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)
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Updated 29 January 2025
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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 Saudi Arabia, 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 Saudi Arabia, 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.


Six arrested in Makkah for fake Hajj campaigns

Six arrested in Makkah for fake Hajj campaigns
Updated 30 April 2025
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Six arrested in Makkah for fake Hajj campaigns

Six arrested in Makkah for fake Hajj campaigns

JEDDAH: Makkah security patrols arrested four Chinese nationals for fraud after they were suspected of promoting fake Hajj campaign adverts on social media, falsely offering accommodation and transportation within the holy sites, according to the Saudi Press Agency.

In a separate incident, Makkah police also arrested a Yemeni and an Egyptian for similar fraud. The suspects a few accused of posting misleading advertisements for fake Hajj campaigns, falsely promising services for pilgrims.

All were detained, legal procedures were initiated, and they were referred to the Public Prosecution, the SPA added.

The General Directorate of Public Security urged citizens and residents to follow Hajj regulations and report violations by calling 911 in Makkah, Riyadh, and the Eastern Province, or 999 in other regions.

The Ministry of Interior also emphasized that domestic pilgrims must obtain permits through the Nusuk platform, while international pilgrims must use authorized entities via the Tasreeh digital platform.

The ministry announced penalties for those performing Hajj without a permit or facilitating such violations. From April 29 to June 10, the following penalties will apply:

A fine of up to SR20,000 ($5,300) will be imposed on anyone caught performing or attempting to perform Hajj without a permit, including visit visa holders entering or staying in Makkah or the holy sites during this period.

A fine of up to SR100,000 will be imposed on those who apply for visit visas on behalf of individuals who violate these regulations. The same penalty applies to those who transport, shelter, or attempt to shelter such individuals in any accommodation, including hotels, apartments, private residences, or pilgrim housing. Fines will multiply per violator involved.

Illegal infiltrators — residents or overstayers — attempting to perform Hajj will be deported and banned from reentering the Kingdom for 10 years.

The court will be requested to confiscate any land vehicle used to transport violators to Makkah or the holy sites, if owned by the transporter, facilitator, or accomplice.


Saudi Foreign Ministry urges India, Pakistan to resolve dispute through diplomacy

Saudi Foreign Ministry urges India, Pakistan to resolve dispute through diplomacy
Updated 30 April 2025
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Saudi Foreign Ministry urges India, Pakistan to resolve dispute through diplomacy

Saudi Foreign Ministry urges India, Pakistan to resolve dispute through diplomacy
  • 26 people were killed in an attack near the resort town of Pahalgam in India-controlled Kashmir

RIYADH: The Saudi Foreign Ministry on Wednesday called on India and Pakistan to avoid escalation and seek diplomatic means to resolve any disputes.

“The Kingdom of Saudi Arabia expresses its concern regarding the escalating tension between the Republic of India and the Islamic Republic of Pakistan,” the ministry said in a statement on X.

It urged both countries to “reduce tensions and resolve disputes through diplomatic means.”

The Saudi statement comes as tensions between the neighboring countries escalated after 26 people were killed in an attack near the resort town of Pahalgam in India-controlled Kashmir.

Pakistan said it has “credible intelligence” India intends to launch military action. India claims it has identified the three attackers involved in the Kashmir attack, including two Pakistani nationals.

 


Japan FM in Riyadh to bolster ties with Saudi Arabia

Japan FM in Riyadh to bolster ties with Saudi Arabia
Updated 30 April 2025
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Japan FM in Riyadh to bolster ties with Saudi Arabia

Japan FM in Riyadh to bolster ties with Saudi Arabia
  • Saudi Arabia plays ‘crucial role for peace, stability and prosperity’ globally, says Takeshi Iwaya

RIYADH: Japan’s Foreign Minister Takeshi Iwaya arrives in Riyadh on Wednesday to hold talks with Saudi Arabia officials on strengthening strategic cooperation.

Iwaya’s visit comes as the two nations celebrate the 70th anniversary of diplomatic ties this year.

