UNCCD COP16: Saudi Arabia announces Green Zone to combat land degradation

UNCCD COP16: Saudi Arabia announces Green Zone to combat land degradation
There will be seven thematic days designed to foster action and dialogue among key stakeholders. UNCCD
Short Url
Updated 18 November 2024
Follow

UNCCD COP16: Saudi Arabia announces Green Zone to combat land degradation

UNCCD COP16: Saudi Arabia announces Green Zone to combat land degradation

RIYADH: Saudi Arabia will host a special UN forum to combat desertification with the introduction of a dedicated Green Zone and thematic days for the first time in the event’s history. 

As part of its presidency of the UN Convention to Combat Desertification COP16, the Kingdom has announced a dedicated area focused on raising global awareness about land degradation, while enabling key decision-makers from scientific, non-governmental, political, business, and at-risk communities to find and fund lasting solutions. 

The Green Zone will host thematic days designed to rally action on critical issues, including agri-food systems and finance, during the conference set to take place from Dec. 2-13 at Boulevard Riyadh City. 

This initiative aligns with the Saudi Green Initiative target to turn 30 percent of the Kingdom’s land into nature reserves, plant 10 billion trees, and restore 40 million hectares of degraded land. 

“Land degradation, desertification and drought impact almost every corner of the planet, and every living being on it, from the species at risk of extinction to the lives and livelihoods impacted by severe drought,” said Osama Faqeeha, deputy minister for environment at the Ministry of Environment, Water and Agriculture, and adviser to the UNCCD COP16 Presidency. 

“Saudi Arabia will host the first-ever UNCCD COP16 Green Zone to mobilize the international community and maximize the opportunity during December’s conference of delivering lasting global change,” he added. 

There will also be a Blue Zone, which along with its green counterpart will feature seven thematic days designed to foster action and dialogue among key stakeholders. 

Land Day will focus on land restoration initiatives and nature-based solutions, while the Business for Land Forum will bring together international leaders to discuss the economic importance of sustainable land practices. 

Finance Day will address ways to close the financing gap in land degradation, along with a special ministerial dialogue and innovations in Sustainable Land Management financing. Governance Day will focus on improving women’s land rights and address policy issues surrounding land tenure and resource governance. 

Agri-Food Systems Day will spotlight food security, crop resilience, and sustainable farming. Resilience Day will explore water scarcity, drought resilience, and early warning systems for sand and dust storms. 

People’s Day will feature a youth caucus to engage young people, as 1 billion people under 25 in regions dependent on land and natural resources for jobs and livelihoods face significant challenges. 

 


Saudi hotel sector sees 10% spending growth despite overall POS dip: SAMA

Saudi hotel sector sees 10% spending growth despite overall POS dip: SAMA
Updated 14 sec ago
Follow

Saudi hotel sector sees 10% spending growth despite overall POS dip: SAMA

Saudi hotel sector sees 10% spending growth despite overall POS dip: SAMA

RIYADH: Spending in Saudi hotels saw a weekly rise of 10.4 percent between Dec. 8 and 14, reaching SR349.2 million ($92.9 million), according to official data.

The latest point-of-sale bulletin released by the Kingdom’s central bank, also known as SAMA, showed this was the only sector of the economy to record a positive change over the seven-day period.

It also witnessed growth in terms of transactions, surging 9.5 percent to reach 770,000.

Overall, the Kingdom’s POS data registered a weekly decrease of 9.7 percent to reach SR12.8 billion, down from SR14.2 billion the week before. The central bank’s figures showed that the education sector saw the largest drop at 44.4 percent to SR119.8 million. 

Spending on telecommunication followed, recording a 17.7 percent slide to SR114.2 million. 

Jewelry recorded a decline of 9.8 percent to come in at SR260 million, while expenditure on construction and building materials dipped by 6.2 percent to SR358.2 million.

Spending on food and beverages dropped by 15.6 percent to SR1.8 billion, claiming the second most significant share of the total POS value. Expenditure in restaurants and cafes claimed the biggest share, recording the smallest decline at 0.3 percent to SR1.9 billion.

