Executive Plan for Saudi Green Initiative to Be Revealed in November

Minister of Environment, Water and Agriculture Abdulrahman al-Fadhli speaks at the inauguration of the International Exhibition and Forum on Afforestation Technologies in Riyadh. (Asharq Al-Awsat)
Minister of Environment, Water and Agriculture Abdulrahman al-Fadhli speaks at the inauguration of the International Exhibition and Forum on Afforestation Technologies in Riyadh. (Asharq Al-Awsat)
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Executive Plan for Saudi Green Initiative to Be Revealed in November

Minister of Environment, Water and Agriculture Abdulrahman al-Fadhli speaks at the inauguration of the International Exhibition and Forum on Afforestation Technologies in Riyadh. (Asharq Al-Awsat)
Minister of Environment, Water and Agriculture Abdulrahman al-Fadhli speaks at the inauguration of the International Exhibition and Forum on Afforestation Technologies in Riyadh. (Asharq Al-Awsat)

Saudi Arabia will announce in November the complete strategic and executive plan for the Saudi Green Initiative, based on an alliance of companies, scientific, and research bodies with over 60 experts in soil, water, climate change, and desertification.

Environmental experts recommended supporting green initiatives that adopt sustainable afforestation projects and plant cover development to meet the challenges of desertification.

Under the patronage of Crown Prince Mohammed bin Salman, Minister of Environment, Water and Agriculture, Abdulrahman al-Fadhli inaugurated the International Exhibition and Forum on Afforestation Technologies at the Riyadh International Convention and Exhibition Center on Sunday.

The event is organized by the National Center for Vegetation Development and Combating Desertification in coordination and cooperation with the Ministry of Environment.

More than 80 exhibitors and 90 speakers from 20 countries and organizations worldwide will engage in 20 dialogue sessions and workshops discussing more than 50 scientific papers.

Participants called for boosting the cooperation between regional countries to achieve the desired effect of these projects and determine their proper framework to avoid the many conflicts within different experiences.

Ambitious initiative

Fadhli said the Kingdom is moving towards achieving a qualitative and unprecedented leap in the Middle East in environmental protection and vegetation development with ambitious local and regional initiatives.

"The impact of the initiatives will be reflected globally in reducing desertification and boosting biodiversity, and pushes towards a cleaner and more sustainable future, thus improving human quality of life and well-being," the minister said.

Challenges

CEO of the National Center for Vegetation Cover and Combating Desertification Khaled al-Abdulqader warned that biodiversity loss is a great challenge, adding that planting 10 billion trees will have environmental, social, and economic benefits.

Undersecretary of the Ministry of Environment, Water, and Agriculture Osama Fakiha confirmed that Saudi Arabia had made significant efforts to implement the afforestation program throughout the Kingdom.

He reviewed the Green Riyadh Project, which started with planting 7.5 million trees and launching the King Salman Park and Saudi Green Cities, with the aim to plant more than 30 million trees in gardens and parks across the Kingdom.

Environmental movement

Leader of the Saudi Green Studies Project Alliance Khaled al-Othman said environmental interaction has no boundaries because addressing its challenges is inseparable from the mutual ecological influences within the same region.

Othman added that Saudi Arabia is within a wide regional area that requires the adoption of a broad environmental and integrated movement as part of the approaches of the Saudi Green Initiative to stimulate regional and joint cooperation.

Speaking to Asharq Al-Awsat, he pointed out that the Saudi Green Initiative is the cornerstone of the Middle East Green Initiative, placing the Kingdom in a pioneering position in specialized studies and a leader in afforestation.

Executive strategy

Othman stated that an alliance of companies and scientific and research bodies is devising a plan based on the scientific foundations, environmental reality, challenges, resources, and capabilities.

The plan will be part of a strategic implementation framework to understand the current situation, collect data, and conduct the necessary surveys.

He revealed that over 60 scientists and experts in soil, water, climate change, and levels of desertification are working in cooperation with the National Center for Vegetation Cover and Combating Desertification.

Othman noted that the efforts would result in developing a comprehensive strategic plan and an execution plan to implement this ambitious project by defining the required financing programs, the roles of governmental and non-profit agencies, and the areas of scientific research.

The project will also determine the new technologies employed with its necessary implementation tools.

He called for exerting efforts within the framework of the comprehensive plan, rather than conflicting attempts, in plant growth and comprehensive environmental rehabilitation.

