COP28: Second day of leaders’ summit at UN climate talks

COP28: Second day of leaders’ summit at UN climate talks
UN Secretary-General Antonio Guterres took aim at fossil fuels at the opening session of the leaders’ summit. (AFP)
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Updated 30 January 2024
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COP28: Second day of leaders’ summit at UN climate talks

COP28: Second day of leaders’ summit at UN climate talks

DUBAI: Leaders of developing nations jumped into Saturday’s second day of a UN climate summit to press rich industrial countries to share their know-how to fight global warming and ease the financial burdens they face — while trumpeting their own natural resources that swallow heat-trapping carbon in the air.

The annual United Nations Conference of the Parties, known as COP28, in the UAE featured about 150 presidents, prime ministers, royals and other leaders who are presenting their plans to cut heat-trapping emissions and mostly seek unity with other nations to avert climate catastrophe that seemed to draw closer than ever in 2023.

READ MORE: Click here for our coverage of COP28

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FASTFACT

116

The number of countries that have signed up to a commitment to triple the world's renewable energy capacity by 2030.

1151 GMT




Kamala Harris, Vice President of the United States.

“Today, I am proud to announce a new $3 billion pledge to the green climate fund, which helps developing countries invest in resilience, clean energy, and nature-based solutions,” Kamala Harris, Vice President of the United States, said in her speech.

“Today we are demonstrating in action how the world can and must meet this crisis.”

“This is a pivotal moment, our action collectively, or worse our inaction, will impact millions of people for decades to come.”

1132 GMT




Russell Mmiso Dlamini, Prime Minister of Eswatini.

“The commitments made remain just words. Fossil fuels remain high, much against the initial plans,” according to Russell Mmiso Dlamini, Prime Minister of Eswatini.

“In Eswatini, trucks are queuing in large numbers in borders carrying hundreds of tons of coal in transit to the developed world. While this continues the use of nature-based mitigation is being promoted. With such practices, reaching net-zero by 2050 will be impossible and developing countries should not be made to pay through the use of carbon markets.”

“Let us all meet our commitments of deep emission cuts which are largely overdue.”

“Those who have led the way in development and emission should lead the way for mitigation.”

1117 GMT




Anwaar Ul Haq Kakar, Prime Minister of Pakistan.

Anwaar Ul Haq Kakar, Prime Minister of Pakistan: “At least half of climate finance must be allocated to adaptation. Our expectations from COP28 are high but not unrealistic. Let this COP deliver with actions not just words.”

Opinion

This section contains relevant reference points, placed in (Opinion field)

1107 GMT




Edi Rama, Prime Minister of Albania

“The Paris Agreement was a beacon of hope, a promise made by the world to safeguard our planet and its inhabitants. However, the reality falls shorter than the commitments made, and the burden of climate action continues to disproportionately fall on the shoulders of developing nations despite our minimal contribution to the crisis while the big polluters do their best to lecture us but not to stop themselves,” Edi Rama, Prime Minister of Albania, told leaders of the high-level session at the UN climate summit in Dubai.

1056 GMT




Ulf Kristersson, Prime Minister of Sweden.

“My two keywords here today are urgency and opportunity. Urgency based on science and numerous alarming IPCC reports, and opportunity based on the new jobs and growth that the green transition brings,” according to Ulf Kristersson, Prime Minister of Sweden.

1031 GMT




Chinh Pham Minh, Prime Minister of Vietnam

“Developed countries need to provide greater support to developing and least developed countries. This includes preferential capital transfer of advanced technology, high quality human resource development, smart governance, and assistance in improving modern and effective market institutions in line with the unique circumstances of each country,” Chinh Pham Minh, Prime Minister of Vietnam, said in his speech.

“At the same time, developing and least developed countries cannot afford to be passive or overly dependent on external help. Instead, they need to make greater efforts in improving their own capacity pursuing self-reliance and resilience and self-improvement in the spirit of no one can help you better than yourself.”

The poor are the real victims of what is happening: we need think only of the plight of Indigenous peoples, deforestation, the tragedies of hunger, water and food insecurity, and forced migration

Pope Francis, in a letter read by Vatican Secretary of State Cardinal Pietro Parolin at the high-level session of COP28 in Dubai

1022 GMT




Alexander De Croo, Prime Minister of Belgium.

“The private sector science tells us that, unless there are immediate rapid and large-scale reductions in greenhouse gas emissions, limiting global warming to 1.5°C will be beyond reach,” according to Alexander De Croo, Prime Minister of Belgium.

“Climate issue belongs neither to the deniers nor to the alarmist, it belongs to those who get up early, to those who grab every opportunity to contribute in speeding up the transition.”

1016 GMT




Patrice Emery Trovoada, Prime Minister of Sao Tome and Principe.

Patrice Emery Trovoada, Prime Minister of Sao Tome and Principe: “To hear about these billions of dollars that are promised but are never received, this does not work with countries such as mine.”

“We prefer to rely on the liberating force of creativity and technological information and to rely on AI and to combat and to fight.”

1011 GMT




Terrance Drew, Prime Minister of Saint Kitts and Nevis.

“With 50,000 plus people, our small size and notable position as the smallest independent nation in the Western Hemisphere presents opportunity with the convergence of our geostrategic outlook global collaboration and focused investments especially in our energy sector,” Terrance Drew, Prime Minister of Saint Kitts and Nevis told the high-level segment of the UN climate talks.

“We can become the first model sustainable island state to be found anywhere in the world showcasing the path to progress and prosperity.”

