Saudi Arabia Hosts 9th Conference of Environment Ministers in the Islamic World

Saudi Minister of Environment Abdulrahman al-Fadley at the 9th Conference of Environment Ministers in the Islamic World (SPA)
Saudi Minister of Environment Abdulrahman al-Fadley at the 9th Conference of Environment Ministers in the Islamic World (SPA)
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Saudi Arabia Hosts 9th Conference of Environment Ministers in the Islamic World

Saudi Minister of Environment Abdulrahman al-Fadley at the 9th Conference of Environment Ministers in the Islamic World (SPA)
Saudi Minister of Environment Abdulrahman al-Fadley at the 9th Conference of Environment Ministers in the Islamic World (SPA)

The 9th Conference of Environment Ministers in the Islamic World has been held in Jeddah under the patronage of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz.

The conference organized by the Ministry of Environment, Water and Agriculture and the Islamic World Educational, Scientific and Cultural Organization (ICESCO) was held between Oct. 18 and 19.

In his opening speech, Saudi Minister of Environment Abdulrahman al-Fadley welcomed environment ministers from 52 countries and delegates from 30 regional and international organizations dedicated to environmental matters.

He stressed that cooperation and collaboration between the Islamic nations play a critical role in environment protection, sustainability, and tackling global environmental challenges.

The Minister expressed the solidarity of Saudi Arabia with the Palestinian people and requested the international community to take a responsible stance and emphasized the necessity of adhering to the provisions of international and humanitarian laws.

Furthermore, he expressed solidarity of Saudi Arabia with Morocco and Libya while facing the aftermath of recent natural disasters in their countries.

“Preserving the environment is one of the pillars of Saudi Vision 2030, as it adopted the National Environment Strategy, established the fund and five environmental centers, as well as launched initiatives such as the Saudi Green Initiative and regionally Middle East Green Initiative.”

He indicated the Green Initiatives aim to develop vegetation cover, raise conservations to 30 percent, and adopt the carbon circular economy approach to reach zero neutrality in 2060.

The Middle East Green Initiatives aim to strengthen regional cooperation to combat desertification and preserve vegetation and its biodiversity. It also seeks to achieve food security, adapt to climate change, and improve the quality of life.

Saudi Arabia cooperated with many countries and international organizations to launch the Reducing Land Degradation and Enhancing Conservation of Terrestrial Habitats Platform, announced Fadley.

The platform aims to accelerate research and development to preserve coral reefs and reduce land degradation and loss of wild habitats, which was launched by G20 leaders during the Kingdom’s presidency of the group’s meetings in 2020.

Last month, Crown Prince Mohammed bin Salman announced the establishment of the Global Water Organization, headquartered in Riyadh.

Next year, Saudi Arabia will host the Conference of the Parties to the United Nations Convention to Combat Desertification (COP16) and World Environment Day 2024.

Fadley congratulated the recipients of the Kingdom Award for Environmental Management in the Islamic World during its third session.

Also at the ceremony, Secretary-General of the Organization of Islamic Cooperation (OIC) Hussein Taha asserted the importance of environmental security and its comprehensive impact.

He indicated that this requires urgent and coordinated action from all countries, especially since the Islamic world is one of the regions of the world most affected by global climate change.

Taha asserted that the concerns of Islamic nations must be heard at various international and global forums concerned with environmental issues.

He lauded the efforts at the 9th Conference of Environment Ministers in the Islamic World, indicated that its results will be a very important towards preparing the Islamic community for the upcoming COP28 conference in the UAE.

In turn, Director-General of the ICESCO Salim al-Malik mentioned environmental challenges facing the Islamic world, including issues of global warming, the surge in greenhouse gas emissions, rising global temperatures, loss of biodiversity, and plastic pollution.

He further noted that the scale of these challenges places a significant responsibility on the Islamic world.

Malik addressed the food waste issue, indicating that it amounts to 1.3 billion tons annually, enough to feed three billion people.

Climate crisis is the result of mismanagement, which requires decision-makers to work diligently to find radical solutions, increase the capital of the green economy, support its innovations, and make the best use of the digital and information revolution, said Malik.



Pakistan Central Bank Receives $2 billion from Saudi Arabia as Part of Broader Financial Support Package

Mohammed Al-Jadaan and Muhammad Aurangzeb following the agreement for Saudi Arabia to provide an additional $3 billion in support to Pakistan (X).
Mohammed Al-Jadaan and Muhammad Aurangzeb following the agreement for Saudi Arabia to provide an additional $3 billion in support to Pakistan (X).
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Pakistan Central Bank Receives $2 billion from Saudi Arabia as Part of Broader Financial Support Package

Mohammed Al-Jadaan and Muhammad Aurangzeb following the agreement for Saudi Arabia to provide an additional $3 billion in support to Pakistan (X).
Mohammed Al-Jadaan and Muhammad Aurangzeb following the agreement for Saudi Arabia to provide an additional $3 billion in support to Pakistan (X).

Pakistan announced that it has received $2 billion from Saudi Arabia’s Ministry of Finance as part of a broader financial support package.

Earlier, Pakistan’s Finance Minister, Muhammad Aurangzeb, said that Saudi Arabia had committed to depositing an additional $3 billion, while extending an existing $5 billion loan for three years instead of renewing it annually.

