COP28: Second day of leaders’ summit at UN climate talks

COP28: Second day of leaders’ summit at UN climate talks
UN Secretary-General Antonio Guterres took aim at fossil fuels at the opening session of the leaders’ summit. (AFP)
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Updated 30 January 2024
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COP28: Second day of leaders’ summit at UN climate talks

COP28: Second day of leaders’ summit at UN climate talks

DUBAI: Leaders of developing nations jumped into Saturday’s second day of a UN climate summit to press rich industrial countries to share their know-how to fight global warming and ease the financial burdens they face — while trumpeting their own natural resources that swallow heat-trapping carbon in the air.

The annual United Nations Conference of the Parties, known as COP28, in the UAE featured about 150 presidents, prime ministers, royals and other leaders who are presenting their plans to cut heat-trapping emissions and mostly seek unity with other nations to avert climate catastrophe that seemed to draw closer than ever in 2023.

READ MORE: Click here for our coverage of COP28

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FASTFACT

116

The number of countries that have signed up to a commitment to triple the world's renewable energy capacity by 2030.

1151 GMT




Kamala Harris, Vice President of the United States.

“Today, I am proud to announce a new $3 billion pledge to the green climate fund, which helps developing countries invest in resilience, clean energy, and nature-based solutions,” Kamala Harris, Vice President of the United States, said in her speech.

“Today we are demonstrating in action how the world can and must meet this crisis.”

“This is a pivotal moment, our action collectively, or worse our inaction, will impact millions of people for decades to come.”

1132 GMT




Russell Mmiso Dlamini, Prime Minister of Eswatini.

“The commitments made remain just words. Fossil fuels remain high, much against the initial plans,” according to Russell Mmiso Dlamini, Prime Minister of Eswatini.

“In Eswatini, trucks are queuing in large numbers in borders carrying hundreds of tons of coal in transit to the developed world. While this continues the use of nature-based mitigation is being promoted. With such practices, reaching net-zero by 2050 will be impossible and developing countries should not be made to pay through the use of carbon markets.”

“Let us all meet our commitments of deep emission cuts which are largely overdue.”

“Those who have led the way in development and emission should lead the way for mitigation.”

1117 GMT




Anwaar Ul Haq Kakar, Prime Minister of Pakistan.

Anwaar Ul Haq Kakar, Prime Minister of Pakistan: “At least half of climate finance must be allocated to adaptation. Our expectations from COP28 are high but not unrealistic. Let this COP deliver with actions not just words.”

Opinion

This section contains relevant reference points, placed in (Opinion field)

1107 GMT




Edi Rama, Prime Minister of Albania

“The Paris Agreement was a beacon of hope, a promise made by the world to safeguard our planet and its inhabitants. However, the reality falls shorter than the commitments made, and the burden of climate action continues to disproportionately fall on the shoulders of developing nations despite our minimal contribution to the crisis while the big polluters do their best to lecture us but not to stop themselves,” Edi Rama, Prime Minister of Albania, told leaders of the high-level session at the UN climate summit in Dubai.

1056 GMT




Ulf Kristersson, Prime Minister of Sweden.

“My two keywords here today are urgency and opportunity. Urgency based on science and numerous alarming IPCC reports, and opportunity based on the new jobs and growth that the green transition brings,” according to Ulf Kristersson, Prime Minister of Sweden.

1031 GMT




Chinh Pham Minh, Prime Minister of Vietnam

“Developed countries need to provide greater support to developing and least developed countries. This includes preferential capital transfer of advanced technology, high quality human resource development, smart governance, and assistance in improving modern and effective market institutions in line with the unique circumstances of each country,” Chinh Pham Minh, Prime Minister of Vietnam, said in his speech.

“At the same time, developing and least developed countries cannot afford to be passive or overly dependent on external help. Instead, they need to make greater efforts in improving their own capacity pursuing self-reliance and resilience and self-improvement in the spirit of no one can help you better than yourself.”

The poor are the real victims of what is happening: we need think only of the plight of Indigenous peoples, deforestation, the tragedies of hunger, water and food insecurity, and forced migration

Pope Francis, in a letter read by Vatican Secretary of State Cardinal Pietro Parolin at the high-level session of COP28 in Dubai

1022 GMT




Alexander De Croo, Prime Minister of Belgium.

“The private sector science tells us that, unless there are immediate rapid and large-scale reductions in greenhouse gas emissions, limiting global warming to 1.5°C will be beyond reach,” according to Alexander De Croo, Prime Minister of Belgium.

“Climate issue belongs neither to the deniers nor to the alarmist, it belongs to those who get up early, to those who grab every opportunity to contribute in speeding up the transition.”

1016 GMT




Patrice Emery Trovoada, Prime Minister of Sao Tome and Principe.

