عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Green Initiative Forum at COP28: Kingdom Advances Climate Ambitions

Saudi Energy Minister Prince Abdulaziz bin Salman (Ministry of Energy)
Saudi Energy Minister Prince Abdulaziz bin Salman (Ministry of Energy)
TT
TT

Saudi Green Initiative Forum at COP28: Kingdom Advances Climate Ambitions

Saudi Energy Minister Prince Abdulaziz bin Salman (Ministry of Energy)
Saudi Energy Minister Prince Abdulaziz bin Salman (Ministry of Energy)

Saudi Arabia has unveiled its efforts to launch renewable energy projects with a capacity of 20 gigawatts by 2024. This comes after the kingdom having quadrupled its renewable energy production from 700 megawatts to 2.8 gigawatts so far.
Saudi Minister of Energy Prince Abdulaziz bin Salman announced on Monday that the Saudi Green Initiative was launched in 2021 to achieve the country’s climate ambitions of reaching zero neutrality by 2060.
“Within this initiative, the Kingdom is committed to reducing 278 million tons of carbon emissions annually by 2030,” he said while inaugurating the third edition of the Saudi Green Initiative 2023 (SGI) Forum in Dubai on Monday.
“When the international community called for increasing climate ambition, the Kingdom came forward and launched the Green Saudi Arabia initiative as a fundamental pillar for achieving the Kingdom’s climate ambitions.”
“We are working to expand our efforts regionally and internationally through the Green Middle East Initiative to achieve global climate goals,” said Prince Abdulaziz.
The energy minister further said that Saudi Arabia, through the previous session of the SGI forum during “COP27,” which was held in Sharm El-Sheikh, Egypt, and during the current “COP28” being held in Dubai, showed its utmost keenness and strenuous efforts to achieve those ambitions regarding renewable energy.
“The Kingdom’s concrete action on implementing renewables are reflected by its ability to quadruple its capacity from 700 megawatts last year to 2.8 gigawatts with more than eight gigawatts of renewable under construction and around 13 gigawatts in various development stages,” said Prince Abdulaziz.
“We are also planning to tender an additional 20 gigawatt by 2024 as part of our commitment to accelerate the development to renewable energy projects,” he added.
He explained that Saudi Arabia has launched a geophysical survey project, starting next year, which is one of the few projects of this extensive scale implemented nationally, involving over 1200 measurement stations.
Prince Abdulaziz stressed that Saudi Arabia aims to become a major exporter of green hydrogen globally, as the NEOM Project has completed its first phase and achieved investments worth $8.5 billion.
This project will produce 1.2 million tons of green ammonia annually, he said while pointing out that the Kingdom is developing international partnerships to develop more green hydrogen projects in the country, in addition to hydrogen mobility solutions, including trains.
The minister said that Saudi Arabia, in its bid to boost its ambition to export clean and green electricity and hydrogen, has signed a memorandum of understanding for the economic corridor between India, the Middle East and Europe, during the G20 summit meetings in India.
“This will be an essential possibility for export, and this corridor includes electricity, transmission lines and hydrogen pipelines, where we will supply clean energy on a large scale at a low cost and in a reliable manner,” said Prince Abdulaziz.
“Saudi Arabia is working closely to achieve circular carbon in the energy transition, which was approved by the G20 summit,” he affirmed.

 

 

Most Viewed

 
 
Business

Saudi Arabia Exempts High-Growth Sectors from Franchise Experience Rule

One of the franchising roadshows organized by the General Authority for Small and Medium Enterprises to support entrepreneurs (SPA)
One of the franchising roadshows organized by the General Authority for Small and Medium Enterprises to support entrepreneurs (SPA)
TT
TT

Saudi Arabia Exempts High-Growth Sectors from Franchise Experience Rule

One of the franchising roadshows organized by the General Authority for Small and Medium Enterprises to support entrepreneurs (SPA)
One of the franchising roadshows organized by the General Authority for Small and Medium Enterprises to support entrepreneurs (SPA)

Saudi Arabia will allow selected high-growth and innovative sectors to offer franchises without meeting a long-standing operational experience requirement, in a move aimed at accelerating investment and broadening entrepreneurship.

