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GREEN FINANCE-
Algeria to join Brics NDB: Algeria has officially been admitted as a new member of the Brics New Development Bank (NDB), Reuters reported on Saturday, citing comments made by bank president Dilma Rousseff on the sidelines of an annual meeting. Egypt, the UAE, Saudi Arabia, and Iran were among the six countries invited to join the bloc of emerging economies known as the Brics in August 2023. Joining the group allows the countries to access the USD 100 bn pool of foreign currency the group uses to lend each other funds during emergencies, and should increase foreign direct investments and facilitate trade exchange through incentive packages. The packages are expected to bring significant green agreements, especially as the Brics countries recently made strides to ramp up their green sectors.
Brics’ NBD has big green plans: The NBD and Egypt’s Electricity and Renewable Energy Ministry met in January to discuss cooperation on the country’s renewable energy sector. The bank also secured a USD 2 bn syndicated loan from more than 10 banks to fund infrastructure and renewable energy projects for some of its member countries. In June 2023, the NBD — along with a group of multilateral development banks — laid out its plans to align its work and portfolios with the goals of the Paris Agreement.
IN OTHER BRICS NEWS- Brics nations adopt climate and sustainable development framework: Brics countries have signed a comprehensive framework on climate and sustainable development, covering collaboration on key areas such as a just transition, mitigation, adaptation, carbon markets, and finance, ANI reported on Saturday, citing a statement from the Russian Economic Development Ministry. The framework also includes an MoU on a Brics carbons market partnership, enabling member nations to share experiences and undertake joint climate projects.
EARNINGS WATCH-
Tadweeer’s net income increased 8.6% in 1H: Saudi Arabia’s National Environment Recycling company (Tadweeer) recorded net profits of over SAR 11 mn (c. USD 2.9k) in 1H 2024, signaling an 8.6% increase from just over SAR 10.1 mn (c. USD 2.7k) in the same period last year, according to a financial disclosure. Revenues also jumped by 53.8% to SAR 396.9 mn (c. USD 105.7k).
Behind the numbers: The company attributes the rise in sales to increased exports to Asia as well as the implementation of new recycling lines. Net profit then increased as a result of added revenue, the statement adds.
ON THE FINANCING SIDE- Tadweeer inked a SAR 60 mn Shariah-compliant bank facility with Riyad Bank, according to a statement released on Tadawul on Thursday. Tadweeer will allocate SAR 40 mn of the loan to finance working capital requirements and the remaining SAR 20 mn will go towards financing capital expenditures. The facility’s financing duration is one year from the date of financing working capital requirements, and five years from the date of the capital expenditures financing. Tadweer has offered up real estate guarantees and a promissory note as a backing for the agreement.
WASTE MANAGEMENT-
Complicity + Kingdom Konsult partner on food waste recycling: Qatar-based sustainability consultancy Kingdom Konsult has partnered with Hungary-based food waste solutions company Compocity to bring the CompoBot to Qatar, the GCC, and Greece, according to Gulf Times. The CompoBot is a robot that can recycles food waste in efforts to minimize the volume that ends up in landfills. 100 CompoBot’s will first be deployed in Qatar by 2025, with plans to expand to around 500 of the devices in the region by 2026, offsetting some 4.8 mn kgs of emissions.
OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-
- UAE + RAKPA partner on sustainable energy: UAE’s Ministry of Energy and Infrastructure and the Ras Al Khaimah Petroleum Authority have signed an MoU to enhance collaboration on sustainable energy initiatives including natural hydrogen research and evaluating geothermal energy potential. (Wam)
- Mercedes launches fully electric lineup in Oman: Mercedes-Benz has officially launched its electric range of cars — the EQA, EQB, EQE Sedan, EQE SUV, EQS Sedan, EQS SUV, and G 580 with EQ Technology — in its showrooms in Oman. The carmaker had a similar launch in Egypt in November 2023 at five authorized distributors. (Press Release)
- Lebanon joins Saudi-led Middle East Green Initiative: Lebanon has decided to become a member of the Green Middle East Initiative. The Initiative — launched by Crown Prince Mohammed bin Salman in 2021 — aims to reduce CO2 emissions from regional hydrocarbon production by over 60%. Saudi Arabia pledged to contribute USD 2.5 bn to the initiative over 10 years in 2022. (Arab News)
