‘Middle East Green Initiative’ Aims to Launch Projects in Multiple Countries by 2025

A group photo of participants at the Jeddah meeting, which approved the membership of 10 countries (Ministry of Environment)
A group photo of participants at the Jeddah meeting, which approved the membership of 10 countries (Ministry of Environment)
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‘Middle East Green Initiative’ Aims to Launch Projects in Multiple Countries by 2025

A group photo of participants at the Jeddah meeting, which approved the membership of 10 countries (Ministry of Environment)
A group photo of participants at the Jeddah meeting, which approved the membership of 10 countries (Ministry of Environment)

Dr. Osama Faqih, head of the executive committee for the “Middle East Green Initiative,” announced plans to launch several qualifying projects in member countries by the end of 2025.

He also stated that the initiative will establish a secretariat and outlined specific criteria for selecting the Secretary-General, who will be approved by the executive committee and the ministerial council.

Faqih outlined the implementation phases of the initiative, starting with a founding team of 16 regional countries and an executive committee of 20 founding states. This committee will establish the governance for the initiative, as projects will be based in member countries.

Speaking to Asharq Al-Awsat, Faqih explained that funding will come from regional and international countries, the private sector, and various financial institutions, according to the initiative’s charter.

He noted that Crown Prince Mohammed bin Salman announced a donation during the second summit of the Middle East Initiative in Sharm El Sheikh, Egypt, held alongside the Climate Conference. The secretariat will be located in Riyadh.

Membership in the initiative is divided into two categories: regional countries, which include Central and Southwestern Asia, North Africa, and sub-Saharan Africa, can host projects and contribute to achieving the initiative's goals. Non-regional countries can also join to support financial and technical funding.

The initiative prioritizes land rehabilitation, with Faqih highlighting the global challenges of land degradation and desertification.

He noted that over 99% of the world’s calories and about 95% of food come from land, making these issues critical for food security. The initiative aims to rehabilitate 200 million hectares of land in member countries, providing significant environmental, economic, and social benefits, such as carbon storage, vegetation growth, food security, and social welfare.

Faqih’s comments followed the first session of the ministerial council for the “Middle East Green Initiative,” held in Jeddah, Saudi Arabia.

The council welcomed ten regional countries and one non-regional country, the United Kingdom, as an observer.

They also set ambitious national policies and targets for vegetation development, agreeing on a governance structure that includes 32 elements covering the organizational framework, secretariat, project types, submission mechanisms, evaluation criteria, and funding processes.

Saudi Minister of Environment, Water, and Agriculture Abdulrahman Al-Fadley, who chaired the session, emphasized the need for regional cooperation to enhance vegetation development and address environmental challenges, particularly desertification and limited greenery in the region.

He indicated that the meeting marks a shift to the implementation phase, urging all member countries, both regional and non-regional, to join and actively participate in the initiative and its trust fund.



Saudi Arabia Ranks First in GCC, 12th Globally in 2026 Marsh CFA Institute Global Pension Index

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat
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Saudi Arabia Ranks First in GCC, 12th Globally in 2026 Marsh CFA Institute Global Pension Index

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat

The Kingdom of Saudi Arabia ranked first among GCC states and 12th globally out of 55 pension systems in the 2026 Marsh CFA Institute Global Pension Index. The Kingdom's overall score climbed to 73.2 out of 100, up from 67.6 in 2025, continuing an upward trajectory that has seen it advance 15 places since 2022.

The Kingdom achieved notable gains across the index's three primary pillars. In the Integrity sub-index—which evaluates regulatory governance, member communication, and participant rights—Saudi Arabia scored 83.5, up 9.3 points from the previous year, securing an A rating, the highest classification in the category.

The Kingdom's Sustainability score increased to 61.2 points from 54.6, while Adequacy rose to 77.2 from 75, maintaining an overall B grade, SPA reported.

With its 73.2 score, Saudi Arabia outperformed established international pension systems categorized within the B band, including the United Kingdom, Canada, France, Germany, Belgium, Ireland, and Hong Kong, while leading all participating Gulf nations.

The index noted that Saudi Arabia's advancement was driven by sustained governance reforms, regulatory enhancements, data modernization, and stronger safeguards for scheme beneficiaries.

These results reflect ongoing modernization within the national social insurance ecosystem led by the Social Insurance, aimed at expanding benefit adequacy and safeguarding long-term fiscal sustainability.

Published in collaboration with the Monash Centre for Financial Studies, the 18th edition of the Marsh CFA Institute Global Pension Index evaluates retirement systems covering two-thirds of the world's population across more than 50 sub-indicators.


