Int’l Consensus on Unifying Efforts to Fight Climate Change

Egyption Minister of Foreign Affairs Sameh Shoukry addresses the opening session of the Middle East and North Africa (MENA) Climate Week, a UN-organized conference hosted in the Saudi capital Riyadh, on October 8, 2023. (AFP)
Egyption Minister of Foreign Affairs Sameh Shoukry addresses the opening session of the Middle East and North Africa (MENA) Climate Week, a UN-organized conference hosted in the Saudi capital Riyadh, on October 8, 2023. (AFP)
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Int’l Consensus on Unifying Efforts to Fight Climate Change

Egyption Minister of Foreign Affairs Sameh Shoukry addresses the opening session of the Middle East and North Africa (MENA) Climate Week, a UN-organized conference hosted in the Saudi capital Riyadh, on October 8, 2023. (AFP)
Egyption Minister of Foreign Affairs Sameh Shoukry addresses the opening session of the Middle East and North Africa (MENA) Climate Week, a UN-organized conference hosted in the Saudi capital Riyadh, on October 8, 2023. (AFP)

The Middle East and North Africa (MENA) Climate Week which kicked off in Riyadh on Sunday witnessed international consensus on unifying efforts to confront climate change.

Several ministers and officials who attended the event stressed that it represents a regional platform to provide solutions and innovations that help in achieving the targets of regional countries and in facing climate change.

Saudi Minister of State for Foreign Affairs Adel al-Jubeir revealed the allocation of more than $186 billion to implement the Saudi Green Initiative.

Al-Jubeir went on to say that the Kingdom was seeking to transform itself through carbon recycling to turn cities into green unpolluted areas.

Egyptian Foreign Minister Sameh Shoukry underlined the importance of holding Climate Week in the Middle East, noting that the event is bound to yield partnership and cooperation related to climate, as well as stress the importance of sharing responsibility and adapting to climatic conditions.

The minister pointed out that Climate Week highlights the main elements of climate change and the need for action plans and underscores the importance of unifying efforts to come up with solutions and capacity-building.

“We cannot stop using the sources of energy we are using today before securing alternative, sustainable sources of energy for the future,” said UAE Energy Minister Suhail Al-Mazrouei.

“The Middle East and North Africa region is at a crossroads, facing not only the devastating impacts of climate change, but also the challenge of transitioning their economies to ensure prosperity in a 1.5C aligned world,” said Simon Stiell, Executive Secretary of UN Climate Change.

Aramco president and CEO Amin Nasser stated that there is a gap between the needs of developing and developed countries.

He added that the company seeks to achieve balance and to achieve carbon neutrality and reduce emissions in 2050.

He noted that Climate Week provides a platform to highlight regional solutions and innovations, paving the way for reinforcing cooperation between countries, sectors, and specializations.

The third ministerial session of the event discussed the need for sustainable development and adaptation to climate challenges to ensure a sustainable and clean future in MENA.

The first session focused on Saudi Arabia’s ongoing efforts to achieve the Paris Agreement's goals and a more sustainable world.

The Climate Week reinforces the significance of circular frameworks in reducing emissions and the role this plays in boosting the economy and supporting sustainability.

Saudi Arabia is aware of the significance of a circular economy in reducing emissions and building economic competency. Its Circular Carbon Economy National Program supports the state’s commitment to achieve a flexible and clean energy system.



ECB President Lagarde Reportedly Plans to Quit Before Macron's Term Ends

FILE PHOTO: European Central Bank (ECB) President Christine Lagarde addresses the press following the ECB's Governing Council meeting, at the ECB headquarters in Frankfurt, Germany, February 5, 2026. REUTERS/Jana Rodenbusch/File Photo
FILE PHOTO: European Central Bank (ECB) President Christine Lagarde addresses the press following the ECB's Governing Council meeting, at the ECB headquarters in Frankfurt, Germany, February 5, 2026. REUTERS/Jana Rodenbusch/File Photo
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ECB President Lagarde Reportedly Plans to Quit Before Macron's Term Ends

FILE PHOTO: European Central Bank (ECB) President Christine Lagarde addresses the press following the ECB's Governing Council meeting, at the ECB headquarters in Frankfurt, Germany, February 5, 2026. REUTERS/Jana Rodenbusch/File Photo
FILE PHOTO: European Central Bank (ECB) President Christine Lagarde addresses the press following the ECB's Governing Council meeting, at the ECB headquarters in Frankfurt, Germany, February 5, 2026. REUTERS/Jana Rodenbusch/File Photo

European Central Bank President Christine Lagarde plans to leave her job before next year's French presidential election to allow Emmanuel Macron to have an input into picking her successor, the Financial Times reported on Wednesday.

Lagarde's term is due to end in October 2027 but some fear that the far right may win the French presidential race ‌in the spring of ‌2027, complicating the selection for the ‌new ⁠leader of Europe's most ⁠important financial institution.

