Kazakh Official Reveals Details of Water Summit Co-Chaired with Saudi Arabia, France

Kazakhstan’s First Vice Minister of Water Resources, Bekniyaz Bolat (Asharq Al-Awsat)
Kazakhstan’s First Vice Minister of Water Resources, Bekniyaz Bolat (Asharq Al-Awsat)
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Kazakh Official Reveals Details of Water Summit Co-Chaired with Saudi Arabia, France

Kazakhstan’s First Vice Minister of Water Resources, Bekniyaz Bolat (Asharq Al-Awsat)
Kazakhstan’s First Vice Minister of Water Resources, Bekniyaz Bolat (Asharq Al-Awsat)

A Kazakh official has outlined plans for a trilateral summit to organize a global event under the “One Water Summit” initiative.

The summit, which will be chaired by Saudi Arabia, Kazakhstan, and France, and supported by the World Bank, aims to build alliances, make commitments on water resources, and find practical solutions to global water issues.

Speaking to Asharq Al-Awsat, Kazakhstan’s First Vice Minister of Water Resources, Bekniyaz Bolat, said the summit is a key step toward the UN Water Conference in 2026.

The main goals of the summit include water sharing, expanding efforts to protect freshwater ecosystems, exploring innovative financial solutions, and minimizing water resource impact through measures like reducing water footprints and sharing information.

Bolat outlined seven key measures to address climate change, including developing strategies for adaptation, involving stakeholders like the private sector, and using new technologies. The plan also focuses on efficient water use in agriculture, water-saving irrigation, drought-resistant crops, and updating infrastructure.

Bolat stressed that the summit reflects Kazakhstan’s commitment to international cooperation, offering participants the chance to share knowledge and efforts on water management.

This collaboration will help introduce innovative techniques for measuring, managing, and using water, aiming to adapt to changing water cycles and preserve resources.

A key focus is investment in infrastructure, especially joint projects to modernize water systems. On November 12, 2024, Kazakhstan signed a $1.153 billion loan agreement with the Islamic Development Bank during the COP29 climate summit in Baku.

Strategic Cooperation with Saudi Arabia

Bolat also discussed opportunities for strategic cooperation between Saudi Arabia and Kazakhstan, particularly in environmental and natural resource management.

Both countries face climate change challenges, including water scarcity and desertification. Collaborative projects on restoring reservoirs, water-saving technologies, and anti-desertification efforts are seen as vital for strengthening ties.

He highlighted the potential for shared knowledge, with Saudi Arabia’s expertise in desalination and Kazakhstan’s projects like the Aral Sea restoration. Participation in global climate initiatives will further deepen this cooperation.

Adapting to Climate Change

Kazakhstan is actively working to adapt its water sector to climate change. Bolat emphasized the need for proactive measures to ease pressure on water resources.

In response to water shortages, Kazakhstan has focused on sustainable water management, including renewing reservoirs to store a record 75 billion cubic meters of water this year—15 billion more than last year. Over 12 billion cubic meters of this came from floodwaters.

He also mentioned ongoing work to modernize water infrastructure, which improves efficiency and ensures stable water supplies, even during droughts.

As a country reliant on transboundary rivers, Kazakhstan is committed to working with neighboring countries. Thanks to “water diplomacy,” it has secured sufficient water supplies for its southern regions, with water deliveries exceeding expectations.

Bolat concluded by emphasizing Kazakhstan's dedication to responsible water use, including implementing water-saving technologies, supporting farmers with modern irrigation methods, and promoting sustainable water practices among its citizens.



Polish, Czech Republic Curb Bond Sales as Iran War Turmoil Jolts Markets

A trader monitors stock prices at a Stock Exchange in Karachi, Pakistan, 09 March 2026.  EPA/REHAN KHAN
A trader monitors stock prices at a Stock Exchange in Karachi, Pakistan, 09 March 2026. EPA/REHAN KHAN
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Polish, Czech Republic Curb Bond Sales as Iran War Turmoil Jolts Markets

A trader monitors stock prices at a Stock Exchange in Karachi, Pakistan, 09 March 2026.  EPA/REHAN KHAN
A trader monitors stock prices at a Stock Exchange in Karachi, Pakistan, 09 March 2026. EPA/REHAN KHAN

Poland canceled a bond swap tender and the Czech Republic slashed the size of a planned auction for Wednesday as the Iran war roiled global markets, sending regional yields surging, debt managers said on Monday.

Bonds across the globe sank on Monday as the US-Israeli war with Iran pushed surging oil prices near $120 a barrel, heightening investor fears over inflation which may prompt European central banks to hike interest rates this year.

