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.


Spotlight on technology at Riyadh project management forum

Spotlight on technology at Riyadh project management forum
Updated 16 May 2025
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Spotlight on technology at Riyadh project management forum

Spotlight on technology at Riyadh project management forum
  • Global Project Management Forum opens on Saturday
  • AI is major ‘transformative’ force, says forum’s chairman

RIYADH: The three-day Global Project Management Forum 2025 opens here on Saturday titled “Next-Gen Project Management: The Power of People, Processes, and Technology.”

Held under the patronage of Majid Al-Hogail, minister of municipalities and housing, the GPMF brings together government officials, industry pioneers, innovators, and global thought leaders.

Badr Burshaid, chairman of the forum, told Arab News: “Artificial intelligence is no longer a future trend it is now one of the most transformative forces in project management.”

He said the forum would showcase live demonstrations of AI tools.

This includes predictive analytics, which McKinsey estimates can boost project efficiency by 30 percent, alongside real-time resource optimization systems, he said.

These innovations, he noted, are already shifting workflows across industries.

“By 2030, Gartner predicts that 80 percent of project management functions will be supported or led by AI,” Burshaid said.

“AI is not here to replace human leadership — it is here to enhance it,” he added.

Burshaid highlighted digital twin technology as a game-changer, citing its role in saving “hundreds of millions in maintenance costs” for projects such as London’s Crossrail.

Hybrid governance models blending agile and predictive approaches, he added, are becoming critical in today’s complex project landscapes.

On the GPMF’s global influence, he said: “These conversations aren’t theoretical — they’re catalytic. GPMF is not just responding to change; it is architecting it.”

“Developing future talent is a strategic imperative at GPMF 2025,” Burshaid added.

The forum’s initiatives include the Project Management Challenge, where students solve real-world problems, and partnerships with universities to align education with industry needs.

He emphasized that “talent cultivation is not aspirational — it’s operational,” pointing to certifications and mentorship programs as proof of the GPMF’s commitment.

Burshaid linked the forum’s agenda to Saudi Arabia’s Vision 2030, noting that Project Management Offices remain pivotal in turning national goals into results.

Case studies from Saudi Arabia’s mega-projects would demonstrate how digital tools and performance-monitoring drive progress.

“GPMF doesn’t just reflect Vision 2030, it propels it forward,” he said.

Addressing tensions between automation and human judgment, Burshaid argued that “technology can accelerate processes, but only people can provide vision, context, and values.”

Sessions at the event including “Leadership Under Pressure” would guide professionals in balancing AI tools with ethical oversight and empathy.

“GPMF stands for a future in which innovation is deeply human-centric,” he added.

Burshaid issued a rallying call: “From Riyadh, we’re not only reimagining project management — we’re raising the standard for how nations and leaders deliver transformation.”


Security undersecretary for Jouf region attends Hajj exhibition

Security undersecretary for Jouf region attends Hajj exhibition
Updated 16 May 2025
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Security undersecretary for Jouf region attends Hajj exhibition

Security undersecretary for Jouf region attends Hajj exhibition

RIYADH: Mohammed Al-Subaihi, the undersecretary for security affairs in Jouf region attended the “No Hajj without a Permit” mobile exhibition put together by the General Directorate of Border Guard on Thursday, the Saudi Press Agency reported.

The exhibition concluded on Friday after presenting material to educate pilgrims on the importance of adhering to Hajj regulations.

It also focused on the penalties levied on individuals who tried to perform Hajj without the proper permit.

 


Jeddah to host 3rd Saudi Fashion and Text Exhibition

Jeddah to host 3rd Saudi Fashion and Text Exhibition
Updated 16 May 2025
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Jeddah to host 3rd Saudi Fashion and Text Exhibition

Jeddah to host 3rd Saudi Fashion and Text Exhibition

JEDDAH: Pyramids Group held a press conference at the theater hall of the Jeddah Exhibition and Convention Center to unveil details of the third edition of the Saudi Fashion and Textile Exhibition, scheduled to take place from September 25 to 28.

Attended by a select group of prominent figures, media leaders, fashion designers, influencers, and businessmen.

This exhibition is expected to mark a turning point in the fashion industry in the Kingdom, solidifying its position as a global hub for creativity and fashion.

The exhibition aligns with Saudi Vision 2030, which aims to promote the creative industries and attract global brands to the Saudi market

Mohammed Al-Sherif, CEO of Pyramids Group for International Exhibitions and Conferences, confirmed the participation of over 550 exhibitors from 25 countries, including Saudi Arabia, Turkey, Egypt, Italy, the USA, Japan, India, the UAE, and others.

“The Saudi Fashion and Textile Exhibition is the gateway to the future of fashion in the Middle East, where the world meets Saudi Arabia. We expect to attract over 18,000 specialized visitors, including wholesalers, fashion designers, retailers, and investors in the industry.”

