Rare Pink Diamond to Go Under Hammer in Geneva

An auctioneer holds the gavel during Christie's auction of Sakura Diamond, a 15.81 carat purple pink diamond ring, in Hong Kong, China May 23, 2021. REUTERS/Joyce Zhou
An auctioneer holds the gavel during Christie's auction of Sakura Diamond, a 15.81 carat purple pink diamond ring, in Hong Kong, China May 23, 2021. REUTERS/Joyce Zhou
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Rare Pink Diamond to Go Under Hammer in Geneva

An auctioneer holds the gavel during Christie's auction of Sakura Diamond, a 15.81 carat purple pink diamond ring, in Hong Kong, China May 23, 2021. REUTERS/Joyce Zhou
An auctioneer holds the gavel during Christie's auction of Sakura Diamond, a 15.81 carat purple pink diamond ring, in Hong Kong, China May 23, 2021. REUTERS/Joyce Zhou

The Fortune Pink, an exceptionally rare giant gemstone, will be auctioned in Geneva in November when it is expected to go for up to $35 million (36 million euros), auctioneers said Monday.

At over 18 carats, the vividly colored gem is the largest pear-shaped pink diamond of its quality ever to be offered for sale at auction, the Christie's auction house said, according to AFP.

The diamond, which goes under the hammer for the first time on November 8, has been estimated at between $25 million and $35 million.

The sparkling pink tear-drop-formed stone, which has been mounted on a ring flanked by a large white diamond on either side, weighs exactly 18.18 carats.

Christie's highlighted that this was considered a lucky number in Asia, where it signifies "definite prosperity", saying it expected the diamond to "garner interest from collectors across the globe."

"Weighing in at an auspicious 18.18 carats... the weight in fact brings luck to the new owner," Angela Berden, Christie's senior jewelry specialist, told AFP.

"It's a beautiful stone, it's extremely rare to find a pink diamond, vivid pink diamond, of this size," she said.

"The color saturation of this stone is... so difficult to find in nature, and then when you find a crystal... with that weight, with that color, and a very good clarity, that's just really rare."

"I wouldn't know where to find another one at this moment."

While the Fortune Pink is the largest vivid pink pear-shaped diamond to go to auction, larger cushion-shaped pink diamonds have previously gone under the hammer.

In 2018, Christie's sold the 18.96-carat Winston Pink Legacy, which raked in over $50 million -- the highest per-carat price ever paid for a stone of its kind.

The giant Raj Pink diamond, weighing a full 37.3 carats, meanwhile, failed to sell at a Sotheby's auction a year earlier, where it had been estimated at up to $30 million.



US Returns $8 Mn of Stolen Treasures to Türkiye

An aerial view of deserted streets around Hagia Sophia during a two-day curfew imposed to prevent the spread of the coronavirus, Istanbul, Türkiye, April 11, 2020. (Reuters)
An aerial view of deserted streets around Hagia Sophia during a two-day curfew imposed to prevent the spread of the coronavirus, Istanbul, Türkiye, April 11, 2020. (Reuters)
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US Returns $8 Mn of Stolen Treasures to Türkiye

An aerial view of deserted streets around Hagia Sophia during a two-day curfew imposed to prevent the spread of the coronavirus, Istanbul, Türkiye, April 11, 2020. (Reuters)
An aerial view of deserted streets around Hagia Sophia during a two-day curfew imposed to prevent the spread of the coronavirus, Istanbul, Türkiye, April 11, 2020. (Reuters)

United States authorities have returned $8 million of stolen antiquities -- some of which were plundered as far back as the 1960s -- to Türkiye, a prosecutor said on Tuesday.

Among the 41 pieces returned were two Heads of the Roman emperor Caracalla and the Bust of a Lady which were trafficked from Bubon, a Roman-era site in southwest Türkiye which was extensively looted in the 1960s.

"During my administration we have returned 90 antiquities to Turkiye, valued at more than $60 million," said Manhattan district attorney Alvin Bragg, announcing the returns.

The pieces were returned at a ceremony attended by Türkiye's Deputy Culture Minister Gokhan Yazgi, according to AFP.

"Together I believe we can put an end to the blows dealt to the identity and history of nations," he said.

The Bust of a Lady dates back to around 160-180 AD and was taken from Bubon before being taken to Switzerland by the late American antiquities dealer Robert Hecht, Bragg's office said. He sold it to the Worcester Art Museum, where it remained on display until it was seized in June 2023.