Miscellaneous goods and services still accounted for the third largest POS share despite a 10.9 percent dip, reaching SR1.5 billion.

Spending in the leading three categories accounted for approximately 42 percent or SR5.3 billion of the week’s total value.

At 2.8 percent, the second smallest decrease occurred in gas stations, leading total payments to reach SR904.5 million. Expenditures on transportation decreased by 3.6 percent to SR712.7 million, claiming the third smallest downstick.

Geographically, Riyadh dominated POS transactions, representing around 35.1 percent of the total, with expenses in the capital reaching SR4.5 billion — an 8.5 percent decrease from the previous week. 

Jeddah followed with a 7.1 percent dip to SR1.7 billion, and Dammam came in third at SR640 million, down 11 percent.

Hail experienced the most significant dip in spending, decreasing 15.1 percent to SR199.1 million. Tabouk recorded a decline of 14.1 percent to SR241.4 million, while Abha dropped 12.9 percent to SR145 million.

Hail and Abha saw the largest transaction decreases, dipping 7.9 percent and 6.8 percent, respectively, to 3.6 million and 2.8 million transactions.


Saudi tourism sector workforce grows 5.1% in Q2: GASTAT

Saudi tourism sector workforce grows 5.1% in Q2: GASTAT
Updated 11 min 1 sec ago
Follow

Saudi tourism sector workforce grows 5.1% in Q2: GASTAT

Saudi tourism sector workforce grows 5.1% in Q2: GASTAT
  • Saudis accounted for 25.6% of the total, with 245,905 nationals employed in tourism by the end of June
  • Expatriates made up 74.4% at 713,270

RIYADH: Saudi Arabia’s tourism sector added jobs at a steady pace in the second quarter of 2024, with the workforce growing 5.1 percent year on year to 959,175, official data showed. 

According to official data released by the General Authority for Statistics, the sector’s workforce rose 1.57 percent quarter on quarter, signaling sustained momentum in the industry. 

Saudis accounted for 25.6 percent of the total, with 245,905 nationals employed in tourism by the end of June, while expatriates made up 74.4 percent at 713,270. 

The increase highlights the Kingdom’s rapid transformation into a global tourism destination as part of its Vision 2030 economic diversification strategy, which aims to attract 150 million annual visitors by the end of the decade. 

GASTAT data revealed that tourism jobs made up 5.7 percent of the total workforce in the second quarter, a slight decline of 0.2 percentage points from the same period last year. 

In the private sector, tourism accounted for 8.6 percent of employment, down 0.5 percentage points year on year. 

Breaking down the demographics further, male employees dominated the sector at 831,076, while female workers totaled 128,099. 

GASTAT also reported gains in Saudi Arabia’s hotel sector, with occupancy rates rising to 55.4 percent in the second quarter, a 0.5 percentage point increase from last year. The average length of stay for guests surged by 17.6 percent to 5.2 nights.

However, the average daily room rate edged down slightly to SR725.5 ($193.08), a 0.4 percent drop from the second quarter of 2023, reflecting competitive pricing as the industry expands. 

The tourism boom aligns with regional trends, as a Mastercard report released earlier this month highlights the sector’s role in Gulf economies, with Saudi Arabia leading efforts to attract global visitors. 

In 2023, Saudi Arabia’s tourism sector contributed 11.5 percent to gross domestic product and generated $36 billion in revenue, both record highs, according to official data released earlier this year. The sector is projected to grow to 16 percent of GDP by 2034. 


Oil Updates — Crude steady while market eyes Fed rate decision

Oil Updates — Crude steady while market eyes Fed rate decision
Updated 18 December 2024
Follow

Oil Updates — Crude steady while market eyes Fed rate decision

Oil Updates — Crude steady while market eyes Fed rate decision

SINGAPORE: Oil prices traded in a narrow range early on Wednesday as investors remained cautious ahead of an expected interest rate cut by the US Federal Reserve while weighing up the potential supply impact of tighter sanctions on Russia.

Brent futures inched up 1 cent at $73.20 a barrel at 7:20 a.m. Saudi time, while US West Texas Intermediate crude rose 1 cent to $70.08 a barrel.

