RIYADH: Members of the Organization of Arab Petroleum Exporting Countries held their annual meeting on Thursday to discuss activating regional green initiatives.
OAPEC assigned its Executive Office to coordinate with Saudi Arabia and work with member states as part of the Middle East Green Initiative launched by Crown Prince Mohammed bin Salman in March.
Saudi Energy Minister Prince Abdulaziz bin Salman, who presided over the meeting, opened the session by calling on member countries to cooperate in order to achieve the organization’s goals.
The meeting also discussed adopting a circular carbon economy to help address the issue of carbon emissions in an economically sustainable manner, and including it each country’s national contributions.
The ministers also approved Qatar to host the 12th Arab Energy Conference at the end of 2023.
OAPEC Secretary-General Ali Sabt Ben Sabt welcomed the ministers, and said he looked forward to their continued support for the organization’s activity.
The meeting approved the OAPEC’s estimated budget project for next year.
The council reviewed reports and studies on oil and energy, and followed-up on the outcomes of the UN Climate Change Conference held in Glasgow last month.
Syria will assume the presidency of the next session of the Council of Ministers and the Executive Office of the organization, for a period of one year, starting from January. The next OAPEC Council of Ministers meeting will be held in Kuwait in December next year.
Arab energy ministers step up coordination on Saudi Arabia’s Middle East Green Initiative
https://arab.news/rbgw2
Arab energy ministers step up coordination on Saudi Arabia’s Middle East Green Initiative
- The ministers approved Qatar to host the 12th Arab Energy Conference at the end of 2023.
Closing Bell: Saudi main index closes in red at 11,167
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 46.43 points, or 0.41 percent, to close at 11,167.54.
The total trading turnover of the benchmark index was SR4.88 billion ($1.30 billion), as 66 of the listed stocks advanced, while 192 retreated.
The MSCI Tadawul Index decreased, down 5.52 points, or 0.37 percent, to close at 1,506.55.
The Kingdom’s parallel market Nomu lost 153.40 points, or 0.65 percent, to close at 23,486.52. This comes as 32 of the listed stocks advanced, while 31 retreated.
The best-performing stock was Tourism Enterprise Co., with its share price surging 9.95 percent to SR14.36.
Other top performers included Mobile Telecommunication Co., Saudi Arabia, which saw its share price rise by 5.32 percent to SR11.48, and Al Masar Al Shamil Education Co., which saw a 4.86 percent increase to SR22.89.
On the downside, Almoosa Health Co. was the day’s weakest performer, with its share price falling 4.81 percent to SR150.40.
Dallah Healthcare Co. fell 3.81 percent to SR113.50, while Saudi Research and Media Group dropped 3.44 percent to SR100.90.
On the corporate front, Arabian Plastic Industrial Co. has signed a non-binding memorandum of understanding with K. K. Nag to explore the establishment of a specialized manufacturing facility for expanded polypropylene products.
According to a Tadawul statement, the agreement sets out initial mutual obligations and rights between the two parties as part of APICO’s broader expansion strategy to increase production capacity and meet rising industrial demand.
The company’s share price rose 1.21 percent to SR43.52 on the parallel market.
