World Bank Officials: Cooperation in the Region Targets Development, Climate Protection

World Bank officials Paul Noumba Um and Marina Weiss (Asharq Al-Awsat)
World Bank officials Paul Noumba Um and Marina Weiss (Asharq Al-Awsat)
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World Bank Officials: Cooperation in the Region Targets Development, Climate Protection

World Bank officials Paul Noumba Um and Marina Weiss (Asharq Al-Awsat)
World Bank officials Paul Noumba Um and Marina Weiss (Asharq Al-Awsat)

World Bank officials stressed that climate challenges in the Middle East included water scarcity, food shortage, and energy security, noting that the Saudi Green Initiative was an example to follow in order to address these threats.

Asharq Al-Awsat interviewed Paul Noumba Um, the Regional Director of the World Bank’s Infrastructure Department in the MENA region, and Marina Weiss, Regional Director for Egypt, Yemen, and Djibouti, on the sidelines of the COP27 in Sharm el-Sheikh.

The two officials noted that the Bank paid great attention to the Middle East and North Africa region, saying that during the past year, it contributed about $32 billion in support to developing countries’ climate response.

“We believe that the climate problem is the most pressing issue of our time and for future generations, and (doing nothing) is not an option...Part of our action and our goal during our participation in COP27 is that we should not look at addressing climate change from the point of view of costs, but as a great opportunity that can be invested to obtain a better life…” they said.

Water scarcity

The two World Bank officials added: “In the Middle East and North Africa, 6 out of 10 people suffer from water scarcity. This is the main output of our analysis during the Country Climate Diagnostic Report, which highlighted this result in Morocco, Egypt, Jordan, and Iraq.”

Both Noumba Um and Weiss emphasized that water scarcity was a huge challenge. “If we do not deal with it properly, it may cause a violent mass displacement of the population to other areas, which in turn may be affected as a result of displacement and an increase in density compared to the available water,” they warned.

They said that it might also cause damage to life and the economy in large areas, as it may reduce national income between 3 and 6 percent by 2050.

“Water scarcity is reflected, of course, on food security, which is the second problem that is no less important,” they said.

The third challenge, according to the two officials, is energy security.

They noted that the MENA region was a sunny area that enjoyed the necessary land and manpower to use for energy transition.

Serious initiatives

On the Saudi Green initiatives, the two officials emphasized that Saudi Arabia and the Gulf States were seeking to address the three challenges of water, food, and energy.

They added that the Gulf countries have the largest reserves of oil and gas, “and most of them now possess - and are working on - technologies to reduce emissions from fossil energy... which goes in parallel with our efforts in the SCALE initiative, for example.”

Moreover, Noumba Um and Weiss pointed to progress in the production of green and blue hydrogen in the Gulf through technologies that are compatible with climate protection.

“So we conclude that the Gulf countries are on the right track, and have taken the agenda of dealing with climate change very seriously and as a high priority,” they remarked.

Extensive Efforts

Asked about the support provided by the World Bank to the MENA region, the two officials said: “We, with our partners, provided developing countries last year with about $32 billion to confront climate challenges.”

They noted that around half of the budget was dedicated to adaptation efforts, while the other part was for damage mitigation.

“This amount represents about 35 percent of our total financing during that period, which shows the extent of the Bank’s interest in climate issues,” they underlined.

The Bank also launched a new initiative called, SCALE, a new multi-partner fund to help reduce emissions, which will benefit the region and other developing countries.

Facing Displacement

On the World Bank’s efforts to face the problem of displacement, the two officials said: “We try primarily to prevent this from happening... We try to alert governments to the upcoming danger through our research and analysis, even if we are dealing with a fragile society (in conflict areas for example). We are also seeking to provide these societies with the necessary technologies and programs to resolve the crisis or stop its deterioration.”

Noumba Um praised the positive energy and active and broad participation from all parties at COP27.

“I don’t like to anticipate the results, because the challenges and files here are enormous,” he said, underlining the need to unify efforts “because we have no other options.”

He pointed out that some countries were facing existential crises.

“For example, water scarcity in Jordan has exceeded the maximum level ever recorded and allowed internationally,” he warned, saying that the country needed international and regional assistance to overcome the crisis and “to reduce water wastage and preserve every drop by all means.”



Türkiye TPAO, Shell Sign Deal to Carry out Exploration Work offshore Bulgaria

A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)
A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)
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Türkiye TPAO, Shell Sign Deal to Carry out Exploration Work offshore Bulgaria

A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)
A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)

Türkiye Petrolleri (TPAO) has signed a partnership agreement with Shell to carry out exploration work in Bulgaria's maritime zone, the Turkish energy ministry and British oil major said on Wednesday.

