Coral reef progress from Saudi G20 presidency must continue, says CORDAP chief

 Dr. Rory Jordan, the deputy director of CORDAP at KAUST, speaking to Arab News at COP27. (AN Photo)
Dr. Rory Jordan, the deputy director of CORDAP at KAUST, speaking to Arab News at COP27. (AN Photo)
Short Url
Updated 21 November 2022
Follow

Coral reef progress from Saudi G20 presidency must continue, says CORDAP chief

Coral reef progress from Saudi G20 presidency must continue, says CORDAP chief
  • Backing from Saudi government and KAUST has played big role in making sure more is done to protect coral reefs
  • CORDAP calls on other G20 nations and wealthy countries to step up donations on a multiannual basis

SHARM EL-SHEIKH: Progress made since the Saudi Arabia G20 presidency in raising awareness and filling in a “knowledge gap” surrounding coral reef studies has been vital in developing research in the sector, experts have said.

Speaking to Arab News on the sidelines of the UN Climate Change Conference (COP27) in the Egyptian Red Sea resort town of Sharm El-Sheikh, Dr. Rory Jordan said a global initiative launched off the back of the G20 environmental ministers meeting two years ago was key to pushing the agenda forward and fast-tracking solutions to save the world’s coral.

“We’re here to raise the profile and get visibility of what CORDAP (Coral Research and Development Accelerator Platform) is there to do, which is to fill a knowledge gap in the global research and development space for coral research, both tropical corals which take up an awful lot of the developing world, but also deepwater corals,” said the deputy director of CORDAP at the King Abdullah University of Science and Technology.




Coral reefs are an essential part of the marine ecosystem and exist in more than 100 countries and territories around the world. (AN Photo)

Jordan, who is also a senior research adviser to Coral Reef Restoration Strategies, said: “A founding committee was formed with 17 countries from the G20 and they developed the consensus.”

He added: “Saudi Arabia agreed to put in $100 million as a founding commitment for this, with a view to raising about $300 million over the next 10 years,” and called on other G20 nations and wealthy countries to step up their donations and contribute on a multiannual basis.

CORDAP launched its first $18 million funding call in September and received $112 million in requests from 89 different countries by the deadline on Nov. 1, with over $56 million coming from developing countries.




According to CORDAP, 90 percent of the world’s remaining coral reefs are threatened and may disappear completely by 2050. (AN Photo)

“That just goes to show that the demand is there for development in those areas, where they depend on them for the livelihoods and they’re really keen to get those restored and conserve them as well.”

Jordan, who was part of a delegation participating in a number of panel discussions at COP27, said he hopes this sort of investment will reverse years of coral degradation across the planet, and help put reefs front and center of conservation projects, including in areas closer to home, such as the Red Sea.

“We want to develop scalable, affordable and translatable solutions,” he said. “Solutions to scale up restoration (of) the area of coral reef which is degraded, or dead, or bleached at the moment is reaching gargantuan proportions.”

 

 

Coral reefs, which are an essential part of the marine ecosystem, exist in more than 100 countries and territories, and 90 percent of the world’s remaining coral reefs are threatened and may disappear completely by 2050, according to CORDAP

“Most coral restoration activities at the moment are very small. They have been smaller, but they’re gaining more ambition now,” Rory said, noting that they are using science and innovation to develop more affordable and precise technologies and methods to increase the survival rates of coral restoration projects.

And backing from the Saudi government and KAUST has played a big role in making sure more is done to protect coral reefs.




Funding and investment will reverse years of coral degradation across the planet, and help put reefs front and center of conservation projects, experts say. (AN Photo)

“The Red Sea is an area of particular importance to ourselves as well, being at KAUST and being in CORDAP, with the G20 being hosted by the Saudi presidency in 2020,” he said.

“It has built a huge amount of momentum, and actually that’s a lot in thanks to KAUST, who have agreed to put up their hand to host the initiative, its management hub, pay staff full time, and run its funding programs.

“So that’s to the tune of about maybe $2 million per year. So with that full-time ability and with those resources behind us, we’ve been able to move forward very quickly,” he added.