1005 GMT




Petteri Orpo, Prime Minister of Finland.

“Finland remains committed to supporting developing countries in their climate action,” said Petteri Orpo, Prime Minister of Finland.

“Finland stands ready to support the new fund with €3 million. We underline the continued importance of other funding mechanisms including those supporting early warning system. We must also ensure that all financial flows are in the line with the Paris Agreement.”

1002 GMT




Philip Joseph Pierre, Prime Minister of Saint Lucia.

Philip Joseph Pierre, Prime Minister of Saint Lucia: “The impacts have been devastating to our region. Loss and damage have struck at the core of our economies and our societies.”

“At one extreme, lives and livelihoods have been lost and the extreme our environment is under siege.”

We will be working to accelerate unabated coal phase-out across the world, building stronger economies and more resilient communities. The first step is to stop making the problem worse: stop building new unabated coal power plants

Special Envoy John Kerry, in announcing that the US is joining the Powering Past Coal Alliance

0955 GMT




Leo Varadkar, Prime Minister of Ireland.

“With the high cost of living and high energy prices, many worry about how much the transition will cost and what it will mean for their jobs and incomes and living standards. These are legitimate concerns and we need to hear them we need to understand where people are coming from and offer reassurance,” said Leo Varadkar, Prime Minister of Ireland.

“Change is difficult but we must do everything in our power to make sure that the transition is just protecting the vulnerable and leaving nobody behind.”

“Today I am announcing a contribution of €25 million to the new loss and damage fund for 2024 and 2025, and we will make further contributions thereafter.”

0949 GMT




Joss Ulisses De Pina Correia e Silva, Prime Minister of Cabo Verde

“It is a political obligation for all countries, for all leaders to make a top priority out of jointly implementing the solutions and the commitments that we have signed up to. And here, time is the critical factor because nature continues on its course reacting to the conditions that human beings create with their actions and their emissions,” Joss Ulisses De Pina Correia e Silva, Prime Minister of Cabo Verde, said in his national statement.

“We encourage there to be a clear and urgent definition of the financing mechanism for loss and damage. We reaffirm also the urgent need to adopt the multidimensional vulnerability index as part of the climate finance criteria.”

FASTFACT

$3 billion

Amount that the United States has pledged to the Green Climate Fund. The latest pledge would be additional to another $2 billion previously delivered by the US.

0943 GMT




Dalton Emani Makamau Tagelagi, Prime Minister of Niue.

“Time is up and urgent action is now needed to deliver climate finance for lost and damage,” according to Dalton Emani Makamau Tagelagi, Prime Minister of Niue. “Niue is a net sink and has no responsibility for the causes of climate change. Niue is at high risk of tropical cyclones this season and of drought.”

“My people were living in fear of another catastrophic cyclone. Residents and low-lying coastal areas have slowly moved to higher ground to avoid detrimental impacts from damaging heavy swells.”

 

 

0936 GMT




Philip Davis, Prime Minister of Bahamas.

“How long must we now wait to have this new fund capitalized and how long must we wait before we can assess access the funds? Time is the luxury we do not have,” Philip Davis, Prime Minister of Bahamas, said in his speech.

0932 GMT




Gaston Browne, Prime Minister of Antigua and Barbuda.

“We are facing an existential paradox, the smallest contributors to global CO2 emissions yet among the hardest hit by climate catastrophe. This is not just an environmental crisis it is a glaring testament to the world where profits are prioritized over people and planets,” said Gaston Browne, Prime Minister of Antigua and Barbuda.

“It is a world where oil and gas conglomerates, shielded by the power of wealthy nations, continue to reap astronomical profits while the survival of nations like ours hangs in the balance.”

0926 GMT




Housain Al-Arnous, Prime Minister of Syria.

Housain Al-Arnous, Prime Minister of Syria: “It is time to work seriously to advance climate action and to accelerate emissions reduction through energy transition and also through using land sustainably and in an integrated manner. It is time to transition to sustainable food systems and to operationalize systems to limit loss and damage.”

Syria suffers from the impact of climate change. This is evident in the declining rainfall and the rise in dust storms and heat waves.”

0914 GMT




Giorgia Meloni, Prime Minister of Italy.

“Italy is doing its part in the carbonization process and it does it in a pragmatic way that means with the technology neutral approach free from unnecessary radicalism,” according to Giorgia Meloni, the Prime Minister of Italy.

“Italy intends to direct an extremely significant share of the Italian climate fund whose overall endowment is €4 billion to the African continent, not however through a charitable approach, because Africa does not need charity, it needs to be put in the condition to compete on an equal footing in order to grow and prosper thanks to the multitude of resources that the continent possesses.”

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Pope Francis pleads with COP28 to find breakthrough on climate change

DUBAI: Pope Francis on Saturday called on the UN climate summit to strive for a essential breakthrough agreement to stem global warming that includes the elimination of fossil fuels, saying climate had “run amok.”

The 86-year-old pope had planned to attend the conference but a lung inflammation forced him to remain in the Vatican. His full address was left with delegates and Vatican Secretary of State Cardinal Pietro Parolin shortened it in order to remain within the 3-minute time limit for speeches.




Pope Francis had planned to attend the conference but a lung inflammation forced him to remain in the Vatican. (AFP)

“Sadly, I am unable to be present with you, as I had greatly desired. Even so, I am with you, because time is short,” Francis said in his message.

“I am with you because now more than ever, the future of us all depends on the present that we now choose. I am with you because the destruction of the environment is an offense against God,” he said.

