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World leaders take centerstage in high-level COP28 event

Update World leaders take centerstage in high-level COP28 event
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Participating world leaders and delegates pose for a family photo during the COP28 United Nations climate summit in Dubai on Dec. 1, 2023. (Handout via Reuters)
Update World leaders take centerstage in high-level COP28 event
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The COP28 conference notched an early victory on Thursday with the launch of a long-awaited fund to address growing loss and damage from natural disasters. (AFP)
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Updated 02 December 2023

World leaders take centerstage in high-level COP28 event

World leaders take centerstage in high-level COP28 event
  • UAE ruler announces the establishment of a $30 billion fund for global climate solutions

DUBAI: More than 130 world leaders take centerstage as they address the United Nations climate conference in Dubai over the next two days to deliver national statements.

The high-level segment of COP28 would hear from heads of states and governments, including UAE President Sheikh Mohamed Bin Zayed Al-Nahyan, Egyptian President Abdel Fattah El-Sisi, Jordan’s King Abdullah, Qatar’s ruler Sheikh Tamim bin Hamad Al-Thani and Turkish President Recep Tayyip Erdogan.

READ MORE: Click here for our coverage of COP28

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1305 GMT




Recep Tayyip Erdogan, President of Turkiye, speaks during a plenary session at the COP28 UN Climate Summit on Dec. 1, 2023. (AP)

“When it comes to combating climate change, even though our historical responsibility of global greenhouse emissions is less than 1 percent, we’re taking significant steps with our own means,” Recep Tayyip Erdogan, President of Turkiye, said in his speech.

“We plan to reach the net zero emissions target by the year 2053, we have doubled our emission reduction target for the year 2030.”

“Within this scope, by the end of this year, we expect to have mitigated 66.6 million tons of equivalent carbon dioxide,” he added.

“The share of renewables in our installed power generation capacity has been increased up to 55 percent. With this rate, Turkiye currently ranks the fifth in Europe and the twelfth in the world in terms of installed renewable energy capacity.”

“In regard to geothermal energy capacity we are ranked the first in Europe and fourth in the world. And when it comes to hydropower, Turkiye ranks the second the Europe and ninth in the world.”

1238 GMT




Santiago Peña Palacios, President of Paraguay.

“In my country Paraguay, all energy is clean. 100 percent is clean and renewable,” according to Santiago Peña Palacios, President of Paraguay.

1230 GMT




to Kassym-Jomart Tokayev, President of Kazakhstan.

“We were the first country in the region to have ratified the Paris Agreement and adopted a carbon neutrality strategy by 2060,” according to Kassym-Jomart Tokayev, President of Kazakhstan.

“The resulting new environmental code of Kazakhstan will drive comprehensive adaptation of green technology in almost every sector in our economy.”

“There is extraordinary potential for wind and solar power in my country as well as green hydrogen. We will continue to work closely with our partners to unlock it,” he said.

“As the world’s leading exporter of uranium, providing 43 percent of global supply, Kazakhstan plays a crucial role in carbon free electricity generation on a global scale. As the world decarbonizes in the coming decades, critical minerals including rare earth metals will become indispensable, Kazakhstan is poised to become a major supplier of these transition minerals.”

“To build a momentum on climate action in central Asia, we decided to convene a regional climate summit in Kazakhstan in 2026 under the United Nations’ auspices.”

1218 GMT




Mohamed Cheikh El-Ghazouani, President of Mauritania.

“Climate change today is a battle for all of us, we either all win or all lose,” Mohamed Cheikh El-Ghazouani, President of Mauritania, said.

“It is clear to all, that this solidarity is still not to the required level, it is therefore essential to improve finance for environmental transformation and to provide support to developing countries without adding to their debt.”

1211 GMT




Denis Sassou Nguesso, President of Congo.

“I take this opportunity to reiterate the Republic of Congo’s steadfast commitment and determination to play an active role in the global effort to combat climate change,” Denis Sassou Nguesso, President of Congo, meanwhile said.

1205 GMT




Umaro Sissoco Embalo, President of Guinea-Bissau.

