Saudi Arabia advances ambitious aviation sustainability plan

Saudi Arabia advances ambitious aviation sustainability plan
Heading the Saudi delegation at the third ICAO Conference on Aviation and Alternative Fuels, Abdulaziz Al-Duailej, president of GACA, emphasized the Kingdom’s support for inclusive and impartial policies. Photo/Supplied
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Updated 26 November 2023
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Saudi Arabia advances ambitious aviation sustainability plan

Saudi Arabia advances ambitious aviation sustainability plan

RIYADH: Saudi Arabia is set to finalize a comprehensive systematic plan to address the environmental sustainability of the civil aviation sector, a top official said. 

The Civil Aviation Environmental Sustainability Plan, currently in development by the Saudi General Authority of Civil Aviation, aims to address the environmental impact linked to the anticipated growth in the country’s civil aviation sector.  

The plan is designed to align with international commitments outlined in the Paris Climate Agreement and the emission reduction goals of the International Civil Aviation Organization. 

Abdulaziz Al-Duailej, president of GACA, said: “The program encompasses various matters, including greenhouse gas emissions, in accordance with a set of measures and practices that align with the highest international standards. This is aimed at achieving the Kingdom’s goal of zero emissions by 2060.” 

He made these remarks during the third ICAO Conference on Aviation and Alternative Fuels, hosted by the Civil Aviation Authority of the UAE, in Dubai last week. 

The CAESP is poised to address critical concerns, particularly the reduction of greenhouse gas emissions.  

Heading the Saudi delegation at the conference, Al-Duailej emphasized the Kingdom’s support for inclusive and impartial policies. These policies are designed to offer equal opportunities for diverse methodologies and technologies, promoting a neutral approach toward energy sources and types of aviation fuel.  

This development positions Saudi Arabia as a key player in the global sustainability push and reflects a broader commitment to environmentally conscious business practices in the region. 

Al-Duailej highlighted that Saudi Arabia has taken significant steps in developing infrastructure and supply chains for hydrogen fuel, aiming to become a key producer and exporter.  

In his address, the GACA president underscored the leadership of Saudi Arabia in environmental protection, both within the framework of the ICAO, the UN Framework Convention on Climate Change, and other international organizations. 

Additionally, he highlighted several national-level achievements over the past years in the pursuit of the country’s net-zero emissions goal, set for 2060.   

Emphasizing Saudi Arabia’s endorsement of inclusive policies at the national and international levels, Al-Duailej noted achievements in environmental protection, including initiatives like the Circular Carbon Economy, Saudi and the Middle East green.  

These initiatives focus on reducing carbon emissions, afforestation, and the protection of marine and terrestrial areas. 

“Furthermore, the new major projects in the Kingdom adhere to the highest environmental sustainability standards, in alignment with Saudi Vision 2030. Some of these projects are even designed from the outset to be compatible with the goal of achieving net-zero emissions,” he added, citing examples like the AMAALA and the Red Sea project, along with the international airport. 

Simultaneously, the Saudi delegation engaged in bilateral meetings with delegations from the US, the UK, and China. Additionally, meetings were held with delegations from Canada, Spain, and India, while Brazil, Nigeria, and Ethiopia also participated in discussions.  

During these meetings, a range of conference-related topics were examined, alongside areas of shared interest. The discussions also emphasized the strengthening of economic connections, exploring investment opportunities, and fostering collaboration in the field of aviation transport. 


Egypt’s inflation slows to 25.7% in July 

Egypt’s inflation slows to 25.7% in July 
Updated 12 sec ago
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Egypt’s inflation slows to 25.7% in July 

Egypt’s inflation slows to 25.7% in July 

CAIRO: Egypt’s annual urban consumer price inflation slid to 25.7 percent in July from 27.5 percent in June, a rate of decline faster than analysts had forecast, the country’s statistics agency CAPMAS showed on Thursday. 

Month-on-month, prices fell by 0.4 percent in July, down from 1.6 percent in June. Food prices declined by 0.3 percent in July, though they were still 28.5 percent higher than a year ago. 

Egypt is one of the world’s largest wheat importers, bringing in about 5.5 million tonnes annually to provide subsidized bread for millions.  

On Aug. 7, Egypt’s state grains buyer GASC announced it had secured 36,600 tonnes of sunflower oil through an international tender. 

The purchase included 24,600 tonnes scheduled for delivery between Oct. 15 and Oct. 31, and 12,000 tonnes for delivery between Nov. 1 and Nov. 15. 

