UAE Initiative on Sustainable Agricultural Practices Launched

UAE Minister of Climate Change and Environment during the announcement of the initiative on Monday. (Asharq Al-Awsat)
UAE Minister of Climate Change and Environment during the announcement of the initiative on Monday. (Asharq Al-Awsat)
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UAE Initiative on Sustainable Agricultural Practices Launched

UAE Minister of Climate Change and Environment during the announcement of the initiative on Monday. (Asharq Al-Awsat)
UAE Minister of Climate Change and Environment during the announcement of the initiative on Monday. (Asharq Al-Awsat)

An initiative on sustainable agricultural practices was launched in the UAE on Monday, following the success of the inaugural edition of the Greenhouse Accelerator Program.

The initiative is a partnership between the UAE Ministry of Climate Change and Environment (MOCCAE) and Food Tech Valley and PepsiCo.

As part of the program with PepsiCo, the entities will offer technical and strategic mentorship to applicants participating in the program, as well as access to local and regional knowledge networks.

“By supporting the PepsiCo Greenhouse Accelerator Program: MENA Sustainability Edition, we are not only continuing the momentum from last year and expanding innovation in agriculture but also building on the country’s wider commitment to tackling climate change with clear vision and action,” said Mariam Almheiri, UAE Minister of Climate Change and Environment.

She added that with the UAE preparing to host COP28 and President of the UAE Sheikh Mohamed bin Zayed Al Nahyan announcing the year 2023 as the Year of Sustainability, “there will be an enormous spotlight on innovators who can develop solutions to optimize the valuable natural resources needed in agriculture.”

The minister went on to say that “from saving water and reducing electricity to rethinking processes and strategies, sustainable agriculture is the key to ensuring food security for everyone while being considerate of our shared environment.”

“Our best wishes accompany the start-ups who are dreaming big and putting their solutions on the map, where they can grow into opportunities that can sustain long-term economic and environmental prosperity.”

For his part, Project Lead for Food Tech Valley Ahmed AlShaibani said “establishing food security is a crucial part of the quest for a more sustainable future, especially in the MENA region.”

He added that “by engaging the latest technologies and inspiring start-ups who are at the forefront of innovation, we can help transform agriculture so that it can deliver sustainable local production and diversified imports that will enhance the self-sufficiency of countries and contribute to a sustainable global food supply chain.”

“We’re excited to see agriculture at the heart of this year’s PepsiCo Greenhouse Accelerator Program: MENA Sustainability Edition and we’re delighted to support this fantastic initiative that also feeds into our mission to build a smarter food system together.”

Through pep+, the company is working to source crops and ingredients in ways that restore the soil and strengthen farming communities, and the Greenhouse Accelerator Program is intended to unlock innovative and disruptive agricultural solutions in partnership with purpose-driven start-ups from the region.

Aamer Sheikh, CEO – Middle East, PepsiCo., said: “We understand the crucial role of innovation and sustainability in driving forward our pep+ strategy.”

“After seeing first-hand the positive impact felt by innovators during the first regional round of the Greenhouse Accelerator Program, we are proud to build on this momentum with a second edition – expanding the program to Egypt and playing a meaningful part in helping entrepreneurs tackle sustainability challenges.”

“With the region heavily reliant on imports, it's essential that we support the passionate change-makers working to make a significant impact through positive agricultural practices.”

“The private sector has an important role to play in addressing the major challenges facing the MENA region, such as food security, arid climate, scarce arable land, and limited water supply, and our goal is to lead by example,” he added.



Saudi Arabia Begins Marketing International Bonds Following 2025 Borrowing Plan Announcement

Riyadh (Reuters)
Riyadh (Reuters)
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Saudi Arabia Begins Marketing International Bonds Following 2025 Borrowing Plan Announcement

Riyadh (Reuters)
Riyadh (Reuters)

Saudi Arabia has entered global debt markets with a planned sale of bonds in three tranches, aiming to use the proceeds to cover budget deficits and repay outstanding debt, according to IFR (International Financing Review).

The indicative pricing for the three-year bonds is set at 120 basis points above US Treasury bonds, while the six- and ten-year bonds are priced at 130 and 140 basis points above US Treasuries, respectively, as reported by Reuters.

The bonds, expected to be of benchmark size (typically at least $500 million), come a day after Saudi Arabia unveiled its 2025 borrowing plan. The Kingdom’s financing needs for the year are estimated at SAR 139 billion ($37 billion), with SAR 101 billion ($26.8 billion) allocated to cover the budget deficit and the remainder to service existing debt.

The National Debt Management Center (NDMC) announced that Finance Minister Mohammed Al-Jadaan had approved the 2025 borrowing plan following its endorsement by the NDMC Board. The plan highlights public debt developments for 2024, domestic debt market initiatives, and the 2025 financing roadmap, including the Kingdom’s issuance calendar for local sukuk denominated in Saudi Riyals.

The NDMC emphasized that Saudi Arabia aims to enhance sustainable access to debt markets and broaden its investor base. For 2025, the Kingdom will continue diversifying its domestic and international financing channels to meet funding needs efficiently. Plans include issuing sovereign debt instruments at fair prices under risk management frameworks and pursuing specialized financing opportunities to support economic growth, such as export credit agency-backed funding, infrastructure development financing, and exploring new markets and currencies.

Recently, Saudi Arabia secured a $2.5 billion Sharia-compliant revolving credit facility for three years from three regional and international financial institutions to address budgetary needs.

In 2024, Saudi Arabia issued $17 billion in dollar-denominated bonds, including $12 billion in January and $5 billion in sukuk in May. Rating agencies have recognized the Kingdom’s financial stability. In November, Moody’s upgraded Saudi Arabia’s rating to “AA3,” while Fitch assigned an “A+” rating, both with stable outlooks. S&P Global rated the Kingdom at “A/A-1” with a positive outlook, reflecting its low credit risk and strong capacity to meet financial obligations.

The International Monetary Fund (IMF) estimated Saudi Arabia’s public debt-to-GDP ratio at 26.2% for 2024, describing it as low and sustainable. The IMF projects this ratio to reach 35% by 2029, with foreign borrowing playing a significant role in financing fiscal deficits.