Executive Plan for Saudi Green Initiative to Be Revealed in November

Minister of Environment, Water and Agriculture Abdulrahman al-Fadhli speaks at the inauguration of the International Exhibition and Forum on Afforestation Technologies in Riyadh. (Asharq Al-Awsat)
Minister of Environment, Water and Agriculture Abdulrahman al-Fadhli speaks at the inauguration of the International Exhibition and Forum on Afforestation Technologies in Riyadh. (Asharq Al-Awsat)
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Executive Plan for Saudi Green Initiative to Be Revealed in November

Minister of Environment, Water and Agriculture Abdulrahman al-Fadhli speaks at the inauguration of the International Exhibition and Forum on Afforestation Technologies in Riyadh. (Asharq Al-Awsat)
Minister of Environment, Water and Agriculture Abdulrahman al-Fadhli speaks at the inauguration of the International Exhibition and Forum on Afforestation Technologies in Riyadh. (Asharq Al-Awsat)

Saudi Arabia will announce in November the complete strategic and executive plan for the Saudi Green Initiative, based on an alliance of companies, scientific, and research bodies with over 60 experts in soil, water, climate change, and desertification.

Environmental experts recommended supporting green initiatives that adopt sustainable afforestation projects and plant cover development to meet the challenges of desertification.

Under the patronage of Crown Prince Mohammed bin Salman, Minister of Environment, Water and Agriculture, Abdulrahman al-Fadhli inaugurated the International Exhibition and Forum on Afforestation Technologies at the Riyadh International Convention and Exhibition Center on Sunday.

The event is organized by the National Center for Vegetation Development and Combating Desertification in coordination and cooperation with the Ministry of Environment.

More than 80 exhibitors and 90 speakers from 20 countries and organizations worldwide will engage in 20 dialogue sessions and workshops discussing more than 50 scientific papers.

Participants called for boosting the cooperation between regional countries to achieve the desired effect of these projects and determine their proper framework to avoid the many conflicts within different experiences.

Ambitious initiative

Fadhli said the Kingdom is moving towards achieving a qualitative and unprecedented leap in the Middle East in environmental protection and vegetation development with ambitious local and regional initiatives.

"The impact of the initiatives will be reflected globally in reducing desertification and boosting biodiversity, and pushes towards a cleaner and more sustainable future, thus improving human quality of life and well-being," the minister said.

Challenges

CEO of the National Center for Vegetation Cover and Combating Desertification Khaled al-Abdulqader warned that biodiversity loss is a great challenge, adding that planting 10 billion trees will have environmental, social, and economic benefits.

Undersecretary of the Ministry of Environment, Water, and Agriculture Osama Fakiha confirmed that Saudi Arabia had made significant efforts to implement the afforestation program throughout the Kingdom.

He reviewed the Green Riyadh Project, which started with planting 7.5 million trees and launching the King Salman Park and Saudi Green Cities, with the aim to plant more than 30 million trees in gardens and parks across the Kingdom.

Environmental movement

Leader of the Saudi Green Studies Project Alliance Khaled al-Othman said environmental interaction has no boundaries because addressing its challenges is inseparable from the mutual ecological influences within the same region.

Othman added that Saudi Arabia is within a wide regional area that requires the adoption of a broad environmental and integrated movement as part of the approaches of the Saudi Green Initiative to stimulate regional and joint cooperation.

Speaking to Asharq Al-Awsat, he pointed out that the Saudi Green Initiative is the cornerstone of the Middle East Green Initiative, placing the Kingdom in a pioneering position in specialized studies and a leader in afforestation.

Executive strategy

Othman stated that an alliance of companies and scientific and research bodies is devising a plan based on the scientific foundations, environmental reality, challenges, resources, and capabilities.

The plan will be part of a strategic implementation framework to understand the current situation, collect data, and conduct the necessary surveys.

He revealed that over 60 scientists and experts in soil, water, climate change, and levels of desertification are working in cooperation with the National Center for Vegetation Cover and Combating Desertification.

Othman noted that the efforts would result in developing a comprehensive strategic plan and an execution plan to implement this ambitious project by defining the required financing programs, the roles of governmental and non-profit agencies, and the areas of scientific research.

The project will also determine the new technologies employed with its necessary implementation tools.

He called for exerting efforts within the framework of the comprehensive plan, rather than conflicting attempts, in plant growth and comprehensive environmental rehabilitation.

