Saudi Companies See Profit Growth

People are seen at Riyadh Park mall during the opening of a cinema, in Riyadh, Saudi Arabia April 30, 2018. REUTERS/Faisal Al Nasser/File Photo
People are seen at Riyadh Park mall during the opening of a cinema, in Riyadh, Saudi Arabia April 30, 2018. REUTERS/Faisal Al Nasser/File Photo
TT

Saudi Companies See Profit Growth

People are seen at Riyadh Park mall during the opening of a cinema, in Riyadh, Saudi Arabia April 30, 2018. REUTERS/Faisal Al Nasser/File Photo
People are seen at Riyadh Park mall during the opening of a cinema, in Riyadh, Saudi Arabia April 30, 2018. REUTERS/Faisal Al Nasser/File Photo

Around 16 Saudi firms listed in the local capital market have announced the fiscal results of Q4 2018.

The results showed a growth exceeding 5.7 percent, which makes it likely for other listed companies to achieve positive growth in the same period.

Giant Saudi companies would reveal fiscal outcomes of Q4 2018 during next week’s trading. The results will likely impact trading on the local market, deals and liquidity.

Tadawul All Shares Index on Thursday dropped 0.4 percent at the close of trade at 8,435 points, amid trading value of around SAR2.7 billion (USD720 million).

Meanwhile, the Saudi Arabian Monetary Authority (SAMA) said it lifted a ban on Saudi Enaya Cooperative Insurance Company (Enaya) to issue or renew insurance policies, starting Thursday. SAMA noted that its decision came after Enaya resolved the problems that had caused the ban.

There are forecasts that the Saudi companies’ fiscal results of Q4 2018 will be better compared to the same period in 2017. The Saudi economy is forecast to witness more growth in 2019, compared to last year.



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)
TT

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.