Joint Saudi-US Statement Supports Development of Clean Hydrogen, Private Sector Partnership

Saudi Crown Prince Mohammed bin Salman meets with United States Special Presidential Envoy for Climate John Kerry in Riyadh. (SPA)
Saudi Crown Prince Mohammed bin Salman meets with United States Special Presidential Envoy for Climate John Kerry in Riyadh. (SPA)
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Joint Saudi-US Statement Supports Development of Clean Hydrogen, Private Sector Partnership

Saudi Crown Prince Mohammed bin Salman meets with United States Special Presidential Envoy for Climate John Kerry in Riyadh. (SPA)
Saudi Crown Prince Mohammed bin Salman meets with United States Special Presidential Envoy for Climate John Kerry in Riyadh. (SPA)

Saudi Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense, held talks in Riyadh on Wednesday with US Special Presidential Envoy for Climate John Kerry.

Discussions focused on international efforts to combat climate change and bolstering partnership in the private sector. They also covered Saudi Arabia’s sophisticated initiatives aimed at combating this phenomenon and reducing emissions, starting with the Saudi Green and Middle East Green initiatives.

They also highlighted Saudi Arabia’s efforts, as last year’s president of the G20, in promoting the circular carbon economy.

The meeting was attended by Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz, Deputy Defense Minister Prince Khalid bin Salman, Foreign Minister Prince Faisal bin Farhan and Minister of Environment and Water Abdulrahman al-Fadley.

Also present from the American side were Chargé d'Affaires of the US Embassy in the Kingdom Martina Strong, head of the climate ambition and implementation team Jonathan Pershing and head of global innovation Varun Sivaram.

A joint statement at the end of the meeting said that the United States and Saudi Arabia “are committed to addressing the increasing climate change challenge with seriousness and urgency.”

“They will work to strengthen the implementation of the Paris Agreement and actively promote a successful G20 in Italy and COP 26 in Glasgow. Both countries affirm the importance of reducing greenhouse gas emissions and taking adaptation actions during the 2020s to avoid the worst consequences of climate change,” it added.

“They affirmed their intention to work together:

“To actively support and engage bilaterally on the Saudi Green Initiative and the Middle East Green Initiative, including on clean energy, sustainable agriculture, and land use;

“To advance efforts under the announced Net-Zero Producers Forum, including, e.g., on methane abatement, the circular carbon economy, and clean-energy and carbon capture and storage technologies;

“To cooperate on the potential of clean hydrogen to address the hardest to abate sectors and to partner to accelerate clean hydrogen’s development and deployment, recognizing the two countries’ respective initiatives in this regard;

“To collaborate on accelerating the deployment of renewable energy and low-emissions power systems in the region;

“To encourage private sector partnerships;

“To support ocean-based and nature-based solutions for addressing both mitigation and adaptation; and to launch cooperation on enhancing climate change research in the areas of mitigation and adaptation,” it said.

“Recalling their fruitful, in-depth discussion on their respective ongoing and future climate initiatives, both sides acknowledge each other’s efforts and look forward to engaging with each other and enhancing their actions on to road to Glasgow and beyond,” said the statement.

In remarks to Asharq Al-Awsat, a State Department spokesperson said the world was witnessing a severe climate change crisis. The situation is dire in the Middle East in particular due to rising temperatures, desertification, drought and other climate factors.

The Biden administration has vowed to work on a comprehensive strategy, that includes the government, industry, financial and social society sectors, to push forward measures to ease and adapt to climate change.

The US encourages and supports Saudi Arabia’s efforts and plans in the climate sector and in preserving the environment, he added.

It also encourages all other partners in the Gulf Cooperation Council to connect their plans to ease and adapt to climate with broader regional plans and visions, he continued.

He pledged that Washington will continue to partner with them in these efforts, which is an important way to speed up climate ambition and constructive regional cooperation.



Iraq State Oil Firm Reaffirms Deal Obliging Oil Companies in Kurdistan to Hand over Output

A handout picture released by Iraq's Prime Minister's Media Office on January 2, 2025, shows a partial view of the oil refinery of Baiji north of Baghdad, during the inauguration ceremony of the fourth and fifth units. (Iraqi Prime Minister's Media Office / AFP)
A handout picture released by Iraq's Prime Minister's Media Office on January 2, 2025, shows a partial view of the oil refinery of Baiji north of Baghdad, during the inauguration ceremony of the fourth and fifth units. (Iraqi Prime Minister's Media Office / AFP)
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Iraq State Oil Firm Reaffirms Deal Obliging Oil Companies in Kurdistan to Hand over Output

A handout picture released by Iraq's Prime Minister's Media Office on January 2, 2025, shows a partial view of the oil refinery of Baiji north of Baghdad, during the inauguration ceremony of the fourth and fifth units. (Iraqi Prime Minister's Media Office / AFP)
A handout picture released by Iraq's Prime Minister's Media Office on January 2, 2025, shows a partial view of the oil refinery of Baiji north of Baghdad, during the inauguration ceremony of the fourth and fifth units. (Iraqi Prime Minister's Media Office / AFP)

Iraq's state oil company, SOMO, reiterated on Sunday its commitment to its oil export deal with the Kurdish regional government ‌which obliges ‌global ‌oil companies ⁠operating in ‌the region to hand over their production of crude oil to the company.

SOMO ⁠made the remarks ‌in response to ‍a ‍Reuters report published ‍in September which quoted Norway's DNO as saying it had no immediate plans to ship ⁠oil through the Iraq-Türkiye pipeline which restarted after a more than two-year halt following a deal between Baghdad and the Kurdish ‌regional government.