 

 

Looking toward COP28, being hosted by the UAE next year, Jordan hopes the momentum will continue and they would be able to bolster the funding available to mobilize resources for R&D programs around the world, and “If possible, by that stage,” they would like to see the Kingdom double its funding commitment.

“Coral reefs need action right now. They need resourcing both for the restoration activities around the world, but also for the new solutions that we need to develop now for even in ten, 20 years time when, hopefully, we can adapt the corals to a warming world, because we have to understand ... the ocean is going to be warmer and we’re just going to have to adapt the corals and the natural ecosystem to that,” Jordan said.

 

 


Turkiye hikes rates to 30% to strengthen hawkish turn 

Turkiye hikes rates to 30% to strengthen hawkish turn 
Updated 9 sec ago
Follow

Turkiye hikes rates to 30% to strengthen hawkish turn 

Turkiye hikes rates to 30% to strengthen hawkish turn 

ISTANBUL: Turkiye’s central bank raised its key interest rate by a lofty 500 basis points to 30 percent on Thursday, marking a second month of aggressive tightening after President Tayyip Erdogan set aside his long opposition to tight policy. 

The bank reiterated it is ready to raise rates further as needed to rein in inflation that leaped to nearly 59 in August and is expected to rise into next year. It has hiked rates by 2,150 basis points since June. 

The lira slipped to 27.105 to the dollar after the decision, just shy of its all-time low touched last month. 

In a Reuters poll, economists forecast a 500-basis-point hike with forecasts ranging from 27.5 percent to 31 percent. 

The fourth rate hike in as many months “is probably not enough in itself to convince investors that inflation is being brought under control,” said James Wilson, EM sovereign strategist at ING. 

“We expect further rate hikes will be needed before the end of the year, although the overall direction of policy towards a more hawkish bias should in general be taken as a positive by investors.” 

Following his May re-election, Erdogan appointed former Wall Street banker Hafize Gaye Erkan to lead the central bank in June as authorities grappled with an economy strained by depleted FX reserves and soaring inflation expectations. 

Previously Erdogan had supported a low interest rate policy despite high inflation, which triggered a currency crisis in late 2021 and pushed inflation above 85 percent last year. Partly due to lira deprecation, annual consumer price inflation is seen rising to around 60 percent by year end. 

Last month the bank shocked with a 750-point hike that was seen signalling a new determination to battle inflation. Rates rose three times more than expected and sparked the biggest single-day lira rally since 2021. 

Two weeks later, Erdogan — who since 2018 has repeatedly described himself as an “enemy” of “evil” interest rates — instead said tight monetary policy will help bring down inflation. 

TIGHTENING CYCLE 

The central bank said the policy “will be further strengthened as much as needed in a timely and gradual manner until a significant improvement in the inflation outlook is achieved.” 

The lira has weakened nearly 70 percent in two years, primarily due to Erdogan’s long-standing opposition to high rates and influence over the central bank. It dropped again this summer as the new economic team loosened the state’s grip on forex markets and began shedding unorthodox policies and regulations. 

The central bank has also selectively tightened credit and began rolling back a costly scheme, adopted to halt the late-2021 currency crash, that protects lira deposits against forex depreciation. 

Based on last week’s Reuters poll, economists expect further monetary tightening to lift the policy rate to 35 percent by year-end, with forecasts ranging between 30 percent and 40 percent. 

Earlier this month, the government lifted its year-end inflation forecast to 65 percent and trimmed economic growth forecasts. Erdogan said at the time: “With the support of tight monetary policy, we will bring down inflation to single digits again.” 


Rising female workforce boosts Saudi Arabia’s economic growth

Rising female workforce boosts Saudi Arabia’s economic growth
Updated 21 September 2023
Follow

Rising female workforce boosts Saudi Arabia’s economic growth

Rising female workforce boosts Saudi Arabia’s economic growth

RIYADH: Saudi Arabia’s economy is poised to benefit from the increasing number of working women as the Kingdom’s Vision 2030 initiative, aimed at enhancing female employment, has begun to demonstrate its potential economic impact, as outlined in a recent report by S&P Global. 

