Health minister checks services at holy sites

Health minister checks services at holy sites
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Saudi Health Minister Fahd Al-Jalajel visited facilities in Makkah, Arafat, Mina and the headquarters of the Saudi Red Crescent to ensure they were prepared for the influx of Hajj pilgrims later this month. (SPA)
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Updated 05 June 2024
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Health minister checks services at holy sites

Health minister checks services at holy sites

RIYADH: Health Minister Fahd Al-Jalajel has been checking the readiness of staff at medical facilities across the holy sites, the Saudi Press Agency reported on Wednesday.

Al-Jalajel visited facilities in Makkah, Arafat, Mina, and the headquarters of the Saudi Red Crescent Authority, to ensure they were prepared for the influx of Hajj pilgrims later this month.

The minister also opened the National Center for Health Crisis and Disaster Management that would cover the holy sites, and visited the Mina Al-Wadi and Mina Emergency hospitals.

The tour included the facilities of several private sector companies.

Saudi Arabia’s government wants to ensure pilgrims complete their rituals safely, the SPA reported.


Saudi FM heads Kingdom’s delegation at Paris AI Summit

Saudi Foreign Minister Prince Faisal bin Farhan attends the AI Action Summit being held in Paris. (SPA)
Saudi Foreign Minister Prince Faisal bin Farhan attends the AI Action Summit being held in Paris. (SPA)
Updated 11 sec ago
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Saudi FM heads Kingdom’s delegation at Paris AI Summit

Saudi Foreign Minister Prince Faisal bin Farhan attends the AI Action Summit being held in Paris. (SPA)
  • Prince Faisal is attending the global summit on behalf of Crown Prince Mohammed bin Salman, SPA said

RIYADH: Saudi Foreign Minister Prince Faisal bin Farhan is heading the Kingdom’s delegation to the AI Action Summit being held in Paris, Saudi Press Agency reported on Tuesday.

Prince Faisal is attending the global summit on behalf of Crown Prince Mohammed bin Salman, SPA added.

The summit is bringing together almost a hundred countries and more than one thousand private sector and civil society representatives from across the world, invited on an inclusive basis in recognition of their commitment to the action promoted by the summit and their desire to contribute actively to debate.

India will host the next international summit on artificial intelligence after co-hosting with France in Paris on Monday and Tuesday, President Emmanuel Macron’s office said.


Pepsico set to expand in the Kingdom, with new HQ opening in Riyadh

Pepsico set to expand in the Kingdom, with new HQ opening in Riyadh
Updated 19 min 43 sec ago
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Pepsico set to expand in the Kingdom, with new HQ opening in Riyadh

Pepsico set to expand in the Kingdom, with new HQ opening in Riyadh
  • President said PepsiCo had made investments of up to $2.5 billion in the last 10 years

DUBAI: The soft drinks manufacturer Pepsico is set to open its new regional headquarters in Riyadh this month as part of its expansion, President and General Manager of PepsiCo MENA Ahmed ElSheikh told Arab News on Monday.

“We are opening a new office at King Abdullah Financial District, which is going to be the key head office,” ElSheikh said

PepsiCo is also investing in a research and development facility in KAFD, he added, describing Riyadh as “the hub of the Middle East” with an ever-growing market.

The president said PepsiCo had made investments of up to $2.5 billion in the last 10 years. Recently, $55 million was invested to expand their capabilities.

“So, this is about investment: investment in offices, investment in R&D, and investment in capacity,” he said.

“We’re bullish about the growth in the Middle East.”

Pepsico currently has two manufacturing plants in the Kingdom: one in Damam and one in Riyadh, which exports to the rest of the Gulf Cooperation Council.

When asked how rapid market changes are affecting the brand, ElSheikh said Pepsico adapts to trends quickly.

“Health and wellness and fitness is a new trend, especially for Gen Z,” he said, referencing products such as Forno (baked potato) chips and Gatorade, which are growing in popularity among the demographic.

“The reason behind this is sports. People are very active,” he explained.

Each demographic has different needs, with Generation Z seeking healthier and more convenient products, said ElSheikh.

“Gen Z are looking for not just healthier products but also looking for on-the-go consumption versus at-home consumption,” he added.


Saudi Arabia developing unified ESG guidelines to raise reporting standards, official says

Saudi Arabia developing unified ESG guidelines to raise reporting standards, official says
Updated 11 February 2025
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Saudi Arabia developing unified ESG guidelines to raise reporting standards, official says

Saudi Arabia developing unified ESG guidelines to raise reporting standards, official says
  • Robust ecosystem will help prepare for sustainable future
  • Saudi companies need to improve accuracy of reports, says Sindi

RIYADH: Saudi Arabia is developing unified national environmental, social, and governance guidelines that aim to bring reporting up to international standards, an official said.

“By developing a robust ESG ecosystem, we can address current challenges while preparing for a more sustainable future,” Yara Sindi, general manager of monitoring, reporting, and policies for sustainability, and director of corporate sustainability at the Ministry of Economy and Planning said during a conference in Riyadh.

“With 30 percent of our top companies already reporting on sustainability and growing awareness globally, we have an incredible opportunity to capitalize on this momentum,” Sindi said.

Despite this progress, Sindi noted that the quality of these reports remains a challenge. Many are not aligned with international standards, resulting in weak ratings and limited investor engagement, she said.

While there are multiple existing national guidelines that have been developed by different jurisdictions, Sindi pointed out that there is still no unified approach.