The heads, one of a Younger Caracalla that had been at the Fordham Museum of Art and one of an older Caracalla that had been at the Metropolitan Museum of Art, were seized by US authorities on the same day in March 2023.

Since its creation, Manhattan's Art Trafficking Unit has recovered more than 4,700 antiquities valued at more than $400 million, and returned more than 4,000 of them to 25 countries.


Saudi Electricity Company Targets Net Zero Emissions by 2050

SEC acknowledged its role in addressing climate change and achieving carbon neutrality despite its tremendous contributions to providing electric power - SPA
SEC acknowledged its role in addressing climate change and achieving carbon neutrality despite its tremendous contributions to providing electric power - SPA
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Saudi Electricity Company Targets Net Zero Emissions by 2050

SEC acknowledged its role in addressing climate change and achieving carbon neutrality despite its tremendous contributions to providing electric power - SPA
SEC acknowledged its role in addressing climate change and achieving carbon neutrality despite its tremendous contributions to providing electric power - SPA

The Saudi Electricity Company (SEC), the largest producer, transmitter, and distributor of electrical energy in the Middle East and North Africa, announced that it seeks to reach net zero emissions by 2050 in line with the Kingdom of Saudi Arabia’s endeavor to reach carbon neutrality by 2060 through the circular carbon economy approach, SPA reported.

The announcement was made during a special event SEC organized Tuesday on the sidelines of the United Nations COP28 climate-change summit in Dubai, during which the company said that it has laid the foundation of environmental practices that seek to reduce emissions through projects to raise energy efficiency, as well as developing the electricity transmission network into a smart network, with clean energy, renewable energy stations, and the smart meter project.

In line with its endeavor to achieve carbon neutrality, SEC said it has signed seven agreements and MoUs with leading local and international companies, including one with the Net Zero Technology Center (NZTC) and global professional services company Accenture to enhance solutions that help reduce carbon emissions in Saudi Arabia and beyond.

The agreement, which is part of SEC’s endeavors toward environmental sustainability, seeks to leverage digital technologies and artificial intelligence (AI) to contribute to reducing carbon emissions.
Under the agreement, SEC will collaborate with its partners to develop and launch a Center of Excellence for Sustainability, with the goal of developing solutions to reduce carbon emissions.

The company will also work with its partners to promote national innovation and entrepreneurship and develop local competencies.

“This day marks a milestone in our journey towards a sustainable future, as the Saudi Electricity Company proudly collaborates with NZTC and Accenture to establish a Center of Excellence for Sustainability,” SEC stated in a press release.

The cooperation between SEC, NZTC, and Accenture “demonstrates the company’s ongoing commitment to achieving decarburization targets throughout the Middle East,” said the release.


Scientists Develop New Technique to Deliver Vaccines without Needles

In this May 5, 2022, file photo, a nurse administers the Pfizer booster shot at a COVID-19 vaccination and testing site in Los Angeles. Frederic J. Brown/AFP via Getty Images, FILE
In this May 5, 2022, file photo, a nurse administers the Pfizer booster shot at a COVID-19 vaccination and testing site in Los Angeles. Frederic J. Brown/AFP via Getty Images, FILE
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Scientists Develop New Technique to Deliver Vaccines without Needles

In this May 5, 2022, file photo, a nurse administers the Pfizer booster shot at a COVID-19 vaccination and testing site in Los Angeles. Frederic J. Brown/AFP via Getty Images, FILE
In this May 5, 2022, file photo, a nurse administers the Pfizer booster shot at a COVID-19 vaccination and testing site in Los Angeles. Frederic J. Brown/AFP via Getty Images, FILE

British researchers announced that they have developed a new technique that delivers vaccines in the body without needles. The technique could help deliver vaccines through the skin via ultrasounds without using needles that harm the skin and cause pain. The findings were presented at an international conference in Australia on Monday.

An estimated quarter of adults and two-thirds of children have strong fears around needles, according to the US Centers for Disease Control and Prevention. Yet, public health depends on people being willing to receive vaccines, which are often administered by a jab.

The new method relies on ultrasound pulses to form small bubbles that clear passages through the skin. Then, the pulses deliver the vaccine molecules through the bubbles, which allows its diffusion in the surrounding tissues.

