You are here

  • Home
  • Saudi Ministry of Energy joins forces with SNB to launch social entrepreneurship accelerator

Saudi Ministry of Energy joins forces with SNB to launch social entrepreneurship accelerator

Saudi Ministry of Energy joins forces with SNB to launch social entrepreneurship accelerator
The agreement was signed in the presence of Minister of Energy Prince Abdulaziz bin Salman, and SNB Chairman Saeed Mohammed Al-Ghamdi. Ministry of Energy
Short Url

https://arab.news/bskzm

Updated 22 January 2024
Arab News
Follow

Saudi Ministry of Energy joins forces with SNB to launch social entrepreneurship accelerator

Saudi Ministry of Energy joins forces with SNB to launch social entrepreneurship accelerator
Updated 22 January 2024
Arab News
Follow

RIYADH: Saudi Arabia’s community-focused entrepreneurs are set to receive government-level support after the Ministry of Energy joined hands with the Saudi National Bank.

This social entrepreneurship accelerator is aimed at helping independent business owners, emerging projects, and small enterprises, transforming them from ideas into viable investment opportunities within the energy sector.

The agreement was signed on Jan. 21 in the presence of Minister of Energy Prince Abdulaziz bin Salman, and SNB Chairman Saeed Mohammed Al-Ghamdi.

A key aspect of the ministry’s strategy is to encourage energy companies to engage more actively in socially responsible initiatives locally and internationally.

Furthermore, the body seeks to enhance the technical performance of these organizations, aiding them in overcoming challenges in their development and operation.

The ministry’s goals extend to raising awareness and commitment to sustainable development objectives in the energy division, fostering a culture of volunteer work, and supporting social innovation in the sector.

This collaborative effort between the body and SNB represents a pivotal step in empowering the energy sector’s contribution to societal development and innovation.

The cooperation includes developing suitable mechanisms for the program, exchanging expertise and ideas concerning its implementation, and participating in awareness and promotional campaigns.

The agreement entails the collaborative development of program mechanisms and exchanging ideas between both parties.

It emphasizes the ministry’s commitment to supporting non-profit organizations in the energy sector and aspiring to achieve Vision 2030 goals.

Speaking at the Future Minerals Forum in early January, the Saudi minister of energy emphasized the Kingdom’s commitment to accelerating domestic efforts in transforming the sector.

The minister highlighted the Kingdom’s approach, addressing domestic and global aspects. Currently, Saudi Arabia is saving 1 million barrels of oil consumption within its borders, with a broader objective to ensure responsible utilization of its global exports.

“We are no longer being called a leading oil country or oil-producing country. Our tag now is that we would like to be an energy-producing country of all sorts of energy, so our task is to prove it and we shall,” he said.

Topics: Saudi Ministry of Energy SNB

Related

Riyadh, Amman sign deal to boost cooperation in energy sector
Business & Economy
Riyadh, Amman sign deal to boost cooperation in energy sector

ROSHN launches first residential community in Makkah

ROSHN launches first residential community in Makkah
Updated 26 December 2024
MOHAMMED AL-KINANI
Follow

ROSHN launches first residential community in Makkah

ROSHN launches first residential community in Makkah
Updated 26 December 2024
MOHAMMED AL-KINANI

JEDDAH: Saudi Arabia’s leading property developer, ROSHN, has officially launched its first residential community in Makkah, marking a significant milestone in the company’s efforts to improve the city’s living standards while supporting the national development goals outlined in Vision 2030.

The launch event for the Al-Manar Community project, which is ROSHN’s inaugural residential development in Makkah, took place under the patronage of Makkah Gov. Prince Khaled Al-Faisal. The groundbreaking ceremony was attended by a host of prominent figures, including Makkah Mayor Musaed bin Abdulaziz Al-Dawood, Royal Commission for Makkah and Holy Sites CEO Saleh bin Ibrahim Al-Rasheed, Real Estate General Authority CEO Abdullah Al-Hammad, and ROSHN’s acting CEO Khaled Jawhar. The event also saw participation from officials across both the public and private sectors.

