Saudi Arabia leads global efforts at 79th UNGA, paving the way for action at COP16

Saudi Arabia leads global efforts at 79th UNGA, paving the way for action at COP16
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Saudi Arabia’s incoming COP16 Presidency initiated a series of events to sound the international alarm on these pressing issues. Supplied
Saudi Arabia leads global efforts at 79th UNGA, paving the way for action at COP16
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Saudi Arabia’s incoming COP16 Presidency initiated a series of events to sound the international alarm on these pressing issues. Supplied
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Updated 13 October 2024
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Saudi Arabia leads global efforts at 79th UNGA, paving the way for action at COP16

Saudi Arabia leads global efforts at 79th UNGA, paving the way for action at COP16
  • Kingdom’s incoming COP16 Presidency initiated a series of events to sound the international alarm on these pressing issues
  • Saudi Arabia took a proactive approach in hosting and participating in a wide range of events aimed at finding long-term solutions

RIYADH: Global discussions on environmental challenges took center stage at the 79th UN General Assembly, with Saudi Arabia’s Ministry of Environment, Water, and Agriculture spearheading talks. 

In preparation for the upcoming UNCCD COP16, the Kingdom’s incoming COP16 Presidency initiated a series of events to sound the international alarm on these pressing issues, primarily focusing on addressing the UNCCD target of restoring 1.5 billion hectares of land by 2030. 

The Saudi Deputy Minister of Environment, Water, and Agriculture and advisor to the incoming COP16 President, Osama Faqeeha, emphasized in an interview with Arab News, the urgency of this mission: “At the forefront of our actions in New York has been ensuring we raise international awareness of the urgency with which the world must tackle land degradation, drought and desertification.”

Saudi Arabia’s efforts at the UNGA were not limited to raising awareness. The Kingdom took a proactive approach in hosting and participating in a wide range of events aimed at finding long-term solutions. 

A key event, titled the “Road to Riyadh,” brought together critical stakeholders from the environmental policy, governmental, scientific, and NGO ecosystems. 
 
This meeting laid the foundation for discussions that will continue through COP16, focusing on creating an actionable plan to address various environmental concerns. 

Faqeeha said: “At the UN General Assembly in New York, we have been hosting and participating in events designed to find lasting solutions to land degradation, desertification, and drought.”

He added: “We have been, and will continue to, consult and engage with a wide range of experts, decision-makers, and environmental stakeholders in the buildup to COP16 in Riyadh, to raise awareness around policy initiatives and land restoration funding mechanisms, with the ultimate goal of delivering a COP of action in December.”

A significant outcome of Saudi Arabia’s participation at the UNGA was the launch of the groundbreaking “Rio Trio” initiative, which Faqeeha described as a critical dialogue among the three major environmental conventions — the UNCCD, which focuses on land degradation, UNFCCC, which tackles climate change, and CBD which is centered on biodiversity. 

The Rio Trio event, held on the sidelines of the UNGA, brought together decision-makers from Azerbaijan, the incoming presidency of COP29; Colombia, the incoming presidency of CBD COP16; and Saudi Arabia, the incoming presidency of COP16.

The initiative’s goal is to find unified solutions that address the interconnected challenges of land degradation, climate change, and biodiversity loss. 

“The end of 2024 stands to be an important period for our planet,” Faqeeha said, describing it as “an opportunity to help deliver decisive change with all three COPs taking place over a short period of time.”

Saudi Arabia’s commitment to multilateral cooperation is not limited to the UNGA. The Kingdom has also played a leading role in international environmental initiatives, such as the G20 Global Land Initiative, which was launched at the G20 summit in Riyadh in 2020. 

The initiative aims to halve degraded land by 2040, a target that aligns with Saudi Arabia’s broader mission to foster global collaboration on land restoration. 

Faqeeha highlighted the significance of this initiative, stating: “It was in fact at the G20 in Riyadh in 2020 when the group took the historic step of launching the Global Land Initiative, pledging to halve degraded land by 2040.”

He also highlighted that Saudi Arabia will continue to promote this goal at upcoming international engagements, including the G20 summit in Brazil.

As the Kingdom prepares for COP16, the country is actively working to rally the international community to deliver enhanced commitments on land restoration and prevention of further degradation. 