“Our coastal communities face rising sea levels and their harvests are impacted by increasingly unpredictable weather patterns and we face a loss of biodiversity,” according to Umaro Sissoco Embalo, President of Guinea-Bissau.

1202 GMT




Emmerson Dambudzo Mnangagwa, President of Zimbabwe

“We are offering diverse opportunities for carbon trading in the energy sector though investment in solar, wind, and geothermal power generation,” Emmerson Dambudzo Mnangagwa, President of Zimbabwe, pitched in his speech.

1159 GMT




Gitanas Nausėda, President of Lithuania.

“At first, Lithuania made a strategic decision to seek energy independence. We have built our own LNG terminal which decreased prices and turned Lithuania into a regional gas hub,” Gitanas Nausėda, President of Lithuania, said in his speech.

1156 GMT




Samia Suluhu Hassan, President of Tanzania.

“At this COP28, we seek to mobilize the pot to increase the use of clean and affordable cooking fuel and technologies across Africa, especially for women,” Samia Suluhu Hassan, President of Tanzania, said at the High-Level Segment for Heads of State and Government session at the United Nations climate summit.

1150 GMT




Ursula von der Leyen, President of the European Commission.

“Last September, at the climate action summit in New York, we called for concrete action. Now in Dubai we have to deliver,” Ursula von der Leyen, President of the European Commission, told the High-Level Segment for Heads of State and Government session at the United Nations climate summit.

“The European Union has peaked already, we have reduced emissions and we are on track to overshoot our target for 2030.”

1137 GMT




Sheikh Mansour bin Zayed Al-Nahyan, Vice President and Deputy Prime Minister of the UAE. (Abdulrahman Fahad Bin shulhub/AN)

“We work today for tomorrow, and we cooperate for the generations of the future,” Sheikh Mansour bin Zayed Al-Nahyan, Vice President and Deputy Prime Minister of the UAE, said in his speech.

“We were the first to pledge to achieve carbon neutrality by 2050. We have allocated $163 billion for expansion of renewables and to transition towards renewable energies,” he added.

1130 GMT




Shavkat Mirziyoyev, President of Uzbekistan, at the High-Level Segment for Heads of State and Government session at the United Nations climate summit on Dec. 1, 2023.

“We commend the global initiative of the UAE in combating climate change and its significant contribution to green development,” Shavkat Mirziyoyev, President of Uzbekistan, said in his speech.

“Transition to a green economy and achieving carbon neutrality are the key strategic objectives of new Uzbekistan… We intend to organize a conference in Uzbekistan in 2024, on the topic of climate migration” in cooperation with the United Nations.”

1116 GMT




Kenyan president William K. Ruto speaks during the High-Level Segment for Heads of State and Government session at the United Nations climate summit on Dec. 1, 2023.

“As we convene here in Dubai, we must appreciate that the presence of almost 200 nations speaks volume about the magnitude of this event and what it stands for,” according to Kenyan president William K. Ruto.

“The long-standing adversarial dynamic between global north and global south proves practically counterproductive. This division has hindered our ability to unite and leverage our collective strength, and robs us of tremendous opportunities. Yet, in the face of a threat that endangers the health of our planet, and our very existence, we must find in collective action a force that neutralizes and transcends these divisions. Climate change does not respect artificial distinctions, traditional boundaries or old antagonisms. Instead, it should unite us against a shared borderless challenge,” according to Ruto.

“Turning Africa into a green powerhouse is not just essential for the continent, it is also vital for global industrialization (and) decarbonization.”

1114 GMT




Sultan Hassanal Bolkiah of Brunei speaks during the High-Level Segment for Heads of State and Government session at the United Nations climate summit on Dec. 1, 2023. (AFP)

“Climate change has emerged as our generation’s most urgent challenge, threatening our existence,” according to Sultan Hassanal Bolkiah of Brunei.

“We aim to plant half a million trees by 2035, expanding our carbon think further,” the Brunei leader said.

