vivo Launches Funtouch OS 13 Based on Android 13 for Overseas Users

This new operating system brings new personalization options, security upgrades, and more easy-to-use features for a smoother, uninterrupted experience

SHENZHEN, Oct. 24, 2022 /PRNewswire/ — vivo has officially launched the new Funtouch OS 13 for users in overseas markets. Based on the newly released Android 13, this upgraded operating system combines vivo’s design-driven value with new and improved personalization options, upgraded privacy and security features, and new control features for a smoother, uninterrupted experience. vivo not only strives to provide users with an effortless experience, but also seeks to empower them to express their creativity and uniqueness through their devices.

Add a touch of personalization to your screen

Add a touch of personalization to your screen

The Funtouch OS 13 allows users more visual control of their home screen. With the monochrome icon feature, users can now change the color of their home screen icons to match their wallpaper, system, and app interfaces, truly unlocking their creativity and self-expression.

On top of that, the new system allows users to customize colors on their system’s UI and built-in apps, including their notification panels, volume control, calculator, and clock. It can utilize the color from the users’ preferred wallpaper and theme to determine the appropriate color tint, applying it to the app interface to transform the device with a more personal look and feel.

Further protection and security

The new app pinning feature helps keep sensitive data secure, providing users greater peace of mind regarding their security and privacy. When another person uses the device, the two-level pinning function keeps the chosen app in view and prevents access to other apps on the device. This feature enables greater flexibility, allowing the owner to set parameters and control the allowed actions within the pinned app when other people are using the device. Add a touch of personalization to your screen

This update also allows users to hide photos and videos as well as selectively choose various applications’ access to specific photos, thereby preventing unwanted viewing on their devices and further enhancing privacy protection.

Enhanced controls and easy-to-use features to provide greater convenience

To create a more streamlined experience for vivo users, the Funtouch OS 13 also features improved application management, the iManager, which can specifically help monitor app usage time. If the CPU usage is too high, users can shut that application down with one tap. iManager can also prevent overheating by reducing the number of active applications and adjusting CPU frequency based on the Phone cooling feature.

In addition to weather updates, the dashboard also features an AQI card for health-conscious users who wish to instantly check the latest information concerning air quality with a detailed PM2.5 index available.

With vivo’s well-known premium mobile photography experience, new photo and video upgrades are to be expected. The professional viewfinder makes photography easier with a new stabilization ring that helps mitigate the effects of shaky hands.

The new OS has also refined the video editing process, enabling users to mute the sound of the video while editing the footage and even make precise volume adjustments on each segment of the video, thus facilitating the creation of professional-grade videos.

In terms of accessibility controls, enhancements have been made with color correcting and inversion, as well as the option to remove animations for users with specific needs, such as visual impairments.

The Funtouch OS 13 will be available from October 24, 2022, starting with the X80 Pro. vivo will gradually bring Funtouch OS 13 to more users around the world with the most innovative experiences yet seen.

About vivo

vivo is a technology company that creates innovative products based on design-driven values, with smart devices and intelligent services at its core. The company aims to build a bridge between humans and the digital world. Through unique creativity, vivo provides users with an increasingly convenient mobile and digital life. Following the company’s core values, which include Benfen*, user orientation, design-driven value, continuous learning, and team spirit, vivo has implemented a sustainable development strategy with a vision of developing into a healthier, more sustainable world-class corporation.

While bringing together and developing the best local talents to deliver excellence, vivo is supported by a network of R&D centers in Shenzhen, Dongguan, Nanjing, Beijing, Hangzhou, Shanghai and Xi’an, focusing on the development of state-of-the-art consumer technologies, including 5G, artificial intelligence, industrial design, imaging system and other up-and-coming technologies. vivo has also set up an intelligent manufacturing network (including those authorized by vivo), with an annual production capacity of nearly 200 million smartphones. As of now, vivo has branched out its sales network across more than 60 countries and regions and is loved by more than 400 million users worldwide.

