The Arab Petroleum Investments Corporation (Apicorp), a Saudi Arabia-based multilateral lender owned by the 10 members of the Organisation of Arab Petroleum Exporting Countries, has allocated $335 million to fund green projects after it raised $750 million through a green bond in 2021.
As of the end of October last year, it financed 10 projects in Saudi Arabia, the UAE, Egypt, Jordan, and Spain. The remaining $415 million was invested into other green assets including securities and funds which comply with the green bond framework, Apicorp said in a statement on Wednesday.
The financed projects include solar and wind farms, waste-to-energy plants and wastewater treatment facilities. Collectively, the projects produce 9.4 Terawatt-hour (TWh) of clean power for nearly 1 million homes while avoiding more than 20 million tonnes of carbon dioxide equivalent per year.
“We strongly believe that green bonds are an important tool for supporting the transition to a more sustainable and low-carbon economy,” Khalid Al Ruwaigh, chief executive of Apicorp, said.
“By providing a dedicated source of funding for these types of projects, green bonds can help to attract private sector investments and encourage the development of a more sustainable and resilient economy in the Mena region.”
The demand for green financing in the Middle East and North Africa region is increasing as countries focus on developing renewable energy projects to cut greenhouse gas emissions.
Total GCC green and sustainable bond and sukuk issuances last year reached $8.5 billion from 15 deals, compared with $605 million from six deals in 2021, data from Bloomberg’s Capital Markets League Tables showed.
Saudi Arabia was the leading issuer within the region, accounting for more than half of the total volume, with the UAE contributing to the remaining issue volume.
Abu Dhabi’s clean energy company Masdar also plans to raise money through the issuance of a green bond this year to finance its projects.
Masdar will publish its first green finance framework “in the coming weeks”, chief executive Mohamed Al Ramahi told the Abu Dhabi Sustainable Finance Forum last month.
The UAE has already committed $163 billion to reach net zero by 2050, while Saudi Arabia has pledged about $180 billion to meet its target by 2060.
Saudi Arabia’s sovereign wealth fund, the Public Investment Fund also raised $3 billion through its inaugural green bond last year to finance or refinance its environment-friendly investments.
The global green bond market is projected to surpass $5 trillion by 2025, driven by increasing demand for sustainable investment options and a growing awareness of the need to address climate change challenges, according to Apicorp.
Profile
Company: Libra Project
Based: Masdar City, ADGM, London and Delaware
Launch year: 2017
Size: A team of 12 with six employed full-time
Sector: Renewable energy
Funding: $500,000 in Series A funding from family and friends in 2018. A Series B round looking to raise $1.5m is now live.
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Draw for Presidents Cup fourball matches on Thursday (Internationals first mention). All times UAE:
02.32am (Thursday): Marc Leishman/Joaquin Niemann v Tiger Woods/Justin Thomas
02.47am (Thursday): Adam Hadwin/Im Sung-jae v Xander Schauffele/Patrick Cantlay
03.02am (Thursday): Adam Scott/An Byeong-hun v Bryson DeChambeau/Tony Finau
03.17am (Thursday): Hideki Matsuyama/CT Pan v Webb Simpson/Patrick Reed
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In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.
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Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final
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Profession: medical student at UAE university
Favourite book: The Ocean at The End of The Lane by Neil Gaiman
Role model: Parents, followed by Fazza (Shiekh Hamdan bin Mohammed)
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Game 1 Raptors 118 Warriors 109
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How to keep control of your emotions
If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.
Greed
Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.
Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.
Fear
The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.
Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.
Hope
While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.
Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.
Frustration
Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.
Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.
Boredom
Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.
Tip: Open an online demo account and get your thrills without risking real money.
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Sugary teas and iced coffees
The tax authority is yet to release a list of the taxed products, but it appears likely that sugary iced teas and cold coffees will be hit.
For instance, the non-fizzy drink AriZona Iced Tea contains 65 grams of sugar – about 16 teaspoons – per 680ml can. The average can costs about Dh6, which would rise to Dh9.
Cold coffee brands are likely to be hit too. Drinks such as Starbucks Bottled Mocha Frappuccino contain 31g of sugar in 270ml, while Nescafe Mocha in a can contains 15.6g of sugar in a 240ml can.
The specs
Engine: 3.8-litre, twin-turbo V8
Transmission: eight-speed automatic
Power: 582bhp
Torque: 730Nm
Price: Dh649,000
On sale: now
MATCH INFO
Uefa Champions League semi-finals, first leg
Liverpool v Roma
When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome
MATCH SCHEDULE
Uefa Champions League semi-final, first leg
Tuesday, April 24 (10.45pm)
Liverpool v Roma
Wednesday, April 25
Bayern Munich v Real Madrid (10.45pm)
Europa League semi-final, first leg
Thursday, April 26
Arsenal v Atletico Madrid (11.05pm)
Marseille v Salzburg (11.05pm)
The biog
Favourite food: Fish and seafood
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Family: We all have one!
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Al Jazira 3 Persepolis 2
Jazira: Mabkhout (52'), Romarinho (77'), Al Hammadi (90' 6)
Persepolis: Alipour (42'), Mensha (84')
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
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Europa League semi-final, second leg
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Where: Wanda Metropolitano
When: Thursday, May 3
Live: On BeIN Sports HD
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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