Saudi cement sales rise 2% to reach 10.85m tonnes

Saudi cement sales rise 2% to reach 10.85m tonnes
Saudi Arabia’s cement market is poised for robust growth, thanks to Vision 2030 developments. Shutterstock
Short Url
Updated 01 October 2024
Follow

Saudi cement sales rise 2% to reach 10.85m tonnes

Saudi cement sales rise 2% to reach 10.85m tonnes

RIYADH: Cement sales in Saudi Arabia saw an annual increase of 1.8 percent in the second quarter of 2024, reaching 10.85 million tonnes, according to recent data. 

Figures released by Al-Yamama Cement showed that 95 percent of these sales were domestic, with only 5 percent being exported.    

The data covers 17 Saudi cement companies, with Al-Yamama holding the largest share of domestic sales at 12 percent, amounting to 1.28 million tonnes, despite a 7 percent decline during the period. 

Qassim Cement followed with a 10 percent share, selling 1.06 million tonnes domestically. 

Valued at $1.07 billion in 2023, Saudi Arabia’s cement market is poised for robust growth, with an anticipated compound annual growth rate of 6.10 percent through 2029, according to ResearchAndMarkets.com, a global market research firm. 

The Kingdom’s ambitious Vision 2030 initiative, which emphasizes infrastructure development across sectors like transportation, utilities, healthcare, and tourism, is a major driver of the cement industry’s growth.  

Large-scale projects, including the Riyadh Metro and mega-projects like NEOM and Qiddiya, are significantly boosting demand, reinforcing its vital role in Saudi Arabia’s construction industry. 

Saudi Cement, Yanbu Cement, and Southern Cement each held a 9 percent share of the domestic market in the second quarter of 2024, with sales of around 920,000 tonnes each.    

The highest growth in domestic sales was recorded by Umm Al-Qura Cement, which saw a 68 percent increase to 371,000 tonnes during this period, despite holding a relatively small 4 percent market share.

Hail Cement’s sales rose by 49 percent to 407,000 tonnes, while City Cement experienced a 45 percent increase, reaching 617,000 tonnes.  

In terms of exports, Saudi Cement dominated with 79 percent of total shipments, amounting to 404,000 tonnes this quarter, though this figure represents a 16 percent decrease compared to the same quarter last year.   

Najran Cement accounted for 13 percent of exports for the quarter, totaling 66,000 tonnes, marking a 16 percent increase. Eastern Cement saw a 27 percent rise, reaching 42,000 tonnes. 

Riyadh, the political and economic capital, held the largest market share of the industry in 2023, reflecting its central role in the Kingdom’s infrastructure ambitions, added the report. 

The city’s rapid population growth and urbanization have led to increased demand for residential, commercial, and industrial constructions, all reliant on cement.   

Riyadh’s position as a hub for corporate, financial, and industrial activities further amplifies this demand, making it a focal point for sustained cement consumption, according to the agency. 

The market is also witnessing a digital transformation, with Industry 4.0 technologies being integrated into production processes. Cement manufacturers are investing in smart factory solutions, artificial intellignce, Internet of Things, and digital twins to optimize efficiency, reduce costs, and improve product quality.      

These innovations are set to revolutionize the industry, positioning companies that embrace digital transformation for long-term success in a rapidly evolving market. 

In its June report, ResearchAndMarkets.com highlighted a prominent trend in Saudi Arabia’s cement market: the growing focus on sustainability and the adoption of green cement technologies. 

As awareness of environmental impact and regulatory pressures increase, cement manufacturers are shifting toward sustainable practices to reduce carbon emissions and minimize their ecological footprint.  

In June, Hoffmann Green Cement Technologies, a French low-carbon cement firm, began constructing its first production unit in Saudi Arabia, known as H-KSA 1, after laying the foundation stone at the Rabigh site.  

This follows a 22-year licensing agreement signed last year with Saudi Arabia’s Shurfah Group. The partnership aims to establish four low-carbon cement production units to support the decarbonization of Saudi Arabia’s construction sector, aligning with Vision 2030.   

Shurfah Group will finance, build, and operate these units, exclusively marketing Hoffmann Green Cement’s products in the Kingdom. The first factory is expected to be completed by the end of 2025.     

