UAE’s Masdar to issue green finance framework within weeks: CEO

CEO Mohamed Jameel Al Ramahi. (Supplied)
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Updated 19 January 2023
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UAE’s Masdar to issue green finance framework within weeks: CEO

ABU DHABI: UAE renewable energy company Masdar will publish its first green finance framework within weeks, enabling it to issue its first green bonds, its chief executive said on Thursday.

"Masdar will be ready to issue its first-ever green bond in 2023, and we intend to move forward subject to market conditions," CEO Mohamed Jameel Al Ramahi said, speaking at the Abu Dhabi Sustainable Finance Forum.

Last month, TAQA, Abu Dhabi sovereign wealth fund Mubadala Investment Co. and Abu Dhabi National Oil Co. said they would become shareholders in Masdar, with stakes of 43 percent, 33 percent and 24 percent, respectively.

Fitch and Moody's reaffirmed their A+ and A2 credit ratings assigned in 2021 following the change to the company's shareholding structure, Al Ramahi said.

Issuers in the hydrocarbon-rich Gulf have increasingly looked to burnish their environmental credentials by issuing green bonds or other sustainability-linked debt.

Saudi Arabia's sovereign wealth fund raised $3 billion in green bonds in October in its maiden debt issue.

The UAE will host this year's COP28 climate summit and last week named the head of oil giant ADNOC, Sultan al-Jaber, to lead it. He also chairs Masdar and was its founding CEO.


Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

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Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

RIYADH: Culture has become a fundamental pillar in bilateral relations between France and Saudi Arabia, according to the French Ambassador to the Kingdom, Patrick Maisonnave.

Maisonnave noted its connection to the entertainment and tourism sectors, which makes it a new engine for economic cooperation between Riyadh and Paris.

He told Al-Eqtisadiah during the opening ceremony of La Fabrique in the Jax district of Diriyah that cultural cooperation with Saudi Arabia is an important element for its attractiveness in the coming decades.

La Fabrique is a space dedicated to artistic creativity and cultural exchange, launched as part of a partnership between the Riyadh Art program and the French Institute in Riyadh. 

Running from Jan. 22 until Feb 14, the initiative will provide an open workspace that allows artists to develop and work on their ideas within a collaborative framework.

Launching La Fabrique as a space dedicated to artistic creativity

The ambassador highlighted that the transformation journey in the Kingdom under Vision 2030 has contributed to the emergence of a new generation of young artists and creators, alongside a growing desire in Saudi society to connect with culture and to embrace what is happening globally. 

He affirmed that the relationship between the two countries is “profound, even cultural par excellence,” with interest from the Saudi side in French culture, matched by increasing interest from the French public and cultural institutions unfolding in the Kingdom.

Latest estimates indicate that the culture-based economy represents about 2.3 percent of France’s gross domestic product, equivalent to more than 90 billion euros ($106.4 billion) in annual revenues, according to government data. The sector directly employs more than 600,000 people, making it one of the largest job-creating sectors in the fields of creativity, publishing, cinema, and visual arts.

Saudi Arabia benefiting from French experience in the cultural field

Maisonnave explained that France possesses established cultural institutions, while Saudi Arabia is building a strong cultural sector, which opens the door for cooperation opportunities.

This comes as an extension of the signing of 10 major cultural agreements a year ago between French and Saudi institutions, aiming to enhance cooperation and transfer French expertise and knowledge to contribute to the development of the cultural system in the Kingdom.

He added that experiences like La Fabrique provide an opportunity to meet the new generation of Saudi creators, who have expressed interest in connecting with French institutions and artists in Paris and France.

La Fabrique encompasses a space for multiple contemporary artistic practices, including performance arts, digital and interactive arts, photography, music, and cinema, while providing the public with an opportunity to witness the stages of producing artistic works and interact with the creative process.