Strategically positioned, the Al-Manar community is just a 20-minute drive from the Grand Mosque, less than an hour from King Abdulaziz International Airport in Jeddah, and only two minutes from Makkah’s western gateway. The development’s design thoughtfully integrates the region’s rich cultural and architectural heritage, blending modernity with tradition.

The Saudi government, under Vision 2030, has set ambitious targets to boost homeownership among citizens, aiming for 70 percent by the end of the decade.

ROSHN is playing a pivotal role in achieving this goal by developing large-scale residential projects that offer high-quality and affordable housing options for Saudi citizens. These initiatives are in line with the government’s strategy to expand the housing sector, elevate living standards, and provide homes for the country’s growing population.

At the ceremony, attendees were given a tour of model villas and previewed the diverse residential designs available within the community. The Al-Manar development will feature a variety of villas alongside essential amenities such as schools, mosques, shopping centers, healthcare facilities, open spaces, and recreational areas.

Khaled Jawhar, acting CEO of ROSHN, explained that the project spans over 21 million sq. meters and will provide more than 33,000 housing units. Additionally, it will offer more than 150 facilities designed to meet the needs of residents and support community well-being.

Saleh bin Ibrahim Al-Rasheed, CEO of the Royal Commission for Makkah and Holy Sites, emphasized the significance of the Al-Manar community as the first fully integrated ROSHN development in Makkah.

“Located at the city’s western gateway, within the Haram boundaries, this project reflects our commitment to facilitating impactful developments that drive long-term growth and sustainability,” Al-Rasheed said.

Topics: gigaproject ROSHN

Saudi Venture Capital Invests $24bn in Jadwa GCC Private Equity Fund 1

Saudi Venture Capital Invests $24bn in Jadwa GCC Private Equity Fund 1
Updated 26 December 2024
Arab News
Follow

Saudi Venture Capital Invests $24bn in Jadwa GCC Private Equity Fund 1

Saudi Venture Capital Invests $24bn in Jadwa GCC Private Equity Fund 1
Updated 26 December 2024
Arab News

RIYADH: Saudi Venture Capital has invested over SR90 billion ($24 billion) in the Jadwa GCC Private Equity Fund 1.

The fund aims to raise SR1.5 billion, with a hard cap of SR2 billion, and marks Jadwa’s first regional blind-pool private equity fund, a press release issued on Thursday said.

It said the fund will focus on investing in a diversified portfolio of high-potential private equity opportunities across Saudi Arabia and the wider Gulf Cooperation Council region.

Commenting on the development, Nabeel Koshak, CEO and board member of SVC, said:

“Our investment in the private equity fund by Jadwa is aligned with SVC’s strategy of supporting the evolving private equity ecosystem in Saudi Arabia. This investment will stimulate and sustain funding for high-potential companies in Saudi Arabia, contributing to the economic diversification objectives of Saudi Vision 2030.”

Founded in 2018, SVC is a subsidiary of the SME Bank, part of the National Development Fund. Its mission is to stimulate and sustain financing for startups and small and medium enterprises at various stages—from pre-seed to pre-IPO—through investments in funds as well as direct investments into emerging companies.

Tariq Al-Sudairy, managing director and CEO of Jadwa Investment, added: “We are excited to have SVC on board as an investor in Jadwa GCC Private Equity Fund 1. This partnership reflects our shared commitment to identifying and nurturing high-potential companies across the GCC, with the goal of creating long-term value for our clients.”

Jadwa Investment is a leading investment management and advisory firm in the MENA region.

Topics: Jadwa SVC Investment

Closing Bell: Saudi main index slips to close at 11,859

Closing Bell: Saudi main index slips to close at 11,859
Updated 26 December 2024
Reem Walid
Follow

Closing Bell: Saudi main index slips to close at 11,859

Closing Bell: Saudi main index slips to close at 11,859
  • Parallel market Nomu declined by 120.35 points, or 0.39%, to close at 30,886.71
  • MSCI Tadawul Index also dropped 3.44 points, or 0.23%, to end at 1,490.30
Updated 26 December 2024
Reem Walid

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Thursday, losing 32.85 points, or 0.28 percent, to close at 11,859.47.

