RIYADH: The Future Investment Initiative (FII) Institute, the organizer of the Kingdom’s flagship forum taking place in Riyadh this week, on Wednesday signed a number of major agreements, including a partnership aimed at protecting over 1.2 billion people from counterfeit and illicit trade in Africa.
Addressing a press conference on the second day of the fourth FII forum, Richard Attias, CEO of the institute, announced the three initiatives.
The first is a letter of intent between the Secretariat of the African Continental Free Trade Area (AfCFTA), Swiss tech company OriginAll and the FII Institute, to develop technology aimed at protecting people from 54 African nations from counterfeit and illicitly traded products. The agreement was signed in the presence of Attias, Wamkele Mene, secretary-general of the AfCFTA and Hans Schwab, co-founder and CEO of OriginAll.
Mene told reporters that the cooperation will benefit over 1.2 billion people, stimulate innovation and investment, and safeguard wellbeing.
The initiative will contribute to the reduction of production and trade in counterfeited products, increasing government revenues and creating new investment opportunities.
“We have to be mindful of the unintended consequences of trade liberalization… there is a present and serious risk that trade liberalization in the context of free movement of goods may present an opportunity for counterfeit, sub-standard and illicitly traded goods to transit through borders,” Mene said.
“We have to be extremely vigilant against this. Counterfeiters and illicit traders have been taking advantage of our continent for centuries, depriving our nations from substantial revenues, encouraging a culture of corruption and, regrettably, costing the lives of hundreds of thousands of African citizens every year.
“This can no longer be tolerated, it needs to stop, and it must stop now. We must prioritize our national interests, the public health and safety of African citizens.”
Attias added: “This initiative fully embraces our vision and mission, representing a concrete, unprecedented and decisive action to bring together experts, innovators and investors with the power to shape a more prosperous and safer future for the African continent. May this be a strong start of a global movement to eradicate the world from counterfeit and illicitly traded products and its deep-rooted consequences.”
OriginAll will provide the platform for business, government, and consumers to identify and verify the authenticity and conformity of any product traded under the AfCFTA rules.
Schwab said: “This initiative will channel critical resources back into the member states’ economies and contribute to investment growth and employment creation, improving the economic wellbeing, health, and safety of AfCFTA citizens. By next year, counterfeiting is projected to cost the global economy up to $4.2 trillion.”
He added: “These funds are primary sources of revenue that lead to economic disruption and corruption. We all share the blame for letting this problem get out of control and losing visibility over its complexity. We have a joint responsibility to address this global economic and social disease. We are immensely privileged to be part of this initiative.”
At the same FII event, two other agreements were also announced. King Abdullah University of Science and Technology and the FII Institute signed an agreement to cooperate on research projects and create events aimed at facilitating access to scientific knowledge.
Tadawul CEO Khalid Abdullah also signed a memorandum of understanding with the FII Institute. The partnership will promote cooperation on environmental, social, and governance needs in the region.
FII Institute announces agreement to combat counterfeit, illicit trade in Africa
https://arab.news/54dj2
FII Institute announces agreement to combat counterfeit, illicit trade in Africa
- The initiative will contribute to reducing production and trade in counterfeited products
Acwa inks deal to establish ammonia export corridor from Saudi Arabia to Germany
RIYADH: Saudi utility giant Acwa has signed a memorandum of understanding with Energie Baden-Wrttemberg AG, Rostock Port, and Verbundnetz Gas AG to establish an ammonia export corridor from the Kingdom to Germany.
According to a press statement, the signing ceremony was witnessed by Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, and Germany’s Minister for Economic Affairs and Energy, Katherina Reiche.
Under the deal, the new corridor will extend green ammonia from its project in Yanbu to Germany’s Rostock Port. Later, VNG will convert ammonia to green hydrogen and will be injected into the European country’s national core network.
The development aligns with Acwa’s expansion strategy, as the company aims to establish itself as a key global player in the renewable energy sector.
Commenting on the latest deal, Marco Arcelli, CEO of Acwa, said: “The signing of this memorandum of understanding is an important move for all partners involved. By working together with Acwa, Rostock Port, and VNG, we are taking a step toward building a reliable green ammonia corridor from Saudi Arabia to Germany.”
He added: “It leverages Acwa’s Yanbu hub, where we lead development with support from EnBW, to deliver scale for Europe’s hydrogen needs, with processing at Rostock for core network injection.”
Arcelli further said that these assets are expected to accelerate global decarbonization efforts, bolster energy security, and affirm Saudi Arabia’s role as a key player in the renewable sector.
According to the statement, the ammonia, which will be processed by the cracker under development by VNG, will help Germany to decarbonize hard-to-abate sectors while also serving as a strategic entry point into the German market.
Acwa, with the support of EnBW, is currently leading the development of the green hydrogen and ammonia production site in Yanbu in Saudi Arabia, with a planned commercial operation date in 2030.
“By working together with Acwa, Rostock Port, and VNG, we are taking a step toward building a reliable green ammonia corridor from Saudi Arabia to Germany. International partnerships like this are essential if we want to advance and make the transformation of the energy system affordable and bring innovative solutions to market,” said Georg Stamatelopoulos, CEO of EnBW.
EnBW will act as an offtaker of green ammonia from the Yanbu site and manage its commercial and logistical delivery to the Port of Rostock, which will serve as the port operator.
VNG is progressing plans for an ammonia cracker near the port to convert imported green ammonia into green hydrogen for German customers
“By forming this cooperation, we are establishing a strategic, more efficient and forward-thinking framework for securing a long-term supply of green energy and further investment in Germany,” said Jens Scharner, managing director of Rostock Port.
The agreement came as the Kingdom’s Minister of Industry and Mineral Resources, Bandar Alkhorayef, met with Reiche and discussed ways to strengthen economic ties between the two countries, the Saudi Press Agency reported.
The leaders also explored opportunities to develop investment partnerships in the industrial and mining sectors.
During the meeting, Alkhorayef outlined Saudi Arabia’s potential in the mining sector, which includes the country’s strategic geographical location that connects three continents, advanced infrastructure, competitive energy prices, as well as the presence of advanced industrial cities.
Additional factors that enhance Saudi Arabia’s competitiveness in the mining sector include a business-friendly environment, streamlined government procedures, and a range of enablers and incentives provided by the Kingdom’s industrial and mining ecosystem to support local and international investors.
Attracting international investments in the mining sector also aligns with Saudi Arabia’s ambitious goal to secure $100 billion a year in foreign direct investments by the end of this decade.