“May this COP prove to be a turning point, demonstrating a clear and tangible political will that can lead to a decisive acceleration of ecological transition,” he said. – Reuters

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0909 GMT




Robert Abela, Prime Minister of Malta.

“We are working hard to achieve a 55 percent emission reduction by 2030 as compared to 1990 levels. Malta has also achieved a lot in these past years but we want to be more ambitious and to do much more: Robert Abela, Prime Minister of Malta, said in his speech.

“Having the lowest gross emission per capital among the EU member states means that our efforts need to be sturdier. In the past ten years we have managed to reduce our greenhouse gas emissions from the energy sector by 60 percent.”

0902 GMT




Petr Fiala, Prime Minister of Czechia.

“My country support the Paris agreement of the EU climate and energy including the goal of carbon neutral economy by 2050. We are taking steps to stop coal for electricity and heating by 2033. In part this can be achieved by renovating buildings and developing renewable energy sources,” according to Petr Fiala, Prime Minister of Czechia.

“I want to be clear that the success of our wider climate goals is fundamentally dependent on nuclear energy. This is a good thing as nuclear power is both reliable and clean so we should use its benefits.”

0846 GMT




Jonas Gahr Store, Prime Minister of Norway.

Jonas Gahr Store, Prime Minister of Norway: “Norway supports the call for global tripling of renewables and doubling of energy efficiency by 2030.”

0829 GMT




Antonio Costa, the Prime Minister of Portugal.

Antonio Costa, the Prime Minister of Portugal, meanwhile said: “Climate transition in Portugal will present an enormous opportunity. An opportunity for research, development, towards innovation. An opportunity of investment, most of them already engaged, with an amount of €85 billion in the next two decades, representing 35 percent of our GDP.”

 

 

0823 GMT




Katrin Jakobsdottir, Prime Minister of Iceland.

“We need to do more to cut emissions, a lot more. We need to accelerate a green energy transition, scale up green solutions, increase nature-based solutions, and make sure those who pollute pay,” Katrin Jakobsdottir, Prime Minister of Iceland, said in her statement.

“But we also need to do less. Our economic systems focus on maximizing production and consumption rather than sustainability and wellbeing. And this needs to change.”

“Iceland supports the phasing out of fossil fuels and subsidiaries of fossil fuels need to end. We should not burn public money to cook the planet, instead we should scale up support for clean solutions.”

0814 GMT




Kyriakos Mitsotakis, the Prime Minister of Greece.

“We have cut our coal use by over 80 percent. We are growing our economy at a much faster pace than the Eurozone average while reducing emissions. In total, our emissions are down by 43 percent from 2005 as we turn to renewable energy, the best performance amongst European countries,” Kyriakos Mitsotakis, the Prime Minister of Greece, said in his statement.

0802 GMT




Mark Brown, Prime Minister of Cook Islands.

“To put it plainly, the world must fulfill its financial commitments. It is as simple as that. In 2022, the IMF reported that $7 trillion were spent on fossil fuel subsidiaries, yet the global commitment to $100 billion per year to the Paris Agreement continues to struggle for fulfillment,” according to Mark Brown, Prime Minister of Cook Islands.

0753 GMT




Andrej Plenkovic, the Prime Minister of Croatia.

“We need to do much more to curb climate change. However, we are doing the opposite. Half of the CO2 emissions emitted in the last two centuries have been emitted in the past three decades, and they continue to grow,” according to Andrej Plenkovic, the Prime Minister of Croatia.

0749 GMT




Kaja Kallas, the Prime Minister of Estonia.

“Today, digital is enabling our green reform. Estonia’s parliament has adopted a new renewable electricity target of 100 percent by 2030. More than tripling our level of renewable production,” according to Kaja Kallas, the Prime Minister of Estonia.

0749 GMT




Mia Amor Mottley, Prime Minister of Barbados.

“We’ve seen this year, one third of the days of the year exceed 1.5°C, this is a death sentence. And the reality is, unless we change course, we are going to see far more lives lost and far more damage done,” Mia Amor Mottley, Prime Minister of Barbados, said in her speech.

0744 GMT




Evariste Ndayishimiye, President of Burundi.

Evariste Ndayishimiye, President of Burundi, in his country statement, said “Burundi has committed via the Nationally Determined Contributions to protect the environment, to strengthen resilience towards climate change, and to boost food security. This is infused in our national policies and our vision for Burundi. An emerging country by 2040, and a developed country by 2060.”

0733 GMT




Kausea Natano, Prime Minister of Tuvalu.

“Though I applaud the current status of loss and damage (fund) and the inflow of funding supports, it is our hope that the challenge on the accessibility to the fund is limited or is eliminated,” said Kausea Natano, Prime Minister of Tuvalu, in his statement.

0724 GMT




Joao Manuel Goncalves Lourenco, President of Angola.

“Tackling the issue of climate change is one of the key priorities in all sustainable development programs and strategies in the Republic of Angola. It is a critical concern and one that deserves special attention,” Joao Manuel Goncalves Lourenco, President of Angola, said.

“We are committed to changing our national energy matrix prioritizing clean energy production sources and we’re doing this through the construction of hydroelectric plants and solar panels parks, which means that more than 65 percent of the current 6,400 MW of energy produced in the country now come from ecological sources.”

0717 GMT




David Choquehuanca Cespedes, Vice President of Bolivia.

“Developing countries have prepared a broad path for developed countries who rely on our resources and yet trample all over us and do not allow us to tread the path with them,” David Choquehuanca Cespedes, Vice President of Bolivia, said in his statement.

