World leaders take centerstage in high-level COP28 event

Update World leaders take centerstage in high-level COP28 event
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Participating world leaders and delegates pose for a family photo during the COP28 United Nations climate summit in Dubai on Dec. 1, 2023. (Handout via Reuters)
Update World leaders take centerstage in high-level COP28 event
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The COP28 conference notched an early victory on Thursday with the launch of a long-awaited fund to address growing loss and damage from natural disasters. (AFP)
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Updated 02 December 2023
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World leaders take centerstage in high-level COP28 event

World leaders take centerstage in high-level COP28 event
  • UAE ruler announces the establishment of a $30 billion fund for global climate solutions

DUBAI: More than 130 world leaders take centerstage as they address the United Nations climate conference in Dubai over the next two days to deliver national statements.

The high-level segment of COP28 would hear from heads of states and governments, including UAE President Sheikh Mohamed Bin Zayed Al-Nahyan, Egyptian President Abdel Fattah El-Sisi, Jordan’s King Abdullah, Qatar’s ruler Sheikh Tamim bin Hamad Al-Thani and Turkish President Recep Tayyip Erdogan.

READ MORE: Click here for our coverage of COP28

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1305 GMT




Recep Tayyip Erdogan, President of Turkiye, speaks during a plenary session at the COP28 UN Climate Summit on Dec. 1, 2023. (AP)

“When it comes to combating climate change, even though our historical responsibility of global greenhouse emissions is less than 1 percent, we’re taking significant steps with our own means,” Recep Tayyip Erdogan, President of Turkiye, said in his speech.

“We plan to reach the net zero emissions target by the year 2053, we have doubled our emission reduction target for the year 2030.”

“Within this scope, by the end of this year, we expect to have mitigated 66.6 million tons of equivalent carbon dioxide,” he added.

“The share of renewables in our installed power generation capacity has been increased up to 55 percent. With this rate, Turkiye currently ranks the fifth in Europe and the twelfth in the world in terms of installed renewable energy capacity.”

“In regard to geothermal energy capacity we are ranked the first in Europe and fourth in the world. And when it comes to hydropower, Turkiye ranks the second the Europe and ninth in the world.”

1238 GMT




Santiago Peña Palacios, President of Paraguay.

“In my country Paraguay, all energy is clean. 100 percent is clean and renewable,” according to Santiago Peña Palacios, President of Paraguay.

1230 GMT




to Kassym-Jomart Tokayev, President of Kazakhstan.

“We were the first country in the region to have ratified the Paris Agreement and adopted a carbon neutrality strategy by 2060,” according to Kassym-Jomart Tokayev, President of Kazakhstan.

“The resulting new environmental code of Kazakhstan will drive comprehensive adaptation of green technology in almost every sector in our economy.”

“There is extraordinary potential for wind and solar power in my country as well as green hydrogen. We will continue to work closely with our partners to unlock it,” he said.

“As the world’s leading exporter of uranium, providing 43 percent of global supply, Kazakhstan plays a crucial role in carbon free electricity generation on a global scale. As the world decarbonizes in the coming decades, critical minerals including rare earth metals will become indispensable, Kazakhstan is poised to become a major supplier of these transition minerals.”

“To build a momentum on climate action in central Asia, we decided to convene a regional climate summit in Kazakhstan in 2026 under the United Nations’ auspices.”

1218 GMT




Mohamed Cheikh El-Ghazouani, President of Mauritania.

“Climate change today is a battle for all of us, we either all win or all lose,” Mohamed Cheikh El-Ghazouani, President of Mauritania, said.

“It is clear to all, that this solidarity is still not to the required level, it is therefore essential to improve finance for environmental transformation and to provide support to developing countries without adding to their debt.”

1211 GMT




Denis Sassou Nguesso, President of Congo.

“I take this opportunity to reiterate the Republic of Congo’s steadfast commitment and determination to play an active role in the global effort to combat climate change,” Denis Sassou Nguesso, President of Congo, meanwhile said.

1205 GMT




Umaro Sissoco Embalo, President of Guinea-Bissau.

“Our coastal communities face rising sea levels and their harvests are impacted by increasingly unpredictable weather patterns and we face a loss of biodiversity,” according to Umaro Sissoco Embalo, President of Guinea-Bissau.

1202 GMT




Emmerson Dambudzo Mnangagwa, President of Zimbabwe

“We are offering diverse opportunities for carbon trading in the energy sector though investment in solar, wind, and geothermal power generation,” Emmerson Dambudzo Mnangagwa, President of Zimbabwe, pitched in his speech.

1159 GMT




Gitanas Nausėda, President of Lithuania.

“At first, Lithuania made a strategic decision to seek energy independence. We have built our own LNG terminal which decreased prices and turned Lithuania into a regional gas hub,” Gitanas Nausėda, President of Lithuania, said in his speech.

1156 GMT




Samia Suluhu Hassan, President of Tanzania.

“At this COP28, we seek to mobilize the pot to increase the use of clean and affordable cooking fuel and technologies across Africa, especially for women,” Samia Suluhu Hassan, President of Tanzania, said at the High-Level Segment for Heads of State and Government session at the United Nations climate summit.

1150 GMT




Ursula von der Leyen, President of the European Commission.

“Last September, at the climate action summit in New York, we called for concrete action. Now in Dubai we have to deliver,” Ursula von der Leyen, President of the European Commission, told the High-Level Segment for Heads of State and Government session at the United Nations climate summit.

“The European Union has peaked already, we have reduced emissions and we are on track to overshoot our target for 2030.”

1137 GMT




Sheikh Mansour bin Zayed Al-Nahyan, Vice President and Deputy Prime Minister of the UAE. (Abdulrahman Fahad Bin shulhub/AN)

“We work today for tomorrow, and we cooperate for the generations of the future,” Sheikh Mansour bin Zayed Al-Nahyan, Vice President and Deputy Prime Minister of the UAE, said in his speech.

“We were the first to pledge to achieve carbon neutrality by 2050. We have allocated $163 billion for expansion of renewables and to transition towards renewable energies,” he added.

