RIYADH: The Red Sea Development Company (TRSDC) is actively working with local communities by recruiting, training and educating people on sustainability, TRSDC and Amaala CEO John Pagano told Arab News.
The company has hired around 2,000 local people including contractors and is training people in vocational jobs and for management roles, he said in an interview on the sidelines of the FII held in Riyadh this week.
“We try to prioritize people that come from the region, get priority when we select our candidates,” he said.
The company is also working with local communities trying to identify business opportunities for them, Pagano added.
On the agriculture side of things, the company is helping farmers to be more organized and educated and to “learn more how to manage pests and use more environmentally sound and friendly solutions to deal with pests, grow more organic foods and give them an outlet so we can become a purchaser of them,” he explained.
Pagano said there will be no overdevelopment as this would damage what makes the place so unique and special.
“We have established what we believe to be our ecological ceiling and we’re going to work within that,” he said. “Even though I have the size of a country, a land area the size of a country, as big as Belgium, we’re only going to develop a very small percentage of that,” he told Arab News.
RIYADH: UN Secretary General António Guterres warned world leaders to stop treating the planet “like a toilet” in his opening address to the COP26 climate summit.
In a hard-hitting warning to the heads of states gathered in Glasgow, Guterres said: “Our addiction to fossil fuels is pushing humanity to the brink. We face a stark choice. Either we stop it, or it stops us. It’s time to say enough. Enough of brutalizing biodiversity. Enough of killing ourselves with carbon. Enough of treating nature like a toilet. Enough of burning and drilling and mining our way deeper. We are digging our own graves.”
“If commitments fall short at the end of this COP, countries must revisit their national climate plans and policies – not every five years (but) every year and every moment,” Guterres told leaders at the COP26 opening ceremony.
Guterres warned that the six years since the Paris Agreement in 2015, in which world governments agreed to limit global warming to as close to 1.5°C as possible and below 2°C, had been the six hottest years on record.
He said: “We must keep the goal of 1.5 degrees Celsius alive. This requires greater ambition on mitigation and immediate concrete action to reduce global emissions by 45 percent by 2030. G20 countries have a particular responsibility as they represent around 80 percent of emissions. According to the principle of common but differentiated responsibilities in light of national circumstances, developed countries must lead the effort. But emerging economies, too, must go the extra mile, as their contribution is essential for the effective reduction of emissions. We need maximum ambition from all countries on all fronts to make Glasgow a success.”
RIYADH: Investors in Aramco hoping for a payout off the back of surging oil prices have been left disappointed after the Saudi firm announced no extra dividends, Bloomberg reported.
The oil giant posted its third quarter accounts on Sunday, showing its profits more than doubled to SR114.1 billion ($30.4 billion) from a year ago.
The dividend plans remain “vague,” Bank of America analysts wrote last week, while Morgan Stanley analysts think it’s only a matter of time before the story changes.
EFG-Hermes sees “strong potential for the company to opt to pay out a special dividend for 2021,” Yousef Husseini, an analyst at the bank in Cairo, wrote in a note Sunday.
Ensuring Aramco shares are attractive to foreign investors is paramount for Saudi Arabia, as the government owns 98 percent of the company.
The government has indicated it wants to sell more shares in the future, Bloomberg said. A low yield was one of the reasons some foreign investors stayed away from the December 2019 IPO, and back then the yield was even higher, it said.
RIYADH: Prince Charles called for the world to move to a “war-like footing” in combatting the effects of climate change during the World Leader’s Summit at the COP26 in Scotland.
Prince Charles, heir apparent to the British throne and most senior royal at COP26, told world leaders that climate change was a bigger threat to the globe than the COVID-19 pandemic.
He warned: “Time has quite literally run out”, and called on global corporations to help fund the transition of poorer nations to net zero.
“The Covid-19 pandemic has shown us just how devastating a global cross-border threat can be. Climate change and biodiversity loss are no different. In fact, they pose an even greater existential threat to the extent that we have to put ourselves on what might be called a war-like footing.”
He added: “My plea today is for countries to come together to create the environment that enables every sector of industry to take the action required. We know this will take trillions, not billions, of dollars. We also know that countries, many of whom are burdened by growing levels of debt, simply cannot afford to go green. Here, we need a vast military-style campaign to marshal the strength of the global private sector. With trillions at its disposal, far beyond global GDP and, with the greatest respect, beyond even the governments of the world’s leaders, it offers the only real prospect of achieving fundamental economic transition.”
The Saudi Real Estate Refinance Company (SRC) and the Real Estate Development Fund (REDF) have signed an agreement to refinance a property portfolio worth SR10 billion ($2.7 billion), according to a SRC press release.
The deal is in line with Saudi Vision 2030 goals to push homeownership in the Kingdom to 70 percent by the end of the decade.
REDF provides subsidised loans to Saudi home buyers, while SRC, owned by Saudi’s sovereign wealth Public Investment Fund, buys real estate portfolios from local banks and property finance firms and packages them into shariah-compliant mortgage-backed securities for sale to domestic and international investors.
SRC chief executive Fabrice Susini said: “This is our largest agreement worth SR10bn with a home financing originator and with this, we are unlocking opportunities for the growth of home financing market in the kingdom by creating low-risk tools in partnership with financial institutions.”
REDF, through the Kingdom’s Mado’om mortgage programme, has provided more than SR31 billion in monthly support to over 560,000 homebuyers to the third quarter of this year from June 2017.
RIYADH: Pakistani online marketplace Zarya has raised $1.7 million in its latest funding round, led by Raed Ventures — an early-stage investor in the MENA region, MAGNiTT reported.
Others taking part in the round were Pakistan investor Fatima Gobi Ventures, Egyptian social commerce startup Taager, and US firm venture capital firms Class 5 Global and Global Founders Capital.
The Lahore-based tech firm allows social sellers and small retailers to sell goods online, while its platform helps arrange delivery and collect payments.
The site, founded by brothers Faisal and Saad Zahid, carries over 3,000 different items, a significant amount of which are women and children’s clothing. Many of Zarya’s customers are housewives looking to earn additional income.
The business said it would use the cash to broaden the goods it offers and upgrade its supply chain and automation services.
E-commerce startups in Pakistan raised almost 30 percent of all capital deployed in the country in the third quarter of this year, according to a recent MAGNiTT report.
Red Sea Development collaborates with local communities on jobs, sustainability — CEO – Arab News