“There can be no climate justice climatic without understanding genuine life sciences. There can be no climate justice without recognizing that human intelligence is what is important not artificial intelligence.”

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Over 110 countries set to join COP28 deal to triple renewable energy

A pledge to triple the world’s installed renewable energy by 2030 is poised to win support from more than 110 countries at the COP28 climate summit on Saturday, with some pushing to make the deal global by the end of the UN conference.

The European Union, United States and COP28 host the UAE have been rallying support for the pledge as a means to the sharp drop in planet-warming emissions needed this decade to avoid unleashing more severe climate change.

Whether governments and companies will rally the huge investments needed to hit the goal is an open question. While deployment of renewables like solar and wind has been surging globally for years, rising costs, labor constraints and supply chain issues have forced project delays and cancellations in recent months.

Getting the deal into the final UN climate summit decision would also require consensus among the nearly 200 countries present. While China and India have signaled support for tripling global renewable energy by 2030, neither has confirmed it will back the overall pledge – which pairs the ramp-up in clean power with a reduction in fossil fuel use. – Reuters

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0708 GMT




Olaf Scholz, the Chancellor of Germany.

“It is still possible for us to reduce emissions this decade and for us to reach a level that would allow us to achieve the 1.5°C goal, however, science tells us that we need to step up the pace,” according to Olaf Scholz, the Chancellor of Germany.

“I would like to present the following three proposals for you today. First, let us make the expansion of renewables our number one priority in energy policy globally. Let us agree on two binding targets here in Dubai, tripling the expansion of renewables and doubling energy efficiency, both by 2030.”

“As long as we still have to rely on gas, we have to ensure that we produce and transport it in as climate friendly as possible.”

“My second point concerns our international cooperation. We need forms in which to develop common solutions for the challenges of transformation.”

“My third proposal concerns solidarity and responsibility. Already in the year 2022, Germany has surpassed its objective of making available €6 billion ($6.5 billion) per annum for international climate finance.”

“I’m also confident that we will also achieve our goal of making available $100 billion per annum for international climate action together with other industrialized countries.”

0658 GMT




Mohammed B. S Jallow, Vice President of Gambia.

“We recognize that transitioning to a low carbon sustainable economy is not only an environmental imperative but also an economic opportunity; therefore, we are still committed to promoting the use of green and clean energy, sustainable agriculture, and eco-friendly technologies,” Mohammed B. S Jallow, Vice President of Gambia, said in his speech.

“This transition will not only reduce our carbon footprint but also create jobs stimulate innovation and improve the quality of our life of our citizens.”

0651 GMT




Mokgweetsi Eric Masisi, President of Botswana.

“The government of Botswana has made a decision to increase renewable energy penetration from two percent to 30 percent by 2030,” according to Mokgweetsi Eric Masisi, President of Botswana.

“As a developing country, Botswana prioritizes adaptation as it reduces the vulnerability of communities to climate related hazards and in so doing protecting livelihoods and ecosystems as well as enabling them to be more resilient.”

0643 GMT




Chandrikapersad Santokhi, President of Suriname.

“As part of the eight Amazonian countries united in the Amazon corporation treaty organization, we are also committed to fight deforestation of the Amazon region. My country and people are forced to adapt to extreme dry and wet weather events which cause losses and damages,” Chandrikapersad Santokhi, President of Suriname, said in his national statement.

“At the same time, we must respond to the legitimate demands of our population for economic development and diversification as we do through a balanced approach consisting of developing the natural resources through environment-friendly strategy by sustainable forest management and active protection of biodiversity and also by continued transition to green energy and other green innovations and technologies.”

0633 GMT




Faustin-Archange Touadera, President of the Central African Republic.

“Africa which bears least responsibility in terms of emissions, responsible for just four percent of global emissions, but unfortunately, Africa is a primary victim of the direct impacts of climate change,” according to Faustin-Archange Touadera, President of the Central African Republic.

“Central African Republic has been classed among the five countries which are most threatened by the effects of climate change.”

“When it comes to determining who should pay for the climate bill, the answer is, bearing in mind the gap between developed countries which are the primary polluters and poor countries, it would be logical for the former to finance the mitigation process.”

0617 GMT




Salva Kiir Mayardit, President of South Sudan.

“For four years now, the country is suffering from floods, droughts, excessive heat high temperatures, and irregular rain patterns. These climate change related factors have negatively affected the livelihood of our people the people are internally displaced,” Salva Kiir Mayardit, President of South Sudan said in his national statement speech.

“That is causing subnational conflicts between the displaced and host communities. So, peace and security are clearly affected as a result of climate change.”

“We have come to this COP28 with the hope that we, the world leaders, will commit ourselves to the implementation of the provisions of the Paris Agreement.”

“Climate change financing to the less developed countries is very important so that these countries can implement their climate adaptation and mitigation projects,” he added.

0605 GMT




Nana Addo Dankwa Akufo-Addo, President of Ghana.

“We are all now aware that climate change has an enormous impact on the fundamentals required for our survival on earth. It imposes developmental constraints and burdens on are already stretched resources and we, in Ghana are witnessing this phenomenon for ourselves at first hand,” said Nana Addo Dankwa Akufo-Addo, President of Ghana.

“A few weeks ago parts of my country Ghana were confronted with the severe humanitarian crisis triggered by the spillage of water from our country’s largest hydroelectric dam due to unusually high rainfall patterns.”

“We encourage our international partners to support the V20 loss and damage fund, the global shield against climate risk, and ultimately the UNFCCC loss and damage fund to ensure the availability of robust social safety nets for the developing world during such climate crisis.”

