COP 16 Launches Monday in Riyadh: Advancing a World Free of Desertification

Riyadh is hosting this Monday the 16th Conference of the Parties (COP 16). (Asharq Al-Awsat)
Riyadh is hosting this Monday the 16th Conference of the Parties (COP 16). (Asharq Al-Awsat)
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COP 16 Launches Monday in Riyadh: Advancing a World Free of Desertification

Riyadh is hosting this Monday the 16th Conference of the Parties (COP 16). (Asharq Al-Awsat)
Riyadh is hosting this Monday the 16th Conference of the Parties (COP 16). (Asharq Al-Awsat)

Global attention turns to Riyadh, Saudi Arabia, as it hosts the 16th Conference of the Parties (COP 16) under the United Nations Convention to Combat Desertification (UNCCD). The event seeks to address environmental challenges threatening the planet, intensify efforts to combat land degradation, and reduce the impact of drought.
From December 2 to 13, Riyadh will host representatives from 197 countries, signatories to the UNCCD, to collaborate on effective solutions for rehabilitating millions of hectares of degraded land and building resilience against drought. The conference aims to support policymakers while engaging the private sector and civil society in protecting the environment and conserving natural resources.
COP 16 is the largest meeting in the history of the UNCCD and the first to be held in the Middle East. It also represents Saudi Arabia’s largest-ever multilateral conference and coincides with the 30th anniversary of the UNCCD, established alongside the Rio Conventions on climate change and biodiversity in 1992.
UN Secretary-General Antonio Guterres highlighted the significance of COP 16 as a potential turning point, renewing global commitment to accelerating investments in land restoration and drought resilience. He described it as the largest UN conference on land to date and a landmark event for the Middle East and North Africa.
Saudi Arabia is a key supporter of global environmental efforts. The Crown Prince’s Saudi Green Initiative aims to rehabilitate 49 billion square meters of land. This initiative has gained regional and international support, with Gulf nations already undertaking reforestation and coastal protection projects.
The Conference Program
The conference features an innovative dual-track approach, combining formal negotiations with an action-oriented agenda, according to the COP 16 presidency. This approach aims to address urgent global crises, including desertification, land degradation, and drought, through practical and implementable decisions.
The action agenda will focus on showcasing voluntary initiatives, innovative solutions, and discussions on key topics such as artificial intelligence, sustainable land management, and the social and economic impacts of land degradation. High-level ministerial sessions will explore critical issues, including drought resilience, financing, and the relationship between land degradation, forced migration, and security.
Dr. Osama Faqeeha, Deputy Minister for Environment and advisor to COP 16, emphasized the pivotal role of the conference in tackling global challenges related to land degradation and drought. He noted that Saudi Arabia has introduced the first-ever Green Zone in COP history. This zone aims to engage scientists, businesses, financial institutions, NGOs, and the public in collaborative efforts to drive lasting change.
The COP 16 agenda includes thematic days to focus discussions and accelerate outcomes: December 4: Earth Day, December 5: Food Systems Day, December 6: Governance Day, December 7: Peoples’ Day, December 9: Science, Technology, and Innovation Day, December 10: Capacity Building Day, and December 11: Finance Day.
Saudi Green Initiative Forum
In parallel with COP 16, Riyadh will host the 4th annual Saudi Green Initiative Forum on December 3–4 under the theme “Inspired by Nature”. The forum will gather policymakers, business leaders, and experts from around the world to share best practices, explore innovative solutions, and review progress toward the initiative’s sustainability goals.
Land degradation currently affects approximately 40% of the Earth’s surface, impacting the lives of 3.2 billion people worldwide, according to the UNCCD. Each year, nearly 100 million hectares of land deteriorate, while drought intensity and frequency have risen by one-third since 2000.
Despite the urgent need for action, restoration and resilience efforts remain significantly underfunded. COP 16 aims to prioritize mobilizing public and private financing to accelerate land restoration and enhance global resilience, building a sustainable future for both people and the planet.

 



Egypt Plans $1 Billion Red Sea Marina, Hotel Development

This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
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Egypt Plans $1 Billion Red Sea Marina, Hotel Development

This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)

Egypt announced plans on Monday for a new $1 billion marina, hotel and housing development on the Red Sea in a bid to boost the region's tourist industry.