1130 GMT




Shavkat Mirziyoyev, President of Uzbekistan, at the High-Level Segment for Heads of State and Government session at the United Nations climate summit on Dec. 1, 2023.

“We commend the global initiative of the UAE in combating climate change and its significant contribution to green development,” Shavkat Mirziyoyev, President of Uzbekistan, said in his speech.

“Transition to a green economy and achieving carbon neutrality are the key strategic objectives of new Uzbekistan… We intend to organize a conference in Uzbekistan in 2024, on the topic of climate migration” in cooperation with the United Nations.”

1116 GMT




Kenyan president William K. Ruto speaks during the High-Level Segment for Heads of State and Government session at the United Nations climate summit on Dec. 1, 2023.

“As we convene here in Dubai, we must appreciate that the presence of almost 200 nations speaks volume about the magnitude of this event and what it stands for,” according to Kenyan president William K. Ruto.

“The long-standing adversarial dynamic between global north and global south proves practically counterproductive. This division has hindered our ability to unite and leverage our collective strength, and robs us of tremendous opportunities. Yet, in the face of a threat that endangers the health of our planet, and our very existence, we must find in collective action a force that neutralizes and transcends these divisions. Climate change does not respect artificial distinctions, traditional boundaries or old antagonisms. Instead, it should unite us against a shared borderless challenge,” according to Ruto.

“Turning Africa into a green powerhouse is not just essential for the continent, it is also vital for global industrialization (and) decarbonization.”

1114 GMT




Sultan Hassanal Bolkiah of Brunei speaks during the High-Level Segment for Heads of State and Government session at the United Nations climate summit on Dec. 1, 2023. (AFP)

“Climate change has emerged as our generation’s most urgent challenge, threatening our existence,” according to Sultan Hassanal Bolkiah of Brunei.

“We aim to plant half a million trees by 2035, expanding our carbon think further,” the Brunei leader said.

1101 GMT




Jordan’s King Abdullah II speaks during a plenary session at the COP28 UN Climate Summit on Dec. 1, 2023. (Abdulrahman Fahad Bin shulhub/AN)

“This year’s conference of the parties must recognize even more than ever that we cannot talk about climate change in isolation from the humanitarian tragedies unfolding around us,” King Abdullah II of Jordan said in his speech.

“As we speak, the Palestinian people are facing an immediate threat to their lives and wellbeing. In Gaza over 1.7 million Palestinians have been displaced from their homes. Tens of thousands have been injured or killed in a region already on the front line of the climate change.”

“As we meet here today to talk about inclusivity in climate response, let’s be inclusive of the most vulnerable: Palestinian civilians impacted by the war on Gaza, populations around the world affected by conflict and poverty,” he added.

“In a region already on the front lines of climate change, the massive destruction of war makes these environmental threats of water scarcity and food insecurity even more severe,” he said, in a clear reference to fighting between Israel and Hamas militants in Gaza that resumed on Friday after a seven-day truce.

1055 GMT




Egypt’s President Abdel Fattah El-Sisi speaks during the high-level Segment session at the United Nations climate summit on Dec. 1, 2023. (Abdulrahman Fahad Bin shulhub/AN)

“COP28 is taking place amid dangerous and grave political challenges that are no less dangerous than climate change,” Egypt’s President Abdel Fattah El-Sisi said at high-level session at the United Nations climate summit.

“Egypt is well aware of the importance of reinforcing collective work to address the challenge of climate change and to guarantee eco -friendly development to preserve planet earth for coming generations.”

1041 GMT




Dennis Francis, president of the UN General Assembly, speaks during a plenary session at the COP28 UN Climate Summit on Dec. 1, 2023 in Dubai. (AP)

“The Paris agreement remains the best answer to the effects of the climate crisis,” according to Dennis Francis, President of the United Nations General Assembly.

“Progressive transformative action is needed now, to stabilize the atmospheric temperature and to insure sustainability of the planet and the human civilization,” he said during a plenary session at the COP28 UN Climate Summit.

“I am pleased to announce that I will convene the first ever general assembly sustainability week at UN headquarters in New York in April 2024.”

“This week will consolidate several high level already mandated events, promoting sustainability in transport, tourism and infrastructure sectors,” Francis added.

“We need to not only be risk informed but also resilient at every level and across all stakeholders, thus leaving no one behind.”

1032 GMT




Narendra Modi, India’s Prime minister speaks at the COP28 High-Level Segment National Statements event. (Reuters)

“Thanks to our collective efforts, today the world is convinced that for the welfare of humanity, everyone’s interest must be protected and everyone’s participation is essential,” Narendra Modi, India’s Prime minister, said at the COP28 High-Level Segment National Statements event.

“We have set targets to bring our emission intensity down to 45 percent by 2030, we have decided that we will increase the share on non-fossil fuel to 50 percent and we shall continue to move ahead in achieving our goal of net zero by 2070.”

“We have together recognized that there’s a need to take climate finance commitment from billions to several trillions. We do not have much time to correct the mistakes of the last century, over the past century a small section of humanity has indiscriminately exploited nature, however entire humanity is paying the price for this,” he said.

“Friends, we do not have much time to correct the mistakes of the last century. Over the past century, a small section of humanity has indiscriminately exploited nature. However, entire humanity is paying the price for this, especially people living in the global south.”

“We must resolve that every country shall fulfil the climate targets it is setting for itself and the commitments it is making.”

Modi also offered to host the UN’s COP33 climate conference in 2028. Speaking at COP28 talks in Dubai, Modi said every country must fulfil their climate targets and “work in unity.”

“Today the entire world is watching us. Mother Earth is looking toward us to protect her future. We have to succeed,” he said.

“From this platform today, I propose that India will host COP33 in 2028.”

Modi has sought to raise India’s profile on the world stage as leader of the planet’s most populous country, which hosted a G20 summit this year.

0920 GMT




President Luiz Inacio Lula da Silva of Brazil speaks during an opening ceremony at the COP28 UN Climate Summit on Dec. 1, 2023. (AP)

Luiz Inacio Lula da Silva of Brazil, home to most of the world’s biggest natural carbon-capture zone on land, the Amazon rainforest, said “the planet is tired of climate agreements that were not fulfilled” and he said he has had enough of “eloquent and empty speeches.”