GASC did not acquire any soybean oil in this tender.  

Egypt also launched its largest-ever wheat tender earlier this week, seeking to import 3.8 million tonnes as it aims to capitalize on a drop in global wheat prices to four-year lows. 

Securing wheat at reduced prices could significantly lower Egypt’s import bill, aiding efforts to stabilize the economy. 

A poll of 18 analysts had expected inflation to have slowed to a median of 26.6 percent in July, extending a deceleration that began in September, when inflation reached a peak of 38.0 percent.  

Egypt has tightened its monetary policy under an $8 billion International Monetary Fund financial support package it signed in March, although that program has also required it to increase many domestic prices and let its currency plunge.  

The central bank hiked interest rates by 600 basis points on March 6, bringing total increases in 2024 to 800 bps.  

The government raised the price of some subsidized products to battle a budget deficit that hit 505 billion Egyptian pounds ($10.27 billion) in a 3.016 trillion pound budget in the year that ended on June 30. 

On June 1, the government raised the price of subsidized bread by 300 percent and on July 25 the price of fuel by up to 15 percent. 

The country’s food subsidies reached 133 billion Egyptian pounds ($2.7 billion) in the financial year 2023/24, up 10 percent year on year, according to Finance Minister Kouchouk. The increase in subsidies is part of the government’s efforts to support its citizens amid rising costs. 


Saudi ports report 15.72% growth in container handling for July 

Saudi ports report 15.72% growth in container handling for July 
Updated 35 min 17 sec ago
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Saudi ports report 15.72% growth in container handling for July 

Saudi ports report 15.72% growth in container handling for July 

RIYADH: Saudi Arabia’s ports recorded a 15.72 percent increase in container handling in July compared to the same month last year, official data showed. 

The latest statistics from the Saudi Ports Authority, known as Mawani, revealed that the Kingdom’s terminals received 271,465 standard containers in July, up from 234,592 in July 2023. The volume of handled tonnage also increased by 9.11 percent year on year, reaching 27.38 million tonnes. 

The increase aligns with the National Transport and Logistics Strategy’s goal to establish Saudi Arabia as a global logistics center and a hub connecting three continents. 

It also reinforces Mawani’s efforts to enhance port operational efficiency and improve the Kingdom’s connectivity with global markets, thereby supporting national exports. 

The growth also highlights Mawani’s focus on enhancing the competitive edge of the King Abdulaziz Port in Dammam, which is equipped to handle various types and sizes of vessels, reinforcing its international standing in the maritime transport and logistics sector. 


Veon posts 13.9% jump in core profit, boosted by customer gains in countries like Pakistan

Veon posts 13.9% jump in core profit, boosted by customer gains in countries like Pakistan
Updated 37 min 15 sec ago
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Veon posts 13.9% jump in core profit, boosted by customer gains in countries like Pakistan

Veon posts 13.9% jump in core profit, boosted by customer gains in countries like Pakistan
  • The company’s sales grew by 24.2% in Pakistan where it owns the largest telecom provider Jazz
  • The top Veon official mentions ‘robust organic performance’ across services in different markets
AMSTERDAM: Dutch telecom group Veon, which owns Ukraine’s biggest mobile operator Kyivstar, posted higher second quarter core earnings on Thursday thanks to strong customer gains across its services. Core profit rose 13.9% on a local currency basis to $459 million, the company said. “Robust organic performance across our markets is driven by 10 million additional 4G customers, 111 million digital service users, showcasing our capability to build new businesses in financial, entertainment, healthcare, education, and enterprise services,” CEO Kaan Terzioğlu said in a statement. Its total digital monthly active users grew by 47.3% to 111 million. Since Veon’s exit from its main market Russia last year, it has been focused on expanding its telecom services in countries where it is still present, including Ukraine, Pakistan, Kazakhstan and Bangladesh. In Ukraine, sales grew by 9.5% and core profit increased by 9.8% despite higher energy costs, the group said. Ukrainian telecom operators like Kyivstar have been impacted by Russian attacks on the nation’s power grid. Kyivstar was also hit by a massive cyberattack last year. “Nearly 100% of our radio network is operational across all territories controlled by Ukraine at the end of the quarter,” Veon said. In Pakistan, where Veon owns the country’s largest telecom provider Jazz, sales grew by 24.2%. In Kazakhstan, where it operates through the Beeline brand, they rose 18.8%. Last week, the company said it intended to de-list from Euronext Amsterdam and be solely listed in New York. It will keep its headquarters in Amsterdam. Veon on Thursday also confirmed its sales and core profit forecasts for the full year.

