Climate change solutions should not come at the expense of “less empowered people”, Saudi Arabia’s Energy Minister on Thursday, as the kingdom announced potential agreements with African countries.
“Climate change is crucial, important, but it should not be attended to by crushing the bones and the future of the less empowered people,” Prince Abdulaziz bin Salman said during the Saudi-Arab-African Economic Conference in Riyadh on Thursday.
“Africa has been and will continue to be part of our social capital,” Prince Abdulaziz said.
The Saudi Fund for Development will sign agreements worth 2 billion Saudi riyals ($533 million) with African countries, Finance Minister Mohammed Al Jadaan said at the same event.
The fund, which helps finance projects in developing countries, is working with partners to support Ghana and other African countries to reduce debt, he said.
The minister said the agreements would be struck with many countries and entities on the continent.
“Our partnership with African countries is strong and ever growing. In energy, education and agriculture amongst many others, the kingdom considers Africa a strong investment destination and partner,” he added.
Several Saudi officials were at the economic forum after the cancelation of the political summit due to the war in Gaza.
The conference is aimed at strengthening partnerships between Saudi Arabia and the Arab world with African countries in several economic and investment sectors, including agriculture, industry, mining, and commercial partnerships.
Saudi Arabia’s Public Investment Fund will make some “game changing” investments in Africa, Saudi Investment Minister Khalid Al Falih said.
“We want investments that go into Africa to also be sustainable in the long term and catalyse more and more investment.
“We want our sustainable investments to … grow additional investments and for that to happen, we need to de-risk the investments.”
In September, the UAE pledged $4.5 billion to help speed up the development of clean energy projects in Africa.
Abu Dhabi’s clean-energy company Masdar, the Abu Dhabi Fund for Development, Etihad Credit Insurance, and Dubai-based renewable energy company Amea Power are expected to provide the funds.
Developing countries require about $1.7 trillion per year in the clean energy sector but managed to attract foreign direct investment worth only $544 billion in 2022, Unctad, the UN intergovernmental organisation that promotes the interests of developing countries in world trade, said in a report in July.
Titanium Escrow profile
Started: December 2016
Founder: Ibrahim Kamalmaz
Based: UAE
Sector: Finance / legal
Size: 3 employees, pre-revenue
Stage: Early stage
Investors: Founder's friends and Family
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Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
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NBA Finals results
Game 1: Warriors 124, Cavaliers 114
Game 2: Warriors 122, Cavaliers 103
Game 3: Cavaliers 102, Warriors 110
Game 4: In Cleveland, Sunday (Monday morning UAE)
The bio
Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district
Was a middle distance state athletics champion in school
Enjoys driving to Fujairah and Ras Al Khaimah with family
His dream is to continue working as a social worker and help people
Has seven diaries in which he has jotted down notes about his work and money he earned
Keeps the diaries in his car to remember his journey in the Emirates
Mobile phone packages comparison