Saudi Arabia’s Al Jouf Cement Co. has signed a deal worth SR104 million ($27.7 million) with Italy’s Webuild SpA to supply cement for various NEOM projects. 

The contract, spanning 41 months, could see additional quantities of cement supplied, and is expected to positively impact Al Jouf’s financial performance from the third quarter of 2024 onward.

NEOM, a $500 billion mega-project located along the northern Red Sea, continues to advance with several key developments. Among these is the Jaumur community, an exclusive residential area with 6,000 residents, including 500 marina apartments and 700 luxury villas, set around a marina promenade.

In addition, NEOM and Equinox Hotels are planning a luxury resort on the Gulf of Aqaba as part of the Magna development, which will feature 15 hotels, 1,600 rooms, and 2,500 residences along 120 km of coastline.

Other major projects include the NEOM Trojena Ski Village, built in partnership with Emirates Steel and Eversendai, and The Line, a 170-km mirrored structure. 

Trojena, located 50 km from the Gulf of Aqaba, spans 60 sq. km and includes mountainous elevations up to 2,600 meters.

Market challenges  

Despite the anticipated growth for the industry, there are challenges.

Regulatory compliance, particularly regarding environmental standards, adds operational complexity and costs for cement producers. Additionally, the industry faces market oversupply and price volatility, exacerbated during periods of economic slowdown.    

According to ResearchAndMarkets.com Saudi Arabia has enforced strict environmental regulations to reduce the impact of industrial activities on air quality, water, and biodiversity.

Cement plants must meet specific emission limits for pollutants like particulate matter, nitrogen oxides, and sulfur dioxide, which requires significant investment in pollution control technologies.

These regulatory changes create uncertainty and may cause project delays as companies continuously adapt. Compliance is further complicated by differences between national and local regulations, requiring coordination between industry stakeholders and government bodies. 

To navigate these challenges, cement manufacturers must engage with regulators, invest in sustainable technologies, and adopt strong environmental management practices. Balancing these efforts with operational efficiency is essential for long-term growth and competitiveness in Saudi Arabia’s cement market. 

Another challenge highlighted in the report is market oversupply and price instability. 

Overcapacity, often worsened by economic slowdowns or reduced construction activity, leads to intense price competition among manufacturers. This environment pressures companies to maintain profitability and operational viability, as excess supply drives prices down.   

During economic downturns, diminished demand for cement exacerbates these issues, resulting in inventory buildup and increased storage costs, further straining financial resources. 

To address these challenges, cement manufacturers must engage in strategic planning and risk management. This includes aligning production with market demand, diversifying product offerings, exploring export opportunities, and collaborating within the industry to rationalize production capacities.  


COP29 unveils Baku Call initiative to bridge climate finance and peace for vulnerable communities

COP29 unveils Baku Call initiative to bridge climate finance and peace for vulnerable communities
Updated 11 sec ago
Follow

COP29 unveils Baku Call initiative to bridge climate finance and peace for vulnerable communities

COP29 unveils Baku Call initiative to bridge climate finance and peace for vulnerable communities

BAKU: The world’s most vulnerable communities stand at the heart of the newly launched “Baku Call on Climate Action for Peace, Relief, and Recovery,” unveiled on Friday at COP29. 

The initiative addresses the urgent need to tackle the interconnected challenges of climate change, conflict and humanitarian crises. 

Backed by key nations from both the Global North and South — including Egypt, Italy, Germany, Uganda, the UAE and the UK — it introduces the Baku Climate and Peace Action Hub as a platform for driving peace-sensitive climate actions and unlocking vital financial support for affected regions.

Speaking to Arab News, Ambassador Elshad Iskandarov of the COP29 Presidency articulated the stakes clearly, pointing to the 450 million people who live in regions simultaneously impacted by conflict and climate vulnerability. 

“These compounded crises not only strain existing resources but also hinder the effective delivery of climate finance,” he said. 

The Baku Call seeks to address this by providing a centralized mechanism to coordinate efforts across stakeholders — governments, UN agencies, think tanks and peace-building organizations. “The hub will serve as a unified entry point for vulnerable nations, ensuring streamlined access to climate finance and technical support,” he said.

The initiative builds on established frameworks such as COP27’s Climate Responses for Sustaining Peace and COP28’s Declaration on Climate, Relief, Recovery, and Peace, while adding practical innovations. 

