BlackRock has decided to invest up to $400 million in Positive Zero, a carbon disposal company based in Dubai, through its diversified infrastructure fund, according to a statement from Positive Zero on Monday as reported by Reuters. The investments will help Positive Zero, which focuses on carbon disposal infrastructure, achieve its goal of enhancing energy transition projects in the Gulf countries, according to the statement.
Foundation of Positive Zero and Role of BlackRock
The company was founded by Creek Capital, which specializes in climate investments, at the end of last year to coincide with the COP27 climate summit in Egypt, by merging the solar energy company SirajPower, energy efficiency services company Taka Solutions, and on-demand battery company HYPR Energy. Creek Capital is co-founded by Mohamed Abdul Ghaffar Hussain, its chairman, and David Orio, the managing director, according to its website. Hussain also serves as the general manager of Green Coast Enterprises, the family business based in Dubai. Orio previously worked at Alstom Power and consulting firm Oliver Wyman.
Ed Winter, head of BlackRock for Asia-Pacific and the Middle East in diversified infrastructure, stated that Positive Zero is well-positioned to take advantage of the strong winds driven by ambitious economic growth and the energy transition goals set by the UAE and other Gulf countries. Winter made these remarks in the statement issued by Positive Zero.
The investments aim to help achieve the goal of the COP28 summit hosted by the UAE, which concluded last week, aiming to triple renewable energy capacity by 2030, according to Hussain in the statement.
Launch of GACA Project for Passenger Movement Management and Monitoring
A new project has been launched in Saudi Arabia to facilitate passenger movement at the country’s airports, thanks to a digital initiative launched by the President of the General Authority of Civil Aviation, Abdulaziz Al-Duweij, according to the Saudi Press Agency. This project was inaugurated as part of GACA’s efforts to develop the air transport system in the kingdom to perform its role effectively in enhancing the passenger experience, and Al-Duweij confirmed that it aligns perfectly with the digital transformation as one of the authority’s priorities to provide the best and highest quality services according to international standards. This project is built upon several other initiatives led by the authority, including the issuance of a passengers’ rights charter aimed at enhancing services to the highest standards of excellence and increasing the benefits provided to travelers.
Expanding the Saudi Non-Oil Economy by 4% Annually Until 2030
Efforts to diversify the Saudi economy are expected to bear fruit, as the kingdom’s non-oil economy is projected to expand by between 3% and 4% annually until 2030, according to an expert at Moody’s Analytics. In a webinar, Katarina Nuro, an economist at Moody’s Analytics, said that Saudi Arabia’s economy has transformed over the past decade, with the non-oil sector contributing an increasing share of the kingdom’s GDP. Nuro added that the non-oil economy is expected to grow between 3% and 4% annually until 2030, representing about 56% of the kingdom’s GDP. Nuro noted that Moody’s anticipates growth in the Saudi oil sector to continue between 0.5% and 1.5% after 2025 until 2030. She stated that enhancing the non-oil private sector is crucial for Saudi Arabia in diversifying its economy away from oil according to its goals set in Vision 2030. She explained that Saudi Arabia needs to focus on expanding the
Source: https://www.arabnews.com/node/2427721
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