*”Benfen” is a term that describes the attitude of doing the right things and doing things right – which is the ideal description of vivo’s mission to create value for society.

Stay informed of the latest vivo news at https://www.vivo.com/en/about-vivo/news

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AG&P Successfully Completes Conversion of Floating Storage Unit (FSU) for the First LNG Import Terminal in the Philippines (PHLNG)

PHLNG to Deliver Gas by March 2023

  • Conversion of the Japan-built Moss-type LNG Carrier (LNGC) to FSU by AG&P subsidiary GAS Entec
  • FSU a part of hybrid offshore/onshore PHLNG Import Terminal design, with initial capacity of 5 million tonnes per annum (MTPA)
  • Supply, operations and maintenance of the FSU by ADNOC L&S

MANILA, Philippines, Oct. 24, 2022 /PRNewswire/ — Atlantic, Gulf & Pacific International Holdings (AG&P), the downstream LNG platform which focuses on infrastructure and logistics to bring LNG to important markets, announced the successful conversion of the 137,512 cubic meter LNG carrier called ISH into a Floating Storage Unit (FSU).  The ISH is a central component of the first Philippines LNG Import Terminal (PHLNG).  Ready to be docked at AG&P’s PHLNG facility in Batangas, the FSU is part of the combined offshore-onshore import terminal that will have an initial capacity of 5 million tonnes per annum (MTPA).   The hybrid PHLNG terminal is designed to provide its customers with resiliency of supply and high availability, even during storms.

LNGC ISH

In February 2022, AG&P signed a 15-year long-term charter agreement with ADNOC Logistics and Services (ADNOC L&S) for the supply, operations and maintenance of its 137,512 cubic meter Floating Storage Unit (FSU) for the PHLNG import terminal. AG&P’s subsidiary GAS Entec completed the conversion to an FSU in record time.  The FSU will be capable of loading LNG at a peak rate of 10,000 cbm/hr and a discharge-to-shore peak rate of 8,000 cbm/hr made possible with the modifications done by Gas Entec in the Cargo Handling and Safety System that allows for simultaneous loading and discharge of LNG.

Mr. Joseph Sigelman, Chairman & CEO, AG&P Group said, “I am delighted to announce the successful completion of the FSU for our PHLNG Terminal that AG&P has executed in-house.  This represents yet another milestone for Gas Entec which continues to be a market leader in the conversion of LNG carriers into floating terminals, extending their productive life and opening new markets. We look forward to opening the PHLNG LNG Regasification Terminal in early 2023, bringing LNG for the first time to the Philippines.”LNGC ISH

Mr. Karthik Sathyamoorthy, President of AG&P Terminals and Logistics, said: “The PHLNG import terminal will store LNG and dispatch natural gas to power plants, industrial and commercial customers and other consumers. From day one, PHLNG will have scalable onshore regasification capacity of 420mmscfd and almost 200,000cbm of storage.  The construction for two onshore tanks as part of PHLNG’s second phase has already started and will be integrated as part into the main terminal in 2024, ensuring high availability and reliability of natural gas for our customers.”

About AG&P

Atlantic Gulf & Pacific (AG&P) is building a global network for clean energy, country by country. We develop and run LNG and gas logistics and distribution solutions, providing the infrastructure to access natural gas safely and easily in new, growing and developed markets worldwide. We act as an owner and as a service provider covering the development, financing, engineering, procurement, project management and construction for onshore and offshore gas infrastructure, linking suppliers to downstream customers.

www.agpglobal.com

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CGTN: CPC national congress: China’s modernization injects confidence into world’s prosperity

BEIJING, Oct. 23, 2022 /PRNewswire/ — Under the guidance of the 20th National Congress of the Communist Party of China (CPC), China will build on its achievements and keep up the momentum towards its Second Centenary Goal of building a “great modern socialist country” that is “prosperous, strong, democratic, culturally advanced, harmonious and beautiful.”

