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 index ends lower at 10,833

Closing Bell: Saudi main index ends lower at 10,833
Updated 03 August 2025

Closing Bell: Saudi main index ends lower at 10,833

Closing Bell: Saudi main index ends lower at 10,833
  • Parallel market Nomu fell 0.63% to close at 26,755.84
  • MSCI Tadawul Index lost 0.79% to end at 1,398.65

RIYADH: ’s Tadawul All Share Index slipped on Sunday, falling 87.17 points, or 0.80 percent, to close at 10,833.10.

The total trading turnover of the benchmark index stood at SR3.39 billion ($904 million), with 62 stocks advancing and 187 declining.

The Kingdom’s parallel market Nomu fell 169.14 points, or 0.63 percent, to close at 26,755.84, as 30 stocks advanced while 50 retreated.

The MSCI Tadawul Index also dropped, losing 11.09 points, or 0.79 percent, to end at 1,398.65.

The best-performing stock of the day was Sport Clubs Co., whose share price rose 9.96 percent to SR12.37.

Other top performers included Thimar Development Holding Co., which increased 6.67 percent to SR38.68, and Nama Chemicals Co., which gained 5.72 percent to SR26.24.

Saudi Aramco Base Oil Co., or Luberef, recorded the most significant decline, dropping 9.96 percent to SR94.00.

Jabal Omar Development Co. saw its share price fall 5.39 percent to SR18.96, while Dar Alarkan Real Estate Development Co. declined 4.35 percent to SR18.27.

On the announcements front, Saudi Basic Industries Corp. reported its interim financial results for the period ending June 30. According to a Tadawul statement, the company recorded a net loss of SR5.28 billion during the first six months of the year, compared to a net profit of SR2.43 billion in the same period a year earlier. 

The decline was primarily due to impairment charges, provisions, a strategic restructuring initiative, lower results from associates and non-integral joint ventures, and a zakat expense of SR694 million in 2025 versus a positive non-cash benefit of SR214 million in 2024.

SABIC also announced the board of directors’ recommendation to distribute SR4.5 billion in cash dividends to shareholders for the first half of 2025. A bourse filing revealed that the total number of shares eligible for dividends amounted to 3 billion, with a dividend per share of SR1.5, representing 15 percent of the share’s par value.

SABIC’s share closed the session at SR54.45, down 1.19 percent.

Luberef released its interim financial results for the first half of the year. According to a Tadawul statement, the company posted a net profit of SR446 million, down 13.2 percent year-on-year, mainly due to lower crack margins for by-products and a decline in base oil sales volumes, despite an improvement in base oil crack margins.

The company also announced the board’s recommendation to distribute SR168 million in cash dividends for the first half of 2025.
A bourse filing said the number of shares eligible for dividends was 168 million, with a dividend per share of SR1, equivalent to 10 percent of the share’s par value.


opens August ‘Sah’ savings sukuk window with 4.97% return

 opens August ‘Sah’ savings sukuk window with 4.97% return
Updated 03 August 2025

opens August ‘Sah’ savings sukuk window with 4.97% return

 opens August ‘Sah’ savings sukuk window with 4.97% return
  • Subscription for issuance will remain available until Aug. 5
  • Minimum subscription amount set at SR1,000, with maximum cap of SR200,000

RIYADH: has announced the opening of the August subscription window for its government-backed savings sukuk, offering an annual return of 4.97 percent, marking an increase from July’s 4.88 percent. 

The “Sah” sukuk is part of the 2025 issuance calendar overseen by the National Debt Management Center under the Ministry of Finance. 

The initiative is aligned with the Financial Sector Development Program, a key pillar of Vision 2030, which aims to elevate the national savings rate from 6 percent to 10 percent by the end of the decade. 

Subscription for the issuance opened at 10 a.m. Saudi time on Aug. 3 and will remain available until 3 p.m. on Aug. 5. The sukuk remains Shariah-compliant, denominated in Saudi riyals, and structured with a one-year maturity, offering fixed returns upon redemption. 

The minimum subscription amount is set at SR1,000 ($266.58), with a maximum cap of SR200,000 per investor. 