Patrice Emery Trovoada, Prime Minister of Sao Tome and Principe: “To hear about these billions of dollars that are promised but are never received, this does not work with countries such as mine.”

“We prefer to rely on the liberating force of creativity and technological information and to rely on AI and to combat and to fight.”

1011 GMT




Terrance Drew, Prime Minister of Saint Kitts and Nevis.

“With 50,000 plus people, our small size and notable position as the smallest independent nation in the Western Hemisphere presents opportunity with the convergence of our geostrategic outlook global collaboration and focused investments especially in our energy sector,” Terrance Drew, Prime Minister of Saint Kitts and Nevis told the high-level segment of the UN climate talks.

“We can become the first model sustainable island state to be found anywhere in the world showcasing the path to progress and prosperity.”

1005 GMT




Petteri Orpo, Prime Minister of Finland.

“Finland remains committed to supporting developing countries in their climate action,” said Petteri Orpo, Prime Minister of Finland.

“Finland stands ready to support the new fund with €3 million. We underline the continued importance of other funding mechanisms including those supporting early warning system. We must also ensure that all financial flows are in the line with the Paris Agreement.”

1002 GMT




Philip Joseph Pierre, Prime Minister of Saint Lucia.

Philip Joseph Pierre, Prime Minister of Saint Lucia: “The impacts have been devastating to our region. Loss and damage have struck at the core of our economies and our societies.”

“At one extreme, lives and livelihoods have been lost and the extreme our environment is under siege.”

We will be working to accelerate unabated coal phase-out across the world, building stronger economies and more resilient communities. The first step is to stop making the problem worse: stop building new unabated coal power plants

Special Envoy John Kerry, in announcing that the US is joining the Powering Past Coal Alliance

0955 GMT




Leo Varadkar, Prime Minister of Ireland.

“With the high cost of living and high energy prices, many worry about how much the transition will cost and what it will mean for their jobs and incomes and living standards. These are legitimate concerns and we need to hear them we need to understand where people are coming from and offer reassurance,” said Leo Varadkar, Prime Minister of Ireland.

“Change is difficult but we must do everything in our power to make sure that the transition is just protecting the vulnerable and leaving nobody behind.”

“Today I am announcing a contribution of €25 million to the new loss and damage fund for 2024 and 2025, and we will make further contributions thereafter.”

0949 GMT




Joss Ulisses De Pina Correia e Silva, Prime Minister of Cabo Verde

“It is a political obligation for all countries, for all leaders to make a top priority out of jointly implementing the solutions and the commitments that we have signed up to. And here, time is the critical factor because nature continues on its course reacting to the conditions that human beings create with their actions and their emissions,” Joss Ulisses De Pina Correia e Silva, Prime Minister of Cabo Verde, said in his national statement.

“We encourage there to be a clear and urgent definition of the financing mechanism for loss and damage. We reaffirm also the urgent need to adopt the multidimensional vulnerability index as part of the climate finance criteria.”

FASTFACT

$3 billion

Amount that the United States has pledged to the Green Climate Fund. The latest pledge would be additional to another $2 billion previously delivered by the US.

0943 GMT




Dalton Emani Makamau Tagelagi, Prime Minister of Niue.

“Time is up and urgent action is now needed to deliver climate finance for lost and damage,” according to Dalton Emani Makamau Tagelagi, Prime Minister of Niue. “Niue is a net sink and has no responsibility for the causes of climate change. Niue is at high risk of tropical cyclones this season and of drought.”

“My people were living in fear of another catastrophic cyclone. Residents and low-lying coastal areas have slowly moved to higher ground to avoid detrimental impacts from damaging heavy swells.”

 

 

0936 GMT




Philip Davis, Prime Minister of Bahamas.

“How long must we now wait to have this new fund capitalized and how long must we wait before we can assess access the funds? Time is the luxury we do not have,” Philip Davis, Prime Minister of Bahamas, said in his speech.

0932 GMT




Gaston Browne, Prime Minister of Antigua and Barbuda.

“We are facing an existential paradox, the smallest contributors to global CO2 emissions yet among the hardest hit by climate catastrophe. This is not just an environmental crisis it is a glaring testament to the world where profits are prioritized over people and planets,” said Gaston Browne, Prime Minister of Antigua and Barbuda.

“It is a world where oil and gas conglomerates, shielded by the power of wealthy nations, continue to reap astronomical profits while the survival of nations like ours hangs in the balance.”

0926 GMT




Housain Al-Arnous, Prime Minister of Syria.

Housain Al-Arnous, Prime Minister of Syria: “It is time to work seriously to advance climate action and to accelerate emissions reduction through energy transition and also through using land sustainably and in an integrated manner. It is time to transition to sustainable food systems and to operationalize systems to limit loss and damage.”

Syria suffers from the impact of climate change. This is evident in the declining rainfall and the rise in dust storms and heat waves.”

