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

  • 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.


Civil Defense warns of thunderstorms until Thursday

Updated 10 sec ago
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Civil Defense warns of thunderstorms until Thursday

RIYADH: The General Directorate of Civil Defense has issued a weather warning for most regions of Saudi Arabia, forecasting continued thunderstorms until Thursday.

Light to moderate rain is expected in the Makkah region, with potential flash floods, hail and strong downdrafts affecting areas such as Taif, Maysan, Al-Muwayh, Turbah, Al-Lith, Al-Qunfudah, Jeddah and Rabigh.

According to the directorate, the Riyadh region may experience moderate to heavy rain, flash floods, hail and strong downdrafts, impacting the capital and other cities, including Diriyah, Dhurma, Al-Muzahimiyah, Shaqra, Al-Zulfi, Al-Majmaah, Ramah and Al-Kharj.

Moderate to heavy rain is also expected in the Eastern Province, Qassim, Hail and the Northern Borders, while Jouf, Madinah and Baha may see light to moderate rainfall.

The Civil Defense has advised the public to take necessary precautions and avoid flood-prone areas such as valleys.

It also urged people to stay updated on weather conditions through its official channels and social media platforms.


KSrelief sends food to Libya, Uganda

Updated 18 February 2025
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KSrelief sends food to Libya, Uganda

RIYADH: The Kingdom’s aid agency KSrelief has distributed 600 food parcels to 2,907 people in the Libyan town of Suluq, the Saudi Press Agency reported on Tuesday.

This distribution is a part of the urgent food-assistance project for families affected by Cyclone Daniel in Libya, conducted in cooperation with the Libyan Red Crescent.

KSrelief also sent 25 tonnes of dates recently to Uganda.

Saudi Arabia’s government, through KSrelief, continues to provide aid to vulnerable communities across the world.


Saudi crown prince receives US Secretary of State Marco Rubio in Riyadh

Updated 18 February 2025
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Saudi crown prince receives US Secretary of State Marco Rubio in Riyadh

  • Rubio arrives in Kingdom after visit to Israel, the first leg of his Middle East tour
  • Russia, US delegates  will hold talks in Saudi Arabia in bid to end Ukraine war 

RIYADH: Saudi Crown Prince Mohammed bin Salman received US Secretary of State Marco Rubio at Al-Yamamah Palace in Riyadh on Monday.

The crown prince and Rubio discussed aspects of relations between their countries and ways to enhance and develop them in various fields, Saudi Press Agency reported. 

The latest regional and international developments and efforts made toward them to achieve security and stability were also discussed. 

The Saudi ambassador to the US Princess Reema bint Bandar, US National Security Advisor Mike Waltz, and US Special Envoy to the Middle East Steve Witkoff were among officials present at the meeting. 

Saudi Foreign Minister Prince Faisal bin Farhan receives US Secretary of State Marco Rubio in Riyadh on Monday. (SPA)

Earlier on in the day, Rubio was received by the Kingdom’s Foreign Minister Prince Faisal bin Farhan, Saudi Press Agency reported.

During the meeting, the diplomats reviewed Saudi-US relations and ways to enhance them to serve the interests of both countries.

They also discussed regional and international developments and efforts made in this regard.

Rubio arrived in the Kingdom after a visit to Israel, the first leg of his first Middle East tour in his current position. Next up on his tour will be the United Arab Emirates.


Saudi aid agency sends food to Sudan, clears mines in Yemen

Updated 18 February 2025
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Saudi aid agency sends food to Sudan, clears mines in Yemen

  • 30,000 food baskets to Sudan’s Sennar state, 536 mines cleared from war-ravaged Yemen

RIYADH: The Kingdom’s aid agency KSrelief has sent 30,000 food baskets to vulnerable people in Sudan’s Sennar state, the Saudi Press Agency reported recently.

The program seeks to support those displaced by the civil war, which is now approaching the two-year mark.

KSrelief’s food-security program helps people returning to their homes in the states of Gezira, Khartoum, Red Sea, Sennar, and White Nile.

Separately, the Saudi Project for Landmine Clearance, known as Masam, removed 536 mines from war-ravaged Yemen during the second week of February.

The cleared ordnances included nine anti-personnel mines, 48 anti-tank mines, 478 unexploded ordnance, and one improvised explosive device, the SPA reported.

“Up to 5 million people are estimated to have been forced to flee their homes since the beginning of the conflict in Yemen — many of them displaced by the presence of landmines on their land,” stated the project in a release on Monday.

A total of 481,766 explosive devices have been removed from Yemeni territory since the project’s inception in 2018.


UK science minister visits King Faisal Specialist Hospital’s heart center

Updated 18 February 2025
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UK science minister visits King Faisal Specialist Hospital’s heart center

  • Peter Kyle meets medical team responsible for world’s first fully robotic heart transplant
  • Visit follows global recognition of KFSHRC’s medical standing, groundbreaking innovations

RIYADH: The United Kingdom’s Secretary of State for Science, Innovation, and Technology visited the King Faisal Specialist Hospital and Research Center in Riyadh on Monday, the Saudi Press Agency reported.

Peter Kyle was shown the hospital’s cardiac facilities, which have pioneered advancements in cardiac care and medical innovation.

Kyle visited the Heart Center of Excellence, where he observed cutting-edge technologies and medical breakthroughs that have positioned KFSHRC as a global leader in specialized healthcare.

He was received by Dr. Hani Al-Sergani, the center's executive director, and his deputy, Prof. Feras Khaliel.

The British official met with the medical team responsible for the world’s first fully robotic heart transplant, a landmark achievement led by Khaliel.

Kyle also reviewed the latest advancements in minimally invasive organ transplantation, which reduce surgical risks and improve patient recovery times.

His visit follows the international recognition of KFSHRC’s medical milestones, particularly after the groundbreaking robotic heart transplant.

KFSHRC ranked first in the Middle East and North Africa region and 15th globally among the world’s top 250 academic medical centers for the second consecutive year.

It was also named the most valuable healthcare brand in Saudi Arabia and the Middle East by Brand Finance 2025, and was included in Newsweek’s World’s Best Smart Hospitals 2025 list.