The market is watching out for clues on interest rate moves for 2025 following the Federal Open Market Committee’s meeting, which ends later on Wednesday, analysts said.

“Additional sanctions from the West may limit some losses in today’s session, but a cautious tone persists in the lead-up to the FOMC meeting,” said Yeap Jun Rong, market strategist at IG.

“Looking ahead, oil prices are likely to remain constrained within their current range, with subdued price action expected to persist through the end of the year,” Yeap added.

The Fed on Wednesday is widely expected to cut interest rates for the third time since its policy easing cycle began.

“Projections for rate cuts in 2025 are being second-guessed, especially with Trump planning a comeback on January 20,” said Priyanka Sachdeva, senior market analyst with Phillip Nova.

“There is a prevailing narrative that Trump’s policies may lead to inflation, which, coupled with concerns about potential interference with the Federal Reserve’s autonomy, is causing oil investors to remain cautious,” she added.

Lower rates decrease borrowing costs, which can boost economic growth and demand for oil.

Meanwhile, the EU on Tuesday adopted a 15th package of sanctions against Russia over its invasion of Ukraine, adding an additional 33 vessels from Russia’s shadow fleet used for transporting crude or petroleum products. Britain also sanctioned 20 ships for carrying illicit Russian oil.

The fresh sanctions could stoke further oil price volatility, though they have not succeeded in shutting Russia out of the global oil trade.

In the US, American Petroleum Institute data on Tuesday showed that crude stocks fell by 4.69 million barrels in the week ended Dec. 13, a source said. Gasoline inventories rose by 2.45 million barrels, and distillate stocks rose by 744,000 barrels, according to the source.

Analysts projected US energy firms pulled about 1.6 million barrels of crude from storage during the week ended Dec. 13, according to a Reuters poll on Tuesday.

The US Energy Information Administration will release its oil storage data on Wednesday. 


Saudi Cabinet approves standard incentives for industrial sector

Saudi Cabinet approves standard incentives for industrial sector
Updated 17 December 2024
Follow

Saudi Cabinet approves standard incentives for industrial sector

Saudi Cabinet approves standard incentives for industrial sector

RIYADH: Saudi Arabia’s Cabinet has approved a set of standardized incentives aimed at boosting the Kingdom’s industrial sector, marking a significant step in the nation’s ongoing efforts to diversify its economy.

The decision was made during a Cabinet meeting chaired by Crown Prince Mohammed bin Salman on Tuesday, according to the Saudi Press Agency.

The Cabinet also endorsed several other key measures, including regulatory support for the National Cybersecurity Authority and structural changes for the National Center for Marine Information. These initiatives are part of a broader strategy to strengthen various sectors of the economy and reduce Saudi Arabia’s longstanding dependence on oil revenues.

As part of the country’s push for economic diversification, the National Industrial Development and Logistics Program reported in August that the number of industrial establishments in Saudi Arabia grew by 60 percent from 7,206 in 2016 to 11,549 in 2023.

“The Cabinet’s approval of standard incentives for the industrial sector supports and enables the transformation journey in the Kingdom, which contributes to achieving economic diversification and raising the sector’s contribution to the gross domestic product,” said Saudi Finance Minister Mohammed Al-Jadaan in a post on the social media platform X.

The Cabinet also commended the recent visits of French Prime Minister Emmanuel Macron and UK Prime Minister Keir Starmer to Saudi Arabia, recognizing that such diplomatic engagements will enhance international cooperation in various fields.

Additionally, the Cabinet highlighted Saudi Arabia’s improved credit ratings, noting that recent upgrades by international agencies reflect the progress of the Kingdom’s economic reforms. In November, Moody’s raised Saudi Arabia’s long-term local and foreign currency issuer ratings to Aa3 from A1, signaling strong creditworthiness and the Kingdom's ability to meet its financial obligations.

Another significant development highlighted by the Cabinet was the launch of the Riyadh metro project, which is expected to enhance infrastructure, promote economic growth, and improve the quality of life for citizens.

The Cabinet also approved a memorandum of understanding between Saudi Arabia’s Ministry of Environment, Water, and Agriculture and Cuba’s environmental agency to strengthen cooperation in environmental protection. Furthermore, it authorized the Ministry of Industry and Mineral Resources to pursue a draft memorandum of understanding with Iraq’s Geological Survey to enhance geological and scientific collaboration between the two countries.

