COP29 Day 3: World leaders address urgent climate goals at high-level session

COP29 Day 3: World leaders address urgent climate goals at high-level session
The High-Level Segment continued with addresses from heads of state and government as countries reiterated commitments to combat climate change. Supplied
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Updated 13 November 2024

COP29 Day 3: World leaders address urgent climate goals at high-level session

COP29 Day 3: World leaders address urgent climate goals at high-level session
  • Kuwait aims to achieve net zero emissions by 2060, supported by strategic initiatives and a significant shift toward renewable energy
  • World leaders are expected to announce further initiatives to address climate threats through collaborative, international approaches

RIYADH: World leaders entered their third day of climate talks at COP29 in Baku, marking a critical juncture in discussions focused on climate action and multilateral cooperation. 

The High-Level Segment continued with addresses from heads of state and government as countries reiterated commitments to combat climate change.

As COP29 progresses, world leaders are expected to announce further initiatives to address climate threats through collaborative, international approaches.

Here is a summary of events in Baku.

11:35 a.m. – Russia and US among countries to reaffirm climate action




Russian Prime Minister Mikhail Mishustin. Screenshot

Russian Prime Minister Mikhail Mishustin used his speech to reiterate his country’s climate efforts, noting: “Russia remains committed to low carbon development,” and pledged ongoing collaboration on international climate goals. 

John Podesta, representing the US, asked: “Do we secure sustainable prosperity for our countries, or do we condemn our most vulnerable to unimaginable climate disasters?”  

Daniel Risch, Prime Minister of Liechtenstein, highlighted the global commitment, noting: “The presence of so many states from around the world is a powerful sign that the fight against climate change is a key challenge of our time.”  

He stressed the need for “bold steps” against the security, economic, and social issues exacerbated by climate change and reaffirmed Liechtenstein’s dedication to its commitments. 

Morocco’s Prime Minister, Aziz Akhannouch, underscored his country’s role in the energy transition, stating: “Morocco has for many years played a major role in the energy transition at the international, national and continental levels.” 

He announced plans to raise decarbonization targets in Morocco’s NDCs and warned: “Natural disasters due to global warming are causing considerable economic and human loss, and affecting food security, healthcare facilities, and access to safe water.” 

Prime Minister Russell Dlamini of Eswatini pointed out the worsening climate impacts, referencing the World Meteorological Organization’s warning of an “80 percent chance that global temperatures will exceed 1.5 degrees Celsius above pre-industrial levels within the next five years.”  

Similarly, Prime Minister Mark Brown of the Cook Islands said: “The world is warming, and the transition away from fossil fuels is non-negotiable.”   

Prime Minister Judith Suminwa of the Democratic Republic of the Congo said: “We are gathered here today at COP29 at a time when our planet is dealing with an unprecedented climate emergency.” 

11:05 a.m. – Our speeches change nothing, Albanian PM tells COP29




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Albanian Prime Minister Edi Rama delivered a sharp critique at COP29, calling on participating countries that are speaking without action, while underscoring the disconnect between rhetoric and reality in the global fight against climate change.   

“Life goes on with its old habits, and our speeches full of good words about fighting climate change change nothing,” said Rama. 

He pointed out that despite the ambitious goals set in previous climate summits, global carbon emissions have actually increased on an annual basis, reflecting a lack of genuine progress.  

Rama highlighted Albania’s commitment to sustainability, noting its 100 percent renewable energy production. However, he questioned the impact of smaller nations’ efforts in the face of continued inaction by the world’s biggest polluters.   

“I come here from a little country in the middle of Europe, Albania, where we have 100 percent renewable energy production. But what does it mean for the future of the world if the biggest polluters continue business as usual?” he asked, emphasizing the need for coordinated global action.  

In a candid assessment, Rama expressed frustration at the repetitive nature of international climate conferences, which he argued have failed to produce concrete results.   

“Far be it from me to lecture anyone, after all, we are used to being lectured, not to lecturing others,” he said. “But my point is, what on earth are we doing in these gatherings over and over if there is no common political will on the horizon to go beyond words and unite for meaningful action?”  

Rama also criticized the absence of key players from the event, suggesting that the decision of major and minor countries to boycott the summit undermines its credibility and raises questions about the seriousness of global commitments.   

“Adding insult to injury, major and minor players even boycotted this ample global event,” he said. 

10:40 a.m. – Calls for increased nuclear power growing




Czech Republic’s Prime Minister Petr Fiala. Supplied

Nuclear power is essential to achieving global climate goals as it provides a clean and safe energy source, world leaders stated at COP29 in Baku. 

The Czech Republic’s Prime Minister Petr Fiala emphasized the importance of nuclear power for the future, adding that his country is prepared to assist other nations in advancing this form of energy. 