He announced that the preliminary results of the study would be announced in November, and the implementation tools will be identified, which will answer all questions about water sources and the quality, timing, and locations of crops.

Reality of the region

Director of Seismic Studies Center Professor Abdullah al-Omari said the region suffers from drought, desertification, and various environmental problems, making afforestation initiatives vital to reducing carbon emissions and global warming.

He told Asharq Al-Awsat that Saudi Arabia and the rest of the regional countries, given their vast area and the lack of rain, will face various obstacles, namely the scarcity of water resources.

Saudi Arabia has sought, through its multiple initiatives, to meet its needs, face challenges, and create solutions.

Omari reiterated the importance of the participation of different countries at the International Exhibition and Forum on Afforestation Technologies to achieve these initiatives, exchange experiences, and boost cooperation.

Water supply

He pointed out that water availability is essential for the plan, and solving the issue of water shortage ensures its success.

He recalled Saudi efforts in this field, noting that the Kingdom is a pioneer in desalination, artificial lakes, and rain seeding.

Saudi Arabia also constructed over 230 dams around the Kingdom, despite high temperatures and increased evaporation levels.

Riyadh continues efforts to face water waste and maintain renewable water resources, securing them for future generations, meeting possible increases in population density, and prioritizing the public interests.

Agreements and contracts

The National Center for Vegetation Cover and Combating Desertification signed an agreement with the King Abdulaziz Royal Reserve to plant one million trees in the reserve.

The agreement aims to boost the cooperation and integration to develop the vegetation cover within the reserve, increase its area, and protest its diversity.

The areas of cooperation include defining afforestation sites within the reserve, including the northern and southern al-Khafs and Noura parks.

The Center signed on the sidelines of the Forum three memoranda of understanding with the Saudi Basic Industries Corporation (SABIC), the Saudi Arabian Mining Company (Maaden), and the Rural Development Program (Reef).

The agreements aim to combat desertification within the areas of cooperation, including protecting and developing the vegetation cover and its sustainability, raising environmental awareness, and launching afforestation initiatives and projects, such as the project to plant 20 million trees by 2040.

NEOM target

NEOM launched its Regreening Initiative in collaboration with the National Center for Vegetation Cover and Combating Desertification.

NEOM CEO Engineer Nadhmi al-Nasr announced the project seeks to plant 100 million trees as part of the Saudi Green Initiative, stressing that NEOM will be the first region to rely entirely on solar and wind energy.

Nasr stressed that the partnership with the Ministry of Environment, Water, and Agriculture had come a long way, highlighting NEOM's commitment to the future industry, development sustainability, and keeping pace with future aspirations.

NEOM will start planting 100 million trees soon.

Nasr pointed out that NEOM, which occupies an area the size of an entire country, such as Belgium, will be a 95 percent natural area, as a result of continuous work and coordination with the Ministry of Environment and in light of many initiatives and scientific research.

It will also rehabilitate 1.5 million hectares of land and natural reserves and restore wildlife habitats.



Türkiye Says Russia Gave It $9 Billion in New Financing for Akkuyu Nuclear Plant

Türkiye’s Energy Minister Alparslan Bayraktar talks during a meeting in Ankara, Türkiye, September 14, 2023. (Reuters)
Türkiye’s Energy Minister Alparslan Bayraktar talks during a meeting in Ankara, Türkiye, September 14, 2023. (Reuters)
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Türkiye Says Russia Gave It $9 Billion in New Financing for Akkuyu Nuclear Plant

Türkiye’s Energy Minister Alparslan Bayraktar talks during a meeting in Ankara, Türkiye, September 14, 2023. (Reuters)
Türkiye’s Energy Minister Alparslan Bayraktar talks during a meeting in Ankara, Türkiye, September 14, 2023. (Reuters)

Türkiye's energy minister said Russia had provided new financing worth $9 billion for the Akkuyu nuclear power plant being built by ​Moscow's state nuclear energy company Rosatom, adding Ankara expected the power plant to be operational in 2026.

Rosatom is building Türkiye's first nuclear power station at Akkuyu in the Mediterranean province of Mersin per a 2010 accord worth $20 billion. The plant was expected ‌to be operational ‌this year, but has been ‌delayed.