The total trading turnover of the benchmark index reached SR2.80 billion ($747 million), as 78 stocks advanced and 143 retreated.

The Kingdom’s parallel market Nomu declined by 120.35 points, or 0.39 percent, to close at 30,886.71, with 37 stocks advancing and 38 retreating.

The MSCI Tadawul Index also dropped 3.44 points, or 0.23 percent, to end at 1,490.30.

The best-performing stock of the day was Rasan Information Technology Co., whose share price surged 7.58 percent to SR79.50. Other top performers included The Mediterranean and Gulf Insurance and Reinsurance Co., which rose by 7.17 percent to SR24.80, and The National Co. for Glass Industries, up 4.15 percent to SR55.20.

On the downside, Saudi Research and Media Group recorded the steepest drop, falling 3.86 percent to SR269.00. Al-Baha Investment and Development Co. saw its share price decline by 3.85 percent to SR0.50, while Red Sea International Co. dropped 3.63 percent to SR58.40.

On the announcement front, Mutakamela Insurance Co. launched its new identity and brand name, Mutakamela, following regulatory approvals and shareholder consent at its extraordinary general assembly meeting. 

Mutakamela ended the session unchanged at SR14.78.

Al-Yamamah Steel Industries Co. reported a net profit of SR70.8 million for the year ending Sept. 30, a significant turnaround from the SR130.14 million loss recorded in the previous year. The profit increase was attributed to reduced costs in the construction sector by 20.82 percent, electricity by 7.56 percent, and solar energy by 10.35 percent.

Additionally, the company’s board recommended distributing SR25.4 million in cash dividends to shareholders for the fiscal year ending Sept. 30. Eligible shareholders will receive a dividend of SR0.50 per share, representing 5 percent of the share’s par value, with 50.8 million shares eligible for the payout. 

Al-Yamamah Steel closed the session at SR35.00, down 1.75 percent.

Arabian Contracting Services Co. secured a project worth SR563 million with the Royal Commission for Riyadh City to invest in and lease internal advertising spaces within the King Abdulaziz Public Transport Project in Riyadh. 

The 10-year agreement aligns with the company’s strategy to expand its advertising activities. 

Its stock rose 0.68 percent to close at SR149.00.

Bank Al-Jazira announced the start of issuing its Additional Tier 1 Sukuk under a SR5 billion program through private placement. The issuance amount and terms will be determined based on market conditions, with a minimum subscription of SR1 million. 

The sukuk offer price, par value, and return will also be market-dependent. The bank has appointed Al-Jazira Capital, Al-Rajhi Capital, and HSBC Saudi Arabia as joint lead managers and dealers.

Bank Al-Jazira’s stock rose 0.96 percent to close at SR18.68.

Topics: TASI Tadawul Stock Market shares

Related

Closing Bell: Saudi Arabia’s TASI ends in the red, trading volume hits $2.95bn
Business & Economy
Closing Bell: Saudi Arabia’s TASI ends in the red, trading volume hits $2.95bn
Closing Bell: Saudi main index closes in red at 11,914
Business & Economy
Closing Bell: Saudi main index closes in red at 11,914

Turkiye lowers interest rate to 47.5%

Turkiye lowers interest rate to 47.5%
Updated 26 December 2024
AFP
Follow

Turkiye lowers interest rate to 47.5%

Turkiye lowers interest rate to 47.5%
  • Central bank now expects inflation to reach 44% at the end of 2024
  • Decision signals the start of an easing cycle after eight months of steady policy
Updated 26 December 2024
AFP

