Youth empowerment takes center stage at COP16   

Youth empowerment takes center stage at COP16   
Among the most pressing topics discussed at COP16 is the need to give young people a seat at the decision-making table. AN Photo
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Updated 06 December 2024
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Youth empowerment takes center stage at COP16   

Youth empowerment takes center stage at COP16   
  • COP16 has highlighted innovative youth-led initiatives and addressed the systemic challenges faced by young leaders in advancing sustainable land management
  • COP16 has also provided a platform for young leaders from across the globe to share their solutions to land degradation

RIYADH: Youth empowerment has emerged as a focal point at the UN Convention to Combat Desertification conference.

COP16 has highlighted innovative youth-led initiatives and addressed the systemic challenges faced by young leaders in advancing sustainable land management. 

The conference, which began on Dec. 2, aligns with Saudi Arabia’s Vision 2030 and the Kingdom’s commitment to engaging its youth in tackling climate challenges. Key discussions have underscored the importance of integrating young voices into policy-making and decision-making processes. 

Catalysts for change 

Among the most pressing topics discussed at COP16 is the need to give young people a seat at the decision-making table.

Speaking during the lead-up to the conference, Catarina Lorenzo, a 16-year-old youth climate champion, made a passionate case for including younger generations in the shaping of solutions to the environmental crises they will inherit.

“When we bring children to the table, we also bring the voice of nature,” she explained. “Effective actions have to be made now. We want to join in the negotiation spaces, and beyond that we want to be taken seriously.” 

This urgency was echoed by Jorge Leyva of the International Forestry Students’ Association, who said that while young voices were increasingly visible at global forums, their influence on actual policy decisions remained limited.

“We are the next generation, and we are not going to wait,” he said. “If we don’t have a seat at the table now, how will we know what comes next?” Leyva emphasized the frustration felt by many young leaders, who are often relegated to observation roles rather than being involved in substantive discussions. 

Youth empowerment 

As COP16’s host nation, Saudi Arabia has highlighted its commitment to empowering young people through initiatives such as the Green Saudi Initiative, which have mobilized thousands of young Saudis in afforestation and land restoration projects. 

“Saudi Arabia is leading by example in integrating young people into the heart of its sustainability efforts,” said Ibrahim Thiaw, executive secretary of the UNCCD. “Empowering youth is essential for achieving sustainable land management. Their voices bring fresh perspectives and the drive to innovate that is indispensable for addressing the challenges we face today.” 

Among the initiatives highlighted was a project by young Saudis that uses drones to plant seeds in degraded areas, blending technology with traditional land restoration techniques.  

Youth-led initiatives  

COP16 has also provided a platform for young leaders from across the globe to share their solutions to land degradation.

Lorenzo highlighted the unique knowledge children and youth bring to the discussion. “Children are often the most vulnerable to the impacts of climate change, from floods to loss of education opportunities,” she explained. “We are the best people to talk about the impact we receive and what our communities need.” 

These perspectives are not only vital but also often transformative. From using social media to raise awareness about local environmental challenges to leveraging indigenous knowledge in land management, youth-led projects have demonstrated the power of combining grassroots activism with innovative technologies. 

Despite the successes, COP16 participants have pointed out significant barriers to youth involvement. Lorenzo highlighted the lack of financial support for youth-led projects, noting that only 2 percent of global philanthropic funding directly benefited children and youth.

“This needs to change,” she said. 

Leyva added that young leaders often felt dismissed by older decision-makers: “They think that because we are students or maybe so young, we don’t have the knowledge to contribute. But we have a different perspective — one rooted in today’s realities and challenges, which older generations may not fully grasp.” 

To address these gaps, COP16 has introduced measures to boost youth participation, including mentorship programs to develop technical expertise in sustainable land management and commitments to integrate youth perspectives into policy frameworks. 

International collaboration  

The conference has also facilitated cross-border knowledge sharing, with young representatives from Africa, Asia and Latin America discussing their approaches to combating land degradation. 