The COP16 conference, scheduled to take place in Riyadh, is expected to attract up to 20,000 participants, making it the largest UNCCD COP to date. 

“We are expecting to attract up to 20,000 people, making COP16 the largest UNCCD COP to date,” Faqeeha said. The conference will also feature the first-ever Green Zone, a space where public and private sectors, NGOs, the scientific community, and financial institutions can collaborate on finding and funding sustainable solutions to land degradation. 

Faqeeha added: “We are doing this to amplify the voices of the 3.2 billion people impacted by land degradation, drought, and desertification around the world.”
 
The Kingdom’s leadership at COP16 is built on a strong foundation of international cooperation and domestic environmental stewardship. 

Saudi Arabia’s Vision 2030 roadmap, which emphasizes economic diversification alongside environmental sustainability, is a driving force behind its ambitious land restoration goals.

“Sustainability is deeply rooted in the Kingdom’s development roadmap of Vision 2030,” Faqeeha highlighted. He explained that Saudi Arabia does not view economic development and environmental conservation as conflicting forces but as interlinked.

According to Faqeeha, the economic benefits of land restoration are significant, with the potential to generate $1.4 trillion annually through increased crop production from the restoration of degraded land.

He warned, however, that the cost of inaction is even higher, citing UN estimates that 90 percent of the Earth’s soil is at risk of degradation by 2050, which could result in far-reaching economic and social consequences.

Saudi Arabia’s leadership in this area extends beyond its borders. The Kingdom has committed to restoring 200 million hectares of degraded land domestically and internationally, reflecting its deep-rooted connection to land stewardship. 

Faqeeha stressed the importance of balancing economic growth with environmental protection, particularly in light of the nation’s responsibility as a G20 nation. “The Kingdom is conscious of its responsibility to lead the local, regional, and international climate action efforts,” he said.

In fostering global collaboration at COP16, Saudi Arabia encourages other countries to adopt sustainable land management practices and contribute to the UNCCD’s goals. 

“We need a transformational raising of awareness,” Faqeeha said, stressing that land restoration is not just an environmental necessity but an economic opportunity. 

He explained that the return could be as high as $30 for every dollar invested in restoring degraded land. 

To achieve this, Saudi Arabia is actively working to unlock funding mechanisms, including those available via multilateral development banks, to help drive global investment in sustainable land management.

Businesses will also play a critical role in addressing land degradation, and the Kingdom is committed to encouraging the private sector to take more active steps in this regard. 

“The unfortunate reality is businesses have often been driven by short-term profits, overlooking the long-term consequences of their actions,” Faqeeha observed. 

He stressed that COP16 will focus on shifting this mindset, encouraging businesses to recognize the long-term value of sustainable practices. 

“Restoring ecosystems and soil biodiversity is among the most effective weapons against weather extremes,” he underlined, adding that businesses stand to benefit from greater economic security by investing in regenerative land use.

In addition to engaging the private sector, Saudi Arabia is committed to involving the youth in the global land restoration movement. Faqeeha pointed out that over 1 billion young people in developing countries depend on land and natural resources for their livelihoods. 

He stated: “Global efforts on land restoration can succeed only if we involve the youth.” At COP16, the Kingdom will provide a platform for young people to participate in discussions and advocate for sustainable land management practices. 

“UNCCD recognizes youth as key changemakers and their social and economic integration and empowerment are critical for global land actions,” Faqeeha said.

He added: “That is why the UNCCD is actively promoting youth engagement and placing it at the forefront of global efforts to restore land and boost drought resilience.”

Faqeeha highlighted that today’s young generation will inherit the responsibility of desertification and land degradation, climate change, biodiversity loss, and growing socioeconomic inequality. 

Gender equality is another key focus of COP16. Saudi Arabia will host a Gender Forum in the Green Zone to ensure that women’s leadership and participation in land restoration efforts are prioritized. 

“Gender equality is critical for the global effort to prevent, reduce, and reverse land degradation,” Faqeeha emphasized.

The forum will serve as a platform to address gender inequality and promote the role of women, particularly those most affected by land degradation, in shaping sustainable solutions.

As Saudi Arabia looks ahead to COP16, it remains steadfast in its mission to foster global collaboration, drive tangible results, and create a lasting legacy in the fight against land degradation, desertification, and drought. 

