DUBAI: Gulf Navigation said it has completed a 200 million dirhams ($54.4 million) debt restructuring and expects to return to profit this year
The Dubai-listed shipper completed the process of restructuring its largest loan with Australis Maritime, it said in a stock exchange filing.
“The cost of debt will be reduced by 25 percent, or the equivalent of 4 million dirhams in savings annually,” it said.
Gulf Navigation said it fully paid all its obligations to Abu Dhabi Commercial Bank and has been negotiating with other lenders to restructure its debts in order to support the company’s financial and operational performance.
It is now working on reaching a deal with the majority of the lenders on new and flexible terms.
It said it had also made a number of changes to its operating model and cut administrative expenses while looking at options to expand and increase its maritime fleet, whether through new acquisitions or mergers.
Gulf Navigation expects return to profit after $54m debt restructuring
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Gulf Navigation expects return to profit after $54m debt restructuring
- The Dubai-listed shipper completed the process of restructuring its largest loan with Australis Maritime
Private sector must be part of the solution in Saudi land conservation, says top official
RIYADH: The private sector must play a pivotal role in Saudi Arabia’s land conservation efforts, according to the Kingdom’s deputy minister of environment and adviser to the president of COP16, Osama Faqeeha.
Faqeeha shared this message during the COP16 opening press conference on Dec. 2, underscoring the need for businesses to contribute actively to environmental sustainability.
“Businesses can be part of the solution by focusing their investments in infrastructure, integrating drought resilience, sustainable land management, biodiversity protection, and climate resilience into their operations, while also leveraging innovation,” Faqeeha stated.
The deputy minister emphasized that environmental protection must become a core element of business strategy: “That needs to be a visible and tangible financial contribution of the private sector in land conservation.”
Faqeeha highlighted that such investments would bring multiple benefits to businesses, including improved biodiversity, climate resilience, food security, and social well-being.
“The business of exploiting degraded land and then moving to recover virgin land is not sustainable—environmentally, socially, or even for the businesses themselves,” he added.
Faqeeha also warned about the broader impacts of land degradation on business stability: “We are seeing now that land degradation is a major cause of migration and conflict. And, of course, political instability is not good for business, so companies must consider these factors as well.”
His call for greater private sector involvement aligns with Saudi Arabia’s growing environmental initiatives, emphasizing the need for collaboration between government and businesses in addressing pressing ecological challenges.
Faqeeha’s comments reflect a shift toward integrating sustainability into business models, demonstrating that preserving the environment can also protect long-term corporate interests. He stressed that innovative solutions must be scaled up, particularly in light of the significant economic costs associated with land degradation.
During the press conference, Ibrahim Thiaw, the executive secretary of the UNCCD, also urged for a more prominent role for the private sector in combating global land degradation, stressing that it is a major driver of the crisis.
“We are very happy to have high-level participation from the private sector at COP16,” Thiaw said. “This is not only for governments to negotiate among themselves, but also to engage the private sector because the number one driver of land degradation in the world is food systems, mining, and cotton production for fashion.”
Thiaw commended Saudi Arabia for its leadership in addressing drought and land degradation, especially in the world’s most vulnerable regions.
“I would like to thank the government of Saudi Arabia for sparking this movement, which will likely take us the next 10 years or more to reverse the tide on drought,” he noted.
The initiative, Thiaw explained, targets the 80 poorest countries, as well as lower-middle-income nations, to help them transition from reactive drought responses to proactive measures like early warning systems and agricultural resilience.
Highlighting the urgency of the issue, Thiaw noted: “We have already degraded 40 percent of the land in the world.” He stressed that restoring 1.5 billion hectares of degraded land could help produce necessary food, provide clean water, and ensure breathable air.
Thiaw also pointed out the need for increased financing, particularly from the private sector.
“Only 6 percent of land restoration funding comes from the private sector,” he said. “We need the private sector to invest in their land and business to secure their production and ensure their activities are sustainable in the long run.”
As the global population grows, Thiaw warned that food systems must evolve. “We need to produce twice as much food by 2050 to feed a growing population and middle class,” he stated.
Thiaw identified addressing drought, land restoration, and financing as key priorities in the fight against global land degradation.
Prof. Johan Rockström, director of the Potsdam Institute for Climate Impact Research, also spoke about the goals of COP16, anticipated outcomes, and insights drawn from the Special Report on Land: Planetary Boundaries: Confronting the Global Crisis of Land Degradation.