“In the north of Brazil, the Amazon region suffers one of the most tragic droughts of its history. In the South, we are facing tempests and hurricanes that lead to a lot of destruction and death,” he said.

Lula, who a year earlier was treated like a rock star after his defeat of right-wing Jair Bolsanaro, called for climate justice for poorer nations that didn’t cause the problem and railed against $2 trillion spent on weapons last year when the money should be spent on fighting hunger and climate change, not wars.

He said Brazil will stop Amazon deforestation by 2030.

“No country will solve their problems alone. We are all obliged to act together beyond our borderlines. Brazil is willing to lead as a role model,” he said. “The world is already convinced of the potential of renewable sources of energy. Now is the time to face the debate about the slow-motion pace of the decarbonization of the planet, and to work towards an economy that will be less reliant on fossil fuel. We have to do it, and in a way that is urgent and fair.”

0850 GMT




King Charles III speaks during an opening ceremony at the COP28 UN Climate Summit on Dec. 1, 2023 in Dubai. (AP)

Britain’s King Charles III is praying that the UN’s COP28 climate talks will be a “critical turning point” in the fight against global warming, he told world leaders in Dubai on Friday.

“I pray with all my heart that COP28 will be another critical turning point toward genuine transformational action,” he told the World Climate Action Summit, held in parallel with COP28.

“We are seeing alarming tipping points being reached.”

“It worries me greatly that we remain so dreadfully far off track,” the King added, after the UN’s first official progress report in September found that the world remained dangerously off course.

“In your hands is an unmissable opportunity to keep our common hope alive,” said the British monarch, wearing a light suit with pink shirt and blue tie.

The lifelong environmentalist spoke at COP26 in Scotland in 2021 but did not attend the last conference in Egypt.

The British monarch also said that “unless we rapidly repair and restore nature’s unique economy, based on harmony and balance, which is our ultimate sustainer, our own economy and survivability will be imperiled.”

“I have seen across the commonwealth and beyond, countless communities which are unable to withstand repeated shocks triggered by climate change.”

0830 GMT




UN Secretary-General Antonio Guterres speaks at the opening ceremony of the high-level COP28 event in Dubai. (AP)

“We are miles from the goals of the Paris Agreement – and minutes to midnight for the 1.5°C limit. But it is not too late,” UN Secretary-General Antonio Guterres said in his speech.

“You can prevent planetary crash and burn. We have the technologies to avoid the worst of climate chaos, if we act now,” he said.

“The global shift to renewables is inevitable. The only question is how much heating our planet will endure before it happens,” Guterres added. “I urge countries to speed up their net zero timelines, to get there as close as possible to 2040 in developed countries and 2050 in emerging economies.”

“Climate chaos is fanning the flames of injustice,” Guterres said. “Global heating is busting budgets, ballooning food prices, upending energy markets, and feeding a cost-of-living crisis. Climate action can flip the switch.”

Guterres, a long-time critic of oil, gas and coal use that is causing climate change, fired his strongest shots yet against the industry, saying, “we cannot save a burning planet with a firehose of fossil fuels.”

In a direct contradiction to fossil fuel-aligned nations and even the presidency of the talks, he said the only way to limit warming to the goal set in 2015 requires eliminating oil, coal and gas use, saying “not reduce, not abate, phase out.”

“I urge governments to help industry make the right choice – by regulating, legislating, putting a fair price on carbon, ending fossil fuel subsidies, and adopting a windfall tax on profits.”

“Developed countries must show how they will double adaptation finance to $40 billion a year by 2025, as promised, and clarify how they deliver on the $100 billion, as promised,” Guterres said. “The climate challenge is not just another issue in your inbox. Protecting our climate is the world’s greatest test of leadership. I urge you to lead,” he added.

0815 GMT




UAE President Sheikh Mohamed Bin Zayed Al-Nahyan speaks during an opening ceremony at the COP28 UN Climate Summit on Dec. 1, 2023 in Dubai. (AP)

UAE President Sheikh Mohamed Bin Zayed Al-Nahyan said that the UAE has set a national goal to achieve net-zero emissions by 2050. He highlighted the country’s strong commitment to climate action, emphasizing decades of effort in diversifying the economy and advancing capabilities in renewables.

“The UAE is committed to a 40 percent reduction in emissions by 2030. To date, we have invested $100 billion in financing climate action, focusing on renewable and clean energy. We are also committed to investing approximately US$130 billion over the next seven years,” he said in his speech

“We are finding practical ways to accelerate the world’s transition to low-emission economy,” the UAE leader said, and noted that the lack of financing has long been one of the biggest obstacles to advancing climate action globally.

Sheikh Mohamed also announced the establishment of a $30 billion climate fund for global climate solutions.

The fund is designed to bridge climate finance gap and aims to stimulate $250 billion of investment by 2030, he said.

