Latest news with #Transparency
Zawya
a day ago
- Business
- Zawya
Egypt urged to establish real estate regulatory authority to boost market transparency, attract FDI
Egypt - Mohamed Fouad, real estate expert and member of the British Egyptian Business Association (BEBA), has urged the urgent establishment of an independent Real Estate Regulatory Authority (RERA) in Egypt. He emphasized that such a body, modeled on successful international experiences in countries like the UAE and India, is crucial for creating a structured and transparent legal framework for real estate transactions. Fouad explained that RERA plays a central regulatory and legislative role in mature markets. It safeguards the interests of buyers, investors, and developers by issuing licenses, enforcing compliance, ensuring transparency, and overseeing project implementation according to approved timelines and budgets. 'In markets witnessing rapid urban expansion and increasing investment flows—such as Egypt—an independent regulatory authority is no longer optional; it's a strategic necessity,' Fouad stated. He highlighted that the absence of a unified regulatory entity in Egypt has led to overlapping roles between institutions, resulting in delivery delays, contractual disputes, and inconsistent enforcement. A RERA-style authority, he said, would bring order to the sector by clearly defining the roles and responsibilities of key stakeholders: the government, developers, and buyers. Such a body would also bolster investor confidence, both local and international, by ensuring accountability and reducing risks. Regulatory oversight would include developer classification based on financial and technical criteria, stricter controls on marketing and advertising, and protection of buyers from fraudulent or stalled projects. Fouad cited Dubai's RERA as a global benchmark, noting how it has transformed the city into a trusted international hub for real estate investment. He also pointed to India's experience, where the implementation of RERA reduced legal disputes by over 60% in its early years. Without an independent authority, Fouad warned, the Egyptian real estate market remains exposed to mismanagement, undermining its attractiveness to foreign investors—particularly Egyptians living abroad who demand a clear, reliable legal framework. He proposed that the new Egyptian RERA be established under the Prime Minister's office or the Ministry of Housing, in cooperation with the Central Bank of Egypt and the Financial Regulatory Authority. It should have wide-ranging legal and supervisory powers, including dedicated departments for licensing, compliance, evaluation, and dispute resolution. Fouad also stressed the importance of launching a unified digital platform to centralize information on licensed real estate projects. This platform would provide real-time updates on implementation status, developer credentials, licensing and contract details, and facilitate electronic applications and transactions—supporting Egypt's broader digital transformation strategy. In conclusion, Fouad reiterated that the creation of a Real Estate Regulatory Authority in Egypt is a national imperative. It is key to achieving transparency, safeguarding stakeholders' rights, and turning the Egyptian real estate market into a sustainable, globally competitive investment destination capable of attracting foreign currency and exporting real estate. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
Yahoo
3 days ago
- Business
- Yahoo
Australia's defence minister urges greater military openness from China
SINGAPORE (Reuters) -Australian Defence Minister Richard Marles on Saturday urged greater transparency from China over its military modernisation and deployments as Pacific nations brace for a more assertive Chinese presence. Speaking to Reuters on the sidelines of the Shangri-La Dialogue defence meeting in Singapore, Marles said that while China remains an important strategic partner to Australia, more open communication between the two nations is key for a "productive" relationship. "When you look at the growth in the Chinese military that has happened without a strategic reassurance, or a strategic would like to have a greater transparency in what China is seeking to do in not only its build up, but in the exercises that it undertakes," said Marles. "We want to have the most productive relationship with China that we can have ... we hope that in the context of that productive relationship, we can see greater transparency and greater communication between our two countries in respect of our defence." Both Australia and New Zealand raised concerns in February after three Chinese warships conducted unprecedented live-fire drills in the Tasman Sea. Both nations complained of late notice over the drills by China, which led to the diversion of 49 commercial flights. Marles said that while the drills were in accordance with international law, China should have been less disruptive. He also said Australia was able to closely scrutinise the Chinese task-force. "It's fair to say that this was done in a bigger way than they have done before, but equally, that was meant from our point of view, by a much greater degree of surveillance than we've ever done," he said. "From the moment that Chinese warships came within the vicinity of Australia, they were being tailed and tracked by Australian assets ... we were very clear about what exercises China was undertaking and what capability they were seeking to exercise and to build." Chinese officials have signalled that more such exercises could be expected as it was routine naval activity in international waters. Defence analysts say the exercises underscore Beijing's ambition to develop a global navy that will be able to project power into the region more frequently. Australia has in recent times pledged to boost its missile defence capability amid China's nuclear weapons buildup and its blue-water naval expansion, as the country targets to increase its defence spending from roughly 2% of GDP currently to 2.4% by the early 2030s. The nation is scheduled to pay the United States $2 billion by the end of 2025 to assist its submarine shipyards, in order to buy three Virginia-class nuclear-powered submarines starting in 2032 - its biggest ever defence project.
E&E News
20-05-2025
- Politics
- E&E News
House approves bill to increase scrutiny of DOE program
The House approved legislation Monday that would require more regular reporting from a Department of Energy office critical to deploying emerging, clean energy technologies. H.R. 1453, the 'Clean Energy Demonstration Transparency Act,' would require the Office of Clean Energy Demonstrations to submit semiannual reports to Congress on the status of projects and grants. It passed by voice vote. Republicans pitched the bill — sponsored by Reps. Mike Carey (R-Ohio) and Josh Riley (D-N.Y.) — as a way to further scrutinize climate law funding passed under the Biden administration. Advertisement 'Requiring DOE to submit semi annual reports will provide Congress with crucial tools to protect taxpayer dollars, hold DOE accountable and ensure that projects are based on merit rather than crony favoritism,' said Rep. Brian Babin (R-Texas), chair of the House Science, Space and Technology Committee.
