COP29: Developing countries urge action on climate finance deal

COP29: Developing countries urge action on climate finance deal
COP29 is being held in Baku, Azerbaijan. UN Climate Change
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Updated 19 November 2024

COP29: Developing countries urge action on climate finance deal

COP29: Developing countries urge action on climate finance deal

RIYADH: Measures available to manage the rising global temperature are not sufficient, a leading Thai official has told the UN’s climate change conference in Baku.

Speaking at COP29 in Azerbaijan, the Asian country’s Minister of Natural Resources and the Environment, Chalermchai Sri-on, called for decisions to be made on climate financing to help those nations most affected by rising temperatures.

His comments were echoed by other ministers throughout the morning session, which came a day after the UN’s climate chief Simon Stiel told world leaders to “cut the theatrics and get down to business” with regards to agreeing a funding deal for developing countries.

Addressing delegates, Sri-on said: “The first global stocktake significantly showed that our current efforts are still insufficient to control global temperature increase.”

Malaysia’s Minister of Natural Resources and Environmental Sustainability, Nik Nazmi Nik Ahmad, urged developed nations to fulfill their financial responsibilities, ensuring funds are “accessible and impactful.”

Romania’s Minister of the Environment, Waters and Forests, Costel Alexe, called for prioritizing action over political differences, stating: “Failure is not an option for anyone.” 

He also emphasized Romania’s focus on private-sector partnerships for decarbonization in energy, transport, and industry. 

Diego Pacheco of Bolivia pointed to the responsibility of developed nations, stating: “Our countries are suffering the impacts of climate change, due largely to the historical emissions of developed countries.” 

Sophalleth Eang, Cambodia’s minister of environment, reaffirmed Cambodia’s ambitious climate targets, including carbon neutrality by 2050, as outlined in its 2020 updated nationally determined contributions. 

Franz Tattenbach, Costa Rica’s minister of environment and energy, expressed optimism in the ripple effects of decarbonization, saying: “We are an ambitious country, and we hope to scale up our ambition. We believe that decarbonization could lead to decarbonization in other countries.” 

Austria’s Leonore Gewessler highlighted the need for urgent united action, saying: “It is our collective responsibility to make more progress without further delay.” 

Additional leaders addressed the challenges of achieving meaningful climate goals amid global crises.

Burkina Faso’s Roger Baro urged for substantial commitments to protect the environment and develop resilient economies, while Celine Caron-Dagioni of Monaco called for updated contributions aligned with long-term climate goals. 

Namibia’s Pohamba Penomwenyo Shifeta stressed the importance of balanced climate financing. 

Speakers also showcased national achievements and initiatives. Uruguay’s Robert Bouvier Torterolo highlighted the country’s renewable energy success, with over 95 percent of its electricity derived from sustainable sources. Senegal’s Daouda Ngom emphasized the need for accessible financing to support adaptation plans. 

Nigeria’s Balarabe Abbas Lawal detailed investments in renewable energy and afforestation, while Rwanda’s Valentine Uwamariya highlighted the significant economic cost of climate change to her nation and called for “ambitious, balanced, fair, and just outcomes” from the climate change forum. 

Eritrea’s Minister of Land, Water, and Environment, Tesfai Gebreselassie, stressed the continued need for climate finance, stating: “Mobilization of climate finance is still critical.”   

Tunisia’s Minister of Environment, Habib Abid, highlighted national efforts, saying: “We have developed comprehensive strategies to promote adaptation and mitigate climate change effects.” 

Simon Watts, New Zealand’s minister of climate change, announced a series of contributions, including $20 million to the Pacific Resilience Facility and $10 million to the Global Fund for responding to loss and damage.    

Watts said: “New Zealand wants this fund to deliver effective support to some of the most affected communities so that they can recover from climate impacts and build stronger, more resilient communities.”   

