Islamic Development Bank sets out roadmap to promote Arab-African trade

The Arab-Africa Trade Bridges Program was organized in Rabat recently.
Updated 05 March 2017
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Islamic Development Bank sets out roadmap to promote Arab-African trade

RIYADH: The Islamic Development Bank (IDB) is developing a roadmap to strengthen Arab-African trade over the next three years, according to Hakim Elwaer, IDB’s official spokesman.
The roadmap includes identifying business opportunities and the areas of finance, building logistics platform, supporting trade, credit and insurance, and developing the necessary infrastructure to facilitate trade.
IDB President Bandar Hajjar and Mamoun Buhedod, minister delegate to the Ministry of Industry, Trade, Investment and Digital Economy in Morocco, inaugurated the Arab-African Trade Bridges (AATB) forum held in Rabat last month.
IDB’s support for development programs and infrastructure projects in Africa has reached more than $43 billion, which included funding for projects in infrastructure, according to IDB’s website.
Hajar added that the volume of trade financing granted to Arab and African member countries since the establishment of the International Islamic Trade Finance Corporation (ITFC), which is IDB’s trade financing arm, has reached about $15 billion.
This is in addition to cooperation with many strategic partners to design and implement programs for the development of trade among member countries.
Hajar urged Arab and Sub-Saharan African countries to take advantage of capacity development programs to be available thanks to the “Arab-African Trade Bridges” program over the next three years.
The participants in the forum and side events included trade ministers, directors of trade promotion agencies, presidents of the chambers of commerce and industry representing OIC Arab and Sub-Saharan African member countries as well as international financial institutions and banks.
A number of memorandums of understanding were signed between the main participants during the forum’s inauguration ceremony.
The initiative of the “Trade Bridges between Arab and Sub-Saharan African countries” forum was proposed by the ITFC during the seventh meeting of the Coordination Group to support cooperation in the field of foreign trade and export credit.
Besides ITFC, the Coordination Group includes the Arab Bank for Economic Development in Africa (BADEA), the Islamic Corporation for the Insurance of Investment and Export Credit (ICD), the Arab Trade Financing Program, the Arab Monetary Fund, the OPEC Fund for International Development, the Saudi Fund for Development and the Arab Investment & Export Credit Guarantee Corporation.


Saudi COP29 pavilion showcases latest climate solutions

Updated 5 sec ago
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Saudi COP29 pavilion showcases latest climate solutions

  • Energy leaders, policymakers explore cutting-edge tech, offer expert insights
  • Pavilion shares Kingdom’s commitment to addressing global climate challenge 

BAKU: The Saudi pavilion has emerged as a hub for collaboration and innovation at the COP29 climate talks, reflecting the Kingdom’s robust efforts to address climate change and drive sustainable development goals.

A series of panel discussions and expert insights at the pavilion have underscored Saudi Arabia’s commitment to advancing climate solutions.

Energy leaders, policymakers, and professionals joined the sessions to exchange ideas and explore cutting-edge technologies.

Panel discussions have explored key climate initiatives, with one of the standout sessions, “The Role of International Standards in Addressing Climate Change,” delving into how global standards can be adapted to fit national circumstances.

Experts discussed the importance of aligning international frameworks to effectively support climate action across diverse regions.

Another session, “Advancing Innovative Carbon Utilization Technologies to Achieve Climate Ambitions,” focused on converting carbon dioxide into valuable products. Participants highlighted technical solutions for carbon management, including the development of carbon capture and utilization technologies, and discussed the global challenges of decarbonization.

The future of hydrogen as a clean energy source also took center stage, with the Kingdom reaffirming its commitment to achieving net-zero emissions by 2060.

Speaking to Arab News, Renad Aldebasi, a carbon specialist at the Ministry of Energy, outlined the Kingdom’s efforts under the circular carbon economy program.

“This program, built on the four Rs — reduce, reuse, recycle, and remove — guides us toward net-zero emissions by 2060. Our world-class carbon capture and sequestration hub will scale up to capture 44 million tons of CO2 annually by 2035,” Aldebasi said.

Leadership and collaboration were also on display, with the Saudi Energy Leaders Assembly playing a pivotal role, and driving discussions on policies, partnerships, and infrastructure.

The assembly further amplified Saudi Arabia’s voice in global energy dialogues.

Nasser Al-Ghamdi, CEO of the Saudi Energy Efficiency Center, highlighted the Kingdom’s advances in improving energy efficiency.

