Day: May 22, 2024

Cairo: Saudi Central Bank (SAMA) Governor Ayman bin Mohammed Al-Sayari led the Saudi delegation at the joint annual meetings of Arab financial institutions, which commenced today in Egypt's New Administrative Capital. The event is under the patronage of Egyptian President Abdel-Fattah El-Sisi and includes the participation of Arab ministers of finance and economy, governors of Arab central banks, heads of Arab financial institutions, and representatives from international financing organizations. The opening session was attended by Egyptian Prime Minister Dr. Mostafa Madbouly and Deputy Saudi Ambassador to Egypt Abdulrahman bin Salem Al-Dahas. "This year's meetings take place against the backdrop of regional and international developments, especially the war in Gaza and its economic repercussions on all countries, including Arab nations," Dr. Madbouly said in a speech on behalf of the Egyptian president. He highlighted the importance of Arab financial institutions in supporting Arab countries to overc ome current challenges and resume their development plans to meet the aspirations of their people. During the session, it was announced that the Egyptian project for the Bahr El-Baqar Wastewater Treatment plant won the Abdlatif Al-Hamad Development prize, presented by the Arab Fund for Economic and Social Development (KFAED), for the best development project in the Arab world. Source: Saudi Press Agency

Riyadh, The General Authority of Civil Aviation (GACA) organized the first Arab Forum for Aviation Security today in cooperation with the Arab Civil Aviation Organization, with the attendance of 120 leaders in the aviation sector and CEOs of aviation companies. The forum is being held in parallel with the Future Aviation Forum, organized by GACA under the patronage of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, at the King Abdulaziz International Conference Center. In his speech at the forum, GACA's Executive Vice-President for Aviation Security, Mohammed Al-Fozan, highlighted the Kingdom's efforts in enhancing cooperation and effective participation between Arab countries in the field of aviation security. He indicated that the forum will address topics that cover many important aspects related to aviation security. The forum included three sessions: 'Aviation Security for Advanced Air Mobility Systems,' 'Enhancing Innovation in the Field of Aviation Security,' and 'Privatiza tion of Aviation Security Services.' Source: Saudi Press Agency

Tokyo, The Saudi Investment Recycling Company (SIRC), wholly owned by the Public Investment Fund (PIF), signed a series of agreements and memoranda of understanding (MoUs) during the Saudi-Japan Vision 2030 Business Forum 2024 in Tokyo. SIRC chief executive Eng. Ziyad bin Mohammed Al-Shiha represented the company. He was accompanied by several executive management members, including technology and innovation division director Eng. Sultan Al-Saif and project finance division director Mona Al-Shehri. The first agreement was with Mitsubishi Research Institute (MRI) to prepare a detailed study of landfill treatment solutions in the Kingdom of Saudi Arabia. The study will include an assessment of landfills' technical and economic feasibility and the best solutions for managing them. The study is expected to reduce methane emissions from landfills in the Kingdom by over 220,000 tons annually, equivalent to a carbon credit of over SAR250 million per year. This step is essential in the Kingdom's efforts to impr ove the environment and reduce harmful emissions. The agreements also included a financial advisory contract with Mitsubishi UFJ Financial Group (MUFG) for the comprehensive waste-management solution project in Riyadh, worth over $6 billion. The project aims to recycle and convert waste into energy, which will contribute to strengthening the city's environmental infrastructure and achieving sustainability goals. In the same context, SIRC signed an MoU with Hitachi Zosen Inova (HZI) to develop advanced solutions for converting waste into energy. The cooperation will enhance the Kingdom's ability to benefit from modern technologies in converting waste into sustainable energy resources. An MoU was also signed for cooperation in the field of converting waste into sustainable fuel and recycling electronic waste with Marubeni Corporation. The agreement, with estimated investments over $2 billion, reflects SIRC's commitment to developing innovative and sustainable waste-management solutions, including electron ic waste, which is a growing environmental challenge. These ambitious steps confirm the commitment of the Saudi Investment Recycling Company (SIRC) to achieving the goals of the Kingdom's Vision 2030, which aims to diversify the economy and achieve environmental sustainability. They also reflect the fruitful international cooperation and attraction of foreign investment, which enhances the Kingdom's position as a regional leader in waste management and the circular economy. Source: Saudi Press Agency