Saudi Arabia to tap private sector, NGOs for Saudi Green Initiative

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Updated 24 October 2021
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Saudi Arabia to tap private sector, NGOs for Saudi Green Initiative

RIYADH: Saudi Arabia will seek involvement from the private sector and other organizations in the Kingdom to help plant 10 billion trees under the Saudi Green Initiative.

The Minister of Water, Environment, and Agriculture Abdulrahman Al-Fadly told Arab News that the government cannot do it all alone, adding that the final budget and amount of funding available for the entire project is currently under review.

“All the private sector, non-governmental organizations, citizens, agricultural associations, environmental associations, companies, government companies, and the government as well, will participate in planting the trees” he told Arab News on the sideline of Saudi Green Initiative Forum in Riyadh.

“Planting 10 billion trees is one of the milestone initiatives here in the Kingdom of Saudi Arabia,” he said. 

Degradation is one of the major issues under focus in the Kingdom. By achieving the goal of planting 10 billion trees under the Saudi Green Initiative, 50 million hectares of Saudi Arabia will be rehabilitated and redeveloped. 

The minister highlighted that 50 percent of the degraded land in the Kingdom will be rehabilitated to reduce the negative impacts of climate change and new land will be designated solely for the protection of wildlife. 

“The Kingdom will plant 1 percent of the global tree plantation target,” he said. 

As announced by Crown Prince Mohammed bin Salman the private sector will have numerous investment opportunities and contributions along the way.     

“Naturally speaking when it comes to planting 10 billion trees in the Kingdom with this kind of climate it is a great challenge, but I do believe we will be able to put this initiative into action through the use of renewable water, desalinated water, or treated water,” the minister emphasized. 

The initiative will mainly focus on local and native plants that can endure the climate change or the drought along with the implementation of new technology that can research and limit the usage of water. 

Speaking earlier in the day, the minister told the forum the government is planning to use 50 million hectares of land to plant the trees, as it aims to “provide a green cover to reduce the negative impact of climate change."

The minister also reiterated the Saudi crown prince’s commitment to the Kingdom’s environmental objectives. 

He said the crown prince has increased the percentage of the Kingdom’s protected land from 16 percent to 20 percent. 

 


Closing Bell: Saudi main market edges up to 11,458 points  

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Closing Bell: Saudi main market edges up to 11,458 points  

RIYADH: Saudi Arabia’s Tadawul All Share Index closed Wednesday at 11,458.11, up 0.67 percent, or 76.28 points, driven by selective buying in real estate, insurance, and healthcare stocks. 

The Nomu Parallel Market Index also finished higher, rising 0.44 percent to 23,855.01, while the MSCI Tadawul 30 Index added 0.69 percent to close at 1,543.87.  

Trading activity was moderate, with total volume reaching 280 million shares and a traded value of SR6.32 billion ($1.68 billion). 

On the gainers’ side, Marketing Home Group for Trading Co. surged 8.97 percent to SR59.50, leading advances. Al Ramz Real Estate Co. rose 6.42 percent to SR68.75, while Bupa Arabia for Cooperative Insurance Co. added 5.64 percent to close at SR164.80.   

Al Aziziah REIT Fund gained 5.22 percent to SR4.23, and Alistithmar AREIC Diversified REIT Fund advanced 4.19 percent to SR7.70.   

On the downside, Consolidated Grunenfelder Saady Holding Co. fell 4.27 percent to SR10.10. Thob Al Aseel Co. declined 4.01 percent to SR3.83, while National Gypsum Co. slipped 3.10 percent to SR15.92. 

Tabuk Agricultural Development Co. ended the session down 2.65 percent at SR7.72, and Tourism Enterprise Co. fell 2.54 percent to SR13.81.  

On the announcement front, Al Moammar Information Systems Co. said it has executed the investment agreement to acquire a 15 percent stake in the “Eltizam” electronic insurance platform, with a total investment value of SR19.5 million.   

The company said the subscription and purchase agreement was signed on Jan. 28 between Al Moammar Information Systems and Eltizam Electronic Insurance Brokerage Co., following the board’s earlier approval of the transaction.   

Shares of Al Moammar Information Systems closed at SR180.50, up 1.40 percent.  

In a separate disclosure, Al Moammar Information Systems Co. announced the latest developments related to its participation as a founding shareholder in the establishment of a Shariah-compliant digital bank in Saudi Arabia, known as Vision Bank.   

The company said a subscription agreement for a capital increase was jointly executed on Jan. 28 as part of a broader plan to raise Vision Bank’s capital to SR3 billion from SR1.5 billion.   

Al Moammar Information Systems said the value of its subscription amounts to SR23.75 million, based on a pre-money valuation of SR3.2 billion for Vision Bank.  

Alinma Bank announced that its board of directors has recommended increasing the bank’s capital by 20 percent through the capitalization of reserves and retained earnings via the issuance of bonus shares.   

Under the proposal, shareholders would receive one bonus share for every five shares held, raising the bank’s capital to SR30 billion from SR25.0 billion.   

The bank said the capital increase is intended to strengthen financial solvency and support future growth, subject to approvals from regulators and the extraordinary general assembly.  

Alinma Bank said it has received a no-objection from the Saudi Central Bank.  

Shares of Alinma Bank closed at SR28.26, up 3.21 percent.