0551 GMT




Obiang Nguema Mbasogo, President of Equatorial Guinea.

“Africa is one of the regions with the highest rates of carbon capture and oxygen release in the world; yet, paradoxically we are the region which draws the least benefits,” according to Obiang Nguema Mbasogo, President of Equatorial Guinea.

“In light of that it’s not enough, in our view, for developed countries to simply wring their hands and make empty promises. Rather, they need to fulfill their commitments and obligations under the Paris agreement that we achieved at COP21 and ensure the rollout and implementation of tangible concrete action to mitigate the adverse impact of climate change.”

“We issue an urgent call for renewed commitment at COP28 to provide Africa with adequate transparent and just financing going forward as well as ensuring the requisite transfer of technology.”

Mbasogo faulted developed nations for failing to deliver on their pledges to meet their commitments on financing for climate action and meet their own targets to curb their industries’ emissions.

“Africa is one of the regions in the world that sequesters the most carbon and emits oxygen,” he said.

0544 GMT




Jose Ramos Horta, President of Timor-Leste.

“I urge the WHO to declare a public health emergency of international concern, the highest level of emergency that can be declared by WHO,” Jose Ramos Horta, President of Timor-Leste, said in his speech.

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The Israel-Hamas conflict also loomed large in the proceedings with several leaders voicing sympathy for the Palestinians in Gaza as the week-long ceasefire ended, and vigorous efforts to extend the truce collapsed.

Israel bombarded eastern areas of Khan Younis in southern Gaza right after the truce ended.




Jordan’s King Abdullah II speaks during the High-Level Segment for Heads of State and Government session at the United Nations climate summit in Dubai on Dec. 1, 2023. (AFP)

“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.”

 

 

The high-level session was also a day of financial commitments, with host country UAE announcing the establishment of ALTÉRRA, the largest private climate vehicle, and a $30 billion commitment to the vehicle with the aim of mobilizing $250 billion of private-sector investment by 2030.

with agencies


Almoosa Health’s IPO to drive expansion and innovation in Saudi healthcare: CEO 

Almoosa Health’s IPO to drive expansion and innovation in Saudi healthcare: CEO 
Updated 18 sec ago
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Almoosa Health’s IPO to drive expansion and innovation in Saudi healthcare: CEO 

Almoosa Health’s IPO to drive expansion and innovation in Saudi healthcare: CEO 

RIYADH: Almoosa Health Co.’s upcoming initial public offering is poised to drive significant growth and innovation in Saudi Arabia’s healthcare sector, said the company’s CEO. 

In an interview with Arab News, Malek Al-Moosa emphasized that the IPO will attract capital for expansion and advanced technologies, enabling the company to strengthen its market position and broaden its services. 

The CEO said Almoosa Health is well-positioned to capitalize on Saudi Arabia’s rapidly evolving health care sector, which is expected to grow at a 6.5 percent compound annual growth rate to reach SR360 billion ($95.83 billion) by 2030. 

“The Kingdom’s health care infrastructure and utilization are still maturing and continue to lag global benchmarks, offering plenty of headroom for growth and investment in the sector,” he said. 

The company plans to issue 13.3 million shares, including 9.3 million new offerings and 4 million existing shares. This will represent 30 percent of the company’s post-IPO capital. 

“Our IPO plays an important role in attracting capital for investment in expansion and cutting-edge technology that will grow our footprint and our offering,” said Al-Moosa. 

The public listing, a partly primary offering, is relatively rare in the Saudi market. It not only positions the company to reduce its leverage and enhance financial flexibility but also extend its regional reach. 

“With a public listing, we also enhance our market positioning, attracting more business partnerships and broadening our patient demographic, and facilitating geographic expansion in the Eastern Province, where we are the leading health care provider,” he said. 

Almoosa Health has already secured strong investor interest, with cornerstone commitments from Tawuniya and Al Fozan Holding Co., subscribing to 4.1 percent and 2.5 percent, respectively, of the company’s post-offering capital. 

Listing on Tadawul 

The company said its decision to list on Tadawul aligns with its foundation and strategic direction. “We are, through and through, a Saudi organization that has grown with the Kingdom, and we wouldn’t have considered listing on any other financial market,” Al-Moosa said. 

By becoming part of the region’s largest and most liquid stock exchange, the company aims to enhance its capital-raising capabilities, visibility, and credibility. 

“Our decision to list on the Saudi Exchange reflects our strategic direction to harness local market insights, access a broad investor base, and continue to align with the Kingdom’s Vision 2030 health care objectives,” said Al-Moosa. 

Malek Al-Moosa. Supplied

Expanding capacity 

The CEO stated that funds raised would primarily support Almoosa Health’s expansion strategy, adding: “We have a clear growth strategy, planning to add around 700 beds by 2028, resulting in four hospitals with 1,430 beds and five primary care centers.” 

He explained that proceeds from 21 percent of the 30 percent offering would go to the company to finance expansion plans, covering capital expenditures, working capital, general corporate purposes, and partial debt repayment, while the remaining 9 percent would go to the selling shareholder. 

The company plans to open two major hospitals: Almoosa Specialist Hospital in Al Hofuf by 2027, with 300 beds and 200 clinics, and another in Al Khobar by 2028, featuring up to 400 beds and several centers of excellence. 

“We have already acquired the land and commenced excavation work for both,” Al-Moosa revealed. 

In addition, five primary care centers are planned in Al Ahsa, Al Khobar, and Dammam between 2025 and 2027. 

