of the Saudi Green Initiative.

SABIC will increase its use of renewable energy in the Kingdom to enhance its contribution to reducing greenhouse gas emissions, Benyan concluded.

The cooperation adds a new dimension to the giant oil company's commitment to enabling the development of renewable energy resources and implementing the concept of a circular carbon economy in the Kingdom, which was adopted by the Kingdom and supported by the G20 Summit during its presidency in 2020.

The Ministry of Energy is working, within the framework of renewable energy initiatives, to support the promising sector by encouraging partnerships between the public and private sectors to create a competitive national market for renewable energy.

SABIC was recently awarded the Best Recycling/Circularity Initiative at the Chemical Week's Sustainability Awards 2021 and shortlisted in the Best Sustainable Feedstock category.

The awards recognize sustainability excellence among global chemical producers. A panel of 12 industry experts selects winners.

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Egypt, IMF Hold New Discussions to Alleviate Citizens’ Financial Burdens

Sisi and IMF Managing Director Kristalina Georgieva. (Reuters file photo)
Sisi and IMF Managing Director Kristalina Georgieva. (Reuters file photo)
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Egypt, IMF Hold New Discussions to Alleviate Citizens’ Financial Burdens

Sisi and IMF Managing Director Kristalina Georgieva. (Reuters file photo)
Sisi and IMF Managing Director Kristalina Georgieva. (Reuters file photo)

Egypt and the International Monetary Fund (IMF) have agreed to review their joint credit facilitation program to ensure that no additional burdens are placed on citizens.

Egyptian Prime Minister Mostafa Madbouly reiterated the government’s commitment to “maintaining a flexible exchange rate in coordination with the central bank to safeguard the progress achieved in this area.” He expressed hope that the meetings with the IMF delegation in the coming days would “conclude the fourth review of the economic reform program.”

Following a meeting on Sunday between President Abdel Fattah al-Sisi and IMF Managing Director Kristalina Georgieva in Cairo, the Egyptian Presidency announced that Georgieva expressed her “full understanding of the significant challenges Egypt faces amid regional and global developments.”

In March, Egypt signed an $8 billion extended financial support package with the IMF, which requires reducing subsidies on fuel, electricity, and essential goods and allowing the Egyptian pound to float.

In late October, Sisi warned that his government might need to reassess its program with the IMF if international institutions do not account for the extraordinary regional challenges the country is facing. He cited a nearly 60% drop in Suez Canal revenue due to security tensions in the Red Sea as an example.

During the meeting with Georgieva, Sisi expressed Egypt’s commitment to continuing its cooperation with the IMF, building on progress to boost economic stability and reduce inflation. However, he stressed the need to acknowledge recent challenges Egypt has faced due to regional and international crises, which have impacted foreign currency reserves and budget revenues.

Sisi reiterated that the government’s primary focus is on alleviating pressures on citizens, particularly by controlling inflation and curbing rising prices, while also continuing efforts to attract investments and empower the private sector to drive employment and growth.

Georgieva, in turn, commended Egypt’s recent efforts and the reform program being “carefully implemented with a focus on the most vulnerable.” She highlighted the progress in macroeconomic indicators despite unprecedented current challenges, noting that this has been reflected in positive assessments from international credit rating agencies, improved credit ratings, and increased investments.

She expressed her “full understanding of the significant challenges Egypt faces amid regional and global developments” and emphasized the IMF’s commitment to working with the Egyptian government to identify optimal reform paths.