Latest news with #sustainableDevelopment
Zawya
4 hours ago
- Business
- Zawya
Saudi Fund for Development signs development loan agreement to enhance infrastructure sector in Tunisia
Tunisia: The Chief Executive Officer of the Saudi Fund for Development (SFD), H.E. Sultan Al-Marshad, signed today a new development loan agreement with H.E. Dr. Samir Abdelhafidh, Minister of Economy and Planning of the Republic of Tunisia, to finance the establishment of an Oasis Hub Project in southern Tunisia. The loan, exceeding USD 38 million, was signed in the presence of H.E. Dr. Abdulaziz bin Ali Al-Saqr, Ambassador of the Kingdom of Saudi Arabia to Tunisia. This agreement reflects the strong development partnership that has spanned nearly 50 years between the two sides. The Oasis Hub Project aims to support sustainable rural development through the reclamation of more than 1,000 hectares of agricultural land across various regions in Tunisia. The project includes the drilling and equipping of 22 wells, the expansion of rural villages and their infrastructure, and the construction of over 285 housing units for local beneficiaries. Additionally, the project will enhance the region's infrastructure by building roads, pipelines, and networks for potable and irrigation water, while also supporting the development of educational institutions, agricultural facilities, and cultural, social, and commercial centers. These efforts collectively aim to improve the quality of life and stimulate economic and social growth in Tunisia's southern governorates. This agreement is part of SFD's ongoing efforts to promote sustainable development in Tunisia by financing infrastructure projects that contribute to improving living standards, creating job opportunities, and supporting the achievement of the Sustainable Development Goals (SDGs). Since the inception of its operations in Tunisia in 1975, SFD has financed 32 development projects and programs, through concessional loans totaling more than USD 1.2 billion, in addition to grants provided by the Kingdom of Saudi Arabia through SFD amounting to over USD 105 million.
Arab News
2 days ago
- Politics
- Arab News
Djibouti ambassador praises deep ties between African state and Saudi Arabia
RIYADH: The Djibouti Embassy in Riyadh donned patriotic colors as its staff celebrated their national day on Wednesday night, hosting a befitting reception to mark the occasion. On the occasion of the 48th anniversary of the National Independence of Djibouti, Dya-Eddine Said Bamakhrama, ambassador of the Republic of Djibouti to Saudi Arabia and the dean of the Diplomatic Corps, hosted an official reception at the Cultural Palace in the Diplomatic Quarter. The event was attended by Prince Mohammed bin Abdulrahman bin Abdulaziz, deputy governor of Riyadh Region, as guest of honor and patron, and Prince Sultan bin Salman, the founder and chairman of the Saudi Aviation Club. The reception was also attended by numerous princes, ambassadors, distinguished business leaders, media professionals, artists, and members of the Saudi and Djibouti community. Addressing the gathering the ambassador highlighted Djibouti's remarkable achievements over the past five decades, particularly in terms of security, stability, and sustainable development. He also emphasized the deep and sincere fraternal relations that unite the leaderships and people of the two nations. Furthermore, the ambassador reaffirmed Djibouti's firm and unwavering position in support of the Palestinian cause, advocating for the restoration of the Palestinian people's legitimate rights, including the establishment of an independent state with East Jerusalem as its capital. Saudi Arabia also strongly supports the two-state solution as the path to resolving the Israeli-Palestinian conflict. Palestine is officially recognized by 147 of the UN's 193 member states and has observer status at the UN. The ambassador also reiterated Djibouti's commitment to a calm, constructive, and principled diplomacy, actively working to promote peace in the region and around the world, rejecting wars and advocating for dialogue, peaceful coexistence, and sustainable development.
