Ƶ issues over 37k certificates of origin in March/node/2495121/business-economy
Ƶ issues over 37k certificates of origin in March
This initiative is part of the Kingdom’s goalincrease the share of non-oil exports togross domestic product to50 percent by 2030. Shutterstock.
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Updated 18 April 2024
Arab News
Ƶ issues over 37k certificates of origin in March
Updated 18 April 2024
Arab News
RIYADH: Saudi exporters were issued 37,188 certificates of origin in March by the Ministry of Industry and Mineral Resources, marking an annual increase of 0.5 percent.
The document confirms that the products are of national origin or have acquired that status. It is part of the ministry’s effort to support and facilitate the service for exporters in various sectors.
This initiative is part of the Kingdom’s goal under the Vision 2030 economic transformation plan to increase the share of non-oil exports to Ƶ’s gross domestic product from 16 percent to 50 percent by the decade’s end.
According to the Saudi Press Agency, the service targets industrial establishments, the commercial sector, including companies and institutions, and individuals, including farmers, fishermen and individuals,as well as local artisans, and others.
The news agency pointed out that the document includes four distinct modes: one for national products intended for the Gulf Cooperation Council countries, another for Arab nations, a preferential origin certificate, and a bilingual version for countries that do not grant preferential treatment.
It is worth mentioning that the Ministry of Industry started issuing these documents following the Cabinet’s decision to transfer over the handing out of these certificates of origin for all national products from the Ministry of Commerce.
The initiative is also an electronic service that enables businesses to obtain the certification without the need to visit the ministry to save time and effort.
Figures released earlier this year revealed that the Industry and Mineral Resource Ministryissued 118 new industrial licenses in February — a 72 percent annual increase – with the volume of investments amountingto SR1.88 billion ($500 million).
The permits were distributed across five sectors, with the food product production domain securing 23 licenses.
COP29: World leaders urged to close $359bn adaptation finance gap by 2030 by UN Secretary-General
Updated 12 sec ago
Nadin Hassan
RIYADH: International leaders have been urged by the UN Secretary-General to bridge the $359 billion adaptation finance gap as climate impacts intensify, threatening global stability and vulnerable communities.
During the welcoming session at COP29 Antonio Guterres expressed the urgent need to close the growing gulf in climate adaptation funding, which could reach $359 billion annually by 2030.
“You must do more to protect your people from the ravages of the climate crisis. The most vulnerable are being abandoned to climate extremes. The gap between adaptation needs and finance could reach up to $359 billion a year by 2030,” Guterres said.
He added: “These missing dollars are not abstractions on a balance sheet: they are lives taken, harvests lost, and development denied. Now more than ever, finance promises must be kept. Developed countries must race the clock to double adaptation finance to at least $40 billion a year by 2025.”
Emphasizing the need for a significant increase in concessional finance, he stressed that climate adaptation is a global investment, not charity.
The UN chief underscored the transformative potential of adaptation finance, which he argued could drive economic progress and sustainable development.
He called on wealthier nations to prioritize this support, especially for communities struggling with limited resources.
“We need countries’ new climate action plans to set out adaptation financing needs and we need every person on earth to be protected by an alert system by 2027, in line with our Early Warnings for All initiative,” Guterres said.
He also highlighted the mounting climate toll of record-breaking temperatures, intensified natural disasters, and escalating food insecurity that disproportionately impacts poorer nations.
The UN Secretary-General warned that without swift adaptation and support, millions remain at risk as communities struggle to withstand climate extremes.
Guterres reminded attendees of their commitment to keeping the global temperature rise below 1.5 degrees Celsius, calling for new national climate action plans by the next COP that cover all emissions and sectors.
He outlined that these plans must “advance global goals to triple renewables capacity, double energy efficiency, and halt deforestation by 2030.”
Additionally, he emphasized the need for a 30 percent reduction in fossil fuel production and consumption by the same date, aligning national energy strategies with sustainable development goals to attract crucial investments.