He announced that the preliminary results of the study would be announced in November, and the implementation tools will be identified, which will answer all questions about water sources and the quality, timing, and locations of crops.

Reality of the region

Director of Seismic Studies Center Professor Abdullah al-Omari said the region suffers from drought, desertification, and various environmental problems, making afforestation initiatives vital to reducing carbon emissions and global warming.

He told Asharq Al-Awsat that Saudi Arabia and the rest of the regional countries, given their vast area and the lack of rain, will face various obstacles, namely the scarcity of water resources.

Saudi Arabia has sought, through its multiple initiatives, to meet its needs, face challenges, and create solutions.

Omari reiterated the importance of the participation of different countries at the International Exhibition and Forum on Afforestation Technologies to achieve these initiatives, exchange experiences, and boost cooperation.

Water supply

He pointed out that water availability is essential for the plan, and solving the issue of water shortage ensures its success.

He recalled Saudi efforts in this field, noting that the Kingdom is a pioneer in desalination, artificial lakes, and rain seeding.

Saudi Arabia also constructed over 230 dams around the Kingdom, despite high temperatures and increased evaporation levels.

Riyadh continues efforts to face water waste and maintain renewable water resources, securing them for future generations, meeting possible increases in population density, and prioritizing the public interests.

Agreements and contracts

The National Center for Vegetation Cover and Combating Desertification signed an agreement with the King Abdulaziz Royal Reserve to plant one million trees in the reserve.

The agreement aims to boost the cooperation and integration to develop the vegetation cover within the reserve, increase its area, and protest its diversity.

The areas of cooperation include defining afforestation sites within the reserve, including the northern and southern al-Khafs and Noura parks.

The Center signed on the sidelines of the Forum three memoranda of understanding with the Saudi Basic Industries Corporation (SABIC), the Saudi Arabian Mining Company (Maaden), and the Rural Development Program (Reef).

The agreements aim to combat desertification within the areas of cooperation, including protecting and developing the vegetation cover and its sustainability, raising environmental awareness, and launching afforestation initiatives and projects, such as the project to plant 20 million trees by 2040.

NEOM target

NEOM launched its Regreening Initiative in collaboration with the National Center for Vegetation Cover and Combating Desertification.

NEOM CEO Engineer Nadhmi al-Nasr announced the project seeks to plant 100 million trees as part of the Saudi Green Initiative, stressing that NEOM will be the first region to rely entirely on solar and wind energy.

Nasr stressed that the partnership with the Ministry of Environment, Water, and Agriculture had come a long way, highlighting NEOM's commitment to the future industry, development sustainability, and keeping pace with future aspirations.

NEOM will start planting 100 million trees soon.

Nasr pointed out that NEOM, which occupies an area the size of an entire country, such as Belgium, will be a 95 percent natural area, as a result of continuous work and coordination with the Ministry of Environment and in light of many initiatives and scientific research.

It will also rehabilitate 1.5 million hectares of land and natural reserves and restore wildlife habitats.



IMF Mission to Visit Pakistan This Month to Discuss New Loan

Laborers who work on daily wages wait to get hired in Karachi, Pakistan, (EPA)
Laborers who work on daily wages wait to get hired in Karachi, Pakistan, (EPA)
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IMF Mission to Visit Pakistan This Month to Discuss New Loan

Laborers who work on daily wages wait to get hired in Karachi, Pakistan, (EPA)
Laborers who work on daily wages wait to get hired in Karachi, Pakistan, (EPA)

An International Monetary Fund (IMF) mission is expected to visit Pakistan this month to discuss a new program, the lender said on Sunday ahead of Islamabad beginning its annual budget-making process for the next financial year.
Pakistan last month completed a short-term $3 billion program, which helped stave off sovereign default, but the government of Prime Minister Shehbaz Sharif has stressed the need for a fresh, longer term program.
“A mission is expected to visit Pakistan in May to discuss the FY25 budget, policies, and reforms under a potential new program for the welfare of all Pakistanis,” the IMF said in an emailed response to Reuters.
Pakistan's financial year runs from July to June and its budget for fiscal year 2025, the first by Sharif's new government, has to be presented before June 30.
The IMF did not specify the dates of the visit, nor the size or duration of the program.
“Accelerating reforms now is more important than the size of the program, which will be guided by the package of reform and balance of payments needs,” the IMF statement said.
Pakistan narrowly averted default last summer, and its $350 billion economy has stabilized after the completion of the last IMF program, with inflation coming down to around 17% in April from a record high 38% last May.
It is still dealing with a high fiscal shortfall and while it has controlled its external account deficit through import control mechanisms, it has come at the expense of stagnating growth, which is expected to be around 2% this year compared to negative growth last year.
Earlier, in an interview with Reuters, Finance Minister Muhammad Aurangzeb said the country hoped to agree the contours of a new IMF loan in May.
Pakistan is expected to seek at least $6 billion and request additional financing from the Fund under the Resilience and Sustainability Trust.


