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. 
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

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

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, 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.  

’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 ’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, 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 ’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  

’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 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. 


Closing Bell: Saudi main market opens week in green at 11,528 

Closing Bell: Saudi main market opens week in green at 11,528 
Updated 05 October 2025

Closing Bell: Saudi main market opens week in green at 11,528 

Closing Bell: Saudi main market opens week in green at 11,528 

RIYADH: The Saudi Exchange ended Sunday’s session higher, with the Tadawul All Share Index rising 0.29 percent to close at 11,528.59 points, gaining 32.87 points.  

Total trading volume reached 248.78 million shares, with a turnover of SR4.30 billion ($1.15 billion). Market breadth was positive, with 176 gainers against 79 decliners.  

The MSCI Tadawul 30 Index edged up 0.15 percent to 1,501.95 points, while the parallel market Nomu increased 0.67 percent to close at 25,475.72 points.  

Obeikan Glass Co. led the gainers, climbing 7.72 percent to SR36.00. National Shipping Co. of followed with a 5.66 percent rise to SR29.86, while Sport Clubs Co. gained 5.17 percent to SR11.19.   

Al Khaleej Training and Education Co. added 5.06 percent to SR27.84, and Amlak International for Real Estate Finance Co. rose 4.75 percent to SR12.79.  

Among the day’s top decliners, Sumou Real Estate Co. dropped 2.58 percent to SR39.20, and Northern Region Cement Co. slipped 2.18 percent to SR8.06.   

Saudi Reinsurance Co. fell 2.01 percent to SR47.74, Naseej International Trading Co. was down 2.00 percent to SR88, and Derayah Financial Co. decreased 1.76 percent to SR30.20.  

On the announcements front, Shmoh AlMadi Co. said its board of directors approved the distribution of cash dividends amounting to SR4.7 million for the first half of the 2025 fiscal year.  

The dividend represents SR0.50 per share, or 10 percent of the share’s nominal value. Eligibility will be for shareholders owning shares at the end of trading on Oct. 12, with distribution scheduled for Oct. 22 through the Securities Depository Center Co.   

The company’s shares closed at SR13.20, rising 9.73 percent.  

Meanwhile, Atlas Elevators General Trading and Contracting Co. announced its board of directors approved cash dividends totaling SR2.9 million for the first half of fiscal year 2025.   

The payout amounts to SR0.50 per share, or 8.47 percent of the share’s nominal value. Eligible shareholders are those registered at the end of trading on Oct. 9, with distribution starting Oct. 21 via Edaa.  

Atlas Elevators shares ended at SR16.75, down 0.30 percent. 


to serve as regional HQ for fintech growth, says Paymentology CEO 

 to serve as regional HQ for fintech growth, says Paymentology CEO 
Updated 05 October 2025

to serve as regional HQ for fintech growth, says Paymentology CEO 

 to serve as regional HQ for fintech growth, says Paymentology CEO 

RIYADH: is emerging as a key fintech hub in the Middle East, prompting the UK-based card issuing and payment processing firm Paymentology to formalize its operations in Riyadh.  

The company plans to designate its Saudi office as its regional headquarters, CEO Jeff Parker said. 

Speaking to Asharq at the Money20/20 Middle East conference in September, Parker said the move reflects Paymentology’s long-term commitment to the Kingdom. The company has obtained commercial registration in Riyadh to expand its on-the-ground presence. 

has set ambitious fintech targets under its Vision 2030 agenda, aiming to increase the share of cashless transactions to 70 percent by 2025.  

The Kingdom’s payments landscape is undergoing rapid transformation, with the Saudi Central Bank, also known as SAMA, reporting that electronic payments accounted for 79 percent of total retail transactions in 2024, up from 70 percent in 2023. 

“We have been active in for about four years. But to cement and take advantage of the opportunity, we need a physical presence. So, very excited to say that we have registered now as a Saudi company,” Parker said. 

He added that the Saudi market is evolving and clearly digitalizing rapidly. “The trend toward digitalization and financial inclusion is really going to continue,” he said, noting that the company considers its regional headquarters. He said the next step is to start building a team and that Paymentology wants to hire a leader for the region. 

Parker also highlighted Paymentology’s confidence in its growth prospects in the Kingdom, citing the opportunities in the fintech sector and the country’s growing population. 

During the event, Paymentology signed a memorandum of understanding with Saudi-based remittance and digital payments provider Enjaz. 

“We signed a strategic partnership with Enjaaz. We think that is a great opportunity for us, very much aligned with Vision 2030 and providing financial inclusion for the region,” said Parker.  

In a separate statement, Bassam AlEidy, CEO of Enjaz, said the collaboration represents “a major step in shaping the future of payments in , delivering innovation that is inclusive, dynamic, and tailored to the needs of our market.” 