“All this must be achieved in line with the principle of common but differentiated responsibilities and respective capabilities in the light of different national circumstances. All countries must do their part,” Guterres said.
He added: “But the G20 must lead. They are the largest emitters, with the greatest capacities and responsibilities. They must bring their technological know-how together with developed countries supporting emerging economies.”
Guterres issued an urgent appeal for transformative climate finance reforms, stressing that developing countries eager to advance environmental action face daunting barriers.
“Developing countries eager to act are facing many obstacles: scant public finance, raging cost of capital, crushing climate disasters, and debt servicing that soaks up funds,” he said.
Guterres continued: “Last year, developing and emerging markets outside China received just 15 cents for every dollar invested in clean energy globally. COP29 must tear down the walls to climate finance. Developing countries must not leave Baku empty-handed. A deal is a must.”
To meet the needs of developing nations, Guterres outlined a new financial framework with five critical elements.
First, he called for “a significant increase in concessional public finance” to ease the financial pressures on developing nations.
Second, he urged for a clear pathway demonstrating how public finance would mobilize the trillions required for climate action.
“Polluters must pay,” he added, advocating for levies on shipping, aviation, and fossil fuel extraction as part of innovative financing solutions.
He further emphasized the need for a financial system that assures “greater accessibility, transparency, and accountability” to build confidence among developing nations that promised funds will materialize.
Lastly, Guterres called for a recapitalization of multilateral development banks with a reformed business model that can “leverage far more private finance” to meet the climate crisis’s demands.
The Mayor of Kuala Lumpur, Maimunah Sharif, also addressed the summit, highlighting the critical issue of plastic pollution and its far-reaching effects.
She warned that by 2040, an estimated 1.3 billion tons of plastic will contaminate the air, water, and food we consume.
“In fact, each of us now has microplastics in our bloodstream, vital organs, and, as of this year, even in babies, in pregnant women,” Sharif said.
The Mayor of Kuala Lumpur, Maimunah Sharif. Supplied.
The Kuala Lumpur mayor urged global leaders to find a resolution to foster peace and unity in addressing environmental issues.
“Let us dig deep in ourselves to find the will to give peace a chance, to make peace with nature, and to make peace with ourselves,” she said, calling for more concrete actions, timelines, and funding commitments to protect the planet for current and future generations.
She emphasized the importance of collective action, underscoring that “without collaboration and cooperation, without a whole-of-society approach, we cannot hope to survive into the next century.”
Sharif described COP29 as both a “finance COP” and an “enabling COP,” stressing the need to ensure that available funds reach those most in need.
Saudi NHC closes $532m in sales, reveals new projects at Cityscape Global
Updated 1 min 34 sec ago
Nour El-Shaeri
RIYADH: Ƶ’s National Housing Co. marked a strong presence on the opening day of Cityscape Global 2024, securing over SR2 billion ($532.4 million) in sales.
The company’s expansive booth highlighted its latest real estate projects, showcasing cutting-edge architectural designs, smart housing solutions, and advanced technologies aimed at enhancing market regulation.
During its participation, NHC also announced three major new developments that reflect its commitment to sustainable urban growth, in line with Ƶ’s Vision 2030.
The first of these projects, Khuzam Boulevard in Riyadh, is set to become the longest commercial boulevard in the Kingdom, stretching 3.5 km. Designed as a premier entertainment and retail destination, the boulevard will enhance the quality of life for residents and visitors in the capital by offering a mix of leisure, retail, and dining experiences.
In Jeddah, NHC unveiled the Jawhara Oasis project, a mixed-use development covering more than 94,000 sq. meters for office spaces, alongside an additional 15,000 sq. meters dedicated to hotel accommodations. The project will feature sports and entertainment centers, shopping complexes, and other amenities, creating a vibrant, integrated environment for both business and leisure.
