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Saudi Minister of Industry Briefed on Latest Financial Technologies at New York Stock Exchange

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef visits the New York Stock Exchange (NYSE) on Tuesday. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef visits the New York Stock Exchange (NYSE) on Tuesday. (SPA)
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Saudi Minister of Industry Briefed on Latest Financial Technologies at New York Stock Exchange

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef visits the New York Stock Exchange (NYSE) on Tuesday. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef visits the New York Stock Exchange (NYSE) on Tuesday. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef visited the New York Stock Exchange (NYSE) on Tuesday.

He was briefed on its latest electronic systems for evaluating companies and sectors, learned about the exchange's history, trading mechanisms, and purchasing processes, and the best practices adopted to enhance efficiency and competitiveness.

Established in 1792, the New York Stock Exchange represents one of the largest exchanges globally, with a market capitalization exceeding $30 trillion. Traders can buy and sell shares of listed companies through an auction-based system facilitated by securities brokers on behalf of clients.

The exchange is renowned for its stringent listing requirements and transparency, offering high levels of investor protection. Operating primarily in the United States, it also has offices in Asia, the Middle East, and Europe.

Furthermore, during his visit to New York, Minister Alkhorayef welcomed industry ministers and leaders of industrial transformation from around the world during an event organized by Saudi Arabia in partnership with the United Nations Industrial Development Organization (UNIDO).

The event served as a precursor to hosting the 21st General Conference of the organization in Riyadh in 2025, as well as the Multi-Party Industrial Policy Forum (MIPF) 2024.

Alkhorayef invited global industry leaders to participate in these events, offering an opportunity to develop innovative industrial solutions and policies that support regional and global industrial development.

Alkhorayef’s official visit to the United States, which will continue until September 28, aims to boost industrial and mining cooperation, strengthen bilateral ties between the two countries, attract quality investments to the Kingdom, and explore investment opportunities in promising sectors, notably aviation and aerospace.

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FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
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FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)

Dr. Abdul Hakim Elwaer, Assistant Director-General of the Food and Agriculture Organization (FAO), stated that the organization will take an active role at COP16, the UN conference on combating desertification, scheduled to take place in Saudi Arabia in early December.

In remarks to Asharq Al-Awsat, he expressed confidence that the conference—the first of its kind in the Middle East—would produce significant outcomes.

Elwaer’s comments came during a roundtable organized by FAO’s regional office in Cairo, attended by a select group of media representatives. The session focused on FAO’s participation in the upcoming conference and the importance of the Rio Trio —the integrated framework of the three major UN conventions addressing climate change, biodiversity conservation, and desertification.

Fida Haddad, FAO’s Program Officer for Land Rehabilitation and Climate Change, highlighted the interconnectedness of the three conventions and noted that COP16 would place a strong emphasis on land and water rehabilitation and their sustainable management.

Haddad pointed out that approximately 90% of the Middle East is affected by arid conditions. Despite this, local communities and Arab governments have made notable progress in addressing desertification and drought. She also announced that, for the first time, FAO has successfully placed food systems on the COP16 agenda, enabling discussions on how land rehabilitation can enhance food supply chains and systems.

Elwaer underscored FAO’s central role in achieving the second Sustainable Development Goal (SDG): eradicating hunger. He emphasized that FAO actively engages in the UN conventions on climate change, biodiversity, and desertification, which collectively contribute to this mission.

FAO’s focus, according to Elwaer, is on transforming food and agricultural systems to become more inclusive, efficient, and sustainable, aiming for better production, nutrition, and livelihoods. He highlighted the organization’s success in integrating these priorities into the agendas of the three conventions and collaborating with host countries on joint initiatives.

He further noted that Saudi Arabia’s hosting of COP16 is particularly significant for the region, which faces pressing challenges such as water scarcity, desertification, and food insecurity. The conference presents an opportunity for Middle Eastern nations to highlight these issues, explore solutions, and ensure their inclusion in global environmental discussions, not only at this event but in future COP sessions, he underlined.

Elwaer emphasized the growing global attention on desertification, as it is now impacting regions previously unaffected, such as southern Europe and parts of Latin America. These areas are witnessing alarming declines in arable land and forests, prompting them to seek lessons from the Arab world, which has developed resilience strategies to combat desertification over centuries.

FAO will have a strong presence at COP16, with two dedicated pavilions—one in the Blue Zone for official delegations and another in the Green Zone to engage civil society and conference participants, he said.

He added that in collaboration with Saudi Arabia and the UN, FAO will lead coordination on Food Day and Governance Day, scheduled for December 5 and 6, respectively. The organization will also participate in other specialized sessions throughout the conference.