Delegates from Burkina Faso, for example, shared how combining traditional agricultural practices with modern tools has helped build drought resilience. 

“When we share our experiences and knowledge across borders, we create a stronger foundation for sustainable action,” said one delegate. 

Driving tangible outcomes

In addition to its national programs, Saudi Arabia has taken a leadership role in the region by promoting youth engagement in environmental sustainability. The Kingdom’s National Afforestation Project, which aims to plant 10 billion trees, has actively involved young people in both planning and implementation. 

Saudi youth delegates expressed pride in their country’s efforts and, as COP16 progresses, the focus on youth empowerment remains a key theme. For young leaders like Lorenzo and Leyva, the event represents a vital opportunity to amplify their voices and push for tangible outcomes. However, they emphasize that their participation must lead to action, not just recognition. 

“Negotiators clap for our speeches,” Lorenzo noted, “but when it comes time to create resolutions, our input is often overlooked. That has to change.”  

By providing a platform for young leaders to connect with global stakeholders and share their ideas, COP16 has taken an important step toward fostering intergenerational collaboration. 

While significant challenges remain, the initiatives and discussions shown so far demonstrate a clear path toward building a more resilient and sustainable world — led, in part, by the energy and creativity of youth. 


Saudi Arabia’s Surj Sports Investment partners with Enfield Investment to boost global portfolio

Saudi Arabia’s Surj Sports Investment partners with Enfield Investment to boost global portfolio
Updated 13 January 2025
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Saudi Arabia’s Surj Sports Investment partners with Enfield Investment to boost global portfolio

Saudi Arabia’s Surj Sports Investment partners with Enfield Investment to boost global portfolio
  • Surj, established in 2023, is dedicated to fostering growth in the global sports sector and building a robust sporting ecosystem in Saudi Arabia and the wider Middle East

WASHINGTON: Saudi Arabia’s Surj Sports Investment Co. signed a strategic partnership agreement on Monday with US-based Enfield Investment Partners to expand and enhance investments in the global sports sector.

The partnership follows EIP’s recent launch of a $4 billion global fund aimed at investing in sports assets.

The two companies plan to explore opportunities in key areas, including clubs, leagues, media rights, and sports infrastructure, a statement issued on Monday said.

Surj, established in 2023, is dedicated to fostering growth in the global sports sector and building a robust sporting ecosystem in Saudi Arabia and the wider Middle East.

The company’s strategy focuses on direct investments in sports events and activities to enhance fan engagement and regional sports participation.

“We are delighted to partner with EIP, which has demonstrated a bold vision with the launch of its new sports assets fund,” said Surj CEO Danny Townsend.

“This collaboration marks a significant milestone in Surj’s journey to expand its presence in the American market and foster transformative investments in the global sports sector,” he added.

Jake Silverstein, co-founder and chairman of EIP, echoed Townsend’s sentiments.

“The launch of our Global Sports Assets Fund marks the beginning of an exciting chapter. Partnering with Surj Sports Investment enables us to align our shared vision for advancing the future of the sports industry,” he said.

As part of the collaboration, EIP plans to establish a regional headquarters in Riyadh to complement its Washington base, reflecting the partnership’s commitment to fostering growth in Saudi Arabia and beyond.

“The Kingdom’s extraordinary transformation is reshaping the global sports landscape,” Silverstein added. “Through this partnership, we aim to create meaningful and lasting impact, leveraging the resources and expertise of both parties to drive innovation and growth.”

The agreement highlights Saudi Arabia’s growing influence in the global sports arena, which has culminated in the Kingdom’s successful bid to host the 2034 FIFA World Cup.


Saudi Aramco secures $9bn in deals on first day of iktva forum

Saudi Aramco secures $9bn in deals on first day of iktva forum
Updated 13 January 2025
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Saudi Aramco secures $9bn in deals on first day of iktva forum

Saudi Aramco secures $9bn in deals on first day of iktva forum
  • 145 agreements signed in one day mark a leap toward strengthening local industries

RIYADH: Saudi Aramco has secured 145 agreements and memorandums of understanding worth an estimated $9 billion on the opening day of the In-Kingdom Total Value Add Forum and Exhibition 2025. 

