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Sustainable finance key to driving climate adaptation, panel told

Special Sustainable finance key to driving climate adaptation, panel told
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Abdullah Al-Moqbel, director of the sustainability department at CMA, participated in a panel discussion at the Sustainability Forum Middle East in Manama. (AN Photo/Ghadi Joudah)
Special Sustainable finance key to driving climate adaptation, panel told
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Abdullah Al-Moqbel, director of the sustainability department at CMA, participated in a panel discussion at the Sustainability Forum Middle East in Manama. (AN Photo/Ghadi Joudah)
Special Sustainable finance key to driving climate adaptation, panel told
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Abdullah Al-Moqbel, director of the sustainability department at CMA, participated in a panel discussion at the Sustainability Forum Middle East in Manama. (AN Photo/Ghadi Joudah)
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Updated 2 min 6 sec ago

Sustainable finance key to driving climate adaptation, panel told

Sustainable finance key to driving climate adaptation, panel told
  • Kingdom to set new guidelines for green sukuk growth, official tells Manama forum
  • Abdullah Al-Moqbel: Sustainable finance is a key driver and the main engine for developing sustainability practices among all economies

MANAMA: The use of environmental sukuk and other debt instruments is surging in the Kingdom, with total issuances exceeding SR8 billion ($2 billion), a Capital Market Authority official has said.

Abdullah Al-Moqbel, director of the authority’s sustainability department, was speaking on Tuesday during a panel discussion titled “Climate Risk and Financial Disclosure: Harmonizing New Frameworks and Implementation” at the Sustainability Forum Middle East in Manama, Bahrain.

He highlighted the critical role of sustainable finance in facilitating the transition toward climate adaptation and sustainable development.

Al-Moqbel added: “Sustainable finance is a key driver and the main engine for developing sustainability practices among all economies. It will be even more critical during the transition phase.”

He also highlighted the importance of collaboration with stakeholders in advancing corporate sustainability strategies.

“In Ƶ, we are working on implementing a corporate sustainability strategy. Within this effort, we have a platform that facilitates multi-sided communication with various partners,” Al-Moqbel said.

Market participants and listed companies are key partners in this process, and their engagement is crucial for enhancing the quality of initiatives, he added.

Ultimately, corporate entities, not regulators, will implement the strategy, Al-Moqbel said.

Meanwhile, Alya Al-Omran, head of capital markets supervision at the Central Bank of Bahrain, shared her country’s approach to sustainability in the financial sector.

“We have issued our ESG module, and the way we introduced this new module to our licensees and listed companies is by mandating them,” she said.

Al-Omran said that the adoption of the rules in Bahrain is mandatory.

“Maybe it is a very new way of introducing such rules, as it is a relatively new concept here, but we chose to do it this way to kindly force companies to adopt sustainability and integrate it into their operations,” Al-Omran added.

Mohammad Essa, head of the corporate governance section at the Securities and Commodities Authority in the UAE, discussed the emirates’ efforts to promote green bonds and sustainable finance.

Essa said that the UAE issued regulations in 2023 regarding green and sustainability-related bonds.

“To support this initiative, we have also exempted companies planning to list these bonds or sukuk on the financial market from the registration fees imposed by the authority.”

This initiative could increase the number of bonds and sukuk listed on the local financial market, he added.

“As of the latest figures at the end of 2023, we reached $14 billion in green bonds and sukuk issued by the authority. Of course, this number has increased currently,” said Essa.

While progress in Ƶ, Bahrain and the UAE is evident, Al-Moqbel acknowledged the global disparity in sustainable finance adoption.

“Although green issuance worldwide has surpassed $850 billion, it represents just 3 percent of total conventional bond issuances,” he said.

Despite this, the compound annual growth rate for green financial products is double that of conventional bonds, underscoring the promising future of such instruments, Al-Moqbel added.

