COP16: A turning point for global land restoration and drought resilience  

This event aligns with the 30th anniversary of the UNCCD and marks the first time its COP will convene in the Middle East and North Africa — a region acutely affected by the devastating impacts of desertification and drought. 
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Updated 02 December 2024
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COP16: A turning point for global land restoration and drought resilience  

RIYADH: The 16th session of the Conference of the Parties to the UN Convention to Combat Desertification is set to be a pivotal moment in the global fight against desertification and land degradation. 

Scheduled for Dec. 2-13, 2024, in Riyadh, COP16 carries the theme “Our Land. Our Future.”  

This event aligns with the 30th anniversary of the UNCCD and marks the first time its COP will convene in the Middle East and North Africa — a region acutely affected by the devastating impacts of desertification and drought. 

Why COP16 matters 

As one of the three Rio Conventions, alongside climate change and biodiversity, UNCCD plays a critical role in global environmental governance. COP16 aims to catalyze unprecedented ambition and investment to restore degraded lands and enhance drought resilience. 

The conference will focus on several key objectives:  

Scaling up land restoration: Accelerating efforts to restore 1.5 billion hectares of degraded land by 2030. 

Strengthening drought resilience: Enhancing global and national policy frameworks to better withstand and manage droughts. 

Promoting people-centered solutions: Ensuring the participation of local communities, women, and youth in land management and restoration efforts.  

“The COP16 plans to combat land degradation present exciting opportunities,” said Vijay Valecha, chief investment officer of Century Financial, in an interview with Arab News. 

“Land restoration will promote job growth, encourage sustainable development, and support local economies. According to the UNCCD, every dollar invested in restoring degraded lands yields between $7 and $30 in economic returns,” he added.  

Valecha underscored the importance of collaboration in achieving these ambitious goals, stating: “The target to reforest 1.5 billion hectares will require close collaboration among experts, universities, NGOs, government organizations, and the private sector. This collaboration will strengthen knowledge transfer to local communities and grassroots organizations, making development more sustainable in the long term.”  

HIGHLIGHTS

As the hosts, Saudi Arabia is also introducing the first-ever Green Zone at a UNCCD COP, aimed at mobilizing the scientific community, businesses, financial institutions, NGOs, and the public to deliver lasting change.

COP16 in Riyadh will host the first dual-track dialogue at a UNCCD COP, combining a negotiation track with an action agenda to address pressing environmental issues.  

The high-level segment of COP16, scheduled for Dec. 2-3, will feature ministerial dialogues on drought resilience, finance, and the impact of land degradation and drought on forced migration, security, and prosperity.  

Saudi Arabia’s hosting of COP16 highlights the region’s critical role in addressing desertification and water scarcity. 

The MENA region is one of the areas most impacted by desertification, with some areas experiencing nearly 100 percent land degradation.

‘Missed calls from the land’  

As COP16 in Riyadh approaches, the presidency announced the launch of the global campaign, “Missed calls from the land.”  

This initiative, supported by a campaign film, highlighted Saudi Arabia’s commitment as the UNCCD COP16 Presidency to raise global awareness about the urgent issues of land degradation, drought, and desertification.  

Currently, 40 percent of the world’s land is degraded, affecting 3.2 billion people. The UNCCD’s target aims to restore 1.5 billion hectares of degraded land by 2030.  

Valecha elaborated on how land restoration will have far-reaching impacts: “Restoration also improves water retention in the soil, enhances agricultural output, stimulates the livestock economy, and increases water availability for human consumption.”  

He added: “These efforts will create more green jobs, making economies more resilient in the face of climate challenges.”  

Ministerial dialogues  

COP16 in Riyadh will host the first dual-track dialogue at a UNCCD COP, combining a negotiation track with an action agenda to address pressing environmental issues.  

The high-level segment of COP16, scheduled for Dec. 2-3, will feature ministerial dialogues on drought resilience, finance, and the impact of land degradation and drought on forced migration, security, and prosperity.  

“COP16 in Riyadh is a critical moment for the international community to address land degradation, drought and desertification,” said Osama Faqeeha, deputy minister for environment and adviser to the UNCCD COP16 Presidency.  

In a press release, he added: “From food and water insecurity to climate change, conflict, instability, and forced migration, how we treat our land has a profound impact on lives and livelihoods around the world.” 

“In short, we need international solutions. Earlier this year, we achieved a significant milestone with the adoption of a historic resolution by the UN Environmental Assembly to halt land degradation,” Faqeeha added, speaking to Arab News.