0914 GMT




Giorgia Meloni, Prime Minister of Italy.

“Italy is doing its part in the carbonization process and it does it in a pragmatic way that means with the technology neutral approach free from unnecessary radicalism,” according to Giorgia Meloni, the Prime Minister of Italy.

“Italy intends to direct an extremely significant share of the Italian climate fund whose overall endowment is €4 billion to the African continent, not however through a charitable approach, because Africa does not need charity, it needs to be put in the condition to compete on an equal footing in order to grow and prosper thanks to the multitude of resources that the continent possesses.”

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Pope Francis pleads with COP28 to find breakthrough on climate change

DUBAI: Pope Francis on Saturday called on the UN climate summit to strive for a essential breakthrough agreement to stem global warming that includes the elimination of fossil fuels, saying climate had “run amok.”

The 86-year-old pope had planned to attend the conference but a lung inflammation forced him to remain in the Vatican. His full address was left with delegates and Vatican Secretary of State Cardinal Pietro Parolin shortened it in order to remain within the 3-minute time limit for speeches.




Pope Francis had planned to attend the conference but a lung inflammation forced him to remain in the Vatican. (AFP)

“Sadly, I am unable to be present with you, as I had greatly desired. Even so, I am with you, because time is short,” Francis said in his message.

“I am with you because now more than ever, the future of us all depends on the present that we now choose. I am with you because the destruction of the environment is an offense against God,” he said.

“May this COP prove to be a turning point, demonstrating a clear and tangible political will that can lead to a decisive acceleration of ecological transition,” he said. – Reuters

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0909 GMT




Robert Abela, Prime Minister of Malta.

“We are working hard to achieve a 55 percent emission reduction by 2030 as compared to 1990 levels. Malta has also achieved a lot in these past years but we want to be more ambitious and to do much more: Robert Abela, Prime Minister of Malta, said in his speech.

“Having the lowest gross emission per capital among the EU member states means that our efforts need to be sturdier. In the past ten years we have managed to reduce our greenhouse gas emissions from the energy sector by 60 percent.”

0902 GMT




Petr Fiala, Prime Minister of Czechia.

“My country support the Paris agreement of the EU climate and energy including the goal of carbon neutral economy by 2050. We are taking steps to stop coal for electricity and heating by 2033. In part this can be achieved by renovating buildings and developing renewable energy sources,” according to Petr Fiala, Prime Minister of Czechia.

“I want to be clear that the success of our wider climate goals is fundamentally dependent on nuclear energy. This is a good thing as nuclear power is both reliable and clean so we should use its benefits.”

0846 GMT




Jonas Gahr Store, Prime Minister of Norway.

Jonas Gahr Store, Prime Minister of Norway: “Norway supports the call for global tripling of renewables and doubling of energy efficiency by 2030.”

0829 GMT




Antonio Costa, the Prime Minister of Portugal.

Antonio Costa, the Prime Minister of Portugal, meanwhile said: “Climate transition in Portugal will present an enormous opportunity. An opportunity for research, development, towards innovation. An opportunity of investment, most of them already engaged, with an amount of €85 billion in the next two decades, representing 35 percent of our GDP.”

 

 

0823 GMT




Katrin Jakobsdottir, Prime Minister of Iceland.

“We need to do more to cut emissions, a lot more. We need to accelerate a green energy transition, scale up green solutions, increase nature-based solutions, and make sure those who pollute pay,” Katrin Jakobsdottir, Prime Minister of Iceland, said in her statement.

“But we also need to do less. Our economic systems focus on maximizing production and consumption rather than sustainability and wellbeing. And this needs to change.”

“Iceland supports the phasing out of fossil fuels and subsidiaries of fossil fuels need to end. We should not burn public money to cook the planet, instead we should scale up support for clean solutions.”

0814 GMT




Kyriakos Mitsotakis, the Prime Minister of Greece.

“We have cut our coal use by over 80 percent. We are growing our economy at a much faster pace than the Eurozone average while reducing emissions. In total, our emissions are down by 43 percent from 2005 as we turn to renewable energy, the best performance amongst European countries,” Kyriakos Mitsotakis, the Prime Minister of Greece, said in his statement.

0802 GMT




Mark Brown, Prime Minister of Cook Islands.

“To put it plainly, the world must fulfill its financial commitments. It is as simple as that. In 2022, the IMF reported that $7 trillion were spent on fossil fuel subsidiaries, yet the global commitment to $100 billion per year to the Paris Agreement continues to struggle for fulfillment,” according to Mark Brown, Prime Minister of Cook Islands.

0753 GMT




Andrej Plenkovic, the Prime Minister of Croatia.

