MENA Climate Week 2023 to Discuss Progress, Solutions in Riyadh

Saudi Arabia will host the MENA Climate Week 2023 in Riyadh on October 8-12. (SPA)
Saudi Arabia will host the MENA Climate Week 2023 in Riyadh on October 8-12. (SPA)
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MENA Climate Week 2023 to Discuss Progress, Solutions in Riyadh

Saudi Arabia will host the MENA Climate Week 2023 in Riyadh on October 8-12. (SPA)
Saudi Arabia will host the MENA Climate Week 2023 in Riyadh on October 8-12. (SPA)

Saudi Arabia, in coordination and collaboration with the UN Framework Convention on Climate Change, is set to host the MENA Climate Week 2023 in Riyadh on October 8-12.

The event will bring together numerous countries, policymakers, influential organizations from around the world, in addition to representatives from the UN and related bodies, civil society, and the business sector.

The aim is to exchange perspectives on climate solutions, cooperate in finding practical and rational approaches to address climate change and mitigate its effects.

Discussions will encompass policy frameworks, investment opportunities, research and development initiatives, and the spread of various technological solutions, such as renewable energy, energy efficiency efforts, hydrogen, carbon capture and storage, and carbon dioxide removal.

MENA Climate Week 2023 will provide the Kingdom with an opportunity to showcase its efforts and accomplishments in tackling the challenges posed by climate change.

In 2021, Prince Mohammed bin Salman, Crown Prince and Prime Minister, launched the Saudi and Middle East Green initiatives.

The Saudi Green initiative aims to reduce carbon emissions by 278 million tons annually by 2030.

The other initiative seeks to mobilize efforts of various stakeholders to reduce carbon emissions, equivalent to 10% of global contributions, and reduce carbon emissions from oil production in the region by over 60%.

On December 4, the third edition of the Saudi Green Initiative Forum will be launched, coinciding with the COP28 conference. This move reflects the Kingdom’s commitment and ongoing efforts to support the global climate action agenda and take tangible actions to address environmental challenges.

Furthermore, in October 2021, the Crown Prince announced the Kingdom’s target of achieving net-zero emissions by 2060 through a circular carbon economy approach, aligning with its development plans and promoting economic diversification.



SABIC Expects Capital Expenditure of $4 Bn in 2025

One of the Saudi Basic Industries Corporation (SABIC) plants... (SPA)
One of the Saudi Basic Industries Corporation (SABIC) plants... (SPA)
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SABIC Expects Capital Expenditure of $4 Bn in 2025

One of the Saudi Basic Industries Corporation (SABIC) plants... (SPA)
One of the Saudi Basic Industries Corporation (SABIC) plants... (SPA)

Saudi Basic Industries Corporation (SABIC), one of the world’s largest petrochemical companies, reported a net loss of 1.21 billion riyals ($322.6 million) for the first quarter of 2025, reflecting continued pressure on the global petrochemical sector.

Despite this, the company is maintaining disciplined capital investment management, with capital expenditure expected to range between $3.5 billion and $4 billion in 2025.

The loss was primarily attributed to a 1.05 billion riyal decline in gross profit, driven by rising feedstock prices, along with non-recurring costs of 1.07 billion riyals linked to a strategic restructuring initiative aimed at streamlining annual costs by approximately 345 million riyals and improving long-term operational efficiency.

SABIC CEO Abdulrahman Al-Fageeh, speaking at a press conference following the release of the company’s results, highlighted ongoing challenges in the global economy, including a slowdown in global GDP growth.

 

 

“The first quarter business environment was marked by uncertainty, with global economic growth at just 2.97%, along with a slowdown in the manufacturing PMI, which intensified challenges for the sector,” he said.

Despite the losses, Al-Fageeh noted SABIC's remarkable resilience, supported by what he described as “stable demand” for petrochemicals. He emphasized the company’s continued focus on operational excellence and its transformation efforts throughout the year.

SABIC projects its capital expenditure to range between $3.5 billion and $4 billion in 2025, reaffirming its commitment to creating long-term value through operational excellence, transformation, and systematic growth as part of its future vision.

Mohammed Al-Farraj, Head of Asset Management at Arbah Capital, commented to Asharq Al-Awsat that initial forecasts from various research firms prior to the results announcement were mixed. While some expected a significant year-on-year drop in net profit, others predicted revenue growth.

“Looking at the reported results, we see that revenue aligned with expectations, indicating slight year-on-year growth, while the reported net loss was smaller than some estimates, which had anticipated larger losses,” Al-Farraj said.

“However, the results still fall short of profits from the same period last year. It is important to consider the impact of one-time restructuring costs when making comparisons,” he explained.