The report provides practical suggestions for promoting sustainable land use and food production to protect human health and the environment.
“Humanity is at a critical juncture, and for the first time, we need to consider the real risk of destabilizing life support on the entire planet,” Rockström said.
He noted that current trends in global warming could push temperatures over 3°C within 75 years, a scenario he described as catastrophic. “This is a pathway that unequivocally leads to disaster. There’s absolutely no scientific evidence that we can support a world population under such conditions,” he added.
The global land area affected by degradation, which spans approximately 15 million sq. km, is increasing by about 1 million sq. km annually.
Rockström stressed the critical role of land in reversing this trend. “Land is a fundamental precondition that will determine whether or not we can turn this around or continue down an unstoppable path toward even worse warming levels,” he said.
He outlined the devastating consequences of continued land degradation, warning: “We are losing 1 million sq. km of healthy land each year.” This loss, he noted, is pushing the planet toward disaster.
“Unsustainable land management—how we manage agriculture, forestry, and land use—is the single largest emitter of greenhouse gases in the global economy, contributing roughly 23 percent of emissions,” he said. However, intact ecosystems still absorb 25 percent of carbon dioxide emissions, creating a delicate balance.
“The planet is just barely balancing,” Rockström cautioned. “For every day we lose more intact land, we lose that capacity, and the teetering balance will collapse.”
Closing Bell: Saudi main market closes in red to settle at 11,739
RIYADH: Saudi Arabia’s Tadawul All Share Index dropped by 0.02 percent, or 2.39 points, to settle at 11,739.35 points on Monday.
The total trading turnover of the benchmark index was SR5.4 billion ($1.4 billion), as 82 of the listed stocks advanced, while 143 retreated.
The MSCI Tadawul Index also decreased by 1.30 points, or 0.09 percent, to close at 1,470.29.
The Kingdom’s parallel market Nomu increased, gaining 115.94 points, or 0.38 percent, to close at 30,289.06 points. This comes as 37 of the listed stocks advanced while as many as 44 retreated.
The index’s top performer, Saudi Reinsurance Co., saw a 5.99 percent increase in its share price to close at SR47.80.
Other top gainers included Saudi Chemical Co., which saw a 5.07 percent increase to reach SR9.54, while Fitaihi Holding Group’s share price rose by 4.58 percent to SR4.34.
Electrical Industries Co. also recorded a positive trajectory, with share prices rising 4.51 percent to reach SR7.42.
Tamkeen Human Resource Co. also witnessed positive gains, rising 4.41 percent to reach SR71.
SHL Finance Co. saw the steepest decline on TASI, with its share price dropping 3.87 percent to SR16.90.
National Medical Care Co. followed with a 3.54 percent drop to SR158.20. MBC Group Co. also saw a notable drop of 3.40 percent to settle at SR51.20.
Al-Baha Investment and Development Co. saw a decline of 3.33 percent, with shares settling at SR0.29.
Saudi Ceramic Co. also underperformed, with shares dropping 3.15 percent to SR35.40.
In Nomu, Sure Global Tech Co. was the best performer, with its share price rising by 8.18 percent to reach SR88.60.
Arabian Plastic Industrial Co. and Purity for Information Technology Co. also delivered strong performances. Arabian Plastic Industrial Co. saw its share price rise by 5.28 percent, reaching SR36.90, while Purity for Information Technology Co. recorded a 3.95 percent increase, standing at SR13.70.
Enma AlRawabi Co. also fared well with 3.93, and the Neft Alsharq Co. for Chemical Industries increased 3.86 percent.
Fesh Fash Snack Food Production Co. shed the most in Nomu, with its share price dropping by 5.23 percent to reach SR14.50.
Almuneef Co. for Trade, Industry, Agriculture and Contracting experienced a 4.94 percent decline in share prices, closing at SR5.20, while AME Co. for Medical Supplies dropped 4.67 percent to settle at SR102.
Aqaseem Factory for Chemicals and Plastics Co. declined by 4.53 percent, while Naas Petrol Factory Co. saw a drop of 4.15 percent, making them among the top decliners.
On the announcement front, the Saudi Exchange has revealed the listing and commencement of trading for shares of United International Holding Co. on the main market, effective Tuesday, Dec. 3, 2024.