Individual investors aged 18 and above can participate through approved digital channels, including SNB Capital, Aljazira Capital, Alinma Investment, SAB Invest, and Al-Rajhi Capital. 

As the Kingdom’s first retail-oriented, government-backed savings instrument, “Sah” is designed to enhance personal financial planning and encourage disciplined savings habits among individuals. 

The product offers several features to make savings accessible, including zero subscription fees, a simplified digital onboarding process, and flexibility in redemption, allowing subscribers to withdraw their funds during specified windows without penalties on the principal amount. 

The sukuk is issued in the form of lease-based structures, ensuring compliance with Shariah principles, and does not qualify as a tradable security on the Saudi financial market. 

The NDMC said the return rate for each issuance is determined based on prevailing market conditions, which may vary month to month. 

“Sah” sukuk are considered low-risk, government-guaranteed instruments, contributing to the Kingdom’s broader strategy of expanding the range of domestic savings products available to individuals. 

The NDMC said the sukuk supports the development of a more robust savings culture while fostering collaboration between public institutions and private financial entities. 


OPEC+ to raise oil output by 547,000 bpd in September

OPEC+ to raise oil output by 547,000 bpd in September
Updated 03 August 2025

OPEC+ to raise oil output by 547,000 bpd in September

OPEC+ to raise oil output by 547,000 bpd in September
  • Group said gradual phase-out of voluntary production cuts could be paused or reversed
  • It ensures alliance’s ability to respond swiftly and maintain balance in global oil markets

RIYADH: The OPEC+ alliance has agreed to increase oil production by 547,000 barrels per day in September, citing improved global economic prospects and stable market fundamentals.

In a statement issued on Sunday, the group emphasized its continued flexibility, noting that the gradual phase-out of voluntary production cuts could be paused or reversed depending on evolving market conditions.

This approach, it said, ensures the alliance’s ability to respond swiftly and maintain balance in global oil markets.

The decision marks the final stage of a phased reversal of the 2.2 million bpd voluntary production cuts implemented by eight OPEC+ members in 2023, a move initially aimed at stabilizing prices amid economic uncertainty.

“The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation,” the statement read.

The producers also reaffirmed their commitment to full compliance with the group’s Declaration of Cooperation, and said that the Joint Ministerial Monitoring Committee would continue to supervise the voluntary adjustments, as agreed during its 53rd meeting on April 3, 2024.

The alliance had earlier approved smaller monthly increases—138,000 bpd in April, and 411,000 bpd each for May, June and July. In July, it announced a larger-than-expected increase of 548,000 bpd for August.

The latest hike will bring ’s output to 9.97 million barrels per day in September. Russia is set to produce 9.44 million bpd, Iraq 4.22 million, and the UAE 3.37 million. Production levels for Kuwait, Kazakhstan, Algeria, and Oman are projected at 2.54 million, 1.55 million, 959,000 and 801,000 bpd, respectively.

OPEC+ also said it would continue holding monthly meetings to review market conditions, compliance, and compensation, with the next gathering scheduled for Sept. 7.

In a speech at the St. Petersburg International Economic Forum in June, Saudi Energy Minister Prince Abdulaziz bin Salman described OPEC+ as the “central bank” of the global oil market, highlighting the alliance’s stabilizing role amid ongoing economic volatility.


GCC’s constant GDP grows 3.3% to $456.3bn in Q4 2024

GCC’s constant GDP grows 3.3% to $456.3bn in Q4 2024
Updated 03 August 2025

GCC’s constant GDP grows 3.3% to $456.3bn in Q4 2024

GCC’s constant GDP grows 3.3% to $456.3bn in Q4 2024
  • Non‑oil activities accounted for% of region’s GDP at constant prices
  • Oil activities contributed 29.4%

RIYADH: The gross domestic product of Gulf Cooperation Council countries rose 3.3 percent at constant prices to $456.3 billion by the end of 2024, according to a new report.

Non‑oil activities accounted for 70.6 percent of the region’s GDP at constant prices in the final quarter, while oil activities contributed 29.4 percent, Oman News Agency reported, citing the Gulf Statistical Center.

“The contribution of non‑oil activities to the GCC GDP at constant prices reached 70.6 percent by the end of the fourth quarter of 2024,” ONA said.