The study showed significant progress in expanding the female workforce in Saudi Arabia, reaching 36 percent of the total human capital in 2022, up from 19 percent in 2016, surpassing Vision 2030’s target of 30 percent by the end of the decade. 

This growth in the participation of women in the labor market can be attributed to various factors, including improved access to education, declining fertility rates, and a more inclusive cultural environment. 

This comes as educational attainment has improved significantly in Saudi Arabia, with nearly 32 percent of women aged 25 and above holding at least a bachelor’s degree in 2020, compared to 26 percent in 2017. 

The increase in female workforce has contributed to raising the overall employment participation rate in Saudi Arabia to a record high of 61.7 percent in March 2022, up from the 54.2 percent recorded in June 2017. 

If the current pace of labor force participation growth continues for the next decade, S&P Global Ratings Economics estimates that the Saudi economy could potentially be $39 billion, larger by 3.5 percent. It made the comparison against a hypothetical scenario with historical labor force participation rate growth recorded during 2000-2022. 
“We calculate that increases in the overall participation rate of just 1 percentage point per year over the next 10 years would boost the country’s annual real GDP (gross domestic product) growth by an average of 0.3 ppt, to 2.4 percent per annum (versus 2.1 percent), assuming that labor force productivity growth for the next 10 years will look the same as the last 20 years,” S&P Global said in the report.  

Women’s wealth transforming region 

Meanwhile, a new study released by the First Abu Dhabi Bank and WealthBriefing has suggested that the rise in women’s wealth is transforming the economies in the Middle East and North Africa region.  

The report, titled “Winning Women in MENA: How Wealth Managers Can Help Further Female Empowerment,” attributed the rise in women’s economic role in the region to advancements in technology and the startup culture. 
It revealed that the Middle East, particularly Saudi Arabia, has seen a surge in women entrepreneurs, with one out of three new businesses in the region now founded by women. 

The report underscored that women are efficient in managing family businesses and often make more diversified and less emotionally driven investment decisions. 
Samira Zakour, managing director at FAB, said: “Over the past 20 years I have seen a lot of women rise to the forefront of large family businesses in the region. There is plenty of research showing that women listen to a variety of opinions before deploying capital and that often leads to less emotional investing and, potentially, to better returns.”   
According to the report, women have the capacity to bring a new point of view to managing a family’s wealth, as they have a different understanding to identify new opportunities, while also possessing ‘soft’ skills to negotiate complex relationships between family members.  

It highlighted that tertiary education among women in the MENA region reached 43 percent in 2019, surpassing the global average of 36 percent and outperforming the male average of 40 percent worldwide. 


Saudi Arabia to bolster cooperation with Germany, Sweden amid top ministerial meetings

Saudi Arabia to bolster cooperation with Germany, Sweden amid top ministerial meetings
Updated 21 September 2023
Follow

Saudi Arabia to bolster cooperation with Germany, Sweden amid top ministerial meetings

Saudi Arabia to bolster cooperation with Germany, Sweden amid top ministerial meetings

RIYADH: Saudi Arabia is on track to bolster cooperation with Germany and Sweden amid top ministerial meetings to achieve their collective sustainable development goals.

On the sidelines of the 2023 SDG Summit in New York, Saudi Minister of Economy and Planning Faisal bin Fadel Al-Ibrahim met with Germany’s State Secretary for Economic, Finance and European Affairs Jörg Kukies to discuss ways to strengthen economic, trade and investment relations, as reported by the Saudi Press Agency.

Al-Ibrahim also met with Swedish Minister for International Development Cooperation and Foreign Trade Johan Forssell to explore bilateral economic and investment relations between the two countries.


Qatar’s August inflation drops 0.58% as key sectors see price softening 

Qatar’s August inflation drops 0.58% as key sectors see price softening 
Updated 21 September 2023
Follow

Qatar’s August inflation drops 0.58% as key sectors see price softening 

Qatar’s August inflation drops 0.58% as key sectors see price softening 

RIYADH: Qatar’s consumer price index experienced a monthly decline of 0.58 percent in August, reaching 106.25 points, according to the country’s Planning and Statistics Authority.   

