‘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.



Gold Heads for Weekly Fall as Fewer Fed Rate Cut Prospects Weigh

Jewelry is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo
Jewelry is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo
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Gold Heads for Weekly Fall as Fewer Fed Rate Cut Prospects Weigh

Jewelry is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo
Jewelry is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo

Gold prices fell on Friday and were on track for a weekly decline, as an overall stronger dollar and the prospect of fewer US interest rate cuts offset support from rising geopolitical risks in the Middle East.

Spot gold slipped 0.8% to $3,333.99 an ounce, as of 0604 GMT, and was down 2.5% for the week so far.

US gold futures shed 1.4% to $3,361.80.

Describing the situation in the Middle East as "fluid", Kelvin Wong, senior market analyst, Asia Pacific, at OANDA, said it is causing traders to avoid taking aggressive positions both on the long and the short side of the trade spectrum, reported Reuters.

US President Donald Trump will decide in the next two weeks whether the US will get involved in the Israel-Iran air war, the White House said on Thursday, raising pressure on Tehran to come to the negotiating table.

Meanwhile, Trump reiterated his calls for the US Federal Reserve to cut interest rates, saying it should be 2.5 percentage points lower.

The Fed held rates steady on Wednesday, and policymakers retained projections for two quarter-point rate cuts this year.

"Macroeconomic developments, particularly steady yields and renewed USD strength, have not supported the (gold) price," analysts at ANZ said in a note.

"Rising inflation expectations and the Fed's cautious stance have weighed on market expectations around the number of rate cuts this year."

The dollar was set to log its biggest weekly rise in over a month on Friday. A stronger greenback makes gold more expensive for other currency holders.

Elsewhere, spot silver slipped 2.1% to $35.61 per ounce, while palladium fell 0.8% to $1,042.04. Platinum fell 1.9% to $1,282.72, but was heading for its third straight weekly rise.