Times of Oman
19-05-2025
- Business
- Times of Oman
State Audit Institution celebrates Internal Audit Awareness Month
Muscat: State Audit Institution (SAI) joined institutions and organisations from around the world in celebrating "Internal Audit Awareness Month,' which falls on May every year. This annual occasion aims to highlight the importance of internal audit in enhancing transparency and efficiency within institutions. It affirms the pivotal role that internal audit undertakes in strengthening governance, managing risks, and ensuring compliance with regulations and standards. Commenting on the occasion, Imad Abdullah Al Shanfari, Director of the Internal Audit Department at SAI, stated that internal audit departments serve as a safety wall and the first line of defence in the financial and administrative operations of both government and private institutions. He noted that the primary objective of internal audit is to provide independent and objective assurance that the institution's risk management, governance, and internal control processes are functioning effectively, thereby ensuring the institution's ability to achieve its goals. Al Shanfari pointed out that the importance of internal audit lies in its role as a key element institutions rely on to ensure the efficiency and effectiveness of financial, administrative and operational processes. Through internal audits, officials can identify gaps that may affect performance, enabling them to take corrective actions in a timely manner. Internal audit is also an important part of governance as it helps enhance transparency and ensures that all operations are conducted in accordance with the established laws and regulations. Furthermore, Al Shanfari stressed that fully leveraging internal audit to improve organizational performance requires implementing practical changes based on audit findings. This is accomplished by acting on the recommendations provided by internal auditors, which help institutions enhance processes, reduce costs, and improve efficiency. Regarding its focus on internal audit departments, Imad Al Shanfari emphasised that SAI places great importance on these departments within the entities subject to its audit. This is achieved through year-round training programs for internal audit staff, as part of the ongoing collaboration between SAI and the units of the State's Administrative Apparatus, with the aim to enhance professional awareness, activate institutional partnerships to protect public fund, improve resource efficiency, and strengthen professional competencies. Al Shanfari added that SAI issued in 2015 Internal Audit Manuals, which include The General Manual for Internal Audit Methodology (for Ministries and Government Units) , the Internal Audit Procedures Manual (Financial and Compliance), and the Supporting Tools Manual for Operational and Strategic Audits.
Associated Press
14-05-2025
- Business
- Associated Press
CNX Releases Updated 2024 Corporate Sustainability Report, Announces Shift to Industry-Leading ESG Reporting
PITTSBURGH, May 14, 2025 /PRNewswire/ -- CNX Resources Corporation (NYSE: CNX) today announced the release of its updated Corporate Sustainability Report featuring data for 2024. Additionally, continuing the Company's unprecedented brand of transparency and in a move further differentiating CNX's environmental performance and disclosures, the Company also announced that it will no longer issue a static annual report. Instead, CNX will update its website continuously and its ESG Performance Scorecard data on a quarterly basis. Upcoming quarterly updates will provide stakeholders with fresh data in a more real-time manner on critical environmental, social, and governance (ESG) topics. 'While most companies issue sustainability reports just once a year and move on, having checked the annual box, CNX believes that this information should be provided on a more real-time and transparent basis in keeping with our Radical Transparency philosophy. We also believe that ESG metrics should be treated with the same rigor and frequency as financial data,' CNX Chief Financial Officer Alan Shepard said. 'By making these changes, CNX is empowering shareholders and the communities where it operates with the ability to better track progress and hold the company accountable in real time. Providing access to a dynamic ESG disclosure process underscores CNX's dedication to continuous improvement and Radical Transparency across our business.' CNX's reporting is prepared following the Sustainability Accounting Standards Board (SASB) and the Global Reporting Initiative (GRI) standards, and integrates ESG priorities into its unique Appalachia First strategic vision. Highlights for 2024 include: Environmental Stewardship: CNX's efforts to protect and improve the environment are revolutionary and unmatched: Community and Workforce: Tangible and Local Investments – CNX has a unique commitment to local communities. CNX employees roll up their sleeves and tackle the toughest of issues: 'CNX is defined by a commitment to transparency and a Tangible, Impactful, Local approach to our sustainable business model,' CNX Senior Vice President of Compliance and Reporting Hayley Scott said. 'By now providing real-time updates to our comprehensive website and quarterly ESG Performance Scorecard, we are delivering insights to our communities, employees, owners, and all stakeholders about the way that we responsibly operate our business and invest in our communities on a day-to-day basis.' CNX's ESG Performance Scorecard has limited assurance procedures performed by Keramida, Inc., a WBE-certified global sustainability and EHS services firm, for 2024 and 2023 Scope 1 and 2 GHG emissions, air emissions, water, and waste data, while CNX's Internal Audit team has reviewed additional ESG performance metrics, ensuring data integrity. The next quarterly ESG Performance Scorecard update is anticipated for release in August, which will follow the company's release of its financial and operational results for the second quarter of 2025. CNX remains committed to leading the industry with Tangible, Impactful, and Locally focused initiatives, and this new reporting cadence reinforces that commitment through unmatched transparency and accountability. About CNX Resources Corporation CNX Resources Corporation (NYSE: CNX) is unique. We are a premier, ultra-low carbon intensive natural gas development, production, midstream, and technology company centered in Appalachia, one of the most energy abundant regions in the world. With the benefit of a 161-year regional legacy, substantial asset base, leading core operational competencies, technology development and innovation, and astute capital allocation methodologies, we responsibly develop our resources and deploy free cash flow to create long-term per share value for our shareholders, employees, and the communities where we operate. As of December 31, 2024, CNX had 8.54 trillion cubic feet equivalent of proved natural gas reserves. The company is a member of the Standard & Poor's Midcap 400 Index. Additional information is available at View original content to download multimedia: SOURCE CNX Resources Corporation
