NEOM launches sustainable food company Topian

NEOM launches sustainable food company Topian
Topian aims to redefine the methods of food production, distribution and consumption within the Kingdom by developing sustainable and innovative solutions. Supplied
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Updated 10 December 2023
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NEOM launches sustainable food company Topian

NEOM launches sustainable food company Topian

RIYADH: Food production systems in Saudi Arabia are set to see a sustainability push as NEOM announced the launch of its company Topian. 

According to a release by the giga-project, NEOM’s newest subsidiary aims to redefine the methods of food production, distribution and consumption within the Kingdom by developing sustainable and innovative solutions.

These solutions will hinge on five pillars focusing on climate-resistant agriculture, regenerative aquaculture, novel foods, personalized nutrition, sustainable food supply, and environmental, social, and institutional governance.

Topian was launched with the support of the Ministry of Environment, Water and Agriculture, in line with the Kingdom’s Vision 2030 goals of ensuring food security, reducing the effects of climate change, and achieving climate neutrality by 2060.

The initiative seeks to foster a community of scientists, industry experts, and innovators, representing a unique, innovative standard in sustainable food production. 

The release further noted that the company aims to operate under the framework of “More with Less,” embracing a “new era of food” to achieve food security. 

Its launch concept, “Future to Table,” will introduce and apply solutions and initiatives that aim to revolutionize the current global food system and tackle issues arising from rapid population growth, changing consumption patterns, climate change, and the depletion of natural resources. 

Nadhmi Al-Nasr, CEO of NEOM, said: “Topian reflects our dedication to creating a positive, long-lasting transformation to lives in Saudi Arabia and the rest of the world. Topian’s innovative approach will be a key driver in shaping the future landscape of a sustainable and secure food industry.”

He added: “We look forward to working closely with investors, partners, and food industry experts in turning ambitious ideas into reality, supporting economic diversification in the Kingdom and aligned with Saudi Vision 2030.”

Topian has signed several local and international strategic partnership agreements with organizations that can aid in reshaping the future of food.

Partners include King Abdullah University of Science and Technology, Tabuk University, as well as Tabuk Fish Co., BlueNalu, Van der Hoeven Horticultural Projects and Cargill.

The alliances were established to collaborate on research and development initiatives and harness expertise of partners to develop innovative and sustainable approaches to food production. 

The company stated that it will be developing educational initiatives to promote local, sustainable gastronomy and nurture Saudi talent through training opportunities and chef camps.

“As a wholly owned subsidiary of NEOM, Topian is fully aligned with NEOM’s commitment to providing high-quality food products to the market and promoting food security and sustainability while contributing to the Kingdom’s self-sufficiency objectives and long-term economic goals,” said Dr. Juan Carlos Motamayor, the CEO of Topian.

He added: “Topian is leading the food-security conversation to create a resilient food supply in line with the Saudi Green Initiative and the UN Sustainability Development Goals. We are not only committing to shaping a transformative global food system but also to setting a global benchmark by pioneering new technologies and innovative solutions to overcome food-related challenges and create a more secure, sustainable, and prosperous future for all.”


Saudi Aramco and China National Building Material Group announce strategic collaboration

Saudi Aramco and China National Building Material Group announce strategic collaboration
Updated 24 September 2024
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Saudi Aramco and China National Building Material Group announce strategic collaboration

Saudi Aramco and China National Building Material Group announce strategic collaboration
  • Plans include establishing manufacturing facilities in Saudi Arabia for hydrogen storage tanks, lower-carbon building materials, and energy storage solutions
  • Key areas of collaboration will include the creation of a new center for training, inspection, and accreditation

RIYADH: Saudi oil giant Aramco has signed a five-year partnership with China National Building Material Group to explore advanced materials, including the potential manufacturing of wind turbine blades in the Kingdom. 

The cooperation framework agreement will also address industrial development, with plans to establish manufacturing facilities in Saudi Arabia for hydrogen storage tanks, lower-carbon building materials, and energy storage solutions, according to a company statement. 