As the hosts, Saudi Arabia is also introducing the first-ever Green Zone at a UNCCD COP, aimed at mobilizing the scientific community, businesses, financial institutions, NGOs, and the public to deliver lasting change.

Faqeeha highlighted Saudi Arabia’s initiatives: “We are determined to lead by example in land restoration and drought resilience, ultimately, showcasing how successful initiatives can create a thriving circular economy.”

He added: “Through the Saudi Green Initiative, we have already planted more than 100 million trees and rehabilitated more than 100,000 hectares of degraded land. This is part of our commitment to restore 40 million hectares through tree planting and other nature-based solutions.”

Faqeeha noted that “the Middle East Green Initiative further demonstrates our regional leadership in restoring 200 million hectares of degraded land across the region.”

“At the same time, we are engaging policymakers from around the world in a range of high-profile discussions to deliver decisive multilateral action. This dual-pronged approach is vital to accelerating the land restoration and drought resilience initiatives our planet and its people so desperately need,” said Faqeeha.

FAO’s central role  

The Food and Agriculture Organization will play a key role at COP16, reflecting its commitment to sustainable land management and food security. Abdul Hakim Elwaer, FAO’s assistant director-general, emphasized in remarks to Asharq Al-Awsat the organization’s active participation, including leading discussions on transforming food systems and coordinating thematic days like Food Day and Governance Day.  

Valecha tied land restoration directly to food security, emphasizing: “Land restoration is crucial for ensuring we have enough food for the future. Sustainable methods like agroecology and regenerative agriculture can improve soil health, reduce carbon emissions, and boost productivity, creating robust food supply chains that adapt to climate change.”  

Strengthening drought resilience  

Building resilience to drought will be a key focus of COP16, emphasizing the role of policies and technologies, with Valecha advocating for proactive measures. 

“To improve drought resilience, a comprehensive framework is needed. This includes identifying vulnerable areas, implementing early warning systems, and enacting policies to prevent water overuse,” he said.  

“Measures such as promoting drought-resistant crops and establishing drought management funds will provide essential protection for affected communities,” Valecha added. 

The integration of local and indigenous knowledge into these efforts is equally vital.   

Valecha said: “Indigenous communities, as key stakeholders in land restoration, possess deep understanding of their ecosystems. Their involvement can significantly reduce deforestation rates, as seen in countries like Nepal and regions in the Americas.”  

A regional and global impact  

Saudi Arabia’s hosting of COP16 highlights the region’s critical role in addressing desertification and water scarcity. 

The MENA region is one of the areas most impacted by desertification, with some areas experiencing nearly 100 percent land degradation. COP16 will provide an opportunity for regional countries to showcase their resilience strategies and contribute to shaping global policies.  

“The Gulf and MENA region, owing to its demographics, have been at the center of environmental challenges,” said Valecha. “However, initiatives such as drought and disease-resistant crop varieties by GCC nations demonstrate the region’s commitment to combating these challenges.”  

Moreover, COP16 will offer a platform to showcase innovative solutions, from advanced land management practices to cutting-edge technologies in water conservation.  

Youth and community engagement  

For the first time, COP16 will see Saudi Arabia host a Green Zone alongside the formal Blue Zone program. This inclusive public space will promote environmental awareness through family-friendly and cultural activities. 

The emphasis on inclusivity is central to COP16, with forums and training sessions for youth, women, and indigenous communities. The Green Zone will host discussions on sustainable land stewardship while featuring workshops, exhibitions, and interactive art installations.  

Valecha highlighted the potential of youth engagement at COP16: “Selected youth negotiators will participate in the Youth Negotiators Academy, equipping them with skills to advocate for actionable policies. These efforts promote intergenerational dialogue and foster solutions for sustainable livelihoods.”  

“Globally, women account for nearly 50 percent of agricultural labor in small-scale farming. Gender-inclusive policies across the value chain are critical to the success of restoration initiatives,” said Valecha. 

Innovative solutions and partnerships  

COP16 is expected to unveil groundbreaking initiatives, with Valecha anticipating significant developments. He added: “The conference could lead to the establishment of financing mechanisms and restoration funds. Cross-border partnerships can help maintain the Land Degradation Neutrality target and prevent further degradation of land resources.” 

Valecha emphasized the critical role of the private sector in achieving COP16’s goals, highlighting the potential contributions of international financial institutions and private companies. He pointed to favorable loans, green bonds, and funding for sustainable practices such as no-till farming and rotational grazing as key areas of support.  