In an exclusive opinion piece for Arab News published on Wednesday, Iwaya outlined his vision to help lead the international community “from division to cooperation.”

He described Saudi Arabia as playing “a crucial role for peace, stability and prosperity” globally.

He highlighted the deepening ties in several sectors including energy, education, entertainment and emerging technologies, and reiterated Japan’s strong support for Vision 2030.

This visit marks Iwaya’s first to the Middle East as foreign minister. He will also travel to the UN in New York as a part of his current travels.


Saudi Arabia welcomes first Hajj pilgrims in Jeddah, Madinah

Saudi Arabia’s Minister of Transport and Logistic Services Saleh Al-Jasser receives first group of Bangladeshi Hajj pilgrims.
Saudi Arabia’s Minister of Transport and Logistic Services Saleh Al-Jasser receives first group of Bangladeshi Hajj pilgrims.
Updated 29 April 2025
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Saudi Arabia welcomes first Hajj pilgrims in Jeddah, Madinah

Saudi Arabia’s Minister of Transport and Logistic Services Saleh Al-Jasser receives first group of Bangladeshi Hajj pilgrims.
  • Flights from Bangladesh, Pakistan, Malaysia and India start the annual pilgrimage season

JEDDAH: Saudi Arabia’s Minister of Transport and Logistic Services Saleh Al-Jasser received the first group of Hajj pilgrims on Tuesday at King Abdulaziz International Airport in Jeddah.

The flight, carrying 396 pilgrims from Dhaka, Bangladesh, was one of several scheduled to arrive at Jeddah airport and Prince Mohammed bin Abdulaziz International Airport in Madinah.

Al-Jasser said: “Six main airports have been allocated to serve the pilgrims: King Abdulaziz International Airport in Jeddah, Prince Mohammed bin Abdulaziz Airport in Madinah, Prince Abdulmohsen bin Abdulaziz International Airport in Yanbu, Taif International Airport, King Khalid International Airport in Riyadh, and King Fahd International Airport in Dammam.”

He said flights will continue until the beginning of Dhul Hijjah, supported by an integrated system of services to ease pilgrims’ journeys from arrival to departure, reinforcing the Kingdom’s leadership in serving the Two Holy Mosques and worshippers.

In another flight from Bangladesh, 414 pilgrims arrived at Jeddah airport and were received by Bangladesh Ambassador to Saudi Arabia M. Delwar Hossain and officials from both countries.

The envoy extended his best wishes to the arriving Hajj pilgrims and assured them that the Bangladesh Embassy, consulate, and Hajj mission are always available to support them if needed.

The pilgrims expressed their gratitude for the warm welcome and efficient arrangements at the airport. A total of 87,100 people from Bangladesh are expected to perform Hajj this year.

The first flight carrying 442 beneficiaries of the Makkah Route Initiative from Islamabad, Pakistan, arrived in Madinah on Tuesday.

More than 89,000 Pakistani pilgrims will travel under the government’s scheme during Pakistan’s 33-day Hajj flight operation.

Pilgrims will travel to Makkah and Madinah on 342 flights, with the last departing Pakistan on May 31.

Sardar Muhammad Yousaf, Pakistan’s minister for religious affairs, and Saudi Ambassador to Pakistan Nawaf bin Said Al-Malki bid farewell to the pilgrims at the airport.

Yousaf advised Pakistani pilgrims to strictly adhere to Saudi Arabia’s laws and respect the local culture during the annual Islamic pilgrimage.

“As Hajj pilgrims, you are traveling to the sacred land as the guests of Allah and ambassadors of Pakistan, and you are urged to respect the laws and culture of Saudi Arabia,” the minister said in a televised address as he bid farewell to the pilgrims.

Yousaf said he would “soon” travel to Saudi Arabia to review Hajj arrangements.

“I will take every possible measure to resolve the issues faced by Pakistani pilgrims in Saudi Arabia and will personally be among them to provide facilities,” he added. 

