Vision 2030 can inspire global solutions to land degradation, energy crisis

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Updated 12 December 2024
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Vision 2030 can inspire global solutions to land degradation, energy crisis

Vision 2030 can inspire global solutions to land degradation, energy crisis
  • UNCCD executive secretary discusses how Saudi Arabia’s strategy can lead global environmental change

RIYADH: Achieving Saudi Arabia’s Vision 2030 will require significant investment in land restoration and renewable energy, as the nation’s ambitious strategy extends beyond national goals, according to a senior executive.

In an interview with Arab News on the sidelines of COP16 in Riyadh, Ibrahim Thiaw, executive secretary of the UN Convention to Combat Desertification, emphasized that the Kingdom’s transformative national strategy should be a global model.

“Vision 2030 is a national vision from Saudi Arabia. But it can only be achieved if we invest more in land restoration. It can only be achieved if we invest more in empowering communities to manage their resources,” Thiaw said.

He further added: “It is certainly an excellent vision proposed by the Kingdom of Saudi Arabia. But it goes beyond in terms of vision, in terms of ambition. It has to be implemented in many other parts of the world.”

Thiaw highlighted the need for innovative solutions to address global food production challenges. For example, he pointed out the importance of doubling food production by 2050 without exhausting limited resources, calling for the adoption of technologies like artificial intelligence, precision agriculture, and water-efficient systems.

He also noted that Vision 2030 stresses the importance of balancing traditional farming techniques with modern technologies to enhance soil productivity, reduce pollution, and avoid the expansion of agricultural land.

“Saudi Arabia is already doing quite a bit in land restoration,” Thiaw said, referencing efforts through institutions like the Saudi Fund for Development, which has active portfolios across Africa, Asia, and Latin America.

“But we all need to do more,” Thiaw added. “That will probably require that the Saudi Fund for Development, as well as other institutions where Saudi Arabia is the main shareholder, like the Islamic Development Bank, the OPEC Fund, and many other institutions, realign their portfolios to match the ambitions of COP16.”

As a G20 member, Thiaw urged the Kingdom to help rally other nations to meet the G20 goal of restoring 50 percent of degraded land by 2040. The focus, he stressed, must not only be on making commitments but also on ensuring their effective implementation.

“Saudi Arabia will be appreciated if it works with its peers from other countries, with South Africa, which is now the current presidency of G20, and then the future presidencies, as well as all members of the G20,” Thiaw said.

Thiaw also emphasized the critical importance of integrating traditional methods, like underground irrigation, with modern technologies such as desalination and renewable energy to support sustainable development, especially in arid regions. These combined solutions can address challenges like water scarcity and energy demands while promoting economic growth.

“This is where you need new technologies and combine them with the traditional technologies, including the underground irrigation that has been known here for millennia, and so we can use new technologies to make additional water available,” Thiaw said.

He added: “I visited the Saudi pavilion here. I just could not believe what I saw, and from 300 megawatts just a few years back, there are now 44 gigawatts moving to 80 GW. I was stunned!”

Thiaw explained that Saudi Arabia’s progress demonstrates how integrating traditional and new technologies can lead the way in energy transitions, land management, and water accessibility, creating a better future for all.

Key outcomes

Thiaw outlined some of the key outcomes expected from COP16, including decisions on proactive drought resilience strategies to prepare communities, businesses, and governments for future droughts rather than simply reacting to crises.

An additional focus is scaling up commitments to restore degraded land, with a global reserve of 1.5 billion hectares of damaged land, and reversing the trend of losing fertile soil annually — an area the size of Egypt.

He stressed that financing is central to these efforts: “We have indicated in our reports that the world needs to invest $1 billion per day. $1 billion per day needs to be invested in land restoration worldwide. Now that is a huge figure. It’s not small. This is not necessarily only public funds, but also private funds.”

Thiaw added: “Not only public funds, but also private funds. The private sector must invest to sustain productivity, while harmful taxpayer-funded subsidies should be redirected toward environmentally friendly and land-friendly activities.”