Saudi Trade Delegation Heads to Pakistan to Ink Economic Agreements

Billboards with images of Prince Mohammed bin Salman al-Saud (R), Crown Prince and Prime Minister of Saudi Arabia, and Custodian of the Two Holy Mosques King Salman bin Abdulaziz al-Saud (L) are displayed at a road in Islamabad, Pakistan, 04 May 2024. (EPA)
Billboards with images of Prince Mohammed bin Salman al-Saud (R), Crown Prince and Prime Minister of Saudi Arabia, and Custodian of the Two Holy Mosques King Salman bin Abdulaziz al-Saud (L) are displayed at a road in Islamabad, Pakistan, 04 May 2024. (EPA)
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Saudi Trade Delegation Heads to Pakistan to Ink Economic Agreements

Billboards with images of Prince Mohammed bin Salman al-Saud (R), Crown Prince and Prime Minister of Saudi Arabia, and Custodian of the Two Holy Mosques King Salman bin Abdulaziz al-Saud (L) are displayed at a road in Islamabad, Pakistan, 04 May 2024. (EPA)
Billboards with images of Prince Mohammed bin Salman al-Saud (R), Crown Prince and Prime Minister of Saudi Arabia, and Custodian of the Two Holy Mosques King Salman bin Abdulaziz al-Saud (L) are displayed at a road in Islamabad, Pakistan, 04 May 2024. (EPA)

A high-ranking Saudi trade delegation arrived in Pakistan on Sunday to sign a number of bilateral economic and investment agreements.

The 50-member delegation is headed by the deputy minister of investment and includes representatives of 30 companies from various sectors.

The delegation is visiting at the directives of the Saudi government that is committed to speeding up a package of projects worth 50 billion dollars.

Saudi Foreign Minister Prince Faisal bin Farhan bin Abdullah visited Islamabad in mid-April at the head of a delegation during which he chaired a meeting of the Saudi-Pakistani joint investment council.

The meeting tackled the most significant opportunities for economic cooperation in various fields.

They also discussed increasing the trade exchange between Saudi Arabia and Pakistan to meet mutual aspirations.

Pakistani Prime Minister Shehbaz Sharif was in Riyadh last week where he attended the special meeting of the World Economic Forum that was held in the Saudi capital.

Pakistan’s Petroleum Minister Musadik Malik said on Saturday that Sharif was keen on the private sector driving forward development in the country.

The Saudi investors will sit down for talks with Pakistani companies to discuss investment potential.

He added that bilateral cooperation will benefit small establishments, especially technology companies that have been set up by youths, whom he predicted will reap the lion’s share of investments from Saudi businessmen.


Gold Rises on Fed Rate Cut Hopes, Middle East Tensions

FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa
FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa
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Gold Rises on Fed Rate Cut Hopes, Middle East Tensions

FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa
FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa

Gold prices ticked higher on Monday, as expectations that the Federal Reserve will start cutting interest rates later in the year and tensions in the Middle East lifted bullion's appeal.
Spot gold rose 0.3% to $2,309.24 per ounce by 0427 GMT. U.S. gold futures gained 0.5% to $2,318.80 per ounce, Reuters reported.
"Investors will look at the political situation in the Middle East and how the ongoing negotiations for a ceasefire play out. If the hopes of a truce become lesser, gold will gain," said Kelvin Wong, a senior market analyst for Asia Pacific at OANDA.
Prospects for a Gaza ceasefire appeared slim on Sunday as Hamas reiterated its demand for an end to the war in exchange for the freeing of hostages, and Israeli Prime Minister Benjamin Netanyahu flatly ruled that out.
"Weaker US data offers more policy flexibility for the Fed in terms of rate cuts," paving way for gold prices to stabilize, said IG market strategist Yeap Jun Rong.
Data on Friday showed that US job growth slowed more than expected in April, reinforcing expectations that the Fed will start cutting rates later this year.
Markets are pricing in a 67% chance of a US rate cut in September, as per CME's FedWatch Tool. Lower interest rates reduce the opportunity cost of holding bullion.
New York Fed Bank President John Williams said on Friday that the 2% target for inflation is "critical" to the Fed's efforts to achieve price stability, while Austan Goolsbee, president of the Chicago Fed, noted that the US rate-path "dot plot" needs more context.
Meanwhile, the Perth Mint's gold product sales in April jumped two-fold from a month earlier, while silver sales fell to their lowest since December.
Among other precious metals, spot silver was up 1.3% to $26.89 per ounce. Platinum lost nearly 0.7% to $948.97 and palladium inched up 0.1% to $946.58.


