عربي English Türkçe اردو فارسى
Logo
Latest News
Business

UNGC Seeks to Attract 50 Saudi Companies for Sustainability Development Program

The Federation of Saudi Chambers signed on Thursday an agreement to host the UNGC Network Saudi Arabia in Riyadh. (Asharq Al-Awsat)
The Federation of Saudi Chambers signed on Thursday an agreement to host the UNGC Network Saudi Arabia in Riyadh. (Asharq Al-Awsat)
TT
TT

UNGC Seeks to Attract 50 Saudi Companies for Sustainability Development Program

The Federation of Saudi Chambers signed on Thursday an agreement to host the UNGC Network Saudi Arabia in Riyadh. (Asharq Al-Awsat)
The Federation of Saudi Chambers signed on Thursday an agreement to host the UNGC Network Saudi Arabia in Riyadh. (Asharq Al-Awsat)

The Federation of Saudi Chambers signed on Thursday an agreement to host the UN Global Compact Network Saudi Arabia in Riyadh, with direct support from the United Nations Resident Coordinator Office.

The agreement aims to enhance the role of the private sector and the continuity of corporate sustainable partnerships aligned with the 2030 agenda and Saudi Vision 2030.

In remarks to Asharq Al-Awsat, Natalie Fustier, the UN resident coordinator in Saudi Arabia, said that the Kingdom was committed to achieving progress in the UN 2030 Agenda and all 17 sustainable development goals.

She stressed the need to further encourage the participation of the private sector, to achieve sustainable development goals promptly.

Fustier added that she was looking forward to making the local network of the Global Compact in Saudi Arabia a model for the region and beyond.

For her part, Maryam Telmesani, chair of the Global Compact Network Saudi Arabia, told Asharq Al-Awsat that the Network had already attracted 36 Saudi companies and was seeking to increase the number to 50 companies by the end of 2022.

The UNGC is a non-binding pact to encourage businesses and firms worldwide to adopt sustainable and socially responsible policies.

Telmesani added that the establishment of the Global Compact Network in the Kingdom was part of the UN efforts to expand the scope of partnership with the private sector, to promote sustainable long-term partnerships aligned with the 2030 Agenda and Vision 2030.

She noted that since 2015, a significant number of companies were able to demonstrate the transformative impact of their technologies, products, services, and business models in a measurable manner.

Acting Secretary-General of the Federation of Saudi Chambers Hussein Al-Abdulqader said that the Federation was keen to host the local network of the UNGC, to enhance and enable the participation of the private sector in implementing the UN Sustainable Development agenda.

He added that the UNGC - the largest voluntary initiative aimed at promoting corporate social responsibility - included more than 12,000 members of businesses and organizations from 170 countries around the world.

Most Viewed

 
 
Business

Fitch Revises Italy's Outlook to 'Positive' on Stronger Fiscal Performance

Porta Nuova's financial district is seen in downtown Milan, Italy, May 16, 2018. REUTERS/Stefano Rellandini/File Photo Purchase Licensing Rights
Porta Nuova's financial district is seen in downtown Milan, Italy, May 16, 2018. REUTERS/Stefano Rellandini/File Photo Purchase Licensing Rights
TT
TT

Fitch Revises Italy's Outlook to 'Positive' on Stronger Fiscal Performance

Porta Nuova's financial district is seen in downtown Milan, Italy, May 16, 2018. REUTERS/Stefano Rellandini/File Photo Purchase Licensing Rights
Porta Nuova's financial district is seen in downtown Milan, Italy, May 16, 2018. REUTERS/Stefano Rellandini/File Photo Purchase Licensing Rights

Global credit ratings agency Fitch on Friday revised its outlook on Italy to 'positive' from 'stable', citing recent improvements in the fiscal performance of the euro zone's third largest economy and its commitment to EU budget regulations.
The upgrade to the outlook is a boost to Prime Minister Giorgia Meloni's government and comes shortly after Rome reached an agreement with the European Commission on a seven-year budget adjustment, said Reuters.
"Italy's fiscal credibility has increased, and the 2025 budget underscores the government's commitment to EU fiscal rules," Fitch said in a statement.
The agency confirmed Italy's rating at 'BBB'.
In June, the Commission placed Italy and six other countries under a disciplinary procedure due to high budget deficits. Italy's 2023 shortfall came in at 7.2% of gross domestic product, the highest in the 20-nation euro zone.
However, last month the Italian government revised down its targets for the deficit this year and next, to 3.8% and 3.3% of GDP respectively, and said the deficit would fall below the EU’s 3% limit in 2026.
"The judgments of the ratings agencies are the result of the responsible actions of this government and they underscore Italy's credibility," Economy Minister Giancarlo Giorgetti said in a statement after Fitch's announcement.
Earlier on Friday, S&P Global confirmed its rating on Italy at 'BBB' and left the outlook at 'stable'.
RISING DEBT
Despite the narrowing annual budget deficits, Italy's debt, proportionally the second highest in the euro zone, is forecast by the government to climb from 134.8% of gross domestic product last year to 137.8% in 2026, before gradually declining.
The Treasury says the projected increase is due to costly home renovation incentives adopted during the COVID-19 pandemic, known as the Superbonus scheme.
The premium investors pay to hold Italian government bonds over top-rated German ones narrowed on Friday to around 116 basis points, the lowest level since end-2021.
Analysts said earlier this week that positive news from any of the ratings agencies due to review Italy could trigger a further narrowing of the yield spread against Germany.
Fitch said its revision to Italy's outlook was also driven by "signs of stronger potential growth and a more stable political context."
The Italian economy expanded by 0.7% in 2023, and most analysts expect a similar modest growth rate this year, slightly below the government's official 1% target.
Meloni, who took office two years ago, retains high approval ratings and opinion polls show her right-wing Brothers of Italy party is comfortably the largest in Italy, with popular support of almost 30%, up from the 26% it won at the 2022 election.
Italy faces further credit rating reviews by Moody's, DBRS and Scope Ratings over the next few weeks up to No. 29.