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Ƶ targets 30% land protection by 2030 in sustainability push

Ƶ targets 30% land protection by 2030 in sustainability push
During the “Climate Envoy Perspective” panel at the 4th Saudi Green Initiative Forum, Al-Jubeir highlighted Ƶ’s dedication to environmental preservation and sustainability.  Supplied
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Updated 04 December 2024

Ƶ targets 30% land protection by 2030 in sustainability push

Ƶ targets 30% land protection by 2030 in sustainability push
  • Kingdom’s efforts extend beyond its borders, with the nation supporting global initiatives to combat environmental challenges
  • Saudi Climate Envoy Adel Al-Jubeir highlighted broader importance of environmental preservation

RIYADH: Ƶ now has 20 percent of its territory designated as protected areas, a significant rise from just 3 percent a decade ago, according to a senior official. 

By 2030, this figure is projected to increase to 30 percent, said the Minister of State for Foreign Affairs and the Kingdom’s envoy for climate, Adel Al-Jubeir. 

During the “Climate Envoy Perspective” panel at the 4th Saudi Green Initiative Forum, Al-Jubeir highlighted Ƶ’s dedication to environmental preservation and sustainability.   

“We are protecting 30 percent of our territory; it will be protected areas, both sea and land,” Al-Jubeir said, emphasizing the country’s efforts to conserve biodiversity and ensure sustainable resource management.  

He added: “The fact is, we used to (have) 3 percent of our territory protected 10 years ago, now we’re almost at 20 percent, and by 2030 will be 30 percent.”   

Ƶ’s commitment to protecting its environment is evident in a wide range of initiatives. “We’re working on sustainable fishing in the Red Sea, as well as in the Gulf, and we’re making sure that everything we do is very, very in line with protecting our environment,” Al-Jubeir said.  

He also noted that tourism projects along the Red Sea are being developed with rigorous sustainability and environmental standards, ensuring minimal impact on marine life.   

The minister emphasized the progress of Ƶ’s blue economy, drawing attention to the Kingdom’s announcement earlier regarding the launch of the National Red Sea Sustainability Strategy.

“We have launched more than 80 initiatives in Ƶ, from turning waste into energy, from redesigning our cities, from planting trees, from capturing carbon, both naturally as well as using technology, and we are transitioning towards renewable energy,” Al-Jubeir added.  

He highlighted the Kingdom’s ambitious energy goals, saying: “50 percent of our electricity by 2030 will come from renewable energy, the other 50 percent from natural gas.”   

The Kingdom’s efforts extend beyond its borders, with the nation supporting global initiatives to combat environmental challenges. “We’re helping countries adopt a circular carbon economy approach so that they can deal with planting and environmental issues more effectively,” Al-Jubeir explained.   

Addressing land degradation, the minister emphasized its global impact. “We believe that the issue of land degradation is not just an environmental issue; it’s a national security issue, it’s a global issue, because land degradation means less ability to produce food, which means people go from no-food areas to areas where they can grow food,” he said. 

Al-Jubeir also underscored the economic benefits of sustainability. “When you invest in solar energy and wind, it’s not only sustainable and good for the environment, it’s also very good for the pocketbook,” he said. “Investors are more confident when they come to a country where they have clean water, clean air, and so this is part of what we’re doing.” 

He continued: “For every dollar we spend restoring land, the benefits are anywhere from $7 to $30, akin to investing in technology. We are doing this, and we are trying to point this out to the world.”

Al-Jubeir added: “When you invest in resorts in the Red Sea, and you are very sensitive to the environment it increases the value of your investment, and it makes it more attractive. So, we don't see a contradiction between having the utmost concern for environmental issues and financial gains.”

The minister highlighted the broader importance of environmental preservation, stating: “People are more productive when the environment in which they live is pleasant. We breathe the same air as everybody else. We need the same water like everybody else, and so we are very, very sensitive to our environment and to ensuring that we protect it and that we restore it if it needs to be restored.”   

Ƶ, known as the world’s most efficient producer of oil and gas, is also emerging as a global leader in renewable energy. “We are an example for the world in terms of energy, in terms of renewable energy, in terms of our commitment to the environment,” Al-Jubeir said.   

He stressed the Kingdom’s focus on collaboration and practical solutions to address climate challenges.  

“We believe that we have the technology, we believe that we have the financial resources. We believe that by working together, we can overcome many of the challenges that we face, but we cannot do this if we’re trying to assign blame or trying to point fingers,” Al-Jubeir added. 

“We believe we are facing a tremendous challenge in terms of the climate, and we believe that by working together and putting our resources together we will be able to confront and deal with this challenge effectively,” he said.