This support comes as Pakistan faces repayment of $3.5 billion to the United Arab Emirates, putting pressure on its reserves, which stand at about $16.4 billion.

Saudi Arabia has a history of assisting Pakistan during economic crises, including a $6 billion support package in 2018 that included deposits and deferred oil payments.


Gold Rises as Middle East Optimism Calms Inflation Fears

Samples of gold displayed in a program affiliated with the Brazilian Federal Police specializing in tracking gold in Brasilia (Reuters)
Samples of gold displayed in a program affiliated with the Brazilian Federal Police specializing in tracking gold in Brasilia (Reuters)
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Gold Rises as Middle East Optimism Calms Inflation Fears

Samples of gold displayed in a program affiliated with the Brazilian Federal Police specializing in tracking gold in Brasilia (Reuters)
Samples of gold displayed in a program affiliated with the Brazilian Federal Police specializing in tracking gold in Brasilia (Reuters)

Gold prices rose on Thursday as growing optimism about a possible end to conflicts in the Middle East calmed inflation worries and improved prospects for lower interest rates.

Spot gold rose 0.5% to $4,815.15 per ounce by 0926 GMT, after rising to a one-month high in the previous session. US gold futures for June delivery gained 0.3% to $4,836.50.

"For the month of March gold was under pressure because of the need for liquidity in the metal following the war, but that is kind of mostly run its course, that need for liquidity," said Nitesh Shah, commodity strategist at WisdomTree.

Shah added that he expects gold prices to remain very well supported as concerns surrounding central bank independence and dollar debasement risk still remain prevalent, Reuters reported.

Optimism grew on Thursday that the war in the Middle East may be near an end, with a key Pakistani mediator in Tehran and the administration of US President Donald Trump talking up hopes for a deal that would open the crucial Strait of Hormuz.

Crude oil prices were up more than 1% on Thursday, but remained well below the $100-a-barrel mark.

"Gold remains supported amid renewed optimism around de-escalation. The pullback in oil prices is easing some of the inflation concerns that weighed on prices earlier in the conflict. The move reflects a broader shift in market focus," ING analysts said.

Global equities vaulted past their previous all-time highs in Asian trading as optimism grew about a deal to end the Iran war.

Gold prices fell to as low as $4,097.99 an ounce on March 23 as high inflation concerns due to soaring energy prices raised expectations of a more hawkish approach to intrest rates by the US Federal Reserve, weighing on the non-yielding metal's demand.

Prices have since recovered as investors now see a more than 34% chance of at least one US interest rate cut by 2026-end, up from 32% a day prior, as per CME's FedWatch Tool.

Among other metals, spot silver rose 1.4% to $80.12 per ounce, platinum gained 1% to $2,130.25, and palladium was up 0.9% at $1,587.25.


UK Economy Surged Ahead of Iran War, but Energy Shock to Test Resilience

Buses pass in front of the Bank of England building in London (Reuters)
Buses pass in front of the Bank of England building in London (Reuters)
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UK Economy Surged Ahead of Iran War, but Energy Shock to Test Resilience

Buses pass in front of the Bank of England building in London (Reuters)
Buses pass in front of the Bank of England building in London (Reuters)

Britain's economy put on a burst of growth in February, suggesting it was in slightly better shape before the start of the Iran war than many economists had feared, official figures showed on Thursday.

Gross domestic product expanded 0.5% month-on-month in February, the biggest increase since January 2024, the Office for National Statistics said. Economists polled by Reuters had forecast a much more modest reading of 0.2%.

While the figures are likely to cheer finance minister Rachel Reeves, economists said Britain remained ⁠vulnerable to the fallout from ⁠the Middle East conflict, being highly dependent on imported energy and prone to higher inflation than peers.

"Unfortunately, the latest energy price shock has likely pulled the rug on this momentum, with another year of above-target inflation and a softening labour market likely to come," said Fergus Jiminez-England, associate economist from the National Institute for Economic and Social Research.

Britain suffered the sharpest cut to economic growth forecasts for large rich economies by the International ⁠Monetary Fund due largely to the Iran war, in forecasts published on Tuesday.

"Growth increased further in the three months to February led by broad-based increases across services," ONS chief economist Grant Fitzner said.

"Meanwhile car production recovered from the effects of the autumn cyber incident."

Economic growth for the three months to February was 0.5%, the ONS said, putting Britain's economy on track for a conspicuously strong first quarter, for a third year running.

That pattern has led to suspicions among some economists that the ONS' process of seasonal adjustment has gone awry following unusually large swings in output during the COVID-19 pandemic - something the ONS rejects.

"We're confident in our figures and seasonal adjustment processes," ⁠an ONS spokesperson ⁠said on Thursday, adding that statisticians had looked thoroughly at the issue.

James Smith, economist at ING, said he still doubted whether the ONS had fully accounted for the influence of the last period of high inflation in its seasonal adjustment process, and the timing of price increases.

"We wrote in our reaction to the January data that February or March could see a strong bounce back for exactly this reason," Smith said.

"Suffice to say, all of this is old news anyway, given the crisis we find ourselves in today."

Separate ONS data showed Britain's total trade deficit, excluding the volatile movements of precious metals, rose in inflation-adjusted terms in February to 5.627 billion pounds ($7.62 billion), its highest since November 2024.

The widening was driven by imports rising to their second-highest reading on record, after December 2022.