黑料社区

黑料社区 a key player in global energy transition, says IRENA chief

Special 黑料社区 a key player in global energy transition, says IRENA chief
Francesco La Camera, director-general of IRENA. Arab News
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Updated 08 December 2024

黑料社区 a key player in global energy transition, says IRENA chief

黑料社区 a key player in global energy transition, says IRENA chief

RIYADH: 黑料社区 is set to deepen its collaboration with the International Renewable Energy Agency to advance聽sustainability initiatives, according to a senior official.聽

Speaking to Arab News on the sidelines of the UN Convention to Combat Desertification COP16, Francesco La Camera, director-general of IRENA, stated that 黑料社区 is a key leader in transitioning away from fossil fuels, thanks to the Kingdom鈥檚 Green Initiative.聽

He also highlighted global progress in renewable energy, noting that last year saw a record increase in capacity, driven by advancements in green hydrogen and sustainable biomass.

鈥淲e are working on signing an agreement with the GCC countries, so we will see when we will be ready. We will announce that we are working more closely with 黑料社区 on our topics and our area of interest,鈥 La Camera said.聽

He added: 鈥淛ust to give you an example now, ACWA Power is a Saudi company, but it is the elite company for decentralization. They invest in 12 different countries, and this is something amazing, and this is an effort also outside the country to work for the energy transition, providing water in a country that stresses all this.鈥澛

The IRENA director-general stressed the importance of all nations, including 黑料社区, to increase efforts, with the expectation that updated national climate contributions will be submitted before February 2025.聽

鈥淓veryone has to do more, so we expect to see also the national climate contribution to be presented before February 2025. We also hope that our presence at COP will allow us to have more discussion and to increase the level of engagement of Saudi in the work of IRENA,鈥 La Camera said.聽

He added: 鈥淲e think that, inevitably, Saudi is a leading country on all of this. It has the potential. It has the resources. It has the leadership to go faster and scale in the energy transition.鈥澛

La Camera also outlined a strategy to address the structural challenges hindering the deployment of renewable energy at the speed and scale required to meet global energy and climate goals.聽

The focus is on overcoming infrastructure barriers by creating interconnected, flexible, and balanced grids that can support a higher integration of renewable energy.聽

This is where regional collaboration comes in, which is essential to achieving this objective.聽

鈥淚 emphasize the role of the infrastructure. We need groups that are interconnected, flexible, and balanced to allow more renewables. Regional collaboration is crucial,鈥 La Camera said.聽

During his keynote speech at the Saudi Green Initiative, La Camera spoke about the need to design the market in a way that is more favorable for renewables.聽

鈥淲e need to strengthen the capacity of the distribution to deal with this through a system that is more distributed instead of centralized, and also the need to reskill the personnel that is moving from the fossil fuel to the renewable area,鈥 he said.聽

La Camera concluded the interview by highlighting IRENA鈥檚 long-term planning efforts, which are essential for aligning financial investments with the needs of the renewable energy sector.聽


Riyadh Air orders up to 50 Airbus A350 jets to expand long-haul fleet聽

Riyadh Air orders up to 50 Airbus A350 jets to expand long-haul fleet聽
Updated 17 min 15 sec ago

Riyadh Air orders up to 50 Airbus A350 jets to expand long-haul fleet聽

Riyadh Air orders up to 50 Airbus A350 jets to expand long-haul fleet聽
  • Deal includes 25 firm orders and purchase rights for an additional 25 aircraft
  • A350-1000s will enable long-haul connections ahead of high-profile events

JEDDAH: 黑料社区鈥檚 Riyadh Air has signed a deal to acquire up to 50 Airbus A350-1000 aircraft as it gears up to launch operations later this year. 

The agreement, signed at the 55th Paris Air Show, includes 25 firm orders and purchase rights for an additional 25 aircraft. The deal supports Riyadh Air鈥檚 plan to build a wide-body fleet capable of serving over 100 destinations globally by 2030.  

Owned by the Public Investment Fund, Riyadh Air was unveiled in March 2023 by Crown Prince Mohammed bin Salman as part of 黑料社区鈥檚 strategy to become a global aviation hub by expanding connectivity to over 250 destinations and tripling annual passenger traffic to 330 million. 

In a statement, Yasir Al-Rumayyan, PIF governor and chairman of Riyadh Air, said: 鈥淥ur new national carrier is set to take to the skies in the near future, and as a fundamental element of the Kingdom of 黑料社区鈥檚 infrastructure, will connect our capital city to over 100 international destinations around the globe by 2030.