In Madinah, NHC announced Wahat Al-Dar, a sustainable residential and entertainment development spanning 154,228 sq. meters. Designed to blend seamlessly with the city’s cultural and spiritual essence, this eco-friendly project will offer both comfort and sustainability, catering to the needs of residents and visitors alike.
NHC also highlighted its growing network of strategic partnerships with leading developers, solidifying its position as Ƶ's largest real estate developer. These collaborations are central to NHC’s role in driving national economic growth and supporting local content within the housing and real estate sectors.
Major deals
Alongside NHC’s announcements, the Saudi Ministry of Interior and the Ministry of Municipal and Rural Affairs and Housing signed a significant Service Provision Agreement during the event. This agreement, aimed at streamlining project implementation via the Furas platform, will enhance investment opportunities, align with Saudi Vision 2030 objectives, and promote greater coordination between the two ministries.
The Ministry of Interior’s pavilion showcased its advancements in artificial intelligence, particularly in security operations, border protection, and crisis management. It also unveiled initiatives aimed at reducing road accident fatalities by 50 percent and extending payment periods for traffic fines.
The Eastern Province municipality secured investment agreements worth over SR800 million, with Mayor Fahd Al-Jubair signing multiple deals. These agreements include plans to upgrade the South Khobar Corniche, improve infrastructure in Dammam, and develop new recreational spaces in the Al-Khuzama district. Additional projects include revenue-sharing models for infrastructure upgrades, including enhancements to the North Dammam Corniche and the airport road.
King Abdullah Financial District also entered into a strategic partnership with IoT Squared, focusing on advancing the district’s smart city infrastructure. This collaboration will integrate Internet of Things solutions to optimize renewable energy usage, smart grids, and real-time incident management within the KAFD area.
Cityscape Global 2024 is being held at the Riyadh Exhibition and Conference Center in Mulham and runs through Nov. 14. The event, themed “The Future of Living,” serves as a platform for showcasing innovation and collaboration in the real estate and urban development sectors.
Bahrain airshow sets stage for aerospace partnerships
Event promises major deals, display of cutting-edge technologies
Updated 51 min 10 sec ago
MOHAMMED AL-KINANI
MANAMA: The Bahrain International Airshow 2024 is poised to elevate Bahrain’s position as a leader in the global aerospace industry, foster economic growth, and forge vital industry partnerships.
Under the patronage of King Hamad bin Isa Al-Khalifa, the seventh biennial event will take place from Nov. 13 to 15 at Sakhir Air Base, attracting key players from the world’s aviation, defense, and space sectors.
The airshow will be graced by Crown Prince Salman bin Hamad Al-Khalifa, along with prominent international thought leaders and industry experts.
The event will feature discussions on critical topics such as sustainability in aviation, cutting-edge technological innovations, infrastructure investment, space operations, gender equality in aerospace, and the future workforce challenges facing the industry.
With the participation of both civil and military aviation manufacturers, along with representatives from the fields of transportation, telecommunications, research, and space exploration, BIAS 2024 will serve as a major platform for global collaboration and knowledge exchange.
The airshow will also showcase Bahrain’s role as a hub for international aerospace events and its growing influence in driving regional growth and innovation.
The event will be hosted across a vast 14,000-sq. meter exhibition hall, 40 luxury chalets, and an 86,000-square-meter static aircraft display area. Major international exhibitors, including Lockheed Martin, Rolls-Royce, Thales, DHL, Indra Spain, Otokar, Defense Technology Equipment, and UAE’s Tawazan, will present the latest in aerospace and defense technologies. These displays will provide attendees with a firsthand look at the most advanced technologies shaping the future of aviation and defense.
Bahrain’s role as a strategic player in the aerospace sector has been reinforced in recent years through significant investments and partnerships that have propelled the country’s economic growth.
According to the event’s organizing committee, Bahrain’s gross domestic product grew by 4.9 percent in 2023, the highest rate since 2013. This growth is further supported by an increase in the performance of the non-oil sectors, which expanded by 1.3 percent year on year, reaching 3.7 billion Bahraini dinars ($9.8 billion) in the second quarter of 2024. These figures reflect the ongoing success of Bahrain’s economic diversification strategy, with the non-oil sector contributing more than 85 percent to the overall GDP.