“At the UN General Assembly, we have sought to galvanize governments, businesses, NGOs and experts- to name just a few- to arrive in Riyadh ready to deliver the robust multilateral action our planet desperately needs,” Faqeeha concluded. 

By leveraging the momentum built at the 79th UN General Assembly and continuing to champion multilateral solutions, the Kingdom is set to make COP16 a transformative moment for both people and the planet.


COP29 enters final hours amid key negotiations on climate finance and carbon markets

COP29 enters final hours amid key negotiations on climate finance and carbon markets
Updated 22 sec ago
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COP29 enters final hours amid key negotiations on climate finance and carbon markets

COP29 enters final hours amid key negotiations on climate finance and carbon markets

BAKU: As COP29 nears its conclusion, negotiators are working intensively to finalize agreements that could significantly advance global climate action. 

Hosted in Baku, Azerbaijan, the conference has focused on critical issues such as climate finance, adaptation strategies, and the operationalization of carbon markets under the 2015 Paris Agreement. 

Although decisions remain in draft form, the discussions signal progress on aligning global efforts with the urgent need to combat the climate crisis.

Saudi Arabia has emerged as a key player, leveraging its growing diplomatic influence and domestic climate initiatives to shape the outcomes.

Push for equitable climate finance

One of the most pressing topics at COP29 has been the New Collective Quantified Goal on climate finance. 

Negotiators are seeking to establish a framework that mobilizes $1.3 trillion annually by 2035 to support developing nations in addressing climate change. 

This new goal reflects the escalating financial demands of both mitigation and adaptation efforts, with developing countries requiring $215 billion to 387 billion annually for adaptation alone through 2030.

Saudi Arabia has been a vocal advocate for equitable financing mechanisms, emphasizing the need for practical pathways to unlock funds for countries that bear the brunt of climate impacts yet have limited resources. 

The Kingdom has supported calls for reforming global financial institutions to reduce barriers such as high borrowing costs and restrictive conditions. This aligns with Saudi Arabia’s broader position that climate finance must be accessible and targeted to the most vulnerable nations.

Domestically, Saudi Arabia has backed its advocacy with action. The Kingdom has committed significant investments to its Saudi Green Initiative, which includes billions of dollars for renewable energy projects, reforestation, and environmental restoration. 

These initiatives underscore Saudi Arabia’s dual focus on addressing domestic climate challenges and contributing to global solutions, according to the draft resolution. 

“Through initiatives like the Saudi Green Initiative, the Kingdom has committed to reducing regional emissions by more than 10 percent and leading the planting of 50 billion trees across the Middle East to combat desertification and foster environmental sustainability,” the document stated.

Speeches came to an end as negotiations at COP29 in Baku reached their final hours. AN Photo/Abdulrahman Bin Shulhub

Carbon Markets: A Saudi priority

Discussions on Article 6 of the Paris Agreement, which governs international carbon trading, have been another focal point of COP29. 

Saudi Arabia has taken a prominent role in shaping the rules for carbon markets, advocating for frameworks that promote transparency and equitable participation.

Under Article 6.2, which covers bilateral cooperation, and Article 6.4, which establishes a centralized mechanism for trading carbon credits, Saudi negotiators emphasized the importance of avoiding double-counting emissions reductions and ensuring environmental integrity. 

These safeguards are essential for building trust in the carbon market as a tool for accelerating emissions reductions.

In the draft resolution on financing released by the UN Framework Convention on Climate Change it is outlined that “Saudi Arabia emphasizes the importance of transparency and equitable participation in Article 6 mechanisms, ensuring that developing nations can benefit from international carbon trading frameworks.”

The Kingdom’s engagement in these discussions reflects its broader ambition to become a regional hub for carbon trading. The Kingdom is advancing projects in carbon capture, utilization, and storage, positioning itself as a leader in leveraging market-based solutions to achieve climate goals. 

These efforts align with the Saudi Green Initiative’s targets for emissions reductions and renewable energy expansion.

A commitment to adaptation

While mitigation often dominates global climate discussions, COP29 has seen renewed attention to adaptation – an area where Saudi Arabia has also contributed actively.

Negotiators are working to refine the Global Goal on Adaptation by developing measurable indicators to track progress.

