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Saudi Arabia Leads Global Efforts Against Desertification at COP16

Saudi Arabia establishes principles for combating desertification and drought (SPA)
Saudi Arabia establishes principles for combating desertification and drought (SPA)
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Saudi Arabia Leads Global Efforts Against Desertification at COP16

Saudi Arabia establishes principles for combating desertification and drought (SPA)
Saudi Arabia establishes principles for combating desertification and drought (SPA)

Saudi Arabia is leading international efforts to address desertification and its negative impacts on economies, societies, and environments worldwide. This initiative comes as the Kingdom prepares to host the 16th Conference of the Parties to the United Nations Convention to Combat Desertification (COP16).

To support sustainable development goals, Saudi Arabia sent a high-level delegation to the 79th United Nations General Assembly, led by Foreign Minister Prince Faisal bin Farhan Al Saud.

This delegation launched a significant initiative involving the upcoming three COP conferences on climate change, biodiversity, and desertification.

The aim is to create comprehensive solutions that enhance the outcomes of these agreements, which have been working for 30 years to improve life on Earth and ensure the sustainability of natural resources.

Speaking to Asharq Al-Awsat, Dr. Osama Ibrahim Faqeeha, Deputy Minister of Environment, Water, and Agriculture in Saudi Arabia and advisor to COP16, emphasized that recent meetings are part of ongoing efforts that began when Saudi Arabia announced it would host one of the largest global environmental conferences.

This decision highlights the international community’s trust in the Kingdom’s leadership on these critical issues, according to Faqeeha.

The deputy minister also mentioned Saudi Arabia’s recent call to governments at the United Nations General Assembly, urging them to take decisive action at COP16 of the United Nations Convention to Combat Desertification, which will be held in Riyadh in early December.

Saudi Arabia’s Preparations for COP16

As COP16 approaches, Saudi Arabia is taking on a crucial role at both regional and international levels to host the conference.

Faqeeha noted that the Kingdom has launched the “Middle East Green Initiative,” a unique coalition designed to address climate change through regional cooperation.

This initiative aims to create a sustainable future by diversifying the economy, generating jobs, and attracting private sector investments.

It focuses on two main goals: increasing tree planting and reducing carbon emissions in the region.

Additionally, Saudi Arabia is establishing regional centers and programs to help achieve these objectives and promote investments in the circular carbon economy and reforestation efforts.

Faqeeha highlighted that Saudi Arabia’s efforts have earned global trust, making it the ideal host for COP16.

He pointed out that during its G20 presidency, the Kingdom launched an initiative, aiming to unify global efforts for innovative solutions in land restoration and drought resilience.

This initiative is vital for food and water security, especially as a quarter of the world's population faces drought conditions, with projections suggesting that three out of four people may experience water scarcity by 2050.

In terms of preparations for COP16, Faqeeha noted that the conference will showcase Saudi Arabia’s dedication to tackling climate change and finding effective solutions for land degradation.

The Kingdom has implemented proactive measures and revised environmental laws to reaffirm its commitment to international agreements.

“We have worked hard to bring together the world’s best minds and resources in Riyadh to pave the way for a sustainable future,” Faqeeha told Asharq Al-Awsat.

As part of the preparations for this 30th anniversary of the UN Convention to Combat Desertification, Faqeeha said: “We will present evidence to delegations showing that significant financial returns are possible for the global community, along with real benefits for society, in line with global development goals.”

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Syria, World Bank Agree to Set Up Fund for Recovery and Reconstruction

FILE PHOTO: A view of the Syrian central bank, after the ouster of Syria's Bashar al-Assad, in Damascus, Syria, January 12, 2025. REUTERS/Firas Makdesi/File Photo
FILE PHOTO: A view of the Syrian central bank, after the ouster of Syria's Bashar al-Assad, in Damascus, Syria, January 12, 2025. REUTERS/Firas Makdesi/File Photo
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Syria, World Bank Agree to Set Up Fund for Recovery and Reconstruction

FILE PHOTO: A view of the Syrian central bank, after the ouster of Syria's Bashar al-Assad, in Damascus, Syria, January 12, 2025. REUTERS/Firas Makdesi/File Photo
FILE PHOTO: A view of the Syrian central bank, after the ouster of Syria's Bashar al-Assad, in Damascus, Syria, January 12, 2025. REUTERS/Firas Makdesi/File Photo

Syria and the World Bank have agreed to set up a multi-donor ‌trust ‌fund focused ‌on ⁠recovery and reconstruction, they ⁠said in a joint statement on ⁠Sunday, as Damascus ‌aims to ‌rebuild after ‌a ‌more than decade-long civil war.

The fund aims ‌to provide concessional financing, ⁠investment guarantees, technical ⁠support, and capacity building, said Reuters.

Business

China’s Economic Growth Picks up as Exports Boom, Consumers Balk

Construction workers walk in front of a residential compound in Beijing, China, 19 October 2026. (EPA)
Construction workers walk in front of a residential compound in Beijing, China, 19 October 2026. (EPA)
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China’s Economic Growth Picks up as Exports Boom, Consumers Balk

Construction workers walk in front of a residential compound in Beijing, China, 19 October 2026. (EPA)
Construction workers walk in front of a residential compound in Beijing, China, 19 October 2026. (EPA)

China's economic growth bounced off three-year lows in the third quarter, as roaring exports offset consumers' tight grip on their wallets, though analysts warn the growing reliance on external drivers is deepening structural imbalances.

The 4.5% pace beat consensus forecasts and analysts expect Beijing to reach its 2026 target of 4.5%-5.0% without resorting to additional stimulus, helped by a strong start to the year and some recent modest fiscal and monetary support.