ISTANBUL: Turkiye’s central bank lowered its key interest rate on Thursday, the first cut in nearly two years as it battles with double-digit inflation.
The bank’s monetary policy committee decided to reduce the policy rate from 50 percent to 47.5 percent, with a statement citing improvement in “inflation expectations and pricing behavior.”
The last cut was in February 2023.
The central bank began to raise interest rates last year to battle soaring prices, after President Recep Tayyip Erdogan dropped his opposition to orthodox monetary policy.
It has kept the main rate stable at 50 percent since March.
Thursday’s decision signals the start of an easing cycle after eight months of steady policy.
The bank said the decisiveness over its tight monetary stance “is bringing down the underlying trend of monthly inflation and strengthening the disinflation process.”
In November, Turkiye’s annual inflation rate slowed for the sixth month in a row, at 47.1 percent.
The central bank now expects inflation to reach 44 percent at the end of 2024, up from a previous estimate in August of 38 percent.
The bank said the level of the policy rate would be determined in a way to ensure the tightness required by the projected disinflation path, taking into account both realized and expected inflation.
This week, the central bank announced that it would hold fewer policy meetings next year.
“The Committee will make its decisions prudently on a meeting-by-meeting basis with a focus on the inflation outlook,” the bank said, adding it would “decisively use all the tools at its disposal in line with its main objective of price stability.”
The bank “will make its decisions in a predictable, data-driven and transparent framework,” it added.
Hakan Kara, former chief economist at the central bank, welcomed the cut as “very reasonable and balanced start” that came with a “cautious/optimistic communication.”
“In my opinion, the central bank is doing its best. From now on, the ball is in other policies,” Kara commented on social media platform X, including in the pace of spending and regulations on critical institutions.
The rate slash comes amid a moderate increase in Turkiye’s minimum wage after several rounds of negotiations.
The net monthly minimum wage has been raised by 30 percent to 22,104 lira ($600), beginning from Jan. 1 — far below the demands of the workers union.
The union had demanded a 70 percent increase.
Erdogan welcomed the rise this week and said: “We once again remained true to our promise not to let our workers be crushed by inflation.”

Topics: Turkiye Turkish Central Bank Inflation

Related

Turkiye’s soaring costs are creating a ‘lost generation’ of kids forced to help their families get by
Middle-East
Turkiye’s soaring costs are creating a ‘lost generation’ of kids forced to help their families get by
Journalists arrested in Turkiye over Syria drone deaths demo
Media
Journalists arrested in Turkiye over Syria drone deaths demo

Saudi Arabia’s JEDCO, Tarshid partner to boost energy efficiency at King Abdulaziz Int’l Airport

Saudi Arabia’s JEDCO, Tarshid partner to boost energy efficiency at King Abdulaziz Int’l Airport
Updated 26 December 2024
MOHAMMED AL-KINANI
Follow

Saudi Arabia’s JEDCO, Tarshid partner to boost energy efficiency at King Abdulaziz Int’l Airport

Saudi Arabia’s JEDCO, Tarshid partner to boost energy efficiency at King Abdulaziz Int’l Airport
  • Tarshid will conduct on-site surveys and technical studies of KAIA’s targeted buildings and facilities
  • Project aims to encourage the aviation industry to adopt sustainable practices
Updated 26 December 2024
MOHAMMED AL-KINANI

JEDDAH: Saudi Arabia’s King Abdulaziz International Airport is set to enhance energy efficiency and reduce emissions through a strategic partnership with the country’s National Energy Services Co., or Tarshid.

The pact between Jeddah Airports Co., or JEDCO, the airport’s operating company, and Tarshid, a Public Investment Fund company, aims to deliver sustainable energy efficiency solutions for the airport’s facilities. The partnership is facilitated through a Tarshid subsidiary and aligns with the Kingdom’s Vision 2030 and the Saudi Green Initiative.

The agreement was signed in the presence of Prince Abdulaziz bin Salman, minister of energy and chairman of Tarshid’s board of directors, according to the Saudi Press Agency.

The deal, which aims to launch innovative energy-saving initiatives and promote environmental responsibility, supports Saudi Arabia’s Civil Aviation Environmental Sustainability Program and contributes to achieving the goals of the Saudi Green Initiative and Vision 2030, which seek to improve energy efficiency and implement sustainable solutions across public and private sector facilities in the Kingdom.