“We need to do much more to curb climate change. However, we are doing the opposite. Half of the CO2 emissions emitted in the last two centuries have been emitted in the past three decades, and they continue to grow,” according to Andrej Plenkovic, the Prime Minister of Croatia.

0749 GMT




Kaja Kallas, the Prime Minister of Estonia.

“Today, digital is enabling our green reform. Estonia’s parliament has adopted a new renewable electricity target of 100 percent by 2030. More than tripling our level of renewable production,” according to Kaja Kallas, the Prime Minister of Estonia.

0749 GMT




Mia Amor Mottley, Prime Minister of Barbados.

“We’ve seen this year, one third of the days of the year exceed 1.5°C, this is a death sentence. And the reality is, unless we change course, we are going to see far more lives lost and far more damage done,” Mia Amor Mottley, Prime Minister of Barbados, said in her speech.

0744 GMT




Evariste Ndayishimiye, President of Burundi.

Evariste Ndayishimiye, President of Burundi, in his country statement, said “Burundi has committed via the Nationally Determined Contributions to protect the environment, to strengthen resilience towards climate change, and to boost food security. This is infused in our national policies and our vision for Burundi. An emerging country by 2040, and a developed country by 2060.”

0733 GMT




Kausea Natano, Prime Minister of Tuvalu.

“Though I applaud the current status of loss and damage (fund) and the inflow of funding supports, it is our hope that the challenge on the accessibility to the fund is limited or is eliminated,” said Kausea Natano, Prime Minister of Tuvalu, in his statement.

0724 GMT




Joao Manuel Goncalves Lourenco, President of Angola.

“Tackling the issue of climate change is one of the key priorities in all sustainable development programs and strategies in the Republic of Angola. It is a critical concern and one that deserves special attention,” Joao Manuel Goncalves Lourenco, President of Angola, said.

“We are committed to changing our national energy matrix prioritizing clean energy production sources and we’re doing this through the construction of hydroelectric plants and solar panels parks, which means that more than 65 percent of the current 6,400 MW of energy produced in the country now come from ecological sources.”

0717 GMT




David Choquehuanca Cespedes, Vice President of Bolivia.

“Developing countries have prepared a broad path for developed countries who rely on our resources and yet trample all over us and do not allow us to tread the path with them,” David Choquehuanca Cespedes, Vice President of Bolivia, said in his statement.

“There can be no climate justice climatic without understanding genuine life sciences. There can be no climate justice without recognizing that human intelligence is what is important not artificial intelligence.”

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Over 110 countries set to join COP28 deal to triple renewable energy

A pledge to triple the world’s installed renewable energy by 2030 is poised to win support from more than 110 countries at the COP28 climate summit on Saturday, with some pushing to make the deal global by the end of the UN conference.

The European Union, United States and COP28 host the UAE have been rallying support for the pledge as a means to the sharp drop in planet-warming emissions needed this decade to avoid unleashing more severe climate change.

Whether governments and companies will rally the huge investments needed to hit the goal is an open question. While deployment of renewables like solar and wind has been surging globally for years, rising costs, labor constraints and supply chain issues have forced project delays and cancellations in recent months.

Getting the deal into the final UN climate summit decision would also require consensus among the nearly 200 countries present. While China and India have signaled support for tripling global renewable energy by 2030, neither has confirmed it will back the overall pledge – which pairs the ramp-up in clean power with a reduction in fossil fuel use. – Reuters

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0708 GMT




Olaf Scholz, the Chancellor of Germany.

“It is still possible for us to reduce emissions this decade and for us to reach a level that would allow us to achieve the 1.5°C goal, however, science tells us that we need to step up the pace,” according to Olaf Scholz, the Chancellor of Germany.

“I would like to present the following three proposals for you today. First, let us make the expansion of renewables our number one priority in energy policy globally. Let us agree on two binding targets here in Dubai, tripling the expansion of renewables and doubling energy efficiency, both by 2030.”

“As long as we still have to rely on gas, we have to ensure that we produce and transport it in as climate friendly as possible.”

“My second point concerns our international cooperation. We need forms in which to develop common solutions for the challenges of transformation.”

“My third proposal concerns solidarity and responsibility. Already in the year 2022, Germany has surpassed its objective of making available €6 billion ($6.5 billion) per annum for international climate finance.”

“I’m also confident that we will also achieve our goal of making available $100 billion per annum for international climate action together with other industrialized countries.”

0658 GMT




Mohammed B. S Jallow, Vice President of Gambia.

“We recognize that transitioning to a low carbon sustainable economy is not only an environmental imperative but also an economic opportunity; therefore, we are still committed to promoting the use of green and clean energy, sustainable agriculture, and eco-friendly technologies,” Mohammed B. S Jallow, Vice President of Gambia, said in his speech.

“This transition will not only reduce our carbon footprint but also create jobs stimulate innovation and improve the quality of our life of our citizens.”