“Our method relies on an acoustic effect called ‘cavitation,’ which is the formation and popping of bubbles in response to a sound wave,” said Darcy Dunn-Lawless, lead author from the University of Oxford’s Institute of Biomedical Engineering.

“We aim to harness the concentrated bursts of mechanical energy produced by these bubble collapses in three main ways. First, to clear passages through the outer layer of dead skin cells and allow vaccine molecules to pass through. Second, to act as a pump that drives the drug molecules into these passages. Lastly, to open up the membranes surrounding the cells themselves, since some types of vaccine must get inside a cell to function,” she explained.

Initial in vivo tests reported that the vaccine molecules delivered by the new approach produced a higher immune response, according to the Eurekalert website.

The researchers theorize this could be due to the immune-rich skin the ultrasonic delivery targets in contrast to the muscles that receive the jab.

According to Lawless, the result is a more efficient vaccine that could help reduce costs and increase efficacy with little risk of side effects. The team plans further research to explore the efficacy and safety of the new approach for specific vaccines like DNA vaccines.


French Oncologist: Alternative Smoking Reduces Mortalities but Still Harmful

An international expert in medical oncology said the concerned organizations should adopt a more realistic approach to banish smokers from cigarettes. AP
An international expert in medical oncology said the concerned organizations should adopt a more realistic approach to banish smokers from cigarettes. AP
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French Oncologist: Alternative Smoking Reduces Mortalities but Still Harmful

An international expert in medical oncology said the concerned organizations should adopt a more realistic approach to banish smokers from cigarettes. AP
An international expert in medical oncology said the concerned organizations should adopt a more realistic approach to banish smokers from cigarettes. AP

The World Health Organizations (WHO) estimates that there are around one billion smokers worldwide, a number that is not expected to decline in the foreseeable future and will likely remain steady until 2025.

An international expert in medical oncology said the concerned organizations should adopt a more realistic approach to banish smokers from cigarettes using an effective scientific methodology.

Dr. David Khayat, a renowned professor of oncology and medical oncologist in France, told Asharq Al-Awsat that “smoke-free alternatives could deliver a 10-fold reduction in smoking-attributable deaths; however, they are not harm free,” noting that “non-contagious diseases are the leading cause of death in the Middle East, accounting for 72 percent of mortalities.”

He also said “some common practices such as online shopping, regular dining in restaurants and humid weather encourage a lazy lifestyle.”

“The fundamental approach we adopted over the three past decades essentially relied on chemotherapy and hormone interventions. But the scientific research and innovation led us to advanced, more precise alternatives like the targeted therapy and immunotherapy,” he said. Khayat hailed “the discovery of another cancer-fighting treatment that targets the mutating proteins by killing the cells that contain them. These proteins are believed to be the reason behind the ability of endless division that some cancerous cells have.”

The French oncologist said “it’s important to know that cancer survives through mutations and single-cell DNA repair turnovers, which could be fought with targeted therapies,” adding that “other newly-discovered treatment methods, including stereotactic radiotherapy (or radiosurgery) help destroy tumors with high precision.”

The oncology professor said “in 2016, two researchers from Japan and the US discovered why cells sleep. Cancer is so malignant that it secretes somnifera - a sleeping pill - into the white blood cells, which causes them to go dormant. Then, scientists developed an innovative new approach: immunotherapy, a treatment method that contains antibiotic drugs to prevent lymphocytes from becoming inactive. This solution has changed the diagnosis of many cancers, including those found in the lungs, stomach and skin.”

“Nicotine, although addictive, is not the primary cause of smoking-related diseases such as cancer; smoking a cigarette means inhaling the smoke and the resulting burning ash, and this combustion process is the main reason behind many risks and toxins,” said Khayat.

Products that prevent combustion, such as electronic cigarettes, heated tobacco products and oral nicotine pouches, are “a less harmful alternative to conventional smoking.”

“While nicotine, the addictive substance, is still present in different levels in these alternatives, and thus does not make them completely risk-free, it is sufficient to shift smokers' interest away from inhaling cigarette smoke,” he concluded.


