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  • BILLIONS: Saudi Public Investment Fund Bets on Green Hydrogen

    The International Energy Agency (IEA) believes that globally 520 million tonnes of hydrogen will be needed to achieve net-zero targets by 2050. A lot of equipment and electrolysers will be needed for such an undertaking. Hydrogen electrolysers are devices that use electricity to split water into hydrogen and oxygen. On March 1, 2023, Marubeni Corporation signed a Memorandum of Understanding (MoU) with Saudi Arabia’s Public Investment Fund (PIF) to set out a framework for the development of a clean hydrogen project in Saudi Arabia. Under the framework of this MoU, Marubeni and PIF will initially conduct a feasibility study for producing clean hydrogen in Saudi Arabia, with the aim to supply clean hydrogen to both domestic and international markets. Green hydrogen is produced with an electrolyzer using electricity generated from renewable energy. It is extracted from water which is decomposed into hydrogen and oxygen in the electrolyzer. Blue and grey hydrogen are produced from natural gas. PIF is playing a critical role in advancing Saudi Arabia’s economic transformation as well as diversification, and is actively developing projects which will help the country achieve its net-zero GHG emissions target by 2060.

  • UAE, Saudi Arabia lead GCC renewable energy investments

    S&P Global Ratings said Saudi Arabia and the UAE continue to lead climate-related efforts, with around 90 per cent of the GCC region’s established renewable energy capacity found in the two countries as of year-end 2021.

  • UAE, Saudi Arabia lead GCC renewable energy investments

    S&P Global Ratings said Saudi Arabia and the UAE continue to lead climate-related efforts, with around 90 per cent of the GCC region’s established renewable energy capacity found in the two countries as of year-end 2021.

  • Modon attracts new investments to achieve food security in Saudi Arabia

    Saudi Authority for Industrial Cities and Technology Zones (Modon) signed agreements and memorandums of understanding to localize food and beverage industry in Saudi Arabia with investments up to SR1 billion and SR69 million, while revealing the increase of food factories to 1,171 factory with total areas of approximately 10 million m2 by the end of 2022.

  • Saudi Industrial Investments Target $260 Bln

    Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef called on the industrial business sector to take advantage of opportunities available in the Kingdom, noting that there are 12 sectors that have been targeted by 64 initiatives.

  • Saudi-backed group makes $265m investment in Chinese esports company VSPO

    The announcement is in line with Saudi Arabia’s ambitious plan to become a global hub for gaming and esports by the end of the decade as part of the kingdom’s Vision 2030 project. In September 2022, the Savvy Games Group, which is fully owned by Saudi Arabia’s Public Investment Fund, outlined a SAR 142 billion (~$37.9 billion) strategy that includes the acquisition of a leading game publisher and investment in key companies within the esports sector.

  • Saudi: “LEAP23” concludes with high turnout, investments, launches exceeding $9bln

    The 2nd edition of the International Technology Conference, “LEAP23”, concluded Thursday, breaking records in the sector since its launch in 2022 with the attendance of 172,000 people, making it the largest global gathering for technology and digitization developments in terms of turnout. LEAP’s organizers announced that next year’s edition will be held from March 4-7 to ensure the continuity of the pioneering platform’s work in realizing the Kingdom’s digital transition.

  • Dubai investment company acquires Virgin Mobile Middle East and Africa

    Beyond One, a subsidiary of private investment company Priora Management Holding in Dubai, has acquired Virgin Mobile Middle East and Africa (VMMEA). Dubai-based VMMEA is one of the largest mobile virtual network operators in the region, with active operations under its Virgin Mobile and Friendi Mobile brands in Saudi Arabia, the UAE, Oman and Kuwait.

  • Saudi Arabia sees 54% jump in investment licenses to 4,358 in 2022  

    Saudi Arabia issued 4,358 investment licenses in 2022, up 53.9 percent compared to 2021, as the Kingdom steadily emerges as an investment destination in line with the goals outlined in Vision 2030. According to a monthly report from the Kingdom’s Ministry of Investment, the number of licenses approved in the fourth quarter of 2022, excluding those granted under the “Tasattur” anti-concealment campaign, rose 30.7 percent year-on-year to 1,276.

  • Saudi Arabia sees 54% jump in investment licenses to 4,358 in 2022  

    Saudi Arabia issued 4,358 investment licenses in 2022, up 53.9 percent compared to 2021, as the Kingdom steadily emerges as an investment destination in line with the goals outlined in Vision 2030. According to a monthly report from the Kingdom’s Ministry of Investment, the number of licenses approved in the fourth quarter of 2022, excluding those granted under the “Tasattur” anti-concealment campaign, rose 30.7 percent year-on-year to 1,276.