Recognizing this potential, the Kingdom’s Capital Market Authority is taking proactive regulatory steps to support and expand the market for sustainable finance in the Kingdom.

“We are currently drafting guidelines for issuing green, social and sustainability-linked sukuk and debt instruments in the Saudi market,” Al-Moqbel said.

These guidelines, expected to be voluntary, aim to help companies comply with disclosure requirements and align with international principles, such as those set by the International Capital Market Association.

The overarching goal is to increase the issuance of these financial products in local and regional markets, said Al-Moqbel.

He also addressed the need to raise awareness among local and regional investors.

“Most of the demand for these products currently comes from international investors. Raising awareness is essential to trigger interest from local and regional investors,” he said.


Women’s voices should be at forefront of policy, says UN climate champion

Women’s voices should be at forefront of policy, says UN climate champion
Updated 36 sec ago

Women’s voices should be at forefront of policy, says UN climate champion

Women’s voices should be at forefront of policy, says UN climate champion
  • Sarah El-Battouty sheds light on underrepresentation of women in the green economy
  • Event in Bahrain aimed to amplify the voices of women in the industry

MANAMA: Women leaders from the MENA region are playing a transformative role in advancing climate action, a UN climate champion told Arab News.

“Women leaders in green tech and the green economy remain a minority, representing 30 percent of climate negotiations and less than 3 percent at the helm of tech companies,” said Sarah El-Battouty, global ambassador for the UNFCCC Climate Change High-Level Champions.

El-Battouty spoke to Arab News on the sidelines of the Sustainability Forum Middle East in Manama, Bahrain, where she attended the evening event titled “Women’s Leadership in Climate and Sustainability — Amplifying the Voices of MENA’s Changemakers.”

The event, held in partnership with Bahrain’s Supreme Council for Women and the Supreme Council for Environment, aims to showcase the contributions of female experts from across the MENA region.

El-Battouty, who is also chairwoman of ECONSULT Sustainable Architecture, highlighted the importance of diverse leadership, inclusive policymaking and technology in addressing the climate crisis.

“The role of the UNFCCC Climate Change High-Level Champions is critical to the policymaking and way forward for climate action and dialogue between stakeholders,” she said.

El-Battouty said that for many years, climate discussions were dominated by governments and financial institutions, leaving the private sector as mere implementers of policies.

She shed light on the underrepresentation of women in the green economy and tech sectors and the need for their inclusion.

“Among them, women have been selected on merit to put forward the case of solutions led and created by women for women and broader communities from all over the world,” El-Battouty said.

She said that while women played a transformative role in driving climate action, they faced significant economic and social barriers, particularly in access to climate financing.

El-Battouty said that challenges for women-led green initiatives in the MENA region often stemmed from systemic barriers rather than purely socio-cultural norms.

“There are hidden root causes less prominent than social norms verified as key limitations,” she said.

Women-led initiatives struggle to secured financial resources due to gender biases in financing systems, El-Battouty said.

“They are financed in smaller installments and often encouraged to have a male executive to unlock further financing.”

She added that limited ownership of assets, such as land, restricted women from securing collateral for loans. “Many women risk their savings or become indebted from the outset.”

El-Battouty added that unequal access to STEM education reduced opportunities for women to lead in technical and environmental fields.

“Less than 19 percent of women enter STEM education,” she said.

El-Battouty said that advancing inclusive policies addressing the social dimensions of climate change — such as gender equality, education and community resilience — was essential.

“These policies ensure that marginalized groups, including women and children, are part of the solution and recognize that as the most vulnerable to loss and damage and migration, women’s voices should be at the forefront of holistic policy frameworks,” she said.

El-Battouty called for accessible and affordable technology to empower women across all demographics.

“Women engage collaborative approaches, especially with other women, because they recognize them as stakeholders of climate actions, ensuring their livelihoods are sustained and information is learned, co-developed and passed on to generations,” she said.

