00:00So we announced the CMF Select Red Sea, hosted, focused on sustainability, and is owned and hosted by the Saudi
00:10exchange, Saudi Tadawal, and is organized, co-organized by VCM, our company.
00:16What most importantly is also CMF Select Red Sea is going to host the inaugural Saudi carbon credit launch on
00:24the platform.
00:24This is the first time Saudi carbon credits from projects here in Saudi Arabia are being generated and being launched
00:33in the platform.
00:34They will have access to our market for the corporates to start trading those carbon credits.
00:39Okay. I mean, Vision 2030 is entering its final year, its final stretch before the year 2030 itself.
00:46Why is this such a significant moment, do you think, for Saudi Arabia?
00:50So this is a significant milestone, and mainly because now we are entering a new phase when it comes to
00:58the carbon market and the sustainability agenda for corporates.
01:02So we started by building the demand the first three years of establishments of our company.
01:06This is where we managed to trade more than 15 million carbon credits, valued around 350 million Saudi riyals.
01:14Now we're entering into the phase where we are enabling those project developers, either international project developers or local ones,
01:21to build projects here in Saudi Arabia.
01:24This creates so many jobs here in the kingdom.
01:29It also builds a circular economy for carbon credits here in the kingdom.
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