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MENA Climate Week Kicks off in Riyadh

Saudi Minister of Energy Prince Abdulaziz bin Salman (Saudi and Green Middle East Initiative)
Saudi Minister of Energy Prince Abdulaziz bin Salman (Saudi and Green Middle East Initiative)
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MENA Climate Week Kicks off in Riyadh

Saudi Minister of Energy Prince Abdulaziz bin Salman (Saudi and Green Middle East Initiative)
Saudi Minister of Energy Prince Abdulaziz bin Salman (Saudi and Green Middle East Initiative)

The second-ever Middle East and North Africa (MENA) Climate Week kicked off Sunday in Riyadh in cooperation with the United Nations Framework Convention on Climate Change (UNFCCC) secretariat.

Saudi Minister of Energy Prince Abdulaziz bin Salman inaugurated the event in the presence of several global officials, policymakers, private sector firms, youth campaigners, and other key stakeholders in the climate change and sustainability sphere.

Prince Abdulaziz asserted the need to work hard and ensure the success of the UN Climate Change Conference (COP28) in Dubai next November, announcing that the second day of the event will witness the unveiling of a credible, transparent, and adaptable domestic market mechanism.

The Minister also declared that Saudi Arabia will soon have the first hydrogen-powered train in the Middle East.

The Saudi government will host the event between October 8 and 12 in the Boulevard Riyadh City to shed light on challenges and solutions in a region that is among the most vulnerable to the effects of climate change.

Participants in Riyadh will speak about the challenges and opportunities for climate action and support in the MENA region, which will help inform the global stocktake and accelerate the implementation of the Paris Agreement.

Saudi Arabia is one of the most active countries on climate change, making it a new green giant with an influential and clear role in confronting this global battle.

The Kingdom launched several initiatives, plans, and programs towards achieving zero neutrality by 2060.

The event aims to enhance joint action towards adopting sustainable and integrated climate solutions, accomplish the collective mission of confronting climate challenges, and achieve the Paris Agreement's goals.

The event will include three ministerial sessions and a regional dialogue on climate change. The first session will address enhancing comprehensive participation and the circular carbon economy to achieve fair and equitable energy transitions.

The second session will discuss comprehensive financial and economic diversification towards achieving the goals of the Paris Climate Agreement.

The third session will discuss efforts to keep the global temperature rise below 1.5 degrees.

The event will also witness a GCC Roundtable Meeting of ministers concerned and an Arab League Roundtable, which will discuss expectations of COP28.

The activities of the rest of the week will witness the launch of the four tracks of dialogue in this regard, in a joint effort between the Saudi Energy Ministry, the Secretariat of the UNFCCC, and the UN Climate Change Pioneers.

The tracks are: the energy systems and industry; the cities, urban and rural settlements, infrastructure, and transport; land, ocean, food, and water; and societies, health, livelihoods, and economies.

The week's program will include many climate activities, meetings, and accompanying exhibitions that discuss issues of the environment, climate, and sustainability, and various programs and events that add cultural and social dimensions to the week's activities.

Notably, the event aims to discuss issues, challenges, and opportunities related to climate change and express opinions on them, to be addressed at COP28.

MENA Climate Week is the second of four Regional Climate Weeks in 2023.

UN Climate Change organizes it with global partners UN Development Program, UN Environment Program, and the World Bank Group. Partners based in MENA include the International Renewable Energy Agency, the Islamic Development Bank, the League of Arab States Secretariat, and the UN Economic and Social Commission for Western Asia.

Saudi Arabia intensified efforts to combat climate change, notably in 2021 when Crown Prince Mohammed bin Salman announced the goal of achieving net-zero emissions through a circular carbon economy approach aligned with developmental plans and economic diversification.

The Crown Prince stressed that this approach aligns with a "moving baseline" and preserves the Kingdom's leadership role in enhancing the stability and security of global energy markets while leveraging mature technologies for emissions management and reduction.

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Business

Saudi Arabia Activates Major Investment Engines With Approval of Special Economic Zone Rules

 King Abdullah Economic City, located in western Saudi Arabia (Asharq Al-Awsat). 
 King Abdullah Economic City, located in western Saudi Arabia (Asharq Al-Awsat). 
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Saudi Arabia Activates Major Investment Engines With Approval of Special Economic Zone Rules

 King Abdullah Economic City, located in western Saudi Arabia (Asharq Al-Awsat). 
 King Abdullah Economic City, located in western Saudi Arabia (Asharq Al-Awsat). 

Saudi Arabia has taken a pivotal step toward strengthening its standing as a global investment destination after the Cabinet approved the regulatory frameworks for four Special Economic Zones (SEZs): Jazan, Ras Al-Khair, King Abdullah Economic City, and the Cloud Computing Special Economic Zone.

The move marks the effective start of the operational and legal phase for the zones, offering investors a clear roadmap on how to benefit from the incentives and competitive advantages the Kingdom is rolling out.

Saudi Minister of Investment Khalid al-Falih said the regulations will come into force in early April 2026, calling the decision a major leap in developing the regulatory ecosystem for SEZs.

He said it underscores Saudi Arabia’s commitment to boosting investment competitiveness regionally and globally, while building an enabling environment that attracts high-quality investments and supports sustainable growth in line with Vision 2030.

The four zones are designed to serve strategic sectors that place the Kingdom at the heart of global supply chains. The Jazan zone is set to become a hub for food processing, mining, and manufacturing, leveraging its port and proximity to African markets.