These deals are expected to drive the localization of products and services in Saudi Arabia, enhancing local content in the supply chain and fostering collaboration.

The agreements align with the core objectives of iktva, which aim to enhance supply chain efficiency and add value across Saudi Aramco’s operations.

By increasing local content, the program helps develop a more diverse and competitive energy industry in the Kingdom. It also supports the strategic goal of retaining 70 percent of procurement spending within Saudi Arabia, directly benefiting local businesses.

On its first day, the event highlighted 210 localization opportunities across 12 sectors, with a combined annual market value of $28 billion. These opportunities are seen as key to driving long-term industrial growth and reducing reliance on imports.

During the event, Saudi Aramco President and CEO Amin Nasser reflected on the company’s progress, noting that Aramco achieved a 67 percent local content score for its procurement of goods and services in 2024, up from just 35 percent in 2015. 

“Since launching iktva in 2015, we’ve made significant strides. Back then, most of our materials and services were sourced from outside Saudi Arabia,” Nasser said. 

Nasser emphasized that the success of iktva depends on its ability to create value for all stakeholders. 

“For Aramco, a largely localized supply chain ensures continuity and helps us navigate operational challenges more effectively,” he said. “Since 2015, iktva has contributed over $240 billion to Saudi Arabia’s GDP and led to the creation of 350 local manufacturing facilities with investments totaling more than $9 billion.”

These new facilities cover a range of sectors, including chemicals, non-metallics, information technology, electrical and instrumentation, and drilling. As a result, 47 products are now being manufactured for the first time in Saudi Arabia.

Saudi Energy Minister Prince Abdulaziz bin Salman also addressed the gathering, announcing the Kingdom’s plans to enrich and sell uranium. “We’re committed to monetizing all our mineral resources, including uranium,” the minister said. “By enriching and selling uranium, along with producing yellowcake, we will secure essential raw materials for energy security.”

Prince Abdulaziz discussed the future of the petrochemical sector, emphasizing the importance of producing more advanced chemicals. “The future of petrochemicals is not just about plastics or polymers. We’re aiming for better, more sophisticated chemical products,” he noted.

Saudi Energy Minister Prince Abdulaziz bin Salman. SPA

Looking ahead, the energy minister spoke about potential collaborations with Egypt, indicating that a roadmap for joint ventures would be outlined in February. “We have much to look forward to with Egypt,” he said.

In a separate panel, Prince Abdulaziz highlighted the role of integrated collaboration between sectors in achieving the Kingdom’s Vision 2030.

He explained that major energy expansion projects are key to supporting industrial development by providing diverse energy sources and offering competitive prices for gas feedstock.

This, he added, would help stimulate the growth of manufacturing and facilitate the transition to cleaner energy.

Saudi Investment Minister Khalid Al-Falih also spoke during the ministerial dialogue session, stressing that standardized incentives for the industrial sector are critical to achieving Vision 2030.

These incentives, he said, will help accelerate the creation of new industrial facilities and strengthen local supply chains at all stages of the value chain, making Saudi industries more competitive.

The first day of the forum also saw the launch of ASMO, a joint venture between Saudi Aramco Development Co. and DHL. The new venture aims to transform the procurement and supply chain landscape across the Middle East and North Africa region.

Additionally, the opening ceremonies for the Novel Non-Metallic Solutions facility at King Salman Energy Park and the NMDC Offshore Fabrication Yard at Ras Al-Khair were held.

Novel, a partnership between Aramco and Baker Hughes, is focused on introducing a range of composite products to the market, while the NMDC fabrication yard will provide maritime engineering services and fabricate equipment and materials.

Running from Jan.13-16 in Dammam, the iktva Forum continues to spotlight critical infrastructure projects and collaborative opportunities aimed at advancing the local supply chain ecosystem and supporting the Kingdom’s long-term industrial goals.