These metrics aim to ensure that adaptation efforts are effective and responsive to the needs of vulnerable communities.

“Saudi Arabia continues its focus on promoting energy efficiency, a critical pillar of its sustainability agenda, as highlighted by top officials during COP29 discussions,” reads the draft resolution.​

The Kingdom has supported these efforts, emphasizing the importance of integrating local knowledge and traditional practices into adaptation strategies. The Kingdom’s approach aligns with its domestic priorities, which include enhancing resilience to desertification and water scarcity, challenges exacerbated by its arid climate, the document added.

Inclusivity and collaboration

Inclusivity has been a central theme at COP29, and Saudi Arabia has demonstrated its commitment to ensuring diverse voices are part of the climate conversation. The Kingdom supported the draft Baku Workplan, which aims to elevate indigenous peoples and local communities in climate governance.

Domestically, Saudi Arabia has prioritized inclusivity through education and workforce development programs that prepare youth and women for leadership roles in green industries. 

These initiatives are part of broader reforms under Vision 2030, which aims to diversify the economy while ensuring equitable opportunities for all citizens.

COP29 began on Nov. 11. AN Photo/Abdulrahman Bin Shulhub

Regional leadership

Saudi Arabia’s influence extends beyond its national borders. Through the Middle East Green Initiative, the Kingdom is fostering regional cooperation to combat climate change.

The initiative includes ambitious goals to plant 50 billion trees across the Middle East and reduce regional emissions by more than 10 percent.

At COP29, these efforts were presented as examples of how regional action can amplify global progress.

By working closely with other Gulf Cooperation Council countries, Saudi Arabia is also driving investments in renewable energy projects that enhance energy security and sustainability. 

These partnerships underscore the Kingdom’s role as a regional leader in climate action, capable of catalyzing collective efforts to address shared challenges.

Challenges and opportunities ahead

As COP29 approaches its conclusion, much remains to be finalized. The draft decisions on climate finance, carbon markets, and adaptation reflect significant progress but also underscore the complexity of reaching consensus among diverse stakeholders.

Saudi Arabia’s contributions to these discussions demonstrate its ability to balance domestic priorities with international leadership. By advocating for equitable solutions, advancing regional cooperation, and showcasing its own climate successes, the Kingdom has positioned itself as a key player in shaping the global response to climate change.

The conference has marked an important step forward in the global fight against climate change. The agreements under discussion – particularly those on finance and carbon markets – highlight the growing recognition that collective action is essential to achieving the Paris Agreement’s goals.

Saudi Arabia’s active participation in these negotiations underscores its evolving role as a climate leader. 


Saudi cement sales up 5% to 12.84m tonnes amid sustainability drive

Saudi cement sales up 5% to 12.84m tonnes amid sustainability drive
Updated 22 November 2024
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Saudi cement sales up 5% to 12.84m tonnes amid sustainability drive

Saudi cement sales up 5% to 12.84m tonnes amid sustainability drive

RIYADH: Cement sales in Saudi Arabia saw an annual increase of 4.93 percent in the third quarter of 2024, reaching 12.84 million tonnes, according to recent data.

Figures released by Al-Yamama Cement showed that 96.18 percent of these sales were domestic, with only 3.82 percent being exported.  

The data covers 17 Saudi cement companies, with Al-Yamama Cement holding the largest share of domestic sales at 12.47 percent, amounting to 1.54 million tonnes, despite experiencing a 27.18 percent decline during the period.

With the successful acquisition of Hail Cement Company by Qassim Cement Company, QCC now leads the market with the highest share among its peers at 13.37 percent, or 1.65 million tonnes, moving Al-Yamama Cement to second place.

Saudi Cement, Southern Cement and Yanbu Cement held 8.96 percent, 8.49 percent and 8.18 percent shares of the domestic market respectively.

The highest growth in domestic sales was recorded by Umm Al-Qura Cement, which saw a 69 percent increase to 372,000 tonnes during this period, despite holding a relatively small 3 percent market share.

City Cement’s local sales rose by 52.69 percent annually to 739,000 tonnes, while Tabuk Cement experienced a 27.3 percent increase, reaching 429,000 tonnes.  

In terms of cement exports, Saudi Cement dominated with 80.45 percent of total shipments, amounting to 395,000 tonnes this quarter.  This figure represents a 13.18 percent increase compared to the same quarter last year.   