Monday's data showed retail sales again lagging industrial output, while the property market was still in a downturn, having significantly eroded household wealth for the past five years.

Together with last week's releases showing soft consumer inflation and exports soaring by more than a third, a picture emerges of an economy increasingly dominant in global markets but struggling to generate prosperity at home.

Weak domestic demand has pushed Zhang Chao's motorbike headlights company to all but abandon selling in China to focus on export markets, where orders have doubled this year.

"It's too competitive and there's no profit," Zhang, who manages Southeast Asia operations for his firm, ‌said of China. "The ‌barrier to entry is a bit lower overseas."

Weak consumer demand has intensified price wars, forcing companies to ‌slash ⁠costs, including on ⁠payroll.

Having lost her sales job in June, Laura Shi still road-tripped through China's week-long national holidays in October, but slept in her car on most nights to save on hotels.

"The downside was that I couldn't shower, and there was noise outside," she said.

China's increasingly lopsided growth is prompting the rest of the world to react.

The European Union and China have agreed to limit hybrid car exports to the bloc, but Brussels is planning further curbs as data last week showed September's trade surpluses with Germany and France each jumping more than 200% year-on-year.

"This year’s growth figures highlight a deeper rebalancing challenge for the medium term," ANZ analysts said in a note on Monday's data.

"Rising trade tensions, protectionist measures and geopolitical frictions pose significant risks to future growth," they said, adding "the economy is exposed ⁠to changes in the external environment to a greater extent than policymakers would prefer."

The yuan firmed to its ‌strongest level since July 2022 on Monday.

EXPORT TSUNAMI

China is on track to top last year's $1.2 ‌trillion trade surplus despite rising global tensions.

Exports ranging from chicken meat and beauty products to electric cars and prefabricated homes have surged.

Some manufacturers that moved production abroad ‌are coming back, as US tariffs on Chinese goods are now closer to those on rivals such as Vietnam.

"High-tech manufacturing, chip output, new energy ‌vehicles, and export delivery values reflect a competitive industrial upgrading that is real and accelerating," said ITC Markets analyst Andy Ji.

"However, the growth composition remains deeply unbalanced... Growth is export- and state-led. Domestic demand is not yet self-sustaining, and the property sector shows no floor."

Industrial output rose 5.5% in September.

Statistics bureau official Mao Shengyong said the 4.6% growth in the first nine months of the year was "hard won," acknowledging "unbalanced and inadequate development." High-end manufacturing, "the digital economy" and "modern services" contributed more than 40% of the growth over ‌the period.

Even so, Beijing has rolled out fresh support measures, underscoring concerns over lingering weakness beyond the factory sector.

Measures since late September include cheaper credit for infrastructure and tech, modest mortgage subsidies, and more funds for ⁠local governments, whose tight finances contributed ⁠to a 7.2% fall in fixed-asset investment in January-September.

Economists say the measures are enough to dispel fears of missing the growth target, but remain tilted to the supply side.

"China's export expansion is not without limits," Societe Generale economist Michelle Lam said.

"Without a decisive policy shift toward supporting household incomes and consumption, China is likely to remain trapped in a prolonged period of low inflation and sub-par growth."

On the demand side of the ledger, October's holiday saw average spending per trip fall to four-year lows, while social media flare-ups over gruelling work schedules, low pay and weak labor protections are becoming more frequent.

Retail sales were up 1.1% in September, marking the quickest growth in six months, though off a low base.

In the eastern city of Ningbo, a restaurant owner surnamed Dai said many diners now bring their own drinks rather than ordering from the menu.

"Everyone is cutting jobs these days," Dai said. "Sometimes I wonder whether I should let one or two staff members go and do more work myself."

Unemployment inched lower to 5.2% in September, but economists say the figures are flattered by a growing gig economy. Anyone working even one hour a week is considered employed.

In Hangzhou, 26-year-old accountant Carol Huang is angry that her employer almost halved her bonus. But she says similar jobs in the city offer 3,000-6,000 yuan ($449-$897) per month, much less than she earns, so she is staying put.

"What on earth happened to the job market?" Huang said.

Business

Saudi Stock Market Closes 0.82% Higher, Led by Energy Sector

A market data display at the Saudi Tadawul Group headquarters in Riyadh (Tadawul)
A market data display at the Saudi Tadawul Group headquarters in Riyadh (Tadawul)
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Saudi Stock Market Closes 0.82% Higher, Led by Energy Sector

A market data display at the Saudi Tadawul Group headquarters in Riyadh (Tadawul)
A market data display at the Saudi Tadawul Group headquarters in Riyadh (Tadawul)

Saudi Arabia's benchmark Tadawul All Share Index (TASI) ended Sunday's session up 0.82 percent at 10,189 points, with trading turnover reaching SAR 2.3 billion ($613 million).

The index hit an intraday high of 10,215 points and a low of 10,107 points.

Among sectors, energy led the gains, rising 1.99 percent, supported by a 2.06 percent increase in Saudi Aramco shares, which closed at SAR 25.80.

Al Arabia, Ladun and Saudi Vitrified Clay Pipe Co. were the top gainers, advancing between 7 and 9 percent to close at SAR 42.12, SAR 1.99 and SAR 16.90, respectively.

On the losing side, Watani Iron Steel topped the list of decliners, falling 8 percent to SAR 3.22, followed by Najran Cement, which dropped 2.32 percent to SAR 5.47, and SAICO, which shed 2.12 percent to close at SAR 9.25.