Saudi entertainment authority unveils 29 investment opportunities  

Saudi entertainment authority unveils 29 investment opportunities  
Updated 13 January 2025
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Saudi entertainment authority unveils 29 investment opportunities  

Saudi entertainment authority unveils 29 investment opportunities  

RIYADH: Saudi Arabia’s General Entertainment Authority has unveiled 29 investment opportunities targeting six key sectors of the industry. 

The initiative, in collaboration with the Ministry of Investment, aims to expand the Kingdom’s entertainment landscape while fostering private sector participation and aligning with Vision 2030 objectives. 

The targeted sectors include facilities, destinations, water parks, adventure parks, virtual reality parks, and e-gaming centers. 

These opportunities are designed to enhance growth in the entertainment sector, drive economic diversification, and promote sustainable development. 

According to the GEA, the initiative also seeks to empower the private sector within Saudi Arabia and internationally, while improving the quality of life for citizens and residents. 

By focusing on infrastructure development across these entertainment segments, the initiative reflects Saudi Arabia’s strategic commitment to becoming a global entertainment hub. This effort also supports the Quality of Life Program, which is a core pillar of Vision 2030. 

These investment initiatives are set to play a significant role in boosting the sector as projections indicate that the sector will generate 450,000 jobs and contribute 4.2 percent to the country’s gross domestic product by 2030. 

Vision 2030 aims to transform Saudi Arabia’s entertainment sector by increasing household spending on recreation from 2.9 percent to 6 percent by 2030. 

It seeks to generate over SR120 billion ($31.9 billion) in investments, create 100,000 direct and indirect jobs, and enhance the sector’s contribution to the economy. 
 


Saudi Arabia, Oman to strengthen financial ties with new agreement

Saudi Arabia, Oman to strengthen financial ties with new agreement
Updated 13 January 2025
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Saudi Arabia, Oman to strengthen financial ties with new agreement

Saudi Arabia, Oman to strengthen financial ties with new agreement
  • Saudi Minister of Finance Mohammed Al-Jadaan and his Omani counterpart, Sultan Al-Habsi, signed deal to enhance cooperation in financial affairs
  • Areement underscores commitment of Riyadh and Muscat to collaborate on advancing shared financial sector goals

JEDDAH: Saudi Arabia and Oman are set to strengthen financial ties with a new agreement aimed at enhancing cooperation and facilitating the exchange of information and expertise. 

The deal, signed during the board of governors’ retreat of the Islamic Development Bank Group in the city of Madinah, aims to improve financial policies, governance in the public sector, and joint coordination on regional and international issues. 

Saudi Minister of Finance Mohammed Al-Jadaan and his Omani counterpart, Sultan Al-Habsi, signed a memorandum of understanding to enhance cooperation in financial affairs between the two countries, according to a statement from the Saudi Finance Ministry. 

This comes as Oman’s non-oil exports to Saudi Arabia have more than doubled since 2020, surpassing 1 billion Omani rials ($2.6 billion) by the end of 2023, according to Oman’s National Center for Statistics and Information. Non-oil imports from Saudi Arabia also grew, reaching 1.84 billion rials in the same period. 

Al-Jadaan said “this MoU represents a significant step in the ongoing efforts to deepen financial collaboration between the two brotherly nations,” 

He added: “it will pave the way for the exchange of financial expertise, the promotion of knowledge-sharing, and the fostering of closer economic ties.” 

Al-Habsi underscored the importance of the MoU as “a cornerstone for enhancing bilateral relations.” 

He said that “it will facilitate the exchange of financial information and expertise while strengthening coordination between Saudi Arabia and Oman on regional and international financial issues of mutual interest.” 

The agreement underscores the commitment of Riyadh and Muscat to collaborate on advancing shared financial sector goals, further strengthening the ties between the two nations, the release added. 

In October 2024, the two countries signed a deal to enhance economic and planning cooperation, focusing on medium and long-term strategies, monetary policies, and economic studies. 