Najran Cement accounted for 11 percent of exports for the quarter, totaling 54,000 tonnes, marking a 24 percent decline. Eastern Cement with 8.55 percent share saw a 133 percent rise in exports, reaching 42,000 tonnes. 

Saudi Arabia also exported 1.08 million tonnes of clinker during this period, marking a 41 percent decline compared to the same period last year.

Clinker, a crucial intermediate product in cement production, is commonly exported due to its cost-effectiveness. It is more economical to ship it to other countries for final processing into cement than to produce the finished product and then export.

According to a report by AlJazira Capital, the total utilization rate of the cement sector in Saudi Arabia stood at 72.8 percent in September. 

This figure represents the proportion of the cement production capacity that is actively being used to meet demand.

A utilization rate of 72.8 percent indicates that, on average, the cement industry in Saudi Arabia is using just over two-thirds of its available production capacity.

Saudi Arabia is a prominent player in the global cement industry, ranking among the top 10 producers worldwide. The Kingdom’s production capacity has been bolstered by significant investments to meet both domestic demand and export opportunities.

Key factors driving Saudi Arabia’s cement industry include its robust infrastructure development, housing projects, and initiatives under Vision 2030, which aim to diversify the economy and reduce reliance on oil revenues.

Saudi Arabia’s path to decarbonization

In October, Saudi Arabia’s cement sector took a significant leap towards decarbonization with the announcement of a joint venture between the UK’s Next Generation SCM and Nizak Mining Co., a subsidiary of City Cement.

The collaboration is focused on producing supplementary cementitious materials locally, utilizing an innovative, energy-efficient technology.

This new method requires only one-sixth of the fuel compared to conventional cement production and operates at lower temperatures, significantly reducing operational costs and carbon emissions.

The technology already demonstrates a 99 percent reduction in emissions, producing just 8 kg of CO2 per tonne of calcined clay, compared to the global average of 600 kg per tonne.

The joint venture is part of the Kingdom’s broader decarbonization strategy, which is aligned with Vision 2030 and the Saudi Green Initiative.

As part of these proposals, the Kingdom has set an ambitious goal of cutting carbon emissions by 278 million tonnes annually by 2030.

This venture, which will have its first production plant in Riyadh, is expected to produce up to 700,000 tonnes of low-carbon supplementary cementitious materials in its second year of operations, starting in 2025.

The project is also crucial for the domestic production of low-carbon concrete, as traditional SCM alternatives, like fly ash and slag, are not readily available in Saudi Arabia.

The venture will not only help Saudi Arabia meet its sustainability targets but also strengthen its position as a regional hub for low-carbon materials, generating both economic and environmental benefits.

Speaking in October, Majed Al-Osailan, CEO of City Cement, emphasized the long-term impact of the project, stating that it will create jobs, improve access to sustainable building materials, and create export opportunities for the Kingdom.

According to a study by the Boston Consulting Group in September, Saudi Arabia stands to gain a significant competitive advantage in the global cement industry as the sector moves toward decarbonization through carbon capture and storage.

The competitive dynamics of the industry are shifting due to the high costs associated with CCS, which is essential for achieving net-zero emissions by 2050.

One of the primary factors influencing future competitiveness is a plant’s proximity to CO2 storage sites.

Cement plants located within 200 km of CCS hubs could see abatement costs reduced by half compared to those located farther away.

This geographical advantage will be crucial in determining cost competitiveness on a global scale.

Saudi Arabia, with its lower energy costs, is well-positioned to capitalize on this advantage according to the study. The Middle East, in general, benefits from cheaper energy, which could give Saudi plants a $20 per tonne cost advantage in CCS over the global median.

This would allow Saudi Arabia to emerge as a key export hub in the global cement market. 

Plants in the Kingdom that can minimize their CCS abatement costs will be internationally competitive, particularly as global trade dynamics shift and demand grows for low-carbon cement.

Moreover, Saudi Arabia’s energy infrastructure and strategic location near key shipping routes bolster its potential as a regional and global supplier of cement.

With substantial investments in CCS technology and renewables, the Kingdom could not only meet domestic demand but also serve international markets more efficiently, securing its position in the evolving global cement trade.