Discovered in Lebanon, Oldest Mosquito Fossil Comes with a Bloodsucking Surprise

 An undated handout image of a view from above of the body of a fossilized male mosquito trapped in amber found in central Lebanon dating to about 130 million years ago. (Dany Azar/Handout via Reuters)
An undated handout image of a view from above of the body of a fossilized male mosquito trapped in amber found in central Lebanon dating to about 130 million years ago. (Dany Azar/Handout via Reuters)
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Discovered in Lebanon, Oldest Mosquito Fossil Comes with a Bloodsucking Surprise

 An undated handout image of a view from above of the body of a fossilized male mosquito trapped in amber found in central Lebanon dating to about 130 million years ago. (Dany Azar/Handout via Reuters)
An undated handout image of a view from above of the body of a fossilized male mosquito trapped in amber found in central Lebanon dating to about 130 million years ago. (Dany Azar/Handout via Reuters)

Hundreds of thousands of people worldwide are killed annually by malaria and other diseases spread through the bite of mosquitoes, insects that date back to the age of dinosaurs. All of these bites are inflicted by females, which possess specialized mouth anatomy that their male counterparts lack.

But it has not always been that way. Researchers said they have discovered the oldest-known fossils of mosquitoes - two males entombed in pieces of amber dating to 130 million years ago during the Cretaceous Period and found near the town of Hammana in Lebanon. To their surprise, the male mosquitoes possessed elongated piercing-sucking mouthparts seen now only in females.

"Clearly they were hematophagous," meaning blood-eaters, said paleontologist Dany Azar of the Chinese Academy of Sciences' Nanjing Institute of Geology and Paleontology and Lebanese University, lead author of the study published this week in the journal Current Biology. "So this discovery is a major one in the evolutionary history of mosquitoes."

The two fossilized mosquitoes, both representing the same extinct species, are similar in size and appearance to modern mosquitoes, though the mouthparts used for obtaining blood are shorter than in today's female mosquitoes.

"Mosquitoes are the most notorious blood-feeders on humans and most terrestrial vertebrates, and they transmit a certain number of parasites and diseases to their hosts," Azar said.

"Only fertilized female mosquitoes will suck blood, because they need proteins to make their eggs develop. Males and unfertilized females will eat some nectar from plants. And some males do not feed at all," Azar added.

Some flying insects - tsetse flies, for instance - have hematophagous males. But not modern mosquitoes.

"Finding this behavior in the Cretaceous is quite surprising," said paleontologist and study co-author André Nel of the National Museum of Natural History of Paris.

The delicate anatomy of the two mosquitoes was beautifully preserved in the fossils. Both displayed exceptionally sharp and triangle-shaped jaw anatomy and an elongated structure with tooth-like projections.

The researchers said they suspect that mosquitoes evolved from insects that did not consume blood. They hypothesize that the mouthparts that became adapted for obtaining blood meals originally were used to pierce plants to get access to nutritious fluids.

Plant evolution may have played a role in the feeding divergence between male and female mosquitoes. At the time when these two mosquitoes became stuck in tree sap that eventually became amber, flowering plants were beginning to flourish for the first time on the Cretaceous landscape.

"In all hematophagous insects, we believe that hematophagy was a shift from plant liquid sucking to bloodsucking," Azar said.

The fact that these earliest-known mosquitoes are bloodsucking males, Azar added, "means that originally the first mosquitoes were all hematophagous - no matter whether they were males or females - and hematophagy was later lost in males, maybe due to the appearance of flowering plants, which are contemporaneous with the formation of Lebanese amber."

Plenty of animals were present to provide blood meals: dinosaurs, flying reptiles called pterosaurs, other reptiles, birds and mammals.

The researchers said while these are the oldest fossils, mosquitoes probably originated millions of years earlier. They noted that molecular evidence suggests mosquitoes arose during the Jurassic Period, which ran from about 200 million to 145 million years ago.

There are more than 3,500 species of mosquitoes worldwide, found everywhere except Antarctica. Some become disease vectors transmitting malaria, yellow fever, Zika fever, dengue and other diseases. According to the World Health Organization, more than 400,000 people die annually from malaria - a parasitic infection - mostly children under age 5.

"On the other side, mosquitoes help to purify the water in ponds, lakes and rivers," Nel said. "In general, an animal can be a problem but also can be helpful."