He added: 鈥淲ith its outstanding range, adding the Airbus A350-1000 to our fleet demonstrates the strategic contribution of Riyadh Air in positioning 黑料社区 as a global aviation hub.鈥 

The A350-1000s, with an operational range exceeding 16,000 km, will enable long-haul connections ahead of high-profile events such as Riyadh Expo 2030 and the FIFA World Cup 2034. 

In April, the airline received its Air Operator Certificate from the General Authority of Civil Aviation, authorizing it to commence flight operations after meeting all regulatory, safety, and operational requirements. 

鈥淩iyadh Air is making significant progress as we move towards our first flight later this year and agreeing this deal for up to 50 Airbus A350-1000 aircraft is an important statement of intent,鈥 said Tony Douglas, CEO of Riyadh Air. 

The airline鈥檚 launch supports 黑料社区鈥檚 broader efforts to diversify its economy. According to the General Authority for Civil Aviation, the aviation industry generated $32.2 billion in tourism receipts and supported more than 958,000 jobs in 2023 鈥 241,000 in aviation and 717,000 in tourism-related sectors. 

鈥淲e play an important role in the evolution of the Saudi aviation ecosystem with the aim to create 200,000 direct and indirect jobs and contribute almost $20 billion to the Kingdom鈥檚 non-oil GDP,鈥 added Douglas. 

The sector is a key pillar of the National Transport and Logistics Strategy, which aims to raise its gross domestic product contribution from 6 percent to 10 percent by 2030. 

Christian Scherer, CEO of commercial aircraft at Airbus, said: 鈥淭his partnership reflects our shared commitment to innovation and decarbonization whilst connecting the vibrant Kingdom of 黑料社区 to the world!鈥  


Closing Bell: TASI gains 135 points after positive market breadth聽

Closing Bell: TASI gains 135 points after positive market breadth聽
Updated 32 min 46 sec ago

Closing Bell: TASI gains 135 points after positive market breadth聽

Closing Bell: TASI gains 135 points after positive market breadth聽
  • Market breadth was strongly positive with 223 gainers and 23 fallers
  • Trading activity remained robust with a total value of SR4.87 billion

RIYADH: 黑料社区鈥檚 Tadawul All Share Index closed higher on Monday, advancing 135.45 points, or 1.26 percent, to end at 10,867.04. 

Market breadth was strongly positive with 223 gainers and 23 fallers. Trading activity remained robust with a total value of SR4.87 billion ($1.2 billion), supported by optimism across key sectors. 

Among the top gainers, Red Sea International Co. rose 10 percent to SR36.85, while CHUBB Arabia Cooperative Insurance Co. added 9.98 percent to end at SR33.60.  

National Gypsum Co. and Saudi Enaya Cooperative Insurance Co. gained 9.97 percent and 8.02 percent, respectively, closing at SR19.42 and SR9.29. 

ACWA Power Co. also rose 6.94 percent to close at SR262.00. 

Among the worst performers, MBC Group Co. led losses with a decline of 3.11 percent to close at SR35.80.

Dr. Sulaiman Al Habib Medical Services Group followed, shedding 2.30 percent to settle at SR255, while Gulf Union Alahlia Cooperative Insurance Co. fell 1.63 percent to SR14.52.  

Middle East Specialized Cables Co. ended the session down 1.13 percent at SR30.55, and Dr. Soliman Abdel Kader Fakeeh Hospital Co. edged 0.75 percent lower to SR39.85. 

On the announcement front, ASAS Makeen Real Estate Development and Investment Co. began trading on the Nomu-Parallel Market on June 16, with shares priced at SR80 each. 

The company鈥檚 stock rose 14.38 percent to close at SR91.50 after it confirmed the signing of an SR240 million real estate development agreement with the National Housing Co. 

The stock is subject to daily and static price fluctuation limits of plus or minus 30 percent and 10 percent, respectively. 

The 42-month project includes the construction of 470 residential units in Riyadh and is expected to impact financial results in the fourth quarter following the issuance of the required license. 

ASAS Makeen offered 10 percent of its SR100 million capital, or one million shares, in an initial public offering that was nearly 1,949 percent oversubscribed. 

Tabuk Agricultural Development Co. closed 1.90 percent higher at SR10.18 after announcing it had received the full SR14.85 million operational financing loan from the Agricultural Development Fund.

The two-year facility is secured by a mortgage on the company鈥檚 land and investment shares. 