Yousaf said the government was pushing to extend the Makkah Route Initiative facilities to more Pakistani cities in the future.

Yousaf said each pilgrim was provided a mobile SIM card that contains an application, which can be used to guide pilgrims with directions in case they lose their way in Mina.

Meanwhile, the second Hajj flight of the day left from Pakistan’s eastern city of Lahore, carrying 150 pilgrims to Madinah via AirSial airline.

Six flights are scheduled to depart from Pakistan for the Kingdom on Tuesday: two from Lahore and one each from Islamabad, Karachi, Quetta and Multan.

This year’s annual pilgrimage will take place in June, with nearly 89,000 Pakistanis expected to travel to Saudi Arabia under the government scheme and more than 23,620 Pakistanis expected to perform Hajj through private tour operators.

From Malaysia, the first group of Makkah Route Initiative pilgrims arrived in Madinah on Tuesday from Kuala Lumpur International Airport.

The initiative aims to provide high-quality services to pilgrims from participating countries. It includes completing all travel procedures in the pilgrims’ home countries, such as issuing electronic visas, confirming health status, and finalizing passport control at the departure airport.

Additionally, luggage is coded and sorted according to each pilgrim’s transport and accommodation arrangements in the Kingdom.

Upon arrival, pilgrims are transported to their residences in Makkah and Madinah, and their luggage is delivered directly to their accommodation.

The Makkah Route Initiative is a Ministry of Interior program implemented in cooperation with the ministries of foreign affairs, health, Hajj and Umrah, and other government entities.

The first group of Indian Hajj pilgrims also arrived in Madinah on Tuesday, when 262 pilgrims from Hyderabad were received by officials who greeted them with flowers and souvenirs.

Entry procedures were completed efficiently and smoothly, thanks to the coordinated efforts of various entities operating at the airport.

All relevant authorities have launched their operational plans to ensure the pilgrims’' smooth arrival and transfer to their accommodation in Madinah, reflecting the Kingdom’s strong commitment to facilitating the pilgrims’ journey and enabling them to perform their rituals with ease. 


Foreign ministers co-chair Saudi-Qatari Coordination Council meeting in Doha

Foreign ministers co-chair Saudi-Qatari Coordination Council meeting in Doha
Updated 29 April 2025
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Foreign ministers co-chair Saudi-Qatari Coordination Council meeting in Doha

Foreign ministers co-chair Saudi-Qatari Coordination Council meeting in Doha
  • Discussions include ways to enhance cooperation between the countries in the energy, sports and tourism sectors

RIYADH: Saudi Foreign Minister Prince Faisal bin Farhan and his Qatari counterpart, Sheikh Mohammed bin Abdulrahman bin Jassim Al-Thani, co-chaired a meeting of the Saudi-Qatari Coordination Council’s executive committee in Doha on Tuesday.

The topics for discussion included ways to enhance Saudi-Qatari cooperation in the energy, sports and tourism sectors, and investment activities, the Saudi Press Agency reported.

The Saudi and Qatari delegations also reviewed progress on initiatives implemented so far, praised the cooperation between the council's coordinating committees, and emphasized the need to maintain the momentum in service of the shared interests of both countries.

Sheikh Mohammed said the council is evidence that Qatar and Saudi Arabia are “able to achieve exceptional results in the fields of politics, security and military cooperation,” the Qatar News Agency reported.

Riyadh and Doha have also become prominent international destinations in the sports, culture and tourism sectors, he added, and role models for future hosts of major sports and cultural events. Their achievements not only boost their national economies, he said, but help project a strong image of both countries on the international stage.

Earlier, Prince Faisal was welcomed at the airport upon arrival in Doha for his official visit by Ahmed Al-Hammadi, secretary-general of the Qatari Ministry of Foreign Affairs, and Prince Mansour bin Khalid bin Farhan, the Saudi ambassador to Qatar. His trip follows an official visit to Oman where he held talks with his counterpart, Badr Al-Busaidi, on Monday.