He also stressed that public-private partnerships are vital for scaling up land restoration efforts. 

A call to action  

As COP16 commences, the world stands at a crossroads. This conference is not just a meeting but a call to action — a chance to turn ambition into tangible solutions for land, livelihoods, and the planet’s future. 


Up to 40 Canadian firms eyeing investment in Saudi Arabia’s healthcare sector

Updated 19 sec ago
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Up to 40 Canadian firms eyeing investment in Saudi Arabia’s healthcare sector

RIYADH: Up to 40 Canadian firms are eying investment in Saudi Arabia’s healthcare sector amid efforts to strengthen economic ties between the countries.

The interest was highlighted at a healthcare event organized by the Federation of Saudi Chambers at its headquarters in Riyadh, which showcased various investment opportunities within the sector, the Saudi Press Agency reported.

This aligns with Saudi Arabia’s objective to boost private sector participation in healthcare to 25 percent by 2030, reflecting the rapid growth and expansion of the industry, along with attractive investment incentives. It also underscores the Kingdom’s broader efforts to strengthen ties with Canada, highlighted by the restoration of diplomatic relations in May 2023 after a five-year hiatus.

During the gathering, Chairman of the Saudi-Canadian Business Council Mohammed bin Nasser Al-Duleim highlighted the body’s pivotal role in boosting trade relations and fostering investment between the Kingdom and the North American country.

Al-Duleim also provided an overview of Vision 2030 initiatives and talked up the incentives and support offered by Saudi Arabia to foreign investors.

The Ambassador of Canada to the Kingdom Jean-Philippe Linteau commended the efforts to strengthen economic ties between countries. 

He emphasized the joint business council’s contributions and highlighted the strong interest of Canadian firms in Saudi Arabia’s healthcare sector.

In December, economic cooperation was the focus of a high-level meeting between a senior Saudi official and the Canadian ambassador, reflecting the ongoing progress in relations between the two nations.

The Kingdom’s Minister of Economy and Planning Faisal Al-Ibrahim held talks with Linteau at his department’s headquarters in Riyadh, SPA said at the time. 

Since normalizing relations, Canada is keen to build a “great relationship” with the Kingdom, Linteau said during an interview with Arab News in February. 

His commets came a month after Saudi Arabia and Canada agreed to re-exchange trade delegations, aiming to improve economic relations and increase trade and investment volumes. 

Hassan Al-Huwaizi, president of the Saudi Chambers of Commerce, emphasized at the time that establishing a joint business council would provide a platform for business leaders to promote activities and engage in partnerships, facilitating continuous interaction and information exchange about market opportunities.

In 2022, Saudi exports to Canada stood at $2.5 billion, with imports valued at $959 million, according to online data visualization and distribution platform Observatory of Economic Complexity.


Saudi Arabia, Palestine to boost trade with formatioin of new business council

Updated 18 min 49 sec ago
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Saudi Arabia, Palestine to boost trade with formatioin of new business council

  • Formation of the Saudi-Palestinian Business Council represents a significant step in strengthening economic ties
  • It comes two after a ceasefire deal came into effect between Israel and Hamas

RIYADH: Saudi Arabia and Palestine have agreed to form a business council to boost bilateral trade and promote investments between both nations. 

The agreement to form the first Saudi-Palestinian Business Council was made during a meeting between Hassan Al-Huwaizi, chairman of the Federation of Saudi Chambers, and Mazen Ghanem, Palestinian ambassador to the Kingdom, in Riyadh, the Saudi Press Agency reported. 

The formation of the Saudi-Palestinian Business Council represents a significant step in strengthening economic ties, particularly as trade between the two countries continues to grow. 

In the third quarter of 2024, the Kingdom’s overall exports to Palestine stood at SR118.3 million ($31.53 million), representing a 35 percent rise compared to the previous three months, according to data from the General Authority for Statistics. 

Saudi Arabia also imported Palestinian goods worth SR4 million in the third quarter of 2024.

During the meeting, Al-Huwaizi stressed the need to empower Palestinian business owners to invest in Saudi Arabia and market products from the West Asian nation in the Kingdom’s market. 

He also reaffirmed the federation’s support for holding exhibitions and conferences to introduce and market Palestinian products in the Kingdom. 

The new agreement comes just two after a ceasefire deal came into effect between Israel and Hamas, allowing some displaced residents to return to their homes. 

To stabilize the economy, the Palestine Monetary Authority issued new instructions to banks to ease the burden of accumulated installments on borrowers in Gaza and the West Bank during the war period. 

