Saudi Arabia, UN Sign 5-Year Environmental Development Cooperation Framework

A five-year development agreement was signed between Saudi Arabia and the United Nations to preserve the planet. (Asharq Al-Awsat)
A five-year development agreement was signed between Saudi Arabia and the United Nations to preserve the planet. (Asharq Al-Awsat)
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Saudi Arabia, UN Sign 5-Year Environmental Development Cooperation Framework

A five-year development agreement was signed between Saudi Arabia and the United Nations to preserve the planet. (Asharq Al-Awsat)
A five-year development agreement was signed between Saudi Arabia and the United Nations to preserve the planet. (Asharq Al-Awsat)

In view of the contributions and efforts made by Saudi Arabia to preserve the marine environment at the national, regional, and global levels, a five-year development agreement was signed between Saudi Arabia and the United Nations to preserve the planet.

The signing of the agreement took place during the Riyadh Blue Talk, an event organized by the UNRC office and the embassies of Portugal and Kenya to raise awareness of oceans ahead of the 2022 UN Ocean Conference to be held in Lisbon next month.

Government institutions, academics, the private sector, and regional and international organizations are part taking in the event.

Riyadh Blue Talk panel discussions tackled managing, protecting, preserving and restoring marine and coastal ecosystems, increasing scientific knowledge, developing research capabilities and transferring marine technology.

“(The) Ocean’s health is vital to us all. Just consider the fact that over 50 percent of the planet’s oxygen is produced in the ocean. That is why my daily mantra is, ‘No healthy planet without a healthy ocean.’ And the ocean’s health is measurably in decline,” said Peter Thomson, the UN secretary-general's special envoy for the ocean.

“We can stop the decline of the ocean’s health in 2022 and we made a great start with the consensual agreement at UNEA (UN Environment Assembly) in Nairobi in February to begin work on a binding global treaty to end plastic pollution,” he added.

“We must continue this positive momentum by ending harmful fisheries subsidies at the WTO Ministerial Meeting in Geneva, by adopting the 30 by 30 target at the Biodiversity COP in Kunming, and when we gather in Sharm El-Sheikh in November for COP27, by moving the climate finance needle decisively in the direction of the Sustainable Blue Economy,” said Thomson.

“2022’s highlight opportunity will be the UN Ocean Conference in Lisbon, in support of SDG14’s implementation. There, we will launch a great fleet of science-based solutions, heavily powered by innovation and partnerships,” he added.



Escalating Hormuz Tensions Drive Up Middle East War Risk Insurance Costs

A container ship sails on the Strait of Hormuz, as seen from Ras Al Khaimah, United Arab Emirates, 23 June 2025. EPA/ALI HAIDER
A container ship sails on the Strait of Hormuz, as seen from Ras Al Khaimah, United Arab Emirates, 23 June 2025. EPA/ALI HAIDER
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Escalating Hormuz Tensions Drive Up Middle East War Risk Insurance Costs

A container ship sails on the Strait of Hormuz, as seen from Ras Al Khaimah, United Arab Emirates, 23 June 2025. EPA/ALI HAIDER
A container ship sails on the Strait of Hormuz, as seen from Ras Al Khaimah, United Arab Emirates, 23 June 2025. EPA/ALI HAIDER

War risk insurance premiums for shipments to the Middle East Gulf have jumped to 0.5% from around 0.2-0.3% a week ago after US airstrikes on Iran’s nuclear facilities and growing risks to the critical Strait of Hormuz, insurance sources said on Monday.

The cost of a seven-day voyage is based on the value of the ship and the increase will add tens of thousands of dollars each day in additional costs.

While underwriters typically price risk and rates individually, the current 0.5% level reflected rates on Monday, the sources told Reuters and The Insurer, which is part of the Thomson Reuters group.