0651 GMT




Mokgweetsi Eric Masisi, President of Botswana.

“The government of Botswana has made a decision to increase renewable energy penetration from two percent to 30 percent by 2030,” according to Mokgweetsi Eric Masisi, President of Botswana.

“As a developing country, Botswana prioritizes adaptation as it reduces the vulnerability of communities to climate related hazards and in so doing protecting livelihoods and ecosystems as well as enabling them to be more resilient.”

0643 GMT




Chandrikapersad Santokhi, President of Suriname.

“As part of the eight Amazonian countries united in the Amazon corporation treaty organization, we are also committed to fight deforestation of the Amazon region. My country and people are forced to adapt to extreme dry and wet weather events which cause losses and damages,” Chandrikapersad Santokhi, President of Suriname, said in his national statement.

“At the same time, we must respond to the legitimate demands of our population for economic development and diversification as we do through a balanced approach consisting of developing the natural resources through environment-friendly strategy by sustainable forest management and active protection of biodiversity and also by continued transition to green energy and other green innovations and technologies.”

0633 GMT




Faustin-Archange Touadera, President of the Central African Republic.

“Africa which bears least responsibility in terms of emissions, responsible for just four percent of global emissions, but unfortunately, Africa is a primary victim of the direct impacts of climate change,” according to Faustin-Archange Touadera, President of the Central African Republic.

“Central African Republic has been classed among the five countries which are most threatened by the effects of climate change.”

“When it comes to determining who should pay for the climate bill, the answer is, bearing in mind the gap between developed countries which are the primary polluters and poor countries, it would be logical for the former to finance the mitigation process.”

0617 GMT




Salva Kiir Mayardit, President of South Sudan.

“For four years now, the country is suffering from floods, droughts, excessive heat high temperatures, and irregular rain patterns. These climate change related factors have negatively affected the livelihood of our people the people are internally displaced,” Salva Kiir Mayardit, President of South Sudan said in his national statement speech.

“That is causing subnational conflicts between the displaced and host communities. So, peace and security are clearly affected as a result of climate change.”

“We have come to this COP28 with the hope that we, the world leaders, will commit ourselves to the implementation of the provisions of the Paris Agreement.”

“Climate change financing to the less developed countries is very important so that these countries can implement their climate adaptation and mitigation projects,” he added.

0605 GMT




Nana Addo Dankwa Akufo-Addo, President of Ghana.

“We are all now aware that climate change has an enormous impact on the fundamentals required for our survival on earth. It imposes developmental constraints and burdens on are already stretched resources and we, in Ghana are witnessing this phenomenon for ourselves at first hand,” said Nana Addo Dankwa Akufo-Addo, President of Ghana.

“A few weeks ago parts of my country Ghana were confronted with the severe humanitarian crisis triggered by the spillage of water from our country’s largest hydroelectric dam due to unusually high rainfall patterns.”

“We encourage our international partners to support the V20 loss and damage fund, the global shield against climate risk, and ultimately the UNFCCC loss and damage fund to ensure the availability of robust social safety nets for the developing world during such climate crisis.”

0551 GMT




Obiang Nguema Mbasogo, President of Equatorial Guinea.

“Africa is one of the regions with the highest rates of carbon capture and oxygen release in the world; yet, paradoxically we are the region which draws the least benefits,” according to Obiang Nguema Mbasogo, President of Equatorial Guinea.

“In light of that it’s not enough, in our view, for developed countries to simply wring their hands and make empty promises. Rather, they need to fulfill their commitments and obligations under the Paris agreement that we achieved at COP21 and ensure the rollout and implementation of tangible concrete action to mitigate the adverse impact of climate change.”

“We issue an urgent call for renewed commitment at COP28 to provide Africa with adequate transparent and just financing going forward as well as ensuring the requisite transfer of technology.”

Mbasogo faulted developed nations for failing to deliver on their pledges to meet their commitments on financing for climate action and meet their own targets to curb their industries’ emissions.

“Africa is one of the regions in the world that sequesters the most carbon and emits oxygen,” he said.

0544 GMT




Jose Ramos Horta, President of Timor-Leste.

“I urge the WHO to declare a public health emergency of international concern, the highest level of emergency that can be declared by WHO,” Jose Ramos Horta, President of Timor-Leste, said in his speech.

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The Israel-Hamas conflict also loomed large in the proceedings with several leaders voicing sympathy for the Palestinians in Gaza as the week-long ceasefire ended, and vigorous efforts to extend the truce collapsed.

Israel bombarded eastern areas of Khan Younis in southern Gaza right after the truce ended.




Jordan’s King Abdullah II speaks during the High-Level Segment for Heads of State and Government session at the United Nations climate summit in Dubai on Dec. 1, 2023. (AFP)

“This year’s conference of the parties must recognize even more than ever that we cannot talk about climate change in isolation from the humanitarian tragedies unfolding around us,” King Abdullah II of Jordan said in his speech.