For the first time, 13 companies from Europe, the US, China, Malaysia, and Thailand specializing in airport ground services will participate in BIAS 2024. This marks an expansion of the airshow’s scope, introducing new players and expertise to the event. Additionally, international aviation institutes will offer educational opportunities for attendees, further enhancing the event’s value by inspiring the next generation of aerospace professionals.
Key features
The airshow will also feature a series of impressive aerial displays. These include performances by the Royal Bahraini Air Force’s Copra Zolo by Bell, the Royal Saudi Air Force’s Typhoon and Saudi Hawks aerobatic display teams, as well as the Global Stars, Boeing 787-9, and the Indian Air Force’s Sarang helicopter team. These high-flying performances will showcase the technical capabilities of both military and civilian aircraft, captivating audiences and demonstrating the precision and skill of the world’s top aviators.
Since its launch in 2010, BIAS has grown significantly in both scale and prestige. Traditionally held in January, the event was moved to November in 2018 to better accommodate the needs of participants and the broader aerospace community. The 2022 edition attracted over 46,000 visitors from nearly 60 countries, with 186 companies participating and deals totaling $1.85 billion. The event also featured 100 aircraft on static display and was supported by 18 sponsors.
The final preparations for BIAS 2024 were reviewed in a meeting held two weeks ago, with Sheikh Abdullah bin Hamad Al-Khalifa, personal representative of King Hamad and chairman of the BIAS supreme organizing committee, confirming that everything is in place for the event.
Sheikh Abdullah emphasized that the ongoing success of BIAS reflects Bahrain’s growing role as a premier host for international events and highlighted the importance of continuing to organize specialized aviation affairs. These events not only help solidify the aviation sector’s role as a key economic growth driver but also create valuable opportunities for the youth in innovation and development.
As part of its commitment to engaging the next generation, BIAS 2024 will host approximately 5,000 students from public and private schools. These students will have access to the entertainment zone, where they can enjoy daily air displays and participate in educational programs and workshops. These initiatives are designed to spark interest in aviation, science, and technology, inspiring future careers in these fields.
The Supreme Organizing Committee for the event is chaired by Sheikh Abdullah bin Hamad Al-Khalifa and includes key figures such as Shaikh Abdullah bin Ahmed bin Abdullah Al-Khalifa, Bahrain’s newly appointed minister of transportation and telecommunications; Maj. Gen. Mohammed Al-Musalam, commander of Sakhir Air Base and head of the military committee; and Yousif Mahmoud, director general of BIAS.
Saudi firm launches carbon exchange platform at COP29 to drive emission reductions
Updated 52 min 15 sec ago
MANAL AL-BARAKATI
BAKU: A new carbon exchange platform has been launched at the COP29 conference in Baku, aimed at channeling significant funding into global climate projects.
Developed by Ƶ’s Regional Voluntary Carbon Market Co., the platform will accelerate emission reduction efforts and strengthen the Kingdom’s role in the carbon credit market by 2030.
The launch brought together 22 Saudi and international firms, signaling strong market interest and a commitment to sustainable development initiatives. The platform’s inaugural auctions aim to direct significant funding toward high-quality climate projects, particularly in the Global South.
A Voluntary Carbon Market is a forum where organizations and individuals can purchase credits to offset their emissions by funding projects that reduce or capture greenhouse gases, such as reforestation or renewable energy.
Unlike regulated markets, participation in VCMs is optional, allowing companies to support climate goals and compensate for emissions they cannot directly eliminate.
VCMs are crucial for directing finance to environmental projects, especially in developing regions, and are considered a key tool in achieving global net-zero targets.