He added: “New Zealand is pioneering innovative, high-trust approaches to climate finance, including through country flexible finance, which provides funding directly to our partners so that they can make their own choices on how that funding is allocated.”  

New Zealand emphasized its progress in renewable energy, with Watts noting that 85 percent of the country’s electricity is already generated from renewable sources. "We plan to double that amount of renewable generation by 2050.”   

Qatar’s Minister of Environment and Climate Change, Abdullah bin Abdulaziz bin Turki Al-Subaie, called for stronger commitments from developed nations, stating: “We call upon developed countries to fulfill their commitments, including the reformation of international financial systems, and to build on what has been achieved in the previous COPs.” 

He also emphasized Qatar’s role in providing clean energy, saying: “We continue to supply clean energy to global markets through our highly efficient LNG, which is a reliable source of low-carbon energy.” 

Australia’s Minister for Climate Change and Energy, Chris Bowen, announced a $50 million contribution to the fund for responding to loss and damage, making Australia the sixth-largest contributor to the initiative.  

“This year, we're committed to more than $20 billion in clean energy investments,” said Bowen. 

He added that the country views climate action as economically beneficial at all levels, from household budgets to the national economy. 

Norway’s Minister of Climate and Environment, Tore Sandvik, underscored the importance of leveraging private sector investment, stating: “Our collective goal should send strong signals to mobilize investments from the private sector.”  

Portugal’s Secretary of State for Environment, Emídio Ferreira dos Santos Sousa, emphasized the need for raising ambition, saying: “It is essential to raise ambition regarding the new collective, quantified goal for climate finance, which is set at $100 billion per year.”  

He also announced Portugal’s international climate finance commitments, which will total €68.5 million.   

South Africa’s Minister of Forestry, Fisheries, and the Environment, Dion George, called for increased financial and non-financial support, stating: “South Africa needs financial and non-financial support to ensure an inclusive and equitable transition that benefits all sectors, including SMEs (small and medium sized enterprises).”  

He added: “We urge developed economy countries to fulfill their commitments, including the $100 billion per annum climate finance target.” 

These latest contributions and appeals reflect the urgent need for global cooperation as the conference moves toward finalizing agreements on climate finance. 


Closing Bell: Saudi main index edges down to 11,583 

Closing Bell: Saudi main index edges down to 11,583 
Updated 12 sec ago

Closing Bell: Saudi main index edges down to 11,583 

Closing Bell: Saudi main index edges down to 11,583 

RIYADH: ’s Tadawul All Share Index edged down on Tuesday, as it shed 21.97 points, or 0.19 percent, to close at 11,583.23.  

The total trading turnover of the benchmark index was SR6.11 billion ($1.63 billion), with 85 of the listed stocks advancing and 154 retreating.  

The Kingdom’s parallel market Nomu also marginally declined by 0.08 percent to close at 25,520.62.  

The MSCI Tadawul Index edged down by 0.36 percent to 1,509.37.  

The best-performing stock on the main market was United International Holding Co. The firm’s share price advanced by 8.20 percent to SR174.20.  

The share price of ’s budget carrier flynas rose by 4.29 percent to SR80.30. East Pipes Integrated Co. for Industry also saw its stock price edging up by 3.64 percent to SR130.90.  

Conversely, the share price of National Shipping Co. of , also known as Bahri, declined by 3.58 percent to SR28.  

The best-performing stock on the parallel market was Rawasi Albina Investment Co., as its share price increased by 19.10 percent to SR4.49.  

On the announcements front, SAL Saudi Logistics Services Co. said that it signed a lease agreement with Sela Co. for 1.57 million sq. meters of land in Falcon City, north of Riyadh, to develop a new logistics zone.  

According to a Tadawul statement, the total estimated investment for planning, construction, and operation of the logistics zone is projected to reach SR4.2 billion.  

The company added that the development aligns with its strategic plan to diversify sources of income and strengthen its presence in the transportation and logistics sector.  