Zawya
4 days ago
- Zawya
Egypt launches eco-tourism project to transform Bedouin village in Sharm El-Sheikh
Egypt's Environment Minister Yasmine Fouad inaugurated a major eco-tourism development project in the village of El-Gharqana, located within the Nabq Protected Area in Sharm El-Sheikh. The initiative is part of the country's 'Green Sharm' program, in collaboration with the United Nations Development Programme (UNDP), aiming to transform the Red Sea resort into a model of sustainable tourism. The inauguration ceremony was attended by South Sinai Governor Major General Khaled Mubarak, UNDP Resident Representative Alessandro Fracassetti, tribal leaders, tourism sector representatives, members of parliament, and local media. Fouad described the project as a milestone in Egypt's environmental agenda, highlighting its integrated approach to sustainable development. 'This initiative aims to enhance the livelihoods of local residents by integrating them into eco-tourism activities, while also preserving the natural resources of Nabq,' she said. The village was redeveloped using eco-friendly architecture and sustainable construction techniques that respect the cultural identity of the Bedouin community, creating an authentic and environmentally sensitive tourist destination. Governor Mubarak praised the strategic partnership with the UNDP, noting that the project reflects Egypt's broader vision of balanced development — one that harmonizes environmental conservation with the needs of local communities. The event included a tour of newly developed housing units, the opening of a handicraft workshop and a local NGO office, and the screening of a documentary chronicling the project's implementation. A panel discussion followed, bringing together government officials, civil society, and private sector stakeholders to explore the future of eco-tourism in Egypt. The El-Gharqana project is seen as a model for replicable sustainable development across other regions, as Egypt seeks to align its tourism and environmental policies with global sustainability goals.
Zawya
4 days ago
- Business
- Zawya
Angola Becomes Shareholder in Africa Finance Corporation (AFC), Reinforcing Commitment to Africa-Led Development
Africa Finance Corporation (AFC) ( Africa's leading infrastructure solutions provider, today announced that the Republic of Angola has become its latest sovereign shareholder. This strategic equity investment further strengthens Angola's partnership with AFC and underscores the country's confidence in AFC's mandate to accelerate sustainable development and regional integration through transformational infrastructure. As a member of the Africa Finance Corporation since 2022, Angola has deepened its strategic partnership with the institution through a landmark equity investment commitment of US$184.8 million. This bold move reflects Angola's confidence in the AFC's institutional strength and its ambition to help shape Africa's development agenda from within. It builds on nearly US$1 billion in AFC investments across Angola's priority sectors—power, rail, logistics, and critical minerals—core to the country's industrialization and economic diversification strategy. The investment also signals growing momentum for African-led capital solutions to drive long-term, transformative growth across the continent. Earlier this year, the Fundo Soberano de Angola, Angola's Sovereign Wealth Fund, also made a US$25 million equity investment in AFC. Together, these investments reflect a cohesive national strategy to advance Angola's infrastructure and industrial development agenda through close collaboration with the Corporation. With this milestone investment, Angola becomes the second Lusophone African nation, after Cape Verde, to join the growing list of equity investors in AFC. This underscores the Corporation's expanding pan-African footprint and its commitment to accelerating the continent's structural transformation through strategic, high-impact partnerships. 'Angola's capital commitment underscores the impact of sovereign alignment with AFC's mandate to catalyse Africa's transformation. It affirms the value of combining national vision with AFC's model of delivering critical infrastructure, deploying innovative financing solutions, and forging catalytic partnerships across the public and private sectors', said Samaila Zubairu, President&CEO of Africa Finance Corporation. 'This marks a significant step in AFC's journey to broaden shareholder representation across Africa'. Dr. Vera Daves de Sousa, Angola's Minister of Finance, said: 'Angola's shareholding investment in AFC signals our strong belief in the power of partnerships to deliver lasting economic transformation. The Corporation has been a trusted ally over the last few years, financing strategic sectors including infrastructure, energy, and industrial projects critical to our diversification efforts, and we look forward to a continued, mutually beneficial partnership'. AFC and Angola have had a strong collaborative history over the years, exemplified by initiatives such as the Lobito Corridor project, where AFC is acting as lead developer alongside other partners. This transformational multi-country transport network connecting Angola, Zambia, and the Democratic Republic of Congo (DRC) has the potential to unlock new industrial and value-chain opportunities across key sectors, including mining, agriculture, energy, and tourism. Distributed by APO Group on behalf of Africa Finance Corporation (AFC). Media Enquiries: Yewande Thorpe Communications Africa Finance Corporation Mobile: +234 1 279 9654 Email: About AFC: AFC was established in 2007 to be the catalyst for pragmatic infrastructure and industrial investments across Africa. AFC's approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development, and risk capital to address Africa's infrastructure development needs and drive sustainable economic growth. Eighteen years on, AFC has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. AFC has 45 member countries and has invested over US$15 billion in 36 African countries since its inception.