Ras al-Khair is being developed into a global center for maritime and mining industries, providing an integrated platform for shipbuilding, offshore drilling rigs, and marine support services.

King Abdullah Economic City is positioned as an advanced hub for logistics, high-value manufacturing, and the automotive sector, while the Cloud Computing and Informatics Zone in Riyadh represents a major leap in the data economy, hosting global technology firms offering local data storage and processing services.

The new regulations introduce flexible licensing regimes, attractive tax and customs standards, and streamlined operating procedures, including flexible ownership structures.

Investors will be allowed to use multiple languages for trade names, and investments within the zones will be exempt from certain provisions of the traditional Companies Law, giving global firms greater operational freedom.

On workforce policy, Al-Falih said the regulations include tailored Saudization frameworks aligned with each zone’s economic activities, balancing national talent development with the rapid growth needs of major investors.

The frameworks are part of an integrated governance model that clarifies mandates and aligns government entities, accelerating licensing processes and creating a fast, flexible business environment aligned with Saudi Arabia’s economic ambitions.

 

 

 

Business

Turkish Manufacturing Nears Stabilization as PMI Rises in December

An employee works at an assembly line in the Toyota manufacturing plant in Sakarya October 10, 2013. REUTERS/Osman Orsal
An employee works at an assembly line in the Toyota manufacturing plant in Sakarya October 10, 2013. REUTERS/Osman Orsal
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Turkish Manufacturing Nears Stabilization as PMI Rises in December

An employee works at an assembly line in the Toyota manufacturing plant in Sakarya October 10, 2013. REUTERS/Osman Orsal
An employee works at an assembly line in the Toyota manufacturing plant in Sakarya October 10, 2013. REUTERS/Osman Orsal

Turkish manufacturing activity shrank at a slower pace in December, marking two consecutive months of improvement, signaling a slight moderation in operating conditions at the end of 2025, a business survey showed on Friday.

The Istanbul Chamber of Industry Turkiye Manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global, rose to a 12-month high of 48.9 from 48.0 in November thanks ‌to softer slowdowns ‌in output, new ‌orders, ⁠employment and purchasing activity.

Readings ‌below 50.0 indicate contractions in overall activity, while figures above that suggest growth, Reuters said.

"With PMI reaching its highest level for a year in December, the manufacturing sector takes some momentum into 2026, giving hope that we will ⁠see growth in the months ahead," said Andrew Harker, ‌Economics Director at S&P ‍Global Market Intelligence.

New ‍orders eased at the slowest pace ‍since March 2024, with some firms noting improvements in customer demand. However, both total new business and new export orders continued to moderate.

Production was scaled back, though at a slower rate than in November. Employment saw ⁠a marginal reduction, while purchasing activity also experienced a softer decline, according to the survey.

Input costs rose sharply, driven by higher raw material prices, leading manufacturers to increase selling prices, the survey said.

"While inflationary pressures rebounded following the recent lows seen in November, rates of increase in input costs and output prices were still comfortably below the highs ‌we have seen at times in recent years," Harker said.

Business

Asia Stocks Make Bright Start to 2026

Stock markets welcomed the New Year with healthy gains. Punit PARANJPE / AFP
Stock markets welcomed the New Year with healthy gains. Punit PARANJPE / AFP
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Asia Stocks Make Bright Start to 2026

Stock markets welcomed the New Year with healthy gains. Punit PARANJPE / AFP
Stock markets welcomed the New Year with healthy gains. Punit PARANJPE / AFP

Asian markets made a bright start to 2026 on Friday but volumes were thin with Tokyo and Shanghai still closed as investors awaited fresh direction from Wall Street.

Stocks had a bumper 2025, with the S&P adding 16.4 percent, the tech-rich Nasdaq 20.4 percent and London's FTSE enjoying its merriest Christmas in 16 years, said AFP.

In Asia, Seoul stocks whooshed 75 percent, while Hong Kong's Hang Seng index bounced 28 percent and Tokyo's Nikkei 225 rocketed more than 26 percent.

"Naturally, the start of the new year comes with the question everyone asks moving from one year to the next: will this continue? The consensus is that, yes, it will," said Kyle Rodda at Australian brokerage Capital.com.

"When it comes to the all important US economy, Wall Street is pricing in growth will accelerate this year while inflation still moderates and interest rates get cut. Meanwhile, analysts predict that corporate fundamentals will improve," Rodda said.

Hong Kong was up 2.2 percent Friday with chip designer Biren Technologies roaring 80 percent higher after its initial public offering.

The Shanghai-based firm's listing raised more than $700 million, suggesting that investor appetite for anything related to artificial intelligence remains insatiable.

Biren "enjoys scarcity value and high market attention", said Kenny Ng, a strategist at China Everbright Securities.

"The industry is in a flourishing stage, with many firms striving for breakthroughs and significant growth potential," Ng said.

Search-engine giant Baidu jumped almost seven percent after saying its AI chip unit Kunlunxin had filed a listing application in Hong Kong.

Taipei, Sydney, Jakarta, Manila and Singapore also advanced while while Seoul's Kospi, which soared 76 percent in 2025 in large part due to AI boom, was up 1.7 percent.

Samsung Electronics added three percent after co-CEO Jun Young Hyun said customers had praised its high-bandwidth memory (HBM) chips, some saying that "Samsung is back", Bloomberg News reported. 

After volatile recent days, following record highs for silver, precious metals started the new year on a bright note with gold up 0.64 percent per ounce and silver 1.5 percent shinier.