The statement further said that the lease agreement is valid for 30 years, and is extendable to an additional 15 years upon agreement of both parties, along with a three-year grace period.  

The share price of SAL edged up by 1.31 percent to SR185. 


Ford Motors gearing up to launch EV in the Saudi market

Ford Motors gearing up to launch EV in the Saudi market
Updated 16 min 39 sec ago

Ford Motors gearing up to launch EV in the Saudi market

Ford Motors gearing up to launch EV in the Saudi market

RIYADH: Ford Motors is set to join ’s electric vehicle market, rolling out the Mustang Mach-E in the Kingdom this November.

The US motor vehicle brand is set to test the waters with its first EV by rolling out 500 to 1,000 units in the Saudi market. This launch comes as year-to-date sales in are up 16 percent compared to August 2024. 

The EV market in is gaining momentum, a trend supported by the expansion of competitors such as the Public Investment Fund-backed Lucid, Chinese company BYD, and the establishment of the Kingdom’s first homegrown electric vehicle brand, Ceer.

Ravi Ravichandran, president of Ford Middle East and North Africa, told Arab News: “We are launching the Mustang Mach-E full battery this year.” 

“We are looking at 500-1,000 units, how we see the response and how good it is, and if there is a demand, we can always produce [more],” he added. 

The president of Ford MENA highlighted that, in the initial stages, they will test the market’s demand for the vehicles. He also clarified, “At this point, we don’t see a battery electric as a significant demand in the region.”

Ravichandran underlined that the Mustang Mach-E, which is already present in the US market, received initial positive feedback due to the government credit provided for driving EVs. 

“This Mustang Mach-E is a performance segment, and it will be on a top-end, high-end pricing,” Ravichandran said.

Adoption of EVs in the US stands at 2-3 percent, while the rate in  is lower as it is “just starting,” he said, adding: “We don’t see an immediate takeoff on battery electric here. People are more into hybrids, even in the US.”

The Ford Motor Team also announced the launch of the new Territory hybrid in .

“Over the next five years, we will see more hybrids, and then the EV will take a bit more time,” he said.

 aims to reduce carbon emissions by 50 percent and has an ambitious goal to transition 30 percent of all vehicles in Riyadh to electric by 2030.

“We also would look at partnerships if the government and the industry are shifting towards battery electric; we will also be a part of that growth story in terms of infrastructure and in terms of how the government wants to move into that direction,” Ravichandran said.

“We are investigating areas in that,” he said. 

Ford identified challenges in EV adoption in , including infrastructure, range anxiety, the affordability of the vehicles, and the impact of high temperatures on performance.

is aiming to tackle charging infrastructure limitations through entities such as EVIQ, a joint venture between the Public Investment Fund and Saudi Electricity Co. to provide EV infrastructure.

EVIQ has signed a memorandum of understanding with Black Lane and Universal Motors Agencies, one of ’s premier automotive dealers, to enhance EV charging access and awareness across the Kingdom.

EVIQ hopes to break the charging infrastructure stalemate by installing over 5,000 fast chargers across 1,000 locations throughout the Kingdom.

Highlighting its local commitment, PIF-backed Lucid recently revealed in its third-quarter 2025 figures that over 1,000 vehicles were built during the three-month period for final assembly at the company’s Saudi facility.


Saudi ports cargo throughput rises 8.6% to 22.52m tonnes in September 

Saudi ports cargo throughput rises 8.6% to 22.52m tonnes in September 
Updated 38 min 6 sec ago

Saudi ports cargo throughput rises 8.6% to 22.52m tonnes in September 

Saudi ports cargo throughput rises 8.6% to 22.52m tonnes in September 

JEDDAH: ’s ports handled 22.52 million tonnes of cargo in September, up 8.6 percent from the same month last year, reflecting the Kingdom’s expanding maritime trade. 