The authority also instructed banks to stop collecting installments in Gaza until the end of June, with the possibility of scheduling and postponing it further. 

Other instructions from the monetary authority include reducing interest rates on new loans and stopping the collection of commissions and late fees. 

Earlier this month, Palestinian President Mahmoud Abbas met with Nayef bin Bandar Al-Sudairi, the Saudi ambassador to Palestine, and honored him with the Star of Al-Quds medal, a top-rated decoration provided by the state. 

During the meeting, Abbas extended his greetings to King Salman and Crown Prince Mohammed bin Salman and thanked Saudi Arabia for the support offered to the Palestinian people and their cause. 

Abbas also praised Al-Sudairi’s efforts to strengthen the friendly relations between Palestine and the Kingdom.


Saudi Arabia, Gulf region ‘well positioned’ to take lead on global energy transition, says S&P executive

Updated 41 min 43 sec ago
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Saudi Arabia, Gulf region ‘well positioned’ to take lead on global energy transition, says S&P executive

  • Under President Donald Trump’s renewed leadership, energy policy in the US is expected to shift toward an emphasis on increasing crude and gas production

DAVOS: The Middle East, particularly Saudi Arabia, is poised to play a pivotal role in the global energy transition, according to Mark Eramo, co-president of S&P Global Commodity Insights. 

Speaking to Arab News at the annual meeting of the World Economic Forum in Davos, Eramo highlighted the region’s growing renewable energy capabilities and its potential to balance traditional energy demands with advancing sustainability goals.

“The renewable energy capabilities in the Middle East are primed to be part of the energy transition and will also continue to support what we would now call traditional energy as it’s needed,” Eramo said.

He emphasized the ongoing importance of energy affordability and security, noting their priority for governments worldwide. 

Eramo said Saudi Arabia, with its growing investments in the renewable energy sector, as well as ammonia production for hydrogen, is poised to emerge as a worldwide leader, adding: “The Kingdom is really positioned well to be an energy transition provider and take a global leadership role in that.”

With this in mind, Eramo highlighted S&P’s significant footprint in the Middle East and said the organization was in the process of expanding its presence in the region, something he said he was “excited about.”

He continued: “I manage S&P Global Commodity Insights and watch closely what is happening in Saudi Arabia and the region is near and dear to the work that we do. It’s a fundamental part of what we’re doing, whether it be downstream chemicals or just fundamental oil and gas and renewable energy. So, our plan is to increase our footprint in the region and be there.” 

Eramo also reflected on the global energy outlook, touching on the implications of potential US policy shifts. 

Under President Donald Trump’s renewed leadership, energy policy in the US is expected to shift toward an emphasis on increasing crude and gas production and expanding export terminal capacity, something which was paused under the administration of Joe Biden.

Citing that Trump this week declared an “energy emergency” in the US, Eramo said that the new administration’s focus on lower energy prices would aim to curb inflation and prioritize security.

Globally, he also noted the varied and pragmatic approach to the pace of energy transition, shaped by differing regional priorities. 

“There are challenges in Europe, Asia Pacific, and South Asia. Each country, whether it’s China or India, will respond differently,” he said. 

“It’s not about whether energy transition is over but understanding that it’s been going on for decades, driven by carbon emission reductions and fuel efficiency advancements,” he added.

Eramo acknowledged the historical resilience of energy players in navigating geopolitical uncertainties, especially in the Middle East in the past two years. 

“I think there’s a long history of geopolitical turmoil in different parts of the world, and I think the major players in energy supply, including in the Middle East, have always found a way to work with their partners — whether in Europe, APAC (Asia-Pacific) or in the Americas — to navigate those waters and respond accordingly,” he said.

 


Saudi education spending surges 91.5% amid school return 

Updated 22 January 2025
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Saudi education spending surges 91.5% amid school return 

RIYADH: Education spending in Saudi Arabia surged by 91.5 percent to SR220.76 million ($58.8 million) between Jan. 12 and 18, fueled by students returning to school after the midyear break. 

According to the latest point-of-sale transactions bulletin, this sector was the only one to register positive growth during the week, with the number of transactions rising by 60 percent to 153,000. 

In contrast, overall POS transactions in Saudi Arabia declined by 12.1 percent, dropping to SR11.77 billion from SR13.4 billion the previous week, as spending in other sectors cooled, revealed the bulletin issued by the Saudi Central Bank. 