1101 GMT




Jordan’s King Abdullah II speaks during a plenary session at the COP28 UN Climate Summit on Dec. 1, 2023. (Abdulrahman Fahad Bin shulhub/AN)

“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.”

“As we meet here today to talk about inclusivity in climate response, let’s be inclusive of the most vulnerable: Palestinian civilians impacted by the war on Gaza, populations around the world affected by conflict and poverty,” he added.

“In a region already on the front lines of climate change, the massive destruction of war makes these environmental threats of water scarcity and food insecurity even more severe,” he said, in a clear reference to fighting between Israel and Hamas militants in Gaza that resumed on Friday after a seven-day truce.

1055 GMT




Egypt’s President Abdel Fattah El-Sisi speaks during the high-level Segment session at the United Nations climate summit on Dec. 1, 2023. (Abdulrahman Fahad Bin shulhub/AN)

“COP28 is taking place amid dangerous and grave political challenges that are no less dangerous than climate change,” Egypt’s President Abdel Fattah El-Sisi said at high-level session at the United Nations climate summit.

“Egypt is well aware of the importance of reinforcing collective work to address the challenge of climate change and to guarantee eco -friendly development to preserve planet earth for coming generations.”

1041 GMT




Dennis Francis, president of the UN General Assembly, speaks during a plenary session at the COP28 UN Climate Summit on Dec. 1, 2023 in Dubai. (AP)

“The Paris agreement remains the best answer to the effects of the climate crisis,” according to Dennis Francis, President of the United Nations General Assembly.

“Progressive transformative action is needed now, to stabilize the atmospheric temperature and to insure sustainability of the planet and the human civilization,” he said during a plenary session at the COP28 UN Climate Summit.

“I am pleased to announce that I will convene the first ever general assembly sustainability week at UN headquarters in New York in April 2024.”

“This week will consolidate several high level already mandated events, promoting sustainability in transport, tourism and infrastructure sectors,” Francis added.

“We need to not only be risk informed but also resilient at every level and across all stakeholders, thus leaving no one behind.”

1032 GMT




Narendra Modi, India’s Prime minister speaks at the COP28 High-Level Segment National Statements event. (Reuters)

“Thanks to our collective efforts, today the world is convinced that for the welfare of humanity, everyone’s interest must be protected and everyone’s participation is essential,” Narendra Modi, India’s Prime minister, said at the COP28 High-Level Segment National Statements event.

“We have set targets to bring our emission intensity down to 45 percent by 2030, we have decided that we will increase the share on non-fossil fuel to 50 percent and we shall continue to move ahead in achieving our goal of net zero by 2070.”

“We have together recognized that there’s a need to take climate finance commitment from billions to several trillions. We do not have much time to correct the mistakes of the last century, over the past century a small section of humanity has indiscriminately exploited nature, however entire humanity is paying the price for this,” he said.

“Friends, we do not have much time to correct the mistakes of the last century. Over the past century, a small section of humanity has indiscriminately exploited nature. However, entire humanity is paying the price for this, especially people living in the global south.”

“We must resolve that every country shall fulfil the climate targets it is setting for itself and the commitments it is making.”

Modi also offered to host the UN’s COP33 climate conference in 2028. Speaking at COP28 talks in Dubai, Modi said every country must fulfil their climate targets and “work in unity.”

“Today the entire world is watching us. Mother Earth is looking toward us to protect her future. We have to succeed,” he said.

“From this platform today, I propose that India will host COP33 in 2028.”

Modi has sought to raise India’s profile on the world stage as leader of the planet’s most populous country, which hosted a G20 summit this year.

0920 GMT




President Luiz Inacio Lula da Silva of Brazil speaks during an opening ceremony at the COP28 UN Climate Summit on Dec. 1, 2023. (AP)

Luiz Inacio Lula da Silva of Brazil, home to most of the world’s biggest natural carbon-capture zone on land, the Amazon rainforest, said “the planet is tired of climate agreements that were not fulfilled” and he said he has had enough of “eloquent and empty speeches.”

“In the north of Brazil, the Amazon region suffers one of the most tragic droughts of its history. In the South, we are facing tempests and hurricanes that lead to a lot of destruction and death,” he said.