“Since 2010, we’ve achieved significant efficiency gains, including a 57 percent improvement in HVAC (heating, ventilation, and air-conditioning) systems and a 28 percent improvement in transportation fuel economy. By 2030, we aim to save the equivalent of 1 million barrels of oil daily,” he said.

Abeer Alharbi, senior project manager at the Ministry of Energy, outlined progress in renewable energy.

“Saudi Arabia’s National Renewable Energy Program aims to meet 50 percent of electricity demand through renewables by 2030. With 6.2 GW already operational, we’re setting global benchmarks, such as achieving record-low costs for solar and wind energy,” Alharbi said.

Regional and global partnerships have also been cemented at COP29.

On the sidelines of the Baku talks, Saudi Arabia signed a joint executive program with Azerbaijan, Kazakhstan, and Uzbekistan to enhance cooperation in renewable energy. The program focuses on interconnecting regional power grids, integrating renewable energy projects, and fostering joint investment opportunities. Agreements with ACWA Power further advance initiatives in battery energy storage and offshore wind power, particularly in the Caspian Sea region.

COP29 continues to provide a platform for Saudi Arabia to share its vision and initiatives, showcasing the Kingdom’s dedication to addressing one of the most pressing global challenges of our time.


Saudi authorities seize huge drug haul, arrest hundreds

Updated 20 November 2024
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Saudi authorities seize huge drug haul, arrest hundreds

  • The smugglers included 456 Ethiopians, 269 Yemenis, a Somali, a Sri Lankan and 23 Saudi citizens

Riyadh: Saudi authorities recently made several drug-related arrests and confiscations in operations across the Kingdom, the Saudi Press Agency reported on Wednesday.

The General Directorate of Border Guard thwarted an attempt to smuggle 939 kg of hashish, 82,409 amphetamine pills, 291,499 regulated tablets, and 103 tonnes of qat.

The smugglers included 456 Ethiopians, 269 Yemenis, a Somali, a Sri Lankan and 23 Saudi citizens. They were arrested in Tabuk, Jazan, Asir and Najran.

Meanwhile, in Jazan, Border Guard patrols foiled attempts to smuggle 90 kg and 140 kg of qat in Al-Dayer and Al-Arda, respectively.

In the Al-Raboah sector of Asir, patrols arrested five Yemenis and Ethiopians attempting to smuggle 120 kg of qat.

The General Directorate of Narcotics Control arrested an Ethiopian in Al-Makhwah, Baha, for smuggling hashish and amphetamines, and four Saudi citizens in Jazan for smuggling 5.4 kg of hashish.

Security authorities reiterated their call for the public to report any information concerning drug smuggling or selling by calling 911 in Makkah, Riyadh, and the Eastern Province, and 999 in the rest of the Kingdom’s regions.

Individuals with information may also contact the General Directorate of Narcotics Control at 995 or through email at [email protected]. Information will be treated with strict confidentiality. 


Levantine culture shines at Riyadh’s Bilad Al-Sham event

Updated 20 November 2024
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Levantine culture shines at Riyadh’s Bilad Al-Sham event

  • Bilad Al-Sham featured a variety of events, including folkloric performances, popular carnivals and musical evenings by Levantine artists

Riyadh: Bilad Al-Sham festivities in Riyadh have showcased Levantine heritage through a series of performances and concerts.

Held at Al-Suwaidi Park as part of Riyadh Season, the cultural experiences attracted a large number of visitors.

Bilad Al-Sham featured a variety of events, including folkloric performances, popular carnivals and musical evenings by Levantine artists, the Saudi Press Agency reported.

Visitors also tasted Levantine cuisine and bought traditional clothing as well as handicrafts.

Bilad Al-Sham aimed to provide an enriching cultural experience for people of all ages, combining education and entertainment, the SPA reported.

By highlighting the traditions and culture of the Levant, the event embodied the spirit of coexistence and cultural diversity that Riyadh Season strives to promote.

More than 6 million people have visited Riyadh Season since it launched in October, the General Entertainment Authority said.

The areas contributing to the significant turnout include The Venue, Kingdom Arena, Boulevard City, Boulevard World, Riyadh Zoo, Al-Suwaidi Park and Wonder Garden, among others.


Waste not, want not: Misk Global Forum touts benefits of recycling to businesses and environment

Updated 20 November 2024
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Waste not, want not: Misk Global Forum touts benefits of recycling to businesses and environment

  • ‘Waste is the gold of the 21st century,’ says founder of pioneering initiative that transforms fish and ocean waste into sustainable textiles
  • Meanwhile, another project has worked with more than 200 farmers to plant 200,000 trees and regenerate 370 acres of land

RIYADH: The world’s economy is shifting towards a state in which sustainability and circularity will no longer be considered optional extras but the baseline for how we operate, experts said at the Misk Global Forum in Riyadh on Tuesday.

During a panel discussion titled “A Circular Revolution,” the participants explored ways in which waste materials can be reused or recycled to help achieve a circular economy that is beneficial to the environment while also generating profits.

“Waste is the gold of the 21st century,” said Moemen Sobh, the Egyptian founder and CEO of Visenleer, described as the first initiative of its kind in the Middle East and North Africa region, which transforms fish and ocean waste into sustainable textiles.

Noting that the fashion industry produces more greenhouse gas emissions than the oil and gas industries, he added: “By 2030, 50 percent of the gas emissions will be because of fashion.” Meanwhile, Egypt has a water deficit of 7 billion cubic meters a year and could run out of the vital resource as soon as 2025, UNICEF warned in 2021.

Sobh said his passion for finding sustainable solutions to these problem stems from his heritage as part of a northern Egyptian family descended from a long line of fishermen. So he decided to launch an initiative that buys fish waste that was being collected in plastic bags and dumped into freshwater sources, and instead use it to produce a more environmentally friendly alternative to animal and faux leather.

Through Visenleer, Sobh created the first sustainable fashion line in the region that uses only ocean waste to create its materials. He said the traditional tanning process for leather generates 90 percent of the greenhouse gas emissions produced by the fashion industry, so it was important for him to develop an alternative process that uses only glycerin, water and sunlight.

Electronic waste is another major environmental issue, and Alex Mativo, co-founder and CEO of Duck Analytics, spoke about the ways in which old devices can be transformed into products such as jewelry and fashion accessories.

He said he learned early on in his career that the circular economy means “turning something that is obsolete into something really beautiful.”

Mativo, who has been featured on the Forbes 30 Under 30 list, added that Duck Analytics uses data and artificial intelligence to help make the supply chains of global companies, such as Coca Cola and Red Bull, more efficient.

A circular economy, which is one based on the reuse and regeneration of materials or products, is beneficial both for businesses and the planet because it helps to reduce waste and generate profit, he said.

Louise Mabulo is the founder of the Cacao Project, an initiative that helps farmers build sustainable, resilient livelihoods through agroforestry, which involves the integration of trees and shrubs into crop and animal farming systems to create environmental, economic and social benefits for farmers and communities.

“Food systems account for 30 percent of global greenhouse gas emissions,” she said. The Cacao Project has worked with more than 200 farmers to plant almost 200,000 trees and regenerate more than 370 acres of land, she added. And that is not all.

“All of these farmers are being upskilled into businessmen and they are using agricultural waste; they are using cacao pods to make chocolate products and using that to create an income but also create economic benefits for themselves and for their communities, to protect them against storms and to provide better food,” Mabulo said.

As young innovators seek to develop sustainable solutions to environmental challenges, she said that “sometimes looking into the future requires looking back into the past.”

Rather than focusing only on new technologies, Mabulo added, knowledge of many solutions that can help solve the world’s problems already exists within communities.

“The key lies in unlocking them and finding innovative ways to marry ancestral knowledge or the resources we have with science, with facts, being able to communicate it well, and being able to talk to the communities in a language that they understand, and serve that gap.”


MoU signed to establish Saudi-Brazilian Coordination Council in Rio de Janeiro

Saudi Foreign Minister Prince Faisal bin Farhan and Brazilian Foreign Minister Mauro Vieira sign the MoU in Rio de Janeiro.
Updated 19 November 2024
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MoU signed to establish Saudi-Brazilian Coordination Council in Rio de Janeiro

  • Kingdom’s foreign minister visited Brazil to attend the G20 Summit that ended on Tuesday
  • Prince Faisal and Vieira reviewed relations between their countries and ways to develop them

RIYADH: A memorandum of understanding to establish the Saudi-Brazilian Coordination Council was signed by the foreign ministers of both countries in Rio de Janeiro on Tuesday, Saudi Press Agency reported.

The agreement was signed during a meeting between Brazilian Foreign Minister Mauro Vieira and Saudi Foreign Minister Prince Faisal bin Farhan.

It is a “continuation of what was agreed upon between the leaderships of the two countries during the visit of the President of Brazil Luiz Inacio Lula da Silva to the Kingdom on November 30, 2023,” SPA said.

The Kingdom’s foreign minister visited Brazil to attend the G20 Summit that ended on Tuesday.

Prince Faisal and Vieira reviewed relations between their countries and ways to develop them. They also discussed regional and international developments and efforts made in this regard.