Spending on clothing and footwear saw the sharpest decline, falling 27.5 percent to SR663.16 million. Expenditure on hotels followed with a 19.9 percent dip to SR324.45 million, while recreation and culture recorded a 19.7 percent drop to SR221.8 million. 

Similarly, spending on food and beverages recorded a decrease of 9.2 percent to SR1.73 billion, claiming the biggest share of the total POS value. Expenditure in restaurants and cafes followed, recording an 18 percent decrease to SR1.73 billion. 

Miscellaneous goods and services accounted for the third biggest POS share with a 12.3 percent downstick, reaching SR1.42 billion. 

Spending in the leading three categories accounted for approximately 41.5 percent or SR4.8 billion of the week’s total value. 

At 2.1 percent, the smallest decrease occurred in spending on construction materials, leading total payments to reach SR340.1 million. 

Expenditures on transportation followed dipping by 2.6 percent to SR661.6 million, while public utilities recorded a 6 percent fall to SR48.1 million. 

Geographically, Riyadh dominated POS transactions, representing around 35.5 percent of the total, with expenses in the capital reaching SR4.18 billion — a 9 percent decrease from the previous week. 

Jeddah followed with a 12.5 percent dip to SR1.71 billion, and Dammam came in third at SR602.91 million, down 7.1 percent. 

Madinah experienced the most significant decrease in spending, dipping by 19.6 percent to SR471 million. 

Hail and Makkah followed recording decreases of 18.6 percent and 17 percent reaching SR171.87 million and SR497.28 million, respectively. 

Madinah and Makkah saw the largest decreases in terms of number of transactions, slipping 13.5 percent and 12.7 percent, respectively, to 7.98 million and 8.18 million transactions. 


PIF to sell Thiqah to Elm in $907m deal to strengthen Saudi Arabia’s ICT sector

Updated 22 January 2025
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PIF to sell Thiqah to Elm in $907m deal to strengthen Saudi Arabia’s ICT sector

  • Deal involves the purchase of 45,000 shares, each with a nominal value of $266.56
  • Sale aims to foster digital transformation, create high-skilled jobs, and support economic diversification

RIYADH: Saudi digital solutions company Elm has agreed to acquire Thiqah Business Services Co., owned by the Public Investment Fund, in a deal valued at $907 million to boost the information and communications technology sector. 

Elm has signed a share purchase agreement with PIF to acquire Thiqah in a cash transaction following discussions initiated in 2023, the company said in a bourse filing. 

The deal involves the purchase of 45,000 shares, each with a nominal value of SR1,000 ($266.56), representing the entire issued share capital of Thiqah. 

The acquisition is expected to play a pivotal role in advancing Saudi Vision 2030’s goal of fostering digital transformation, creating high-skilled jobs, and supporting economic diversification, the company said in a press release. 

“This is an important transaction for Elm, as it enhances integration, rationalizes spending, increases profitability, and provides qualitative advantages for both parties and the market,” said Mohammad Abdulaziz Al-Omair, the CEO of Elm. 

He said the integrated entity will be better positioned to deliver advanced national smart services, meeting market requirements and client needs. 

“It will also contribute to facilitating innovative operations and capabilities to develop products in the business field with cost advantages, while achieving economies of scale,” added Al-Omair. 

The transaction, subject to regulatory approvals and fulfilment of agreement conditions, marks a strategic move to enhance Saudi Arabia’s information and communication technology ecosystem. 

The transaction further aligns with PIF’s broader strategy of enabling the Kingdom’s digital transformation by supporting high-impact investments in key sectors. 

“PIF is committed to enabling the creation of national champions who contribute to driving the development and growth of the Saudi economy. said Shahd Attar, head of technology and media, MENA Investments, at PIF.

“PIF’s sale of Thiqah to Elm will enhance the ICT sector’s vital role and strengthen efforts to localize technology and drive innovation,” Attar added.

The ICT industry is considered a fundamental enabler for multiple other sectors, including entertainment, financial services, health care, transport and logistics, and utilities and renewables. 

As one of the world’s largest and most influential sovereign wealth funds, PIF plays a leading role in driving Saudi Arabia’s economic transformation. 

Since 2015, PIF has significantly expanded its investments, establishing 99 companies and focusing on 13 strategic sectors domestically and globally. 

PIF’s Vision 2030-aligned investment strategy prioritizes key industries contributing to local content development, private sector partnerships, and technological localization. 

The sale of Thiqah to Elm is part of PIF’s broader efforts to maximize the value of Saudi assets while reinforcing its commitment to a knowledge-based digital economy.