Saudi Arabia calls for global action on climate and land degradation at UN General Assembly

Saudi Arabia calls for global action on climate and land degradation at UN General Assembly
Susana Muhamad, Incoming president of the CBD COP16 & Colombia minister of environment and sustainable development, COP29 President-Designate Mukhtar Babayev, and Osama Faqeeha, deputy minister of Environment, Water and Agriculture of of Saudi Arabia and advisor to the incoming UNCCD COP16 President. Supplied
Short Url
Updated 29 September 2024
Follow

Saudi Arabia calls for global action on climate and land degradation at UN General Assembly

Saudi Arabia calls for global action on climate and land degradation at UN General Assembly

JEDDAH: Saudi Arabia has called for decisive global action to address climate change, biodiversity loss, and land degradation during the UN General Assembly. 

The appeal was made at a Rio Trio Initiative event in New York City, where the incoming presidents of the three Rio summits outlined their goals for the UN environmental meetings scheduled for the remainder of 2024, according to a press release.  

Saudi Arabia is set to host the UN Convention to Combat Desertification’s COP16 from Dec. 2-13, with a key target of restoring 1.5 billion hectares of degraded land by 2030. The Kingdom’s COP16 presidency is pushing for concrete commitments to reach this goal. 

The Saudi Deputy Minister of Environment, Water and Agriculture Osama Faqeeha, who is also an advisor to the incoming UNCCD COP16 president, said: “Climate change, biodiversity loss, and land degradation are interconnected aspects of the same planetary crisis, which are most effectively addressed in an integrated way.” 

He added: “This year presents a unique opportunity to unite with our colleagues in Azerbaijan and Colombia to rally the international community to address these interrelated global environmental challenges, which are having a devastating impact on the planet and all of its inhabitants, including its people.” 

The Riyadh event is expected to be the largest and most inclusive UNCCD COP to date, bringing together the private sector, civil society, and the scientific community to share solutions for land degradation, desertification, and drought. 

Azerbaijan will preside over the 29th Conference of the UN Framework Convention on Climate Change, while Colombia will chair the 16th Conference of the Convention on Biological Diversity.   

At the Rio Trio Initiative event, Saudi representatives underscored the importance of land health for people and the planet, stressing the significant economic, social, and environmental repercussions of land degradation and drought — all of which jeopardize biodiversity, elevate greenhouse gas emissions, and worsen food and water insecurity. 

The incoming president of the CBD COP16, Susana Muhamad and Colombia’s minister of environment and sustainable development, said: “We need a joint agenda implemented on the ground, and we are ready to establish a working group to promote articulation and coherence.” 

She further emphasized that the just transition addressed in relation to climate change must foster collaborations to prevent the degradation and harm of natural ecosystems.

“On the other hand, we have a great opportunity to plan the land with a more integrated approach: decarbonizing, restoring, and generating better conditions for human lives. COP16 is the space for deepening the understanding of these synergies,” she said. 

COP29 President-Designate Mukhtar Babayev stated that by strengthening collaboration among the three Rio Conventions, they seek to unlock alliances, improve efficiency, and achieve tangible outcomes that benefit both people and the planet. 

“This is about recognizing that the goals of the respective conventions are intrinsically linked and that progress in one area can catalyze advances in others,” Babayev said. 

The Rio Trio Initiative is named after the pivotal 1992 Earth Summit in Rio de Janeiro, where nations united to form a framework addressing the pressing challenges of climate change, desertification, and biodiversity loss. The initiative aims to enhance collaboration across the three major international environmental conventions. 


Saudi POS hits $4bn as education spending surges with 2nd-semester start 

Saudi POS hits $4bn as education spending surges with 2nd-semester start 
Updated 21 sec ago
Follow

Saudi POS hits $4bn as education spending surges with 2nd-semester start 

Saudi POS hits $4bn as education spending surges with 2nd-semester start 

RIYADH: Saudi Arabia’s point-of-sale transactions registered a weekly increase of 36.6 percent between Oct. 27 and Nov. 2, with the education sector leading the growth.

The Saudi Central Bank, also known as SAMA, recorded SR15.1 billion ($4.03 billion) in transactions over the seven-day period, with the education industry posting the highest sectoral increase at 79.3 percent to reach SR177.6 million.