Saudi Electricity Company Aligns Financing for Two IPPs Projects with 3.6 GW Combined CCGT Capacity

Saudi Electricity Company Aligns Financing for Two IPPs Projects with 3.6 GW Combined CCGT Capacity
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Saudi Electricity Company Aligns Financing for Two IPPs Projects with 3.6 GW Combined CCGT Capacity

Saudi Electricity Company Aligns Financing for Two IPPs Projects with 3.6 GW Combined CCGT Capacity

Saudi Electricity Company (SEC) announced that it has successfully aligned financing for the Taiba 1 and Qassim 1 Independent Power Plant (IPP) projects, securing SAR 11.4 Billion (USD 3.04 Billion) of non-recourse financing.
Taiba 1 and Qassim 1 are IPP projects with a total Combined Cycle Gas Turbine (CCGT) capacity of 3,600 MW, awarded by the Saudi Power Procurement Company (SPPC) to SEC as part of a consortium with ACWA Power in October 2023. Furthermore, in November 2023, a 25-year power purchase agreement was successfully signed with SPPC for both projects, developed on a build, own, and operate (BOO) basis, SPA reported.
These state-of-the-art facilities represent a leap forward in Saudi Arabia's energy landscape as they mark a pivotal shift towards a cleaner future.

By deploying cutting-edge combined cycle gas turbine technology with the highest efficiency, these plants replace oil-based generation, leading to a substantial reduction in carbon emissions and fostering environmental responsibility.
The financing agreements were undertaken by the respective project companies: Sidra One Electricity Company for Taiba 1 and Qudra One Electricity Company for Qassim 1. SEC has an effective 40% shareholding in each company.
Following the signing ceremony the CEO of SEC, Eng. Khaled bin Hamad Algnoon, commended his team's efforts and emphasized SEC's unwavering commitment to enabling and contributing to the Kingdom's energy transformation.

"These projects exemplify our dedication to expanding our generation fleet with the latest technologies," stated Eng. Algnoon. "Our ultimate goal is to deliver eco-friendly, cutting-edge energy solutions, advancing towards SEC’s goal to achieve net-zero emissions by 2050, perfectly aligning with the Kingdom's ambitious Energy Transition and Energy Mix aspirations."
The Taiba 1 and Qassim 1 plants represent the first of a series of CCGT plants, propelling Saudi Arabia towards achieving a balanced energy mix and maximizing local content contribution envisioned by the Saudi Vision 2030 – a strategic roadmap for a sustainable future. Furthermore, these projects pave the way for the Kingdom's Green Initiative, aiming for net-zero emissions by 2060. The inherent design of these plants allows for the future integration of carbon capture facilities, further solidifying SEC's commitment to environmental stewardship, social responsibility, and governance.


EU Studies Plan to Bring Down Russia’s Gas Empire

The EU is expected to aim its sanction bazooka at Russia’s lucrative gas sector/ File Photo by Reuters
The EU is expected to aim its sanction bazooka at Russia’s lucrative gas sector/ File Photo by Reuters
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EU Studies Plan to Bring Down Russia’s Gas Empire

The EU is expected to aim its sanction bazooka at Russia’s lucrative gas sector/ File Photo by Reuters
The EU is expected to aim its sanction bazooka at Russia’s lucrative gas sector/ File Photo by Reuters

For the first time since Moscow launched its full-scale attack on Ukraine more than two years ago, the EU is expected to aim its sanction bazooka at Russia’s lucrative gas sector, POLITICO reported.

According to the report, the proposals on the table would only touch a fraction of the billions Moscow gets annually from liquified natural gas, leaving plenty for its war chest.