Closing Bell: Saudi main market opens week in green at 11,528 

Closing Bell: Saudi main market opens week in green at 11,528 
Updated 05 October 2025

Closing Bell: Saudi main market opens week in green at 11,528 

Closing Bell: Saudi main market opens week in green at 11,528 

RIYADH: The Saudi Exchange ended Sunday’s session higher, with the Tadawul All Share Index rising 0.29 percent to close at 11,528.59 points, gaining 32.87 points.  

Total trading volume reached 248.78 million shares, with a turnover of SR4.30 billion ($1.15 billion). Market breadth was positive, with 176 gainers against 79 decliners.  

The MSCI Tadawul 30 Index edged up 0.15 percent to 1,501.95 points, while the parallel market Nomu increased 0.67 percent to close at 25,475.72 points.  

Obeikan Glass Co. led the gainers, climbing 7.72 percent to SR36.00. National Shipping Co. of Ƶ followed with a 5.66 percent rise to SR29.86, while Sport Clubs Co. gained 5.17 percent to SR11.19.   

Al Khaleej Training and Education Co. added 5.06 percent to SR27.84, and Amlak International for Real Estate Finance Co. rose 4.75 percent to SR12.79.  

Among the day’s top decliners, Sumou Real Estate Co. dropped 2.58 percent to SR39.20, and Northern Region Cement Co. slipped 2.18 percent to SR8.06.   

Saudi Reinsurance Co. fell 2.01 percent to SR47.74, Naseej International Trading Co. was down 2.00 percent to SR88, and Derayah Financial Co. decreased 1.76 percent to SR30.20.  

On the announcements front, Shmoh AlMadi Co. said its board of directors approved the distribution of cash dividends amounting to SR4.7 million for the first half of the 2025 fiscal year.  

The dividend represents SR0.50 per share, or 10 percent of the share’s nominal value. Eligibility will be for shareholders owning shares at the end of trading on Oct. 12, with distribution scheduled for Oct. 22 through the Securities Depository Center Co.   

The company’s shares closed at SR13.20, rising 9.73 percent.  

Meanwhile, Atlas Elevators General Trading and Contracting Co. announced its board of directors approved cash dividends totaling SR2.9 million for the first half of fiscal year 2025.   

The payout amounts to SR0.50 per share, or 8.47 percent of the share’s nominal value. Eligible shareholders are those registered at the end of trading on Oct. 9, with distribution starting Oct. 21 via Edaa.  

Atlas Elevators shares ended at SR16.75, down 0.30 percent. 


Ƶ to serve as regional HQ for fintech growth, says Paymentology CEO 

Ƶ to serve as regional HQ for fintech growth, says Paymentology CEO 
Updated 05 October 2025

Ƶ to serve as regional HQ for fintech growth, says Paymentology CEO 

Ƶ to serve as regional HQ for fintech growth, says Paymentology CEO 

RIYADH: Ƶ is emerging as a key fintech hub in the Middle East, prompting the UK-based card issuing and payment processing firm Paymentology to formalize its operations in Riyadh.  

The company plans to designate its Saudi office as its regional headquarters, CEO Jeff Parker said. 

Speaking to Asharq at the Money20/20 Middle East conference in September, Parker said the move reflects Paymentology’s long-term commitment to the Kingdom. The company has obtained commercial registration in Riyadh to expand its on-the-ground presence. 

Ƶ has set ambitious fintech targets under its Vision 2030 agenda, aiming to increase the share of cashless transactions to 70 percent by 2025.  

The Kingdom’s payments landscape is undergoing rapid transformation, with the Saudi Central Bank, also known as SAMA, reporting that electronic payments accounted for 79 percent of total retail transactions in 2024, up from 70 percent in 2023. 

“We have been active in Ƶ for about four years. But to cement and take advantage of the opportunity, we need a physical presence. So, very excited to say that we have registered now as a Saudi company,” Parker said. 

He added that the Saudi market is evolving and clearly digitalizing rapidly. “The trend toward digitalization and financial inclusion is really going to continue,” he said, noting that the company considers Ƶ its regional headquarters. He said the next step is to start building a team and that Paymentology wants to hire a leader for the region. 

Parker also highlighted Paymentology’s confidence in its growth prospects in the Kingdom, citing the opportunities in the fintech sector and the country’s growing population. 

During the event, Paymentology signed a memorandum of understanding with Saudi-based remittance and digital payments provider Enjaz. 

“We signed a strategic partnership with Enjaaz. We think that is a great opportunity for us, very much aligned with Vision 2030 and providing financial inclusion for the region,” said Parker.  

In a separate statement, Bassam AlEidy, CEO of Enjaz, said the collaboration represents “a major step in shaping the future of payments in Ƶ, delivering innovation that is inclusive, dynamic, and tailored to the needs of our market.” 