Lula, who a year earlier was treated like a rock star after his defeat of right-wing Jair Bolsanaro, called for climate justice for poorer nations that didn’t cause the problem and railed against $2 trillion spent on weapons last year when the money should be spent on fighting hunger and climate change, not wars.

He said Brazil will stop Amazon deforestation by 2030.

“No country will solve their problems alone. We are all obliged to act together beyond our borderlines. Brazil is willing to lead as a role model,” he said. “The world is already convinced of the potential of renewable sources of energy. Now is the time to face the debate about the slow-motion pace of the decarbonization of the planet, and to work towards an economy that will be less reliant on fossil fuel. We have to do it, and in a way that is urgent and fair.”

0850 GMT




King Charles III speaks during an opening ceremony at the COP28 UN Climate Summit on Dec. 1, 2023 in Dubai. (AP)

Britain’s King Charles III is praying that the UN’s COP28 climate talks will be a “critical turning point” in the fight against global warming, he told world leaders in Dubai on Friday.

“I pray with all my heart that COP28 will be another critical turning point toward genuine transformational action,” he told the World Climate Action Summit, held in parallel with COP28.

“We are seeing alarming tipping points being reached.”

“It worries me greatly that we remain so dreadfully far off track,” the King added, after the UN’s first official progress report in September found that the world remained dangerously off course.

“In your hands is an unmissable opportunity to keep our common hope alive,” said the British monarch, wearing a light suit with pink shirt and blue tie.

The lifelong environmentalist spoke at COP26 in Scotland in 2021 but did not attend the last conference in Egypt.

The British monarch also said that “unless we rapidly repair and restore nature’s unique economy, based on harmony and balance, which is our ultimate sustainer, our own economy and survivability will be imperiled.”

“I have seen across the commonwealth and beyond, countless communities which are unable to withstand repeated shocks triggered by climate change.”

0830 GMT




UN Secretary-General Antonio Guterres speaks at the opening ceremony of the high-level COP28 event in Dubai. (AP)

“We are miles from the goals of the Paris Agreement – and minutes to midnight for the 1.5°C limit. But it is not too late,” UN Secretary-General Antonio Guterres said in his speech.

“You can prevent planetary crash and burn. We have the technologies to avoid the worst of climate chaos, if we act now,” he said.

“The global shift to renewables is inevitable. The only question is how much heating our planet will endure before it happens,” Guterres added. “I urge countries to speed up their net zero timelines, to get there as close as possible to 2040 in developed countries and 2050 in emerging economies.”

“Climate chaos is fanning the flames of injustice,” Guterres said. “Global heating is busting budgets, ballooning food prices, upending energy markets, and feeding a cost-of-living crisis. Climate action can flip the switch.”

Guterres, a long-time critic of oil, gas and coal use that is causing climate change, fired his strongest shots yet against the industry, saying, “we cannot save a burning planet with a firehose of fossil fuels.”

In a direct contradiction to fossil fuel-aligned nations and even the presidency of the talks, he said the only way to limit warming to the goal set in 2015 requires eliminating oil, coal and gas use, saying “not reduce, not abate, phase out.”

“I urge governments to help industry make the right choice – by regulating, legislating, putting a fair price on carbon, ending fossil fuel subsidies, and adopting a windfall tax on profits.”

“Developed countries must show how they will double adaptation finance to $40 billion a year by 2025, as promised, and clarify how they deliver on the $100 billion, as promised,” Guterres said. “The climate challenge is not just another issue in your inbox. Protecting our climate is the world’s greatest test of leadership. I urge you to lead,” he added.

0815 GMT




UAE President Sheikh Mohamed Bin Zayed Al-Nahyan speaks during an opening ceremony at the COP28 UN Climate Summit on Dec. 1, 2023 in Dubai. (AP)

UAE President Sheikh Mohamed Bin Zayed Al-Nahyan said that the UAE has set a national goal to achieve net-zero emissions by 2050. He highlighted the country’s strong commitment to climate action, emphasizing decades of effort in diversifying the economy and advancing capabilities in renewables.