This surge coincides with the start of the second semester on Nov. 17, similar to what was seen before the school year began in August.

SAMA figures showed that the clothing and footwear sector saw the second-largest rise, with a 63.7 percent jump to SR1.07 billion, reflecting a consistent trend in consumer spending during key academic periods.

This growth mirrored a similar pattern observed earlier in August this year, indicating a recurring trend in consumer spending within these two sectors.

Spending on telecommunication recorded the third largest surge, with a 51.9 percent positive change, reaching SR157.1 million. 

Expenditure on food and beverages followed with an uptick of 48.1 percent, reaching SR2.5 billion, claiming the biggest share of this week’s POS transaction value.

Recreation and culture followed with a 40.9 percent surge, reaching SR296 million.

Restaurants and cafes accounted for the second-largest POS transaction value, with SR2.1 billion. Miscellaneous goods and services followed at SR1.8 billion.

Spending in the leading three categories accounted for 42.8 percent or SR6.4 billion of the week’s total value.

At 11.8 percent, the smallest increase occurred in hotel spending, boosting total payments to SR328.4 million. Expenditures on construction and building materials came second, surging 19.1 percent to SR386 million. 

Geographically, Riyadh dominated POS transactions, representing 33.7 percent of the total, with expenses in the capital reaching SR5.11 billion — a 28.1 percent increase from the previous week. 

Jeddah followed with a 27.7 percent surge to SR1.93 billion, and Dammam came in third at SR745.7 million, up 28.8 percent.

Hail experienced the most significant rise in spending, increasing 65.1 percent to SR280.1 million. Tabouk and Abha followed, with expenditure surging 55.9 percent and 43 percent to SR324.8 million and SR187.4 million, respectively.

Regarding the number of transactions, Hail recorded the highest increase at 34 percent, reaching 4,427, followed by Tabouk with a 28.7 percent increase, achieving 5,312 transactions.


Saudi Arabia, UAE invest $26.8m in Pakistan in Q1 of 2024

Saudi Arabia, UAE invest $26.8m in Pakistan in Q1 of 2024
Updated 05 November 2024
Follow

Saudi Arabia, UAE invest $26.8m in Pakistan in Q1 of 2024

Saudi Arabia, UAE invest $26.8m in Pakistan in Q1 of 2024

 

ISLAMABAD: Pakistan’s foreign investment surged by 48 percent in the first quarter of the current fiscal year, according to state-run media reports on Tuesday.

Saudi Arabia and the UAE contributed a total of $26.8 million during this period. In 2023, Pakistan established the Special Investment Facilitation Council, a joint civil-military body aimed at expediting foreign investment decisions in key economic sectors, including agriculture, mining, minerals, and tourism.

This initiative came amid Pakistan’s ongoing economic crisis, which had pushed the country to the brink of a sovereign default. The crisis was mitigated by a crucial $3 billion bailout from the International Monetary Fund last year, preventing further economic collapse.

According to a breakdown shared by Radio Pakistan, China led foreign investments in the first quarter with $404 million, followed by the UAE’s $25 million and Saudi Arabia’s $1.8 million. Other notable contributors included Hong Kong, with $98 million; the UK, with $72 million; and the US, with $28 million.

Radio Pakistan reported: “A significant increase of 48 percent has been seen in foreign investment in Pakistan in the first quarter of the current fiscal year, reflecting the effective strategies of the Special Investment Facilitation Council.”

During a recent visit to Saudi Arabia and Qatar, Pakistan’s Prime Minister Shehbaz Sharif held talks with leaders from both nations to discuss boosting cooperation in trade, investment, and energy. Notably, in October, Pakistani and Saudi businesses signed 27 agreements and memorandums of understanding valued at $2.2 billion.

During Sharif’s visit to the Kingdom last week, the two countries agreed to increase this figure to $2.8 billion.

The UAE remains Pakistan’s third-largest trading partner, after China and the US, and serves as an important export market due to its proximity, which helps minimize transportation costs and facilitates trade exchanges.

In recent months, Sharif has been actively pursuing economic diplomacy in the region, focusing on securing investments, boosting trade, and improving regional connectivity.

Pakistan has sought to leverage its strategic position as a trade and transit hub, connecting landlocked Central Asian countries with the global market while promoting mutually beneficial economic partnerships with Gulf nations.