The deal builds on Aramco’s existing partnership with CNBM, following the 2021 launch of the Nonmetallic Excellence and Innovation Center in Beijing. It continues Aramco’s longstanding three-decade partnership with China, emphasizing future growth and innovation. 

Aramco Executive Vice President of Technical Services Wail Al-Jaafari said: “We look forward to expanding our efforts with CNBM as we pursue new breakthroughs in materials science that have the potential to deliver tangible benefits for the building sector and beyond.” 

He said Aramco aims to drive the transition of materials by developing solutions to reduce construction emissions and enhance product performance. 

“By combining Aramco’s expertise in nonmetallic materials and CNBM’s industry know-how, we aim to identify groundbreaking advances and new business opportunities, as well as promote further development of manufacturing capabilities within the Kingdom of Saudi Arabia,” added Al-Jaafari. 

Key areas of collaboration will include the creation of a new center for training, inspection, and accreditation, along with a joint technology development center and laboratory to foster innovation. 

“CNBM is seeking to promote a low-carbon transition through the nonmetallic materials industry. By leveraging our work in low-carbon integrated solutions, CNBM aims to complement Aramco’s efforts to advance the materials transition,” said Zhou Yuxian, chairman of CNBM. 

“This agreement envisages a wide range of cooperation that has potential to positively contribute to low-carbon development, while supporting further strategic alignment between China and the Kingdom of Saudi Arabia,” he added. 

The deal also supports Aramco’s strategic objectives to enhance China’s long-term energy security and achieve emissions reduction goals. This includes plans to expand oil production capacity by 1 million barrels per day to 13 million barrels per day by 2027 and increase gas production by over 50 percent by 2030. 

Earlier this month, Aramco announced additional agreements with Chinese partners Rongsheng Petrochemical Co. and Hengli Group Co. during a visit by Chinese Premier Li Qiang to the Kingdom. 


ESG sukuk issuance jumps 21% to $6.8bn in H1: Moody's

ESG sukuk issuance jumps 21% to $6.8bn in H1: Moody's
Updated 24 September 2024
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ESG sukuk issuance jumps 21% to $6.8bn in H1: Moody's

ESG sukuk issuance jumps 21% to $6.8bn in H1: Moody's
  • Growth attributed to ongoing decarbonization efforts in Islamic countries and guidance from the International Capital Market Association
  • GCC economies accounted for 82% of sustainable sukuk issuance in the first half of 2024

RIYADH: Global issuance of environmental, social, and governance sukuk surged 21 percent year-on-year in the first half of the year, reaching $6.8 billion, according to an analysis by Moody’s. 

The growth is attributed to ongoing decarbonization efforts in Islamic countries and guidance from the International Capital Market Association. 

Green sukuk, which are Shariah-compliant investments in renewable energy and environmental assets, have gained traction as markets shift toward sustainable financing. 

“Sustainable sukuk issuance is rising from a low base as such we expect issuance in 2024 to top the $10.6 billion that it logged in 2023 — itself a big jump from $6.3 billion in 2022 — driven by the growing push toward decarbonization, expanding policy efforts and robust investor demand,” said Abdulla Al-Hammadi, assistant vice president and analyst at Moody’s Ratings. 

Gulf Cooperation Council economies accounted for 82 percent of sustainable sukuk issuance in the first half of 2024, with Saudi Arabia and the UAE contributing 42 percent and 33 percent of the total, respectively. 

The report indicates that the growth of these sustainable Islamic bonds will accelerate amid global efforts to reduce carbon emissions. 

“As most countries with active sukuk markets, such as in the Middle East and Southeast Asia, have rolled out energy transition plans, with renewable energy targets, financing through sustainable sukuk will be a key lever for them to meet their decarbonization goals,” added Moody’s. 

While conventional sustainable bond issuance declined by 8 percent in the same period, sustainable sukuk are appealing to Islamic and conventional investors looking to implement sustainable investment strategies. 

“A key appeal is that the instrument (green sukuk) provides transparency in its use of proceeds. About 74 percent of sustainable sukuk have been issued in non-local currencies, indicating strong international demand. As such, we expect that growth in sustainable sukuk will accelerate, garnering a larger share of the sukuk market,” said Moody’s. 