“We will discontinue coal, and we will push for renewables and nuclear power. Nuclear power is essential to meet our climate goals, as it produces extremely clean energy and is also very safe. The Czech Republic has over 50 years of experience in nuclear power, and we are ready to assist any country,” said Fiala. 

His comments were echoed by the Italian Prime Minister Giorgia Meloni.

10:00 a.m. – All energy sources should be used to cope with population rise – Italian PM




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In her address to COP29, Italian Prime Minister Giorgia Meloni warned that population growth will increase energy demand.

“We need an energy mix in the transition process. We must use all energy sources, biogas, gas and even nuclear fusion in the future,” she said.

Meloni believes that technology neutrality is the right approach, and currently, there is no single alternative to fossil fuel supply.

9:46 a.m. – Day 3 begins with more world leaders addressing the conference

Kuwait’s Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah emphasized his country’s long-term strategy for environmental sustainability and carbon reduction, stating that climate change “is a global concern and a threat to many countries.” 




Kuwait’s Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah. Screenshot

Highlighting the visible impacts of climate change, he cited “rising temperatures, dust storms, and heavy rain” as growing challenges in the region.

Kuwait aims to achieve net zero emissions by 2060, supported by strategic initiatives and a significant shift toward renewable energy. The country plans to generate 50 percent of its electricity from solar power, a major component of its national sustainability efforts, Al-Sabah said.

The session opened with Shina Ansari, Iran’s vice president, followed by Joseph Owondault Berre, Gabon’s vice president. Berre underscored the importance of multilateralism, calling it “the only weapon that can tackle issues associated with climate change.”

He emphasized the need for “collective action based on trust, fairness, and shared responsibility,” highlighting that global collaboration remains critical in addressing climate impacts equitably.


UAE’s Fujairah marine fuel sales hit 3-month high in July

UAE’s Fujairah marine fuel sales hit 3-month high in July
Updated 18 August 2025

UAE’s Fujairah marine fuel sales hit 3-month high in July

UAE’s Fujairah marine fuel sales hit 3-month high in July
  • The stronger volumes were led by a boost in high-sulfur marine fuel sales climbing 28.4 percent from June to 205,597 cubic meters in July

SINGAPORE: Sales of marine bunker fuel at the UAE’s Fujairah port rebounded in July after a slump in June to their highest in three months, official data showed. 

July sales totaled 640,715 cubic meters (about 635,000 tonnes), up 13.8 percent from June, based on Fujairah Oil Industry Zone data published by S&P Global Commodity Insights. 

The stronger volumes were led by a boost in high-sulfur marine fuel sales, which soared to their highest since January 2024, climbing 28.4 percent from June to 205,597 cubic meters in July. 

A wider price difference between low-sulfur fuel oil and high-sulfur fuel oil likely drove more sales of the high-sulphur variety in July. 

The front-month hi-5 price spread, which reflects the premium of low-sulphur over high-sulphur fuel oil, hit a six-month high of over $95 a tonne near mid-July, LSEG data showed.

Meanwhile, low-sulfur marine fuel sales, including low-sulfur fuel oils and marine gasoils, rose 8 percent to 435,118 cubic meters. 

The market share of high-sulfur bunkers widened to 32 percent in July, while low-sulfur bunkers narrowed to 68 percent. 


SAMI inks deal with US firm Amentum to boost land defense systems, localize spare parts

SAMI inks deal with US firm Amentum to boost land defense systems, localize spare parts
Updated 18 August 2025

SAMI inks deal with US firm Amentum to boost land defense systems, localize spare parts

SAMI inks deal with US firm Amentum to boost land defense systems, localize spare parts
  • Deal marks pivotal milestone in strengthening readiness of Kingdom’s land systems
  • It reinforces SAMI’s position as national leader in defense maintenance

JEDDAH: n Military Industries has signed a cooperation deal with US-based Amentum to strengthen the Kingdom’s land defense systems, improve maintenance and overhaul, and localize spare parts.

The signing ceremony with the global leader in advanced engineering and technology solutions was attended by leading figures from both firms, including Mohammed Al-Hodaib, executive vice president of SAMI Land, and Feras Al-Hassoun, Middle East operational sales director at Amentum.

Under Vision 2030, is pursuing defense self-sufficiency, with SAMI aiming to localize 50 percent of defense spending through global partnerships and joint ventures with leading international manufacturers.

“This agreement marks a pivotal milestone in strengthening the readiness of our land systems, enhancing the localization of spare parts, and reinforcing our position as the national leader in defense maintenance and sustainment,” the Saudi national defense and security champion, operating under the Public Investment Fund, said in a statement.