Iskandarov highlighted a digital portal in development that will provide a clear overview of existing climate finance mechanisms, application requirements and best practices. 

“Imagine a country facing daily challenges of conflict, development and climate impact. Without proper guidance, navigating six to nine funding channels becomes nearly impossible,” he said. The portal aims to close this gap by strengthening national capacities and offering tools to access and manage climate funding effectively.

A central focus of the initiative lies in developing pilot projects tailored to conflict-affected areas, where conventional funding approaches often fall short. “In regions with strong non-state violent actors, we must ensure that funds reach the communities in need without falling into the wrong hands,” Iskandarov said. 

To achieve this, the hub will facilitate close collaboration with UN agencies and local communities, designing projects that integrate peacebuilding goals and adhere to stringent oversight standards.

Partnerships have been instrumental in shaping the initiative. The ambassador commended the co-lead nations for their shared commitment to inclusivity and cooperation, noting how countries such as the UAE, Egypt and the UK brought their experiences as prior COP hosts to strengthen the effort.

“This is not about initiative nationalism,” he said. “We’ve drawn lessons from the pandemic, where global unity was key, and applied them to forge a collaborative approach to the climate and peace nexus.”

The Baku Call also seeks to shift the broader narrative around climate and peace. Iskandarov expressed a long-term vision where this intersection is no longer synonymous with crisis and destruction but instead embodies hope and development. “Our ultimate goal is to create a future where the nexus of climate and peace signifies resilience and harmony, not despair,” he said.


Gulf’s record FDI inflows growing the pie for all, says Bahrain’s economic strategy chief

Gulf’s record FDI inflows growing the pie for all, says Bahrain’s economic strategy chief
Updated 15 November 2024
Follow

Gulf’s record FDI inflows growing the pie for all, says Bahrain’s economic strategy chief

Gulf’s record FDI inflows growing the pie for all, says Bahrain’s economic strategy chief

MANAMA: Gulf countries’ success in attracting foreign investments is a win-win for the region, a senior business strategy expert has told Arab News.

In an interview on the second day of the Bahrain International Airshow, Nada Al-Saeed, chief of strategy at the Bahrain Economic Development Board, described the Middle East’s growing ability to attract funding as “fantastic,” noting that it brings greater attention to the region.

In 2023, Saudi Arabia secured foreign direct investment inflows of SR96 billion ($25.6 billion), 16 percent higher than its target amount, while Bahrain received a record $1.7 billion over the same period, marking an 55 percent annual increase.

“When Saudi Arabia or the UAE does very well, it means that we could also benefit from that. I think that we often see the region as very competitive. I like to see it as a very collaborative and I think that everybody could benefit. If the pie gets larger, each individual’s share will also get larger.” she said. 

Reflecting on Bahrain’s FDI increase, Al-Saeed said that figure relates to the Economic Development Board’s achievements.

“If we are looking at the foreign direct investments’ statistics and results, we will see Bahrain actually attracted a much larger number than that, but this represents a record number for the EDB,” she said.

Nada Al-Saeed, chief of strategy at the Bahrain Economic Development Board. Supplied

Al-Saeed noted that funding secured in 2023 went to investment projects across all of Bahrain’s priority sectors, which include financial services, communication and technology, and manufacturing, as well as logistics and tourism,

“These are the key priority non-oil sectors identified by the government, and they are the focus of the EDB. The board has dedicated teams for each sector to promote and attract investments in these areas,” she said.

She also said that these projects have contributed to job creation in the country, and she expected this investment trend to continue.

Explaining how her organization’s strategy aligns with the country’s economic vision for 2030, Al-Saeed said that the EDB, as the nation’s investment promotion agency, works very closely with a wider ecosystem of stakeholders known as “Team Bahrain.” 

This group has tailored its investment promotion strategies to mirror the government’s national economic plans.

“Back in October 2021, the government launched the economic recovery plan where it identified key priority sectors, and the EDB aligned to that in order to ensure that we operate as a cohesive unit, and we are able to attract the right investments that will further stimulate the development and growth of our country,” the chief officer said.

Discussing the unique advantages Bahrain offers, Al-Saeed highlighted the country’s success over the past decades in attracting regional investors that now play a vital role in the nation’s economy.

