https://arab.news/j54wd
JEDDAH: Arabian Shield Insurance and AlAhli Takaful Company will vote on their merger on Dec. 9, according to bourse filings.
The deal includes issuing 1.43 new shares in Arab Shield for each share in AlAhli Takaful Company, the companies said in separate statements on the Saudi Stock Market (Tadawul).
The Arabian Shield General Assembly will also vote on its capital increase from SR400 million ($106.6 million) to SR638.52 million ($170.2 million), in accordance with the merger agreement, noting that this increase will take effect when the merger becomes effective.
Both companies signed a merger agreement last July, and received approvals from the Saudi Central Bank and the General Authority for Competition.
RIYADH: Saudi Arabia’s Public Investment Fund is now establishing a new hydrogen company and it will be like a mediator in many of the PIF’s initiatives.
Speaking in a regional forum on ESG organized by the Future Investment Initiative in London, the governor Yasir Al-Rumayyan said the sovereign wealth fund plans to develop 70 percent of renewable energy targets under vision 2030.
The fund owns companies that are already developing hydrogen such as NEOM and Aramco.
RIYADH: The Future Investment Initiative Foundation will host its first ever regional summit on Friday, in Rosewood London, England, entitled Inclusive Environmental, Social and Corporate Governance in Emerging Markets.
The most prominent participants in the event include the FII Chairman and Governor of the Public Investment Fund, Yasser Al-Rumayyan, Egypt’s Minister of Environment, Yasmine Fouad and Blackrock CEO Larry Fink.
The summit will bring together international investors, world leaders, thought leaders, policy makers, global CEOs, and chiefs of sustainability to discuss and shape the future of ESG, particularly in emerging markets.
“The planet has major problems with climate, with destruction of nature, peace and security. But we also have tremendous resources, including our common humanity,” Executive Director of the FII Institute, Richard Attias said.
“We believe that ESG is an important tool to bring us together and channel capital to meet these challenges,” he said.
Join us at #FII_ESG, an interactive summit to accelerate #sustainability initiatives in high-growth regions around the world, powered by the FII Institute.#ImpactOnHumanity #ESG https://t.co/zWrtFd34cd
Using ESG standards to make investment decisions is a global boom, with assets expected to reach $53 trillion, about a third of global assets under management, by 2025, a statement showed.
Still, the lack of a framework for the effective implementation of ESG in emerging economies represent a stumbling block for investors.
The FII says it will finally have the tool needed to develop sustainable investment strategies in these markets, through its proprietary measurement framework, developed in collaboration with investors, global companies, and FII’s strategic partners.
The Foundation works to impact humanity across four focus areas: artificial intelligence, robotics, education, health care, and sustainability.
The event is part of a series of events hosted by the Foundation, which will culminate in the sixth edition of the annual FII Forum in Riyadh, Saudi Arabia, in October.
Noel Quinn, Group Chief Executive Officer of @HSBC_UK, explains why binary positions on #ESG investing are too limiting, reiterating the need for a more #inclusive approach towards ESG at #FII_ESG. pic.twitter.com/wZdt3B3sMA
The PIF understands that being engaged in ESG is the right thing to do, Rania Nashar, head of compliance and governance at the fund, told the conference. PIF companies are announcing emission reductions but it's not only about the destination, it is about the journey, she added. “We approach the ESG through multiple aspects. Through creating platforms, sponsoring events and launching initiatives,” she said.
During #FII_ESG, @Rania_Nashar, Head of Compliance & Governance of @PIF_en, spotlights the importance of #governance in #ESG. pic.twitter.com/yoewr2yD45 — FII Institute (@FIIKSA) May 20, 2022
During #FII_ESG, @Rania_Nashar, Head of Compliance & Governance of @PIF_en, spotlights the importance of #governance in #ESG. pic.twitter.com/yoewr2yD45
China’s crude oil imports from top supplier Saudi Arabia soared 38 percent in April from a year earlier, hitting the highest monthly volume since May 2020, according to Reuters’ calculations based on official Chinese customs data.
Saudi shipments amounted to 8.93 million tons last month, equivalent to 2.17 million barrels per day, according to data from the Chinese General Administration of Customs.
The hefty purchases, with trades completed mostly in February, compare with 1.61 million bpd in March and 1.57 million bpd a year earlier.
Imports from second-largest supplier Russia rose a more modest 4 percent last month from a year earlier, with cargoes booked before western governments toughened sanctions over Russia’s invasion of Ukraine in late February.
Russian oil arrivals in April totalled 6.55 million tons, or 1.59 million bpd, data showed, up slightly from 1.5 million bpd in March and 1.53 million bpd a year earlier.
China’s overall crude oil imports last month rose nearly 7 percent on the year, its first rise in three months, although widespread COVID-19 lockdowns crimped fuel demand and dampened refinery output.
Friday’s data showed zero imports in April from Iran. However, customs next month is likely to report for May the import of nearly 2 million barrels of Iranian oil that was being discharged this week into a reserve base in south China.
Despite US sanctions on Iran, China has kept taking Iranian oil passed off as supplies from other countries. The import levels are roughly equivalent to 7 percent of China’s total crude oil imports.
Iranian oil, often priced lower than competing grades, have squeezed out rival supplies such as from Brazil and West Africa.
Customs reported zero imports from Venezuela, as state oil firms shunned purchases since late 2019 for fear of falling afoul of secondary US sanctions.
Imports from Malaysia, often used as a transfer point in the last two years for oil originating from Iran and Venezuela, jumped 84 percent on year to 2.165 million tons, the second highest on record.
RIYADH: Saudi Arabia’s Ministry of Tourism has signed two agreements to enhance joint cooperation and support training and localization programs to qualify those wishing to work in the hospitality sector. The move, which aims to support workers in the food, beverage and accommodation sectors, in support of achieving the Kingdom’s’ tourism human capacity development strategy. Bandar bin Mohammed Al-Safir, director general of training and localization at the ministry, stressed that these two agreements aim to develop human resources in the tourism sector through quality training programs that will contribute to developing localized skills in the tourism sector. Under the two agreements, which were signed with Kempinski Al-Othman Hotel and Carlton Al-Moaibed Hotel, the ministry will support dualifying Saudi nationals in the tourism sector within the “Your Future has Arrived” initiative.
DUBAI: Mohamed Khammas, CEO of Al Ahli Holding Group, said that startup businesses are an excellent opportunity for investment in venture capital funds and microfinance banks.
During an interview with Arab News at the Top CEO event in Dubai, Khammas Mohamed Khammas, CEO of Al Ahli Holding Group, highlighted that startups are a good investment idea because the “ticket size is smaller, and the product ranges are higher.”
Khammas pointed out the risks that arise for startups are not in their early stages but rather when they become successful.
“The challenge is not when they’re trying to have a major impact on the economy; the problems occur when they become successful. All of those are calculated risks,” he said.
Khammas continued to add that regardless of these risks, investing in new, innovative startups is “absolutely the best opportunity.”
Also, during his talk at the event, Khammas urged banks to fund new and innovative products and ideas in the area after he shed light on how banks are hesitant to invest in creative ideas.