"The European Commission is poised to release a proposed ban on EU ports reselling Moscow LNG as soon as Friday, according to three EU diplomats. The Commission will also ask for restrictions on three upcoming Russian LNG projects, they added. The measures will come as part of Brussels’ 14th sanctions package, " the news report noted.

The LNG sanctions are designed to stifle a lucrative business for Moscow that keeps its energy cargoes moving around the world. Yet as written in draft proposals — still subject to change — the penalties would only hit around a quarter of Russia’s €8 billion in LNG profits, according to experts and data analyzed by POLITICO.

That comes amid repeated warnings that EU and Western efforts to choke off Moscow’s fossil fuel revenues have largely failed. While the EU has banned imports of Russian coal and seaborne crude oil, numerous loopholes and evasive tactics have kept money flowing to the Kremlin.

Meanwhile, the EU has made little progress in punishing Moscow’s LNG sector. Although the fuel made up just 5 percent of the EU’s gas consumption last year, it remains a cash cow that the Kremlin relies on to wage war. France, Spain and Belgium have been the biggest hubs for the supercooled gas, much of which is then exported to countries including Germany and Italy.

- Breaking the ice
Halting the EU resale of Russian LNG would require Moscow to overhaul its current business model — no small feat.

Without European ports as a convenient layover stop, Russia would have to use specially equipped icebreakers that cut through Arctic Sea ice — which are in short supply — to get its gas to Asia.

That would hurt Russia’s vast $27 billion Yamal LNG plant in the Siberian far north, according to Laura Page, a gas expert at the Kpler data analytics firm.

“If they can't transship in Europe, they might have to take their ice-class tankers on longer journeys,” she said, meaning Russia “may not be able to get out as many loadings from Yamal because their vessels can’t get back as quickly.”

The shift would blow a €2 billion hole in Russia’s LNG revenues, based on last year’s figures, said Petras Katinas, an energy analyst at the Center for Research on Energy and Clean Air think tank.

That's a lot of money but represents only 28 percent of Russia's LNG profits and just over a fifth of its exports to the EU last year.

The ban “is a good first step forward,” Katinas said, but “it’s not enough” if the EU wants to throttle the Kremlin’s cash flow.

Meanwhile, potential sanctions on Russian LNG projects — including Arctic LNG 2, its Murmansk plant, and the UST Luga LNG terminal — are a “paper tiger,” Katinas said, since none of them are currently sending cargoes to Europe.

The EU's proposals are also laden with legal complications.
Depending on how the Commission defines “transshipments,” the importers likely to be most affected will be Spain’s Naturgy, France’s Elengy and Belgium’s Fluxys, said Katinas, all of which have long-term contracts linked to Russia’s Yamal LNG.

But it's unclear whether EU sanctions would allow the firms to safely end their contracts unilaterally without facing penalties or legal action from their Russian partners, he added.

A spokesperson for Fluxys said it would “fully comply” with sanctions if imposed, but noted the firm had “no control” over the origin of LNG kept in its storage sites and that it was “obliged to respect the contractual agreements” with its customers.

Elengy and Naturgy didn't respond to requests for comment. Novatek, Gazprom and RusGazDobycha, the owners and operators of the Russian LNG projects being considered for EU sanctions, also didn't respond to questions sent by POLITICO.

-Liquid luck
The Commission has resisted sanctioning LNG so far despite repeated requests from the Baltic countries and Poland. The new proposal, however, seems to be gathering political support quickly.

“As part of a new package of sanctions against Russia, the federal government is calling for a gradual end to transshipment of Russian LNG in European ports,” Belgian Energy Minister Tinne van der Straeten said on Tuesday. “We must ... stop adding to Putin's war chest.”
German Economy Minister Robert Habeck said last week that he would “very much support” restrictions on Moscow’s LNG — the endorsement is crucial given Germany's size — while Italy’s Energy Minister Gilberto Pichetto Fratin told POLITICO on Sunday the country “has no reason to oppose” such sanctions.

Pressure is also mounting on EU countries to tighten penalties on Russian fossil fuels, given that some are showing diminishing returns. Just this week a group of ocean tanker insurers controlling much of the global market called a G7 measure to limit Russia’s oil revenues to $60 per barrel “increasingly unenforceable” as Moscow relies on a parallel trade conducted by shadow vessels outside Western control.

Still, Brussels may struggle to get all 27 capitals on board with the new LNG penalties, a requirement for any sanctions to pass. Hungary, for example, may veto the move in light of its historical record of blocking restrictions on Russian gas out of principle.

