World Bank Calls on G5 Sahel Countries to Diversify Economies, Scale Up Reforms

The World Bank called on the five West African countries to diversify their economies to adapt to climate change. (Reuters)
The World Bank called on the five West African countries to diversify their economies to adapt to climate change. (Reuters)
TT

World Bank Calls on G5 Sahel Countries to Diversify Economies, Scale Up Reforms

The World Bank called on the five West African countries to diversify their economies to adapt to climate change. (Reuters)
The World Bank called on the five West African countries to diversify their economies to adapt to climate change. (Reuters)

The World Bank on Monday urged five West African countries to diversify their economies to adapt to climate change, warning they are extremely vulnerable to extreme weather patterns.

A report said Burkina Faso, Chad, Mali, Mauritania, and Niger -- all in the arid Sahel region -- are among the world’s least developed countries and therefore the most vulnerable to extreme droughts, floods and heatwaves.

According to its Country Climate and Development Report (CCDR) for the G5 Sahel region, annual GDP could fall by as much as 11.9% in Niger and by 6.8% in Burkina Faso by 2050 under pessimistic climate scenarios.

The Nationally Determined Contributions (NDCs) under the Paris Agreement and the additional estimates in the CCDR show that over $30 billion are needed across the G5 Sahel countries for climate actions.

The report also showed that damage from climate change can be significantly reduced.

“There are significant opportunities for more resilient development in the Sahel,” said Clara de Sousa, World Bank Country Director for Burkina Faso, Chad, Mali and Niger.

“This diagnostic provides a roadmap to help countries scale up reforms and investments to diversify their economies in more resilient and inclusive ways.”

Social protection programs and agricultural landscape initiatives to adopt effective resource management practices and increase use of adaptive technologies could be scaled up to mitigate the impact of the food security crisis and help the agriculture sector become more climate resilient in the medium term, the report noted.

It pointed out that the five countries are developing Adaptive Social Protection systems to provide regular cash transfers and services to the poorest and most vulnerable households, allowing them to cope with, and adapt to future climate-related shocks.



Saudi ROSHN Group Reveals Rebranding

A ROSHN project in Saudi Arabia (ROSHN website)
A ROSHN project in Saudi Arabia (ROSHN website)
TT

Saudi ROSHN Group Reveals Rebranding

A ROSHN project in Saudi Arabia (ROSHN website)
A ROSHN project in Saudi Arabia (ROSHN website)

ROSHN Group, a pioneering real estate developer backed by Saudi Arabia’s Public Investment Fund, has introduced on Sunday a new identity and strategic focus that expands its remit to include asset classes beyond its core residential offering.
This transformation into a multi-asset developer cements ROSHN's status as a trailblazer in the real estate sector and sets the stage for an innovative approach to developing mixed-use projects and multi-asset destinations, the Group said in a statement.
It said the launch of ROSHN Group’s fresh visual identity signifies a milestone in its commitment to broadening its real estate portfolio and establishing integrated destinations that cater to society’s diverse needs.
The new portfolio will encompass ROSHN’s core asset classes of 200 million square meters of residential property, alongside over four million square meters of gross leasable area across retail, commercial, and hospitality sectors.
Its enabling assets will include education, mosques, and healthcare, while opportunity assets span transport and logistics, including warehouses, industrial parks, and knowledge hubs, as well as leisure and entertainment, ranging from entertainment centers to fitness hubs.
These projects will showcase an exceptional diversity of assets, creating investment opportunities, elevating living standards, and driving economic growth, the Group said.
“Our growing portfolio now seamlessly integrates forward-thinking amenities and elevated connectivity, fostering opportunities for commercial partnerships, job creation, investment, and economic growth in alignment with Saudi Vision 2030,” said Chief Marketing and Communication Officer Ghada Al Rumayan of ROSHN Group.
She added, “With our own evolution, this vision becomes even more tangible as we introduce our expanded approach and dedication to improving quality of life through iconic new destinations across the Kingdom.”
Al Rumayan said that ROSHN takes pride in its role as a leading real estate developer in the Kingdom with a vision to transform urban living.