“The UAE is committed to a 40 percent reduction in emissions by 2030. To date, we have invested $100 billion in financing climate action, focusing on renewable and clean energy. We are also committed to investing approximately US$130 billion over the next seven years,” he said in his speech

“We are finding practical ways to accelerate the world’s transition to low-emission economy,” the UAE leader said, and noted that the lack of financing has long been one of the biggest obstacles to advancing climate action globally.

Sheikh Mohamed also announced the establishment of a $30 billion climate fund for global climate solutions.

The fund is designed to bridge climate finance gap and aims to stimulate $250 billion of investment by 2030, he said.

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Participating world leaders pose for a family picture at the COP28 United Nations climate summit in Dubai on Dec. 1, 2023. (AFP)
Participating world leaders pose for a family picture at the COP28 United Nations climate summit in Dubai on Dec. 1, 2023. (AFP)
Participating world leaders and delegates arrive for the COP28 United Nations climate summit in Dubai on Dec. 1, 2023. (Abdulrahman Fahad Bin shulhub/AN)
Participating world leaders and delegates arrive for the COP28 United Nations climate summit in Dubai on Dec. 1, 2023. (Abdulrahman Fahad Bin shulhub/AN)
Participating world leaders and delegates arrive for the COP28 United Nations climate summit in Dubai on Dec. 1, 2023. (Abdulrahman Fahad Bin shulhub/AN)
Participating world leaders and delegates arrive for the COP28 United Nations climate summit in Dubai on Dec. 1, 2023. (Abdulrahman Fahad Bin shulhub/AN)
Participating world leaders and delegates arrive for the COP28 United Nations climate summit in Dubai on Dec. 1, 2023. (Abdulrahman Fahad Bin shulhub/AN)
Participating world leaders and delegates arrive for the COP28 United Nations climate summit in Dubai on Dec. 1, 2023. (Abdulrahman Fahad Bin shulhub/AN)
Participating world leaders and delegates arrive for the COP28 United Nations climate summit in Dubai on Dec. 1, 2023. (AFP)
Participating world leaders and delegates arrive for the COP28 United Nations climate summit in Dubai on Dec. 1, 2023. (AFP)
Participating world leaders and delegates arrive for the COP28 United Nations climate summit in Dubai on Dec. 1, 2023. (AFP)
Participating world leaders and delegates arrive for the COP28 United Nations climate summit in Dubai on Dec. 1, 2023. (AFP)
Participating world leaders and delegates arrive for the COP28 United Nations climate summit in Dubai on Dec. 1, 2023. (Abdulrahman Fahad Bin shulhub/AN)
Participating world leaders and delegates arrive for the COP28 United Nations climate summit in Dubai on Dec. 1, 2023. (Abdulrahman Fahad Bin shulhub/AN)
Participating world leaders and delegates pose for a family photo during the COP28 United Nations climate summit in Dubai on Dec. 1, 2023. (AFP)
Participating world leaders and delegates pose for a family photo during the COP28 United Nations climate summit in Dubai on Dec. 1, 2023. (AFP)
Participating world leaders and delegates pose for a family photo during the COP28 United Nations climate summit in Dubai on Dec. 1, 2023. (AFP)
Participating world leaders and delegates pose for a family photo during the COP28 United Nations climate summit in Dubai on Dec. 1, 2023. (AFP)

The COP28 conference notched an early victory on Thursday with the launch of a long-awaited fund to address growing loss and damage from wilder weather and rising sea in vulnerable countries.

Initial pledges have been made to the fund to officially put it into operation, with a $100-million contribution from the UAE matched with the same from Germany.

Britain gave just over $50 million, while the United States offered $17.5 million and Japan $10 million.

The European Union and its member states later confirmed a further $145 million, bringing the total to more than $420 million so far.

Delegates however face two weeks of tough negotiations on an array of issues that have long bedeviled climate talks, starting with the future of fossil fuels.