The platform launched by RVCMC will offer auction and block trade functionalities, with plans to expand into spot markets by 2025. By providing a robust marketplace for carbon credits, RVCMC aims to bridge critical financing gaps in climate action, especially in regions most affected by climate change.
The inaugural auction will see over 2.5 million tonnes of high-quality carbon credits traded, with participating companies including industry leaders such as Aramco Trading Co., Ma’aden, and Gulf International Bank.
These transactions will fund a diverse portfolio of projects focused on emissions reduction and environmental preservation. Notable projects include methane capture in waste management, forest reforestation in Ethiopia, and carbon storage technology in construction in the US.
A significant portion of the auction’s credits will focus on removal projects, enhancing their durability and environmental impact.
RVCMC was established by Ƶ’s Public Investment Fund and the Saudi Tadawul Group to foster a thriving voluntary carbon market within the Kingdom and the wider Middle East and North Africa region.
Since its inception in 2022, the company has facilitated record-breaking auctions, underscoring the region’s growing role in global climate finance.
This latest launch reinforces Ƶ’s commitment to becoming a central player in the voluntary carbon market, leveraging its resources and infrastructure to address global emissions challenges in line with COP29 goals.
Ƶ needs 115k new homes a year to meet 2030 homeownership target: Knight Frank
Updated 12 November 2024
MIGUEL HADCHITY
RIYADH: Ƶ will need to construct 115,000 homes annually over the next six years to address the demands of its growing population, according to new research by Knight Frank.
In its latest release, the real estate consultancy firm emphasized that this substantial increase aims to fulfill the Kingdom’s 70 percent homeownership target by 2030, up from 63.7 percent at the end of 2023.
Christopher Payne, partner and chief economist at Knight Frank MENA, said: “The Kingdom aims to create a nation of homeowners with all the attendant benefits that this brings, including economic stability and stimulus, wealth building, and community engagement.”
An active housing market provides “greater choice, flexibility, and resilience for the Kingdom’s residents,” he added.
The report underscored the collaborative approach of the Ministry of Municipalities and Housing and the National Housing Co. in working with both private and international stakeholders to deliver affordable and diverse housing options.
It described this effort as “a national housing program” that will mobilize various partners to address both the demand and supply sides of the housing market.
Recent initiatives include NHC’s partnerships, such as a deal with Egypt’s Talaat Moustafa Group to build over 27,000 homes, and an agreement with China’s CITIC Construction Group to establish an industrial city for construction materials.
Payne added: “MOMAH’s initiatives helped to increase spending on residential construction from 5.5 percent of non-oil GDP to 8.5 percent in 2022.”
Knight Frank projected that 65 percent of the anticipated 825,000 new homes by 2030 will be driven by household formation from marriage, while the remaining 35 percent will stem from the Kingdom’s goal to elevate homeownership rates.
Additionally, it is noted that “existing platforms” will be utilized to ensure Saudi nationals have access to housing, reflecting the ministry’s aim to make homeownership more accessible to a young, expanding population.
Further supporting this growth, the government’s Sakani program, launched in 2017, has helped low- and middle-income families access housing through mortgage guarantees, loan subsidies, and reduced payments. Sakani has facilitated over 800,000 housing contracts, spanning ready-made homes, self-construction, and off-plan units.
With a significant portion of new housing developments projected in Riyadh due to rising demand from economic activity, Knight Frank noted that “urban centers like Riyadh” will play a crucial role in fulfilling the demand.
This trend is already evident in the capital’s property values, where apartment prices have surged by 62 percent, and villa prices by 37 percent over the last three years.
Future phases of the Sakani program aim to enhance housing affordability and availability through added incentives for developers and a wider range of housing options. Complementing these efforts is the ministry’s Etmam initiative, which facilitates “one-stop” online access for project approvals, streamlining processes and expediting construction.
Knight Frank concluded that Ƶ’s proactive housing strategies and Vision 2030 housing targets will unlock “the economic potential of a young, expanding population,” creating a “virtuous cycle” of economic stability and growth for the Kingdom.