The GDP growth aligns with broader trends across the Gulf, where nominal GDP reached $587.8 billion, growing 1.5  percent year on year, with non-oil sectors contributing 77.9  percent of the total growth.

Qatar recorded the highest real GDP increase at 4.5  percent, followed by the UAE at 3.6  percent, and at 2.8  percent, highlighting non-oil expansion as the main driver across the bloc.

Real GDP across the GCC rose 2.4 percent, with non‑oil GDP expanding by 3.7 percent and oil GDP contracting by 0.9 percent due to voluntary OPEC+ production cuts.

Non‑oil sectors such as manufacturing, wholesale and retail trade, construction, finance, real estate, and public administration collectively underpinned this growth, with manufacturing alone contributing 12.5 percent and retail trade nearly 9.9 percent of nominal GDP.

’s economy grew 1.3 percent, with fourth‑quarter real growth of 4.4 percent compared to the same period in 2023. Non‑oil activities grew 4.6 percent, outpacing a 4.5 percent contraction in oil output as government spending increased by 2.6 percent, Reuters reported.

Strategic programs like the National Industrial Development and Logistics Program contributed SR986 billion ($262.8 billion) to non‑oil GDP in 2024, representing 39  percent of the nation’s non‑oil output, with overall non‑oil activities accounting for 55  percent of total GDP.

The GCC’s pivot away from hydrocarbon dependence is supported by major investments in tourism, logistics, manufacturing, and finance, combined with regulatory reforms and infrastructure expansion.

National reforms such as Saudi Vision 2030, the UAE’s Economic Vision, Qatar’s National Vision 2030, and Oman’s Vision 2040 are all central to this shift.


Azerbaijan to export 1.2bn cubic meters of gas to Syria annually via Turkiye 

Azerbaijan to export 1.2bn cubic meters of gas to Syria annually via Turkiye 
Updated 03 August 2025

Azerbaijan to export 1.2bn cubic meters of gas to Syria annually via Turkiye 

Azerbaijan to export 1.2bn cubic meters of gas to Syria annually via Turkiye 
  • Syrian energy minister said new gas supply will boost electricity generation by about 750 megawatts
  • Turkish counterpart said deal targets initial daily deliveries of 6 million cubic meters

RIYADH: Azerbaijan will export 1.2 billion cubic meters of natural gas annually to Syria through Turkiye, marking a significant shift in regional energy cooperation and highlighting Ankara’s growing involvement in Syrian reconstruction.

The gas will be sourced from the Shah Deniz field in the Caspian Sea, operated by a BP-led consortium, and transported through a pipeline linking Turkiye and Syria, according to SOCAR Vice President Elshad Nasirov. He made the remarks during a ceremony in Kilis, a Turkish city near the Syrian border.

The export deal follows agreements earlier this year between Azerbaijan President Ilham Aliyev and Syrian President Ahmad Al-Sharaa, Azerbaijan’s Economy Minister Mikayil Jabbarov said, as reported by Reuters.

The development comes as Turkiye moves to normalize ties with the Damascus government, pivoting from its previous support for opposition groups. Turkish companies in construction, logistics, and manufacturing are expected to play a leading role in rebuilding Syria, where damage estimates top $1 trillion, according to the UN.

“With this agreement, Azerbaijan proves it can supply gas not only westward, but also to the East and South,” Nasirov said.

Syrian Energy Minister Mohammad Al-Bashir said the new gas supply will boost electricity generation by about 750 megawatts, providing an additional four hours of daily electricity in several war-affected areas.

Turkish Energy Minister Alparslan Bayraktar said the deal targets initial daily deliveries of 6 million cubic meters, aligning with the 1.2 bcm annual goal. He added the first phase could expand to 2 bcm per year, enough to restart Syrian power plants with a total capacity of 1,200 MW.

However, Al-Bashir noted the initial phase will begin with 3.4 million cubic meters per day, with gradual increases. He emphasized the gas would directly support energy restoration in the country’s most devastated regions.

In a joint press conference in May, Bayraktar said the agreement could eventually power up to 1,300 MW of electricity generation.