The five-year agreement was finalized by Saudi Minister of Economy and Planning Faisal Al-Ibrahim and Omani Minister of Economy Said bin Mohammed Al-Saqri. 

Earlier in April 2024, another MoU was signed during a meeting between Al-Habsi and Sultan bin Abdulrahman Al-Marshad, the CEO of the Saudi Fund for Development. 

The agreement centered on joint development projects, including initiatives in infrastructure, higher education, vocational training, and key industries, including mining, transportation, communications, and energy. 


Closing Bell: Saudi main index sheds points to settle at 12,109.94 

Closing Bell: Saudi main index sheds points to settle at 12,109.94 
Updated 13 January 2025
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Closing Bell: Saudi main index sheds points to settle at 12,109.94 

Closing Bell: Saudi main index sheds points to settle at 12,109.94 

RIYADH: Saudi Arabia’s Tadawul All Share Index lost on Monday, dropping 17.03 points, or 0.14 percent, to close at 12,109.94.  

The total trading turnover of the benchmark index was SR5.77 billion ($1.53 billion), as 114 of the listed stocks advanced, while 119 retreated.

The MSCI Tadawul Index also dropped by 2.34 points, or 0.15 percent, to close at 1,509.67.  

The Kingdom’s parallel market Nomu increased, gaining 194.91 points, or 0.63 percent, to close at 31,234.44. This comes as 43 of the listed stocks advanced while 46 retreated.  

Buruj Cooperative Insurance Co. was the best-performing stock of the day, with its share price surging by 9.95 percent to SR22.54.  

Other top performers included United International Holding Co., which saw its share price rise by 7.97 percent to SR187, and Gulf General Cooperative Insurance Co., which saw a 4.38 percent increase to SR11.44.  

Saudi Cable Co. and Saudi Industrial Investment Group also saw a positive change, with their share prices surging by 4.06 percent and 4 percent to SR107.60 and SR17.68, respectively.

Fawaz Abdulaziz Alhokair Co. saw the steepest decline of the day, with its share price easing 5.56 percent to close at SR14.60.

Jamjoom Pharmaceuticals Factory Co. and Middle East Specialized Cables Co. recorded declines, with their shares slipping 4.05 percent and 3.50 percent to SR156.20 and SR42.70, respectively.  

National Medical Care Co. also faced a loss in today’s session, with its share price dipping 2.93 percent to SR159.20. 

On Nomu, Multi Business Group Co. was the best performer, with its share price rising by 13.64 percent to reach SR18.50.  

Alqemam for Computer Systems Co. also delivered a strong performance, with its share price rising by 9.28 percent, to reach SR93, while First Avenue for Real Estate Development Co. saw a 7.27 percent increase to end the session at SR9.44.  

Albattal Factory for Chemical Industries Co. also fared well, with a 7.07 percent rise to SR62.10, and Alfakhera for Mens Tailoring Co. increased by 6.62 percent to SR6.60. 

Al-Razi Medical Co. shed the most on Nomu, with its share price dropping by 10.58 percent to reach SR60.  

Quara Finance Co. experienced a 6.30 percent decline in share prices, closing at SR18.74, while Advance International Co. for Communication and Information Technology dropped 4.98 percent to settle at SR4.20. 

Meyar Co. and Intelligent Oud Co. for Trading were also among the top decliners, with Meyar Co. falling 4.70 percent to settle at SR70.9 and Intelligent Oud Co. for Trading declining 4.13 percent to SR51.10. 

On the announcement front, Nofoth Food Products Co. has received board approval to transition from the Nomu-parallel market to the main market, according to a bourse filing. 

The company noted that the move remains subject to Tadawul’s approval, as well as compliance with all listing rules and requirements. 

Estidamah Capital has been appointed as the financial adviser for the proposed transition. Nofoth Food Products stated that any material developments regarding the process will be disclosed in accordance with regulatory requirements. 

Nofoth Food Products Co. saw a 0.68 percent drop in its share price on Monday to settle at SR20.46.