"This (financing) ⁠will ​most ‌likely be used in 2026-2027. There will be at least $4-5 billion from there for 2026 in terms of foreign financing," Alparslan Bayraktar told some local reporters at a briefing in Istanbul, according to a readout from his ministry.

He said ⁠Türkiye was in talks with South Korea, China, Russia, and ‌the United States on ‍nuclear projects in ‍the Sinop province and Thrace region, and added ‍Ankara wanted to receive "the most competitive offer".

Bayraktar said Türkiye wanted to generate nuclear power at home and aimed to provide clear figures on targets.


China Bets on Advanced Technologies to Revive Tepid Industrial Sector

A humanoid robot Tiangong by Beijing Innovation Center of Humanoid Robotics Co, moves an orange as a demonstration at its company, during an organized media tour to Beijing Robotics Industrial Park, in Beijing Economic-Technological Development Area, also known as Beijing E-Town, China May 16, 2025. (Reuters)
A humanoid robot Tiangong by Beijing Innovation Center of Humanoid Robotics Co, moves an orange as a demonstration at its company, during an organized media tour to Beijing Robotics Industrial Park, in Beijing Economic-Technological Development Area, also known as Beijing E-Town, China May 16, 2025. (Reuters)
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China Bets on Advanced Technologies to Revive Tepid Industrial Sector

A humanoid robot Tiangong by Beijing Innovation Center of Humanoid Robotics Co, moves an orange as a demonstration at its company, during an organized media tour to Beijing Robotics Industrial Park, in Beijing Economic-Technological Development Area, also known as Beijing E-Town, China May 16, 2025. (Reuters)
A humanoid robot Tiangong by Beijing Innovation Center of Humanoid Robotics Co, moves an orange as a demonstration at its company, during an organized media tour to Beijing Robotics Industrial Park, in Beijing Economic-Technological Development Area, also known as Beijing E-Town, China May 16, 2025. (Reuters)

China pledged on Friday to double down on upgrading its manufacturing base and ​promised capital to fund efforts targeting technological breakthroughs, after its industrial sector delivered an underwhelming performance this year.

China's industry ministry expects output of large industrial companies to have increased 5.9% in 2025 compared with 2024, state broadcaster CCTV said on Friday, almost unchanged from the 5.8% pace in 2024.

It would also be less than the ‌6% pace ‌of the first 11 months of ‌2025, ⁠based ​on ‌data released by the National Bureau of Statistics, as a weak Chinese economy suppressed domestic demand.

Industrial output, which covers industrial firms with annual revenue of at least 20 million yuan ($2.85 million), recorded growth of 4.8% in November, the weakest monthly year-on-year rise since August 2024.

Chinese policymakers have been looking ⁠to create new growth drivers in the economy by focusing on advancing ‌its industrial sector.

China has also vowed stronger ‍efforts to achieve technological self-reliance ‍amid intensifying rivalry with the United States over dominance ‍in advanced technology.

At the annual two-day national industrial work conference in Beijing that ended on Friday, officials pledged to deliver major breakthroughs in building a "modern industrial system" anchored by advanced manufacturing.

The ​focus will be on sectors such as integrated circuits, low-altitude economy, aerospace and biomedicine, an industry ministry ⁠statement showed.

The statement comes after China launched on Friday a national venture capital fund aimed at guiding billions of dollars of capital into "key hard technologies" such as quantum technology and brain-computer interfaces.

On artificial intelligence, the industry ministry said it will expand efforts to help small and medium-sized enterprises adopt the technology, while fostering new intelligent agents and AI-native companies in key industries.

Officials also vowed to "firmly curb" deflationary price wars, dubbed "involution", referring to excessive and low-return competition among ‌firms that erodes profits.


Japan Proposes Record Budget Spending While Curbing Fresh Debt

Year-end shoppers walk along at the Ameyoko shopping street ahead of the New Year in Tokyo, Japan, 26 December 2025. (EPA)
Year-end shoppers walk along at the Ameyoko shopping street ahead of the New Year in Tokyo, Japan, 26 December 2025. (EPA)
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Japan Proposes Record Budget Spending While Curbing Fresh Debt

Year-end shoppers walk along at the Ameyoko shopping street ahead of the New Year in Tokyo, Japan, 26 December 2025. (EPA)
Year-end shoppers walk along at the Ameyoko shopping street ahead of the New Year in Tokyo, Japan, 26 December 2025. (EPA)

Japan's government on Friday proposed record spending for next fiscal year while curbing debt issuance, underscoring Prime Minister Sanae Takaichi's challenge in boosting the ​economy while inflation remains above the central bank's target.