Citing a person familiar with the matter, the FT said Lagarde has not yet decided on the exact timing of her departure but was keen on Macron and German Chancellor Friedrich Merz to be the key deciders in who succeeds her. Macron cannot run again for a third term.

"President Lagarde is ⁠totally focused on her mission and has not ‌taken any decision regarding the end ‌of her term," Reuters quoted an ECB spokesperson as saying.

The FT report comes only ‌a week after Bank of France Governor Francois Villeroy de Galhau ‌said he would step down in June this year, more than a year before the end of his term, allowing Macron to name his replacement before the presidential election that the far-right could win.

While it ‌will be up to all leaders from the 21-nation euro zone to pick Lagarde's successor, ⁠past practice ⁠suggests that any successful candidate must have both German and French support to clinch the role.

There are no formal candidates for the job yet but several names have been floating among ECB circles as potential ECB presidents. The most prominent among these are former Dutch central bank chief Klaas Knot and Bank for International Settlements General Manager Pablo Hernandez de Cos.

Lagarde's non-renewable term at the ECB runs until October 31, 2027. Prior to heading the ECB, she was managing director of the International Monetary Fund from 2011 to 2019 and before that, the French finance minister.


UK Inflation Falls to 3.0% in January

Pedestrians cross Westminster Bridge in front of Parliament during the early morning hours in London, Tuesday, Feb. 10, 2026.(AP Photo/Kin Cheung)
Pedestrians cross Westminster Bridge in front of Parliament during the early morning hours in London, Tuesday, Feb. 10, 2026.(AP Photo/Kin Cheung)
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UK Inflation Falls to 3.0% in January

Pedestrians cross Westminster Bridge in front of Parliament during the early morning hours in London, Tuesday, Feb. 10, 2026.(AP Photo/Kin Cheung)
Pedestrians cross Westminster Bridge in front of Parliament during the early morning hours in London, Tuesday, Feb. 10, 2026.(AP Photo/Kin Cheung)

Britain's annual ‌rate of consumer price inflation fell to 3.0% in January from 3.4% in December, official figures showed on Wednesday.

A Reuters poll of economists had shown a median forecast of 3.0% in January and the Bank of England projected earlier this month that the headline measure of inflation would slow to ‌2.9%.

British inflation ‌has run higher than in ‌the ⁠United States and in ⁠the euro zone where it stood at 2.4% and 1.7% respectively in January.

But the BoE expects the pace of price rises to slow sharply to almost its 2% target in ⁠April as last year's rises ‌in utility costs and ‌other government-controlled tariffs fall out of ‌the annual comparison.

Investors expect the central bank ‌to cut its benchmark interest rate to 3.5% at its next meeting in March after a tight vote to keep borrowing costs ‌on hold in February although some policymakers remain worried about underlying ⁠inflation ⁠pressure.

Financial markets on Tuesday also priced a second quarter-point interest rate cut by the BoE by the end of in 2026.

ONS data last week painted a downbeat picture of Britain's economy at the end of 2025 with output barely growing. Figures released on Tuesday showed the labor market was still losing jobs although there were some signs of a stabilization.


Riyadh to Host Middle East’s Largest General Aviation Airshow in November 

The AERO Middle East x Sand & Fun 2026 will be held in Riyadh from November 24 to 28. (SPA)
The AERO Middle East x Sand & Fun 2026 will be held in Riyadh from November 24 to 28. (SPA)
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Riyadh to Host Middle East’s Largest General Aviation Airshow in November 

The AERO Middle East x Sand & Fun 2026 will be held in Riyadh from November 24 to 28. (SPA)
The AERO Middle East x Sand & Fun 2026 will be held in Riyadh from November 24 to 28. (SPA)

The Saudi Aviation Club announced that it will organize the AERO Middle East x Sand & Fun 2026 in Riyadh from November 24 to 28, reported the Saudi Press Agency on Tuesday.

The event is set to be the largest of its kind for general aviation in the Middle East, combining international business, investment, and innovation with live flying displays and interactive public experiences. It is being held in partnership with Messe Frankfurt Saudi Arabia.

Held at Thumamah Airport, the exhibition will bring together leading global companies operating in the general aviation industry, including aircraft and components manufacturers, avionics and navigation systems providers, as well as maintenance, repair, and overhaul (MRO) companies, offering an integrated platform that covers the full value chain of the sector.

The event will also spotlight startups in advanced air mobility (AAM) and innovators of electric vertical take-off and landing (eVTOL) aircraft, showcasing technologies and business models shaping the future of aviation.

General Supervisor of the Saudi Aviation Club Dr. Ahmed Alfahaid stated that AERO Middle East x Sand & Fun 2026 represents a qualitative leap for the Kingdom’s aviation sector and reinforces its positioning as a global hub for general aviation and advanced air mobility.

The partnership with Messe Frankfurt Saudi Arabia goes beyond presenting global innovations to providing a vital platform for international investment and strategic collaboration, he stressed.

Moreover, the event contributes to achieving Saudi Vision 2030 objectives, including the Kingdom’s ambition to rank among the world’s top 10 general aviation markets, he added.