Business, Philanthropy Sectors Activate Contributions at COP 28 for Climate Solutions

 The COP 28 conference has kicked off in Dubai, with discussions scheduled to take place over the course of two weeks (AFP)
The COP 28 conference has kicked off in Dubai, with discussions scheduled to take place over the course of two weeks (AFP)
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Business, Philanthropy Sectors Activate Contributions at COP 28 for Climate Solutions

 The COP 28 conference has kicked off in Dubai, with discussions scheduled to take place over the course of two weeks (AFP)
The COP 28 conference has kicked off in Dubai, with discussions scheduled to take place over the course of two weeks (AFP)

The Business and Philanthropy Climate Forum at COP28, focuses on implementing tangible solutions to global climate and nature challenges.

This year’s COP 28 conference will see more than 1300 CEOs of organizations and leaders from charitable enterprises representing over 100 countries.

The Forum seeks to address key priorities outlined in the COP 28 agenda, such as energy transition, climate finance, nature conservation, and inclusivity.

Its objectives encompass safeguarding Earth’s natural heritage and biodiversity, funding adaptation plans, and fostering more sustainable agricultural systems and practices.

The Forum serves as a platform for practical and actionable solutions, bringing together diverse stakeholders to tackle pressing issues on a global scale.

COP28 Special Representative for Business and Philanthropy and Chair of the Forum Badr Jafar stated that the gathering marks a pivotal breakthrough in global climate discourse.

According to Jafar, the Forum will bring together a significant number of business leaders and philanthropic innovators to convey a powerful message about the importance of collaboration and comprehensive action for all.

Speaking to Asharq Al-Awsat on the sidelines of COP 28, Jafar said: “Dr. Sultan Al-Jaber, the President of COP 28, calls for what he terms effective change in the working approach that energizes the private sector and its resources with a passion for climate issues.”

“This Forum provides vital sectors with a platform to contribute effectively to shaping global climate policies,” added Jafar.

“The vision of the COP 28 President is committed to adopting a working methodology that supports energy transition, improves climate finance, and focuses on solutions mindful of human and environmental needs, ensuring that all initiatives are inclusive,” he explained.

Emphasizing that the Forum will be a dynamic interactive platform, Jafar highlighted that it will provide participating delegations with an unprecedented opportunity to pledge new responsibilities and goals, outlining a clear path for the next steps and required actions.

“The primary objective of the Forum is to enable the private sector to take practical steps that move them from the realm of theoretical agreements and commitments to the practical world of implementation and tangible results,” said Jafar.

Jafar explained that $3 trillion is the total global investment required annually to achieve the net-zero emissions goal by 2050.

Developing countries need investments totaling $2.4 trillion each year until 2030 to meet the Paris Agreement targets and address issues like biodiversity loss, land degradation, and soil deterioration.

“We will need radical natural solutions costing $8 trillion from now until 2050,” Jafar told Asharq Al-Awsat.

“These amounts are undoubtedly enormous, reflecting the magnitude of the risks at stake. The stark reality increasingly evident to us is the impossibility of mobilizing these trillions, or even coming close to doing so, without the ingenious involvement of the private sector with its innovative capabilities, resources, and expertise,” he explained.

As per Jafar, the challenge lies in the absence of a global framework that organizes collaboration among all capital sources swiftly and on an extremely broad scale.



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.