He added: “At Enjaz, our focus has always been on giving our customers speed, convenience, and security, whether they are transferring money abroad or making everyday payments. By collaborating with Paymentology, we can now extend our card services that expand choice and enhance financial freedom.” 


Oman’s GDP grows 0.6% in Q2 as non-oil sectors offset oil decline  

Oman’s GDP grows 0.6% in Q2 as non-oil sectors offset oil decline  
Updated 05 October 2025

Oman’s GDP grows 0.6% in Q2 as non-oil sectors offset oil decline  

Oman’s GDP grows 0.6% in Q2 as non-oil sectors offset oil decline  

RIYADH: Oman’s gross domestic product at current prices grew by 0.6 percent in the second quarter of 2025, reaching 10.17 billion Omani rials ($26.4 billion) compared to 10.10 billion rials during the same period in 2024.

According to preliminary data released by the National Centre for Statistics and Information, this growth was largely driven by a 4 percent increase in non-oil activities, which rose to 7.05 billion rials from 6.78 billion a year earlier.  

At constant prices, Oman’s economy showed firmer underlying momentum. GDP at constant prices reached 9.4 billion rials, a 2.1 percent increase, with total non-petroleum activities up 4.1 percent year on year and petroleum activities edging higher by 0.5 percent.  

The economic expansion was supported by robust performance in the services sector, which climbed 7 percent to 4.85 billion rials, and in agriculture and fisheries, which saw a 9.8 percent increase to 310.3 million rials.

This modest GDP growth aligns with the continued expansion of Oman’s Islamic finance sector. According to the Central Bank of Oman, total assets of Islamic banks and windows reached 9.1 billion rials by the end of July, accounting for 19.7 percent of the total banking sector assets and marking a 16.8 percent increase compared to the same period last year.   

Financing provided by Islamic institutions rose by 12.5 percent to 7.2 billion rials, with deposits also growing by 16.1 percent to 7.2 billion rials, reflecting strong liquidity and lending activity in the sector.  

In terms of the GDP performance, the decline in oil activities was offset by a significant surge in natural gas output, which recorded a 40.7 percent increase in added value, reaching 803.6 million rials in the second quarter of the year compared to 570.9 million rials in the same quarter of 2024. 


Kuwait, Qatar non-oil economies expand as Egypt’s private sector contracts: S&P Global 

Kuwait, Qatar non-oil economies expand as Egypt’s private sector contracts: S&P Global 
Updated 05 October 2025

Kuwait, Qatar non-oil economies expand as Egypt’s private sector contracts: S&P Global 

Kuwait, Qatar non-oil economies expand as Egypt’s private sector contracts: S&P Global 

RIYADH: The non-oil private sectors of Kuwait and Qatar continued to expand in September, though at a softer pace, while Egypt saw business conditions weaken amid a sharper fall in new orders, an economy tracker showed. 

According to S&P Global’s latest Purchasing Managers’ Index survey, Kuwait’s PMI eased to 52.2 from 53 in August, and Qatar’s headline reading slipped to 51.5 from 51.9, both remaining comfortably above the neutral 50 mark that separates growth from contraction.  

Egypt’s PMI, however, declined to 48.8 from 49.2, signaling a renewed deterioration in non-oil activity. 

The steady momentum in Kuwait’s non-oil business activity mirrors the broader trend across the Gulf Cooperation Council, where economies are pushing to diversify and reduce reliance on oil revenues. 

The report noted that Kuwait’s non-oil private sector remained in expansionary territory as the third quarter drew to a close, though growth showed signs of softening. 

“Although there were further signs of a growth slowdown in Kuwait’s non-oil private sector in September, rates of expansion remained solid, so there is little cause for alarm at this stage,” said Andrew Harker, economics director at S&P Global Market Intelligence.  

He added: “Indeed, firms remain confident that their pipeline of work will be sufficient to keep output rising over the coming year.”  

Companies reporting higher orders attributed the growth to promotional efforts and competitive pricing strategies, while advertising helped secure new business. 

Driven by cost considerations, firms increased staffing only marginally in September despite growing output requirements. As a result, outstanding business accumulated for the twelfth consecutive month, at the same pace as in August. 

“Nevertheless, the slowdown in growth is unlikely to improve the hiring situation, with firms remaining reluctant to commit to material increases in employment despite a sustained build-up of outstanding business,” said Harker.  

Looking ahead, non-oil firms in Kuwait expressed optimism supported by competitive pricing, new product development, and strong customer service. 

Qatar maintains steady growth 

Qatar’s non-energy sector posted a sustained improvement in business conditions in September, rounding off its strongest quarter of 2025 so far. 

The country’s PMI edged down slightly to 51.5 from 51.9 in August, indicating moderate growth, according to S&P Global. 