The CEO noted that this expansion aligns with the company’s vision of becoming a “trusted provider of world-class health care” in Saudi Arabia’s Eastern Province. 

“Our ambitious expansion plan is designed to make that vision a reality, growing our footprint, widening our offering, and investing in the best technology in the market.” 

Eastern Province, where Almoosa operates, is emerging as a hub for energy and petrochemical industries, driving demand for health care services. 

With a capacity of 730 beds and services spanning primary, acute, and rehabilitative care, Almoosa serves nearly 1 million patients annually. The company’s integrated care model includes pharmacy, home health care, and telemedicine.

Al-Moosa acknowledged challenges in the sector, including talent shortages. “In a region where world-class practitioners are hard to come by, we educate, develop, and retain the most talented professionals,” he said, emphasizing the company’s focus on patient experience and competitive advantage. 

Technology adoption 

Al-Moosa pointed out that technology is at the core of the company’s strategy to enhance patient care and operational efficiency. 

Its specialist hospital in Al Ahsa integrates advanced health IT systems to enhance patient care and operational efficiency. He revealed that innovations such as Tesla 3 MRI for high-resolution imaging and automated systems in laboratories and pharmacies underscore its commitment to cutting-edge solutions. 

“We’ve been recognized for our advanced use of health IT, with HIMSS Stage 7 Accreditation reflecting exceptionally high levels of technology adoption,” said Al-Moosa. 

With its IPO, Almoosa Health aims to play a pivotal role in shaping the healthcare landscape of Eastern Province and beyond, meeting the growing demand for high-quality, integrated services.


Moody’s upgrades rankings for 11 Saudi banks

Moody’s upgrades rankings for 11 Saudi banks
Updated 34 min 47 sec ago
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Moody’s upgrades rankings for 11 Saudi banks

Moody’s upgrades rankings for 11 Saudi banks

RIYADH: Eleven banks in Saudi Arabia have seen their long-term deposit and senior unsecured ratings upgraded by Moody’s thanks to a strong operating environment.

The ratings agency also attributed the decision – which affects institutions including Saudi National Bank, Al Rajhi Bank, Riyad Bank – to the higher capacity of the Kingdom’s government to support the banks in case of need.

Earlier in November, Moody’s changed the issuer rating of the Saudi government from Aa3 from A1 and its outlook to stable from positive.

Other banks to be affected by the latest change include Saudi Awwal Bank, Banque Saudi Fransi, and Alinma Bank, as well as Arab National Bank, Bank AlBilad, and the Saudi Investment Bank.

Bank AlJazira and Gulf International Bank — Saudi Arabia also saw changes.

The agency also changed the outlook to stable from positive on the long-term deposit ratings of all the banks except for Al Rajhi Bank, which already held that rating.

“Credit conditions for banks in Saudi Arabia are improving as economic diversification momentum remains robust,” said Moody’s in a press release, adding: “We expect non-hydrocarbon private sector GDP to continue expanding by about 4-5 percent in the coming years – among the highest in the Gulf Cooperation Council region and an indication of continued progress in diversification that will reduce the Kingdom’s exposure to oil market developments and long-term carbon transition over time.”

The agency also announced it had upgraded the Baseline Credit Assessments of Saudi National Bank, Saudi Awwal Bank, and Gulf International Bank — Saudi Arabia, and affirmed the BCAs of the remaining eight banks.

The continued increase in employment in the Kingdom, including the growing participation of women in the workforce, will support demand for banking services, according to Moody’s.

“In this context, we expect credit growth in the banking system to remain robust, particularly to high quality borrowers related to the execution of the giga-projects, which will in turn support asset quality and profitability for all banks across the system, albeit to varying degrees,” said the report.

When it came to the likelihood of government support, Moody’s changed its assessment to “very high” from “high” for Alinma Bank, Bank AlBilad, the Saudi Investment Bank and Bank AlJazira.

The report said this shift “reflects the vital role the banking system plays in supporting the diversification agenda.”

It added: “The government’s economic diversification plan continues to progress and will, over time, further reduce Saudi Arabia’s exposure to oil market developments. Additionally, the stability and resiliency of the banking system support investor confidence, private domestic or foreign investment which is critical to government’s diversification plan and in our view increases the likelihood for government support in case needed.”

In its analysis of Saudi National Bank – the largest such institution across the GCC region – Moody’s said its balance sheet is well diversified across retail, corporate and treasury and underpins its strong and improving asset quality with nonperforming loans to gross loans at 1.6 percent as of September.

“The bank’s liquid buffers remain healthy and sufficient to moderate concentration risk on government deposits which is a common feature for all banks in Saudi,” the report added.

Regarding the decision to affirm Al Rajhi Bank’s BCA at a3, Moody’s said this “reflects the bank’s dominant domestic Islamic retail franchise and our expectation that the improved operating conditions will support in maintaining the bank’s financial performance.”


Oil Updates – prices rise over accusations of breaches to Israel-Hezbollah ceasefire

Oil Updates – prices rise over accusations of breaches to Israel-Hezbollah ceasefire
Updated 29 November 2024
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Oil Updates – prices rise over accusations of breaches to Israel-Hezbollah ceasefire

Oil Updates – prices rise over accusations of breaches to Israel-Hezbollah ceasefire

LONDON: Oil prices rose slightly on Friday following a potential renewal of supply risk as Israel and Hezbollah traded accusations of ceasefire violations, and as a delay to an OPEC+ meeting left investors awaiting a decision on its output policy.