The Kingdom has been developing the Civil Aviation Environmental Sustainability Plan, which seeks to mitigate the environmental impact associated with the expected growth of the country’s civil aviation sector.

The plan is crafted to align with global commitments outlined in the Paris Climate Agreement and the emission reduction targets set by the International Civil Aviation Organization.

The country has made several national-level achievements over the past years in the pursuit of its net-zero emissions goal, set for 2060. It is also pursuing new technologies to improve fuel efficiency and decarbonize the aviation sector.

Ranked among the top 100 airports globally, KAIA holds the distinction of being the third-best airport in the Middle East, according to rankings by UK-based consulting firm Skytrax.

Under the agreement, Tarshid will conduct on-site surveys and technical studies of KAIA’s targeted buildings and facilities, recommending optimal solutions to enhance energy efficiency and reduce consumption within the project’s scope.

Waled Abdullah Al-Ghreri, CEO of Tarshid and board member, said that they are dedicated to realizing Vision 2030’s objectives of enhancing energy efficiency and sustainability in Saudi Arabia.

“Tarshid continues to strengthen its partnerships with both public and private sectors, and our collaboration with Jeddah Airports Co. is a pivotal step toward establishing new energy efficiency benchmarks in the aviation sector, reflecting a future that merges operational excellence with environmental responsibility.”

Mazen bin Mohammed Johar, CEO of JEDCO, expressed his enthusiasm for the collaboration, saying that the agreement is a significant step in advancing the company’s efforts to enhance the operational efficiency of airport facilities.

Johar added that the agreement aligns with the National Aviation Strategy’s goal of operating a world-class, sustainable airport with high energy efficiency standards, consistent with Vision 2030.

He highlighted KAIA’s achievements in environmental preservation, including sustainability projects such as a recycling initiative that reduces carbon emissions and achieves net-zero targets, electricity and water conservation projects utilizing solar panels and smart technologies, and air quality monitoring in collaboration with the National Center for Environmental Compliance.

He said that the airport has increased green spaces to mitigate carbon emissions.

Established in 2017, Tarshid specializes in retrofitting buildings and facilities to improve energy efficiency and sustainability across government and private sectors. The KAIA project is among its key initiatives with the private sector, aiming to encourage the aviation industry to adopt sustainable practices.

By the end of the third quarter of this year, the company had achieved annual energy savings of 7.3 terawatt-hours across various projects, equivalent to conserving over 11.7 million barrels of oil equivalent and avoiding approximately 4.2 million metric tonnes of harmful emissions. These efforts equate to the environmental impact of planting more than 69.4 million seedlings annually, SPA reported.

Tarshid has recently signed a similar agreement with SAL Logistics Services, underscoring its role in advancing energy efficiency and sustainability across both governmental and private sectors. 

Topics: Jeddah Airports Co. King Abdulaziz International Airport (KAIA) Tarshid

Related

Saudi non-profit sector revenues surge 33% to $14.4bn in 2023
Business & Economy
Saudi non-profit sector revenues surge 33% to $14.4bn in 2023
Saudi Arabia’s logistics centers surge 267% amid Vision 2030 push
Business & Economy
Saudi Arabia’s logistics centers surge 267% amid Vision 2030 push

Latest updates

What We Are Reading Today: ‘Flows in Networks’
What We Are Reading Today: ‘Flows in Networks’
Makkah’s cultural gem offers journey through history and faith 
Makkah’s cultural gem offers journey through history and faith 
Saudi attorney general holds talks with Turkish counterpart in Makkah
Saudi attorney general holds talks with Turkish counterpart in Makkah
Indulge in the magical wizarding World of Harry Potter at Riyadh Season
Indulge in the magical wizarding World of Harry Potter at Riyadh Season
India’s former PM Manmohan Singh dies aged 92
India’s former Prime Minister Manmohan Singh attends a Congress Working Committee (CWC) meeting in New Delhi. (File/Reuters)

Search form

Print Edition
Read pdf version Subscribe now
© 2024 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement.