RIYADH: Private sector firms need to lead the way and invest in so-called blue tech in order to protect the world’s oceans, according to a leading official at Red Sea Global.

Speaking to Arab News during the Future Investment Initiative in Riyadh, Raed Al-Basseet, environment and sustainability officer at the company, called on businesses to adopt innovative approaches that contribute to environmental preservation. 

This includes blue tech — which refers to refers to any innovation made for the sea.

Al-Basseet also reaffirmed RSG’s commitment to sustainability — and how this reflects on the project’s return on investment. 

He called on the private sector to take “the first steps” and invest in “cutting edge approaches to preserving the environment,” adding: “Enhancing the environment and … conservation is the right thing to do for the private sector, but also when we realize the first benefits out of that, and out of these initiatives, we will also have real return on investment as a developer, as a private sector, from that investment.” 

Al-Basseet was keen to emphasis RSG’s focus on environmentalism, saying the company has “sustainability at its DNA.”

He added: “And that actually, from a practical sense, means that (in) all of our activities, master planning and development, design, construction, delivering on these projects, as well as operating these projects, sustainability is at the core of everything that we do.” 

He emphasized that the long-term success of the projects relies on preserving natural assets, making sustainability integral to achieving favorable outcomes. 

Highlighting key initiatives, Al-Basseet pointed out the company’s significant investment in blue tech, adding: “The investment in technology does require the support of a multitude of stakeholders. Private sector does have a role. Red Sea Global is very proud that they have in the 

Al-Basseet also spoke about the company’s efforts in coral conservation, including supporting research that is happening now within the Red Sea.

RIYADH: The National Bank of Kuwait is looking to partner with different companies in Saudi Arabia as the Kingdom’s Vision 2030 opens opportunities for financial partnerships, a senior executive said. 

Speaking to Arab News on the sidelines of the Future Investment Initiative in Riyadh, the General Manager of the National Bank of Kuwait in Saudi Arabia, Anas Al-Ubaid, highlighted that NBK has developed strong connections with key players, including other financial institutions.

“We have a good partnership with a lot of government bodies, corporates, and even private banking or high net worth individuals,” Al-Ubaid said.

He added: “We’re here on the market since 2006. We’re serving the market. We partnered up with the majority of the names in that market, even with banks. Once the opportunities arise, definitely we could partner up with them.”

Al-Ubaid also explained how the bank’s approach goes beyond traditional lending to provide customized financial solutions that meet specific client needs and support their business growth.

“The way we look at it here at NBK, it’s not just about lending. It’s about providing tailored financial solutions for our clients, serving their needs, and also helping them to grow their businesses,” he said.

Al-Ubaid continued: “There is no definite sector that we’re looking at. We’re looking at all areas that we could help with and help our partners in the markets.”

He added: “Our expertise is in tailoring solutions for clients, whether corporates or individuals,” highlighting NBK’s focus on customized financial services that support Vision 2030.

He further underlined that the Saudi market offers significant growth potential for banks, particularly as demand rises for customized financial solutions.

“I would say there’s a lot of opportunities in the markets for banks and financial institutions to grow in that area. Definitely. The market is eager to see more tailored solutions for clients, especially now the clients in Saudi,” Al-Ubaid said.

On the first day of the event, NBK signed four agreements worth $1.6 billion, underscoring the growing demand for sophisticated financial solutions within Saudi Arabia’s evolving market.

One agreement was inked with ACWA Power – worth SR2.6 billion ($690 million) – to support the company’s expansion in energy and water resource sectors across the Middle East and North Africa.

Additionally, NBK established an SR1.8 billion credit facility with Al Gihaz Contracting Co., helping fund the Kingdom’s largest energy storage project.

Agreements were also signed with Pan-Kingdom Holding Group and Alyusr Leasing to further their operational goals, with the deals valued at SR1 billion and SR750 million, respectively.