El-Battouty said that women were critical advocates for inclusive and sustainable practices in industries such as housing and construction, which were responsible for nearly 40 percent of global emissions according to the UN.

“It is women in the industry who have advocated for the inclusion of rural villages, low-income housing and indigenous communities to be included in climate-resilient intervention and green buildings,” El-Battouty said.

Despite challenges, she celebrated the achievements of women leaders in advancing inclusivity and sustainability.

“Women in climate take big risks and face adverse resistance, however, their activism is seeing disruptive and positive steps to be inclusive and leave no one behind,” El-Battouty said.


Saudi universities unite at Darah event to innovate heritage preservation

Saudi universities unite at Darah event to innovate heritage preservation
Updated 13 min 39 sec ago

Saudi universities unite at Darah event to innovate heritage preservation

Saudi universities unite at Darah event to innovate heritage preservation
  • Al-Jouf University took first place with its innovative project to preserve Saudi heritage through an online platform promoting historical sites across the Kingdom
  • Aligned with Vision 2030, the National History Lab gave youth and organizations passionate about preserving Saudi heritage a platform to collaborate and compete

RIYADH: The King Abdulaziz Public Foundation for Research and Archives, Darah, concluded its three-day National History Lab on Tuesday at Princess Nourah bint Abdulrahman University, showing ways to preserve and celebrate Saudi history. 

Themed “History in the Eyes of the Future,” the event brought together 30 Saudi universities and 15 national and international organizations to inspire innovative approaches to documenting and sharing Saudi history.

The initiative featured two streams: the digital innovation track, which focused on developing technical solutions for documenting and sharing history; and the social impact track, designed to create initiatives that strengthen community connections to history. 

A panel of 13 judges evaluated the submissions, supported by more than 20 facilitators who guided participants in refining their ideas.

Al-Jouf University took first place with its innovative project to preserve Saudi heritage through an online platform promoting historical sites across the Kingdom.

Wajd Al-Huzaim, a student from the winning team, explained the concept: “Al-Majlis is a Saudi social media app connecting the Kingdom’s regions through communities. Each region is represented as a ‘majlis,’ such as Majlis Al-Jouf, Majlis Riyadh, and so on.

“People share posts about historical sites, their homes, and interact through likes and comments.”

She said that the app awards badges for visiting historical sites where users can check in at these locations to earn badges. “Once they collect a certain number, they achieve the title of ‘guide.’” 

Al-Huzaim emphasized the app’s impact, saying: “It connects people to local landmarks and encourages citizens to promote their region’s history. By turning Saudi heritage into a trend, it appeals to the younger generation, making history relevant and engaging.” 

The event included workshops, exhibitions, and talks by various experts. At one of the booths by Darah, visitors were able to learn how colors and inks were traditionally extracted from plants.

Munirah Al-Qahtani, a researcher at Darah, said: “In the past, our ancestors used these natural methods to color doors, windows, and houses where they would dissolve gum arabic to create a liquid substance that was mixed with the colors. This process ensured the durability of the piece and preserved its quality, preventing it from deteriorating over time.” 

Aligned with Vision 2030, the National History Lab gave youth and organizations passionate about preserving Saudi heritage a platform to collaborate and compete, the Saudi Press Agency reported. 


King of Bahrain arrives in Riyadh

Bahrain’s King Hamad is greeted on arrival in Riyadh by the governor of Riyadh Region Prince Faisal bin Bandar on Wednesday. SPA
Bahrain’s King Hamad is greeted on arrival in Riyadh by the governor of Riyadh Region Prince Faisal bin Bandar on Wednesday. SPA
Updated 21 min 20 sec ago

King of Bahrain arrives in Riyadh

Bahrain’s King Hamad is greeted on arrival in Riyadh by the governor of Riyadh Region Prince Faisal bin Bandar on Wednesday. SPA
  • Bahrain’s King Hamad was greeted on arrival at King Khalid International Airport by the governor of Riyadh Region Prince Faisal bin Bandar

RIYADH: Bahrain’s King Hamad arrived in Riyadh on Wednesday, Saudi Press Agency reported. 