Ƶ is hosting the third edition of the Saudi Green Initiative Forum on Dec. 4, alongside UN’s COP28 event, to highlight its dedication to build a greener future at a time of multibillion dollar giga-projects.

The SGI forum will gather influential figures, climate experts and thought leaders to present their insights and recommendations for tackling climate change as well as showcase the initiative’s achievements and plans.

with agencies


Fortune Global Forum to be held in Riyadh in 2025

Fortune Global Forum to be held in Riyadh in 2025
Updated 15 November 2024

Fortune Global Forum to be held in Riyadh in 2025

Fortune Global Forum to be held in Riyadh in 2025

RIYADH: The Saudi capital will welcome world business elites next year as the Fortune Global Forum makes its first appearance in Riyadh.

The forum, which is organized by Fortune magazine, brings together top business leaders from across the globe on the dynamic frontiers of global enterprise.

Fahd bin Abdulmohsan Al-Rasheed, the chairman of the Saudi Convention and Exhibitions General Authority, said the forum has in the past 30 years brought together “the titans of industry around the world to the forefront of economic development.”

“And that forefront today is the Kingdom of Ƶ,” Al-Rasheed told the forum in New York, where delegates have been taking part in the three-day gathering, which concluded on Tuesday.

He urged delegates to come to the Kingdom’s business epicenter to engage and explore what Ƶ has to offer.


Ƶ launches company to transform Asir into global tourism hub

Ƶ launches company to transform Asir into global tourism hub
Updated 14 November 2024

Ƶ launches company to transform Asir into global tourism hub

Ƶ launches company to transform Asir into global tourism hub

RIYADH: Ƶ’s Asir region has launched a new tourism venture through a partnership with the aim of creating a holding company to transform the area into a global tourist destination.

The collaboration between Aseer Investment Co., a subsidiary of the Public Investment Fund, and Rikaz Real Estate, aligns with the goal of transforming Asir into a world-class tourist destination that combines authentic heritage with sustainable development, according to the Saudi Press Agency.

The holding company seeks to contribute to enhancing a tourism environment that enriches guests’ experiences with unique offerings, connecting visitors to local culture and community traditions, SPA reported.

It is also committed to promoting sustainable tourism by protecting the environment, developing local communities, and collaborating with artisans and local businesses to preserve the authenticity of Asir’s heritage.

In October, the Kingdom’s Abha city secured a new investment partnership to boost tourism by developing culturally rich dining and retail experiences. 

PIF firm Aseer Investment Co. signed the deal with Nimr Real Estate and the National Co. for Tourism, or Syahya, to propel the project, the Saudi Press Agency reported. 

This aligns with the objectives of developing Abha, which will offer a range of benefits, including retail stores that reflect the cultural heritage of the Asir region.

The partnership also seeks to be a model for multiple collaborations with private sector investors and create more regional job opportunities.

Investments in the region are expected to create between 14,000 and 18,000 job prospects and contribute to up to 6 percent of the non-oil gross domestic product within 10 years, as outlined by AIC Chief Executive Osama Al-Othman in February.

Ƶ emerged as a leader in tourism growth among G20 nations, experiencing a 73 percent increase in international visitors in the first seven months of 2024 compared to 2019.

According to the UN World Tourism Barometer report in September, the Kingdom welcomed 17.5 million international tourists during this timeframe, showcasing its growing allure as a global travel destination.

This surge is part of the nation’s Vision 2030 initiative, which aims to diversify the economy and reduce dependence on oil revenues.

“Ƶ cements its global leadership and takes the first spot among G20 countries in international tourist arrivals growth, with a 73 percent increase in the first seven months of 2024 compared to the same period in 2019,” stated the Saudi Tourism Ministry on X.

Under the National Tourism Strategy, the Kingdom aims to attract 150 million visitors by 2030 and increase the sector’s contribution to the nation’s gross domestic product from 6 percent to 10 percent.

These goals reflect the country’s commitment to strengthening its tourism sector and enhancing its global appeal.