The data showed CPI decreased in six groups, rose in three and remained unchanged in three. 

Among them, recreation and culture experienced a 3.37 percent drop in August compared to July.  

The transport sector softened by 1.65 percent, and clothing and footwear fell 0.99 percent.   

The housing and utilities sectors also declined by 0.79 percent, while miscellaneous goods and services dropped by 0.14 percent.   

A similar trend was observed in the prices of restaurants and hotels, with a slight fall of 0.13 percent.   

However, the food and beverages sector recorded an increase of 1.46 percent, followed by education, which rose by 1.62 percent. The furniture and household equipment sector grew by 0.11 percent.  

In contrast, the tobacco, healthcare, and communication sectors showed no change compared to July. 

Moreover, the country’s CPI witnessed a 2.38 percent surge compared to the same month last year. 

On a year-on-year basis, communication costs in August surged 15.85 percent compared to the year-ago period, followed by a 7.91 percent rise in recreation and culture, 5.7 percent in education and 2.33 percent in furniture and household equipment. 

Additionally, the transport sector saw a year-on-year price increase of 1.85 percent. The housing, water, electricity, other fuel, food and beverages, and health sectors saw price escalations. 

Conversely, there were dips in restaurants and hotels by 4.59 percent in August compared to the same month last year. Clothing, footwear, miscellaneous goods, and services also saw yearly declines, while tobacco remained steady. 

Kuwait CPI rose 0.15% in August  

Kuwait recorded a 0.15 percent monthly increase in its CPI in August, mainly driven by a surge in food, education and clothing prices. 

The inflation figure also saw a 3.82 percent increase in August compared to the same month last year. 

According to data from the country’s Central Bureau of Statistics, food and beverages saw a 5.7 percent yearly increase in August, while the clothing sector saw a 6.97 percent surge. 


IsDB, US EXIM Bank discuss trade financing avenues to fund development projects 

IsDB, US EXIM Bank discuss trade financing avenues to fund development projects 
Updated 36 min 35 sec ago
Follow

IsDB, US EXIM Bank discuss trade financing avenues to fund development projects 

IsDB, US EXIM Bank discuss trade financing avenues to fund development projects 

RIYADH: Member countries of the Islamic Development Bank could have faster execution of their development projects thanks to its ongoing discussion with the US’ official export credit agency, according to the Saudi Press Agency.   

On the sidelines of the 78th session of the UN General Assembly, which concludes on Friday in New York, IsDB Group President Mohammed Sulaiman Al-Jasser discussed with US Export-Import Bank President Reta Jo Lewis the prospects of further strengthening bilateral ties.   

This move aligns with the strategic objectives and the IsDB Group’s commitment to supporting member countries in their pursuit of prosperity and resilience. 

The discussion also featured joint financing of developmental projects to achieve social and economic growth and combat the challenges imposed by supply chain financing, the SPA said. 

Al-Jasser also met Digital Cooperation Organization Secretary-General Deemah Al-Yahya on the sidelines of the UNGA meeting and explored avenues of collaboration in digital technology and public infrastructure. 

“We, at the Islamic Development Bank, are keen to support the deployment of digital infrastructure through our partnerships with the Digital Cooperation Organization to support digital and technical transformation work during the next stage,” Al-Jasser said. 

Moreover, the IsDB president also met Samantha Power, the administrator of the US Agency for International Development, to team up in funding agriculture projects. 

The two sides also reviewed financial support to small and medium-sized companies involved in green projects, climate issues and transitioning to a low-carbon economy in the IsDB Group’s member nations. 

Moreover, people in member countries of the IsDB Group can expect better living conditions, as the financial institution allocated $800 million earlier this month to finance vital projects in these regions. 

The IsDB president explained that the approved projects will cater to various sectors, including energy, education, health and transportation, reported the SPA at the time. 

Al-Jasser clarified that besides promoting the achievement of sustainable development goals, this move will also contribute to alleviating the effects of the social and economic challenges faced by the population in the member countries of the IsDB Group. 

Moreover, these projects are also projected to accelerate further the achievement of priority goals within the sustainable development goals, the president said.