The CPC vowed to lead the Chinese people in achieving the goal and advancing the course of the great rejuvenation of the nation, as the week-long congress concluded on Saturday in Beijing.

China’s modernization under CPC leadership

The central task of the CPC is leading the Chinese people to realize the Second Centenary Goal through “a Chinese path to modernization,” according to the report delivered at the opening session of the congress.

Chinese modernization is the socialist modernization pursued under the leadership of the CPC, said the report.

At the closing session presided over by Xi Jinping, the 20th CPC Central Committee and the 20th CPC Central Commission for Discipline Inspection (CCDI) were elected.

A resolution endorsing the report of the 19th CPC Central Committee and a resolution on the work report of the 19th CPC CCDI were also adopted.

The 20th CPC National Congress also passed a resolution on an amendment to the CPC Constitution.

It was stressed at the closing session that the CPC has a pivotal role in building China into a modern socialist country in all respects and advancing the rejuvenation of the Chinese nation on all fronts.

The congress agreed to add to the Party Constitution statements on the Party being the highest force for political leadership and on upholding and strengthening the overall leadership of the Party.

China’s modernization carries global significance

China’s visions and experience on state governance summed up at the congress could offer inspirations for other parts of the world.

When illustrating the features of China’s modernization, Xi noted in his report to the congress that the country’s modernization benefits a large population. It features common prosperity, coordinated material and cultural-ethical progress, harmony between humanity and nature, and peaceful development.

Chinese modernization is the modernization of a huge population, of common prosperity for all, of material and cultural-ethical advancement, of harmony between humanity and nature and of peaceful development, he stressed, adding that it offers humanity “a new choice” for achieving modernization.

In its two-step strategic plan, the CPC aims to basically realize socialist modernization from 2020 through 2035 and build China into a great modern socialist country that is prosperous, strong, democratic, culturally advanced, harmonious, and beautiful from 2035 through the middle of this century.

According to the adopted resolution on the report of the 19th CPC Central Committee, China has always been committed to its foreign policy goals of upholding world peace and promoting common development, and it is dedicated to promoting a community with a shared future for mankind.

China adheres to the Five Principles of Peaceful Coexistence in pursuing friendship and cooperation with other countries, said the resolution.

“It is committed to its fundamental national policy of opening to the outside world and pursues a mutually beneficial strategy of opening-up.”

https://news.cgtn.com/news/2022-10-22/China-s-modernization-injects-confidence-into-world-s-prosperity-1ele08KavF6/index.html

Global Times: CPC concludes key congress with ‘confidence to create new, greater miracles’ on new journey; Party Constitution amendment ‘a milestone with historic significance’

BEIJING, Oct. 23, 2022 /PRNewswire/ — The week-long 20th National Congress of the Communist Party of China (CPC) successfully concluded on Saturday in Beijing, and it noted that the establishment of Comrade Xi Jinping’s core position on the Party Central Committee and in the Party as a whole and the guiding role of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era has set the rejuvenation of the Chinese nation on “an irreversible historical course.”

The establishment of both Comrade Xi Jinping’s core position on the Party Central Committee and in the Party as a whole and the guiding role of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era represents a major political achievement for the Party in the new era and a decisive factor in the historic successes and changes in the cause of the Party and the country, the Congress noted.

It required all Party members to acquire a deep understanding of the decisive significance of this major achievement, more conscientiously uphold Comrade Xi Jinping’s core position on the Party Central Committee and in the Party as a whole and uphold the Central Committee’s authority and its centralized, unified leadership, fully implement Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, and closely follow the Party Central Committee with Comrade Xi Jinping at the core in thinking, political stance, and action, the Congress stressed.

Chinese analysts stated that the resolutions passed at the Congress show that the Party is fully prepared for its new journey and has greater and more contemporary visions and thoughts on governance, development, key missions and the world order.