In accordance with listing regulations, daily price fluctuation limits will be set at 30 percent above or below the share price for the first three days of trading.
During this period, static price fluctuation limits will also be applied at 10 percent.
Saudi Arabia establishes ‘Friends of the Chair’ group to advance COP16 outcomes
RIYADH: Saudi Arabia aims to secure concrete outcomes from COP16 by establishing a “Friends of the Chair” group tasked with drafting the Riyadh Policy Declaration, a key outcome document of the conference.
Osama Faqeeha, Saudi deputy minister of environment and adviser to the COP16 presidency, announced the formation of the group, emphasizing its role in shaping the conference’s ministerial declaration.
“The Friends of the Chair group will be facilitated by a group representing the COP presidency, and a report on the outcomes of its work will be submitted directly to me in my capacity as president,” Faqeeha said.
This initiative underscores Saudi Arabia’s commitment to ensuring collaborative and actionable results from the conference.
A Friends of the Chair group is an informal working body established during international conferences to assist in drafting key outcome documents or resolving complex issues. It is composed of representatives selected to support the conference presidency’s objectives.
Gender equality and sustainable land management were among the major themes discussed at COP16.
Hungary’s representative highlighted the critical importance of women in addressing challenges like desertification, land degradation, and drought, commending COP16 for its gender-focused initiatives.
“We particularly welcome the efforts made by the UNCCD secretariat and the global mechanism to promote gender equality and empowerment of all women in the implementation of the convention, considering the crucial role of women in reaching these objectives,” the Hungarian representative said.
Hungary’s remarks were part of broader discussions on pressing global issues, including drought resilience, sand and dust storms, and sustainable land use.
These conversations reflected a growing international consensus on the need for gender-inclusive approaches to climate resilience and sustainability.
Azerbaijan also contributed to the dialogue, emphasizing the importance of sustainable land management in achieving global climate and biodiversity targets, particularly those under the UN Sustainable Development Goal 15.
“SDG 15, target three, which aims to strive toward land degradation neutrality by 2030, is a driving force for many countries to strengthen policies for sustainable land management,” the representative said.
Azerbaijan further called for expanding the scope of the UNCCD to include all terrestrial ecosystems beyond the current focus on arid and semi-arid regions.
“We encourage UNCCD to take further actions to consider the full range of terrestrial ecosystems for the UNCCD to be fully recognized as a global document,” the representative added.
They also highlighted priorities like drought preparedness, wildfire management, and public-private partnerships to advance regional cooperation and sustainability.
Running from Dec. 2 to 13, the first few days of COP16 are set to see a number of high-profile summits, ministerial dialogues, and announcements to address the pressing challenges associated with land degradation, degradation and drought.
French President Emmanuel Macron is expected to be among the attendees, as is the President of the World Bank Ajay Banga.
EU to advocate for integrated solutions to land, water challenges at COP16
RIYADH: The EU is set to intensify global cooperation at COP16 in Riyadh, working with international partners to combat desertification, land degradation, and drought while also addressing critical issues such as food security, biodiversity loss, and water scarcity.
The 16th Conference of the Parties to the UN Convention to Combat Desertification, which runs from Dec. 2 to 13, will provide a platform for the EU to advocate for stronger action on these interconnected global challenges. These issues, compounded by climate change, threaten economic, social, and environmental stability, as noted in a recent press release.
The EU emphasizes that addressing these challenges is crucial for securing its strategic autonomy, enhancing competitiveness, and ensuring long-term security.
Jessika Roswall, the EU Commissioner for Environment, Water Resilience, and a Circular Competitive Economy, will lead the EU delegation at COP16.
“The world loses 100 million hectares of healthy and productive land every year — around twice the size of France. Without rich and fertile soils, we have no food. Without healthy land, people lose their livelihoods,” Roswall said.
She added: “The EU is committed to working with international partners and will play a crucial, leading role in the negotiations in Riyadh.”
At COP16, the EU will advocate for stronger connections between the three Rio Conventions — climate change, biodiversity, and desertification — and will focus on integrated solutions to the complex challenges of land degradation, biodiversity loss, and climate change. The EU will also push for a shift from reactive, crisis-driven drought management to more proactive, long-term strategies.
