establishes ‘Friends of the Chair’ group to advance COP16 outcomes

Osama Faqeeha, Saudi deputy minister of environment and adviser to the COP16 presidency, announced the formation of the group.
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Updated 02 December 2024

establishes ‘Friends of the Chair’ group to advance COP16 outcomes

 establishes ‘Friends of the Chair’ group to advance COP16 outcomes

RIYADH: aims to secure concrete outcomes from COP16 by establishing a “Friends of the Chair” group tasked with drafting the Riyadh Policy Declaration, a key outcome document of the conference.

Osama Faqeeha, Saudi deputy minister of environment and adviser to the COP16 presidency, announced the formation of the group, emphasizing its role in shaping the conference’s ministerial declaration.

“The Friends of the Chair group will be facilitatedby a group representing the COP presidency, and a report on the outcomes of its work will be submitted directly to me in my capacityas president,” Faqeeha said.

This initiative underscores ’s commitment to ensuring collaborative and actionable results from the conference.

A Friends of the Chair group is an informal working body established during international conferences to assist in drafting key outcome documents or resolving complex issues. It is composed of representatives selected to support the conference presidency’s objectives.

Gender equality and sustainable land management were among the major themes discussed at COP16.

Hungary’s representative highlighted the critical importance of women in addressing challenges like desertification, land degradation, and drought, commending COP16 for its gender-focused initiatives.

“We particularly welcome the efforts made by the UNCCD secretariat and the global mechanism to promote gender equality and empowerment of all women in the implementation of the convention, considering the crucial role of women in reaching these objectives,” the Hungarian representative said.

Hungary’s remarks were part of broader discussions on pressing global issues, including drought resilience, sand and dust storms, and sustainable land use.

These conversations reflected a growing international consensus on the need for gender-inclusive approaches to climate resilience and sustainability.

Azerbaijan also contributed to the dialogue, emphasizing the importance of sustainable land management in achieving global climate and biodiversity targets, particularly those under the UN Sustainable Development Goal 15.

“SDG 15, target three, which aims to strive toward land degradation neutrality by 2030, is a driving force for many countries to strengthen policies for sustainable land management,” the representative said.

Azerbaijan further called for expanding the scope of the UNCCD to include all terrestrial ecosystems beyond the current focus on arid and semi-arid regions.

“We encourage UNCCD to take further actions to consider the full range of terrestrial ecosystems for the UNCCD to be fully recognizedas a global document,” the representative added.

They also highlighted priorities like drought preparedness, wildfire management, and public-private partnerships to advance regional cooperation and sustainability.

Running from Dec. 2 to 13, the first few days of COP16 are set to see a number of high-profile summits, ministerial dialogues, and announcements to address the pressing challenges associated with land degradation, degradation and drought.

French President Emmanuel Macron is expected to be among the attendees, as is the President of the World Bank Ajay Banga.


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.