The CPC congress has realized its goals of unifying thinking, fortifying confidence, charting the course, and boosting morale, Xi told 2,338 delegates and specially invited delegates present at the closing session of the weeklong congress at the Great Hall of the People in Beijing on Saturday. “This has been a congress of holding our banner high, pooling our strength, and promoting solidarity and dedication.”

Milestone with historic significance

“We believe that all the decisions and plans set out at the congress and all its outcomes will play a significant role in guiding and underpinning our efforts to build a modern socialist country in all respects, advance national rejuvenation on all fronts, and secure new victories for socialism with Chinese characteristics,” Xi said at the closing session.

“The report of the 19th CPC Central Committee adopted at the Congress is the crystallization of the wisdom of the Party and the people. It is a political declaration and a program of action for the Party to bring together the Chinese people of all ethnic groups and lead them in securing new success for socialism with Chinese characteristics. It is a guiding Marxist document,” said the passed resolution on the report.

According to the passed resolution on the Party Constitution amendment, “The Congress unanimously agrees that the new developments in Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era since the Party’s 19th National Congress should be incorporated into the Party Constitution, so as to better reflect the major contributions made by the Central Committee with Comrade Xi Jinping at its core to advancing the Party’s theoretical, practical, and institutional innovations.”

The Congress noted that, at the ceremony marking the centenary of the Communist Party of China, Comrade Xi Jinping solemnly announced on behalf of the Party and the people that we have realized the First Centenary Goal of building a moderately prosperous society in all respects, and that we are now marching in confident strides toward the Second Centenary Goal of building China into a great modern socialist country in all respects. The Party Constitution is revised to reflect this, the resolution said.

Zhang Shuhua, director of the Institute of Political Sciences of the Chinese Academy of Social Sciences, told the Global Times on Saturday that the latest resolutions have comprehensively reflected and established all political, theoretical and ideological achievements that the CPC has actualized since the 18th CPC National Congress in the past decade.

Zhang Xixian, a professor at the Party School of the CPC Central Committee in Beijing, told the Global Times on Saturday that the resolution on the Party Constitution amendment is “a starting point for the CPC to set sail for the Second Centenary Goal and to strengthen Party building. It is a foundational milestone that involves the development requirements, patterns, direction and destiny of the Party in its journey toward the goal which is scheduled to be realized in the middle of this century.”

According to the passed resolution on the Party Constitution amendment, the Congress agreed to incorporate statements into the Party Constitution including “the Party’s original aspiration and founding mission and its major achievements and historical experience over the past century” and “Basic socialist economic systems, including the system under which public ownership is the mainstay and diverse forms of ownership develop together, the system under which distribution according to work is the mainstay while multiple forms of distribution exist alongside it, and the socialist market economy, are important pillars of socialism with Chinese characteristics.”

The Congress also agreed to add to the Party Constitution statements such as “carrying forward our fighting spirit and building up our fighting ability” and “gradually realizing the goal of common prosperity for all,” as well as “following the path of socialist rule of law with Chinese characteristics; developing a broader, fuller, and more robust whole-process people’s democracy.”

Analysts said these all reflect that the CPC is advancing with the times as all of these statements that will be added into the Party Constitution actually reflect the learnings, experiences and understandings that the Party has accumulated from the governance and overcoming challenges in the past 10 years, and also accurately mirror the key demands of the Chinese people, and the key missions that the Party seeks to accomplish in the future.

For instance, emphasizing “carrying forward our fighting spirit” in the resolution shows a clear attitude in regard to the challenges the Party has faced in the past five years, and will face in the future, said Yang Xuedong, a professor of political science at Tsinghua University.

“When facing a more complicated situation, we need to carry out more arduous fight as we aim to achieve ambitious goals such as the building of a modern socialist country in all respects and realization of national rejuvenation,” Yang told the Global Times on Saturday.

The Congress also agreed to include the statements into the Party Constitution like “enhancing political loyalty in the military, strengthening the military through reform, science and technology, and personnel training, and running the military in accordance with the law; elevating the people’s armed forces to world-class standards; fully, faithfully, and resolutely implementing the policy of One Country, Two Systems; resolutely opposing and deterring separatists seeking “Taiwan independence.”