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Participating world leaders pose for a family picture at the COP28 United Nations climate summit in Dubai on Dec. 1, 2023. (AFP)
Participating world leaders pose for a family picture at the COP28 United Nations climate summit in Dubai on Dec. 1, 2023. (AFP)
Participating world leaders and delegates arrive for the COP28 United Nations climate summit in Dubai on Dec. 1, 2023. (Abdulrahman Fahad Bin shulhub/AN)
Participating world leaders and delegates arrive for the COP28 United Nations climate summit in Dubai on Dec. 1, 2023. (Abdulrahman Fahad Bin shulhub/AN)
Participating world leaders and delegates arrive for the COP28 United Nations climate summit in Dubai on Dec. 1, 2023. (Abdulrahman Fahad Bin shulhub/AN)
Participating world leaders and delegates arrive for the COP28 United Nations climate summit in Dubai on Dec. 1, 2023. (Abdulrahman Fahad Bin shulhub/AN)
Participating world leaders and delegates arrive for the COP28 United Nations climate summit in Dubai on Dec. 1, 2023. (Abdulrahman Fahad Bin shulhub/AN)
Participating world leaders and delegates arrive for the COP28 United Nations climate summit in Dubai on Dec. 1, 2023. (Abdulrahman Fahad Bin shulhub/AN)
Participating world leaders and delegates arrive for the COP28 United Nations climate summit in Dubai on Dec. 1, 2023. (AFP)
Participating world leaders and delegates arrive for the COP28 United Nations climate summit in Dubai on Dec. 1, 2023. (AFP)
Participating world leaders and delegates arrive for the COP28 United Nations climate summit in Dubai on Dec. 1, 2023. (AFP)
Participating world leaders and delegates arrive for the COP28 United Nations climate summit in Dubai on Dec. 1, 2023. (AFP)
Participating world leaders and delegates arrive for the COP28 United Nations climate summit in Dubai on Dec. 1, 2023. (Abdulrahman Fahad Bin shulhub/AN)
Participating world leaders and delegates arrive for the COP28 United Nations climate summit in Dubai on Dec. 1, 2023. (Abdulrahman Fahad Bin shulhub/AN)
Participating world leaders and delegates pose for a family photo during the COP28 United Nations climate summit in Dubai on Dec. 1, 2023. (AFP)
Participating world leaders and delegates pose for a family photo during the COP28 United Nations climate summit in Dubai on Dec. 1, 2023. (AFP)
Participating world leaders and delegates pose for a family photo during the COP28 United Nations climate summit in Dubai on Dec. 1, 2023. (AFP)
Participating world leaders and delegates pose for a family photo during the COP28 United Nations climate summit in Dubai on Dec. 1, 2023. (AFP)

The COP28 conference notched an early victory on Thursday with the launch of a long-awaited fund to address growing loss and damage from wilder weather and rising sea in vulnerable countries.

Initial pledges have been made to the fund to officially put it into operation, with a $100-million contribution from the UAE matched with the same from Germany.

Britain gave just over $50 million, while the United States offered $17.5 million and Japan $10 million.

The European Union and its member states later confirmed a further $145 million, bringing the total to more than $420 million so far.

Delegates however face two weeks of tough negotiations on an array of issues that have long bedeviled climate talks, starting with the future of fossil fuels.

Saudi Arabia is hosting the third edition of the Saudi Green Initiative Forum on Dec. 4, alongside UN’s COP28 event, to highlight its dedication to build a greener future at a time of multibillion dollar giga-projects.

 

 

The SGI forum will gather influential figures, climate experts and thought leaders to present their insights and recommendations for tackling climate change as well as showcase the initiative’s achievements and plans.

with agencies


Saudi Arabia’s hosting Olympic Esports Games 2025 underlines the Kingdom’s economic and social transformation

Saudi Arabia’s hosting Olympic Esports Games 2025 underlines the Kingdom’s economic and social transformation
Updated 05 October 2024
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Saudi Arabia’s hosting Olympic Esports Games 2025 underlines the Kingdom’s economic and social transformation

Saudi Arabia’s hosting Olympic Esports Games 2025 underlines the Kingdom’s economic and social transformation
  • Kingdom hosting the Olympic Esports Games will position the Middle East as a major player in digital entertainment, say experts

RIYADH: History was made in July when the International Olympic Committee decided to create Olympic Esports Games, with the first edition being set to be held in 2025 in Saudi Arabia.

The event is set to be a game-changer for competitive gaming globally, with the industry’s value expected to reach over $1 trillion by 2032, growing at a compound annual growth rate of 11.60 percent during the forecast period 2023-2032, according to market research firm Inkwood Research.

With this event expected to be held at the same level as the Winter and Summer Olympics, it will position the Middle East as a major player in digital entertainment, leveraging the country’s young, tech-savvy population and strong government support.

The Esports Olympics is also set to attract international talent and showcase advanced gaming technology, highlighting the region’s potential as a global esports hub.

Impact and opportunities on global esports industry

According to Shahid Khan, partner and global head of Media, Entertainment, Sports, and Culture at international management consulting firm Arthur D. Little, the hosting of the Esports Olympics in the Kingdom legitimizes the pastime on an international stage and aligns it more closely with traditional sports.

“This event will likely accelerate investment in esports infrastructure, not just in Saudi Arabia but across the Middle East and beyond. It presents opportunities for game developers, tournament organizers, and esports teams to expand their presence in the region. Additionally, it could spark increased interest in esports careers among young people in the Middle East,” Khan said.

The substantial prize pool of $62.5 million, will undoubtedly elevate the profile of esports in the Middle East and globally, he added.

“This event could reshape perceptions of esports, particularly in regions where it’s still gaining mainstream acceptance. It positions Saudi Arabia as a serious player in the global esports landscape and could inspire other countries in the region to invest more heavily in their esports ecosystems,” the Arthur D. Little partner said.

Firms contributing to the growth of the gaming and esports industry in the region

Numerous companies in Saudi Arabia and the Middle East are actively participating in advancing and prospering the gaming and esports sector across the Kingdom and the wider region.

One such firm is Dubai-headquartered Shaffra.

The technology, information and Internet company is looking to redefine productivity and innovation, crafting a future where work is not just a place you go, but a space you shape and share, according to the company’s co-founder and Chief Technology Officer Marc Wehbi.

He told Arab News: “Our AI-driven Workforce solutions are tailored to handle complex tasks such as managing in-game analytics, optimizing player performance, and generating engaging content.”

Wehbi went on to say that through the integration of advanced technologies, Shaffra’s objective is to strengthen the region’s esports infrastructure and position it as a global leader in technological innovation and competitive gaming.

Another illustration of this is MENATech Entertainment, a technology company with projects related to the video games and education sector.

The firm’s CEO Mario Perez told Arab News that his firm recognizes the government’s significant push to cultivate a strong gaming and esports environment, complemented by private initiatives that open a wide range of opportunities for consumers.

“By leveraging our global experience and success, particularly through initiatives like Amazon UNIVERSITY Esports, which has seen a 57 percent growth in student participation in Saudi Arabia, we aim to foster talent and enhance the esports ecosystem in the region,” he said.