He added: “At Enjaz, our focus has always been on giving our customers speed, convenience, and security, whether they are transferring money abroad or making everyday payments. By collaborating with Paymentology, we can now extend our card services that expand choice and enhance financial freedom.” 


Oman’s GDP grows 0.6% in Q2 as non-oil sectors offset oil decline  

Oman’s GDP grows 0.6% in Q2 as non-oil sectors offset oil decline  
Updated 05 October 2025

Oman’s GDP grows 0.6% in Q2 as non-oil sectors offset oil decline  

Oman’s GDP grows 0.6% in Q2 as non-oil sectors offset oil decline  

RIYADH: Oman’s gross domestic product at current prices grew by 0.6 percent in the second quarter of 2025, reaching 10.17 billion Omani rials ($26.4 billion) compared to 10.10 billion rials during the same period in 2024.

According to preliminary data released by the National Centre for Statistics and Information, this growth was largely driven by a 4 percent increase in non-oil activities, which rose to 7.05 billion rials from 6.78 billion a year earlier.  

At constant prices, Oman’s economy showed firmer underlying momentum. GDP at constant prices reached 9.4 billion rials, a 2.1 percent increase, with total non-petroleum activities up 4.1 percent year on year and petroleum activities edging higher by 0.5 percent.  

The economic expansion was supported by robust performance in the services sector, which climbed 7 percent to 4.85 billion rials, and in agriculture and fisheries, which saw a 9.8 percent increase to 310.3 million rials.

This modest GDP growth aligns with the continued expansion of Oman’s Islamic finance sector. According to the Central Bank of Oman, total assets of Islamic banks and windows reached 9.1 billion rials by the end of July, accounting for 19.7 percent of the total banking sector assets and marking a 16.8 percent increase compared to the same period last year.   

Financing provided by Islamic institutions rose by 12.5 percent to 7.2 billion rials, with deposits also growing by 16.1 percent to 7.2 billion rials, reflecting strong liquidity and lending activity in the sector.  

In terms of the GDP performance, the decline in oil activities was offset by a significant surge in natural gas output, which recorded a 40.7 percent increase in added value, reaching 803.6 million rials in the second quarter of the year compared to 570.9 million rials in the same quarter of 2024. 


Kuwait, Qatar non-oil economies expand as Egypt’s private sector contracts: S&P Global 

Kuwait, Qatar non-oil economies expand as Egypt’s private sector contracts: S&P Global 
Updated 05 October 2025

Kuwait, Qatar non-oil economies expand as Egypt’s private sector contracts: S&P Global 

Kuwait, Qatar non-oil economies expand as Egypt’s private sector contracts: S&P Global 

RIYADH: The non-oil private sectors of Kuwait and Qatar continued to expand in September, though at a softer pace, while Egypt saw business conditions weaken amid a sharper fall in new orders, an economy tracker showed. 

According to S&P Global’s latest Purchasing Managers’ Index survey, Kuwait’s PMI eased to 52.2 from 53 in August, and Qatar’s headline reading slipped to 51.5 from 51.9, both remaining comfortably above the neutral 50 mark that separates growth from contraction.  

Egypt’s PMI, however, declined to 48.8 from 49.2, signaling a renewed deterioration in non-oil activity. 

The steady momentum in Kuwait’s non-oil business activity mirrors the broader trend across the Gulf Cooperation Council, where economies are pushing to diversify and reduce reliance on oil revenues. 

The report noted that Kuwait’s non-oil private sector remained in expansionary territory as the third quarter drew to a close, though growth showed signs of softening. 

“Although there were further signs of a growth slowdown in Kuwait’s non-oil private sector in September, rates of expansion remained solid, so there is little cause for alarm at this stage,” said Andrew Harker, economics director at S&P Global Market Intelligence.  

He added: “Indeed, firms remain confident that their pipeline of work will be sufficient to keep output rising over the coming year.”  

Companies reporting higher orders attributed the growth to promotional efforts and competitive pricing strategies, while advertising helped secure new business. 

Driven by cost considerations, firms increased staffing only marginally in September despite growing output requirements. As a result, outstanding business accumulated for the twelfth consecutive month, at the same pace as in August. 

“Nevertheless, the slowdown in growth is unlikely to improve the hiring situation, with firms remaining reluctant to commit to material increases in employment despite a sustained build-up of outstanding business,” said Harker.  

Looking ahead, non-oil firms in Kuwait expressed optimism supported by competitive pricing, new product development, and strong customer service. 

Qatar maintains steady growth 

Qatar’s non-energy sector posted a sustained improvement in business conditions in September, rounding off its strongest quarter of 2025 so far. 

The country’s PMI edged down slightly to 51.5 from 51.9 in August, indicating moderate growth, according to S&P Global. 

