Islamic Development Bank Targets Green Infrastructure Projects, Human Capital Development

Dr. Muhammad bin Sulaiman Al-Jasser and Hala Al-Saeed during a press conference in Sharm El-Sheikh on Thursday. (Asharq Al-Awsat)
Dr. Muhammad bin Sulaiman Al-Jasser and Hala Al-Saeed during a press conference in Sharm El-Sheikh on Thursday. (Asharq Al-Awsat)
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Islamic Development Bank Targets Green Infrastructure Projects, Human Capital Development

Dr. Muhammad bin Sulaiman Al-Jasser and Hala Al-Saeed during a press conference in Sharm El-Sheikh on Thursday. (Asharq Al-Awsat)
Dr. Muhammad bin Sulaiman Al-Jasser and Hala Al-Saeed during a press conference in Sharm El-Sheikh on Thursday. (Asharq Al-Awsat)

Dr. Muhammad bin Sulaiman Al-Jasser, Chairman of the Board of Directors of the Islamic Development Bank (IsDB), said that the group was currently focusing on green infrastructure projects and human capital development, especially in light of climate challenges.

In a press conference held on Thursday to launch the three-day activities of the IsDB in Sharm El-Sheikh, Al-Jasser said the group, which has so far provided funds amounting to USD 162 billion to 57 member countries, will pump the sixth increase in its capital by about USD 7.5 billion, bringing its capital to USD 77.5 billion.

He noted that the funds would be used to support many projects submitted by the group’s member states.

Al-Jasser pointed to the group’s strategy in community development operations, saying: “The Bank Group has taken a number of measures so that the upcoming projects and partnerships are more compatible with the Bank’s strategy, with a focus on combating poverty and protecting the environment, as well as increasing infrastructure projects and human capital development…”

He revealed that the bank has approved projects worth USD 1.6 billion in December, with the increasing need to inject new investments, adding that by the end of 2022, the bank’s lending value would reach USD 5 billion.

The IsDB continues to cooperate with its global partners, including the multilateral development banks, the Arab Coordination Group and the International Fund for Agricultural Development (IFAD), along with other partners to mobilize new resources, Al-Jasser underlined.

He also affirmed IsDB’s full commitment and continued support to member states to confront development challenges and put their economies back on the right track.

In his speech at the 16th IsDB Global Forum on Islamic Finance, on the sidelines of the group’s meetings on Thursday, Al-Jasser noted that the economic crisis that resulted from Covid-19 pandemic has increased poverty rates and inequality of opportunities worldwide.

He emphasized that more than half a billion people around the world have been pushed into poverty during the pandemic.

“The pandemic prompted us to increase our efforts, and we have already studied optimal cooperation with member states to reduce poverty. We have also expanded the partnership with the Oxford Initiative and presented an integrated program with more development projects,” he said.

Speaking at the same conference, Egyptian Minister of Planning, Hala Al-Saeed, said her country was one of the largest contributors to the bank’s capital.

Saeed noted that Egypt had a growing cooperation portfolio with the IsDB, which amounted to around USD 17 billion (until the end of March 2022).

The portfolio includes 367 projects, 303 of which have already been completed at a total cost of more than USD 10.5 billion.



Saudi's flynas Strikes Deal for Additional Airbus A320neos, 15 A330s

Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
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Saudi's flynas Strikes Deal for Additional Airbus A320neos, 15 A330s

Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)

flynas, Saudi Arabia’s leading low-cost carrier, has signed a Memorandum of Understanding (MoU) with Airbus for 75 A320neo family aircraft and 15 A330-900. This strategic agreement will expand the airline's capacity, range and enhance its overall fleet capabilities.
Signed during Farnborough International Airshow in the presence of President of the General Authority of Civil Aviation (GACA) of Saudi Arabia, Abdulaziz bin Abdullah Al-Duailej, Chairman of the Board of NAS Holding Ayed Al Jeaid, flynas Chief Executive Officer & Managing Director Bandar Almohanna, and Airbus Chief Executive Officer, Commercial Aircraft, Christian Scherer, Airbus said on its website.
The new aircraft will join the carrier’s all Airbus fleet serving international, domestic and regional routes. The new A330-900 aircraft will boast a two-class configuration, accommodating up to 400 passengers.
"We are excited to further strengthen our long-standing partnership with Airbus," said Bander Almohanna, CEO and Managing Director of flynas. "The A320neo Family provides exceptional operational performance and environmental benefits, allowing us to offer unique, low-cost travel experiences. Additionally, the A330neowill enhance our long-haul capabilities with its advanced technology and efficiency while supporting our growth plans and Saudi Arabia’s pilgrim program."
Airbus Chief Executive Officer, Commercial Aircraft, Christian Scherer said, "We are delighted to expand our partnership with flynas through this significant milestone for both A320neo and A330-900 aircraft. The A330neo will allow flynas to further grow into widebody markets by building on the A320, benefiting from Airbus’ unique commonality. Both aircraft types offer flynas the perfect versatility and economics to expand into new markets while offering their passengers the latest cabin experience and comfort. We look forward to continuing our successful collaboration with flynas as they embark on this exciting new chapter."
The addition of the A330-900 aircraft will support flynas' ambitious growth plans. The airline anticipates significant operational efficiency gains by combining the new widebody aircraft with its existing A320neo fleet. The A330-900 offers increased capacity and range at unrivaled seat costs, ensuring flynas can compete effectively in the growing regional market, a key focus area for the airline.
The A330neo delivers unbeatable operating economics, powered by the latest-generation Rolls-Royce Trent 7000 engines, featuring new wings and a range of aerodynamic innovations resulting in a 25 percent reduction in fuel consumption and CO₂ emissions compared to previous generation competitor aircraft. The A330neo is capable of flying 8,150 nm / 15,094 km non-stop, providing ultimate comfort with more passenger space, a new lighting system, latest in-flight entertainment systems and full connectivity throughout the cabin.
As with all Airbus aircraft, the A330 family is already able to operate with up to 50% Sustainable Aviation Fuel (SAF). The manufacturer is targeting to have its aircraft up to 100% SAF capable by 2030.