These decisions underscore Saudi Arabia’s commitment to advancing its economic and infrastructural development while strengthening international ties and environmental stewardship.


Sports Boulevard Foundation launches $933m fund for mixed-use development in Riyadh

Sports Boulevard Foundation launches $933m fund for mixed-use development in Riyadh
Updated 17 December 2024
Follow

Sports Boulevard Foundation launches $933m fund for mixed-use development in Riyadh

Sports Boulevard Foundation launches $933m fund for mixed-use development in Riyadh

JEDDAH: Saudi Arabia’s Sports Boulevard Foundation has launched a SR3.5 billion ($933 million) real estate investment fund to develop Urban Wadi High Rises, a mixed-use project in Riyadh. 

SBF signed agreements with Riyadh Development Co., Turkiye’s FTG Development, and Jadwa Investment to establish the fund, which aims to transform Riyadh’s urban landscape. 

Spanning 40,000 sq. meters with a gross floor area exceeding 207,000 sq. meters, the Urban Wadi High Rises will adhere to Salmani architectural principles, blending cultural heritage with modern design, according to a press release.

The initiative is part of the broader Sports Boulevard project launched in 2019, which spans 135 km, linking Wadi Hanifa in the west to Wadi Al-Sulai in the east. Designed as the world’s largest linear park, it integrates sports, cultural, and environmental features to promote healthier lifestyles in line with Vision 2030’s Quality-of-Life objectives. 

Jayne McGivern, CEO of the Sports Boulevard Foundation, said: “Establishing a real estate investment fund and the strategic partnership it entails is a significant step toward enhancing urban development.”  

She added: “This fund reflects our unwavering commitment to the Sports Boulevard project and our vision of improving the quality of life in the city. We aim to transform Riyadh into one of the best in the world, contributing to regional growth and successfully achieving the overarching goals outlined in the Saudi Vision 2030.” 

As part of the deal, Sports Boulevard Development Co. will hold the majority stake, while Riyadh Development Co. and FTG Development will act as co-investors and developers. Jadwa Investment will manage the closed-ended fund, the release added. 

“Through collaboration with our partners, we will be able to provide Sports Boulevard’s Urban Wadi destination with world-class facilities that will guarantee a positive impact in all areas related to Riyadh’s community,” said McGivern. 

This is the second real estate investment fund launched by SBF, following its earlier fund announcement for the Promenade destination. The foundation described the initiative as a unique partnership model between the public and private sectors. 

Urban Wadi will feature a water canal with green spaces, pedestrian and cycling paths, shaded play areas, sports courts, a kayaking zone, and retail spaces with shops and restaurants. A 10,000-sq.-meter shaded structure will provide an additional community gathering space for residents and visitors.  

Jehad Al-Kadi, CEO of Riyadh Development Co., emphasized the project’s alignment with Vision 2030, noting its potential to enhance Riyadh’s infrastructure and support the Kingdom’s growth ambitions. 

“We are proud to announce the establishment of a real estate investment fund as part of our strategic partnership with the Sports Boulevard Development Company. This investment will support the common goal of the Sports Boulevard Project by providing world-class facilities to the residents and visitors of Riyadh,” said Al-Kadi.  

Given the project's significance and the Kingdom’s current economic and investment dynamics, he noted that a successful partnership had been formed with international real estate developer FTG Development to implement best practices in design, construction, and asset management.

Tariq Al-Sudairy, managing director and CEO of Jadwa Investment, underscored the fund’s role in strengthening Riyadh’s global standing, adding: “The management of this Fund demonstrates our commitment to strengthening Riyadh’s position as a global city by developing sustainable infrastructure to the highest standards, attracting investments that contribute to achieving the goals of Saudi Vision 2030, and improving the quality of life in the capital.” 

Launched in 2019 under the leadership of King Salman and Crown Prince Mohammed bin Salman, the Sports Boulevard project is a flagship initiative designed to enhance Riyadh’s livability and promote active lifestyles.