“Qatar’s non-energy private sector continued to report an overall improvement in business conditions in September. Moreover, the headline PMI trended at 51.6 over the third quarter as a whole, signalling a slightly stronger performance than 51.1 in the first quarter and 51.2 in the second quarter of 2025,” said Trevor Balchin, economics director at S&P Global Market Intelligence.  

The rate of job creation among Qatari non-energy firms eased in September compared to August but remained among the strongest in the survey’s history, as companies continued hiring to meet workloads and boost capacity. 

S&P Global added that output in Qatar’s non-energy private sector rose in September, marking the fourth expansion in the past six months. 

“The overall improvement in business conditions was underpinned by growth of employment, output and inventories in September, while lower new orders and shorter suppliers’ delivery times weighed on the headline figure,” said Balchin. 

Firms continued to raise wages strongly in September, with inflation remaining among the highest in the survey’s history. 

Looking ahead, business confidence among non-oil firms was supported by expectations of growth in the real estate sector, increased demand from a rising expatriate population, marketing drives, and ongoing investment and development activity. 

Egypt loses momentum 

In Egypt, the PMI fell to a three-month low of 48.8 in September from 49.2 in August, as incoming new orders dropped at the fastest pace in five months. 

S&P Global noted that while operating conditions in Egypt’s non-oil private sector continued to worsen, the overall downturn was modest, helped by easing input cost pressures. 

“The latest survey data pointed to a further decline in operating conditions across Egypt’s non-oil economy; however, the downturn remained less steep than the survey trend and modest overall,” said David Owen, senior economist at S&P Global Market Intelligence.  

He added: “Although companies are struggling to gain new work amid challenging market conditions as a whole, they can take some comfort from a softening of input cost pressures, driven by the pound’s strengthening against the US dollar over recent months.”  

Survey panellists attributed the drop in sales and new orders to subdued economic conditions, higher prices, and rising wage pressures. 

The reduction in sales coincided with stalled employment growth and weaker business confidence, with nearly all surveyed firms reporting no change in their workforce in September. 

Prices charged by non-oil businesses rose for the fifth consecutive month, although the pace of inflation eased slightly from August. 

“The pace of inflation was moderate but eased slightly from August. Price rises were mainly carried out in order to pass higher costs through to customers, according to respondents,” said S&P Global.  


Ƶ opens October ‘Sah’ Sukuk offering 4.83% return 

Ƶ opens October ‘Sah’ Sukuk offering 4.83% return 
Updated 05 October 2025

Ƶ opens October ‘Sah’ Sukuk offering 4.83% return 

Ƶ opens October ‘Sah’ Sukuk offering 4.83% return 

JEDDAH: Ƶ has opened subscriptions for its October issuance of the government-backed “Sah” savings sukuk, offering investors an annual return of 4.83 percent, slightly lower than the 4.88 percent offered in September. 

The subscription window runs from 10 a.m. on Oct. 5 to 3 p.m. on Oct. 7, according to the National Debt Management Center. Allocation is scheduled for Oct. 14, while redemption will take place between Oct. 19 and 21, with payments disbursed on Oct. 26. 

The sukuk initiative is part of the 2025 issuance calendar managed by the Ministry of Finance’s National Debt Management Center and is designed to strengthen the domestic savings market and broaden financial inclusion. 

Launched under the Financial Sector Development Program — a core element of Vision 2030 — Sah aims to raise the national savings rate to 10 percent by 2030, up from about 6 percent currently. The initiative reflects the Kingdom’s ongoing efforts to provide Shariah-compliant investment opportunities for individual investors. 

With a minimum subscription of SR1,000 ($266) and a maximum of SR200,000 per individual, the offering forms part of the NDMC’s strategy to expand the domestic sukuk program, enhance financial inclusion, and diversify investment opportunities for the public. 

The sukuk, denominated in Saudi riyals, carries a one-year maturity and offers fixed returns paid at redemption. Subscriptions are available exclusively to Saudi nationals aged 18 and above through approved investment platforms, including SNB Capital, Aljazira Capital, Alinma Investment, SAB Invest, and Al-Rajhi Capital. 

In mid-September, the NDMC announced the completion of investor subscriptions for that month’s issuance, with a total allocation of SR8.036 billion. 

According to a statement from the center at that time, the issuance was divided into five tranches: the first tranche amounted to SR1.240 billion maturing in 2027. The second tranche totaled SR1.053 billion with a maturity in 2029, while the third amounted to SR795 million and will mature in 2032. 

The fourth tranche totaled SR1.271 billion and will mature in 2036, and the fifth tranche amounted to SR3.677 billion with maturity in 2039. 

Unlike conventional bonds, the sukuk’s returns are structured to comply with Shariah principles. Designed as a secure, low-risk savings instrument, it carries no fees and offers easy redemption, with returns aligned to prevailing market benchmarks.