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Climate Week in Riyadh Introduces Solutions, Ideas for COP28

Prince Abdulaziz bin Salman addresses the opening of Climate Week in Riyadh. (Asharq Al-Awsat)
Prince Abdulaziz bin Salman addresses the opening of Climate Week in Riyadh. (Asharq Al-Awsat)
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Climate Week in Riyadh Introduces Solutions, Ideas for COP28

Prince Abdulaziz bin Salman addresses the opening of Climate Week in Riyadh. (Asharq Al-Awsat)
Prince Abdulaziz bin Salman addresses the opening of Climate Week in Riyadh. (Asharq Al-Awsat)

The Middle East and North Africa Climate Week 2023 concluded on Thursday in Riyadh, with successful discussions and ideas that pave the way for solutions for the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28), which will be held late next month in Dubai.

The international event witnessed the largest attendance ever at the regional climate weeks held by the United Nations globally, with the participation of more than 9,000 people of 137 different nationalities, who were present at more than 240 dialogue sessions.

With the conclusion of the conference, Saudi Arabia affirmed its readiness to maintain the momentum and promote comprehensive climate action.

Saudi Minister of Energy Prince Abdulaziz bin Salman inaugurated the event on Sunday, presenting an overview of the progress achieved in the region and in Saudi Arabia in particular.

The Climate Week saw the announcement of comprehensive programs and offered a platform for sharing ideas and solutions related to climate action. In this context, three important initiatives were announced, all of which seek to advance global climate goals.

Those include a market mechanism to compensate and balance greenhouse gases (carbon equivalents) in the Kingdom, a roadmap for the Saudi Green Initiative goal of planting 10 billion trees, in addition to an initiative entitled, “Empowering Africa”, based on the Clean Cooking Solutions Initiative.

Six memorandums of understanding were concluded during the event, including an agreement between Saudi Arabia and India in the field of electrical connectivity, clean green hydrogen and supply chains, and a memorandum between the Ministerial Forum for Clean Energy and the King Abdullah Center for Petroleum Studies and Research (KAPSARC) to promote sustainable energy development at the regional and global levels.

KAPSARC held a high-level workshop in partnership with the World Energy Forum, which addressed the contribution of clean hydrogen and carbon capture, use and storage projects in achieving climate goals in the Middle East and North Africa region, with the participation of an elite group of experts in energy, climate and sustainability, and officials in the government and private sectors.

The discussions touched on hydrogen strategies in the region and their promising role in project development, and highlighted the importance of technology and supply chains in providing low-carbon energy solutions.

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Revenue Growth, Improved Operational Efficiency Boost Profitability of Saudi Telecom Companies

A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
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Revenue Growth, Improved Operational Efficiency Boost Profitability of Saudi Telecom Companies

A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)

Telecommunications companies listed on the Saudi Stock Exchange (Tadawul) achieved a 12.46 percent growth in their net profits, which reached SAR 4.07 billion ($1.09 billion) during the second quarter of 2024, compared to SAR 3.62 billion ($965 million) during the same period last year.

They also recorded a 4.76 percent growth in revenues during the same quarter, after achieving sales worth more than SAR 26.18 billion ($7 billion), compared to SAR 24.99 billion ($6.66 billion) in the same quarter of 2023.

The growth in the revenues and net profitability is the result of several factors, including the increase in sales volume and revenues, especially in the business sector and fifth generation services, as well as the decrease in operating expenses and the focus on improving operational efficiency, controlling costs, and moving towards investment in infrastructure.

The sector comprises four companies, three of which conclude their fiscal year in December: Saudi Telecom Company (STC), Mobily, and Zain Saudi Arabia. The fiscal year of Etihad Atheeb Telecommunications Company (GO) ends on March 31.

According to its financial results announced on Tadawul, Etihad Etisalat Company (Mobily) achieved a 33 percent growth rate of profits, bringing its profits to SAR 661 million by the end of the second quarter of 2024, compared to SAR 497 million during the same period in 2023. The company also achieved a 4.59 percent growth in revenues to reach SAR 4.47 billion, compared to SAR 4.27 billion in the same quarter of last year.

The Saudi Telecom Company achieved the highest net profits among the sector’s companies, at about SAR 3.304 billion in the second quarter of 2024, compared to SAR 3.008 billion in the same quarter of 2023. The company registered a growth of 4.52 percent in revenues.

On the other hand, the revenues of the Saudi Mobile Telecommunications Company (Zain Saudi Arabia) increased by about 6.69 percent, as it recorded SAR 2.55 billion during the second quarter of 2024, compared to SAR 2.39 billion in the same period last year.

Commenting on the quarterly results of the sector’s companies, and the varying net profits, the head of asset management at Rassanah Capital, Thamer Al-Saeed, told Asharq Al-Awsat that the Saudi Telecom Company remains the sector leader in terms of customer base expansion.

He also noted the continued efforts of Mobily and Zain to offer many diverse products and other services.

Financial advisor at the Arab Trader Mohammed Al-Maymouni said the financial results of telecom sector companies have maintained a steady growth, up to 12 percent, adding that Mobily witnessed strong progress compared to the rest of the companies, despite the great competition which affected its revenues.

He added that Zain was moving at a good pace and its revenues have improved during the second quarter of 2024. However, its profits were affected by an increase in the financing cost by SAR 26.5 million riyals and a rise in interest, while net income declined significantly compared to the previous year, during which the company made exceptional returns.