The decision aligns with Vision 2030's goals to expand opportunities in sectors that support national economic growth and meet local market demand.

According to the information, the Council of Ministers approved the non-application of Article Five of the Franchise Law to certain franchisors. The article required businesses to operate for at least 1 year through at least two outlets before offering franchises.

The exemption targets key sectors, including transport and logistics, aviation and defense, entertainment and tourism, sports, healthcare, mining, and renewable energy.

The move is intended to strengthen the local economy’s regional and global competitiveness by creating a flexible environment that allows innovative projects to expand rapidly through franchising, without waiting for traditional establishment periods.

Franchisors must, however, present a clear and detailed business model, including a feasibility study and guarantees of success.

Strict criteria to protect franchisees

To ensure investment quality, the government has set specific conditions for benefiting from the exemption, including:

Franchisors must submit a clear, detailed business model that includes operational guidelines and a market analysis, serving as a practical manual supported by a feasibility study that underpins success.

The franchised activity must be innovative or offer a product or service that contributes to national economic development or meets local market demand. Applications will be assessed based on innovation, economic impact, or responsiveness to market needs.

The exemption also requires that franchisors not charge franchisees any consideration before operations begin. Fees may be collected only after revenues are generated, as defined in the agreement, to reduce operational risks for franchisees and link payments to actual performance.

Specialized committee

To ensure governance, the information revealed the formation of a specialized committee, chaired by the Ministry of Commerce, with members from the Ministries of Investment, Economy, and Planning.

The committee will evaluate exemption applications based on economic impact and the quality of the proposed business model.

A modern system for a secure investment environment

Saudi Arabia’s Franchise Law, approved in 2019, is considered a cornerstone of the Kingdom’s modern commercial regulatory framework. It aims to enhance transparency and clarity in the relationship between franchisors and franchisees, while providing legal protection for both sides.

The law promotes franchising activity in the Kingdom by establishing a clear regulatory framework governing the relationship between franchisors and franchisees, reinforcing transparency and clarity.

It provides necessary protections for both parties and enables informed investment decisions that help raise the quality of goods and services offered in Saudi Arabia.

The provisions of the Franchise Law apply to any franchise agreement implemented within the Kingdom. The law sets a minimum experience requirement for franchisors, regulates the contractual relationship between the parties, and defines their rights and obligations.

It also requires franchisors to disclose key risks, rights, and obligations associated with franchise opportunities, and governs the renewal, termination, or transfer of franchise agreements.

Business

Bessent Says Disappointed by EU-India Deal; South Korea Must Ratify Trade Deal

Treasury Secretary Scott Bessent speaks during an event at Carnegie Mellon Auditorium, Wednesday, Jan. 28, 2026, in Washington. (AP)
Treasury Secretary Scott Bessent speaks during an event at Carnegie Mellon Auditorium, Wednesday, Jan. 28, 2026, in Washington. (AP)
TT
TT

Bessent Says Disappointed by EU-India Deal; South Korea Must Ratify Trade Deal

Treasury Secretary Scott Bessent speaks during an event at Carnegie Mellon Auditorium, Wednesday, Jan. 28, 2026, in Washington. (AP)
Treasury Secretary Scott Bessent speaks during an event at Carnegie Mellon Auditorium, Wednesday, Jan. 28, 2026, in Washington. (AP)

US Treasury Secretary Scott Bessent said on Wednesday he was disappointed by Europe's decision to strike a major trade agreement with India, saying it showed Europe put trade ahead of the interests of the Ukrainian people.

Bessent told CNBC that Europe had been buying refined products made in India with sanctioned Russian oil supplies, and had been unwilling to match higher US tariffs on Indian goods because they were separately negotiating a trade agreement.

The European Union on Tuesday finalized a long-delayed trade deal with India that aims to boost two-way trade and reduce the bloc's reliance on the United States amid growing ‌global trade tensions.

The deal ‌is expected to double EU exports to India ‌by ⁠2032 by eliminating or ‌reducing tariffs on 96.6% of traded goods by value, and will lead to savings of 4 billion euros ($4.8 billion) in duties for European companies, the EU said.