“These revisions reaffirm the Party’s commitment to building a strong military with Chinese characteristics, making sustained and steady progress with the One Country, Two Systems policy, advancing national reunification, promoting the building of a human community with a shared future, and leading the tide of human progress,” said the resolution.

Global vision

The CPC not only has eyes on China’s development and destiny, but also has a greater vision to contribute its efforts to making a better world for the whole of humanity. According to the passed resolution, the Congress agreed to include in the Party Constitution statements on “holding dear humanity’s shared values of peace, development, fairness, justice, democracy, and freedom; and advancing the building of an open, inclusive, clean, and beautiful world that enjoys lasting peace, universal security, and common prosperity.”

These revisions reaffirm the Party’s commitment to building a strong military with Chinese characteristics, making sustained and steady progress with the One Country, Two Systems policy, advancing national reunification, promoting the building of a human community with a shared future, and leading the tide of human progress, said the resolution.

Wang Yiwei, director of the Institute of International Affairs at Renmin University of China, told the Global Times that this showed that the CPC is not only guided by its original aspiration and the mission to seek happiness for the Chinese people and rejuvenation of the Chinese nation, but also “having a greater idea to seek advancement for the human race and seek ‘Great Harmony’ (‘Datong’ in Chinese, an ideal society without war and inequality in the Chinese culture) for the world,” because with greater power comes greater responsibility.

China is entering or has already entered the center of the international arena, so the CPC needs to have a greater idea on a higher level to include rather than exclude various values shared by different countries around the world and to build a human community with a shared future together, said experts.

OIC Signs an MoU with the Russian Ministry of Science and Higher Education on Cooperation in the Fields of Science and Higher Education

The Organization of Islamic Cooperation (OIC) and the Ministry of Science and Higher Education of the Russian Federation signed a memorandum of understanding to promote the development and consolidation of long-term and constructive relations in the fields of science and higher education.

Under the signed MoU, the two sides will undertake and support joint projects and programs that will support interaction between scientific organizations and higher education institution in various spheres of activity, including student training and joint educational and research projects in both OIC Member States and the Russian Federation.

A joint Working Group will be established to oversee the implementation of the MoU, which will come into effect upon the completion of the internal approval process of both parties.

The MoU was signed on behalf of the OIC by Amb. Askar Musinov, Assistant Secretary-General for Science and Technology and on behalf of the Ministry of Science and Higher Education of the Russian Federation, by H. E. Irina Bocharnikova, Deputy Minister of Science and Higher Education of the Russian Federation.

Source: Organisation of Islamic Cooperation

Risk of Using Herbal Mixtures

The Ministry of Health, represented by the Pharmaceutical Affairs & Drug Control (DGPADC), would like to warn about the promotional advertisements, spread across social media, regarding herbal or healing mixtures alleging that they are proven and recommended by specialized physicians for curing some chronic diseases like asthma, blood pressure, diabetes, and infertility.

The Directorate affirmed that using these mixtures may be accompanied by significant health risks, which include:

First: promoting that these mixtures are effective in treating incurable diseases, as these promotions contain misinformation that is not based on accredited scientific studies. In addition, they lack data showing the ingredients’ source, use method, and side effects resulting from using these mixtures.

Second: these mixtures may contain undeclared chemical or medicinal substances that may cause side effects and drug interactions for the consumer.

Third: these mixtures may contain toxic metals such as lead, arsenic, and mercury. Furthermore, the water used in preparing these mixtures may be unhygienic, or the storage circumstances, humidity, and temperature may be unhealthy, which allows the reproduction of microbes and fungi.

The Directorate stressed the rules and conditions for registering herbal preparations companies, which regulate the trading and marketing of alternative medicine drugs to ensure their safety and efficacy.