In July, SAMI, ranked among the world’s top 100 defense companies, signed technology transfer agreements with three leading Turkish defense firms, including Nurol Makina, FNSS, and Aselsan, to accelerate the localization of advanced land systems manufacturing in the Kingdom.

At that time, SAMI Land reaffirmed its commitment to advancing strategic objectives by localizing the Kingdom’s defense industries, enhancing industrial capabilities, and delivering high-quality products and services across the entire product lifecycle.

SAMI operates through five primary divisions, with SAMI Land spearheading the Kingdom’s ground defense capabilities.

SAMI Aerospace develops aircraft components and unmanned aerial vehicles, while SAMI Sea focuses on naval defense technologies, including corvettes and other maritime systems.

Meanwhile, SAMI Defense Systems provides integrated solutions such as command and control systems and radar technologies, and SAMI Advanced Electronics develops cybersecurity solutions and electronic warfare systems.

Together, these divisions support the PIF subsidiary’s mission to enhance ’s defense capabilities and localize military manufacturing.

In April, Amentum, listed on the New York Stock Exchange under the ticker AMTM, announced the sale of its hardware and product business, Rapid Solutions, to Lockheed Martin for $360 million.

The move positions Amentum as a pure-play provider of technology-enabled solutions and accelerates its debt reduction objectives, underscoring the company’s strategic focus on advanced engineering and mission support services.


Closing Bell: Saudi main index ends marginally lower at 10,885 

Closing Bell: Saudi main index ends marginally lower at 10,885 
Updated 18 August 2025

Closing Bell: Saudi main index ends marginally lower at 10,885 

Closing Bell: Saudi main index ends marginally lower at 10,885 

RIYADH: ’s Tadawul All Share Index edged down on Monday, slipping 11.81 points, or 0.11 percent, to close at 10,885.58. 

Total trading turnover of the benchmark index was SR3.86 billion ($1.03 billion), with 104 stocks advancing, while 148 declined. 

The MSCI Tadawul Index also decreased, dropping 1.9 points, or 0.14 percent, to close at 1,407.55. 

The Kingdom’s parallel market, Nomu, lost 110.54 points, or 0.41 percent, to close at 26,522.54. This comes as 41 stocks advanced, while 48 retreated. 

The best-performing stock was National Metal Manufacturing and Casting Co., with its share price rise by 6.54 percent to SR17.10. 

Other top performers included Rabigh Refining and Petrochemical Co., which saw its share price increase by 5.94 percent to SR7.67, and Retal Urban Development Co., which saw a 4.62 percent rise to SR13.59. 

Fawaz Abdulaziz Alhokair Co. posted the steepest decline of the session, with its shares down 3.82 percent to SR23.95. 

Almoosa Health Co. saw its shares fall 3.58 percent to SR166.90, while Al Maather REIT Fund declined 3.21 percent to SR9.06. 

On the announcements front, View United Real Estate Development Co. signed a Shariah-compliant credit facility agreement with Al Rajhi Bank worth SR13.5 million.   

According to a statement on Tadawul, the deal’s goal is to finance the purchase of land in Riyadh with the aim of implementing View’s strategic plan to increase its real estate development projects.   

The company’s share price remained unchanged at SR6.06 on Nomu. Meanwhile, Al Rajhi Bank’s shares closed 0.42 percent higher at SR95.30 on the main market. 

ASG Plastic Factory Co. reported interim financial results for the first six months of 2025, with net profit reaching SR16.5 million. The company reported an 11 percent drop in net profit for the first half of the year compared to the same period in 2024. 

The decline was driven by weaker performance in the pipes and fittings subsidiary, higher operating expenses, including increased depreciation from new production lines and rising salary costs due to expanded staffing, as well as elevated selling and marketing expenses from higher shipping volumes and additional promotional campaigns. 

The company’s shares closed 1.73 percent lower at SR51.10. 

Similarly, Atlas Elevators General Trading and Contracting Co. also announced its preliminary financial results for the first half of 2025. 

In a corrective statement, the company said that net profit for the current period amounted to SR4.35 million, a 52.5 percent year-on-year drop. 

Its shares closed 2.02 percent higher at SR17.


, Syria sign investment protection deal 

, Syria sign investment protection deal 
Updated 18 August 2025

, Syria sign investment protection deal 

, Syria sign investment protection deal 

RIYADH: and Syria have signed an agreement to protect and promote mutual investments between both countries. 

The deal was signed on the sidelines of a roundtable in Riyadh, following the arrival of a Syrian delegation of government officials and private sector leaders, led by the country’s Economy and Industry Minister Mohammad Nidal Al-Shaar. 