“As we speak, the Palestinian people are facing an immediate threat to their lives and wellbeing. In Gaza over 1.7 million Palestinians have been displaced from their homes. Tens of thousands have been injured or killed in a region already on the front line of the climate change.”

 

 

The high-level session was also a day of financial commitments, with host country UAE announcing the establishment of ALTÉRRA, the largest private climate vehicle, and a $30 billion commitment to the vehicle with the aim of mobilizing $250 billion of private-sector investment by 2030.

with agencies


Saudi Arabia set to welcome 300 millionaires in 2024: Henley & Partners

Saudi Arabia set to welcome 300 millionaires in 2024: Henley & Partners
Updated 19 June 2024
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Saudi Arabia set to welcome 300 millionaires in 2024: Henley & Partners

Saudi Arabia set to welcome 300 millionaires in 2024: Henley & Partners

RIYADH: As many as 300 millionaires will flock to Saudi Arabia in 2024 as the Kingdom continues to attract high-net-worth individuals, according to a study. 

In its latest report, Henley & Partners said that Saudi Arabia’s capital Riyadh as well as Jeddah are becoming “increasingly popular” with immigrant millionaires,especially from North Africa and the Middle East. 

“In our view, these two cities have the potential to mimic Dubai and Abu Dhabi in attracting large numbers of wealthy expats in the future,” said the British consultancy firm in the release. 

According to the analysis, the UAE is continuing its run as the top destination of choice for HNWI, with an estimated 6,700 millionaires expected to make the country their home by the end of 2024.

“For the third year running, the UAE looks set to take first place as the world’s leading wealth magnet, with a record-breaking 6,700 moneyed migrants expected to make the Emirates home by the end of the year, significantly boosted by large inflows from the UK and Europe,” said the British consultancy. 

According to the report, the UAE’s tax-free income, golden visa residency program, and geographic location have made it a favorite destination for migrating millionaires. 

The Group Head of Private Clients at Henley & Partners, Dominic Volek, said that 2024 is shaping up to be a watershed moment in the global migration of wealth. 

“An unprecedented 128,000 millionaires are expected to relocate worldwide this year, eclipsing the previous record of 120,000 set in 2023. As the world grapples with a perfect storm of geopolitical tensions, economic uncertainty, and social upheaval, millionaires are voting with their feet in record numbers,” said Volek. 

He added: “In many respects, this great millionaire migration is a leading indicator, signaling a profound shift in the global landscape and the tectonic plates of wealth and power, with far-reaching implications for the future trajectory of the nations they leave behind or those which they make their new home.” 

The UAE is followed by the US and Singapore, with 3,800 and 3,500 millionaires set to live in these countries by the end of this year. 

Canada grabbed fourth place in the list, with a projected 3,200 HNWI flocking to the country, followed by Australia and Italy with 2,500 and 2,200 millionaires coming to these nations, respectively. 

Switzerland came in the sixth spot in the list, with an estimated 1,500 millionaires relocating to the country, followed by Greece and Portugal at 1,200 and 800, respectively. 

The report highlighted that the UK is expected to see an unprecedented net loss of 9,500 millionaires in 2024 — second only to China worldwide and more than double the 4,200 who left the country last year. 

According to the analysis, China is expected to be the biggest millionaire loser globally, with an anticipated net exit of 15,200 HNWIs this year, compared to 13,800 in 2023.


Egypt’s exports surge 9.8% to $16.55bn amid global trade expansion

Egypt’s exports surge 9.8% to $16.55bn amid global trade expansion
Updated 19 June 2024
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Egypt’s exports surge 9.8% to $16.55bn amid global trade expansion

Egypt’s exports surge 9.8% to $16.55bn amid global trade expansion

RIYADH: Egypt’s merchandise exports soared by 9.8 percent year-on-year in the first five months of 2024 to reach $16.55 billion, according to a top official.     

Exports increased every month over the period, underscoring the north African country’s ongoing expansion in global trade, according to Egypt’s Minister of Trade and Industry Ahmed Samir.   

Notable items that contributed to the growth included fresh and dried citrus fruits valued at $721 million, wires at $353 million, and manufactured petroleum oils at $186 million.      

Key export sectors also included building materials, valued at $3.86 billion, the food industry at $2.64 billion, and chemical products and fertilizers estimated at $2.49 billion.   

Agricultural crops were worth $2.26 billion, according to a statement.   

The ministry aims to bolster exports across all sectors to diverse global markets in the coming phase, emphasizing collaboration between government entities, business communities, and Egyptian exporters to enhance product quality and competitiveness. 

This effort supports Egypt’s target of achieving $100 billion in annual merchandise exports.   