Her cabinet approved a draft budget of $783 billion that addresses market jitters by capping bond issuance and reducing the proportion of the budget financed by fresh debt to the lowest in almost three decades.

Also complicating Takaichi's policy challenge, core inflation in Tokyo stayed above the Bank of Japan's 2% target this month while the yen remains weak, bolstering the central bank's case to keep raising interest rates.

The record 122.3-trillion-yen budget for the year starting in April, a core part of Takaichi's "proactive" fiscal policy, will likely underpin consumption but could also accelerate inflation and further strain Japan's tattered finances.

DELICATE BALANCE OF BUDGET SUPPORT, DEBT RESTRAINT

Investor unease about fiscal expansion in an economy with the heaviest debt burden in the industrialized world has driven super-long government bond yields to record highs and weighed on the ‌yen.

"We believe we have ‌been able to draft a budget that not only increases allocations for key policy ‌measures ⁠but also takes ​fiscal discipline ‌into account, achieving both a strong economy and fiscal sustainability," said Finance Minister Satsuki Katayama.

She told a press conference the draft budget keeps new bond issuance below 30 trillion yen ($190 billion) for a second consecutive year, with the debt dependence ratio falling to 24.2%, the lowest since 1998.

The Takaichi government's efforts to reassure Japanese government bond investors were showing some success.

The 30-year JGB yield fell on Thursday from a record high 3.45% after Reuters reported the government will likely reduce new issuance of super-long JGBs next fiscal year to the lowest in 17 years. Yields slipped further on Friday on the administration's efforts at fiscal restraint.

The budget was not as large as initially feared, said Saisuke Sakai, senior economist at Mizuho Research & Technologies. "But political fragmentation raises ⁠the risk that Takaichi may resort to a large supplementary budget next year to secure opposition support, keeping alive market concerns that fiscal expansion could push the yen down and accelerate inflation," he ‌said.

"It's too optimistic to assume that the current environment will persist."

The proposed spending is ‍inflated by a jump in debt-servicing costs for interest payments and ‍debt redemption.

It also reflects a 3.8% rise in military spending to 9 trillion yen ($60 billion) as part of the assertive defense ‍policy of Takaichi, a conservative nationalist, and in line with a U.S. push for its allies to pay more for their own defense.

TOKYO INFLATION SLOWS BUT STILL POINTS TO RATE HIKES

The Tokyo core consumer price index, which excludes volatile costs of fresh food, rose 2.3% in December from a year earlier, less than market forecasts for a 2.5% gain and slowing from a 2.8% increase in November.

The data backs up the central bank's view that core inflation will ​slide below its 2% target in coming months on easing cost pressure, before resuming a more demand-led increase that justifies additional rate increases.

But some analysts warn of the risk renewed yen declines may prod firms to keep raising ⁠prices, leading to sticky, cost-led inflation that could quicken the pace of BOJ rate hikes.

"Today's data suggests food inflation may be peaking. But the weak yen may give firms an excuse to resume price hikes for food, which may keep inflation elevated," said Yoshiki Shinke, senior executive economist at Dai-ichi Life Research Institute.

An inflation index for the capital that strips away both fresh food and fuel costs - closely watched by the BOJ as a measure of demand-driven prices - rose 2.6% in December after a 2.8% increase in November.

Data on Friday also showed Japan's factory output fell 2.6% in November from the previous month, deeper than market forecasts for a 2.0% drop, due to cuts in automobile and lithium-ion battery production.

The BOJ raised its policy rate last week to a 30-year high of 0.75%, taking another landmark step in ending decades of huge monetary support, in a sign of its conviction Japan is progressing toward durably hitting its 2% inflation target.

With core inflation exceeding the BOJ's target for nearly four years, Governor Kazuo Ueda has signaled the BOJ's readiness to keep raising rates if the economy continues to improve, backed by solid wage gains.

Yen bears, however, have dumped ‌the Japanese currency in the belief that Ueda's rate hikes are too gradual, prompting Katayama last week to threaten yen-buying intervention, saying the government was "alarmed as we are clearly seeing one-sided, sharp moves" in the yen.