Page 11 - MEOG Week 03 2022

MEOG NEWS IN BRIEF MEOG

POLICY of Dubai, praised relations between the two Prince Mohammed bin Salman in Riyadh on
countries and their keenness to further boost Tuesday and the head of the Gulf Cooperation
Saudi kicks off the year bilateral ties in various areas, Emirates News Council Nayef Al-Hajraf on Wednesday, when
he is expected to announce the resumption of
Agency reported.
with a $755mn sukuk UAE and Korea provides many opportunities Gulf free-trade talks. He will meet Egyptian
“The strategic partnership between the
President Abdel Fattah El-Sisi in Cairo on
The Saudi government offered sukuk to enhance cooperation in various fields, Thursday, South Korean news agency Yonhap
denominated in Saudi riyals worth SR2.83 including economy, trade, food security, said.
billion ($755 million) in its first issuance for health, culture, space, energy and tourism,” he ARAB NEWS
the year 2022, the National Debt Management said, adding the Emirates is South Korea’s top
Center announced on Tuesday. trade partner in the region.
The issuance comes under the Kingdom’s The volume of non-oil trade between the COMPANIES
riyal-denominated sukuk program. two countries reached $4.8 billion in 2020.
The first tranche had a size of SR1.25 “Prominent strategic projects such as the bp and Oman form strategic
billion and matures in 2030 while the second Barakah Nuclear Energy Plant are proof of the
tranche was valued at SR1.59 billion and depth of relations between the two friendly partnership
matures in 2034. nations,” Sheikh Mohammed said. “We also
Saudi Arabia collected a total amount of appreciate the active participation of the South bp and the Ministry of Energy and Minerals
SR75.2 billion of sukuk in monthly issuances Korea pavilion at Expo 2020 Dubai.” in Oman today signed a Strategic Framework
for the previous year. During the meeting, a memorandum Agreement (SFA) and a Renewables Data
The Saudi Finance Ministry established the of understanding was signed between the Collection Agreement which will support the
sukuk program through the NDMC in July UAE’s Ministry of Defense and South Korea’s potential development of a multiple gigawatt,
2017. Defense Acquisition Program Administration world-class renewable energy and green
Saudi public debt stood at SR948.3 on medium and long-term cooperation in the hydrogen development in Oman, by 2030.
billion at the end of this year’s third quarter, fields of defense industries and technology. As part of the agreement, bp will capture
according to the ministry’s latest quarterly UAE’s Tawazun Economic Council and evaluate solar and wind data from
budget report. Domestic debt accounted for (Tawazun) signed an MoU with Korea’s 8,000km2 of land – an area more than
59.1 percent while external debt made up 40.9 LIG Nex1 Co. and two MoUs with Hanwha five times the size of Greater London.
percent of the debt. Systems Co. The evaluation will then support the
In its 2022 budget statement, the ministry Abu Dhabi National Oil Company Government of Oman in approving the future
predicted that public debt will reach SR938 (ADNOC) signed three agreements with a developments of renewable energy hubs at
billion next year. number of Korean entities, and they include a suitable locations within this area to take
ARAB NEWS framework agreement between ADNOC and advantage of these resources. The renewable
the Export-Import Bank of Korea. energy resources could also supply renewable
UAE, South Korea sign between ADNOC, the Korea National Oil power for the development of green hydrogen,
A joint study agreement was signed
targeting both domestic and global export
defence, H2 deals Corporation and SK Gas on hydrogen, and markets.
another agreement between ADNOC and
This partnership represents a significant
The UAE and South Korea signed several KNOC on ammonia cargo. evolution of bp’s business in Oman and is
agreements on Sunday during President “During the next phase, we plan to draw aligned with bp’s strategy, which includes
Moon Jae-in’s official visit to the Emirates to up plans to further expand cooperation in rapidly growing our developed renewable
attend the “Day of Korea” ceremony at Expo areas of common interest, as well as explore generating capacity and to take early positions
2020 Dubai. development opportunities in priority in hydrogen.
Sheikh Mohammed bin Rashid, UAE sectors,” Sheikh Mohammed said. bp CEO Bernard Looney said: “Today’s
vice president and prime minister and ruler Moon will meet Saudi Arabia’s Crown agreement represents what bp is able to offer

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