The herbal or chemical preparations manufactured for medication and treatment are equated with the medicine provision stipulated in article (1) of the ministerial decision 113/ 2020 on issuing the executive regulation of the law governing the practice of the pharmacy profession and pharmacy enterprises, which stipulates: “Herbal medicine: a substance of plant origin manufactured in pharmaceutical form, using for prevention of diseases or treatment or both of them. The use of this herbal medicine is limited to the topical application or oral or rectal use or inhalation”.

Article (75) of the third Clause, “Herbal Medicines & Products Companies,” stipulates the conditions that must be fulfilled to register herbal medicines.

It is worth mentioning that using herbal or curing mixtures may cause adverse effects on the functions of the body’s organs due to chemical component interferences.

Source: Ministry of Health

A civilian was injured in an explosive device explosion south of Mosul

Mosul A civilian was injured when an explosive device left behind by ISIS exploded in Al-Shura district, south of Mosul.

The source told the National Iraqi News Agency / NINA / that “a civilian was wounded by the explosion of an explosive device left behind by ISIS at the entrance to Al-Shura district, south of Mosul, after which he was transferred to a hospital close to the accident.”

Source: National Iraqi News Agency

A young woman was killed by a stray bullet fired from her father’s weapon while he was cleaning a Kalashnikov in Khanaqin, in Diyala

Baquba A young woman was killed by a stray bullet fired from her father’s weapon while he was cleaning a Kalashnikov in Khanaqin, in Diyala.

A security source told the correspondent of the National Iraqi News Agency (NINA) that a 17-year-old woman from Banmil area in Khanaqin district, northeast of Baquba, was killed by a stray bullet while her father was cleaning his Kalashnikov weapon.

He added that the body was taken to Khanaqin General Hospital. Meanwhile, the security services opened an investigation into the accident.

Source: National Iraqi News Agency

Two persons accused of robbery arrested in Abi Al-Khasib district, south of Basra

Basra The Basra police arrested two persons accused of robbery in Abi Al-Khasib district.

The Basra Police Command stated in a statement that the National Iraqi News Agency / NINA / received news of the crime of looting a citizen in Abi Al-Khasib district at gunpoint, a working team was formed from the Anti-Crime Division in Abi Al-Khasib, and after investigation and information gathering, the accused were identified and arrested.

Source: National Iraqi News Agency

Saudi Cycling Federation and Spanish Abarca Sports Sign Cooperation Agreement

Riyadh, The Saudi Cycling Federation and Spanish Abarca Sports (Movistar Team) signed an agreement today in the presence of the President of the Saudi Cycling Federation Abdullah Al-Wathlan and the President of Abarca Sports and General Manager of Movistar Team Eusebio Unzue.

The agreement aims to develop technical staff, enhance cooperation on training programs, exchange experiences, hold regular workshops and support events, races and activities in the Kingdom of Saudi Arabia for next years. The cooperation between the parties aims to jointly develop cycling projects at all levels.

Source: Saudi Press Agency

Korean Air flight overruns Cebu runway, no injuries reported

Seoul, Korean Air Co. said Monday its flight KE631 with 173 people on board overran the runway while landing at Cebu International Airport in the Philippines a day earlier but no injuries were reported.

Korean Air expressed its genuine regret as it always prioritizes safety in all of its operations, Yonhap reported.

“A thorough investigation will be performed together with the local aviation authorities and Korean authorities to determine the cause of this event,” Korean Air President Woo Kee-hong said in a statement.

The company remains committed to standing behind its promise of safe operations and will do its very best to institute measures to prevent any recurrence, he said.

Right after the incident, some 162 passengers were escorted to local hotels, some of whom want to return home without going through with their planned travel in the Philippines, Korean Air said.

The B777-300ER is being arranged as an alternative flight to pick up the passengers, it said.

“The Cebu airport is expected to remain closed until 1 a.m. Tuesday (Korean time),” a company spokeswoman said over the phone.

The A330-300 plane, carrying 162 passengers and 11 crew members, attempted to land twice in bad weather and on the third attempt overran the runway at 11:07 p.m. on Sunday, the statement said.