Collaboration with Saudi Arabia

To address these pressing challenges, Thiaw expressed the UNCCD’s eagerness to collaborate with Saudi Arabia in integrating advanced technologies with traditional practices.

“Our ambition is to help countries transition effectively, and Saudi Arabia is uniquely positioned to lead this effort,” Thiaw said, highlighting the Kingdom’s capacity, energy, and financial resources.

He added: “Now, there is a lot of discussion at the moment under the climate negotiations to see whether we can have net zero in terms of emissions. But if you are to achieve net zero in terms of emissions, it is not only emissions coming from industry, but emissions coming from land use, because land use is the second-largest emitter.”

Thiaw emphasized that degrading land increases carbon emissions, whereas restoring land acts as a natural solution by capturing carbon and returning it to the soil, thus helping to mitigate climate change.

The progress showcased at the Saudi pavilion highlights how merging traditional practices with advanced technologies can pave the way for sustainable energy transitions, better land and water management, and long-term environmental and economic stability. This model serves as a benchmark for addressing resource challenges in arid regions and other vulnerable areas globally.


Oil Updates — crude gains after Trump cancels Chevron’s Venezuela license

Oil Updates — crude gains after Trump cancels Chevron’s Venezuela license
Updated 12 sec ago
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Oil Updates — crude gains after Trump cancels Chevron’s Venezuela license

Oil Updates — crude gains after Trump cancels Chevron’s Venezuela license

TOKYO/SINGAPORE: Oil prices climbed for the first time in three days on Thursday, with supply worries resurfacing after US President Donald Trump announced a reversal of a license given to Chevron to operate in Venezuela.

Brent crude oil futures rose 24 cents or 0.33 percent to $72.77 a barrel by 6:28 a.m. Saudi time. US West Texas Intermediate crude oil futures were up 18 cents or 0.26 percent at $68.80 per barrel.

A day earlier, the contracts settled at their lowest since Dec. 10 due to a surprise build in US fuel inventories that hinted at weakening demand and hopes for a potential peace deal between Russia and Ukraine.

Both benchmarks have lost about 5 percent so far this month.

Trump on Wednesday said he was reversing a license given to Chevron to operate in Venezuela by his predecessor Joe Biden more than two years ago.

Chevron exports about 240,000 barrels per day of crude from its Venezuela operations, over a quarter of the country’s entire oil output. Ending the license means Chevron will no longer be able to export Venezuelan crude.

“The Venezuela news triggered unwinding after the recent sell-off amid Russian-Ukraine ceasefire talks,” said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities.

“Potential buying from the US Strategic Petroleum Reserve also supported the market since WTI was trading near its lowest level in over two months,” he said.

Last week, Trump said his administration would quickly fill up the SPR. He criticized Biden for tapping the SPR to bring down the price of gasoline.

Market participants remain focused on Trump’s Russian-Ukrainian peace talks. Trump said Volodymyr Zelensky would visit Washington on Friday to sign an agreement on rare earth minerals, while the Ukrainian leader said the success of the deal would hinge on those talks and continued US aid.

US crude oil stockpiles fell unexpectedly last week as refining activity ticked higher, while gasoline and distillate inventories posted surprising gains, the Energy Information Administration said on Wednesday.

“Since this is a seasonal off-peak period, with demand shifting from kerosene to gasoline, the sell-off driven by rising product inventories has likely run its course,” NS Trading’s Kikukawa said.

Separately, Goldman Sachs said in a note on Wednesday that the US administration’s dual goals of commodity dominance and affordability reinforce the bank’s Brent $70-85 range baseline, a range that is conducive to robust US supply growth. 


Australia clears Qatar-Virgin deal to spur competition in aviation market

Australia clears Qatar-Virgin deal to spur competition in aviation market
Updated 15 min 57 sec ago
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Australia clears Qatar-Virgin deal to spur competition in aviation market

Australia clears Qatar-Virgin deal to spur competition in aviation market
  • Treasurer says deal will boost competition
  • Qantas says announcement expected, welcomes competition
  • Virgin long-haul flights to Doha to begin in June

SYDNEY: Australia on Thursday approved Qatar Airways buying a 25 percent stake in Virgin Australia from US private equity firm Bain Capital, posing a challenge for national flag carrier Qantas that has long dominated Australian air routes.