The event builds on last month’s Syrian-Saudi Investment Forum in Damascus, where over 100 firms from the Kingdom, alongside 20 government agencies, signed 47 deals worth $6.4 billion across sectors including real estate, infrastructure, and finance, as well as telecom, energy, and industry. 

In a post on its official X account, the Saudi Ministry of Investment described the latest deal as “a step that reflects the depth of investment ties and paves the way for distinctive cooperation between the two nations.” 

The ministry added that the scope includes safeguarding investors and investments, accelerating integration, ensuring a secure environment backed by favorable laws, and boosting the flow of capital into key sectors. 

The deal also addresses challenges facing investors, aims to boost the flow of mutual investments across various sectors, and seeks to create new job opportunities. 

“The agreement underscores the depth of historical and economic ties between and the Syrian Arab Republic,” the ministry added in its post on X. 

Speaking at the Riyadh roundtable, Saudi Minister of Investment Khalid Al-Falih said the Kingdom supports the private sector’s proposal to establish a “Fund of Funds” to facilitate and manage Saudi investments in Syria. 

“In the field of infrastructure, an agreement was reached last week between Saudi-based Khashoggi Holding Co. and Syria’s Radiant Structures to enter into a strategic partnership with Sinoma to implement a joint project that includes establishing a cement plant with a daily capacity of 6,000 tonnes,” Al-Falih said during his opening remarks. 

He also revealed that 80 Saudi companies have registered to participate in the Damascus International Fair, which will be held after a six-year pause from Aug. 27 to Sept. 5. 

“We aim to overcome the economic challenges in Syria and support the establishment of a Saudi investment fund in Damascus,” Al-Falih said, as reported by Al-Ekhbariya. 

He further emphasized that Syria’s new investment law reflects the country’s commitment to building an investment-driven future. 

The deal follows Al-Shaar’s earlier meeting with Saudi Minister of Commerce Majid Al-Qasabi in Riyadh, where the two sides discussed ways to strengthen cooperation and expand investment opportunities, according to the Syrian Arab News Agency. 

Both officials emphasized the importance of strengthening fraternal ties between the two nations and highlighted the need for coordinated efforts to address global economic challenges. 

Talks also focused on expanding cooperation in industry and trade, with the aim of attracting more joint investments and enhancing the growth prospects of both the Saudi and Syrian economies. 

Al-Shaar’s visit forms part of ongoing efforts to strengthen economic relations and expand trade between the two countries.


Oman’s public debt drops to $36.7bn in Q2

Oman’s public debt drops to $36.7bn in Q2
Updated 18 August 2025

Oman’s public debt drops to $36.7bn in Q2

Oman’s public debt drops to $36.7bn in Q2
  • Net oil revenue amounted to 3.02 billion rials
  • Current revenue rose 2% year on year to 1.93 billion rials

RIYADH: Oman’s public debt fell 2.08 percent year on year to 14.1 billion rials ($36.7 billion) in the second quarter of 2025, supported by Finance Ministry payments to the private sector. 

The ministry disbursed over 749 million Omani rials during the period, with transactions settled within an average of five working days, helping boost liquidity in local markets, the Oman News Agency reported. 

The decline in debt highlights Muscat’s ongoing fiscal consolidation drive, supported by higher non-oil revenue and spending discipline. 

Fitch Ratings recently affirmed the sultanate’s long-term foreign-currency issuer default rating at BB+ with a positive outlook, citing stronger fiscal tools and an improved debt profile. 

Oman’s public revenue by the end of the second quarter totaled 5.84 billion rials, “reflecting a 6 percent decrease from 6.20 billion rials recorded during the same quarter of 2024,” ONA said. 

It added: “The decline is largely due to a fall in hydrocarbon revenue.” 

Net oil revenue amounted to 3.02 billion rials, a 10 percent decline from 3.36 billion rials a year earlier, reflecting lower average oil prices and production. Net gas revenue fell 6 percent to 884 million rials. 

In contrast, current revenue rose 2 percent year on year to 1.93 billion rials. 

Public spending reached 6.09 billion rials, up 5 percent from a year earlier, driven mainly by higher development expenditure. Current expenditure stood at 4.12 billion rials, marking a 1 percent decline. 

By the end of the quarter, ministries and government units had spent 688 million rials on development projects, accounting for 76 percent of the 900 million rials allocated for the year, reflecting faster progress on ongoing initiatives. 

Contributions and other expenses climbed 7 percent year on year to 1.16 billion rials. Subsidy allocations included 339 million rials for the electricity sector, 289 million for the social protection system, and 44 million for fuel support. An additional 200 million rials was directed to the future debt obligations budget. 

Spending on social sectors and basic services totaled 3.12 billion rials during the period.