Over SAR6 Bln to Be Invested in Environmental Compliance Projects in Saudi Arabia until 2030

Saudi Vice Minister of Environment, Water and Agriculture Eng. Mansour Al Mushaiti speaks at the event in Riyadh. (SPA)
Saudi Vice Minister of Environment, Water and Agriculture Eng. Mansour Al Mushaiti speaks at the event in Riyadh. (SPA)
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Over SAR6 Bln to Be Invested in Environmental Compliance Projects in Saudi Arabia until 2030

Saudi Vice Minister of Environment, Water and Agriculture Eng. Mansour Al Mushaiti speaks at the event in Riyadh. (SPA)
Saudi Vice Minister of Environment, Water and Agriculture Eng. Mansour Al Mushaiti speaks at the event in Riyadh. (SPA)

Saudi Vice Minister of Environment, Water and Agriculture Eng. Mansour Al Mushaiti said on Monday over SAR6 billion will have been invested in environmental compliance projects in Saudi Arabia by the end of 2030.

He made his remarks at the inaugural two-day Environmental Compliance Forum in Riyadh that ended on Monday.

Al Mushaiti stressed that the environment is closely related to the economy, community health and quality of life, and as such, it is one of the priority areas of the wise leadership, whose support contributed to an “unprecedented development of the environment, water and agriculture sectors” in line with the Kingdom's Vision 2030.

He said the Ministry of Environment, Water and Agriculture started to draw up the National Environment Strategy in 2016, and “through practical steps and practices, provided sustainable solutions, with the participation of the private sector, which played a crucial part in achieving many environment-friendly development goals”.

He added that the current forum sought to stress the importance of cooperation to create a sustainable environment that contributes to preserving natural resources, boosting the quality of life and improving the services provided to individuals.

According to a 2014 study by the World Bank, the cost of environmental degradation exceeded SAR86 billion, he noted.

Protecting the environment, he stressed, is crucial to ensuring environment, food and water security, and to progressing and achieving economic prosperity.

Al Mushaiti also highlighted Saudi Arabia’s “remarkable strides” in protecting the environment, preserving natural resources and achieving progress in global indicators.



Iran's Rial Hits a Record Low, Battered by Regional Tensions and Energy Crisis

An Iranian trader counts money in Tehran's Grand Bazaar. (Reuters)
An Iranian trader counts money in Tehran's Grand Bazaar. (Reuters)
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Iran's Rial Hits a Record Low, Battered by Regional Tensions and Energy Crisis

An Iranian trader counts money in Tehran's Grand Bazaar. (Reuters)
An Iranian trader counts money in Tehran's Grand Bazaar. (Reuters)

The Iranian rial on Wednesday fell to its lowest level in history, losing more than 10% of value since Donald Trump won the US presidential election in November and signaling new challenges for Tehran as it remains locked in the wars raging in the Middle East.

The rial traded at 777,000 rials to the dollar, traders in Tehran said, down from 703,000 rials on the day Trump won.

Iran’s Central Bank has in the past flooded the market with more hard currencies in an attempt to improve the rate.

In an interview with state television Tuesday night, Central Bank Gov. Mohammad Reza Farzin said that the supply of foreign currency would increase and the exchange rate would be stabilized. He said that $220 million had been injected into the currency market, The AP reported.

The currency plunged as Iran ordered the closure of schools, universities, and government offices on Wednesday due to a worsening energy crisis exacerbated by harsh winter conditions. The crisis follows a summer of blackouts and is now compounded by severe cold, snow and air pollution.

Despite Iran’s vast natural gas and oil reserves, years of underinvestment and sanctions have left the energy sector ill-prepared for seasonal surges, leading to rolling blackouts and gas shortages.

In 2015, during Iran’s nuclear deal with world powers, the rial was at 32,000 to $1. On July 30, the day that Iran’s reformist President Masoud Pezeshkian was sworn in and began his term, the rate was 584,000 to $1.

Trump unilaterally withdrew America from the accord in 2018, sparking years of tensions between the countries that persist today.

Iran’s economy has struggled for years under crippling international sanctions over its rapidly advancing nuclear program, which now enriches uranium at near weapons-grade levels.

Pezeshkian, elected after a helicopter crash killed hard-line President Ebrahim Raisi in May, came to power on a promise to reach a deal to ease Western sanctions.

Tensions still remain high between the nations, 45 years after the 1979 US Embassy takeover and the 444-day hostage crisis that followed. Before the revolution, the rial traded at 70 for $1.