Saudi Arabia to Launch First Green Zone to Present Solutions for Combating Desertification

A citizen working in an agricultural area in Saudi Arabia (Asharq Al-Awsat)
A citizen working in an agricultural area in Saudi Arabia (Asharq Al-Awsat)
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Saudi Arabia to Launch First Green Zone to Present Solutions for Combating Desertification

A citizen working in an agricultural area in Saudi Arabia (Asharq Al-Awsat)
A citizen working in an agricultural area in Saudi Arabia (Asharq Al-Awsat)

Saudi Arabia has become the first country to establish a “green zone” at the 16th Conference of the Parties (COP 16) to the United Nations Convention to Combat Desertification (UNCCD), which will be held in Riyadh in early December.
This green zone will feature the participation of numerous organizations dedicated to combating desertification and will serve as the largest area for showcasing technological and innovative solutions to prevent land degradation.
According to available information, the Saudi government is involving the private sector in various matters through this zone, including sustainable mining, land restoration, drought, water management, sandstorms, and the roles of regional and international governmental and private sectors. Other focus areas include sustainable textile production, monitoring, reporting, and local content and initiatives specific to the Kingdom.
This green zone, which spans around 130,000 square meters, will bring together companies, NGOs, scientists, experts, and youth from all over the world to envision a sustainable future for the planet. Saudi Arabia aims to engage 197 countries, with more than 200,000 expected visitors and 150 participating organizations.
Saudi Arabia is hosting COP 16 to promote cooperation among the 197 countries that have signed the UN Convention to Combat Desertification, mobilizing resources to find effective solutions for rehabilitating millions of hectares of degraded land and addressing drought. The aim is to support decision-makers and encourage the role of the private sector and civil society organizations in environmental protection and natural resource preservation.
COP 16 is the largest UN conference dedicated to land protection and combating desertification, with a crucial focus on the global mission to restore degraded land.
During a dialogue session held as part of an event organized by the Ministry of Environment, Water, and Agriculture, both Saudi Arabia and the UN emphasized the need for international cooperation to halt global land degradation and ensure sustainable living on Earth.
According to the ministry, 99% of the world’s food comes from the land, and vegetation helps collect around 75% of the planet’s freshwater. Forests and grasslands host approximately 90% of global biodiversity.
International reports estimate that around 3 billion people worldwide are affected by land degradation, with economic losses amounting to approximately $6 trillion. According to data from the UN Convention to Combat Desertification, up to 40% of the world’s land is degraded, affecting half of the global population. The goal of restoring 1.5 billion hectares of degraded land by 2030 is seen as a critical global priority.



Gold Gains as Dollar off 2-month Highs on Fed Rate Cut Expectations

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
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Gold Gains as Dollar off 2-month Highs on Fed Rate Cut Expectations

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk

Gold extended gains after the release of the latest data on US producer prices on Friday, as the US dollar pulled back from two-month highs on heightened expectations for a Federal Reserve rate cut in November.

Spot gold rose 0.7% to $2,647.55 per ounce by 1316 GMT. US gold futures gained about 1% to $2,665.

US producer prices were unchanged in September, pointing to a still-favorable inflation outlook and supporting views that the Fed would cut interest rates again next month.

"After stronger-than-expected US jobs data and higher-than-expected inflation data, the market is a bit split on how many rate cuts we will see from the Fed over the coming months," UBS analyst Giovanni Staunovo said, Reuters reported.

Data on Thursday showed US consumer prices rose slightly more than expected in September, but the annual increase in inflation was the smallest in more than 3-1/2 years.

Slowly cooling inflation and a US job market that remains strong but at the risk of deteriorating give a green light for more interest-rate cuts in coming months, Fed policymakers indicated on Thursday.

The CME FedWatch tool shows markets currently see an 84.4% chance of a 25-basis-point rate reduction in November and a 15.6% probability of the Fed keeping rates on hold.

"Gold prices are likely to stay volatile in the short term, but we look for higher prices as we look for further rate cuts by the Fed," Staunovo said.

Gold is on track for its second straight week of declines after prices retreated from a record high of $2,685.42 hit last month.

Physical gold dealers in India charged premiums for the first time in two months this week as the upcoming festival season attracted some jewellery buying.

Spot silver rose 0.7% to $31.41 per ounce and platinum climbed 1.2% to $979.20. Both metals were headed for weekly declines.

Palladium firmed 0.2% at $1,071 and was up nearly 6% for the week.