Asked whether this deal and others among countries excluding the United States would threaten the US, Bessent said: "They should do what's best for themselves, but I will tell you, I found, I find the Europeans very disappointing."

He said the deal made it clear why Brussels had balked ⁠at joining Washington's decision to impose 25% tariffs on India last year as part of a push to reduce ‌its purchases of Russian oil.

"The Europeans were unwilling to join ‍us, and it turns out, because they ‍wanted to do this trade deal," he said. "So, every time you hear a ‍European talk about the importance of the Ukrainian people, remember that they put trade ahead of the Ukrainian people."

Bessent last week had signaled the potential removal of the 25% additional US tariffs on India following a sharp reduction in Indian imports of Russian oil.

Bessent's disparaging comments about Europe came amid heightened tensions after President Donald Trump threatened to raise tariffs on imports from certain European countries over their opposition to his pursuit ⁠of Greenland. That tariff threat was later dropped, but it left many Europeans unsettled and anxious about the future of Transatlantic trade.

US officials remain frustrated that the EU has not enacted the tariff reductions it promised as part of a framework trade deal reached with Washington in July.

Those concerns were heightened this week when Trump raised duties on imports from South Korea to 25% from 15%, citing slow moves by the country's parliament to implement a framework trade agreement reached with Washington last year.

Bessent defended Trump's action, saying it was "helpful to get things moved along", adding that the South Korean parliament needed to ratify the trade deal.

Trump on Tuesday said he expected the United States and South Korea to ‌work out a solution, but he did not elaborate.

South Korean officials are due to arrive in Washington on Wednesday for talks with trade officials.

Business

Amazon to Cut 16,000 Jobs Worldwide

This photograph shows the Amazon logo displayed outside of an Amazon Fresh grocery store in Torrance, California on July 29, 2025. (AFP)
This photograph shows the Amazon logo displayed outside of an Amazon Fresh grocery store in Torrance, California on July 29, 2025. (AFP)
TT
TT

Amazon to Cut 16,000 Jobs Worldwide

This photograph shows the Amazon logo displayed outside of an Amazon Fresh grocery store in Torrance, California on July 29, 2025. (AFP)
This photograph shows the Amazon logo displayed outside of an Amazon Fresh grocery store in Torrance, California on July 29, 2025. (AFP)

US online retail and cloud computing giant Amazon said Wednesday that it would be cutting 16,000 jobs worldwide as part of a restructuring, as it focuses spending on artificial intelligence.

The job cuts, which follow already flagged plans to cut its workforce by 14,000 posts, are aimed at "reducing layers, increasing ownership, and removing bureaucracy," senior vice president Beth Galetti said in a statement.

Media reports from October had said the roughly 30,000 job cuts planned in total would impact nearly 10 percent of the 350,000 office jobs at Amazon, without affecting the distribution and warehouse workers that make up the bulk of its 1.5 million employees.

At the time the company refused to comment on the reports, which said they came amid increased investments in artificial intelligence.

Amazon did not give any breakdown of the latest job cuts on Wednesday, saying only that "every team will continue to evaluate the ownership, speed, and capacity to invent for customers, and make adjustments as appropriate."

The company will release its full-year 2025 results on February 5. In its last quarterly earnings statement in October, the company said it spent $1.8 billion on severance costs tied to planned job cuts.

Amazon said that new positions will be offered to employees where possible, without giving further details on which divisions will be affected by the cuts.

The layoffs are in line with a trend to trim white-collar management jobs across big tech. Microsoft in July said it had slashed a little less than four percent of its global workforce, about 15,000 jobs.

Facebook owner Meta has also cut jobs over the past year, in a move intended to remove organizational bloat following aggressive hiring during the pandemic.

Dutch tech giant ASML on Wednesday said it would cut hundreds of management jobs to improve internal organization, with HP and Oracle also announcing recent layoffs.

Like other tech giants, Amazon is making massive investments to grab a slice of the AI revolution pie.

It is particularly banking on the performance of its subsidiary Amazon Web Services (AWS), the world's leading cloud provider, which is engaged in a race against its fast-growing rivals, Microsoft Azure and Google Cloud.

And spending on developing new AI-based chips and services is growing exponentially. In December, Amazon announced that it would invest more than $35 billion in India.