China’s January-September Fiscal Revenue up 5.1% y/y

People look at their phones in a touristic area in Beijing, China, 22 October 2026. (EPA)
People look at their phones in a touristic area in Beijing, China, 22 October 2026. (EPA)
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China’s January-September Fiscal Revenue up 5.1% y/y

People look at their phones in a touristic area in Beijing, China, 22 October 2026. (EPA)
People look at their phones in a touristic area in Beijing, China, 22 October 2026. (EPA)

China's fiscal revenue increased 5.1% in the first nine months of 2026 from a year earlier, following a gain of 5.7% in the January-August period, the finance ministry said on Friday.

In the January-September period, fiscal revenue totaled 17.2 trillion yuan ($2.58 trillion), with tax revenue growing 6.1% year-on-year and non-tax ‌revenue expanding ‌1.2%.

Fiscal expenditure was up ‌1.0% ⁠on the year ⁠in the period, slowing from a rise of 1.2% in the first eight months.

China has accelerated local special bond issuance this year and plans to front-load part of its 2027 ⁠quota, finance ministry official Zhao Zeyong ‌told a press ‌conference on Friday.

Net special bond issuance ‌from January to September reached 3.56 trillion ‌yuan, accounting for 81% of the annual quota, and issuance for September was at 633.5 billion yuan, up by 214.8 billion yuan ‌from the same month last year, Zhao said.

Revenue from ⁠government ⁠land sales fell 27.9% on the year for the period from January to September, narrowing from a fall of 28.6% in the first eight months of this year.

The property sector downturn that began in mid-2021 has eroded land-sale revenue, long a crucial funding source for Chinese local governments.


Asian Stocks Mixed Ahead of Weekend as Tech Recovers Early Losses

 A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Thursday, Oct. 22, 2026, in Tokyo. (AP)
A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Thursday, Oct. 22, 2026, in Tokyo. (AP)
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Asian Stocks Mixed Ahead of Weekend as Tech Recovers Early Losses

 A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Thursday, Oct. 22, 2026, in Tokyo. (AP)
A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Thursday, Oct. 22, 2026, in Tokyo. (AP)

Asian equities were mixed Friday as tech firms managed to claw back some early losses on bargain-buying at the end of tough week for the sector, while traditional safe havens benefited from a generally cautious mood.

Since AI-linked companies hit record highs in June, their equity prices have been pummeled by concerns they were overvalued, their huge outlays on infrastructure and hardware might not return a profit and, more recently, their servicing costs were spiraling.

That has combined with an Iran war-fueled surge in oil prices to more than $100 that has ramped up inflation, forced central banks to hike interest rates and sent government borrowing costs to multi-decade highs.

Strong earnings in past quarters have been able to temper many of the concerns, but analysts pointed out that investors are demanding better and better results to justify their backing.

Earnings from Facebook-parent Meta and chip equipment maker Lam Research this week have beaten forecasts but seen their shares dive.

"Even positive news is being ignored," said FOREX.com's Fawad Razaqzada.

"Strong results are no longer enough if the outlook fails to match an already demanding valuation. Investors are becoming much less forgiving."

The rush out of tech has, however, boosted industrial companies overlooked for much of the AI boom, with the Dow rising this week while the Nasdaq and S&P 500 retreated.

The general losses in New York filtered through to Asia in the morning, but some markets staged a comeback as the day progressed.

Seoul -- which was at the forefront of the AI boom and has led recent losses -- shed more than two percent after the open but was up at the close.

Chipmaker and market heavyweight SK hynix -- a major target amid the waves of buying and selling -- ended up more than four percent. However, its US shares fell more than eight percent Thursday after it said it was scrapping plans for an initial public offering for its US subsidiary Solidigm, citing "market conditions and share price trends".

There were also gains in Hong Kong, Shanghai, Sydney, Singapore and Jakarta.

Tokyo's Nikkei 225, which is also heavily weighted to tech, ended in the red, though well off earlier lows. Wellington, Mumbai and Manila were also down. Taipei was closed as Typhoon Champi neared Taiwan.

London, Frankfurt and Paris dropped in the morning.

Safe havens benefited, with the yen rallying against the dollar, helped by strong Japanese inflation data that boosted bets on another interest rate hike.

The currency has struggled against the greenback in recent years owing to the wide interest rate gap between the United States and Japan, as well as worries about the Asian giant's fiscal situation.

US Treasuries were also in demand, with yields falling from two-decade highs.

"Markets are looking for safe havens as the now familiar fears over AI and the tech sector, alongside ever higher oil and energy prices are powering a move back into bonds," said National Australia Bank's Gavin Friend.

"Regardless of the continued climb in oil prices, investors are increasingly looking for safe havens with the recent pullback in US Treasury yields getting a sizeable push," he said, adding that two- and 10-year Treasury yields were at one-month lows.

And Carol Kong at Commonwealth Bank of Australia said the yen could benefit further if the tech trade continued to deteriorate.

Oil prices added to the dour mood on fresh Middle East worries. Brent extended Thursday's spike and headed back towards $115 a barrel for the first time since May, while WTI topped $100.

The latest rally came after Iran threatened to hit US bases in the region if its military continued to escort ships through the Strait of Hormuz.