World leaders take centerstage in high-level COP28 event

Short Url
Updated 02 December 2023
Follow

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

-----

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.

-----

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)

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.

Saudi Arabia 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


Saudi economy expands 1.3% in 2024 amid non-oil growth

Updated 09 March 2025
Follow

Saudi economy expands 1.3% in 2024 amid non-oil growth

RIYADH: Saudi Arabia’s economy grew 1.3 percent in 2024, supported by an expansion in non-oil activities despite a decline in the oil sector, according to data from the General Authority for Statistics.

Growth accelerated in the fourth quarter of 2024, with gross domestic product expanding 4.5 percent year on year — the highest quarterly increase in two years — supported by a 4.7 percent rise in non-oil activities and a 3.4 percent uptick in oil activities. 

However, oil sector’s output declined 1.5 percent compared to the third quarter.

These figures align with GASTAT’s January real GDP projections, which estimated 4.4 percent annual growth in the fourth quarter of 2024. Flash estimates at the time indicated that the Kingdom’s non-oil activities grew 4.6 percent year on year in the three months leading up to December, reflecting ongoing economic diversification efforts.

The wholesale and retail trade, restaurants, and hotels sector led annual growth among economic activities, rising 6.4 percent, followed by financial services, insurance, and business services at 5.7 percent. 

Electricity, gas, and water activities increased 4.9 percent, while transport, storage, and communication, along with other mining and quarrying activities, grew 4.5 percent. Crude oil and natural gas activities declined 6.4 percent.

At current prices, Saudi Arabia’s GDP reached SR4.07 trillion ($1.09 trillion) in 2024, with crude oil and natural gas contributing 22.3 percent, government activities 16.2 percent, and wholesale and retail trade, restaurants, and hotels accounting for 10.3 percent. 

Manufacturing, excluding petroleum refining, made up 9.1 percent, while real estate activities comprised 6.5 percent.

In the fourth quarter, petroleum refining saw the highest growth among economic activities, surging 15.3 percent year on year, despite a 2.2 percent quarter-over-quarter decline. Electricity, gas, and water activities grew 7.4 percent annually and 2.7 percent quarterly, while other mining and quarrying activities expanded 7 percent year on year and 3.4 percent quarter on quarter.

By expenditure components, private final consumption rose 3.9 percent annually and 0.3 percent quarterly. However, gross fixed capital formation declined 2.2 percent year on year and 4.6 percent quarter over quarter, while government final consumption expenditure dropped 6.6 percent and 6.4 percent, respectively. 

Exports increased 5.2 percent annually and 6.9 percent quarterly, while imports rose 11.5 percent and 7.8 percent.

At current prices, Saudi Arabia’s GDP for the fourth quarter stood at SR1.025 trillion, with crude oil and natural gas activities contributing 19.7 percent, government activities 16.7 percent, and wholesale and retail trade, restaurants, and hotels 10.6 percent. 

Manufacturing, excluding petroleum refining, accounted for 9.2 percent.

Saudi Arabia’s economic performance underscores its ongoing diversification push, with non-oil sectors playing a key role in mitigating the impact of oil sector volatility.


Saudi Arabia’s Tadawul dominates Arab exchanges with 62% market share in 2024

Updated 09 March 2025
Follow

Saudi Arabia’s Tadawul dominates Arab exchanges with 62% market share in 2024

  • Arab stock exchanges saw strong growth in 2024, with total trading values rising by 58.1% to surpass $1.03 trillion

RIYADH: Saudi Arabia’s Tadawul reinforced its position as the Arab world’s leading stock exchange, accounting for 62 percent of the total market capitalization of regional platforms in 2024.

A recent report by the Arab Federation of Capital Markets said Tadawul’s market capitalization overshadowed other regional exchanges, with the Abu Dhabi Securities Exchange following at a distant 18.6 percent.

The Dubai Financial Market, with a share of 5.6 percent, the Qatar Stock Exchange at 3.9 percent, and Boursa Kuwait, holding 3.2 percent, rounded out the top five.

This dominance comes amid strong performance in the Saudi market, leading the region with the highest turnover ratio of 247.1 percent.

The trading value at Tadawul reached $496.6 billion, significantly outpacing other markets.

The Arab Federation of Capital Markets achieved an 84.4 percent increase in total revenues, from $689,503 in 2023 to $1.2 million in 2024. 
The FTSE-AFCM Low Carbon Select Index rose 4.9 percent in 2024, indicating increased investor interest in low-carbon companies.

Iraq Stock Exchange’s ISX60 index experienced a 20.2 percent surge in 2024 to 1,074 points, while Muscat Stock Exchange’s MSX30 index saw a 1.4 percent increase to 4,577 points. 

Abu Dhabi Securities Exchange’s FADGI index witnessed a 1.7 percent decline to 9,419 points, and QSE’s QE index dipped by 2.4 percent in 2024 to 10,571 points.