“Qatar’s non-energy private sector continued to report an overall improvement in business conditions in September. Moreover, the headline PMI trended at 51.6 over the third quarter as a whole, signalling a slightly stronger performance than 51.1 in the first quarter and 51.2 in the second quarter of 2025,” said Trevor Balchin, economics director at S&P Global Market Intelligence.  

The rate of job creation among Qatari non-energy firms eased in September compared to August but remained among the strongest in the survey’s history, as companies continued hiring to meet workloads and boost capacity. 

S&P Global added that output in Qatar’s non-energy private sector rose in September, marking the fourth expansion in the past six months. 

“The overall improvement in business conditions was underpinned by growth of employment, output and inventories in September, while lower new orders and shorter suppliers’ delivery times weighed on the headline figure,” said Balchin. 

Firms continued to raise wages strongly in September, with inflation remaining among the highest in the survey’s history. 

Looking ahead, business confidence among non-oil firms was supported by expectations of growth in the real estate sector, increased demand from a rising expatriate population, marketing drives, and ongoing investment and development activity. 

Egypt loses momentum 

In Egypt, the PMI fell to a three-month low of 48.8 in September from 49.2 in August, as incoming new orders dropped at the fastest pace in five months. 

S&P Global noted that while operating conditions in Egypt’s non-oil private sector continued to worsen, the overall downturn was modest, helped by easing input cost pressures. 

“The latest survey data pointed to a further decline in operating conditions across Egypt’s non-oil economy; however, the downturn remained less steep than the survey trend and modest overall,” said David Owen, senior economist at S&P Global Market Intelligence.  

He added: “Although companies are struggling to gain new work amid challenging market conditions as a whole, they can take some comfort from a softening of input cost pressures, driven by the pound’s strengthening against the US dollar over recent months.”  

Survey panellists attributed the drop in sales and new orders to subdued economic conditions, higher prices, and rising wage pressures. 

The reduction in sales coincided with stalled employment growth and weaker business confidence, with nearly all surveyed firms reporting no change in their workforce in September. 

Prices charged by non-oil businesses rose for the fifth consecutive month, although the pace of inflation eased slightly from August. 

“The pace of inflation was moderate but eased slightly from August. Price rises were mainly carried out in order to pass higher costs through to customers, according to respondents,” said S&P Global.  


opens October ‘Sah’ Sukuk offering 4.83% return 

 opens October ‘Sah’ Sukuk offering 4.83% return 
Updated 05 October 2025

opens October ‘Sah’ Sukuk offering 4.83% return 

 opens October ‘Sah’ Sukuk offering 4.83% return 

JEDDAH: has opened subscriptions for its October issuance of the government-backed “Sah” savings sukuk, offering investors an annual return of 4.83 percent, slightly lower than the 4.88 percent offered in September. 

The subscription window runs from 10 a.m. on Oct. 5 to 3 p.m. on Oct. 7, according to the National Debt Management Center. Allocation is scheduled for Oct. 14, while redemption will take place between Oct. 19 and 21, with payments disbursed on Oct. 26. 

The sukuk initiative is part of the 2025 issuance calendar managed by the Ministry of Finance’s National Debt Management Center and is designed to strengthen the domestic savings market and broaden financial inclusion. 

Launched under the Financial Sector Development Program — a core element of Vision 2030 — Sah aims to raise the national savings rate to 10 percent by 2030, up from about 6 percent currently. The initiative reflects the Kingdom’s ongoing efforts to provide Shariah-compliant investment opportunities for individual investors. 

With a minimum subscription of SR1,000 ($266) and a maximum of SR200,000 per individual, the offering forms part of the NDMC’s strategy to expand the domestic sukuk program, enhance financial inclusion, and diversify investment opportunities for the public. 

The sukuk, denominated in Saudi riyals, carries a one-year maturity and offers fixed returns paid at redemption. Subscriptions are available exclusively to Saudi nationals aged 18 and above through approved investment platforms, including SNB Capital, Aljazira Capital, Alinma Investment, SAB Invest, and Al-Rajhi Capital. 

In mid-September, the NDMC announced the completion of investor subscriptions for that month’s issuance, with a total allocation of SR8.036 billion. 

According to a statement from the center at that time, the issuance was divided into five tranches: the first tranche amounted to SR1.240 billion maturing in 2027. The second tranche totaled SR1.053 billion with a maturity in 2029, while the third amounted to SR795 million and will mature in 2032. 

The fourth tranche totaled SR1.271 billion and will mature in 2036, and the fifth tranche amounted to SR3.677 billion with maturity in 2039. 

Unlike conventional bonds, the sukuk’s returns are structured to comply with Shariah principles. Designed as a secure, low-risk savings instrument, it carries no fees and offers easy redemption, with returns aligned to prevailing market benchmarks.