"Due to the increased volatility on the domestic market... the bond swap tender planned for (March 11) will not be organized," the Polish finance ministry said in a statement, Reuters reported.

"The consistently built pool of liquid funds at the disposal of the Ministry of Finance, exceeding 160 billion zlotys ($43.34 billion), makes it possible to take actions adequate to the market situation."

Meanwhile, the Czech finance ministry said it would nearly halve its bond offer at a Wednesday auction to 5 billion crowns, from a previously planned 9 billion crowns, in reaction to developments in global markets.

Polish 10-year bond yields reached 5.723% at 1412 GMT, having earlier scaled one-year highs, while Czech 10-year yields stood at 4.993%, their highest level in more than two years.

Elsewhere in the region, Hungary's 10-year bond yields rose to their highest since November 2023, with the 10-year paper bid at 7.46%, up nearly 100 basis points from late-February levels.

Hungarian debt agency AKK did not immediately respond to emailed questions on whether it planned any measures to follow moves by the Polish and Czech finance ministries in response to the market turmoil.

Slovakia, a euro zone member, has confirmed it still planned to sell bonds maturing in 2031, 2036, 2037, 2043 at an auction on March 16.


Global Sugar Prices Rally as Oil surges, Driven by Middle East War

Small pieces of sugar (Pixels)
Small pieces of sugar (Pixels)
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Global Sugar Prices Rally as Oil surges, Driven by Middle East War

Small pieces of sugar (Pixels)
Small pieces of sugar (Pixels)

World sugar prices surged on Monday as the US-Israel war with Iran disrupted oil supplies, pushing crude oil prices to $119 a barrel and sparking fears that Brazilian cane mills would ramp up ethanol production at the expense of sugar.

Most ethanol in Brazil, the world's largest sugar producer and exporter, is made from sugarcane, meaning increased cane allocation for biofuel production would reduce the raw material available to produce sugar.

At 1422 GMT, raw sugar price futures on the ICE exchange rose3.4% at 14.58 cents per lb, while white sugar futures were up 1.5% at $420.70 a metric ton, after earlier gaining nearly 3%, Reuters reported.

Ethanol demand is growing thanks to soaring crude oil prices, which have now more than doubled since the start of the year, said Alberto Peixoto, director at broker and consultant AP Commodities.

Oil prices soared to their highest levels since mid-2022 earlier, as the Strait of Hormuz remained virtually closed, cutting off countries worldwide from a fifth of global oil and liquefied natural gas supplies.

The spike in energy prices has overshadowed the impact of a rising dollar, which usually curbs dollar-priced commodities like sugar by making them more expensive for non-US currency holders.

What is keeping sugar's gains in check, however, is the risk of weaker demand from the Gulf States. According to sugar consultant Michael McDougall, the Gulf imports roughly 10% of the world's raw sugar via the Strait of Hormuz each year.

In other soft commodities traded, arabica coffee rose 1.1% to $2.9645 per lb, having gained 4.5% last week, while robusta coffee dipped 0.3% to $3,763 a ton, having gained 4% last week.

London cocoa was little changed at 2,315 pounds per ton, while New York cocoa was also little changed at $3,229 a ton.


EU Should Press Ahead with Energy Market Integration After Iran Crisis, Spain’s Cuerpo Says

Smoke rises in the sky after blasts were heard in Manama, Bahrain, February 28, 2026. REUTERS/Stringer REFILE - QUALITY REPEAT
Smoke rises in the sky after blasts were heard in Manama, Bahrain, February 28, 2026. REUTERS/Stringer REFILE - QUALITY REPEAT
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EU Should Press Ahead with Energy Market Integration After Iran Crisis, Spain’s Cuerpo Says

Smoke rises in the sky after blasts were heard in Manama, Bahrain, February 28, 2026. REUTERS/Stringer REFILE - QUALITY REPEAT
Smoke rises in the sky after blasts were heard in Manama, Bahrain, February 28, 2026. REUTERS/Stringer REFILE - QUALITY REPEAT

Spain's Finance Minister Carlos Cuerpo said on Monday that current discussions among European governments would be an opportunity to integrate energy markets in Europe after the war in Iran caused oil prices to jump to their highest since 2022.

"We can take advantage of the situation to put an additional element of urgency and pressure to make progress on the integration of our energy markets, including interconnections of our grids," Cuerpo said after a Eurogroup Finance Ministers meeting in Brussels.

He added the best lesson the EU learned from the market crisis caused by the war in Ukraine was to have a coordinated response.