She emphasized the need for Saudi companies to improve the accuracy and transparency of their sustainability reports.

“It’s essential to equip our corporates with the tools and frameworks they need to produce high-quality reports,” she said.

Sindi added that this will allow them to better translate their efforts into measurable outcomes that investors can trust.

To tackle these challenges, Saudi Arabia is developing its own national sustainability reporting standards.

“These guidelines, informed by international best practices, aim to provide a unified approach that simplifies reporting for companies while ensuring alignment with global expectations,” she added.

Sindi made the comments during a panel discussion titled “The Evolving Landscape of ESG: Trends, Challenges, and Opportunities” at the fifth World Environmental Social and Governance Summit in Riyadh this week.

She said that investors’ awareness of national ESG initiatives is not where it should be, due to the disconnect between companies and investors regarding sustainability efforts.

“We are working to bridge this gap by fostering conversations and knowledge-sharing between corporates and investors.”

Abdulaziz Al-Ghamdi, director of sustainability at Ardara, also participated in the discussion, emphasizing a critical aspect of proper ESG implementation.

“A lot is going on — the landscape on the policy and the implementation of the strategy — and there’s lots of effort and work to be thanked for.”

Al-Ghamdi added that where most companies fail to address proper ESG implementation strategy, and the way that it can aid decision-making, is in identifying, primarily, many different materiality topics and the sustainability mandate.

“That being said, ESG is a metric for those who have not been involved in it — to calculate, to measure, to track, and to assess the performance of a company towards this broader stakeholder engagement,” he explained.

Al-Ghamdi said that there is a lot of work that has been completed to do that, but there are significant challenges in implementing these kinds of ESG strategies.

Neil Atkinson, senior vice president and head of ESG and sustainability at Riyadh Bank, added further insights into how ESG opens new opportunities for Saudi Arabia’s rapidly transforming sectors such as construction, energy, and real estate.

“I’d say, with the mass transformation we have here in Saudi Arabia for all sectors, how ESG in collaboration with this transformation can provide new opportunities for us here in the Kingdom,” Atkinson said.

He identified four key trends shaping the ESG landscape from a banking perspective.

“The first one is the increasing growth of green, social, sustainability, and sustainability-linked instruments,” Atkinson said.

He noted that in the US, self-identified assets under management in ESG reached $6.5 trillion in 2024, reflecting a significant year-on-year rise.

Atkinson pointed to the scaling of clean energy technologies, particularly solar, hydrogen, and wind, as a second major trend.

The third trend Atkinson highlighted was the increasing demand from investors for measurable ESG metrics.

“There are innumerable macro studies that demonstrate the strong positive correlation between sustainability performance and financial performance,” he said.

This drives investor interest in companies’ ESG integration into corporate planning and strategy. Atkinson linked this trend to regulatory developments.

He added: “Sustainability performance equals financial performance, which equals financial stability. And that’s a trend we see continuing.”

Atkinson said that there are 3,000 Saudi companies impacted by the Corporate Sustainability Reporting Directive requirements.

“This will influence how businesses set up their exports and how we in the financial sector help companies transition to meet these requirements.”


Islamic coalition partners with UN to strengthen global efforts against terrorism

Islamic coalition partners with UN to strengthen global efforts against terrorism
Updated 11 February 2025
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Islamic coalition partners with UN to strengthen global efforts against terrorism

Islamic coalition partners with UN to strengthen global efforts against terrorism

RIYADH: The Islamic Military Counter-Terrorism Coalition and the UN Office of Counter-Terrorism signed a memorandum of understanding in New York to bolster international efforts against terrorism and promote global security and stability.

The MoU aims to unify efforts in addressing terrorist threats in line with the regulations of both parties, the Saudi Press Agency reported on Tuesday.

The coalition was represented by secretary-general, Maj. Gen. Mohammed Al-Moghedi, and the UN office by under-secretary-general Vladimir Voronkov.

The MoU will support joint counter-terrorism projects focusing on capacity-building, training, awareness initiatives, and tackling emerging challenges.

It also outlines strategic cooperation in areas such as specialized law enforcement training and tailored technical assistance to member states.

Al-Moghedi emphasized that the MoU highlights the coalition’s commitment to combating terrorism and enhancing international cooperation for global security.

He added that working with the UN will facilitate the exchange of expertise and strengthen member states’ abilities to address security challenges effectively.


Saudi fund grants $20m loan for Suriname power grid 

Saudi fund grants $20m loan for Suriname power grid 
Updated 11 February 2025
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Saudi fund grants $20m loan for Suriname power grid 

Saudi fund grants $20m loan for Suriname power grid 

RIYADH: The Saudi Fund for Development has signed its first concessional loan agreement with Suriname, allocating $20 million to expand the country’s electricity transmission and distribution networks.

The agreement was signed by Sultan Al-Marshad, the fund’s CEO, and Kermechend Stanley Raghoebarsing, Suriname’s minister of finance and planning, the Saudi Press Agency reported on Tuesday.

The project aims to expand the electricity network in the capital Paramaribo, and the city of Nickerie, improving energy accessibility and grid efficiency. 

It will also extend electricity to farms and factories across multiple regions, with transmission lines covering approximately 50 km, the SPA reported.

This agreement marks the first collaboration between the Saudi fund and Suriname, reflecting the former’s 50-year commitment to supporting developing nations’ economic, social, and developmental challenges.

The project aligns with the fund’s ongoing efforts to enhance infrastructure and economic prosperity worldwide, the SPA added.