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.



SpaceX Leveraged Fund Providers Hit by Day-one Launch Setback, Sources Say

The SpaceX logo and a rising stock graph in this illustration, taken June 11, 2026. REUTERS/Dado Ruvic/Illustration
The SpaceX logo and a rising stock graph in this illustration, taken June 11, 2026. REUTERS/Dado Ruvic/Illustration
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SpaceX Leveraged Fund Providers Hit by Day-one Launch Setback, Sources Say

The SpaceX logo and a rising stock graph in this illustration, taken June 11, 2026. REUTERS/Dado Ruvic/Illustration
The SpaceX logo and a rising stock graph in this illustration, taken June 11, 2026. REUTERS/Dado Ruvic/Illustration

Asset managers eager to roll out leveraged exchange-traded funds tied to SpaceX on its first trading day have been told to delay the launch until Monday, four sources familiar with the matter said.

The setback denies speculators and traders a chance to capture what many expect could be a strong first-day pop in the shares of the blockbuster IPO, while managers will have to wait for the influx of capital into their products, Reuters said.

"We had really wanted to be out on Friday," said Matt Markiewicz, head ‌of product and ‌capital markets at Tradr ETFs, declining to comment on the ‌delay. ⁠The firm's 2x ⁠long and 2x short ETFs will now debut Monday on Cboe Global Markets .

"There is a lot at stake; these products could end up holding a total of more than $10 billion" in assets, Markiewicz added.

Asset managers seeking SEC approval to launch the ETFs had hoped to trade in lockstep with SpaceX's market debut, several of the issuers said.

Instead, exchanges told them on Wednesday the listings would need to be pushed to the first trading day following ⁠the IPO, according to four sources. The exchanges cited SEC concerns ‌that coupling the ETF launches with leveraged products could complicate ‌the SpaceX debut, three sources said.

The SEC did not respond to requests for comment. ‌A spokesman for the Nasdaq Stock Market, which will be home to the SpaceX IPO ‌as well as some of the ETFs, declined comment. Cboe Global Markets and the New York Stock Exchange could not immediately be reached for comment.

While there is no precedent for leveraged funds - introduced in the US less than four years ago and surging in number over the past ‌12 months - to launch alongside an underlying stock, asset managers had hoped to gain an edge in what analysts say could be ⁠a multibillion-dollar race ⁠for assets in the first weeks of trading.

"There are billions at stake in the first few weeks alone," said Todd Sohn, an ETF analyst at Strategas.

Major players in the leveraged stock arena, including Direxion, GraniteShares, ProShares and Defiance, plan to roll out 2x leveraged long ETFs as soon as they are permitted to do so, according to their filings and advertisements on investment forums and social media sites.

"Investors will have multiple options; they will be able to get SpaceX exposure because of early entry on the part of passive index providers, or through the stock itself, or through the leveraged (ETF) ecosystem, which adds up to a pretty robust mechanism for price discovery," said Simeon Hyman, global investment strategist at ProShares.

He said his firm had no plans to launch early and was comfortable waiting until Monday. "The intent of everybody is to have this (IPO) work smoothly."


Türkiye Central Bank Commits to Continued Disinflation Path

 A man carries goods on his shoulder on a hot day in Istanbul, Wednesday, June 3, 2026. (AP)
A man carries goods on his shoulder on a hot day in Istanbul, Wednesday, June 3, 2026. (AP)
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Türkiye Central Bank Commits to Continued Disinflation Path

 A man carries goods on his shoulder on a hot day in Istanbul, Wednesday, June 3, 2026. (AP)
A man carries goods on his shoulder on a hot day in Istanbul, Wednesday, June 3, 2026. (AP)

Turkish Central Bank Governor Fatih Karahan said on Friday that price stability remains the top priority and that the disinflation process will continue despite recent ‌geopolitical tensions.

The ‌governor said ‌policy ⁠tools and strong ⁠reserves provide the means to sustain disinflation, and that a rebalancing in domestic demand is ⁠expected to continue ‌supporting ‌the process.

Governor said ‌the central bank ‌will continue to monitor all factors affecting the inflation outlook.

Loan ‌growth is moving toward a more ⁠balanced ⁠path, the governor said, citing the latest policy measures.

Strong reserves alongside policy tools act as buffers against geopolitical risks to disinflation.


Dollar Steadies as Traders Weigh Prospects for Iran Ceasefire

A US $100 dollar bill is seen on December 17, 2009. (Reuters)
A US $100 dollar bill is seen on December 17, 2009. (Reuters)
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Dollar Steadies as Traders Weigh Prospects for Iran Ceasefire

A US $100 dollar bill is seen on December 17, 2009. (Reuters)
A US $100 dollar bill is seen on December 17, 2009. (Reuters)

The dollar found its footing on Friday after sliding the previous day as traders waited for confirmation that a ceasefire deal in the Middle East could be imminent.

The euro bounced around and was last very slightly higher at $1.158, near its strongest in a week after the European Central Bank's first interest rate hike in three years on Thursday.

The US dollar was up 0.1% against Japan's currency at 160 yen, keeping it around a key level at which traders tend to get nervous about intervention from Tokyo.

The British pound fell very slightly to $1.341. Data showing the economy contracted in April appeared to have little impact, with the focus on Iran ‌talks.

US President Donald ‌Trump said on Thursday the United States and Iran could ‌sign ⁠a peace deal ⁠as soon as this weekend that would reopen the Strait of Hormuz to shipping. Brent crude slid 3.6% to $87 a barrel on Friday.

Iran's semi-official Mehr news agency said on Friday the memorandum, which contained US commitments to lifting sanctions and its naval blockade, required finalization by the relevant authorities.

Yet analysts and investors sounded a skeptical note, saying potential breakthroughs have previously failed to materialize.

"There's a question around the hopes of a deal, ⁠and questions around whether it will be met and agreed upon ‌by Iran and the United States," said Michael ‌Wan, senior currency analyst at Mitsubishi UFJ Financial Group in Singapore.

"It sounds like it's quite ‌close, but they're not exactly at the finish line."

The US dollar index, which ‌measures the greenback's strength against a basket of six currencies, was flat at 99.68 after slumping to its weakest in a week on Thursday.

Investors have flocked to the safe-haven dollar when tension in the Iran war has flared, and sold it to buy stocks when peace talks ‌have appeared to make progress.

"For today, the market will again be headline-driven. Will Vice President JD Vance be getting ⁠on a plane ⁠to Europe to sign some kind of agreement?" asked Chris Turner, global head of markets at ING.

"And more importantly, will we receive confirmation from Iran that it is happy with a deal and will also be sending a delegation to Europe this weekend? Expect the dollar to be bounced around."

Data on Thursday showed US producer prices increased more than expected in May, ahead of Kevin Warsh's first rate-setting meeting as chair of the Federal Reserve next week.

Traders expect the Fed to keep rates steady at 3.5% to 3.75%but see a more than 50% chance that it raises them by the end of the year, with pricing pulled slightly lower on Thursday by Trump's comments about a potential deal.

In cryptocurrencies, bitcoin was up 0.1% at $63,430 but down 13% for the month so far.