“If we look at our foreign direct investment statistics, we will see the majority of our foreign investments come from the GCC region, and that is predominantly in the financial services sector, and this is a trend that we have seen since the 70s, where Bahrain managed to attract a lot of regional capital in the financial services sector from Saudi Arabia, Kuwait, the UAE, and others, of course.” she said.

“There are many advantages because we treat GCC investors like Bahrainis when it comes to the processes of establishing business activities,” Al-Saeed added.

In addition, Bahrain has a wide range of incentives that are offered to investors.

One of these is the work of the country's labor fund, Tamkeen, which offers businesses the opportunity to support hiring local talent, as well as training and upskilling them to meet the needs of those companies.

Al-Saeed highlighted recent regulatory changes aimed at making Bahrain more attractive to global businesses and startups, and emphasized that significant efforts have been made to ensure the state remains both competitive and conducive to investments and business growth.

“Maybe one of the key, or most recent initiatives that is worth highlighting, is the Golden License program that was launched back in April 2023, which aims to provide streamlined services to strategic investment projects that are valued at $50 million or that creates 500 jobs here in Bahrain,” she said.

The chief officer added that through this initiative, projects and companies can benefit from expedited services when it comes to getting approvals, licenses or even access to decision makers. 

“This has been very instrumental in terms of ensuring that we provide high-class services to investors,” said Al-Saeed, noting that nine projects have been granted Golden License status since the initiative was launched.

She further said that the total of those projects is valued at $2.4 billion, with investors coming from various sectors and different regional and global countries, including Bahrain.

In response to a question about the role of the aviation sector in the EDB’s investment strategy,  Al-Saeed stated that it helps create a conducive investment environment, as it is what connects Bahrain with the rest of the world.

“This is not just in terms of the movement of people but also in transporting goods and service through air cargo. So, it is very important; as we do not target just the market that is within our geographic boundaries, but we aim to serve a much wider area and catchment area,” she said.


Saudi Arabia’s demand for apartments pushes new mortgages over $16bn

Saudi Arabia’s demand for apartments pushes new mortgages over $16bn
Updated 15 November 2024
Follow

Saudi Arabia’s demand for apartments pushes new mortgages over $16bn

Saudi Arabia’s demand for apartments pushes new mortgages over $16bn

RIYADH: Banks in Saudi Arabia granted SR60.92 billion ($16.24 billion) in residential mortgages in the first nine months of 2024, an annual rise of 4.88 percent.

The data was released by the Saudi Central Bank, also known as SAMA, and it showed the bulk of the loans — constituting 64 percent or SR38.85 billion — was allocated for house purchases.

This segment did witness a 3.38 percent dip year on year, with its proportion of total loans shrinking from the 69 percent seen during the same period of 2023.

Demand for apartments surged, capturing 31 percent of total mortgages, up from 25 percent a year ago, as this category of lending reached SR18.6 billion.

This shift represents a 26.8 percent growth, underscoring the increasing preference for apartment ownership amid urbanization and demographic changes.

Additionally, loans for land purchases showed a promising trajectory, achieving an annual growth rate of 8.26 percent and amounting to SR3.5 billion, which signals a sustained interest in land investment across the Kingdom.

The rise in new residential bank loans across Saudi Arabia is being driven by a blend of population growth, evolving mortgage policies, and increasing interest in apartment living.

According to a recent report from online real estate platform Sakan, the Kingdom’s population surged by four million over the past five years, with demand for housing climbing in response.

While this trend fuels the broader housing market, apartments have become a prominent focus, reflecting changing demographics and affordability needs.

The growth of the expatriate population, which expanded from 9.9 million in 2010 to 13.4 million in 2022 and now makes up over 40 percent of the population, also adds pressure on the rental market, particularly in major cities.

The government’s push for greater home ownership through buyer-friendly mortgage policies is helping fuel this apartment demand. 

Favorable mortgage options and the recent introduction of the Premium Residency Visa, often dubbed the “Saudi Green Card,” allow foreign investors to enter the market with purchases over SR4 million, fostering interest in upscale residential investments.

Additionally, the value proposition of apartments is clear, as with SR1 million, buyers can access apartment sizes that vary by city — for instance, around 131 sq. meters in North Riyadh to a more spacious 333 sq. meters in Dammam, according to the report.

