COP28 Concludes 1st Week amid Expectations for Agreements

Expo City in the Emirate of Dubai, where the COP 28 conference is being held. (EPA)
Expo City in the Emirate of Dubai, where the COP 28 conference is being held. (EPA)
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COP28 Concludes 1st Week amid Expectations for Agreements

Expo City in the Emirate of Dubai, where the COP 28 conference is being held. (EPA)
Expo City in the Emirate of Dubai, where the COP 28 conference is being held. (EPA)

At the end of the first week of the COP28 conference held in Dubai, UN Climate Change Executive Secretary Simon Stiell, on Wednesday, called on the countries participating in the talks to raise the bar of ambitions and reach clear agreements at the conclusion of the conference.
“All governments must give their negotiators clear marching orders. We need highest ambition, not point-scoring or lowest common denominator politics,” he told a news conference.
According to information obtained by Asharq Al-Awsat from the corridors of the conference, the work now falls on the state commissioners to put all the proposals on the table, before submitting them to officials and ministers, who are expected to reach an agreement at the conclusion of the conference.
For his part, Saudi climate negotiator Khaled Al-Muhaid said in a session on Tuesday evening that the 2015 Paris Agreement “was a great success for all of us”, adding that the “challenge now is how to keep all passengers on the train.”
The latest draft of a global climate agreement presented three options regarding the future of fuel. Sources at the conference indicated that all of the three decisions have good views, with varying rates of acceptance and adoption, but still close in proportion to each other.
“At the end of next week, we need COP to deliver a bullet train to speed up climate action. We currently have an old caboose chugging over rickety tracks,” Stiell told the reporters.
The heated deliberations coincided with climate reports confirming that the year 2023 was the hottest in history, and that November witnessed the warmest autumn in the world ever.
The head of the United Nations Development Program, Achim Steiner, urged countries participating in COP28 not to criticize any side at the conference, saying that Western countries are also sitting in a glass house with regard to oil production.
He pointed in this regard to the United States, Canada, Norway and the United Kingdom, all of which he said wanted to expand their oil production.

 



Investment Incentives Drive Growth in Saudi Restaurants and Cafés Sector

The restaurant and café sector plays a crucial role in Saudi Arabia’s Quality of Life program and Vision 2030. (Asharq Al-Awsat)
The restaurant and café sector plays a crucial role in Saudi Arabia’s Quality of Life program and Vision 2030. (Asharq Al-Awsat)
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Investment Incentives Drive Growth in Saudi Restaurants and Cafés Sector

The restaurant and café sector plays a crucial role in Saudi Arabia’s Quality of Life program and Vision 2030. (Asharq Al-Awsat)
The restaurant and café sector plays a crucial role in Saudi Arabia’s Quality of Life program and Vision 2030. (Asharq Al-Awsat)

Saudi Arabia’s restaurant and café sector is experiencing rapid growth, fueled by a young population and rising disposable incomes, making the country an attractive market for international brands. The sector is expected to expand further, supported by new investment laws and government initiatives.

Saudi Arabia, one of the largest markets in the region, is witnessing a boom in its restaurant and café industry, with both local and international brands competing for market share. The sector is expected to grow even more with the introduction of the new investment law, designed to attract investors by simplifying investment procedures.

The Saudi government recently approved a new investment system, which is seen as a significant move to stimulate foreign investment and support local businesses.

According to Saudi Minister of Investment Khalid Al-Falih the law builds on previous reforms, ensuring a supportive and secure environment for both domestic and international investors.

Sales in Saudi restaurants and cafés reached SAR 23.96 billion ($6.38 billion) in the second half of 2024, a 30.6% increase compared to the same period in 2022.

The sector saw continued growth, with restaurant sales rising by 13.66% to SAR 89.3 billion ($23.8 billion) in 2023, up from SAR 78.6 billion the previous year.

Spending in cafés and restaurants accounted for 14.76% of total sales transactions across all sectors during this period.

The restaurant and café sector plays a crucial role in Saudi Arabia’s Quality of Life program and Vision 2030, as it boosts the Kingdom’s lifestyle and aims to reach 3,000 restaurants and over 1,000 cafés per million residents by 2030.

Research firm Mordor Intelligence expects the Saudi food service market to grow from $27.18 billion in 2024 to $42.48 billion by 2029, with a compound annual growth rate of 9.34%.

The café sector, in particular, is expected to grow at an annual rate of 11.74%, driven by increasing demand for social and workspaces. Saudi Arabia already hosts over 40% of the Middle East’s 8,800 branded cafés.

In line with this growth, the Lavoya Restaurants Group, which operates fast-food chains across the Gulf, is expanding in Saudi Arabia. Najib Yaacoub, Chief Operations Officer at Lavoya Restaurants Group, said the expansion will create job opportunities and contribute to the national goal of increasing employment in the hospitality sector.