Brent crude futures rose 10 cents, or 0.1 percent, to $73.38 a barrel by 8:16 a.m. Saudi time. US West Texas Intermediate crude futures were at $69.17, up 45 cents, or 0.7 percent, compared to Wednesday’s closing price.

On a weekly basis, Brent futures were down 2.4 percent and the US WTI benchmark was trading 2.9 percent lower. Trading remained thin due to the Thanksgiving holiday on Thursday that shut US financial markets.

Israel and Lebanese armed group Hezbollah traded accusations on Thursday over alleged violations of their ceasefire that came into effect the day before. The deal had at first appeared to alleviate the potential for supply disruption from a broader conflict that had led to a risk premium for oil.

Oil supplies from the Middle East, though, have been largely unaffected during Israel’s parallel conflicts with Hezbollah in Lebanon and Hamas in Gaza.

OPEC+, the Organization of the Petroleum Exporting Countries and allies including Russia, delayed its next policy meeting to Dec. 5 from Dec. 1 to avoid a scheduling conflict. OPEC+ is expected to further extend its production cuts at the meeting.

BMI, a unit of Fitch Solutions, downgraded its Brent price forecast on Friday to $76/bbl in 2025 from $78/bbl previously, citing a “bearish fundamental outlook, ongoing weakness in oil market sentiment and the downside pressure on prices we expect to accrue under Trump.”

“Although we expect the OPEC+ group will opt to roll-over the existing cuts into the new year, this will not be sufficient to fully erase the production glut we forecast for next year,” BMI analysts said in a note.

Also on Thursday, Russia struck Ukrainian energy facilities for the second time this month. ANZ analysts said the attack risked retaliation that could affect Russian oil supply.

Iran told a UN nuclear watchdog it would install more than 6,000 additional uranium-enriching centrifuges at its enrichment plants, a confidential report by the watchdog said on Thursday.

Analysts at Goldman Sachs have said Iranian supply could drop by as much as 1 million barrels per day in the first half of next year if Western powers tighten sanctions enforcement on its crude oil output. 


Closing Bell: Saudi main index rises to close at 11,641 

Closing Bell: Saudi main index rises to close at 11,641 
Updated 28 November 2024
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Closing Bell: Saudi main index rises to close at 11,641 

Closing Bell: Saudi main index rises to close at 11,641 

RIYADH: Saudi Arabia’s Tadawul All Share Index gained 50.52 points, or 0.44 percent, closing at 11,641.31 on Thursday. 

The total trading turnover of the benchmark index was SR6.02 billion ($1.60 billion), with 134 stocks advancing and 85 retreating.  

Similarly, the Kingdom’s parallel market Nomu rose 229.98 points, or 0.76 percent, to close at 30,394.70. Of the listed stocks, 44 advanced while 38 retreated. 

The MSCI Tadawul Index increased by 8.37 points, or 0.58 percent, to close at 1,460.35.  

The best-performing stock of the day was Tamkeen Human Resource Co., whose share price surged 18.00 percent to SR76.70. 

Other top performers included Zamil Industrial Investment Co., whose share price rose 8.70 percent to SR29.35, and Dr. Soliman Abdel Kader Fakeeh Hospital Co., whose stock price increased 5.66 percent to SR63.50.  

Saudi Cable Co. recorded the biggest drop, falling 6.93 percent to SR84.60. 

Saudi Enaya Cooperative Insurance Co. also saw its share price fall 4.25 percent to SR13.08. 

Meanwhile, Saudi Automotive Services Co. saw its stock price drop 4.23 percent to SR68.00. 

On the announcements front, Saudi Telecom Co. revealed that it had received foreign investment authorization from the Spanish Council of Ministers, allowing it to increase its voting rights from 4.97 percent to 9.97 percent and gain the right to appoint a board member at Telefonica. 

According to a Tadawul statement, the change in stc ownership from 9.9 percent in the previous announcement to 9.97 percent reflects Telefonica’s cancellation of shares in April. stc is currently completing the necessary steps to finalize the increase in its voting rights, which is expected to be completed in the coming period. 

stc ended the session at SR39.95, with no change in its share price.  

Nofoth Food Products Co. announced the acquisition of a mixed-use commercial and residential land in Riyadh’s Hittin neighborhood for SR22 million, covering 1,580.37 sq. meters. This acquisition is part of the company’s strategic plan to expand operations with new commercial offices and develop its headquarters. 

According to a bourse filing, the deal will be financed through the company’s internal resources. The land acquisition will increase the firm’s fixed assets and positively impact financial ratios such as return on assets.  

Nofoth Food Products Co. ended the session at SR18.00, down 1.69 percent.  


Saudi Arabia’s 2025 education plan boosts Chinese learning, nurtures gifted talent

Saudi Arabia’s 2025 education plan boosts Chinese learning, nurtures gifted talent
Updated 28 November 2024
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Saudi Arabia’s 2025 education plan boosts Chinese learning, nurtures gifted talent

Saudi Arabia’s 2025 education plan boosts Chinese learning, nurtures gifted talent

RIYADH: Around 102,000 students in Saudi Arabia will learn Chinese annually in public schools, while three new institutions for the gifted will open as part of the Kingdom’s 2025 education plans. 

According to the Ministry of Finance’s budget report, the education sector has been allocated SR201 billion ($53.50 billion), representing 16 percent of the government’s expenditures for the coming year. 

According to Mansoor Ahmed, an independent adviser in various sectors including education: “Saudi Arabia’s higher education sector is the largest individual education market across the Arabian Gulf region with a staggering 2 million students enrolled in 2022.”

