COP29: UN Secretary-Generalcalls for urgent collaboration to halt ‘catastrophic’ climatechange

COP29: UN Secretary-Generalcalls for urgent collaboration to halt ‘catastrophic’ climatechange
COP29 is being held in Baku, Azerbaijan. UN Climate Change
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Updated 14 November 2024

COP29: UN Secretary-Generalcalls for urgent collaboration to halt ‘catastrophic’ climatechange

COP29: UN Secretary-Generalcalls for urgent collaboration to halt ‘catastrophic’ climatechange

RIYADH: UN Secretary-General Antonio Guterres emphasized the high stakes of climate inaction in a roundtable discussion held during the ongoing COP29 in Baku.

At the High-Level Event on the stocktake of “Integrity Matters” at the gathering, global leaders convened to discuss the urgent need for climate action, reflecting on progress, challenges, and the role of non-state actors in achieving net-zero commitments.

“We are racing the clock,” Guterres said, adding thatwith extreme weather events bringing “human tragedy and economic destruction worldwide,” the global goal of limiting temperature increases to 1.5 degrees Celsius is becoming progressively more challenging to reach.

Reflecting on the achievements so far, the secretary-general acknowledged the scale of efforts already made, saying: “We did a massive global effort to steer our world onto a pass-through safety, a pass to net zero by mid-century.”

However, he underscored that these efforts will only bear fruit if supported by stronger collaboration across sectors. Guterres urged “businesses, financial institutions, cities, regions, and more” to align with national governments on climate action plans and make coordinated strides toward decarbonization.

“We must make sure that governments facilitate the work of other actors in this regard, and not that they complicate the work of other actors in compliance with the 1.5 aligned future,” he said.

In a show of support for the gathered climate leaders and activists, Guterres said:“Time is racing, and you are on the right side of history, and I’m very glad to be here with you.”

Yet he issued a reminder that while a low-carbon transition is inevitable, “doesn’t mean that it will come on time.”

He stressed that if delays continue, the consequences for the planet could be catastrophic.

Brazilian Vice President Geraldo Alckmin also addressed the assembly, outlining his country’s continued dedication to combating global warmingthrough policies targeting deforestation and renewable energy.

“Brazil has a commitment to fighting climate change,” Alckmin said, adding that in the past two years, the countryhad achieved a significant 45.7 percent reduction in deforestation rates.

He detailed Brazil’s efforts to shift toward greener fuels, with 15 percent of the nation’s diesel now comprising biodiesel, a fuel derived from plant oils. Alckmin highlighted that Brazil’s ethanol usage in gasoline, which currently stands at 27 percent, is set to increase to 35 percent in the near future.

Additionally, the South American countryis aiming to position itself as a leading producer of sustainable aviation fuel, which could replace kerosene in the flight industry, as part of its broader commitment to green energy. “Brazil will be prepared to be a major producer of SAF ethanol,” he said.

Helena Vines Fiestas, chair of the EU Platform on Sustainable Finance, provided an update on climate policies among the G20 countries, highlighting a surge in policies geared toward supporting non-state actors in their net-zero transitions.

“All G20 countries now have policies, or some form of policies, to support the transition of non-state actors to net zero further. The number of policies has tripled since 2020,” she reported.

Fiestas emphasized that while considerable work remains, the international community has demonstrated that net-zero regulation is feasible. “Progress is clear,” she said. “Work lies ahead, but the leaders have demonstrated that regulating on net zero is doable.”

Executive Secretary of the UN Framework Convention on Climate ChangeSimon Stiellhighlighted a new initiative aimed at strengthening transparency in environmental action. He announced that the UNFCCC’s Global Climate Action Portal is undergoing redevelopment to provide better accountability in tracking commitments.

He shared that the portal would be relaunched shortly after COP29 concludes, and he emphasized the role of the entire global community in driving this agenda forward.

Washington State Governor Jay Inslee addressed the concerns around recent political shifts in the US, asserting that state-level commitments to climate action would remain the same

“I know there’s concern about the last election last Tuesday, but I want to make it really clear, if you take anything home from this meeting, this election will not stop, will not slow down, and will not retire the absolute commitment of states to lead this battle against climate change,” he affirmed.

He added: “Donald Trump can do anything he wants, but he cannot stop me from committing to (tackling) climate change in my state.”

Catherine McKenna, chair of the UN High-Level Expert Group on Net-Zero Emissions Commitments of Non-State Actors, emphasized the urgency of high-integrity net-zero plans in her latest report, titled “Integrity Matters: The Hard Work is Now,” presented during the session.

“The leaders highlighted in this review show that high-integrity net zero can be achieved. It’s no longer credible for companies, investors, cities, and regions to claim that moving faster on the climate crisis is too difficult or expensive,” McKenna said. She further urged a “much broader range” of stakeholders to establish comprehensive transition plans by 2025.

McKenna’s report, commissioned by Guterres, underscored that while voluntary net-zero pledges have risen, there remains a significant gap in alignment with rigorous standards, particularly in the phasing out of fossil fuels.

“Voluntary efforts are not sufficient for the scale and pace of change we need to see,” McKenna said, advocating for stronger governmental regulations to ensure credible climate commitments and promote competitive investments.

She added:“Every fraction of a degree matters, and every tonne of CO2 makes a difference. We must do the hard work now, or we will all face the consequences tomorrow.”

Guterres closed with a reminder of the significant obstacles that remain on the path toward net-zero goals. “We need not only to do the right thing, but we need to fight those that are trying not to allow us to do the right thing,” he said.


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.