European Union member Bulgaria, which had been totally dependent on Russian gas until 2022, has been seeking to diversify its gas supplies and find cheaper sources, Reuters reported.

TPAO and Shell will jointly explore the Khan Tervel block, located near Türkiye's Sakarya gas field, and will hold a five-year licence in Bulgaria's exclusive economic zone, Minister Alparslan Bayraktar said.

Shell will continue as operator of the block, while TPAO will take a 33% interest in the licence, a Shell spokesperson said.

Since the start of this year, TPAO has signed energy cooperation agreements with ExxonMobil, Chevron and BP for possible exploration work in the Black Sea and the Mediterranean.

In April, Shell signed a contract with Bulgaria's government to allow the oil major to explore 4,000 square metres in the block.


Saudia Signs Strategic Partnership Agreement with Six Flags and Aquarabia Qiddiya City

udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA
udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA
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Saudia Signs Strategic Partnership Agreement with Six Flags and Aquarabia Qiddiya City

udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA
udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA

Saudia Airlines has signed a five-year strategic partnership with Six Flags and Aquarabia Qiddiya City, becoming the official premier partner exclusively in the airline category.

As part of the partnership, Saudia will develop special travel packages designed to enable visitors to experience world-class attractions. The collaboration also brings the spirit of Six Flags and Aquarabia Qiddiya City to the skies through special aircraft branding across Saudia’s fleet, SPA reported. 

Chief Marketing Officer of Saudia Group Khaled Tash said in a press release: "Saudia is committed to supporting national development projects as part of its contribution to Vision 2030, aligned with our strategy to bring the world to the Kingdom. Partnerships of this scale with national partners play a key role in positioning Saudi Arabia as a leading global destination for entertainment and tourism."

Park President of Six Flags and Aquarabia Qiddiya City Brian Machamer added: "Our partnership with Saudia not only reflects a shared ambition to connect the Kingdom to the world through world-class entertainment experiences, but strengthens our ability to attract visitors from around the world and realize our vision of setting a new global benchmark for immersive, world-class theme park entertainment and reinforcing Saudi Arabia’s growing presence on the global tourism stage."

Six Flags Qiddiya City sets a new benchmark for exceptional entertainment regionally and globally. Spanning six iconic themed lands, the theme park takes visitors on an immersive journey across 28 rides and attractions designed to world-class standards. Beyond the scale and diversity of its offerings, Six Flags Qiddiya City stands out for pushing the boundaries of engineering and entertainment, featuring five exclusive, record-breaking rides that have redefined global benchmarks. Leading these innovations is Falcons Flight, the roller coaster that has captured global attention as the fastest, tallest, and longest in the world.

Aquarabia Qiddiya City delivers a distinctive aquatic entertainment experience, offering 22 rides and water attractions, along with a man-made river designed for both relaxation and family-friendly water fun. For guests seeking privacy and elevated comfort, Aquarabia features 91 luxury cabanas, positioning the destination as a fully integrated leisure offering that redefines water-based entertainment to the highest international standards.

Located in the Tuwaiq Mountains near Riyadh, Qiddiya City is an emerging destination bringing together entertainment, sports, and culture. Six Flags and Aquarabia Qiddiya City form part of its entertainment offering.


Moody’s Establishes Regional HQ in Riyadh, Deepening Presence in Region

(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
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Moody’s Establishes Regional HQ in Riyadh, Deepening Presence in Region

(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)

Moody’s Corporation announced that it has established its regional headquarters in Riyadh, reflecting ongoing commitment to support the development of the Kingdom’s capital markets and economy.

“This investment aligns to the Kingdom's Vision 2030 initiative and underscores its dynamism and growth,” Moody’s said in a statement this week.

The new regional headquarters marks an expansion of Moody’s presence in Saudi Arabia, where the company first opened an office in 2018, and reflects its longstanding commitment to the Middle East.

“The headquarters will strengthen Moody’s engagement with Saudi institutions and enable broader access to Moody’s decision grade data, analytics and insights,” said the statement.

“Our decision to establish a regional headquarters in Riyadh reflects our confidence in Saudi Arabia’s strong economic momentum, as well as our commitment to helping domestic and international investors unlock opportunities with our expertise and insights,” said President and Chief Executive Officer of Moody’s Rob Fauber.

“We are well positioned to provide the analytical capabilities and market intelligence that investors and institutions need to navigate evolving markets across the Middle East,” the statement quoted him as saying.

Mahmoud Totonji will lead the regional headquarters as General Manager.