PIF鈥檚 AviLease to acquire up to 77 Airbus jets in expansion drive鈥

PIF鈥檚 AviLease to acquire up to 77 Airbus jets in expansion drive鈥
Updated 28 min 7 sec ago

PIF鈥檚 AviLease to acquire up to 77 Airbus jets in expansion drive鈥

PIF鈥檚 AviLease to acquire up to 77 Airbus jets in expansion drive鈥
  • Order marks first direct deal with Airbus as PIF-owned lessor targets global growth
  • Agreement announced at Paris Air Show

RIYADH: 黑料社区鈥檚 Public Investment Fund-owned AviLease has signed a deal to purchase up to 77 Airbus aircraft, further expanding its next-generation, fuel-efficient fleet to meet rising global demand across passenger and cargo operations.

The agreement, announced at the Paris Air Show, includes 55 A320neo Family aircraft and 22 A350F freighters, with deliveries scheduled through 2033, according to a press release.

This marks AviLease鈥檚 first direct order with Airbus. The move aligns with the goals of the Saudi Aviation Strategy, which targets a rise in annual passenger capacity to 330 million and cargo throughput to 4.5 million tonnes by 2030, while enhancing the Kingdom鈥檚 status as a regional aviation hub.

鈥淭his dual order reinforces AviLease鈥檚 credentials as a leading lessor, and it demonstrates the broad appeal of our products among lessors and their airline customers,鈥 said Benoit de Saint-Exup茅ry, executive vice president of sales for Airbus Commercial Aircraft.

Edward O鈥橞yrne, CEO of AviLease, said: 鈥淲e are proud to establish an Airbus order book, strengthening our position as a full-service, investment grade global lessor. The addition of these latest generation aircraft enhances our ability to offer modern, fuel-efficient fleet solutions to our airline partners in 黑料社区 and around the world.鈥

Benoit de Saint-Exupery, Airbus executive vice president sales of the commercial aircraft business, and Edward O鈥橞yrne, CEO of AviLease, the global aircraft lessor headquartered in 黑料社区, shake hands after a firm order signature for Airbus A350F freighters and A320neo Family aircraft, during the 55th International Paris Airshow at Le Bourget Airport near Paris, France, June 16, 2025. Reuters

The A350F freighters were selected following consultations with local stakeholders and will support 黑料社区鈥檚 expanding air cargo requirements. O鈥橞yrne noted that AviLease has secured delivery slots in line with the Kingdom鈥檚 Vision 2030 goals.

鈥淲e thank our local partners and Airbus for the strong long-term partnership we have established and look forward to placing these aircraft across our valued customer base,鈥 he said.

The A350F, according to Airbus, offers at least 20 percent lower fuel consumption, improved loading capabilities, and extended range.

The new order follows AviLease鈥檚 purchase of 30 Boeing 737 MAX aircraft in May鈥攊ts first direct deal with a manufacturer鈥攂ringing its total new aircraft orders within two months to 107.

鈥淚n less than two months, AviLease has signed two major deals, reflecting its long-term ambition to become a top 10 global player in aircraft leasing and to strengthen its position as a national champion,鈥 said Fahad Al-Saif, chairman of AviLease.

As of March 31, AviLease had a portfolio of 200 aircraft leased to 48 airlines around the world.

In April, the firm secured a $1.5 billion unsecured revolving credit facility to support its global expansion. The three-year facility attracted commitments from 20 international banks, including eight new lenders from Europe, Asia, and North America.

The company holds investment-grade ratings of Baa2 (stable) from Moody鈥檚 Ratings and BBB (stable) from Fitch Ratings.


OPEC sees solid 2nd-half of 2025 for world economy, trims 2026 supply

OPEC sees solid 2nd-half of 2025 for world economy, trims 2026 supply
Updated 16 June 2025

OPEC sees solid 2nd-half of 2025 for world economy, trims 2026 supply

OPEC sees solid 2nd-half of 2025 for world economy, trims 2026 supply

LONDON/MOSCOW: OPEC said on Monday it expected the global economy to remain resilient in the second half of this year despite concerns about trade conflicts and trimmed its forecast for growth in oil supply from producers outside the wider OPEC+ group in 2026.

In a monthly report, the Organization of the Petroleum Exporting Countries left its forecasts for global oil demand growth unchanged in 2025 and 2026, after reductions in April, saying the economic outlook was robust despite trade concerns.

