IsDB leads multilateral development banks group in $300-$400bn lending boost target RIYADH: A group of elite financial institutions, led by the Islamic Development Bank, is aiming to increase its lending margin by $300-$400 billion over the next decade to reduce global inequalities. The announcement came after presidents of ten multilateral development banks met in Washington, D.C., to … Read more
RIYADH: In a bid to add impetus to the adoption of clean energy sources worldwide, Saudi utility firm ACWA Power has signed a deal with the International Renewable Energy Agency, said a press release issued on Thursday. The Saudi-listed firm said that the partnership aligns with its mission to provide sustainable energy solutions and seeks … Read more
Pakistan pushes to forge strategic, economic partnership as Saudi FM visits Islamabad ISLAMABAD: Pakistani top leaders, including the prime minister, president and foreign minister, said on Tuesday the ongoing visit of Saudi Foreign Minister Prince Faisal bin Farhan to Islamabad would help transform a longstanding friendship between the two nations into a strategic and commercial … Read more
RIYADH: Carbon markets are set to play a pivotal role in achieving climate goals, with efforts from Saudi Arabia and the UAE, paving the way for a smooth energy transition. According to a new report from the International Energy Forum, carbon markets are capable of effectively lowering the costs associated with greenhouse gas removal by … Read more
RIYADH: Saudi Arabia is emerging as a proactive leader, pioneering green initiatives to mitigate economic challenges posed by the transformation toward sustainability, according to the International Monetary Fund. A recent report by the IMF highlighted the intricate dynamics at play and underscored the Gulf Cooperation Council and Saudi Arabia’s strategic positioning in this evolving scenario. … Read more
RIYADH: Utility firm ACWA Power, backed by Public Investment Fund, is a step closer to building solar energy plants worth $3.4 billion across Saudi Arabia after securing finance from a bank consortium. The company, which owns a 50.1 percent stake in each of the three projects, secured a SR8.6 billion ($2.3 billon) credit facility from … Read more
RIYADH: Riyadh will witness a surge in the entertainment, leisure and tourism sectors, with Diriyah Co. aiming to break ground on 11 new assets by the end of 2024. In the first step toward this endeavor, the company signed two agreements on the sidelines of the Public Investment Fund’s Private Sector Forum. Speaking to Arab … Read more
RIYADH: The King Abdulaziz City for Science and Technology and ACWA Power have signed a deal to establish a research center for clean energy and desalination technologies, the Saudi Press Agency reported on Sunday. The Center for the Development of Clean Energy Technologies and Water Desalination marks a pivotal step toward advancing eco-friendly energy and … Read more
RIYADH: In a bid to attract global talent and diversify its economy away from oil, Saudi Arabia has added five new products to its premium residency program. The program, launched in 2019, aims to allow eligible foreigners to live in the Kingdom and receive benefits such as exemption from paying expat and dependents fees, visa-free … Read more
RIYADH: The number of e-commerce firms in Saudi Arabia shot up 24 percent in the fourth quarter of 2023 compared to the same period of the previous year, official data showed. The latest data released by the Ministry of Commerce revealed that the total number of registered firms in the country reached 37,481 in the … Read more