Saudi Arabia’s CMF Select holds first-ever market event at LSE

Saudi Arabia’s CMF Select holds first-ever market event at LSE
Updated 49 min 7 sec ago
Follow

Saudi Arabia’s CMF Select holds first-ever market event at LSE

Saudi Arabia’s CMF Select holds first-ever market event at LSE

RIYADH: Saudi Arabia’s CMF Select has successfully concluded its inaugural international market event, hosted at the London Stock Exchange.

The gathering marked a key milestone for CMF Select, an initiative under the Saudi Tadawul Group, according to a press release.

 The event aimed to strengthen strategic partnerships between the Kingdom and global markets.

Organized by CMF Select, the event attracted more than 245 influential participants, including industry experts and investors from the UK, Saudi Arabia, and other international markets.

CMF Select is a targeted series of events under the CMF umbrella, focusing on specialized topics that are relevant to Saudi Arabia and its global partners.

Sarah Al-Suhaimi, chairperson of the Saudi Tadawul Group, said: “Today’s event is another step towards fostering strategic ties with international capital markets.”

She highlighted that the event “has strengthened the relationship between Saudi Arabia and the United Kingdom, facilitating growth opportunities, and setting the stage for enhanced cross-border investment across both capital markets.”

The chairperson added: “We are keen to continue this journey as CMF expands globally, creating new pathways for innovation in capital markets, and look forward to hosting a full-scale CMF London event in 2026.”

Michael Mainelli, the Lord Mayor of the City of London, saiid the  event highlighted the strength of the Saudi-UK partnership, underscoring both countries’ roles as global financial hubs within their regions.

He added: “The dialogue embodied a shared vision for driving growth, connecting capital markets, and unlocking new investment avenues. Together, we are paving the way for more impactful engagement between our financial sectors.”  

Discussions throughout the event focused on exploring economic and investment opportunities across a range of sectors, including finance, technology, and sustainable development.

One of the key themes of the event was sustainability and technological innovation – both central to Saudi Arabia’s Vision 2030.

Conversations explored how these areas could be advanced through international investment, with the goal of driving economic growth and resilience in both the Kingdom and the UK.

The press release also revealed that this initiative is part of a broader strategy to position Saudi Arabia as a global financial powerhouse, with the next edition of the event scheduled to take place in Riyadh from Feb. 18-20 2025, bringing together thought leaders and change makers from the world of global finance.


Saudi cabinet approves framework to boost foreign direct investment

Saudi cabinet approves framework to boost foreign direct investment
Updated 05 November 2024
Follow

Saudi cabinet approves framework to boost foreign direct investment

Saudi cabinet approves framework to boost foreign direct investment

RIYADH: The Saudi Cabinet has initially approved the national general framework and guiding principles for foreign direct investment, setting the stage for enhanced economic engagement with international organizations.

The session, chaired by Crown Prince Mohammed bin Salman, addressed significant developments on both domestic and international fronts, according to the Saudi Press Agency.

The Kingdom’s foreign direct investment inflows reached SR96 billion ($25.6 billion) in 2023, marking a 50 percent annual increase from the previous year.

The crown prince briefed the Cabinet on his recent discussions with leaders from several allied countries, focusing on bolstering ties across diverse sectors.

The Minister of Media, Salman Al-Dossary, highlighted that among these decisions the Cabinet authorized Saudi Arabia’s accession to the Cement and Concrete Breakthrough Initiative, launched on the sidelines of the UN Climate Change Conference.

This aligns with the Kingdom’s sustainability goals and commitment to the global climate agenda.

The Cabinet also approved an agreement with Qatar to avoid double taxation and prevent tax evasion.

This move underscores the Kingdom’s dedication to fostering economic cooperation within the Gulf region, facilitating smoother cross-border investments, and enhancing transparency in financial dealings.

In line with advancing Saudi Arabia’s capabilities in science and technology, the Cabinet also endorsed a framework agreement with the US to cooperate in civil aviation navigation and the peaceful exploration of outer space.

Additionally, the Cabinet also reviewed regional and international developments, with the crown prince briefing members on recent discussions with various heads of state focused on strengthening ties across multiple sectors.