IMF, Ƶ announce new annual conference tackling global economic challenges

IMF, Ƶ announce new annual conference tackling global economic challenges
Updated 14 November 2024

IMF, Ƶ announce new annual conference tackling global economic challenges

IMF, Ƶ announce new annual conference tackling global economic challenges

RIYADH: The International Monetary Fund and Ƶ will jointly organize a high-level annual conference in AlUla to discuss global economic challenges, it has been announced.

The AlUla Conference for Emerging Market Economies will bring together a select group of finance ministers, central bank governors, and policymakers, along with leaders from the public and private sectors, representatives from international institutions, and members of academia.

According to a joint statement by Kristalina Georgieva, managing director of IMF and the Minister of Finance Mohammed Al-Jadaan, the first edition of this series will be held from Feb. 16-17, 2025.

“The world is confronting deeper and more frequent shocks, including from conflicts, geoeconomic fragmentation, pandemics, climate change, food insecurity, and the digital divide,” according to the statement.

They continued: “If not addressed adequately, these shocks put at risk emerging market economies’ hard-won improvements in living standards. Such setbacks would affect large segments of the world population and put at risk global growth and macro-financial stability.”

The gathering will offer a platform to exchange views on domestic, regional, and global economic developments and discuss policies and reforms to spur inclusive prosperity and build resilience supported by international cooperation.

Recent economic issues affecting the global landscape include rising inflation rates, driven by supply chain disruptions and increased demand for goods post-pandemic.

Supply chain delays continue to impact the availability of essential products, causing bottlenecks in manufacturing and increasing costs.

Additionally, geopolitical conflicts, such as the war in Gaza, have disrupted energy supplies and food exports, leading to global food insecurity and fuel price volatility.

Concerns over the using the Red Sea shipping lane increased dramatically at the end of 2023, when Houthi militants stepped up attacks on vessels in the wake of the escalation of the Israel-Hamas conflict.

The effects of these challenges pose significant risks to economic stability, especially for emerging markets that are more vulnerable to such global shocks.

The AlUla conference is the latest example of the growing relationship between Ƶ and the IMF, with the organization in April establishing its first office in the Middle East and North Africa region in Riyadh.

The facility was launched during the Joint Regional Conference on Industrial Policy for Diversification, jointly organized by the IMF and the Ministry of Finance, on April 24.

The new office aims to strengthen capacity building, regional surveillance, and outreach to foster stability, growth, and integration, thereby promoting partnerships in the Middle East and beyond, according to the Saudi Press Agency.

The work hub will promote closer collaboration between the IMF and regional institutions, governments, and other stakeholders, according to the SPA report.

The IMF also expressed its gratitude to the Kingdom for its financial contribution aimed at supporting capacity development in member countries, including fragile states.


Closing Bell: Ƶ’s TASI ends in the red, trading volume hits $2.95bn

Closing Bell: Ƶ’s TASI ends in the red, trading volume hits $2.95bn
Updated 14 November 2024

Closing Bell: Ƶ’s TASI ends in the red, trading volume hits $2.95bn

Closing Bell: Ƶ’s TASI ends in the red, trading volume hits $2.95bn

RIYADH: The Tadawul All Share Index concluded the last session of the week at 11,791.18 points, down by 139.27 points or 1.17 percent.

The MSCI Tadawul 30 Index also saw a decline, dropping 19.18 points to close at 1,481.36, reflecting a 1.28 percent loss. In contrast, the parallel market Nomu finished Thursday’s trading at 29,467.71 points, up 262.18 points or 0.90 percent.

TASI reported a trading volume of SR11.10 billion ($2.95 billion), with 51 stocks advancing and 182 declining. The top performer of the day was Saudi Cable Co., which saw its share price surge by 5.10 percent to SR92.70.

Other strong performers included Shatirah House Restaurant Co., which gained 3.75 percent to reach SR21, and Arabian Mills for Food Products Co., which rose by 3.08 percent to SR53.60. Naseej International Trading Co. and Saudi Real Estate Co. also posted notable gains.