Qatar Airways in October proposed to buy the minority stake for an undisclosed amount after the federal government in 2023 denied the Middle Eastern carrier’s requests to fly additional services into Sydney, Melbourne, Brisbane and Perth.

Treasurer Jim Chalmers said the deal is expected to boost competition in the aviation sector and follows extensive talks by the government with industry, unions and other stakeholders.

“My decision aligns with the advice of the Foreign Investment Review Board that this proposal is consistent with the national interest,” Chalmers said in a statement.

“I have approved this proposal subject to legally enforceable conditions that ensure Australian representation on Virgin’s board and protection of its customer data.”

Australia’s treasurer has the power to cancel any foreign investments if it is deemed a risk to national security.

Virgin Australia CEO Jayne Hrdlicka said the deal will “support continued growth in line with the market domestically, improve our ability to compete for key segments of the market and add momentum to our margin ambitions.”

Qantas on Thursday said its first-half profit surged 11 percent on the back of strong demand, and declared a special dividend for the first time in more than two decades.

“We always said that we welcome competition, and we always said that we weren’t going to oppose the result. The announcement today was expected,” Qantas CEO Vanessa Hudson said in an earnings call, when asked about the government’s approval.

Qantas and its budget arm Jetstar together held about 65 percent of Australia’s domestic market while Virgin, its biggest domestic competitor, has a 35 percent share, data from Australia’s competition regulator showed.

Australia’s competition watchdog last week backed a planned alliance between Virgin Australia and Qatar Airways, which could result in 28 new weekly return services between Doha and Australia’s major cities.

Virgin said its long-haul flights to Doha, expected to begin in June, will be operated using aircraft leased from Qatar Airways and will offer travelers flying to Europe, Africa and the Middle East more value and choice.

Qantas has a rival international flying partnership with Dubai-based Emirates. Virgin has a code-sharing agreement with Abu Dhabi-based Etihad which will expire on June 1.

Bain Capital continues to hold a majority stake in Virgin, for which it was targeting an 1 billion Australian dollars ($630 million) listing before the plans were delayed.


IMF team to visit Pakistan next week for $7 bln bailout review

IMF team to visit Pakistan next week for $7 bln bailout review
Updated 27 February 2025
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IMF team to visit Pakistan next week for $7 bln bailout review

IMF team to visit Pakistan next week for $7 bln bailout review
  • IMF team usually spends around two weeks to review fiscal reforms and policy
  • Separate IMF team is visiting Pakistan to discuss around $1 billion in climate financing 

ISLAMABAD: A mission from the International Monetary Fund (IMF) will arrive in Pakistan next week, finance minister Muhammad Aurangzeb said on Wednesday, with a first review of a $7 billion bailout program due in March.

Islamabad secured the $7 billion Extended Fund Facility (EFF) last summer as part of an economic recovery plan.

Pakistan’s economy had stabilized and now needs to focus on an export led growth, the finance minister said.

The IMF team usually spends around two weeks to review fiscal reforms and policy.

A separate IMF team is visiting Pakistan to discuss around $1 billion in climate financing on top of the EFF.

That disbursement will take place under the IMF’s Resilience and Sustainability Trust, created in 2022 to provide long-term concessional cash for climate-related spending, such as adaptation and transitioning to cleaner energy.


Saudi Arabia opens first phase of Sports Boulevard

Saudi Arabia opens first phase of Sports Boulevard
Updated 26 February 2025
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Saudi Arabia opens first phase of Sports Boulevard

Saudi Arabia opens first phase of Sports Boulevard

JEDDAH: Saudi Arabia has opened the first phase of Sports Boulevard, marking a major milestone in Riyadh’s transformation into a global athletics and lifestyle destination.  

The project, led by the Sports Boulevard Foundation, is now 40 percent complete, with 83 km of the route set to be accessible to visitors starting Feb. 27, according to the Saudi Press Agency. 