Perez explained that his firm has expanded its reach to over 220 universities across the region, which contributes to the region’s economic and cultural upliftment and helps position Saudi Arabia and the broader Middle East as leading players in the global esports arena.

Similarly, the Sports Lead Partner at PwC Middle East Nick Oakley shed light on how the firm has been extensively involved in the esports sector for the past five years and have delivered several strategic projects which have had a real impact in growing the industry.

“We are continuing to collaborate with key partners in the industry, including the Saudi Esports Federation, on various joint initiatives,” Oakley said.

Managing consulting company Kearney is also seen to be contributing to the rise of the gaming and esports industry, as is global law firm Reed Smith.

According to Jamie Ryder, partner at Entertainment and Media Industry Group at Reed Smith, the company has team members throughout the US, Europe, the Middle East and Asia with gaming and esports expertise which allows it to provide advice and guidance in line with international best practice and learnings from different territories.

“Our footprint allows us to combine international best practice with our local experience which is always crucial in understanding how and why things may need to be done differently in different territories,” Ryder told Arab News.

Arthur D. Little’s Khan said the benefits of hosting major events, such as the Esports Olympics, help Saudi Arabia in a financial regard – with an increase in tourism – but also enhance the Kingdom’s image as a modern, tech-savvy nation.

“The gaming and esports industry can play a crucial role in realizing Vision 2030 goals by fostering innovation, attracting foreign investment, and creating high-skilled jobs for young Saudis. Moreover, as a digital-first industry, it supports the Kingdom’s ambitions to become a leading digital economy,” Khan said.

From MENATech Entertainment’s perspective, Saudi Arabia hosting the Esports World Cup, Esports Olympics and the construction of Qiddiya City Esports Arena are “monumental steps toward” realizing the Kingdom’s digital economy goals.

Pérez said: “KSA’s esports market is projected to soar to $6.8 billion by 2030, with the rollout of the National Gaming and Esports Strategy expected to contribute SR50 billion to the nation’s GDP, create 39,000 new jobs, generate over 30 competitive games within local studios and make KSA one of the top three nations in professional esports.”

The CEO went on to say how these initiatives are not just milestones in realizing Vision 2030 but also elevate Saudi Arabia’s global status, embedding esports into the cultural and economic fabric of the region, driving tourism, infrastructure development, and international investment.

From Kearney’s side, Hammoud argued that as Vision 2030 focuses on both economic and social transformation, the gaming and esports industry can play a crucial role in both.

“Socially, it enhances the Quality-of-Life Program by fostering a dynamic, youth-driven culture and promoting digital literacy. By aligning with Vision 2030, the industry supports economic diversification, creates new opportunities for young Saudis, and positions Saudi Arabia as a leader in the global digital economy,” he said.


Startup Wrap – Regional startups across diverse sectors continue to raise funds

Startup Wrap – Regional startups across diverse sectors continue to raise funds
Updated 05 October 2024
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Startup Wrap – Regional startups across diverse sectors continue to raise funds

Startup Wrap – Regional startups across diverse sectors continue to raise funds
  • Founded in 2022 by Mamdoh Ali, Al Menu offers cloud-based solutions designed to enhance the operations of restaurants and cafes in Saudi Arabia

RIYADH: Startups across the Middle East and North Africa have recently secured new funding to drive expansion, innovate services, and enter new markets, highlighting ongoing investor interest in diverse sectors including event-tech, e-commerce, and adtech.

Al Menu, a Saudi Arabia-based software-as-a-service provider for the food and beverage industry, has raised $10.12 million in a funding round led by Al Majdiah Investment alongside other investors.

Founded in 2022 by Mamdoh Ali, Al Menu offers cloud-based solutions designed to enhance the operations of restaurants and cafes in Saudi Arabia.

Ali, the CEO, stated that aims to reduce operational management costs and increase workforce efficiency for thousands of restaurants and cafes in the Kingdom.

Nasser Al-Majid, CEO of Al Majdiah Investment, added that their investment in Al Menu reflects their commitment to strengthening the role of the F&B sector in achieving Vision 2030’s hospitality goals.

The new funding is aimed at accelerating the company’s expansion efforts in the restaurant service sector.

Mila Celebrations raises $227k in pre-seed funding

Mila Celebrations, an event planning platform based in Saudi Arabia, has raised $227,000 in a pre-seed funding round from angel investors.

Founded in early 2024 by Muhammad Ghourbal, the startup provides a comprehensive solution for organizing events and celebrations.

The investment will be used to support Mila’s expansion into the wider Gulf Cooperation Council region.

This investment comes as Saudi Arabia’s events sector is expected to see a significant boom. 

According to a recent report by Mordor Intelligence, the industry is expected to grow from $2.38 billion in 2024 to $3.45 billion in 2029.

Quantum completes $7m pre-series A round led by HearstLab

Quantum, a Saudi Arabia-based advertising tech firm, has secured funding in its $7 million pre-series A round, with HearstLab, the investment arm of Hearst Corporation, participating in the round.

Founded in 2020 by Omar Malaikah and Sara Bin Ladin, Quantum offers advertisers a platform to select publishers, purchase ad space directly, and access detailed data analytics to measure campaign impact.

“As Saudi Arabia pushes forward with Vision 2030, we are proud to be at the forefront of media and data innovation. HearstLab’s backing shows the great potential that Saudi Arabia has as a hub for cutting-edge technologies in all sectors,” said Malaikah.

This investment marks HearstLab’s first foray into the Middle Eastern market.

Podeo secures $5.4m in series A for international growth

UAE-based podcast distribution platform Podeo has closed a $5.4 million series A funding round led by Oraseya Capital, with contributions from Ibtikar Fund, Cedar Mundi Ventures, Samarium, iSME, and Razor Capital.

Podeo, founded in 2020 by Stefano Fallaha, Anthony Essaye, and Mario Hayek, enables content creators to monetize their podcasts through an end-to-end platform.

The fresh capital will be used to expand Podeo’s reach across emerging markets, including Latin America, Eastern Europe, and Southeast Asia.

“We are committed to empowering creators to become the next generation of global audio stars, providing them with cutting-edge tools to captivate diverse audiences around the world,” said Fallaha, the CEO.