He added: “The fashion and textile market in the Kingdom has witnessed significant growth in recent years. Saudi Arabia is emerging as one of the most dynamic and promising markets in the world, driven by Vision 2030, a young population, booming retail sector, and a strong push for creativity and sustainability.”

Filiz Karakul, Managing Director of Pyramids Group, stated: “Fashion is the interpretation of society through history, it is a cultural home. That’s why we are here in Jeddah, launching the Saudi Fashion Exhibition for the first time. We are bringing together fashion experts from around the globe to create a global hub for textile innovation and style. It’s more than an event; it’s a new chapter for fashion in Saudi Arabia.”

Riyad Bakili told Arab News: “Saudi Arabia has started to attract designers and European brands from France, Italy, Switzerland, and others, reflecting a growing interest in fashion as part of the tourism experience. Tourism represents a major opportunity to support local fashion and open new horizons for passionate young Saudis.

There’s a new generation that has not yet participated in specialized exhibitions or summits, despite the presence of notable Saudi designers and factories.

He added, “This exhibition, offers an opportunity for those interested to explore new trends in design and discover the distinct styles and embellishments of each designer.

Significant developments are underway in the tourism sector, and we hope everyone participates to benefit from shared knowledge and impactful results.”

Mohammed Al-Safh, Director of the Jeddah Exhibition and Convention Center, said: “This major event is a key platform for local and international companies in the field. It reflects Saudi Arabia’s aspirations to achieve sustainable urban development aligned with the goals of its national vision.”

During the press conference, a short promotional video was presented, highlighting the exhibition’s milestones and previous editions, setting the stage for an exceptional edition that reflects the Kingdom’s ambitions and the flourishing of its fashion industry.

The exhibition will blend tradition with innovation, featuring the latest collections from both global and local designers in a showcase that combines elegance, modernity, and cultural diversity.

It was also an exclusive fashion design competition which willbe held during the exhibition, offering local talents the chance to shine on the global stage by presenting their work to international buyers and media. The competition promises prestigious prizes, global recognition, and potential collaborations with leading fashion houses.

Furthermore, the first International Fashion Conference in the Kingdom was revealed. It will take place during the exhibition and feature expert-led seminars, discussion panels, and advanced workshops on topics such as global fashion trends and market forecasts, sustainable fashion and textiles, AI and digital transformation in design, empowering fashion entrepreneurship as well as merging traditional and modern fashion in the Gulf.


Hajj health-tips kit launches in 8 languages

Hajj health-tips kit launches in 8 languages
Updated 16 May 2025
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Hajj health-tips kit launches in 8 languages

Hajj health-tips kit launches in 8 languages
  • Kit includes advice to avoid heat exhaustion this Hajj
  • Pilgrims must be vaccinated for stipulated diseases

RIYADH: The Kingdom’s Ministry of Health has launched an awareness kit in eight languages for the forthcoming Hajj season, the Saudi Press Agency reported on Friday.

The kit contains content in Arabic, English, French, Urdu, Persian, Indonesian, Malay and Turkish.

“The multilingual approach aims to reach the widest possible audience of pilgrims arriving from various countries around the world,” the SPA report stated.

Among its key components are guidelines for preventing heat exhaustion. Pilgrims are advised to use umbrellas to reduce direct sun exposure and stay hydrated.

The kit includes videos, social media posts, and printable materials.

Pilgrims are also advised to ensure they are vaccinated for meningococcal meningitis, COVID-19, poliomyelitis and yellow fever, depending on their countries of origin.

The ministry advised pilgrims with chronic diseases to carry documents stating their conditions, and adequate supplies of medications in their original packaging.

It further recommended that pilgrims update vaccinations for diseases including diphtheria, tetanus, whooping cough, polio, measles, chickenpox and mumps.

The kit can be downloaded at: https://www.moh.gov.sa/HealthAwareness/Pilgrims_Health/Pages/Hajj.aspx.


Shoura Council speaker receives speaker of the Arab Parliament

Shoura Council speaker receives speaker of the Arab Parliament
Updated 15 May 2025
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Shoura Council speaker receives speaker of the Arab Parliament

Shoura Council speaker receives speaker of the Arab Parliament

RIYADH: The speaker of the Saudi Shoura Council, Dr. Abdullah bin Mohammed Al-Asheikh, received his counterpart from the Arab Parliament, Mohammed Ahmed Al-Yamahi, during the 19th session of the Parliamentary Union of the Organization of Islamic Cooperation member states.

During the meeting in Jakarta, the two reviewed the importance of parliamentary diplomacy carried out through active participation in regional and international conferences and forums.

They also discussed strengthening the mechanisms of joint Arab parliamentary action to serve Arab issues, as well as other topics of common interest.