Another key focus for the EU will be increasing the involvement of civil society organizations and the private sector in the UNCCD processes. The EU will also push for gender-balanced and gender-responsive approaches to policy implementation. Additionally, securing a robust budget for the UNCCD’s secretariat to support the implementation of agreements beyond 2030 will be a priority.
On Dec. 3, the EU will host the high-level One Water Summit, aimed at advancing global water governance and accelerating progress toward Sustainable Development Goal 6, which focuses on water and sanitation, in preparation for the 2026 UN Water Conference.
During the conference, the European Commission’s Joint Research Centre, in collaboration with the UNCCD, will unveil the World Drought Atlas, providing a comprehensive global assessment of drought risks and offering actionable strategies for building resilience. The UNCCD will also release the Economics of Drought Report, which outlines the economic benefits of preventing droughts and the costs of inaction.
The EU is prioritizing the acceleration of global efforts to address the water crisis, driven by overuse, mismanagement, and the impacts of climate change. With global freshwater demand expected to exceed supply by 40 percent by 2030, the EU has positioned water resilience as a key strategy to tackle future crises in health, food, and energy.
COP16: Saudi Arabia launches $150m Riyadh Global Drought Resilience Partnership
RIYADH: Saudi Arabia has announced the launch of the Riyadh Global Drought Resilience Partnership, supported by a $150 million investment, according to a top official.
Speaking during the first plenary meeting on the opening day of the UN Convention to Combat Desertification, the COP16 president and the Saudi Minister of Environment, Water and Agriculture Abdulrahman Abdulmohsen Al-Fadley explained that the initiative aims to promote multilateral efforts in the countries most impacted by drought.
This falls in line with the goal of the G20 Global Land Initiative, which was launched by the Kingdom and the UN in 2020, to reduce degraded land by 50 percent by 2040.
It also aligns with the country’s progressive stance on combating land degradation, as demonstrated by the Saudi Green Initiative. The nation has committed to rehabilitating over 74 million hectares of land, with 94,000 hectares already restored and 49 million plants and shrubs planted since 2021.
“The launching of the Riyadh Global Drought Resilience Partnership aims at promoting multilateral efforts to promote resilience, namely in the countries most impacted by drought. It includes proactive partnerships to support the UNCCD,” Al-Fadley said.
“It is my pleasure to announce that the government of the Kingdom of Saudi Arabia will support this initiative with the amount of $150 million in the coming 10 years,” he added.
After the COP16 president underlined how drought is increasingly challenging our lives, Al-Fadley said: “The global partnership aims at promoting partnership between countries, organizations, and relevant stakeholders for the sake of a preventive approach, proactive approach by implementing strategies.”
It also addresses drought comprehensively by assessing risks, implementing early warning systems, transferring knowledge, and increasing capacity through innovative agricultural solutions, such as drought-resistant crops. Additionally, it will provide financing for infrastructure development, he added.
President and Group Chairman of Islamic Development Bank Muhammad Al-Jasser also spoke during the meeting on behalf of the Arab Coordination Group.
“I would like to emphasize that the magnitude and urgency of these challenges demand collective action. We must unite as a global community, forging partnerships that mobilize resources and deliver meaningful impact where it is most needed,” Al-Jasser said.
“Together, we can drive a just, fair and inclusive transition toward a sustainable future for both people and planet earth,” he added.
During the meeting, the Director of the Potsdam Institute for Climate Impact Research Professor Johan Rockstrom also shed light on how the world is currently halfway through a decisive decade that will likely determine the future of humanity for generations to come.
“Unless we bend the curves and start truly transforming back within a safe operating space of a resilient and healthy planet. We are today finding overwhelming scientific evidence. We are at risk of destabilizing, of losing resilience and undermining life support at the planetary scale,” Rockstrom said.
“The latest finding shows we’re following a pathway that will take us to over 3 degrees Celsius of global mean surface temperature rise already by the end of this century,” he added.
The professor emphasized that the primary focus is gradually eliminating fossil fuels to ensure a smooth transition to a decarbonized global economy.
“But we today know scientifically that that will not be enough,” Rockstrom said.
“Investing in sustainable land use is critical not only to combat land degradation but it’s also fundamental for economics, it’s also fundamental for economic stability, it’s fundamental to avoid displacement, migration, and potentially also conflicts. It is fundamental for stability of societal development, it’s fundamental for climate stability and food security,” he said.