The growth included 1.22 million tonnes of general cargo, 5.7 million tonnes of dry bulk, and 15.6 million tonnes of liquid bulk, according to a release by the Saudi Ports Authority, known as Mawani. 

Saudi ports’ strong performance supports trade, maritime industries, tourism, and supply chains, while contributing to the Kingdom’s food security and its goal of becoming a major logistics hub connecting Asia, Europe, and Africa under Vision 2030. 

“Maritime traffic also rose by 1.11 percent to reach 1,001 vessels, compared to 990 vessels during the same period last year,” the statement noted, adding that passenger numbers increased by 58.56 percent to reach 71,376 passengers, compared to 45,015 passengers in September last year. 

It further said that the number of vehicles decreased by 20.09 percent to reach 75,616, compared to 94,630 a year ago. 

“The ports received 285,657 cattle heads, marking a decrease of 17.07 percent compared to 344,440 heads of livestock during the same period last year,” Mawani said. 

It added that handled containers fell 2.75 percent to 654,865 Twenty-foot Equivalent Units from 673,368 TEUs in September 2024. 

Exported containers amounted to 237,349 TEUs, a decrease of 7.14 percent compared to 255,606 in September 2024, while imported containers declined by 3.02 percent to reach 250,725 TEUs compared to 258,521 the same period last year. 

Transshipment containers, meanwhile, recorded an increase of 4.74 percent to reach 166,791 TEUs, compared to 159,241 during the ninth month of 2024. 

In August, Saudi ports handled 750,634 TEUs, a 9.52 percent increase from the 685,414 seen in the same period of 2024, driven by a 14.7 percent rise in transshipment activity to 189,407 TEUs. 


Saudi industry minister sets out investment opportunities to Greek officials

Saudi industry minister sets out investment opportunities to Greek officials
Updated 58 min 6 sec ago

Saudi industry minister sets out investment opportunities to Greek officials

Saudi industry minister sets out investment opportunities to Greek officials

RIYADH: and Greece are set to strengthen collaboration in industry and mineral resources following high-level talks in Athens between government officials.

The Kingdom’s Minister of Industry and Mineral Resources Bandar Alkhorayef met with the European country’s Minister of Environment and Energy Stavros Papastavrou and Minister of Development Takis Theodorikakos, with the discussions focused on expanding strategic partnerships across industrial, mining, and maritime sectors, according to an official statement. 

Both sides explored opportunities for Greek investors in the Kingdom’s fast-growing mining sector, as well as avenues for knowledge exchange and technology adoption in mineral exploration and processing. 

The meetings also highlight ’s efforts to position itself as a global hub for mineral development, leveraging its vast untapped resources and the regulatory reforms introduced under Vision 2030 to attract international investors. 

In a post on its official X account, the Ministry of Industry and Mineral Resources said: “Alkhorayef discussed with the Greek Minister of Environment and Energy ways to develop joint cooperation in the mining sector and investment opportunities available in the Kingdom for Greek mining companies.”  

It added: “He also discussed opportunities for exchanging expertise and transferring the latest technologies and innovative solutions in the fields of exploration, extraction, and mine management.” 

In a separate meeting with Theodorikakos, Alkhorayef discussed expanding cooperation in industrial development, including maritime industries, infrastructure projects, and specialized industrial clusters.  

The two ministers emphasized the importance of enhancing bilateral economic ties and supporting joint ventures that can strengthen trade and industrial integration between the Kingdom and Greece. 

Alkhorayef extended an official invitation to both Greek ministers to participate in the fifth edition of the Future Minerals Forum, which will be held in Riyadh from Jan. 13 to 15, 2026.  

The visit aligns with the Kingdom’s broader strategy to accelerate growth in the mining and industrial sectors, which have become central pillars of ’s economic diversification agenda.  

Mining exports have surged by about 80 percent, driven by increased production of phosphate, iron, aluminum, copper, and gold.  