He said: “Notably, 95 percent of these students are enrolled in public and semi-public institutions, underlining a significant reliance on the public sector for higher education. This reliance is attributed to the perception of higher quality and job prospects offered by public institutions.”

According to Ahmed, the government’s funding allocation for this sector is expected to shift higher education demand towards fields like AI, robotics, and renewable energy, while focusing more on R&D to address skills gaps and align education with job market needs.

This funding aims to promote comprehensive education, enhance learning within families and communities, and equip individuals with the skills necessary for national development and workforce readiness. 

It was announced in September that Saudi Arabia had begun teaching the Chinese language to primary and middle school students to equip learners with valuable skills and promote cultural appreciation. 

Pupils are now learning Mandarin, with 175 educators teaching the language as part of an agreement between the Kingdom and China. The program aims to improve job prospects and academic opportunities, particularly for those interested in studying at Chinese universities.

The initiative aligns with Saudi Vision 2030 and China’s growing global influence, further strengthening the trade and cultural ties between the two nations, according to the Ministry of Education. 

The program started with pilot schools and will gradually expand to include high school students by 2029. Educators from both nations view the initiative as a “win-win,” promoting cultural exchange and enhancing communication between the two countries.

Key projects for Saudi Arabia’s education sector in 2025, as mentioned in the Kingdom’s budget for the coming fiscal year, include increasing kindergarten enrollment to 40 percent to help achieve the Vision 2030 target of 90 percent while addressing the need for specialized teaching staff. 

There are also plans to expand enrollment for students with disabilities and build sports halls for girls in public schools. 

According to Ahmed: “In Saudi Arabia, approximately 293,000 children are identified with various disabilities. The National Transformation Program 2020 aims to ensure that 200,000 children with disabilities aged 6-18 would benefit from specialized education programs and support services.”

Ahmed noted that under the Rights of Students with Disabilities and Equal Participation in Education or RSEPI, all children with disabilities in Saudi Arabia are guaranteed free and appropriate education, encompassing individual education plans, early intervention programs, and transition services.

He also highlighted the increasing private sector interest in this area, exemplified by Amanat’s acquisition of a 60 percent stake in the Human Development Co. for SR220.3 million. 

The company is a major provider of special education and care services in the Kingdom, operating nine schools, 22 daycare centers, and rehabilitation clinics across six provinces.

The Kingdom aims to raise the percentage of accredited training institutions to 39 percent while establishing three new academic facilities dedicated to nurturing gifted students in areas such as sports and technology, with one school set to open in Riyadh. 

Saudi Arabia’s focus on education and the significant investment in this sector reflects its commitment to diversifying its economy and empowering its youth to contribute to the Kingdom’s future growth. 

This emphasis on education is driven by the country’s long-term Vision 2030 goals, which seek to transition away from oil dependency and create a knowledge-based economy. 

Saudi Arabia has recognized that education plays a central role in shaping the future of its citizens, particularly the younger generation. This has led to a series of reforms aimed at improving the quality of schooling, increasing access to education, and fostering specialized skills. 

As the Kingdom seeks to boost industries beyond oil, there is a clear need for a skilled workforce in technology, renewable energy, healthcare, and entertainment sectors. 

The Saudi government has also been encouraging international collaboration in the education sector to enhance its global competitiveness. For example, opening branches of prestigious universities, such as Arizona State University, is part of a larger strategy to elevate the country’s standing in the global education rankings. 

This is intended to provide students with access to world-class education and attract international talent to the Kingdom.

Main 2024 achievements for education sector 

The Ministry of Finance’s budget report shows that the significant investment in the Kingdom’s education sector has played a key role in the sector’s notable achievements. 

For instance, three Saudi universities have now ranked among the top 200 globally, with King Saud University advancing into the top 100 in the prestigious Shanghai rankings.

In addition, the percentage of higher education graduates entering the workforce within six months of graduation has increased to 43 percent, a jump from 32 percent in 2023, highlighting the country’s efforts to improve job readiness among graduates. 

Saudi Arabia is also enhancing its educational institutions’ credibility, with four training facilities receiving institutional accreditation to support the Human Capability Development Program and raise the overall national education standard. 

On the infrastructure front, three Saudi cities—Madinah, Al-Ahsa, and King Abdullah City in Thuwal—have been included in UNESCO’s Network of Learning Cities. 

These cities aim to foster a more holistic and inclusive learning environment, offering educational opportunities for all ages and helping to equip citizens with the necessary skills for national development and workforce participation. 

Furthermore, Saudi Arabia is expanding its research and development capabilities with the establishment of 40 centers dedicated to innovation, technology, and creativity. 

These centers will promote research and entrepreneurship, fueling the growth of new ideas and inventions. In 2024, the Kingdom saw a 10 percent increase in the enrollment of gifted students, with 28,264 scholars now participating in the National Program for Gifted Identification. 

Additionally, the country achieved six international awards in areas such as technical activity, innovation, and education. 

In terms of physical infrastructure, Saudi Arabia is investing heavily in the construction of new educational facilities. A public-private partnership initiative is developing 30 schools in Madinah to create modern and efficient educational facilities. 

In November, PwC Middle East announced the acquisition of Emkan Education, a Saudi consultancy specializing in education and skills development advisory services. The partnership is seen as a significant step toward building a future-ready education system in the Kingdom. 

The acquisition adds Emkan’s experienced professionals, including three prominent Saudi female education leaders, to PwC’s Middle East schooling practice. 

This integration will strengthen PwC’s regional capabilities and support Saudi Arabia’s goal of fostering innovation, empowering citizens, and driving economic transformation.