Saudi Arabia’s liberalized foreign ownership policies and affordable mortgage terms further boost demand, particularly for apartments in desirable areas.

The high rental yields offered by apartments in Saudi Arabia also attract investors, with two- and three-bedroom apartments in Riyadh delivering yields of 9 to 10 percent, and even higher returns in Jeddah, where a two-bedroom unit yields 11.7 percent.

These returns are notably higher than apartment yields in neighboring Gulf cities, where they average between 5 to 6 percent in Dubai, Abu Dhabi, and Doha.

High rental yields not only make apartments attractive as long-term investments but also help offset rising property costs, driving both end-users and investors to favor this category in a market characterized by shifting residential preferences.

According to the report, the surge is also driven by the rapid evolution of real estate technology.

Platforms like Sakan are reshaping the real estate landscape by enhancing transparency, streamlining property transactions, and providing data-driven insights for buyers and investors alike.

Leveraging local knowledge and international expertise, these platforms are supporting the sector’s growth by simplifying access to property listings, improving market transparency, and facilitating faster transaction times.

As property technology continues to integrate into the Saudi market, it is poised to play a pivotal role in sustaining the momentum of residential lending and meeting the needs of a tech-savvy, expanding population.


Saudi Arabia’s official reserves reach $457bn, up 4%

Saudi Arabia’s official reserves reach $457bn, up 4%
Updated 15 November 2024
Follow

Saudi Arabia’s official reserves reach $457bn, up 4%

Saudi Arabia’s official reserves reach $457bn, up 4%

RIYADH: Saudi Arabia’s official reserve assets reached SR1.71 trillion ($456.97 billion) in September, marking a 4 percent increase year-on-year, according to new 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 94.5 percent of the total, amounting to SR1.62 trillion in September. This category grew 4.11 percent during this period.

September data indicated that special drawing rights rose to SR79.86 billion, marking a 4.18 percent increase and reaching the highest level in two and a half years. SDRs now account for 4.66 percent of Saudi Arabia’s total reserves.

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 SR12.64 billion, but decreased by 11.45 percent during this period. This category represents the amount a country can draw from the IMF without conditions.

Saudi Arabia’s official reserves have been a fundamental pillar of the nation’s economic stability and are closely tied to its strategic investments in foreign securities.

The Kingdom’s reserves include an extensive portfolio of foreign assets, diversified across currencies and geographies, ensuring the country has a robust financial buffer against global economic uncertainties.

This prudent reserve management has helped Saudi Arabia maintain a resilient fiscal position and a strong credit rating, affirmed at “A/A-1” by S&P Global, which recently upgraded the Kingdom’s outlook to positive due to its sustained reform momentum.

In alignment with Vision 2030, Saudi Arabia has adopted an expansionary fiscal policy to support transformative projects aimed at reducing its economic dependence on oil.

This ambitious agenda has led to budget deficits and prompted the country to tap into debt markets to finance key infrastructure and social initiatives.

Despite the uptick in debt, the Kingdom remains fiscally well-positioned, with ample reserves and substantial net assets, projected to stay above 40 percent of GDP through 2027 according to S&P Global.

This buffer underscores Saudi Arabia’s capacity to absorb potential economic shocks while continuing to pursue its development goals.

The nation’s significant reserve base not only underpins its economic stability but also provides the flexibility to recalibrate spending on large infrastructure projects as needed, maintaining a balance between growth and fiscal discipline.

This strategy is essential as Saudi Arabia seeks to nurture its non-oil sectors, supported by the Public Investment Fund and other governmental entities.

The PIF’s role in fostering a diversified economy is central to Vision 2030’s objectives, from investment in renewable energy to technology and healthcare, creating a more resilient and diversified economic base.

With the positive outlook and strategic focus on sustainable growth, Saudi Arabia’s economic reforms are expected to drive strong non-oil growth over the medium term, further cementing the Kingdom’s fiscal stability and enhancing investor confidence in its long-term economic vision.