Prince Harry Challenges UK Government's Decision to Strip Him of Security Detail When He Moved to US

FILE - Britain's Prince Harry arrives in the gardens of Buckingham Palace in London, Jan. 16, 2020. (AP Photo/Kirsty Wigglesworth, File)
FILE - Britain's Prince Harry arrives in the gardens of Buckingham Palace in London, Jan. 16, 2020. (AP Photo/Kirsty Wigglesworth, File)
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Prince Harry Challenges UK Government's Decision to Strip Him of Security Detail When He Moved to US

FILE - Britain's Prince Harry arrives in the gardens of Buckingham Palace in London, Jan. 16, 2020. (AP Photo/Kirsty Wigglesworth, File)
FILE - Britain's Prince Harry arrives in the gardens of Buckingham Palace in London, Jan. 16, 2020. (AP Photo/Kirsty Wigglesworth, File)

Prince Harry is challenging on Tuesday the British government’s decision to strip him of his security detail after he gave up his status as a working member of the royal family and moved to the United States.
The Duke of Sussex said he wants protection when he visits home and claimed it's partly because an aggressive press jeopardizes his safety and that of his family.
The three-day hearing scheduled to begin in London’s High Court is the latest in a string of Harry's legal cases that have kept London judges busy as he takes on the UK government and the British tabloid media. It was not clear if he would attend Tuesday's hearing.
Harry failed to persuade a different judge earlier this year that he should be able to privately pay for London’s police force to guard him when he comes to town. A judge denied that offer after a government lawyer argued that officers shouldn't be used as “private bodyguards for the wealthy.”
Harry, the youngest son of King Charles III, said he did not feel safe bringing his wife, former actor Meghan Markle, and their two young children back to Britain and was concerned about his own safety after being chased by paparazzi following a London charity event.
Harry’s animosity toward the press dates back to the death of his mother Princess Diana, who died in a car wreck as her driver tried to outrun aggressive photographers in Paris. Harry, whose wife is mixed-raced, cited what he said were racist attitudes and unbearable intrusions of the British media in his decision to leave the United Kingdom.
The 39-year-old prince is challenging the decision by the Executive Committee for the Protection of Royalty and Public Figures to provide his security on a “case by case” basis after moving in 2020 to Canada and then California, where he and his family now reside.
He said the committee unfairly nixed his security request without hearing from him personally and did not disclose the makeup of the panel, which he later learned included royal family staff. He said Edward Young, the assistant private secretary to the late Queen Elizabeth II, should not have been on the committee because of “significant tensions” between the two men.
The Home Office has argued that any tensions between Harry and the royal household staff was irrelevant and that the committee was entitled to its decision because he had relinquished his role as a working member of the family.
The case is one of five that Harry has pending in the High Court.
The four other lawsuits involve Britain's best-known tabloids, including a case that alleges the publisher of the Daily Mail libeled him when it ran a story suggesting he had tried to hide his efforts to continue receiving government-funded security. A ruling is expected in that case Friday.
Three other lawsuits allege that journalists at the Mail, the Daily Mirror, and The Sun used unlawful means, such as deception, phone hacking or hiring private investigators to dig up dirt about him.


Kingdom Participates in Space Agencies Leaders' Summit at COP28

Dr. Mohammed Saud Al-Tamimi chaired the Kingdom's delegation and participated in the Space Agencies Leaders' Summit held in Dubai - SPA
Dr. Mohammed Saud Al-Tamimi chaired the Kingdom's delegation and participated in the Space Agencies Leaders' Summit held in Dubai - SPA
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Kingdom Participates in Space Agencies Leaders' Summit at COP28

Dr. Mohammed Saud Al-Tamimi chaired the Kingdom's delegation and participated in the Space Agencies Leaders' Summit held in Dubai - SPA
Dr. Mohammed Saud Al-Tamimi chaired the Kingdom's delegation and participated in the Space Agencies Leaders' Summit held in Dubai - SPA

The CEO of the Saudi Space Agency (SSA), Dr. Mohammed Saud Al-Tamimi, chaired the Kingdom's delegation and participated in the Space Agencies Leaders' Summit held in Dubai, United Arab Emirates.
The summit, held as part of the COP28 conference, highlighted raising awareness about climate change, the role of space technologies, technical solutions, entrepreneurship in the space sector, and addressing climate change, SPA reported.
It emphasized encouraging private investment and innovation in the space field, exploring opportunities for funding space and climate programs, and securing the necessary financial support for these initiatives.
During his participation in the summit, Dr. Al-Tamimi stressed that the Kingdom stands with all countries committed to harnessing the power of space technology, which has emerged as a beacon of hope for monitoring, understanding, and mitigating the environmental and climate challenges facing the world.
Emphasizing its awareness of the significance of this global challenge, he said the Kingdom has embarked on an ambitious journey to develop and disseminate innovative space solutions that can significantly contribute to building a more sustainable future.
The Kingdom presented 66 initiatives to address climate change during the previous edition of the conference, he noted.