“This series A funding will allow us to amplify our mission and scale our ecosystem at lightning speed across emerging global markets, making storytelling limitless and giving diverse voices the power to be heard by billions worldwide,” he added.

Agility Global invests in Global Ventures’ third fund

Singapore-based Agility Global has committed an undisclosed amount to Global Ventures’ third fund, launched earlier this year.

Global Ventures, founded in 2018 by Noor Sweid in Dubai, focuses on early-stage investments across the Middle East and Africa in sectors such as supply chain technology, energy technology, and agri-tech.

“We are passionate champions and advocates for businesses led by the region’s new generation of entrepreneurs and innovators,” said Agility Global Chairman Tarek Sultan.

“The Middle East and Africa are brimming with innovation and entrepreneurial energy. Through our venture capital arm, Agility Ventures, and our investment in Global Ventures’ new MEA fund, we are encouraging the region’s startups and entrepreneurs to commercialize and scale great ideas and innovations,” he added.

Agility Global, a multi-business operator and long-term investor, aims to support innovative startups within these key areas through this fund.

“With our focus on supply chain technology, we are incredibly grateful for the support of Agility Global, a long-standing leader in the supply chain sector regionally and globally. We are thrilled to have a true partner in Agility Global as we continue to back mission-driven founders addressing critical challenges across the Middle East and Africa,” Sweid said.

Earlier in July, Jordan’s investment fund, the Innovative Startups and SMEs Fund, also invested $5 million in Global Ventures’ Fund III.

Kuwait’s Bazzar Gate raises $1m to boost e-commerce platform

Kuwait-based e-commerce startup Bazzar Gate has secured $1 million in funding from undisclosed investors.

Founded by Mohammad Al-Mutawa in 2020, Bazzar Gate offers a one-stop-shop drop-shipping e-commerce solution, including delivery and payment systems.

The funding will primarily be used to scale its newly launched platform, Partners, which helps users set up dropshipping e-commerce businesses by addressing challenges such as high startup costs and logistical complexities.

“Receiving this investment validates the vision we have for Partners and its potential to redefine e-commerce entrepreneurship. We’re committed to providing a platform where anyone can become an e-commerce business owner in minutes, without the traditional barriers of high costs, logistics, or time investment,” Al-Mutawa added.

Oman sovereign wealth fund commits $150m to ewpartners

Oman Investment Authority, the nation’s sovereign wealth fund, has committed $150 million to international investment firm ewpartners’ Technology Innovation Fund II.

The $1 billion private equity fund focuses on expansion-stage technology and techenabled investments within GCC countries.

The partnership also entails the establishment of a local fund with OIA’s Future Fund Oman, which aims to support the country’s National Vision 2040.

Through this initiative, ewpartners intends to leverage products, technologies, and capabilities from established industry players, particularly from China, to foster the growth of successful companies in Oman.

The investment firm will direct investments toward sectors critical to Oman’s economic development, including advanced manufacturing, information and communications technology, renewable energy, logistics, tourism, and agriculture.

These investments align with Oman’s broader economic mandate to diversify its economy and enhance its regional competitiveness.

Valu partners with ShipBlu and PayTabs Egypt 

Egyptian financial technology company Valu has entered a new partnership with logistics provider ShipBlu and digital payments firm PayTabs Egypt.

The collaboration aims to streamline online payment processes for e-commerce transactions delivered within Egypt.

Valu credit users will now have the option to pay for online orders delivered by ShipBlu, benefiting from secure payments facilitated by PayTabs Egypt.

The initiative seeks to encourage a shift toward a cashless society, providing consumers with various digital payment options, including credit and debit cards, QR codes, and eWallets, as part of a payment-on-delivery model.


Saudi Arabia’s petrochemical growth accelerates with strategic investments and Vision 2030

Saudi Arabia’s petrochemical growth accelerates with strategic investments and Vision 2030
Updated 05 October 2024
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Saudi Arabia’s petrochemical growth accelerates with strategic investments and Vision 2030

Saudi Arabia’s petrochemical growth accelerates with strategic investments and Vision 2030

RIYADH: Saudi Arabia’s rise as a global leader in the petrochemicals industry is a product of strategic foresight, substantial investments, and a commitment to economic diversification, experts have told Arab News. 

As the Kingdom seeks to reduce its dependence on oil revenue, its petrochemicals sector has emerged as a cornerstone of its industrial strategy, playing a pivotal role in Vision 2030.

Strategic investments, advanced infrastructure, and cost advantages have rapidly positioned the nation as a global leader in chemicals and plastics production, significantly boosting the sector in just a few years.

Hector Casas, principal at Arthur D. Little Middle East, highlighted in an interview with Arab News that Saudi Arabia’s petrochemical capacity is expected to “double in the next five years, from approximately 75 million tonnes per year to more than 140 million tonnes per year.”

The Kingdom’s access to competitive energy prices will drive this expansion and strengthen its position as a major player in the global petrochemical industry, making it exceptionally competitive in the sector.

“This growth encompasses projects in both basic petrochemical products and high-specialty products that add more value to the oil molecule,” he said.

Nadim Haddad, partner in the Energy Practice IMEA and global head of Oil and Gas at Oliver Wyman, added: “Saudi Arabia is acquiring assets globally in the petrochemical industry that will further cement its role as a pioneer and leader of the industry.”

The global petrochemical market is expected to grow significantly in the coming years, driven by rising demand for plastics, chemicals, and advanced materials in emerging markets. 

“Saudi Arabia is strategically positioned to capitalize on these opportunities, reinforcing its status as a global petrochemical powerhouse,” added Casas.

As part of Vision 2030, Saudi Arabia aims to diversify its economy, with the petrochemicals industry playing a key role in reducing reliance on oil and driving industrial growth through technological advancement and strategic partnerships.

Foundations of the petrochemical industry

The foundations of Saudi Arabia’s petrochemical industry are deeply intertwined with the history of its oil and gas sector. Following the discovery of vast oil reserves in the 1930s, the Kingdom quickly recognized the potential of petrochemicals as a means to add value to its hydrocarbon resources.