For others, meanwhile, the sanctions package is anticlimactic.

It’s “disappointing ... that we’ve been waiting for such a long time for the proposal of the 14th package,” said one EU diplomat, who was granted anonymity to speak candidly.

Sanctions are “meant to hurt the Russian economy and its ability to wage the war in Ukraine,” the diplomat added. “All the more [reason why] the 14th package should be comprehensive and strong.”


AROYA Cruises Participates in Arabian Travel Market

The Arabian Travel Market (ATM) will be held in Dubai from May 6 to 9 - SPA
The Arabian Travel Market (ATM) will be held in Dubai from May 6 to 9 - SPA
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AROYA Cruises Participates in Arabian Travel Market

The Arabian Travel Market (ATM) will be held in Dubai from May 6 to 9 - SPA
The Arabian Travel Market (ATM) will be held in Dubai from May 6 to 9 - SPA

AROYA Cruises, the first cruise line of Cruise Saudi, said that it is participating in the Arabian Travel Market (ATM), held in Dubai from May 6 to 9.
Exhibiting at ATM, AROYA Cruises will showcase the newly launched and unique cruise line to the global audience.

According to SPA, the new ship contains 18 decks with 28 restaurants and cafes, 20 entertainment venues, a retail area, and wellness and spa facilities that reflect the Kingdom's rich cultural heritage and distinctive hospitality.
AROYA Cruises will also present its unique offerings and design tailored to Arabian preferences during its participation.
It will sign several strategic memorandums of understanding and participate in panel discussions with industry leaders and trade media.
President of AROYA Cruises Joerg Rudolph said: "We are excited to bring AROYA Cruises to ATM, a crucial event in the trade industry's calendar."

"It is such an exciting time for the business as we launch our first cruise ship to commercial markets, and we look forward to showcasing the exceptional facilities, quality design, and authentic Arabian experiences onboard AROYA Cruises to those at ATM this month."


Saudi Companies Take Part at Saudi National Products Exhibition in Qatar

This file photo taken on Dec. 20, 2019, shows a view of boats moored in front of high-rise buildings in the Qatari capital, Doha. (AFP)
This file photo taken on Dec. 20, 2019, shows a view of boats moored in front of high-rise buildings in the Qatari capital, Doha. (AFP)
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Saudi Companies Take Part at Saudi National Products Exhibition in Qatar

This file photo taken on Dec. 20, 2019, shows a view of boats moored in front of high-rise buildings in the Qatari capital, Doha. (AFP)
This file photo taken on Dec. 20, 2019, shows a view of boats moored in front of high-rise buildings in the Qatari capital, Doha. (AFP)

More than 80 Saudi companies in the industrial, food, health and commercial sectors will participate in the first edition of the Saudi National Products Exhibition, scheduled to take place in the State of Qatar from May 13 to 16.
Several government agencies, including the Ministry of Investment, the Saudi Export Development Authority, and the Federation of Saudi Chambers, will also take part in the exhibition.
The exhibition aims to promote Saudi products, highlight their position in global markets, and connect Saudi exporters with potential buyers and partners, according to SPA.

This will contribute to achieving the Vision 2030 objective of increasing non-oil exports and making the Kingdom a leading industrial country and a global logistics hub.
Various events and activities will be organized on the sidelines of the exhibition to attract visitors and highlight the quality of Saudi industries.


1st European Chamber of Commerce in GCC to Open in Riyadh

The first European Chamber of Commerce in the GCC region, ECCKSA
The first European Chamber of Commerce in the GCC region, ECCKSA
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1st European Chamber of Commerce in GCC to Open in Riyadh

The first European Chamber of Commerce in the GCC region, ECCKSA
The first European Chamber of Commerce in the GCC region, ECCKSA

The first European Chamber of Commerce in the GCC region, ECCKSA, is set to be inaugurated in Saudi Arabia on May 8 to enhance economic and business ties between the Kingdom and the European Union.

The launch event will take place at the Cultural Palace in the Diplomatic Quarter of Riyadh.

ECCKSA’s website says the Chamber is “dedicated to advocating European business interests in Saudi Arabia and vice versa.”

“As a member-driven organization with strong government ties, ECCKSA offers a dynamic business network, opening doors to substantial commercial opportunities.”

“ECCKSA leverages its strong governmental relationships to facilitate market access for member companies, ensuring fair opportunities for both European and Saudi businesses,” it adds.