Times of Oman
5 days ago
- Business
- Times of Oman
Forum charts bold future for Oman's young entrepreneurs
Muscat: In a powerful demonstration of national commitment to youth empowerment and sustainable development, Muscat witnessed the successful launch of the inaugural edition of the 'Sout Al Shabiba – Tamkeen wa Ta'theer on Monday. Organised by Al Shabiba, a publication of Muscat Media Group, in collaboration with Gulf Leaders Circle, the forum brought together government leaders, business executives, academics, and civil society voices under one roof at the JW Marriott Hotel, Oman Convention & Exhibition Centre. Held under the esteemed patronage of His Highness Sayyid Faris bin Fatik Al Said, and attended by Mohamed Issa Al Zadjali, Chairman of Muscat Media Group, the one-day forum served as a dynamic platform to promote inclusive dialogue, advance the goals of Oman Vision 2040, and reaffirm the nation's dedication to empowering its youth and fostering the growth of small and medium enterprises (SMEs). 'I am honoured to attend this important forum,' said His Highness Sayyid Faris bin Fatik Al Said in his opening remarks. 'It is both timely and necessary for media groups like Muscat Media Group to play a leading role in driving national priorities forward, particularly through such economic forums and initiatives that support the country's development goals.' HH Sayyid Faris stressed that the forum aligns with the central pillars of Oman Vision 2040, which include economic diversification, governorate development, self-employment, and maximising the role of youth in nation-building. The forum opened with a compelling presentation by Dr. Ghalib bin Saif Al Hosni, Chief People Officer at Omantel and Chairman of the Oman Society for Human Resource Management (OSHRM). Dr. Al Hosni addressed the evolving needs of human capital and the essential leadership skills required in today's fast-changing landscape. He shared insights into Omantel's internal leadership programmes, highlighting that more than 60 percent of the programme's graduates now occupy managerial positions within the company. Engineer Amer Al Fadhel, Managing Partner at Competence HR, followed with a futuristic view on the world of work. He discussed how artificial intelligence, robotics, and automation are redefining the employment landscape, emphasising the need for critical skills such as digital literacy, analytical thinking, emotional intelligence, and problem-solving. 'Today, 33 percent of new employees lack basic soft skills,' he noted, stressing the need for flexibility and adaptability among the new generation entering the workforce. One of the highlights of the day was a vibrant panel discussion titled 'Cultivating Entrepreneurship and Innovation for Omani Youth,' moderated by Omani media professional Abdullah Nasser Al Saidi. The panel featured a distinguished lineup of speakers, including Eng. Abdulrahman Al Yahyaei, CEO of Integrated Gas Company; Eng. Said Al Shanfari, CEO of Oman Convention & Exhibition Center; Ali Ahmed Muqaibal, CEO of Sharakah; Dr. Suleiman Al Hasani, Deputy Dean for Academic and Resources at the Global College of Engineering and Technology; and Khalid Al Mahrouqi, Co-founder and CEO of QPay, a rising Buy Now, Pay Later (BNPL) platform launched earlier in 2025. Engineer Al Yahyaei made a strong case for entrepreneurship as the engine of job creation. 'If you want to build an economy, start with the entrepreneur. Entrepreneurship is responsible for the majority of jobs in many countries. In Mexico, for example, SMEs account for 95 percent of employment, and in Dubai alone, over 600,000 jobs are provided by small and medium enterprises.' Echoing the sentiment, Engineer Al Shanfari highlighted the commitment of Oman Convention & Exhibition Centre to SMEs. 