The establishment of Saudi Basic Industries Corporation – also known as SABIC – in 1976 marked a turning point, as the Kingdom began to channel its abundant natural gas resources into the production of chemicals and plastics.

SABIC has grown into one of the world’s largest and most diversified chemical companies, with operations spanning over 50 countries. Its success is driven by a strategic focus on vertical integration within the hydrocarbon value chain, allowing the company to produce a wide range of petrochemical products at competitive costs. 

This leadership not only reflects Saudi Arabia’s natural resource wealth but also its strategic investments in infrastructure, research, and human capital development.

Casas emphasized the significance of Saudi Arabia’s strategic investment in downstream petrochemical industries, particularly the acquisition of SABIC: “With the energy transition, the demand for oil as fuel will potentially start to decrease, while the demand for petrochemical-based products like plastics and synthetic fibers is increasing.”

He added: “Saudi Arabia is cognizant of this shift and understands that it possesses potentially more oil reserves than could be exploited, given expected trends in demand.”

Haddad highlighted the importance of the Kingdom’s integration with the oil and gas value chain which he said is built on the availability of feedstock to build an advantageous cost position on the global market.

“Jubail Industrial City, one of the largest industrial cities with state-of-the-art infrastructure, played a key role in building the foundation that helped accelerate the growth of the petrochemical industry,” Haddad explained.

Economic diversification and Vision 2030

The government’s focus on economic diversification is driving significant investments in the sector, including the development of new production facilities, the expansion of existing capacities, and the adoption of advanced technologies that enhance efficiency and sustainability.

Vision 2030 envisions Saudi Arabia as a global industrial hub, attracting foreign investment and fostering innovation in high-value industries. The petrochemicals industry, with its vast potential for value addition, is a key component of this vision. 

The Kingdom’s strategic location at the crossroads of Europe, Asia, and Africa, combined with its state-of-the-art infrastructure, makes it an ideal destination for investors seeking to capitalize on the growing demand for petrochemicals in emerging markets.

Haddad underscored the importance of downstream investments in this strategy: “Downstream investments in chemicals are one of the key pillars of Saudi Arabia’s industrialization strategy, creating the link between the petrochemical industry and end uses.”

He went on to explain that these investments will allow Saudi Arabia to capture the economic value-add that it was previously unable to capture, localize value chains, reduce reliance on imports, and increase the diversification of its exports.

Expanding production capacity and technological innovation

Saudi Arabia’s petrochemical sector has seen remarkable growth in recent decades, with production capacity reaching approximately 118 million tonnes annually. This has been driven by continuous investments in infrastructure, technology, and capacity expansion.

The Kingdom’s focus on producing more advanced specialty products, such as performance polymers, engineering plastics, and high-value chemicals, reflects its commitment to moving up the value chain and capturing a larger share of the global market.

Technological innovation plays a crucial role in the competitiveness of Saudi Arabia’s petrochemical industry. The Kingdom is investing heavily in research and development to drive innovation across the value chain.

SABIC’s dedicated R&D centers, located in strategic regions around the world, are at the forefront of developing new materials and processes that enhance efficiency, reduce environmental impact, and create value-added products. 

As Casas pointed out: “Saudi Arabia is very active in R&D and technology in the petrochemical sector. SABIC’s R&D program and Home of Innovation are a clear showcase of this.”

Moreover, Saudi Aramco, the world’s largest integrated energy and chemicals company, is making significant strides in integrating its upstream and downstream operations. 

The acquisition of a 70 percent stake in SABIC for $69.1 billion has further strengthened Aramco’s downstream capabilities, positioning it as a global leader in the production of petrochemicals. 

Casas noted the strategic impact of this acquisition: “The acquisition of SABIC by Aramco has not only positioned the latter as a major petrochemical player worldwide but also enabled significant optimization and synergies in procurement, supply chain, manufacturing, marketing, and sales.”

In terms of technological advancements, ADL’s expert highlighted four key fronts: “The development of mega-scale oil-to-chemical complexes, the focus on high-specialty chemicals, the digital transformation to drive efficiencies, and the emphasis on emissions reduction and sustainability.” 

These advancements are crucial for Saudi Arabia to maintain its competitive edge in the global market.

Strategic partnerships and international collaborations

Saudi Arabia’s petrochemical industry has benefited significantly from strategic partnerships and international collaborations. Joint ventures with leading global companies have been instrumental in bringing advanced technologies, expertise, and capital to the Kingdom. 

These partnerships have not only enhanced Saudi Arabia’s production capabilities but also facilitated the transfer of knowledge and technology, which is critical for the industry’s long-term growth.

One of the most notable examples of such collaboration is the Sadara Chemical Company, a joint venture between Saudi Aramco and Dow Chemical. 

Established with an investment of $20 billion, Sadara is the largest integrated chemical complex in the world built in a single phase. The facility produces a wide range of value-added chemicals and plastics, many of which are being produced in Saudi Arabia for the first time. 

Sadara’s success underscores the importance of international partnerships in driving innovation and expanding the Kingdom's petrochemical portfolio.

Haddad elaborated on the role of such partnerships: “Joint ventures and partnerships are not new to Saudi Arabia's petrochemical sector; there is a rich history of collaborations that have significantly accelerated the industry’s development.”

“These collaborations will facilitate the development of technologies that promote cleaner operations and products,” he added.

Environmental sustainability and green initiatives

Saudi Arabia’s petrochemical industry is increasingly focused on sustainability and reducing its environmental footprint. The Kingdom is investing in technologies that improve energy efficiency, reduce emissions, and enable the production of more sustainable products. 

Carbon capture, utilization, and storage is one area where Saudi Arabia is making significant advancements. By capturing carbon dioxide emissions from industrial processes and utilizing them in the production of chemicals and fuels, the Kingdom is reducing its carbon footprint while creating new revenue streams.

Green hydrogen is another area where Saudi Arabia is leading the way. The Kingdom’s abundant solar and wind resources provide a competitive advantage in the production of this fuel, which is produced using renewable energy sources. 