In July, Fitch Ratings reported that ESG sukuk issuance in key Islamic finance markets — such as the GCC, Malaysia, Indonesia, Turkiye, and Pakistan — increased by 13 percent year on year, reaching $6.3 billion in the first half of 2024. 

Looking ahead, Moody’s expects the governments of Saudi Arabia and Oman to issue their first sustainable sukuk, following the introduction of sustainable finance frameworks. 

Additionally, more private companies are anticipated to enter the market for green Islamic bonds in the coming months, with established sukuk issuers likely considering sustainable instruments to attract a broader investor base. 


Closing Bell: Tasi gains 139 points to close at 12,268

Closing Bell: Tasi gains 139 points to close at 12,268
Updated 24 September 2024
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Closing Bell: Tasi gains 139 points to close at 12,268

Closing Bell: Tasi gains 139 points to close at 12,268
  • Parallel market shed 62.60 points, or 0.24%, to close at 25,684.37
  • MSCI Tadawul Index gained 22.93 points, or 1.52%, to end at 1,535.78

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Tuesday, gaining 138.80 points, or 1.14 percent, to close at 12,268.42.

The total trading turnover of the benchmark index was SR7.47 billion ($1.99 billion), with 117 of the listed stocks advancing and 100 declining. 

The Kingdom’s parallel market, however, shed 62.60 points, or 0.24 percent, to close at 25,684.37. 

The MSCI Tadawul Index gained 22.93 points, or 1.52 percent, to 1,535.78. 

The best-performing stock on the main market was Red Sea International Co. The firm’s share price surged by 9.95 percent to SR68.50.

Other top performers were Saudi Fisheries Co. and ACWA Power Co., whose share prices soared by 9.85 percent and 6.57 percent, respectively. 

The worst performer of the day was Maharah Human Resources Co., as its share price slipped by 5.37 percent to SR7.22. 

In Nomu, the best performers were Mayar Holding Co. and Banan Real Estate Co., whose share prices increased by 9.71 percent and 9.26 percent, respectively. 

On the announcements front, Riyad Bank said it is planning to issue an additional dollar-denominated Tier 1 capital sukuk to improve the financial institution’s capital and utilize it for general banking purposes. 

In a Tadawul statement, Riyad Bank said that the issuance is expected to be through a special purpose vehicle and will be available for domestic and international investors. 

The bank has appointed HSBC Bank, Kamco Investment Co., Merrill Lynch International, and Mizuho International as joint lead managers and bookrunners for the issuance. 

Other joint lead managers and bookrunners are Morgan Stanley & Co., Riyad Capital, and SMBC Nikko Capital Markets, as well as Limited, Standard Chartered Bank, and Warba Bank. 

Al Moammar Information Systems Co. said it signed a letter of intent with Saudi Fransi Capital on behalf of Saudi Data Center Fund 1 to expand the data centers’ capacity by 64 megawatts. 

In a Tadawul statement, the company said that the capacity expansion of the data centers will have an estimated value of SR1.9 billion to SR2.5 billion. 

According to the statement, the letter of intent is valid for 90 days from the day of signing until both parties reach a final agreement. 


FII to host summits on Africa, women empowerment ahead of 8th edition

FII to host summits on Africa, women empowerment ahead of 8th edition
Updated 24 September 2024
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FII to host summits on Africa, women empowerment ahead of 8th edition

FII to host summits on Africa, women empowerment ahead of 8th edition
  • CEO and board member of the FII said that the future of jobs and health care will also be in the spotlight at the event
  • Richard Attias highlighted the significance of these summits during a recent media briefing in New York on the sidelines of the UN General Assembly

JEDDAH: Saudi Arabia’s Future Investment Initiative has announced that it will host two summits prior to its eighth edition, set to take place in Riyadh from Oct 29 to 31.

Both being held for the first time, one gathering will center on Africa, while the second, titled the “Horizon Summit,” occurring on Oct. 28, will focus on women empowerment and will be chaired by Princess Reema bint Bandar bin Sultan, the Saudi ambassador to the US.