Moreover, the statement revealed that Saudi Arabia emerged as the top market for Egyptian merchandise exports during this period, totaling $1.39 billion. 

Following Saudi Arabia, Turkiye accounted for $1.31 billion, the UAE at $1.13 billion, Italy with $974 million, and the US at $904 million.   

In May, Egypt’s Central Agency for Public Mobilization and Statistics revealed that the value of Egyptian exports to Arab countries surged 8.7 percent year-on-year, reaching $13.6 billion in 2023. 

Saudi Arabia led among Arab nations in importing from Egypt, with exports totaling $2.7 billion during the year, according to the statement issued last month. 

This trend underscores the substantial growth in trade relations, partnerships, joint projects, and development investments between the two countries in recent years.     

Last month, the International Monetary Fund projected that Egypt’s foreign cash inflows would come from five sources, including commodity exports, tourism and Suez Canal revenues, as well as private transfers and net foreign direct investment.      

The fiscal year 2023-2024 total will be around $107.3 billion, compared to about $93.6 billion in 2022-2023.      

However, the IMF anticipates inflows to decrease again in the next fiscal year, dropping below the previous year’s level to approximately $91.2 billion. 


King Abdulaziz Port boosts infrastructure with new cranes, enhancing global maritime hub status

King Abdulaziz Port boosts infrastructure with new cranes, enhancing global maritime hub status
Updated 19 June 2024
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King Abdulaziz Port boosts infrastructure with new cranes, enhancing global maritime hub status

King Abdulaziz Port boosts infrastructure with new cranes, enhancing global maritime hub status

RIYADH: Saudi Arabia’s King Abdulaziz Port’s crane capacity has been boosted by 9.7 percent as part of an SR7 billion ($1.86 billion) investment deal.

The facility, operated by Saudi Global Ports Co., has received three automated quay and three rubber-tired gantry cranes, increasing its handling infrastructure.

According to a press release from Saudi Ports Authority, also known as Mawani, this addition brings the total number of quay cranes to 18 and gantry cranes to 50, enhancing the Dammam port’s workflow and enabling it to handle large ships efficiently.

These enhancements are made under commercial contracts between Mawani and Saudi Global Ports Co. 

This development is part of ongoing efforts to strengthen King Abdulaziz Port’s position as a competitive and sustainable global hub.

The new cranes can reach a minimum of 25 rows, which facilitates the efficient handling of advanced and large ships. 

Additionally, the use of modern cranes contributes to improving the skills of the workforce, supporting the Saudi ports system and solidifying the Kingdom’s growing role in the global logistics chain.

This upgrade aligns with the goals of the National Transport and Logistics Strategy, which aims to establish the nation as a global logistics center and a key link between continents.

Saudi ports are experiencing a constant surge in handling shipments. In March, terminals in the Kingdom recorded a 12.48 percent increase in the number of received containers compared to the same period last year, according to official data from Mawani.

The Authority disclosed that terminals in Saudi Arabia received 265,148 standard containers in the third month of 2024, marking an annual increase from 235,738.  

Furthermore, the maritime facilities experienced a 3.77 percent uptick in the volume of handled tonnage, reaching 19.64 million tonnes, in contrast to 18.93 million tonnes recorded in March 2023.    

“This reflects the scale of efforts made to develop port infrastructure and provide the highest levels of logistics services,” Mawani stated in a statement.

The Kingdom’s general shipment volumes reached 804,837 tonnes, solid bulk cargo reached 3.94 million tonnes, and liquid bulk freight reached 14.74 million tonnes.

A report from the UN Conference on Trade and Development revealed that Mawani climbed from 76.16 points in the second quarter of 2023 to 77.66 points in the third quarter of last year, affirming Saudi Arabia’s progress in the maritime sector.

Moreover, the Kingdom has consistently pursued global collaborations in the maritime sector, the latest of which occurred at the second edition of Vision Golfe 2024, held in Paris on June 4.

At the event, Mawani signed an agreement with the French Ministry of Economy, Finance, and Industrial and Digital Sovereignty and its Marseille counterpart as part of France and Saudi Arabia’s commitment to excellence in trade and maritime transport.


Riyadh among top 5 MENA startup ecosystems, report states

Riyadh among top 5 MENA startup ecosystems, report states
Updated 19 June 2024
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Riyadh among top 5 MENA startup ecosystems, report states

Riyadh among top 5 MENA startup ecosystems, report states

RIYADH: Saudi Arabia’s capital Riyadh is among the top five startup ecosystems in the Middle East and North Africa region, according to new data. 

The international policy advisory and research organization Startup Genome, in collaboration with the Global Entrepreneurship Network, revealed that three of the Kingdom’s cities were among the top-ranked startup ecosystems in the region. 