'We work hand in hand with entrepreneurs, giving them real opportunities. Even the carpets in this venue are supplied by a local SME,' he said, pointing out the broader support such businesses receive from institutions like the Oman Investment Authority (OIA) and its affiliated companies. Muqaibal emphasised the importance of originality and innovation in the SME sector, noting that while there are many ideas, the market still suffers from repetition and a lack of differentiation. 'Oman is doing well compared to many Gulf countries in supporting SMEs, but we must ensure liquidity and promote diversity,' he said. Dr. Al Hasani underscored the role of higher education in fostering entrepreneurial thinking. 'Entrepreneurship may not be a standalone subject, but it is embedded across all higher education programmes in Oman, as directed by the Ministry of Higher Education. Still, fear of failure remains a major barrier for many young people,' he added. For Al Mahrouqi, financial technology is a gateway to empowerment. 'Fintech is not new. Even traditional banks are embracing it now,' he said. 'At QPay, you can open an account or apply for a loan in under three minutes. We're here to remove the barriers that have traditionally slowed innovation.' The forum also included a detailed presentation by Qasim bin Mohammed Al Zadjali, Assistant Officer Customer Relationship Management at the Oman Development Bank, who outlined the institution's expanded mandate following Royal Decree No. 84/2023. With the bank now able to provide financing of up to OMR5 million, Al Zadjali emphasised its commitment to supporting small, medium, and even micro-enterprises. 'We offer interest-free loans up to OMR15,000 for self-employed micro-projects — provided the applicant is fully committed to the venture,' he explained. The second panel of the forum focused on 'Policy, Collaboration, and Sustainability for Youth Empowerment,' and was moderated by journalist Khalfan bin Said Al Amri. The session brought together key voices including Hassan Haider Mohammed Jawad Al-Lawati, Chairman of the Oman Association for Persons with Disabilities; Ghassan Fadhal, Director, Tashgheel; lawyer Omran Aljabri, CEO Deputy, Ahmed Al-Muqbali Advocate and Legal Consultants; and Rumaitha Al Busaidi, Vice President, Environment Society of Oman (ESO). Al-Lawati shared a personal and heartfelt perspective on the challenges faced by people with disabilities, particularly stigma and societal bias. 'Our capabilities are no less. What we need is acceptance and opportunity,' he said. Fadhel called for a more integrated framework to support freelance work and entrepreneurship. He also praised the 1.2% initiative, which allocates a portion of government procurement spending toward on-the-job training and employment-linked learning programmes. Aljabri addressed the legal challenges that often intimidate young entrepreneurs. 'It's not funding that stops many youth — it's the fear of legal complications and of failure itself. We need to help them overcome this psychological hurdle,' he said. Rumaitha brought the conversation full circle by emphasising environmental sustainability as a key part of youth development. 'Young Omanis are scientifically and practically ready. What they need is ownership — give them space, let them lead. We've seen great success through our projects, competitions, and environmental initiatives.' Sout Al Shabiba, in its first edition, has already positioned itself as a landmark platform for national dialogue, bringing together decision-makers, youth leaders, and innovators to explore actionable solutions for building a more inclusive and entrepreneurial Oman. In line with the objectives of Vision 2040, the forum champions youth as vital stakeholders in shaping the nation's future — and provides them with the tools, networks, and confidence to lead it. The event was supported by Development Bank, Changan, Turkish Airlines, Global College of Engineering and Technology, and Ahmed Al-Muqbali Advocate and Legal Consultants.