Arab stock exchanges saw strong growth in 2024, with total trading values rising by 58.1 percent to surpass $1.03 trillion. The Egyptian Exchange led the way with a substantial 210.3 percent increase in trading value, reaching $324.4 billion. 

Other exchanges also saw positive results, such as the Casablanca Stock Exchange, which grew by 55.2 percent, and the Damascus Stock Exchange, which saw a 163.3 percent increase. 

Some platforms, including the Palestine Exchange, which saw a 56.4 percent decline in trading value, faced challenges. 

Overall, trading volumes across the region grew by 21.3 percent, and the number of trades increased by 35.9 percent, reflecting a dynamic financial landscape with varying performances across different markets.

The S&P Pan Arab Composite Index rose by 1.9 percent year-on-year in December, while the Amman Stock Exchange index posted a modest 2.4 percent growth. The Casablanca market saw its MASI index jump by 22.2 percent, demonstrating strong performance in the Moroccan market. 

The Damascus Stock Exchange index registered the largest increase at 65.7 percent, and the Saudi Exchange index saw the smallest growth at 0.6 percent during this period.


Closing Bell: Tadawul rises on positive trading day, Nomu follows suit

Updated 09 March 2025
Follow

Closing Bell: Tadawul rises on positive trading day, Nomu follows suit

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 25.41 points, or 0.22 percent, to close at 11,836.52.

The total trading turnover of the benchmark index was SR3.95 billion ($1.05 billion), with 46 stocks advancing and 182 retreating.

The Kingdom’s parallel market, Nomu, also gained 35.09 points, or 0.11 percent, to close at 31,331.82, as 18 stocks advanced while 40 retreated.

The MSCI Tadawul Index also gained 4.40 points, or 0.30 percent, to close at 1,494.48.

The best-performing stock of the day was Dar Alarkan Real Estate Development Co., whose share price rose 7.48 percent to SR18.40.

Other top performers included Dallah Healthcare Co., whose share price rose 6.83 percent to SR131.40, and Bupa Arabia for Cooperative Insurance Co., whose share price surged 4.78 percent to SR171.

Kingdom Holding Co. recorded the most significant drop, falling 9.94 percent to SR7.70.

Arabian Shield Cooperative Insurance Co. also saw its stock prices fall 7.48 percent to SR17.82.

Batic Investments and Logistics Co. saw its stock prices decline by 7 percent to SR2.79.

On the announcements front, the Saudi Exchange announced the listing and trading of shares of Derayah Financial Co. on the main market starting March 10, with +/- 30 percent daily price fluctuation limits and +/- 10 percent static price fluctuation limits.

According to a Tadawul statement, these fluctuation limits will apply during the first three days of listing, and from the fourth trading day onwards, the daily price fluctuation limits will revert to +/- 10 percent, while the static price fluctuation limits will no longer apply.

The statement further revealed that Derayah Financial Co. will have the symbol 4084 and ISIN Code SA1690F1VQ15.

Lazurde Company for Jewelry announced its annual financial results for the year ended Dec. 31. A bourse filing revealed that the firm reported a net profit of SR11.7 million in 2024, reflecting a 62.01 percent drop compared to 2023.

This decrease in net profit is primarily attributed to one-off expenses totaling SR10.2 million related to the cost of changing the company’s distributor in the Gulf Cooperation Council and a provision for a legal dispute. In 2023, there was a one-off gain of SR10.1 million from the sales of an administrative office in the UAE.

The company ended the session at SR13.08, down 3.63 percent.

Fourth Milling Co. also announced its annual financial results for the year ended Dec. 31. According to a Tadawul statement, the company reported a net profit of SR170 million in 2024, reflecting a 19.68 percent surge compared to 2023. This jump is linked to a 12.7 percent rise in revenue and enhanced operational and production efficiency, which improved profit margins.

Fourth Milling Co. ended the session at SR4.05, up 0.25 percent.


Qatar’s international reserves climb 3.81% to $70.29bn in February

Updated 09 March 2025
Follow

Qatar’s international reserves climb 3.81% to $70.29bn in February

RIYADH: Qatar’s international reserves and foreign currency liquidity rose 3.81 percent in February, reaching 255.916 billion Qatari riyals ($70.29 billion), up from 246.509 billion riyals in the same month last year.  

According to the latest data from the Qatar Central Bank, official reserves increased by 9.218 billion riyals, totaling 196.817 billion riyals at the end of February, despite a 13.175 billion riyal decline in foreign bonds and Treasury bills holdings, which stood at 125.790 billion riyals, Qatar News Agency reported.  

Official reserves comprise several components, including foreign bonds and treasury bills, cash balances with foreign banks, gold holdings, Special Drawing Rights, and Qatar’s quota at the International Monetary Fund. 

In addition, the central bank’s total international reserves include other liquid assets in foreign currency deposits. 