Richard Attias, CEO and board member of the FII, said that the future of jobs and health care will also be in the spotlight at the event, which will be hosted at the King Abdulaziz International Conference Center, as per the Saudi Press Agency.

Under the theme “Infinite Horizons: Investing Today, Shaping Tomorrow,” this edition of the forum will facilitate discussions on how investments can drive a thriving and sustainable future, pushing the boundaries of what is possible for humanity.

This aligns with FII’s mission to create a purposeful present and a promising future, as well as its vision to bring together the brightest minds and most promising solutions to serve humanity. 

Attias highlighted the significance of these summits during a recent media briefing in New York on the sidelines of the UN General Assembly, where he emphasized that the events are designed to foster dialogue and collaboration on critical issues affecting global investment and development.

In a statement to SPA, Attias said: “We invited all international media outlets to take a closer look and learn more about the prepared program, speakers, and initiatives. We also explained what FII will offer in its eighth edition in Riyadh, based on indicators collected through a global survey of people’s priorities around the world.”

He added that FII’s eighth conference, with about 450 registered international media outlets and more than 40 media networks as partners, is expected to witness engaging dialogues.

He also said that more than 520 speakers, including global CEOs, have confirmed attending the event.

Attias further said that, for the first time, the Future of Jobs Index and the Healthcare Index were introduced, all under the umbrella of the FII, aiming to support humanity in the fields of health, sustainable development, and education, as well as in artificial intelligence and robotics.


Saudi, US investor relations to flourish in mining, industrial sectors following official visit

Saudi, US investor relations to flourish in mining, industrial sectors following official visit
Updated 24 September 2024
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Saudi, US investor relations to flourish in mining, industrial sectors following official visit

Saudi, US investor relations to flourish in mining, industrial sectors following official visit
  • Minister of industry and mineral resources will visit New York, Nevada, and California
  • Bandar Alkhorayef also visited the New York Stock Exchange

RIYADH: A rise in US investments in Saudi Arabia is anticipated after the Kingdom’s minister of industry and mineral resources met with several business leaders and officials during his tour of the country. 

Throughout his US stay, from Sept. 23 - 28, the minister will visit New York, Nevada, and California. 

Bandar Alkhorayef and prominent US heads have commenced discussions on promising investment opportunities in Saudi Arabia’s mining and industrial sectors. 

The minister highlighted the growing influence of Vision 2030 on the Kingdom, making it an attractive investment environment with rich natural resources and vast human capital potential, Alkhorayef shared via an official post on the X platform. 

Alkhorayef also visited the New York Stock Exchange, the largest stock exchange in the world with a market value exceeding $28 trillion. 

“I reviewed during my visit to the New York Stock Exchange, NYSE, the vital global financial center, the latest advanced electronic systems that it uses to evaluate companies and various sectors, in addition to recognizing the best global practices followed in enhancing efficiency and raising competitiveness,” the minister said in a post on X. 

Vision 2030 aims to position Saudi Arabia as a global investment hub, focusing on diversifying the economy beyond oil. 

The mining sector aims to increase its contribution to the gross domestic product from $17 billion in 2015 to $64 billion by 2030, leveraging the country’s vast gold, phosphate, and bauxite reserves. 

The plan also targets 90,000 additional jobs and $150 billion in investments. In the industrial sector, Vision 2030 aims to localize 50 percent of military spending and increase the contribution of non-oil sectors to GDP by promoting industries like petrochemicals, automotive, and manufacturing to attract foreign and domestic investments. 

Alkhorayef is set to engage with industry ministers and leaders at a UN Industrial Development Organization event in New York, seeking support for the 21st UNIDO General Conference in Riyadh in 2025 and the Multilateral Industrial Policy Forum in October. 

The minister will also visit Columbia University and participate in MINExpo in Las Vegas, where he will meet with top mining companies to explore advanced technologies. A roundtable in Los Angeles with major US companies is also planned to discuss the National Industrial Strategy and incentives for foreign investors.

The minister will hold meetings with private sector leaders, visit advanced industrial companies like JetZero and SpaceX, and meet Saudi students in the US.