Oil Update — prices fall, set to snap two-session streak 

Oil Update — prices fall, set to snap two-session streak 
Updated 39 min 42 sec ago
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Oil Update — prices fall, set to snap two-session streak 

Oil Update — prices fall, set to snap two-session streak 

SINGAPORE: Oil prices fell in choppy trade on Thursday, and looked set to snap a two-session streak during which they gained about 3 percent due to growing supply risks amid simmering tensions in the Middle East, according to Reuters. 

Brent crude futures fell 25 cents, or 0.3 percent, at $78.08 a barrel by 09:50 a.m. Saudi time, while US West Texas Intermediate crude lost 13 cents, or 0.3 percent, to $75.10. Both the benchmarks had recovered from near-2024 lows in early trade on Thursday, before turning negative.  

The potential for Middle East supply disruptions have caused volatility, with the killing of senior members of militant groups Hamas and Hezbollah last week raising the possibility of retaliatory strikes by Iran against Israel. 

However, supply has not been affected so far, although attacks on ships in the Red Sea have forced tankers to take longer routes. 

“The market has been on edge as it awaits a response from Iran,” ANZ Research said in a note. 

Libya’s National Oil Corp. has declared force majeure in its Sharara oilfield from Tuesday, a statement said, adding that the company had gradually reduced the field’s production due to protests. 

Crude inventories in the US, the world’s largest oil consumer, fell 3.7 million barrels, data showed, far exceeding analyst expectations of a 700,000-barrel draw and marking a sixth straight weekly decline to six-month lows.  

“This suggests demand for physical barrels remains robust, despite concerns about weak economic activity,” ANZ analysts said in the note. 

Analysts at Citi said there was a possibility of a bounce in prices to the low-to-mid-$80s again for Brent. 

“Upside risks in the market remain, from still-tight balances through August, heightened geopolitical risks across North Africa and the Middle East, the possibility of weather-related disruptions through hurricane season, and light managed money positioning,” Citi said in a note. 

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Saudi Arabia launches bid for seven mining exploration licenses

Saudi Arabia launches bid for seven mining exploration licenses
Updated 08 August 2024
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Saudi Arabia launches bid for seven mining exploration licenses

Saudi Arabia launches bid for seven mining exploration licenses

RIYADH: Saudi Arabia has launched a competitive bid for seven new mining exploration licenses, covering an area of approximately 1,000 sq. km.

Announced on Aug. 7 by the Ministry of Industry and Mineral Resources, this initiative seeks to attract both local and international investors to explore these promising sites.

The exploration sites span various regions and are rich in valuable minerals. The Umm Qasr site in Riyadh, covering over 20 sq. km., is known for its deposits of gold, silver, lead, and zinc.

Another site, Jebel Sabha in Riyadh, extends over 171 sq. km. and contains silver, lead, zinc, and cobalt. Wadi Doush in Asir, which spans more than 157 sq. km., holds deposits of gold, silver, and copper.

The Shuaib Marqan site in Riyadh covers over 92 sq. km and is rich in copper, silver, and gold. The Wadi Al-Jouna site in Asir, the largest of the sites, encompasses 425 sq. km. and contains copper, zinc, silver, and gold.

The Hazm Shubat site in Asir, covering over 93 sq. km., is noted for its gold deposits. Lastly, the Huwaimdhan exploration site in Makkah covers an area of more than 34 sq. km. and also contains gold.

This competition is part of the broader Exploration Enablement Program, designed to accelerate the exploration and development of Saudi Arabia's estimated mineral wealth, valued at SR9.3 trillion ($2.48 trillion). The initiative supports Vision 2030’s goal of establishing mining as a crucial pillar of the national industry.

Interested parties must submit their technical bids by early September 2024, with the winners expected to be announced by the end of the month. The ministry has made geological and technical data available through a dedicated platform to assist bidders.

The evaluation process for the bids will be both transparent and fair, with 70 percent of the evaluation based on the technical work program and expertise, and the remaining 30 percent based on community contributions and innovation.

To further encourage investment, new incentives include support of up to SR7.5 million for companies holding exploration licenses for less than five years, allowing 100 percent foreign ownership, and financing up to 75 percent of capital costs through the Saudi Industrial Development Fund.

Investors interested in participating can visit the ministry’s mining platform to review detailed information and download relevant technical and geological reports.

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