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RIYADH: Saudi Arabia’s sustainability journey is expected to accelerate as the world’s largest green hydrogen project in the $500 billion giga-project NEOM has formally entered the construction stage.
In a statement to Tadawul, ACWA Power said that its affiliate NEOM Green Hydrogen Co. issued a full award notice to proceed with the engineering, procurement and construction, which has been approved.
ACWA Power further pointed out that its SR1.12 billion ($300 million) contribution in the limited notice to proceed will become part of its equity contribution to the project.
The statement added that all project agreements have been signed, and partners have agreed to manage certain execution risks related to the EPC contract.
In May, NGHC signed financial documents with 23 local, regional and international banks and investment firms to construct a green hydrogen facility at a total investment value of $8.4 billion.
NGHC is a joint venture of ACWA Power, Air Products and NEOM. Upon completion in 2026, it is expected to produce 600 tons of carbon-free hydrogen daily.
Apart from limiting carbon emissions and promoting sustainable development in the Kingdom, this project is also expected to expand the country’s diversification efforts.
In June, NEOM’s green hydrogen project also received the Kingdom’s first sustainable guarantee from the British bank Standard Chartered, which agreed to extend funding support for one of its contractors, Larsen & Toubro, to build the necessary renewable energy infrastructure.
L&T won a $2.78 billion contract to establish the renewable energy generation, storage and grid infrastructure from Air Products.
Lending agencies have issued sustainable guarantees for green projects that positively contribute to the environment.
Under the goals outlined in Vision 2030, Saudi Arabia aims to increase domestic generation capacity from renewable energy to 50 percent by the end of this decade to achieve net-zero emissions by 2060.
In March, a report released by S&P Global Ratings suggested that Saudi Arabia and the UAE are leading the region’s fight against climate change by producing 90 percent of the Gulf’s renewable energy.
According to S&P Global, installed solar capacity in the two countries surged from 165 megawatts in 2016 to 3 gigawatts by the end of 2021.
RIYADH: State-owned Saudia, formerly Saudi Arabian Airlines, announced on Thursday that it would allocate over 7.4 million seats to domestic and international flights in July and August, a 10 percent increase over the same period last year.
According to a press statement, the national carrier will operate over 32,400 flights during this period, up 4 percent from the same time last year.
These measures aim to meet high demand during peak seasons and ensure smooth operations, efficient reservations for scheduled and seasonal destinations, and streamlined airport processes, the statement said.
The airline will provide over 4.2 million seats on its international routes, a 16 percent rise over July and August last year.
It will also introduce over 14,800 flights during the period, a 15 percent climb over last year.
The statement added that over 3.2 million seats will be available on domestic routes through 17,600 flights.
Captain Ibrahim Koshy, CEO of SAUDIA, emphasized the airline’s extensive experience managing operations throughout the year, especially during peak seasons.
The plan includes increasing flights and seat capacity and introducing seasonal destinations to meet guests’ needs while providing excellent services.
The airline has implemented comprehensive procedures and prepared the necessary facilities to ensure a successful summer season and Hajj pilgrimage.
The company relies on its young fleet and dedicated team from Saudia Aerospace Engineering Industries to maintain on-time aircraft performance.
Earlier this year, Saudia Group announced the addition of 25 new international destinations, expanding its network to over 100 destinations.
This expansion aims to give travelers more options and connect the world with the Kingdom. As part of the global SkyTeam alliance, guests can access 1,000 destinations in 170 countries and enjoy over 790 first-class and business-class lounges worldwide.
RIYADH: A Saudi delegation of top ministers, government officials and business leaders will take part at the UN High-level Political Forum next week as representatives from over 100 countries gather in New York to assess the progress of the Sustainable Development Goals.
The forum will be held from July 10-19 and focus on accelerating the recovery from the coronavirus disease and fully implementing the 2030 Agenda for Sustainable Development, aimed at ending poverty in all forms.
It will discuss the effective and inclusive recovery measures to address the impacts of the COVID-19 pandemic on the SDGs and explore actionable policy guidance for the full implementation of the 2030 agenda and the SDGs at all levels, according to its website.
Saudi Minister of Economy and Planning Faisal Alibrahim will lead the delegation, comprising representatives from 22 government entities, private sector companies and nonprofit organizations.
According to a press statement, Saudi Arabia will submit its second Voluntary National Review report on progress in its commitment to SDGs at the forum.
The VNR is a mechanism established by the UN for countries to voluntarily report on their progress in implementing the SDGs.
During the VNR, countries are expected to share their experiences, including successes, challenges and lessons learned, to accelerate the implementation of the 2030 Agenda.
The Saudi delegation will also include Minister of Energy Prince Abdulaziz bin Salman, Minister of Foreign Affairs Prince Faisal bin Farhan, Minister of Environment, Water and Agriculture Abdulrahman Al-Fadley and Minister of Tourism Ahmed Al-Khateeb.