The worst performer was Saudi Real Estate Co., which dropped 4.94 percent to close at SR10. Alkhaleej Training and Education Co. and Red Sea International Co. also suffered significant losses, with their share prices falling by 4.90 percent to SR29.10 and 4.84 percent to SR68.80, respectively. Astra Industrial Group and Al-Omran Industrial Trading Co. were also among the day’s largest decliners.

On the parallel market, Nomu, Alqemam for Computer Systems Co. was the top gainer, rising by 9.57 percent to SR103. Other gainers included Dar Almarkabah for Renting Cars Co., which climbed 9.10 percent to SR42.55, and Horizon Educational Co., which rose by 7.58 percent to SR79.50. Mulkia Investment Co. and Knowledge Tower Trading Co. also saw significant increases.

On the losing side of Nomu, WSM for Information Technology Co. recorded the largest drop, with its share price falling by 6.18 percent to SR44. Osool and Bakheet Investment Co. and Natural Gas Distribution Co. also experienced notable declines, with their shares dropping by 5.37 percent to SR37.85 and 5 percent to SR57, respectively.

 


Leaders stress urgent need for climate finance at COP29 ministerial dialogue

Leaders stress urgent need for climate finance at COP29 ministerial dialogue
Updated 14 November 2024

Leaders stress urgent need for climate finance at COP29 ministerial dialogue

Leaders stress urgent need for climate finance at COP29 ministerial dialogue

RIYADH: Global climate finance continues to fall short of expectations, as leaders gathered at the COP29 Ministerial Dialogue on Climate Finance to address ongoing challenges and map out next steps.

The meeting, held in Baku, Azerbaijan, underscored the urgent need for increased and more effective funding mechanisms. COP29 President Mukhtar Babayev emphasized that climate finance plays a central role in the broader negotiations.

“The urgency of the situation is evident,” Babayev remarked, pointing to the severe impacts of climate change observed over the past year. “Recently, we witnessed catastrophic flooding in Spain, and in the Pacific region, island communities are faced with the possibility of being wiped out entirely. We must act now; failure to do so will have grave human and economic costs.”

The president stressed the importance of fulfilling the $100 billion-per-year commitment made in Copenhagen and reiterated in Paris, urging leaders to reflect on lessons learned and consider the quality and allocation of financial resources.

Developing countries once again voiced the need for tangible action, with Fiji’s Deputy Prime Minister Biman Prasad highlighting the importance of aligning climate finance with the goals of the Paris Agreement.

“This is a ‘put your money where your mouth is’ moment,” Prasad said. “The 1.5°C temperature goal and the Paris Agreement itself will not be deliverable from both an economic and scientific perspective if we do not invest right. The New Collective Quantified Goal is critical for aligning our priorities and addressing major inconsistencies,” he added.

The EU reaffirmed its commitment to climate finance, noting that the $100 billion goal was first collectively met in 2022, with contributions reaching $115.9 billion.

“The EU and its member states contributed €28.5 billion, or around $30 billion, in climate finance from public sources,” a representative said. “Almost half of the public funding came in the form of grants, with a significant portion provided on concessional terms. We need to make further efforts to facilitate the mobilization of private funding, as it remains a key source of climate finance,” the representative added.

Simon Stiell, executive secretary of the UN Framework Convention on Climate Change, emphasized the critical juncture at which the global community now finds itself.

“The huge opportunities we have and the terrible risks we face are real,” Stiell said. “It’s time to take action to bridge gaps, solve problems, and come together to ensure climate finance and climate action benefit everyone.”

Sweden also announced a significant new contribution, with Ministerial representatives unveiling an $8 billion Swedish krona ($723.6 million) pledge to the second replenishment of the Green Climate Fund.

“This makes Sweden the largest per capita donor to the GCF among the larger donors,” the Swedish representative noted.

As discussions progressed, leaders acknowledged the widening gap between current financial commitments and the funds required to meet the 1.5°C target. There were calls for more robust mobilization of both public and private finance.

The COP29 president concluded: “Delivering the climate fairness that developing countries need is one of the main metrics of shared success. We can learn from past efforts to inform the road ahead, but significant determination and leadership from all parties are required to bridge these critical gaps.”