As the cost of CCS implementation rises, the global competitive landscape will be reshaped, with plants closer to CO2 storage hubs and renewable energy sources becoming more attractive.

Saudi Arabia’s competitive edge, therefore, lies in its ability to leverage its energy resources and strategic location, potentially making it a leader in the export of low-carbon cement solutions.


Oil Updates – crude heads for weekly gains on anxiety over intensifying Ukraine war

Oil Updates – crude heads for weekly gains on anxiety over intensifying Ukraine war
Updated 22 November 2024
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Oil Updates – crude heads for weekly gains on anxiety over intensifying Ukraine war

Oil Updates – crude heads for weekly gains on anxiety over intensifying Ukraine war

LONDON: Oil prices extended gains on Friday, heading for a weekly uptick of more than 4 percent, as the Ukraine war intensified with Russian President Vladimir Putin warning of a global conflict.

Brent crude futures gained 10 cents, or 0.1 percent, to $74.33 a barrel by 7:48 a.m. Saudi time. US West Texas Intermediate crude futures rose 13 cents, or 0.2 percent, to $70.23 per barrel.

Both contracts jumped 2 percent on Thursday and are set to cap gains of more than 4 percent this week, the strongest weekly performance since late September, as Moscow stepped up its offensive against Ukraine after the US and Britain allowed Kyiv to strike Russia with their weapons.

Putin said on Thursday it had fired a ballistic missile at Ukraine and warned of a global conflict, raising the risk of oil supply disruption from one of the world’s largest producers.

Russia this month said it produced about 9 million barrels of oil a day, even with output declines following import bans tied to its invasion of Ukraine and supply curbs by producer group OPEC+.

Ukraine has used drones to target Russian oil infrastructure, including in June, when it used long-range attack drones to strike four Russian refineries.

Swelling US crude and gasoline stocks and forecasts of surplus supply next year limited price gains.

“Our base case is that Brent stays in a $70-85 range, with high spare capacity limiting price upside, and the price elasticity of OPEC and shale supply limiting price downside,” Goldman Sachs analysts led by Daan Struyven said in a note.

“However, the risks of breaking out are growing,” they said, adding that Brent could rise to about $85 a barrel in the first half of 2025 if Iran supply drops by 1 million barrels per day on tighter sanctions enforcement under US President-elect Donald Trump’s administration.

Some analysts forecast another jump in US oil inventories in next week’s data.

“We will be expecting a rebound in production as well as US refinery activity next week that will carry negative implications for both crude and key products,” said Jim Ritterbusch of Ritterbusch and Associates in Florida.

The world’s top crude importer, China, meanwhile on Thursday announced policy measures to boost trade, including support for energy product imports, amid worries over Trump’s threats to impose tariffs.


Saudi Arabia’s GACA ushers in new era of passenger experience with AI

Saudi Arabia’s GACA ushers in new era of passenger experience with AI
Updated 21 November 2024
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Saudi Arabia’s GACA ushers in new era of passenger experience with AI

Saudi Arabia’s GACA ushers in new era of passenger experience with AI

JEDDAH: Saudi Arabia’s aviation authority is revolutionizing the passenger experience by incorporating artificial intelligence into its services, in alignment with the nation’s strategic aviation plan, a senior Saudi official said.

At the 2024 Global Civil Aviation Forum in Shanghai, Abdulaziz bin Abdullah Al-Dahmash, vice president of the General Authority of Civil Aviation for Quality and Passenger Experience, highlighted the authority’s ongoing initiatives designed to improve passenger satisfaction.

A session dedicated to GACA’s role in enhancing the passenger experience featured international experts and focused on the authority's efforts to align with Saudi Arabia's aviation strategy and Vision 2030.

The discussion underscored Saudi Arabia's use of data analytics and AI to transform the aviation sector, supporting the National Aviation Strategy and the broader Vision 2030 objectives. This approach is part of the Kingdom's goal to achieve excellence in both aviation services and infrastructure.

The National Aviation Strategy serves as a roadmap to solidify Saudi Arabia’s position as a global leader in tourism, business travel, and logistics. Built around three core pillars — empowering national tourism, improving domestic aviation, and aligning with Vision 2030 — the strategy aims to enhance interconnectivity, increase the market share of national carriers, and expand airport infrastructure.