During the Saudi-EU Investment Forum held in October, Investment Minister Khalid Al-Falih said that the Kingdom’s coordination with the EU has a vital role in Saudi Arabia’s ongoing economic transitions.

Al-Falih emphasized the opportunities for investment and trade cooperation between the Kingdom and Europe.

“I am convinced there is still immense potential for expanding our partnership further, especially in terms of scale, diversity, and quality of our outbound and inbound investments,” he said.

He stated that trade between the two countries reached 80 billion euros ($84.8 billion) in 2022, representing a 30 percent increase over the previous year.

The minister added that over 1,300 European companies have invested in Saudi Arabia.

At the same event, European Commission Executive Vice President Maros Sefcovic said that the EU and Saudi Arabia “share an interest in continuing interactions on multilateral trade policy agendas.”

He said he was pleased that there was an agreement to accelerate the creation of ECCKSA.


S&P Affirms Türkiye’s Successful Economic Plan

People shop at Grand Bazaar in Istanbul, Türkiye, November 4, 2022. REUTERS/Dilara Senkaya
People shop at Grand Bazaar in Istanbul, Türkiye, November 4, 2022. REUTERS/Dilara Senkaya
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S&P Affirms Türkiye’s Successful Economic Plan

People shop at Grand Bazaar in Istanbul, Türkiye, November 4, 2022. REUTERS/Dilara Senkaya
People shop at Grand Bazaar in Istanbul, Türkiye, November 4, 2022. REUTERS/Dilara Senkaya

Credit ratings agency S&P on Friday moved Türkiye’s long-term sovereign rating one notch higher to B+ from B, with a positive outlook, according to a statement late Friday.

The ratings agency then forecasted rising portfolio inflows and narrowing current account deficits over the next two years, alongside declining inflation and dollarization.

“Following local elections in Türkiye, we believe the coordination between monetary, fiscal, and incomes policy is set to improve, amid external rebalancing,” it said.

The agency said Turkiye's policymakers are set to persevere with efforts to reduce elevated inflation through a combination of monetary and credit tightening, less generous wage settlements, and gradual fiscal consolidation.

Türkiye has launched a series of steps meant to cool soaring inflation, which could reach around 75% in May when the government ends its plan to provide a monthly reduction on natural gas bills. Ahead of the 2023 parliamentary and presidential elections, the government has promised discounted natural gas bills for households for a year until May 2024.

S&P Global Ratings raised the country's rating outlook to positive in November in a move to recognize Türkiye’s shift to more orthodox economic policies and the central bank's steep rate hikes, made to rein in inflation, which climbed to 69.8 percent year-on-year in April despite raising the policy rate to 50 percent.

Türkiye ranks fourth in global inflation rates, surpassed by Argentina, Syria and Lebanon.

Fitch Ratings upgraded the country’s credit rating earlier this year to B+ while Moody’s raised its outlook to positive at the same time as affirming its B3 ranking.

Mehmet Şimşek, the Turkish treasury and finance minister, earlier cited his expectations for credit upgrades to continue in March following Fitch’s move.

“The positive outlooks of S&P, Fitch and Moody’s foreshadow further rating increases,” Simsek said Saturday in a post on X, formerly Twitter.

“The positive results of our program are reflected in the decisions of credit rating agencies,” he added.

“We are determined to carry the confidence in our country to the highest level with our strengthened program,” the minister also said.

Meanwhile, Burak Daglioglu, head of theTurkish Presidency Investment Office, said Türkiye last year rose to fourth place in Europe in attracting the most international investment projects.

“The $10.6 billion in international direct investment we attracted in 2023 is the most concrete sign of this success,” Daglioglu noted.

Commenting on a report by audit and consulting firm EY on foreign direct investment (FDI) projects in Europe in 2023, Daglioglu said Türkiye has maintained its steady rise in attracting the most international direct investment in Europe in the post-pandemic period.

He said EY found a significant fall from the previous year in FDI projects in Europe for the first time since the pandemic, blamed on factors such as low economic growth, high inflation, rising energy prices, and geopolitical risks.

He said 5,694 investment projects were announced in Europe, down 4% from the previous year.

The number of projects in Europe was 11% below its level in 2019 and 14% below the 2017 peak, according to Daglioglu.