鈥淭he global economy has outperformed expectations so far in the first half of 2025,鈥 OPEC said in the report.

鈥淭his strong base from the first half of 2025 is anticipated to provide support and sufficient momentum into a sound second half of 2025. However, the growth trend is expected to moderate slightly on a quarterly basis.鈥

OPEC also said supply from countries outside the Declaration of Cooperation 鈥 the formal name for OPEC+ 鈥 will rise by about 730,000 barrels per day in 2026, down 70,000 bpd from last month鈥檚 forecast.

Lower supply growth from outside OPEC+, which groups the Organization of the Petroleum Exporting Countries plus Russia and other allies, would make it easier for the wider group to balance the market. Rapid growth from US shale and from other countries has weighed on prices in recent years. (


PIF earns perfect score on Global SWF Index聽

PIF earns perfect score on Global SWF Index聽
Updated 47 min 8 sec ago

PIF earns perfect score on Global SWF Index聽

PIF earns perfect score on Global SWF Index聽
  • Saudi fund led the group within EMEA
  • It was the only Middle Eastern institution to reach a perfect score

RIYADH: 黑料社区鈥檚 Public Investment Fund earned a perfect score in the 2025 Global SWF Index, ranking it among just nine sovereign wealth funds worldwide for top governance, sustainability, and resilience.

The report from the sovereign investor benchmarking firm evaluates 200 of the world鈥檚 largest state-owned investment institutions across 25 indicators.

PIF鈥檚 flawless score this year marks a major milestone in its institutional development, following steady progress from 92 percent in 2023 to 96 percent in 2024. In contrast, the Saudi fund scored just 28 percent in 2020, according to Global SWF data.

In 2025, only nine sovereign investors globally achieved a full 100 percent score. Of those, three were based in the Europe鈥揗iddle East鈥揂frica region: PIF, Ireland鈥檚 National Treasury Management Agency, and Nigeria鈥檚 Sovereign Investment Authority. 

The Saudi fund led the group within EMEA and was the only Middle Eastern institution to reach a perfect score.

With over $925 billion in assets under management, PIF is a cornerstone of 黑料社区鈥檚 Vision 2030, investing across strategic sectors. Shutterstock

The 2024 report described PIF as 鈥渃ontinuing to lead the charge,鈥 highlighting that the fund voluntarily publishes an allocation and impact report as well as a self-assessment aligned with the Santiago Principles, despite not being a member of the International Forum of Sovereign Wealth Funds.

PIF鈥檚 sustainability strategy operates within the Kingdom鈥檚 broader drive for spending efficiency, a theme highlighted in a March analysis by PwC and Consultancy鈥疢E. 

The report noted that public funds, anchored by institutions like PIF, are now being redirected toward high-impact sectors such as healthcare, tourism, and logistics, as well as artificial intelligence, combining fiscal prudence with strategic vision.

Moreover, a Strategy& whitepaper outlined how the nation is investing heavily in its energy transition 鈥 targeting approximately $235 billion toward renewables by 2030 and embedding efficiency mandates for state utilities 鈥 to support its net-zero ambitions and long-term economic resilience.

This alignment of sustainable investment and cost discipline reinforces PIF鈥檚 role in delivering value-driven transformation in line with Vision 2030.

The fund鈥檚 elevation to the top tier was driven by enhanced climate-risk disclosures, the launch of a dedicated sustainability report, strengthened board oversight, and the implementation of comprehensive business continuity frameworks.

These changes helped it secure full marks in all 25 areas of the GSR Scoreboard 鈥 10 for governance, 10 for sustainability, and 5 for resilience.

With over $925 billion in assets under management, PIF is a cornerstone of 黑料社区鈥檚 Vision 2030, investing across strategic sectors, including tourism and logistics, as well as AI and renewable energy. Its strong transparency credentials and environmental, social and governance alignment have helped it build trust with global partners and signal its readiness for large-scale cross-border investment.

According to the 2024 PIF Effect report, the fund鈥檚 strategic projects, ranging from green bond issuances to renewable energy infrastructure, have generated a significant impact throughout 黑料社区 and the world, enhancing local job creation, technology transfer, and environmental outcomes.

A February analysis by Consultancy鈥疢E underscored how the Kingdom鈥檚 broader focus on 鈥渟pending efficiency is driving growth and building resilience,鈥 with PIF playing a central role by prioritizing cost-effective, high-impact initiatives aligned with Vision鈥2030 objectives.

The full 2025 GSR report will be released on July 1.