The meeting highlighted the Kingdom’s efforts in regional peace initiatives, its commitment to global health challenges through the G20 platform, and recent advancements in the tourism sector.

During the session, the Cabinet commended the outcome of the second ministerial meeting of the Saudi-Indian Strategic Partnership Council economic and investment committee, highlighting the progress toward achieving the two countries’ shared goals.

This was mainly in the fields of industry, infrastructure, and technology, as well as agriculture, food security, climate sciences, and sustainable transportation.

Domestically, the Cabinet underlined the Kingdom’s significant advancement of 15 places in the 2023 international tourist revenue rankings compared to 2019, leading the top 50 rankings in an upward movement.

This achievement underscores the country’s global leadership and ongoing success in the tourism sector.


Closing Bell: Saudi main index closes in red at 12,014

Closing Bell: Saudi main index closes in red at 12,014
Updated 05 November 2024
Follow

Closing Bell: Saudi main index closes in red at 12,014

Closing Bell: Saudi main index closes in red at 12,014

RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Tuesday, losing 24.37 points, or 0.20 percent, to close at 12,014.94.

The total trading turnover of the benchmark index was SR5.73 billion ($1.52 billion), as 86 of the listed stocks advanced, while 140 retreated.   

The MSCI Tadawul Index decreased by 4.65 points, or 0.31 percent, to close at 1,507.83.

The Kingdom’s parallel market Nomu surged, gaining 768.81 points, or 2.74 percent, to close at 28,831.58. This comes as 42 of the listed stocks advanced while 32 retreated.

The best-performing stock of the day was Riyadh Cables Group Co., with its share price surging by 6.95 percent to SR117.  

Other top performers included Arabian Cement Co., which saw its share price rise by 4.51 percent to SR25.50, and Al Moammar Information Systems Co., which saw a 4.38 percent increase to SR185.80. 

The worst performer of the day was Wataniya Insurance Co., whose share price fell by 9.96 percent to SR24.04.

Al-Etihad Cooperative Insurance Co. and Shatirah House Restaurant Co. also saw declines, with their shares dropping by 9.34 percent and 5.77 percent to SR18.44 and SR21.22, respectively.  

On the announcements front, Saudi Public Transport Co. announced its interim consolidated financial results for the first nine months of the current year. SAPTCO’s shares dropped in today’s trading session, dipping by 1.01 percent to reach SR21.58.

According to a Tadawul statement, the firm recorded a net loss of SR20.8 million in this period of the year, reflecting a 53.3 percent dip compared to the same term in 2023.

The decline in net profit for the current period, compared to the same period last year, is due to lower operating revenue from reduced public transportation operations, along with higher general and administrative expenses, increased finance costs, and higher zakat and tax, combined with a decrease in finance income.

The Saudi Arabian Cooperative Insurance Co. also announced its interim financial results for the same period ending on Sept. 30. SAICO’s shares dropped in today’s trading session, decreasing by 2.89 percent to SR14.78.

Net profit before zakat attributable to the shareholders for the current period amounted to SR43.2 million compared to SR65 million during the same period of the previous year, which was mainly due to a decrease of 44.9 percent in the net insurance service, which was affected by a decrease in medical business.

​​For the first nine months of this year, Abdullah Al Othaim Markets Co. revealed its results for the first nine months of this year, with total comprehensive income amounting to SR220.6 million – a year-on-year decrease of 30.4 percent.

Abdullah Al Othaim Markets Co.’s shares decreased in today’s trading session by 1.92 percent to reach SR11.24.

Gulf Insurance Group’s income over the same period also dropped – with the SR78.2 million it registered representing an annual fall of 19.7 percent.

GIG’s shares also saw declines by 0.84 percent to reach SR29.50. 

The individual investor subscription for Tamkeen Human Resources’ initial public offering on the Saudi stock market started Nov. 5 and runs until Nov. 6. 

According to a statement from the company, a total of 1.59 million shares, representing 20 percent of the offering, are allocated to individual investors at SR50 per share. 

The deadline for subscription and payment is Nov. 6, with the final allocation announced on Nov. 11. The minimum subscription is 10 shares, and the maximum is 250,000. Saudi Fransi Capital managed the initial public offering, which saw an institutional demand of SR55 billion, with coverage 138.2 times.