He added that Türkiye ranked seventh in the European league in 2020 and fifth in 2022. “The country rose to fourth among the top 10 countries, attracting 375 international direct investment projects in 2023. With a 17% rise from the previous year, Türkiye also ranked first among the top 10 countries in terms of growth in 2023,” Daglioglu said.


CEO of NEOM Green Hydrogen Co.: Plant Construction Making Significant Progress

CEO of NEOM Green Hydrogen Co. Wesam Al-Ghamdi
CEO of NEOM Green Hydrogen Co. Wesam Al-Ghamdi
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CEO of NEOM Green Hydrogen Co.: Plant Construction Making Significant Progress

CEO of NEOM Green Hydrogen Co. Wesam Al-Ghamdi
CEO of NEOM Green Hydrogen Co. Wesam Al-Ghamdi

The CEO of NEOM Green Hydrogen Co. has announced progress on building the world’s largest hydrogen plant in Saudi Arabia’s NEOM region.

Wesam Al-Ghamdi revealed that the construction of the plant in NEOM’s city of “Oxagon” is advancing significantly.

Speaking to Asharq Al-Awsat, Al-Ghamdi revealed that his company received initial supplies and is now focusing on installation, expecting more deliveries this year.

The CEO reaffirmed that he aims for significant construction progress this year, gearing up for full operations by 2026.

Al-Ghamdi referenced the company’s notable accomplishment in 2023, reaching full financial closure in May of the previous year after securing a total funding of $8.4 billion.

The CEO highlighted the importance of getting started at the NOEM green hydrogen complex. He mentioned that even though it’s in the early stages with support from ACWA Power, Air Products, and NEOM, the funding has helped speed up construction.

He emphasized how this financial backing shows confidence in the project’s economic value and its goal of creating the biggest hydrogen plant globally.

Hydrogen Production

Al-Ghamdi explained that in 2023, the company focused on completing basic construction works to prepare for receiving key supplies at their NEOM site. The first six wind turbines arrived in October at NEOM’s port in “Oxagon,” a city focused on clean industries.

He stressed his company’s confidence in scaling up green hydrogen production at the lowest cost possible by 2026. Saudi Arabia aims to lead globally in hydrogen production and exports, aligning with green initiatives. The target is to produce 4 million tons of clean hydrogen annually by 2030.

Saudi Arabia Leading in Green Hydrogen

Al-Ghamdi predicted that Saudi Arabia will take the lead in producing green hydrogen soon, tapping into its vast experience and natural resources like wind and solar power.

He stressed that the NEOM green hydrogen project aims to play a big role in achieving this ambitious goal.

Once operational, the plant is expected to churn out 600 tons of carbon-free hydrogen daily by 2026, enough to power around 20,000 hydrogen buses.

It also plans to produce 1.2 million tons of green ammonia yearly for global export. The company will have a special pier for shipping the hydrogen as ammonia directly from its site.

Al-Ghamdi highlighted the project’s importance, saying it aligns with the goals of Saudi Arabia’s national transformation plan, Vision 2030, and will help remove carbon from major sectors like transportation and heavy industries.

NEOM Green Hydrogen Project Leads in Full Funding

Al-Ghamdi highlighted that while many green hydrogen projects globally are still in early planning, the NEOM one stands out as the only project fully funded. This achievement came through an exclusive deal with Air Products to buy all their green hydrogen output for export over three decades.

Al-Ghamdi noted that the emerging green hydrogen sector offers significant global opportunities. NEOM Green Hydrogen aims to showcase these opportunities by proving the economic feasibility of large-scale green hydrogen production and its potential for extensive growth.

Clean hydrogen is increasingly seen as a key solution to combat climate change. As countries strive for carbon neutrality, clean hydrogen is expected to play a vital role in speeding up the transition to cleaner energy and industries, providing the only viable way to remove carbon on a large scale.

NEOM Green Hydrogen Plant Aims to Offset 5 Million Tons of CO2 Annually

Al-Ghamdi affirmed that the plant, upon full operation by 2026, aims to offset up to 5 million tons of carbon dioxide annually.

Clean hydrogen is seen as crucial in addressing emissions from industries heavily reliant on it, such as transportation and heavy machinery.

The CEO emphasized its potential for remote areas where continuous operation is vital, like around-the-clock trucking.

Moreover, Al-Ghamdi highlighted that hydrogen combustion solely produces water vapor, making it a carbon-free end product. In addition to its environmental benefits, the NEOM green hydrogen plant aims to foster international collaboration and invest in clean energy technology.