How 2025 Decisions Redrew the Future of Riyadh’s Real Estate Market

Construction is seen at a real estate project in Riyadh. (SPA)
Construction is seen at a real estate project in Riyadh. (SPA)
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How 2025 Decisions Redrew the Future of Riyadh’s Real Estate Market

Construction is seen at a real estate project in Riyadh. (SPA)
Construction is seen at a real estate project in Riyadh. (SPA)

The Saudi capital underwent an unprecedented structural shift in its real estate market in 2025, driven by a forward-looking agenda led by Prince Mohammed bin Salman, Crown Prince and Prime Minister. Far from incremental regulation, the year’s measures amounted to a deep corrective overhaul aimed at dismantling long-standing distortions, breaking land hoarding, expanding affordable housing supply, and firmly rebalancing landlord-tenant relations.

Together, the decisions ended years of speculation fueled by artificial scarcity and pushed the market toward maturity, one grounded in real demand, fair pricing, and transparency.

Observers dubbed 2025 a “white revolution” for Saudi real estate. The reforms severed the link between property and short-term speculation, restoring housing as a sustainable residential and investment product. Below is a detailed outline of the most significant of these historic decisions:

1- Unlocking land, boosting supply

In March, authorities lifted restrictions on sale, subdivision, development permits, and planning approvals for 81 million square meters north of Riyadh. A similar decision in October freed another 33.24 million square meters to the west.

The Royal Commission for Riyadh City was also mandated to deliver 10,000 - 40,000 fully serviced plots annually at subsidized prices capped at SAR 1,500 per square meter, curbing price manipulation and offering real alternatives for citizens.

2- Rent controls and contractual fairness

To stabilize households and businesses, the government froze annual rent increases for residential and commercial leases in Riyadh for five years starting in September. Enforced through the upgraded “Ejar” platform, the move halted arbitrary hikes while aligning growth with residents’ quality of life.

3- Tougher fees

An improved White Land Tax took effect in August, extending beyond vacant plots to include unoccupied built properties. Annual fees rose to as much as 10% of land value for parcels of 5,000 square meters or more within urban limits, raising the cost of land hoarding and incentivizing prompt development.

4- Investment openness and digital governance

A revised foreign ownership regime allowed non-Saudis - individuals and companies - to own property in designated zones under strict criteria, injecting international liquidity. Transparency was reinforced by the launch of the “Real Estate Balance” platform, providing real-time price indicators based on actual transactions and curbing phantom pricing.

5- Quality and urban standards

Policy shifted from quantity to quality with mandatory application of the Saudi Building Code and sustainability standards for all new developments, ensuring long-term operational value and preventing low-quality sprawl.

Structural shift

Sector specialists told Asharq Al-Awsat the measures represent a qualitative leap in market management, moving Riyadh from a scarcity and speculation-led cycle to a balanced market governed by genuine demand, efficient land use, disciplined contracts, and transparent indicators.

Khaled Al-Mobid, CEO of Menassat Realty Co., said the reforms were timely and corrective after years of rapid price escalation. He noted early positives: slowing price growth, a return to realistic negotiations, increased supply in some districts, and better-quality offerings focused on intrinsic value rather than quick appreciation.

Abdullah Al-Moussa, a real estate expert and broker, described the steps as addressing root causes, not symptoms.

He observed a behavioral shift, especially in northern Riyadh, from “hold and wait” to reassessment, alongside calmer price momentum, renewed interest in actual development, and clearer rental dynamics.

Saqr Al-Zahrani, another market expert, told Asharq Al-Awsat that the reforms tackled structural imbalances by breaking artificial scarcity created by undeveloped land banks.

Opening vast tracts north and west and introducing market-wide indicators restored “organized abundance,” aligning prices with real demand and purchasing power without heavy-handed intervention, he remarked.

He added that recent months have seen weaker demand for raw land and stalled auctions, contrasted with rising interest in off-plan sales and partnerships with developers.

Banks, too, have reprioritized toward projects with operational viability, lifting overall supply quality despite a temporary slowdown in some transactions.

Consumers, meanwhile, are showing greater patience and interest in self-build options, signaling a maturing market awareness.

Outlook

Experts expect the effects to continue through 2027, delivering broad price stability with limited corrections in overheated locations rather than sharp declines.

Homeownership, especially among young buyers, is projected to rise as capital shifts from land speculation to long-term development.

The 2025 decisions were not short-term fixes but the launch of a new social and economic trajectory for Riyadh’s property market, redefining real estate as a housing service and value-adding investment, not a speculative vessel.

As Riyadh advances toward becoming one of the world’s ten largest city economies, its real estate reset offers a model for aligning regulation with quality of life, transparency, and sustainable growth.


Deal to Export Oil from Kurdish Region to Continue with No Issues, Kurdish Rudaw Reports

A staff at an oilfield holds the flag of Kurdistan. (X)
A staff at an oilfield holds the flag of Kurdistan. (X)
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Deal to Export Oil from Kurdish Region to Continue with No Issues, Kurdish Rudaw Reports

A staff at an oilfield holds the flag of Kurdistan. (X)
A staff at an oilfield holds the flag of Kurdistan. (X)

Kurdistan broadcaster Rudaw quoted the ​vice president of Iraq's state oil company SOMO as saying ‌on Saturday that ‌the ‌oil ⁠export ​deal ‌between Baghdad and Erbil is set to be renewed with ⁠out issues, Reuters reported.

In September, ‌Iraq restarted ‍the ‍export of ‍oil from its Kurdish region to Türkiye after ​an interruption of more ⁠than two years following a deal between Baghdad and the Kurdish regional government.