Israel's Cabinet Approves 2024 Budget Increase to Fund Displaced Citizens

A usually crowded beach in Tel Aviv is nearly deserted on August 25, 2024, amid cross-border hostilities between Israel and Lebanon's Hezbollah. (Photo by Ahmad GHARABLI / AFP)
A usually crowded beach in Tel Aviv is nearly deserted on August 25, 2024, amid cross-border hostilities between Israel and Lebanon's Hezbollah. (Photo by Ahmad GHARABLI / AFP)
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Israel's Cabinet Approves 2024 Budget Increase to Fund Displaced Citizens

A usually crowded beach in Tel Aviv is nearly deserted on August 25, 2024, amid cross-border hostilities between Israel and Lebanon's Hezbollah. (Photo by Ahmad GHARABLI / AFP)
A usually crowded beach in Tel Aviv is nearly deserted on August 25, 2024, amid cross-border hostilities between Israel and Lebanon's Hezbollah. (Photo by Ahmad GHARABLI / AFP)

Israel's cabinet on Sunday approved an expansion of 3.4 billion shekels ($923 million) in the 2024 state budget to help fund evacuees until the end of the year, the Finance Ministry said.

Tens of thousands of Israelis in the north have been displaced into hotels in the wake of daily rocket attacks by Hezbollah since the outbreak of the Israel-Hamas war that began on Oct. 7. Those from Gaza border communities are also included in what the cabinet called "conflict zones.”

According to Reuters, he ministry also said that 525 million shekels of the total budget was returned to state coffers after prior spending cuts, while another 200 million shekels would finance army reservists.

The ministry said it was working to bring the budget adjustments for a vote in parliament as soon as possible.

Finance Minister Bezalel Smotrich said the additional funds would not add to the budget deficit and that the deficit would reach its 2024 target of 6.6% of gross domestic target.



KAUST, NEOM Collaborate to Advance Green Economy with Hydrogen and Sustainable Fuel Technologies

NEOM's OXAGON. Photo: Asharq Al-Awsat
NEOM's OXAGON. Photo: Asharq Al-Awsat
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KAUST, NEOM Collaborate to Advance Green Economy with Hydrogen and Sustainable Fuel Technologies

NEOM's OXAGON. Photo: Asharq Al-Awsat
NEOM's OXAGON. Photo: Asharq Al-Awsat

King Abdullah University of Science and Technology (KAUST) has announced a strategic partnership with NEOM to accelerate the transformation of the Kingdom's green economy.

The collaboration focuses on developing hydrogen and sustainable fuel production technologies through three cutting-edge applied research projects.

Under this partnership, NEOM's Education, Research, and Innovation Foundation, through the Hydrogen and E-Fuels Applied Research Institute (HEFARI), is sponsoring the development of hydrogen as a renewable energy source.

KAUST researchers and scientists are at the forefront of these initiatives, showcasing progress at a recent two-day KAUST Research and Technology Park summit.

The summit brought together senior representatives from KAUST, NEOM, HEFARI, INOWA, Imperial College, Saudi Aramco, HyET, Cruise Saudi, Next7, and Dow. The attendees engaged in discussions on the ongoing projects, the challenges ahead, and the opportunities for advancing a green hydrogen economy in Saudi Arabia.

Key topics of the summit included the economic production of green hydrogen and ammonia, their critical applications in sustainable aviation fuel and marine propulsion, and the development of essential technologies such as electrolyzers, improved catalysts, and membranes.

Participants also addressed these technologies' crucial manufacturing, transportation, and storage needs.

Prominent KAUST faculty members lead the three research projects sponsored by HEFARI. Professor William Roberts, Professor of Mechanical Engineering, is spearheading efforts to develop carbon-neutral fuels for marine engines in response to new regulations to decarbonize shipping.

Professor Mani Sarathy, Professor of Chemical Engineering, is focused on reducing the costs of large-scale electrolysis technologies to produce cleaner hydrogen. Meanwhile, Assistant Professor of Mechanical Engineering Thibaut Guiberti is working on minimizing unwanted emissions from engines and turbines that utilize green ammonia as fuel.

This collaboration aligns with Saudi Arabia's ambitious goals to generate 50% of its electricity from renewable sources by 2030 and to become the world's largest producer and supplier of green hydrogen.

Additionally, it supports the Kingdom's target of achieving carbon neutrality by 2060 through the circular carbon economy approach. This strategy emphasizes replacing and localizing advanced carbon management technologies, enhancing integrated solutions to combat climate change and the Kingdom's commitment to maintaining global leadership in this critical field.