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Int’l Report Predicts Saudi Economic Growth Reaching 2.8% in 2021

Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef. (SPA)
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Int’l Report Predicts Saudi Economic Growth Reaching 2.8% in 2021

Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef. (SPA)

A recently published international report showed striking optimism around Saudi economic growth hitting 2.8% in 2021 as the coronavirus vaccination campaign continues to reach many of the Kingdom's residents.

The rate of economic recovery was tied to the speed of administering inoculations across the Gulf state.

In the report, the Paris-based Organization for Economic Cooperation and Development (OECD) raised its forecast for Saudi economic growth after it had reached around 2.6% in March.

Growth towards the end of Q1 2021 can be traced back to economic recovery measures implemented by the Kingdom.

Moreover, the report predicted that the Kingdom's GDP would grow by 3.8% during 2022, following a 4.1% contraction in 2020.

It also predicted a month-on-month GDP hike to 5.8%, as opposed to the previous 5.6%.

As for the global economy, growth will likely vary, depending on the effectiveness of vaccination programs and public health policies carried out in each country.

There are many positive signs for post-lockdown global growth. These signs include an increase in industrial production and a strong comeback for trade.

In other news, Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef on Monday approved establishing a sustainability council for the industry and mineral resources system.

The council aims to achieve environmental sustainability in the Kingdom's industrial and mining sectors.

Deputy Minister of Industry and Mineral Resources for Mining Affairs Khalid bin Saleh Al-Mudaifer will head the newly formed body.

Al-Mudaifer said the council seeks to unify the efforts of the industry and the mining sector to achieve sustainability goals and enhance the competitiveness and diversity of national industries.

He said the council would strive to create an environment conducive for investment, enrich technical knowledge in the field of sustainability through digital platforms and promote clean production initiatives in the industrial and mining sectors.

Al-Mudaifer said it would also provide support to community members in responding to all challenges, as well as to unify effective communication with local authorities and international organizations.

He said the council would work on reviewing local legislation and implementing regulations related to sustainability.

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Saudi Arabia Leads Global Efforts Against Desertification at COP16

Saudi Arabia establishes principles for combating desertification and drought (SPA)
Saudi Arabia establishes principles for combating desertification and drought (SPA)
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Saudi Arabia Leads Global Efforts Against Desertification at COP16

Saudi Arabia establishes principles for combating desertification and drought (SPA)
Saudi Arabia establishes principles for combating desertification and drought (SPA)

Saudi Arabia is leading international efforts to address desertification and its negative impacts on economies, societies, and environments worldwide. This initiative comes as the Kingdom prepares to host the 16th Conference of the Parties to the United Nations Convention to Combat Desertification (COP16).

To support sustainable development goals, Saudi Arabia sent a high-level delegation to the 79th United Nations General Assembly, led by Foreign Minister Prince Faisal bin Farhan Al Saud.

This delegation launched a significant initiative involving the upcoming three COP conferences on climate change, biodiversity, and desertification.

The aim is to create comprehensive solutions that enhance the outcomes of these agreements, which have been working for 30 years to improve life on Earth and ensure the sustainability of natural resources.

Speaking to Asharq Al-Awsat, Dr. Osama Ibrahim Faqeeha, Deputy Minister of Environment, Water, and Agriculture in Saudi Arabia and advisor to COP16, emphasized that recent meetings are part of ongoing efforts that began when Saudi Arabia announced it would host one of the largest global environmental conferences.

This decision highlights the international community’s trust in the Kingdom’s leadership on these critical issues, according to Faqeeha.

The deputy minister also mentioned Saudi Arabia’s recent call to governments at the United Nations General Assembly, urging them to take decisive action at COP16 of the United Nations Convention to Combat Desertification, which will be held in Riyadh in early December.

Saudi Arabia’s Preparations for COP16

As COP16 approaches, Saudi Arabia is taking on a crucial role at both regional and international levels to host the conference.

Faqeeha noted that the Kingdom has launched the “Middle East Green Initiative,” a unique coalition designed to address climate change through regional cooperation.

This initiative aims to create a sustainable future by diversifying the economy, generating jobs, and attracting private sector investments.

It focuses on two main goals: increasing tree planting and reducing carbon emissions in the region.

Additionally, Saudi Arabia is establishing regional centers and programs to help achieve these objectives and promote investments in the circular carbon economy and reforestation efforts.

Faqeeha highlighted that Saudi Arabia’s efforts have earned global trust, making it the ideal host for COP16.

He pointed out that during its G20 presidency, the Kingdom launched an initiative, aiming to unify global efforts for innovative solutions in land restoration and drought resilience.

This initiative is vital for food and water security, especially as a quarter of the world's population faces drought conditions, with projections suggesting that three out of four people may experience water scarcity by 2050.

In terms of preparations for COP16, Faqeeha noted that the conference will showcase Saudi Arabia’s dedication to tackling climate change and finding effective solutions for land degradation.

The Kingdom has implemented proactive measures and revised environmental laws to reaffirm its commitment to international agreements.

“We have worked hard to bring together the world’s best minds and resources in Riyadh to pave the way for a sustainable future,” Faqeeha told Asharq Al-Awsat.

As part of the preparations for this 30th anniversary of the UN Convention to Combat Desertification, Faqeeha said: “We will present evidence to delegations showing that significant financial returns are possible for the global community, along with real benefits for society, in line with global development goals.”