UAE Looking Forward to Effective Partnership on Climate Issues at COP28

UAE President Sheikh Mohamed bin Zayed Al Nahyan and a number of heads of state attend the opening ceremony of Abu Dhabi Sustainability Week. (WAM)
UAE President Sheikh Mohamed bin Zayed Al Nahyan and a number of heads of state attend the opening ceremony of Abu Dhabi Sustainability Week. (WAM)
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UAE Looking Forward to Effective Partnership on Climate Issues at COP28

UAE President Sheikh Mohamed bin Zayed Al Nahyan and a number of heads of state attend the opening ceremony of Abu Dhabi Sustainability Week. (WAM)
UAE President Sheikh Mohamed bin Zayed Al Nahyan and a number of heads of state attend the opening ceremony of Abu Dhabi Sustainability Week. (WAM)

The United Arab Emirates underscored its efforts for the upcoming United Nations Climate Change Conference (COP28) to serve as an opportunity to forge effective partnerships, in order to achieve tangible and real progress on climate issues.

The UAE is holding the Abu Dhabi Sustainability Week (ADSW), bringing together heads of state, policy-makers, industry leaders, investors, entrepreneurs and youth to discuss and engage on bold climate action and innovation to build a more sustainable future for future generations.

The UAE will host COP28 in November.

UAE President Sheikh Mohamed bin Zayed Al Nahyan said his country was exerting intensive efforts to find feasible and pragmatic solutions to climate change issues.

He stressed that ADSW was a global platform that reflects the UAE’s commitment to convening the international community and ensuring collaboration in driving sustainable economic and social development.

Sheikh Mohamed added that the UAE strategic initiative to achieve net zero emissions by 2050 was a natural progression of the comprehensive approach, which aims to build a prosperous and sustainable future through commitment to protecting nature and preserving the environment.

He emphasized that the ADSW this year was an essential step towards the UAE hosting COP28.

He noted that his country’s selection to host the conference reflected the UAE’s continued efforts to promote practical climate action, sustainable economic development, and progress towards desired global goals.

Addressing ADSW, President of Azerbaijan Ilham Aliyev stressed the depth of the bilateral relations between the UAE and his country.

He highlighted Azerbaijan’s ambition to strengthen its reliance on clean energy sources as an essential part of national development efforts, and to contribute to the global drive for a more environmentally friendly economy.



Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
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Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters

The credit rating agency “Moody’s Ratings” upgraded Saudi Arabia’s credit rating to “Aa3” in local and foreign currency, with a “stable” outlook.
The agency indicated in its report that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification and the robust growth of its non-oil sector. Over time, the advancements are expected to reduce Saudi Arabia’s exposure to oil market developments and long-term carbon transition on its economy and public finances.
The agency commended the Kingdom's financial planning within the fiscal space, emphasizing its commitment to prioritizing expenditure and enhancing the spending efficiency. Additionally, the government’s ongoing efforts to utilize available fiscal resources to diversify the economic base through transformative spending were highlighted as instrumental in supporting the sustainable development of the Kingdom's non-oil economy and maintaining a strong fiscal position.
In its report, the agency noted that the planning and commitment underpin its projection of a relatively stable fiscal deficit, which could range between 2%-3% of gross domestic product (GDP).
Moody's expected that the non-oil private-sector GDP of Saudi Arabia will expand by 4-5% in the coming years, positioning it among the highest in the Gulf Cooperation Council (GCC) region, an indication of continued progress in the diversification efforts reducing the Kingdom’s exposure to oil market developments.
In recent years, the Kingdom achieved multiple credit rating upgrades from global rating agencies. These advancements reflect the Kingdom's ongoing efforts toward economic transformation, supported by structural reforms and the adoption of fiscal policies that promote financial sustainability, enhance financial planning efficiency, and reinforce the Kingdom's strong and resilient fiscal position.