Riyadh was ranked fourth, with Jeddah and Alkhobar also making the list, according to Startup Genome’s latest Global Startup Ecosystem report. 

The criteria for inclusion in the list required ecosystems to be ranked in the top 40 global leaders or top 200 emerging environments or to have a value greater than $200 million. 

Furthermore, Riyadh was also one of two MENA ecosystems making the global list of cities with four or more unicorns in the last 10 years, the other being Dubai. 

A company is termed a unicorn when it reaches a valuation of $1 billion without being listed on the stock market. 

The report highlighted that the capital was ranked between 51 and 60 internationally, with its funding performance ranking seven out of 10. 

The Kingdom was also praised for its proactive approach to embracing artificial intelligence, with the report highlighting the nation’s $40 billion commitment to boosting the technology. 

The UAE’s capital, Abu Dhabi, was ranked as the fastest-growing startup ecosystem in the region, with a global rank between 61 and 70. 

“In a nation emboldened by its strategic vision to become a dominant global technology hub, the UAE is establishing its capital city as one of the world’s most prominent destinations for high-growth technology companies,” the report stated. 

Abu Dhabi’s ecosystem was valued at $4.2 billion, with one unicorn between 2021 and 2023. The city also saw a median funding of $825,000 in seed rounds. Total venture capital funding amounted to $1.1 billion between 2019 and 2023, with 16 exits during the same period. 

The region has seen significant growth in venture capital and startup development in recent years, mostly driven by Saudi Arabia. 

In 2023, the Kingdom secured 52 percent of the total VC funding in the MENA region, a substantial increase from the 31 percent share it held in 2022. 

Saudi Arabia’s startup ecosystem ranked first in regional venture funding activities in 2023, amassing an unprecedented $1.38 billion in capital.  

This achievement positioned the Kingdom at the forefront of venture capital funding in the Middle East and North Africa, surpassing the $1 billion mark for the first time, as reported by MAGNiTT in their Saudi Arabia FY2023 report. 


Half of Saudi Arabia’s World Defense Show 2026 floorspace already snapped up by exhibitors

Half of Saudi Arabia’s World Defense Show 2026 floorspace already snapped up by exhibitors
Updated 19 June 2024
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Half of Saudi Arabia’s World Defense Show 2026 floorspace already snapped up by exhibitors

Half of Saudi Arabia’s World Defense Show 2026 floorspace already snapped up by exhibitors

RIYADH: International exhibitors have already secured half of the space at the World Defense Show set to be held in Riyadh in 2026, demonstrating strong early interest in the biennial event.  

The defense and security exhibition, scheduled for Feb 8-12 and covering an area of 800,000 sq. m., follows the successful conclusion of its second edition in February. 

The event attracted a record number of 773 exhibitors, all aiming to capitalize on the Kingdom’s status as one of the largest defense spenders worldwide.   

In the state budget announced in December 2023, Saudi Arabia allocated SR269 billion ($71.70 billion) for the military sector this year, reflecting an 8.5 percent increase from the 2023 estimates.    

Andrew Pearcey, CEO of the World Defense Show, said: “The demand has been phenomenal. Just four months after the second edition of the show closed, to global industry approbation, we have already sold 50 percent of the floorspace for the third edition.”    

He added: “Many of the industry’s leading multi-domain businesses booked their stands for 2026 during the 2024 event. I am in no doubt that World Defense Show 2026, will be an essential event for global companies across the defense supply chain.”   

The CEO highlighted that the third edition of the event further solidifies the entity’s position as the emerging global hub for the defense industry.   

The early bookings for the event are in line with the show’s vision to serve as a platform where the global defense industry can convene, connect, and gain valuable insights into the latest innovation-driven defense and security solutions.   

The event also aims to foster integration across air, land, sea, space, and security domains to accelerate advancements in defense technologies.  

“We have grown each year, in the size of our event, in the number of exhibitors and visitors, but also in the depth and breadth of expertise and influence of those taking part in our panels, presentations and discussions,” Pearcey said. 

“Our impact is effected in two ways, as a gateway to partnership and collaboration with the Saudi Arabian defense industry, but more importantly as a truly global networking and policymaking event, welcoming senior delegations from around the world to meet representatives of the international defense industry in a confidential and impartial setting,” he underlined. 

The World Defense Show team are attending Eurosatory 2024, held from June 17 to June 21 at the Paris Nord Villepinte Exhibition Centre. This event will allow potential exhibitors to learn more about the 2026 initiative and book their space while it is still available.  

The World Defense Show 2026 will see the return of many of the event’s networking features, including the “Meet the KSA Government” program, which shares the latest developments on the Kingdom’s business guidelines, investment requirements as well as partnership processes.

Held at the heart of the global supply chain, the show will bring together the most prominent players and start-up visionaries from the defense domain to collectively craft the sector’s future.