Current and planned investments in the sector are estimated at SR180 billion ($48 billion), underscoring ’s ambition to position itself as a global hub for mineral resources while attracting high-quality foreign investment into downstream industries. 


World Bank raises ’s 2025 growth forecast to 3.2%

World Bank raises ’s 2025 growth forecast to 3.2%
Updated 07 October 2025

World Bank raises ’s 2025 growth forecast to 3.2%

World Bank raises ’s 2025 growth forecast to 3.2%

RIYADH: The World Bank has raised ’s 2025 economic growth forecast to 3.2 percent, citing stronger oil output and robust non-oil activity, marking a notable upgrade from the 2.8 percent projected in April. 

The Washington-based lender said in its latest Middle East, North Africa, Afghanistan, and Pakistan Economic Update that the Kingdom’s economy expanded 3.9 percent in the first half of 2025, buoyed by increased oil production and sustained growth in services.

The pace is set to quicken further, with growth expected to reach 4.3 percent in 2026 and 4.4 percent in 2027. 

The World Bank’s latest outlook aligns with projections from other institutions. The International Monetary Fund in July forecast ’s economy to grow 3.6 percent this year and 3.9 percent in 2026, while the Organization for Economic Cooperation and Development in September raised its 2026 estimate for the Kingdom to 3.9 percent, from 2.5 percent previously. 

“In , real GDP grew by 3.9 percent during the first half of 2025 and is forecast to grow by 3.2 percent for all of 2025. This is a major increase from the 2 percent growth rate of 2024 — driven by oil production expansion and strong non-oil sector growth, particularly for services,” said the World Bank in the latest report. 

Regional outlook 

Economic growth in the Middle East region is projected to expand by 2.8 percent this year, 0.2 percentage points higher than the forecast made in April. 

Across the Gulf Cooperation Council region, overall growth is expected to reach 3.5 percent in 2025, 0.3 percentage points higher than the previous estimate. The bloc’s economy is projected to expand by 4.4 percent in 2026 and 4.7 percent in 2027. 

The World Bank noted that GCC countries will benefit from the gradual phasing out of voluntary oil production cuts and continued growth in non-oil industries. 

“Oil-importing countries are also expected to see economic improvements, thanks to private spending and investments as well as a rebound in agriculture and tourism,” the report added. 

In September, ’s Ministry of Tourism announced that the Saudi Summer program welcomed more than 32 million domestic and international tourists, up 26 percent from the 2024 season. Tourist spending reached SR53.2 billion ($14.2 billion), marking a 15 percent year-on-year increase. 
 
The report also projected the UAE’s GDP to grow by 4.8 percent this year, accelerating to 5 percent in 2026 and 5.1 percent in 2027.

Qatar’s economy is forecast to expand by 2.8 percent in 2025, while Bahrain and Kuwait are expected to grow 3.5 percent and 2.3 percent, respectively. Oman’s GDP is set to rise 3.1 percent in 2025 and 3.6 percent in 2026. 

is also expected to maintain a healthy inflation rate of 2.3 percent in 2025 and 2.2 percent in 2026. Inflation in the wider Middle East and North Africa region is projected to remain contained at 2.3 percent in both years. 

Labor market and reforms 

The World Bank emphasized that countries in the MENAAP region could enhance living standards by tapping into the full potential of their workforce, particularly through greater female labor force participation. 

has made notable strides in this area, steadily diversifying its workforce. In October 2024, Finance Minister Mohammed Al-Jadaan said the Kingdom aims to achieve 40 percent female workforce participation by the end of the decade, having already surpassed its Vision 2030 target of 30 percent. 

The report noted that has recorded one of the world’s fastest gains in women’s workforce participation, rising nearly 14 percentage points between 2017 and 2023. 

“The surge was evident across all age groups, and gains were especially pronounced among groups of women who historically had low participation and represented a small share of the labor force,” the World Bank noted.