Red Sea Film Festival Continues Activities to Foster Communication among Industry Professionals, Audience

The festival's activities have been focused on enhancing interaction and communication between industry professionals and the audience - File Photo
The festival's activities have been focused on enhancing interaction and communication between industry professionals and the audience - File Photo
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Red Sea Film Festival Continues Activities to Foster Communication among Industry Professionals, Audience

The festival's activities have been focused on enhancing interaction and communication between industry professionals and the audience - File Photo
The festival's activities have been focused on enhancing interaction and communication between industry professionals and the audience - File Photo

The third edition of the Red Sea Film Festival continued its activities Monday for the fifth day, featuring a diverse range of screenings and events, including seminars, panel discussions, and workshops.
The festival's activities have been focused on enhancing interaction and communication between industry professionals and the audience, according to SPA.
Monday's opening screenings included two premieres from the Middle East and North Africa region: "Hajjan," a thrilling family adventure film, and "Four Daughters," the winner of the top documentary prize at Cannes 2023.
The festival is showcasing 130 films from 77 countries performed in 47 languages, including 35 world premieres and 60 premieres in the Middle East and Africa.


Alfadley: Saudi Arabia is Steadily Moving towards Planting 600 Million Trees by 2030

A planted field in Al-Ahsa, Saudi Arabia. (Photo: Reuters)
A planted field in Al-Ahsa, Saudi Arabia. (Photo: Reuters)
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Alfadley: Saudi Arabia is Steadily Moving towards Planting 600 Million Trees by 2030

A planted field in Al-Ahsa, Saudi Arabia. (Photo: Reuters)
A planted field in Al-Ahsa, Saudi Arabia. (Photo: Reuters)

Saudi Minister of Environment, Water, and Agriculture, Eng. Abdulrahman Abdulmohsen Alfadley, took part in the third edition of the Saudi Green Initiative Forum, held concurrently with COP28 in Dubai.
Eng. Alfadley said that Saudi Arabia is steadily moving towards achieving the targets of the Saudi Green Initiative in planting around 600 million trees by 2030, and 10 billion trees across the Kingdom during the coming decades.

According to SPA, he clarified that the third edition of the Saudi Green Initiative Forum is to continue the achievements of past projects and initiatives initiated since the first edition in Riyadh.

The Saudi Green Initiative has 80 initiatives, and since its adoption, 43 of these initiatives have been launched to meet its primary objectives. Notably, 43.9 million trees have been planted across the Kingdom, and 940,000 hectares of degraded lands have been rehabilitated. Furthermore, a 300% increase in production capacity for reducing carbon emissions as well as the production capacity of renewable energy projects has exceeded 8 gigawatts.

He concluded that the Kingdom's strategy for afforestation is grounded in the principle of sustainability. The strategy focuses on utilizing renewable water sources. Additionally, the Kingdom aims to use cutting-edge technologies to enhance these initiatives.


Arab Energy Fund Plans up to $1 bln for Decarbonization Technologies

Arab Energy Fund Plans up to $1 bln for Decarbonization Technologies
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Arab Energy Fund Plans up to $1 bln for Decarbonization Technologies

Arab Energy Fund Plans up to $1 bln for Decarbonization Technologies

The Arab Energy Fund, formerly known as APICORP, plans to invest up to $1 billion over the next five years in decarbonization technologies, the Middle East and North Africa-focused multilateral financial institution said on Monday.

The planned investment and new name are part of a five-year strategy to 2028 to support the regional energy transition towards net-zero goals. The announcement was made during the COP28 climate summit in Dubai, Reuters reported.

"Our strategy involves diversifying investments by championing technological advancements for enhanced energy efficiencies and driving sustained decarbonisation efforts," Chief Executive of the Arab Energy Fund Khalid Ali Al-Ruwaigh said in a statement.

The institution, which carries an investment grade credit rating from all the major ratings agencies, issued a five-year $750 million green bond after setting up a green bond framework in 2021. $610 million has so far been allocated to 11 regional projects.

Almost 20% of the institution's loan portfolio of $4.5 billion is currently for environmental and socially responsible initiatives, it said in the statement.