The Ministry of Land, Infrastructure and Transport said it will set up an emergency response team to help handle the incident in the Southeast Asian country.

Currently, the Cebu airport is temporarily closed due to the stalled aircraft and other flights to Cebu are being diverted to nearby airports or returning to their points of origin.

Korean budget carriers’ flights bound for Cebu are being affected by the incident, with Jin Air Co.’s flight from Incheon to Cebu diverted to a nearby airport and Jeju Air Co.’s flight from Cebu to Incheon under delay, the ministry said in a statement.

Air Busan Co. said it cancelled a planned flight from Busan to Cebu due to the closure of the Cebu airport.

Source: Bahrain News Agency

PIF Announces the Establishment of the Regional Voluntary Carbon Market Company

Riyadh, The Public Investment Fund (PIF) announced today the establishment of the Regional Voluntary Carbon Market Company, where PIF holds an 80% stake and Saudi Tadawul Group Holding Company (“Saudi Tadawul Group”) holds a 20% stake in the company. The company will offer guidance and resourcing to support businesses and industry in the region as they play their part in the global transition to net zero, ensuring that carbon credit purchases go above and beyond meaningful emission reductions in value chains.

Today’s news follows the announcement of the Voluntary Carbon Market (VCM) Initiative by PIF and Saudi Tadawul Group in September 2021, where His Royal Highness Crown Prince Mohammed bin Salman bin Abdulaziz, Prime Minister, Chairman of the Council of Economic and Development Affairs, and Chairman of the Board of Directors of PIF, stated Saudi Arabia’s leading role in contributing to the reduction of the impact of climate change and encouraging institutions to reduce their carbon emissions as part of several initiatives that were launched in that regard.

Headquartered in Riyadh, the company’s announcement will help facilitate the efforts of the world’s largest-ever carbon credit auction on the 25th of October at the 6th Edition of the Future Investment Initiative (“FII”) in Riyadh. The auction will involve a total of one million tons of carbon credits and will offer high-quality credits including CORSIA compliant, Verra registered certificates.

Yazeed A. Al-Humied, Deputy Governor and Head of MENA Investments at PIF, said, “We are delighted to announce the establishment of the Regional Voluntary Carbon Market Company, which coincides with the auction’s announcement – a major milestone for the Middle East and North Africa region. We are passionate about the potential for voluntary carbon markets to deliver additional carbon reduction benefits throughout the region, thereby ensuring the MENA region is at the forefront of climate action and that Saudi Arabia is a leading force in solving the climate challenge.

The company will play an important role in PIF’s wider efforts to drive the investment and innovation required to address the impact of climate change and support Saudi Arabia’s efforts to achieve net zero by 2060.”

Eng. Khalid A. Al-Hussan, CEO of Saudi Tadawul Group, said: “The Saudi Tadawul Group has an important role to play in championing Saudi Arabia’s efforts towards a sustainable future. We continuously work towards encouraging the adoption of ESG disclosures in the Saudi capital market, to advocate for a better, more transparent future. We are delighted to be an integral part, strategically and operationally, in the Regional Voluntary Carbon Market Company. We believe it will be instrumental in supporting Vision 2030 and in further realizing the Group’s vision of being a gateway to the MENA region for global investors.”

Riham ElGizy, Director of VCM Initiative, said: “The inaugural auction represents the first step towards becoming a leading presence in the global voluntary carbon market ecosystem. With an expected one million tons of carbon credits available to trade, we predict that our auction will be the largest carbon credit auction to date. ”

The company’s establishment is a continuation of PIF initiatives to support Saudi Arabia’s green agenda and follows previous announcements by the Fund, including the completion of its USD 3 billion inaugural green bond, and the various renewable projects PIF is spearheading as part of its commitment to develop 70% of Saudi Arabia’s renewable energy capacity, in line with Saudi Vision 2030.

Source: Saudi Press Agency