Launched in 2015, the event will host panel discussions and exhibitions of various Saudi entities, including the Public Investment Fund, the Saudi Arabian Oil Co., Saudi Basic Industries Corp. and NEOM.
The Kingdom has been participating in the event since 2018. It will share its experiences and achievements in sustainable development, including various efforts it takes to achieve its net-zero target of 2060.
Achieving sustainability is a key agenda in Saudi Arabia’s Vision 2030 goals, as the Kingdom aims to increase its domestic generation capacity from renewable energy to 50 percent by the end of this decade.
RIYADH: Saudi Arabia’s King Abdullah Petroleum Studies and Research Center received two awards from the secretariat of the Organization of the Petroleum Exporting Countries in recognition of its work on energy issues.
KAPSARC received the “Best Energy Research Institute Award” during the 8th OPEC International Seminar held in Vienna.
It also picked up the “OPEC Award for the Best Energy Research Paper” for its analysis of the stability of the oil market.
The awards recognize researchers who have made exceptional contributions to advancing knowledge in the energy industry, and in complimenting the institution OPEC Secretary-General Haitham Al-Ghais said: “The Center and the research paper’s authors are fully deserving of these two awards against some extremely stiff competition.”
“KAPSARC is today a globally renowned center of research excellence for energy and sustainability issues, and a partner for many other research institutes and policy organizations worldwide.”
He added: “It is the embodiment of high quality, innovative, collaborative and objective analysis aimed at finding solutions to our global energy challenges.”
KAPSARC President Fahad Alajlan said his center worked hard to combine industry and academic expertise with a Middle Eastern perspective to tackle global energy and sustainability challenges
He added: “These accolades highlight our position as an advisory think tank that provides evidence-based research to the international community and policy advice for Saudi decision makers.”
In June, KAPSARC saw its position in the global discourse around global ecological governance grow after the UN granted it a key role in its environmental activities.
The think tank now participates in global energy, climate and environment dialogues after being handed a place in the UN Environment Program.
Building on its accreditation by the UN Framework Convention on Climate Change, KAPSARC’s new status means it can deliver evidence-based reporting and policy recommendations, particularly in this crucial phase of climate change conversations.
KAPSARC has already embraced its commitment to the UNEP by participating in the second session of the Intergovernmental Negotiating Committee in Paris from May 29 to June 2.
The discussion focused on developing an international framework to address plastic pollution, and KAPSARC highlighted the value of a circular plastic economy, including reduction, reuse, recycling and removal strategies.
RIYADH: Affirming its commitment to supporting the fintech sector, the Saudi Central Bank has granted buy-now-pay-later platform Tamara a permit to pursue postpaid payment activity.
With this move, there are now four authorized companies offering BNPL solutions, accelerating the Kingdom’s plans to become a regional fintech hub.
The bank, also known as SAMA, is expecting to draw a new group of investors and companies to Saudi Arabia that can bring added value to the sector and the economy.
The central bank is also working on using technology in financial services to support the Kingdom’s broader goals as it pushes ahead with the Vision 2030 economic diversification strategy.
Under the Ministry of Finance’s national fintech strategy, the number of firms in the sector is expected to increase from 82 in 2022 to 230 by 2025.
The plan also seeks to increase the fintech sector’s contribution to the gross domestic product to SR4.5 billion ($1.2 billion) and create nearly 6,000 jobs by 2025, besides increasing the share of digital transactions to 70 percent of all financial dealings.In May,
SAMA granted permits to Spotii and Madfu to provide consumer finance through the BNPL platforms, which will also attract a new segment of investors and value-added firms to achieve more efficient operations.
A permit was also given to MIS Forward in March to implement a BNPL solution, allowing customers to make purchases from merchants without having to pay term-financing fees.
Speaking to Arab News in July last year, SAMA’s Deputy Governor for Development and Technology Ziad Al-Yousef said that the bank is planning to make Saudi Arabia a regional financial technology hub as part of its strategy to implement the Financial Sector Development Program envisaged in the Kingdom’s Vision 2030 blueprint.
He added that the central bank is developing regulations to address new business models to assist and guide entrepreneurs in the payments, investments and financing sector.
“We have issued 11 new regulations in the last two years to support new fintech ideas and business models. This is a continuous journey, and we are going to accelerate this now with the approval of the national fintech strategy that is now part of vision 2030,” Al-Yousef said at the time.
RIYADH: Egyptian President Abdel Fattah El-Sisi has approved a $307.68 million loan from the Japanese International Cooperation Agency to implement the first phase of Cairo Metro’s fourth line, according to the country’s State Information Service.
The decree was published in the Official Gazette on Thursday.
The agreement was signed on Dec. 26, 2022, and the parliament approved the loan agreement in April 2023.
According to JICA, the loan will be repaid at a 0.1 percent annual interest rate over 30 years with a 10-year grace period.
The first phase of the fourth line will stretch over 19 km and include 16 stations, connecting Cairo’s downtown district to Giza Pyramids and the Grand Egyptian Museum, the press statement added.
The stretch is scheduled to start operating in February 2028.