He was greeted on arrival at King Khalid International Airport by the governor of Riyadh Region Prince Faisal bin Bandar and other officials. 

The king visited Muscat on Tuesday where he met with the Sultan of Oman Haitham bin Tariq. 


Bangladesh committed to meet demand for skilled workers in Ƶ, top official says

Bangladesh committed to meet demand for skilled workers in Ƶ, top official says
Updated 29 January 2025

Bangladesh committed to meet demand for skilled workers in Ƶ, top official says

Bangladesh committed to meet demand for skilled workers in Ƶ, top official says
  • Bangladesh government exploring options to facilitate expatriate participation, voting in national election

RIYADH: Bangladesh is committed to meeting demand for skilled workers in Ƶ, said Asif Nazrul, adviser to the Bangladeshi Ministry of Law, Justice and Parliamentary Affairs, as well as the Ministry of Expatriates’ Welfare and Overseas Employment.

Speaking at a discussion organized at the Bangladesh Embassy in Riyadh with owners and senior officials of Saudi companies, Nazrul said that there were significant opportunities for Bangladesh to send skilled and semi-skilled workers, including doctors, engineers, nurses and technicians.

Nazrul, who is in Riyadh at the invitation of the Saudi Ministry of Human Resources and Social Development to attend the Global Labor Market Conference (Wednesday-Thursday), emphasized the need for qualitative changes in Bangladesh’s labor market in Ƶ.

He highlighted the many employment prospects emerging from Ƶ’s Vision 2030 initiatives, including mega projects such as NEOM, Red Sea, Qiddiya, Green Riyadh, Amala, Diriyah and Roshan, alongside major global events such as the AFC Asian Cup (2027), Winter Asian Olympics (2029), World Expo (2030) and FIFA World Cup (2034).

He sought the cooperation of Saudi recruitment companies, who acknowledged the presence of skilled professionals in Bangladesh but pointed out challenges such as inadequate information, marketing, networking, visa delays, language barriers and a lack of pre-boarding orientation.

Nazrul assured them of resolving these issues and emphasized strengthening ties through labor fairs, seminars and regular communication with company officials.

He also inaugurated the embassy’s e-demand attestation system, enabling Saudi companies to easily register online and attest worker demand letters without visiting the embassy, a key initiative for promoting transparency and efficiency.

Nazrul also distributed prizes to winners of competitions organized as part of the embassy’s “Festival of Youth 2025” on Wednesday.

Bangladesh’s new ambassador to Ƶ, Delwar Hossain, welcomed the Saudi delegates at the interactive session.

Later, Nazrul interacted with Bangladeshi expatriates, listening to their concerns, including high airfare costs and excessive fees charged by recruiting agencies, and assured them of solutions and encouraged them to maintain close contact with the embassy through social media and its website. 

Appreciating their role in sending remittances, he assured the government’s continued welfare initiatives for expatriates and urged compliance with Saudi laws and culture to avoid legal complications.

On the issue of voting in national elections, he said that the government was exploring viable options to facilitate expatriate participation.


Saudi crown prince receives former US President Clinton

Saudi crown prince receives former US President Clinton
Updated 29 January 2025

Saudi crown prince receives former US President Clinton

Saudi crown prince receives former US President Clinton

RIYADH: Saudi Crown Prince Mohammed bin Salman received in Riyadh on Wednesday former US President Bill Clinton. 

A friendly conversation took place during the reception held at the crown prince’s office, the Saudi Press Agency reported.

The reception was also attended by Princess Reema bint Bandar, the Saudi Ambassador to the United States; Minister of State, Cabinet Member and National Security Advisor Dr. Musaed bin Mohammed Al-Aiban and the delegation accompanying the former US President.