News

Saudi’s PIF plans green debt issuance

Green bondsSaudi Arabia’s Public Investment Fund (PIF) is set to issue its first green bond as part of a plan to put sustainability at the centre of its strategy. In addition, Saudi Arabia intends to channel half of its investments into renewable energy projects, according to PIF governor, Yasir Al-Rumayyan. "We will be the first sovereign wealth fund in the world to announce this green issuance," said Al-Rumayyan. “The kingdom aims to deploy 50% of its investments in renewable and sustainable power sources, more than two-thirds from investment,” added Al-Rumayyan, speaking at a forum held by the Future Investment Initiative alongside the United Nations General Assembly. In comments reported by Reuters, the governor also revealed that the fund is working with global asset manager, BlackRock, on the creation of an ESG framework. “We’re working with many partners from all over the world, domestically and internationally, to have a better ESG compliance in all the things that we do,” said Al-Rumayyan. Part of this plan involves working with rating agencies to standardise their ESG rankings data and, over time, turning down investments with insufficient sustainability credentials. The fund has more than $400 billion of global investments and has funnelled some of this capital into ESG themes in recent months. One of its portfolio companies, Red Sea Development Company, recently secured a US$3.8 billion ‘green’ loan to develop new hotels powered by renewable energy. ©2021 funds global mena

Executive Interviews

INTERVIEW: ‘Financing is the blood of Iran’s economy’

Amid a fresh wave of American sanctions, Romil Patel spoke to Meysam Hamedi, director of financial markets and instruments at Iran’s Securities & Exchange Organization (SEO).

INTERVIEW: Totally mega

In 2016, global consulting firm PWC forecast the emergence of five global ‘megatrends’ in the next two decades. Stephen Anderson, its Middle East clients and markets leader, talks about their...

INTERVIEW: Protecting the investment

Rasmala’s trade finance fund recently passed $100 million in assets. Doug Bitcon, head of credit strategies, explains why he has to be hands-on.

EXECUTIVE INTERVIEW: A natural interest in the topic

Since 2016, Guillermo Ortiz has been a chairman of Latin America’s BTG Pactual. The former central banker of Mexico talks to Nick Fitzpatrick.

Roundtables

Middle East Investor Roundtable 2020: Dimensions of diversification

Investors in the Middle East consider the tools that will be needed to navigate the Covid-19 crisis, the continued appetite for dividend and why it’s all about tech. Chaired by Romil Patel.

South Africa asset management roundtable: Global rebound on ice

Experts discuss the investment implications of the coronavirus pandemic, a delayed rebound in global growth and dealing with South Africa’s energy issues head on. Chaired by Romil Patel in Cape Town.

South African roundtable: Taking the bull by the horns

Our panel discusses Chinese investment in Africa, financial institutions’ contribution to economic sustainability and regulatory concerns. Chaired by Romil Patel in Cape Town.

ROUNDTABLE: Hooked to the global caravan

With the MENA region at a tipping point, our panellists talk about economic diversification, the impact of regulation and the delayed Saudi Aramco listing. Chaired by Romil Patel in Dubai.