The development of the Neom Green Hydrogen Project is a key component of Saudi Arabia’s strategy to become a global leader in sustainable energy. 

The project aims to produce 650 tonnes of hydrogen per day by 2025, making it the largest such facility in the world.

“Saudi Arabia's petrochemical industry is firmly committed to integrating environmental sustainability into its operations,” Casas said, highlighting the Kingdom’s efforts in sustainability.

He added: “SABIC, for instance, has committed to achieving carbon neutrality from operations under its control by 2050 and is actively pursuing carbon capture technologies to decarbonize its operations.”


Saudi energy minister takes part in G20 meetings in Brazil

Saudi energy minister takes part in G20 meetings in Brazil
Updated 05 October 2024
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Saudi energy minister takes part in G20 meetings in Brazil

Saudi energy minister takes part in G20 meetings in Brazil

RIYADH: Saudi Energy Minister Prince Abdulaziz bin Salman emphasized the importance of balancing economic growth, energy security, and climate change mitigation as he met with G20 counterparts in Brazil, the Saudi Press Agency reported.
Prince Abdulaziz joined the 7th Energy Transitions Working Group, the 15th Clean Energy Ministerial, and the 9th Mission Innovation Ministerial meetings.
Sustainable energy policies, just energy transitions, and cooperation to address climate change were discussed at the gatherings.

The last meeting, in Foz do Iguaçu, concluded on Friday.

Prince Abdulaziz highlighted the Kingdom’s leadership in carbon technologies and its ambition to become a global leader in circular carbon economy technologies and clean energy production and export.
The Kingdom is progressing well to up its renewable energy capacity to 44 gigawatts by the end of 2024.
Saudi Arabia is also establishing a hydrogen production center in Ras Al-Khair Industrial City and launching a large-scale carbon capture and storage project with an annual capacity of 9 million tons by 2027.
The Saudi initiative line up with the G20 goals of promoting  sustainable energy transitions, energy security, and environmental sustainability.


Saudi Arabia’s official reserves highest in 21 months at $470bn

Saudi Arabia’s official reserves highest in 21 months at $470bn
Updated 04 October 2024
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Saudi Arabia’s official reserves highest in 21 months at $470bn

Saudi Arabia’s official reserves highest in 21 months at $470bn

RIYADH: Saudi Arabia’s official reserve assets reached SR1.76 trillion ($469.83 billion) in August, the highest in 21 months and a 10 percent increase year-on-year, according to recent data.

Figures released by the Saudi Central Bank, known as SAMA, show these holdings include monetary gold, special drawing rights, the International Monetary Fund’s reserve position, and foreign reserves. 

The latter, comprising currency and deposits abroad as well as investments in foreign securities, made up 95 percent of the total, amounting to SR1.67 trillion in August. This category led the growth with 10.62 percent increase during this period. 

August data also showed that special drawing rights, making up 5 percent of the total at SR79.35 billion, increased by 2 percent. 

Created by the IMF to supplement member countries’ official reserves, SDRs derive their value from a basket of major currencies, including the US dollar, euro, Chinese yuan, Japanese yen, and British pound sterling. They can be exchanged among governments for freely usable currencies when needed. 

SDRs provide additional liquidity, stabilize exchange rates, act as a unit of account, and facilitate international trade and financial stability. 

The IMF reserve position totaled around SR13 billion, but decreased by 9 percent during this period. This category represents the amount a country can draw from the IMF without conditions. 

Saudi Arabia’s reserves, which include foreign exchange holdings, are among the highest in the world. According to Fitch Ratings, the Kingdom’s reserve coverage ratio, as of February, stood at 16.5 months of current external payments.

This high ratio is a testament to the Kingdom’s ability to meet its external financial obligations for an extended period, ensuring that the country remains resilient in the face of global economic uncertainties.

This also serves as a financial buffer, enabling it to navigate external pressures, such as fluctuations in oil prices, geopolitical tensions, or shifts in global market dynamics.

They also also play a key role in enhancing investor confidence in Saudi Arabia’s economy, as they signal the government’s capacity to meet its obligations and maintain economic stability.

For international investors, the combination of high reserves, a diversified economy, and strong fiscal management make Saudi Arabia an attractive destination for investment.

In addition to its fiscal strength, Saudi Arabia benefits from a high level of government and debt ratings which allow the Kingdom to access global capital markets with ease, raising funds through bond issuances and sukuk at competitive rates.

This financial flexibility ensures that the country can continue to finance its ambitious Vision 2030 projects, such as NEOM, the Red Sea Project, and the development of new urban centers, without disrupting its overall economic stability.

Saudi Arabia is undergoing a transformative expansionary strategy as part of its Vision 2030 framework, which seeks to diversify the nation’s economy away from its heavy reliance on oil revenues.

Sectors such as tourism, technology, infrastructure, and renewable energy are considered pivotal to the Kingdom’s long-term economic stability and require substantial investment to meet the Vision’s targets. 

As a result, government expenditures have risen significantly in recent years, and forecasts suggest the possibility of a fiscal deficit in the medium term as spending continues to expand.

Despite these spending challenges, Saudi Arabia is in a strong fiscal position. The Kingdom’s favorable government and debt ratings, combined with substantial foreign reserves, allow the country to manage the increased expenditures and potential deficits effectively.

Saudi Arabia has ample room to raise debt through various financial instruments, such as bonds and sukuk, to fund its large-scale development projects without encountering significant financial stress.

This capability has been further supported by the government’s prudent fiscal management, which continues to focus on maintaining the country’s overall economic health while ensuring that Vision 2030 projects are adequately financed.

The Ministry of Finance, in its pre-budget 2025 report, emphasized that the government intends to take advantage of favorable market conditions to implement alternative financing activities that can stimulate economic growth.

The strategy behind this approach is not only to provide the necessary funding for key projects but also to diversify the Kingdom’s financing channels.

By doing so, the government aims to maintain market efficiency, deepen its financial markets, and attract new investors, both domestically and internationally.

Moreover, the government’s fiscal policy is designed to strengthen its financial position by maintaining safe levels of reserves, which are essential for protecting the economy against external shocks.