COP29: Clean energy a catalyst for stability, recovery in conflict zones

COP29: Clean energy a catalyst for stability, recovery in conflict zones
Updated 15 November 2024
Follow

COP29: Clean energy a catalyst for stability, recovery in conflict zones

COP29: Clean energy a catalyst for stability, recovery in conflict zones
  • Environmental solutions reduce dependence on imports
  • Micro-grids support conflict-ridden communities

BAKU: As COP29 progresses in Baku, attention is turning to the ways in which clean energy can transform post-conflict recovery efforts, bringing both environmental resilience and social stability to regions affected by war.

This year’s discussions have highlighted how renewable energy offers more than environmental benefits, having the potential to catalyze economic recovery, improve living standards and build long-term resilience in areas most vulnerable to conflict.

Renewable energy in conflict recovery: A new dimension of aid

Experts have highlighted how sustainable infrastructure can reduce dependence on foreign energy imports and fuel local economies in war-torn areas.

Hafed Al-Ghwell, a North African geopolitics expert, said in an interview with Arab News that “clean energy isn’t just about generating power; it’s about autonomy and resilience.” For regions dependent on volatile foreign fuel supplies, renewables offer a more stable power source that strengthens local autonomy.

Gilles Carbonnier, vice president of the International Committee of the Red Cross, highlighted the critical role of renewable energy in supporting communities severely affected by both conflict and climate change.

“The people who are most affected by climate change risks are those who live in zones of armed conflict and have the least capability to adapt and face these risks,” Carbonnier said.

He described how the ICRC is using solar power to help protect communities from droughts, floods and extreme weather across the Sahel, the Horn of Africa and the Middle East.

“What we need is to scale these efforts, which means directing much more climate funding to conflict zones,” Carbonnier added.

This local approach provides immediate aid while laying the foundation for sustainable recovery in areas struggling with limited resources and infrastructure damage.

Gaza: The intersection of war and environmental crisis

The war and occupation in Gaza represents a severe environmental and humanitarian crisis.

Crown Prince Hussein of Jordan addressed COP29. In calling for global solidarity with Gaza, he said: “Saving our planet must start from the premise that all lives are worth saving.” He described how the war is “compounding environmental challenges for Gaza and beyond.”

A recent UN Environment Program report highlighted severe contamination of Gaza’s land, water and air due to the destruction of critical infrastructure, including sewage and waste systems, leaving communities surrounded by hazardous debris.

Carbonnier said that Gaza is emblematic of the dual crisis faced by many conflict zones, where war intensifies environmental damage and deepens humanitarian challenges.

“In Gaza, conflict has degraded critical infrastructure to the point where basic resources like clean water and electricity are scarce,” he said.

“Renewable energy solutions, such as solar micro-grids, could offer essential relief by providing stable power to hospitals, schools and homes,” he added.

In Gaza, solar micro-grids deployed by NGOs are already providing essential power for hospitals and emergency shelters, offering a sustainable alternative to fuel imports which have been blockaded by Israeli forces since the conflict began.

An image from the COP29 conference in Baku. AN

Resilience through clean energy infrastructure

Renewable energy infrastructure, particularly solar and wind power, is highly adaptable to conflict and post-conflict settings due to its low maintenance requirements and modular design.

Solar panels and wind turbines require minimal upkeep and their modular nature allows for incremental infrastructure development as security improves.

This approach has proved effective in Syria, where solar-powered micro-grids are supplying power to refugee camps, providing consistent electricity for vital services like sanitation and healthcare.

According to Carbonnier, these micro-grids “reduce dependence on often costly and dangerous fuel deliveries and stabilize power supplies for communities under stress.”

Renewable energy micro-grids are now recognized as a cornerstone of humanitarian aid, offering stability to populations affected by protracted crises.

Policy implications and international support

For renewable energy to become a reliable tool in post-conflict recovery, coordinated international support and robust policy frameworks are essential.

Azerbaijan’s lead COP29 negotiator, Yalchin Rafiyev, highlighted the need for financial support specifically directed at conflict zones. “Bridging the gaps between climate finance and peace-building efforts can unlock substantial benefits for communities emerging from conflict,” Rafiyev said.

Rumen Radev, president of Bulgaria, highlighted the link between climate resilience and global stability, telling Arab News: “Extreme meteorological events threaten not just people and economies, but also the security and stability of the world.”

His remarks highlight the importance of COP29’s goals in fostering peace through enhanced climate resilience.