Construction on the "Monte Galala Towers and Marina" project would ‌start in ‌the second ‌half ⁠of the ‌year and run for seven years, Ahmed Shalaby, managing director of the main developer, Tatweer Misr, said.

The 10-tower development - a partnership with the ⁠housing ministry and other state bodies ‌including the armed ‍forces' engineering authority - ‍would cost about 50 ‍billion Egyptian pounds ($1.07 billion), he added.

The project, also announced by the cabinet, will cover 470,000 square meters on the Gulf of Suez, about ⁠35 km south of Ain Sokhna, Shalaby said.

Egypt aims to boost total tourist arrivals to around 30 million by 2030, from around 19 million recorded by the tourism ministry in 2025.


Saudi-Polish Investment Forum Explores Prospects for Economic and Investment Cooperation

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
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Saudi-Polish Investment Forum Explores Prospects for Economic and Investment Cooperation

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA

The Saudi-Polish Investment Forum was held today at the headquarters of the Federation of Saudi Chambers in Riyadh, with the participation of Minister of Investment Khalid Al-Falih, Minister of Finance of the Republic of Poland Andrzej Domański, and Vice President of the Federation of Saudi Chambers Emad Al-Fakhri.

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation, expanding investment partnerships in priority sectors, and exploring high-quality investment opportunities that support sustainable growth in Saudi Arabia and Poland.

During a dedicated session, the forum reviewed economic and investment prospects in both countries through presentations highlighting promising opportunities, investment enablers, and supportive legislative environments.

Several specialized roundtables addressed strategic themes, including the development of the digital economy, with a focus on information and communication technologies (ICT), financial technologies (fintech), and artificial intelligence-driven innovation, SPA reported.

Discussions also covered the development of agricultural value chains from production to market access through advanced technologies, food processing, and agricultural machinery. In addition, participants examined ways to enhance the construction sector by developing systems and materials, improving execution efficiency, and accelerating delivery timelines. Energy security issues and the role of industrial sectors in supporting economic transformation and sustainability were also discussed.

The forum witnessed the announcement of two major investment agreements. The first aims to establish a framework for joint cooperation in supporting investment, exchanging information and expertise, and organizing joint business events to strengthen institutional partnerships.

The second agreement focuses on supporting reciprocal investments through the development of financing and insurance tools and the stimulation of joint ventures to boost investment flows.

The forum concluded by emphasizing the importance of continued coordination and dialogue between the public and private sectors in both countries to deepen Saudi-Polish economic relations and advance shared interests.


Gold Rises as Dollar Slips, Focus Turns to US Jobs Data

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
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Gold Rises as Dollar Slips, Focus Turns to US Jobs Data

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo

Gold prices rose on Monday, buoyed by a softer dollar as investors braced for a week packed with US economic data that could offer more clues on the US Federal Reserve's monetary policy.

Spot gold rose 1.2% to $5,018.56 per ounce by 9:30 a.m. ET (1430 GMT), extending a 4% rally from Friday.

US gold futures for April delivery also gained 1.3% to $5,042.20 per ounce.

The US dollar fell 0.8% to a more than one-week low, making greenback-priced bullion cheaper for overseas buyers.

"The big mover today (in gold prices) is the US dollar," said Bart Melek, global head of commodity strategy at TD Securities, adding that expectations are growing for weak economic data, particularly on the labor front, Reuters reported.

Investors are closely watching this week's release of US nonfarm payrolls, consumer prices and initial jobless claims for fresh signals on monetary policy, with markets already pricing in at least two rate cuts of 25 basis points in 2026.

US nonfarm payrolls are expected to have risen by 70,000 in January, according to a Reuters poll.

Lower interest rates tend to support gold by reducing the opportunity cost of holding the non-yielding asset.

Meanwhile, China's central bank extended its gold buying spree for a 15th month in January, data from the People's Bank of China showed on Saturday.

"The debasement trade continues, with ongoing geopolitical risks driving people into gold," Melek said, adding that China's purchases have had a psychological impact on the market.

Spot silver climbed 2.9% to $80.22 per ounce after a near 10% gain in the previous session. It hit an all-time high of $121.64 on January 29.

Spot platinum was down 0.2% at $2,092.95 per ounce, while palladium was steady at $1,707.25.

"A slowdown in EV sales hasn't really materialized despite all the policy softening, so I do see that platinum and palladium will possibly slow down," after a bullish run in 2025, WisdomTree commodities strategist Nitesh Shah said.