Chaired by Crown Prince Mohammed bin Salman, the board of directors of the SBF announced the launch of the phase, which includes five key destinations: Wadi Hanifah, the Promenade, a section at the intersection of Prince Mohammed bin Salman bin Abdulaziz Rd. and Prince Turki bin Abdulaziz Al-Awwal Rd., as well as the Princess Nourah bint Abdulrahman University internal loop, and the first phase of Sands Sports Park. 

The initiative, launched by King Salman in March 2019, aligns with the country’s Quality-of-Life Program, outlined in Saudi Vision 2030, by creating greener, more sustainable cities that encourage participation in activities like walking, cycling, and horse riding. It also aims to transform Riyadh into one of the world’s most livable cities by blending sports with cultural, artistic, and environmental opportunities. 

The Sports Boulevard, closely overseen by the crown prince, stretches across Riyadh, connecting Wadi Hanifa in the west to Wadi Al-Sulai in the east via Prince Mohammed bin Salman Road.

At over 135 km in length, it will become the world’s largest linear park. The project includes pathways for pedestrians, cyclists, and amateur athletes, as well as horse trails and various other sports facilities.

The urban facades follow the distinctive design guidelines outlined in the Sports Boulevard’s design code.

The first completed destination of the project, Wadi Hanifah, is located in western Riyadh. Stretching 13.4 km, it runs from Al-Olab Dam in the north to Jeddah Road in the south, passing through the Diriyah Gate project. 

Wadi Hanifah features pedestrian pathways, cycling and equestrian trails, green spaces, and designated rest areas. A key feature is the Cycling Bridge, which connects Wadi Hanifah to the Promenade. 

Located at the intersection of King Khalid Road and Prince Mohammed bin Salman Road, the bridge offers two distinct paths: a 1 km pedestrian walkway and a 771-meter cycling track. 

The Promenade spans 4 km and follows the Sports Boulevard’s urban design code, which draws inspiration from Salmani architecture. It features dedicated cycling paths for both professionals and amateurs, expansive green spaces, water features, walking trails, children’s playgrounds, and a variety of retail outlets. 

At the intersection of Prince Mohammed bin Salman bin Abdulaziz Road and Prince Turki bin Abdulaziz Al-Awwal Road, a 300-meter area features the Arts Tower — an installation inspired by the high-voltage electricity towers that once lined Prince Mohammed bin Salman Road. The figure’s geometric panels reflect sunlight, creating reflections, and serving as a distinctive landmark and focal point for visitors.

 The Sands Sports Park, the fifth completed destination in the first phase, is located southeast of King Khalid International Airport. It offers dedicated cycling paths, mountain bike trails, BMX tracks, and scenic hiking and equestrian trails. 

At its core is the Najdi Flower, a signature 45-km cycling route for professionals. Over 350,000 sq. meters of sand dunes have been rehabilitated to enhance the park’s natural landscape.

The park also features retail outlets and specialized centers for bicycle rentals and accessories. Future phases will introduce additional sports facilities and buildings, further enhancing the visitor experience.

The news agency reported that the SBF had previously opened the Prince Turki bin Abdulaziz Al-Awwal Road Underpass to improve traffic flow and mobility in Riyadh. Construction is also ongoing at other project destinations, including those beyond the Promenade, the Urban Wadi Destination, the King Abdulaziz Road Underpass, and the Abi Bakr Al-Siddiq Road Underpass.

SPA concluded that these developments are progressing according to the approved project schedule.

As part of the broader Sports Boulevard project, the SBF announced in December it had launched a SR3.5 billion ($933 million) real estate investment fund to develop Urban Wadi High Rises, spanning 40,000 sq. meters with a gross floor area exceeding 207,000 sq. meters.

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.


Closing Bell: Saudi main index slips to 12,233 amid mixed market performance

Closing Bell: Saudi main index slips to 12,233 amid mixed market performance
Updated 26 February 2025
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Closing Bell: Saudi main index slips to 12,233 amid mixed market performance

Closing Bell: Saudi main index slips to 12,233 amid mixed market performance

RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 68.58 points, or 0.56 percent, to close at 12,232.65.  