The figures reflect continued growth in Qatar’s international reserves, highlighting the country’s financial stability despite fluctuations in global markets. 

Gold reserves saw a significant uptick, rising by 13.85 billion riyals to 38.263 billion riyals. Cash balances with foreign banks increased by 8.63 billion riyals, reaching 27.67 billion riyals. Conversely, SDR deposits at the International Monetary Fund decreased by 98 million riyals, totaling 5.09 billion riyals.    

Qatar recorded a budget surplus of 900 million riyals in the fourth quarter of 2024, up from 100 million riyals in the previous quarter. 

In January, the Ministry of Finance stated on its X account that the surplus would be used to reduce public debt. It added that total expenditures for the quarter stood at 47.8 billion riyals, a 12 percent year-on-year decline, while revenues totaled 48.7 billion riyals, reflecting a 12.5 percent drop.  

The health, municipal and environment, general secretariat, and energy sectors ranked as the top-performing areas during the quarter, according to the Sector Performance Index. 

Qatar’s fiscal performance aligns with other Gulf Cooperation Council nations, such as Oman, which recorded a 6.2 percent budget surplus in 2024.  

This reflects the IMF’s December review, which highlighted the region’s resilience amid oil production cuts, supported by diversification efforts and economic reforms.  

Qatar’s real gross domestic product is expected to grow by 2 percent in 2024-25, driven by public investment, liquefied natural gas spillovers, and a robust tourism sector, according to the IMF.

It projected the Gulf nation’s medium-term growth to average 4.75 percent, fueled by a significant expansion in LNG production and the early impact of reforms under the Third National Development Strategy.


Fitch affirms Kuwait’s rating at AA-, outlook stable

Updated 09 March 2025
Follow

Fitch affirms Kuwait’s rating at AA-, outlook stable

  • Assets projected to rise to 601% of GDP this year from an estimated 582% in 2024
  • Government planning to introduce long-delayed excise tax in fiscal year ending March 2026

RIYADH: Fitch Ratings has reaffirmed Kuwait’s Long-Term Foreign-Currency Issuer Default Rating at AA-, with a stable outlook due to the country’s strong fiscal position and external financial consistency. 

The US-based agency said Kuwait’s external balance sheet remains the strongest of all Fitch-rated sovereigns, with the nation’s net foreign assets projected to rise to 601 percent of the gross domestic product this year from an estimated 582 percent in 2024. 

According to Fitch, an AA- ranking indicates expectations of very low credit risk and a strong capacity for payment of financial commitments. 

Kuwait’s strong rating aligns with the broader trend in the Middle East region, where countries steadily diversify their economies by reducing their dependence on crude revenues. 

In February, Fitch Ratings affirmed Saudi Arabia’s IDR at A+ with a stable outlook, while the UAE was rated AA-. 

The Kingdom’s A+ ranking indicates Saudi Arabia’s strong capacity to pay financial commitments while signifying low default risk. 

“The recently-appointed government has initiated reforms aimed at reducing reliance on oil revenue, improving government efficiency, and rationalizing spending, capping it at 24.5 billion dinars ($79.53 billion), accounting for about 51 percent of GDP,” said Fitch Ratings. 

The report further said that the Kuwaiti government’s introduction of a 15 percent domestic minimum top-up tax on multinational companies came into effect on Jan. 1. It is expected to generate about 0.5 percent of GDP, amounting to 250 million dinars annually, with collections expected to commence by 2027. 

The government is also planning to introduce the long-delayed excise tax in the fiscal year ending March 2026. 

“Fitch views the pick-up in reform efforts as positive. However, a significant overhaul of generous public wages and welfare spending (79 percent of total expenditure; 40 percent of GDP) is unlikely in the short term, given the state’s deep-rooted generosity toward Kuwaiti citizens and still favorable oil prices,” the analysis added. 

The Kuwaiti government is also planning to pass a liquidity/debt law, which will enable the country to raise new debt. 

The agency said even without a liquidity law, the government would still be able to meet its financing obligations in the coming years, given the substantial assets at its disposal.

Kuwait’s overall revenue is expected to decline in the financial year 2025 due to oil revenue loss from lower crude prices as OPEC+ continues production cuts to maintain market stability, according to Fitch.

The country’s non-oil revenues are expected to grow modestly in the financial year but fall short of the government’s target of 2.9 billion dinars. 

The study further said that the Kuwait government’s debt to GDP rose to 6 percent in FY25 and 9.2 percent in FY26, despite a $4.5 billion Eurobond maturing in March 2027. 

The report also outlined some constraints that affected Kuwait’s rating, including the country’s weaker governance than peers, heavy dependence on oil, and its generous welfare system and large public sector, which could result in long-term fiscal pressure. 

“Prospects remain unclear for meaningful fiscal adjustment to address long-term challenges and legislation to allow debt issuance and improve fiscal financing flexibility, although there are emerging signs of progress,” said Fitch.