By leveraging its strategic location and investment potential, Saudi Arabia’s aviation strategy directly contributes to Vision 2030, which aims to strengthen services and bolster the travel and logistics sectors.

Al-Dahmash noted that to achieve the National Aviation Strategy’s ambitious goals, which include tripling passenger traffic to 330 million annually by 2030, Saudi Arabia is prioritizing major infrastructure projects.

This includes constructing new airports, such as the King Salman International Airport, and expanding existing ones to accommodate the surge in passenger numbers. Alongside this, there is a strong focus on improving operational efficiency and enhancing the overall passenger experience.

In this context, GACA is actively developing and implementing programs to meet evolving passenger expectations. One such innovation is the introduction of AI-powered systems that manage and monitor passenger flow, tracking wait times across Saudi airports.

Additionally, the “Bagless Traveler” initiative is transforming the travel process by enabling passengers to complete check-in and baggage handling from their accommodation. During its pilot phase, the service successfully assisted over one million passengers, with more than 2 million bags processed without incident.

Al-Dahmash also emphasized the importance of regulatory frameworks that GACA has implemented, noting that these efforts have significantly improved services at Saudi airports, leading to higher levels of passenger satisfaction. This success has garnered recognition, with several airports receiving local and international awards.

Moreover, GACA has presented its innovative passenger experience programs at global conferences, sharing its best practices with civil aviation authorities worldwide, demonstrating how others can leverage these advancements for similar success.


Closing Bell: Saudi main index slips to close at 11,840

Closing Bell: Saudi main index slips to close at 11,840
Updated 21 November 2024
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Closing Bell: Saudi main index slips to close at 11,840

Closing Bell: Saudi main index slips to close at 11,840
  • Parallel market Nomu gained 681.17 points, or 2.28%, to close at 30,540.28
  • MSCI Tadawul Index lost 4.52 points, or 0.30%, to close at 1,486.82

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Thursday, losing 27.40 points, or 0.23 percent, to close at 11,840.52. 

The total trading turnover of the benchmark index was SR5.39 billion ($1.43 billion), as 98 of the stocks advanced and 131 retreated. 

The Kingdom’s parallel market Nomu gained 681.17 points, or 2.28 percent, to close at 30,540.28. This comes as 63 of the listed stocks advanced, while 23 retreated. 

The MSCI Tadawul Index lost 4.52 points, or 0.30 percent, to close at 1,486.82. 

The best-performing stock of the day was Al-Baha Investment and Development Co., whose share price surged 10 percent to SR0.33. 

Other strong performers included Saudi Reinsurance Co., with a 7.05 percent increase in its share price to SR43.30, and Saudi Chemical Co., which saw its share price rise 5.46 percent to SR10.24. 

Saudi Cable Co. recorded the largest decline, with its share price dropping 4.02 percent to SR97.90. 

CHUBB Arabia Cooperative Insurance Co. also saw its stock fall 3.13 percent to SR49.50. 

Naseej International Trading Co. experienced a 2.64 percent drop in its share price, which fell to SR92.30. 

On the announcements front, Saudi Awwal Bank has disclosed its intention to issue an SR-denominated Additional Tier 1 Sukuk through a private placement in the Kingdom, as part of its SR20 billion Additional Tier 1 Sukuk issuance program. 

According to a Tadawul statement, the bank has appointed HSBC Saudi Arabia as the sole lead manager for the proposed offer. The statement said the purpose of the issuance is to strengthen the bank’s capital base and support the achievement of its long-term strategic objectives. 

The amount and terms of the sukuk will be determined at a later stage, based on market conditions at that time. 

Saudi Awwal Bank closed the session at SR31.40, down 0.63 percent. 

The Saudi Investment Bank has announced the completion of its US dollar-denominated Additional Tier 1 capital sustainable sukuk offering under its Additional Tier 1 capital sukuk program. 

A bourse filing revealed that the offer is valued at $750 million, comprising 3,750 sukuk with a par value of $200,000 each and a return of 6.275 percent. 

The sukuk have a perpetual maturity, callable after five years. Settlement of the sukuk issuance is scheduled for Nov. 27, and the sukuk will be listed on the London Stock Exchange’s International Securities Market. 

Saudi Investment Bank closed the session at SR13.88, down 0.29 percent.