The total trading turnover of the benchmark index was SR5.80 billion ($1.54 billion), as 95 stocks advanced, while 141 retreated.     

The MSCI Tadawul Index also decreased by 10.34 points, or 0.67 percent, to close at 1,532.52.  

Nomu, the Kingdom’s parallel market, rose, gaining 13.50 points, or 0.04 percent, to close at 31,286.23. This comes as 43 stocks advanced, while 33 retreated.  

The best-performing stock was CHUBB Arabia Cooperative Insurance Co., with its share price surging by 10 percent to SR47.85.  

Other top performers included Naseej International Trading Co., which saw its share price rise by 9.64 percent to SR104.60, and East Pipes Integrated Co. for Industry which saw a 4.11 percent increase to SR162.  

Saudi Telecom Co. was also among the top performers with a 3.58 percent increase to reach SR46.30. Jamjoom Pharmaceuticals Factory Co. also increased by 3.11 percent to reach SR172.20.  

The biggest decliner of the day was Saudi Ceramic Co., with its share price dropping 5.29 percent to SR28.65. 

Yanbu National Petrochemical Co. fell 4.21 percent to SR35.25, while Saudi Industrial Investment Group dropped 3.33 percent to SR17.42. 

Arriyadh Development Co. dropped 3.23 percent to SR33, while Saudia Dairy and Foodstuff Co. declined 3.03 percent to SR306.80. 

On the announcements front, Almoosa Health Co. reported a 22.8 percent year-on-year revenue growth in 2024, reaching SR1.20 billion, driven by increased patient volume, higher outpatient revenue, an expanded specialty mix, and a strategic focus on high-end tertiary care.   

The company’s fourth quarter revenue rose 21.7 percent year on year, reflecting strong performance across all segments.  

Almoosa Health maintained profitability despite rising costs, with the cost of revenue increasing by 23.6 percent for 2024 and 25 percent in fourth quarter due to business expansion and increased patient volumes.   

Almoosa Health Co.’s share price dropped 1.12 percent on Wednesday to settle at SR159.20.  

In other financial disclosures, stc reported key financial highlights for 2024, with revenues reaching SR75.9 billion, a 5.7 percent increase from 2023.   

The company’s net profit surged 85.7 percent to SR24.7 billion in 2024. It also announced a fourth-quarter dividend distribution of SR0.55 per share, in line with its approved dividend policy, along with an additional cash dividend of SR2 per share.  

Rasan Information Technology Co. reported strong financial results for the fiscal year 2024, with revenue increasing 39.8 percent year on year to SR358.3 million, up from SR256.2 million in the previous year.   

The company attributed this growth to a 25 percent rise in insurance policy sales, particularly in medical insurance, which saw a 69 percent increase despite a decline in average written premiums.   

Additionally, the launch of new products, expanded cross-selling initiatives, and a strengthened network of strategic partners contributed to revenue growth.  

Its net profit for 2024 more than doubled, increasing 106.2 percent to SR94.7 million, compared to SR46.0 million in 2023.   

The company credited this profit growth to an 8.6 percentage point increase in gross profit margin, which reached 66.5 percent in 2024.   

Rasan’s share price dropped by 0.91 percent on Wednesday to settle at SR87.  

Halwani Bros. Co. reported a 9.8 percent year-on-year increase in revenue for 2024, reaching SR969.1 million, compared to SR882.7 million in the previous year.   

The company attributed this growth to higher sales in Saudi Arabia, increased export sales, and geographical expansion through enhanced sales channels and restructuring of the sales department.  

Its net profit rebounded significantly, reaching SR44.7 million, compared to a net loss of SR98 million in 2023.   

The company credited this turnaround to higher domestic and export sales, a better sales mix, reduced selling and administrative expenses, and a SR5.4 million boost from the reversal of certain provisions.  

Halwani Bros. Co.’s share price dropped 0.18 percent on Wednesday to settle at SR56.60.