COP16: Saudi Arabia closes UN conference with bold commitments on environmental sustainability

COP16: Saudi Arabia closes UN conference with bold commitments on environmental sustainability
COP 16 was held in Riyadh from December 2-13 under the theme “Our Land. Our Future.” AN Photo
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Updated 15 December 2024
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COP16: Saudi Arabia closes UN conference with bold commitments on environmental sustainability

COP16: Saudi Arabia closes UN conference with bold commitments on environmental sustainability

RIYADH: COP16 witnessed unprecedented financial pledges totaling over $12 billion for land restoration and drought resilience initiatives, with Saudi Arabia leading from the front.

Held in Riyadh from December 2-13 under the theme “Our Land. Our Future,” COP16 brought together over 196 countries and numerous international organizations, marking a crucial milestone in the fight against environmental challenges that threaten billions of people worldwide.

Funding pledges seen at the event included £10 billion from the Arab Coordination Group to finance global projects combating land degradation, desertification, and drought. 

Additional contributions included $1 billion each from the OPEC Fund and the Islamic Development Bank, and $150 million from Saudi Arabia.

A legacy of action and collaboration

Saudi Minister of Environment and COP16 President Abdulrahman Al-Fadhley opened the conference with a call for intensified international collaboration to combat desertification, particularly in regions most affected by climate change.

“The Middle East, among the regions most impacted by these challenges, stands ready to lead through collaboration and innovation,” Al-Fadhley stated.

He emphasized Saudi Arabia’s Vision 2030 as a cornerstone of the Kingdom’s green agenda. 

This vision aims to restore 40 million hectares of degraded land, increase national reserves by 30 percent, and achieve a renewable energy mix of 50 percent by 2030. 

The Saudi Green Initiative, launched in 2021, has already led to the planting of 95 million trees and the restoration of 111,000 hectares of land. The Kingdom announced five new projects valued at $60 million to ramp up climate and environmental efforts as part of the SGI.

Outgoing COP15 President Alain-Richard Donwahi of Côte d’Ivoire handed over leadership with a message of urgency, while UNCCD Executive Secretary Ibrahim Thiaw underscored that nearly 40 percent of the Earth’s land is degraded, impacting over 3 billion people. 

He warned that failing to address land degradation could lead to intensified food insecurity, conflict, and forced migration.

At the Riyadh conference, the UN Convention to Combat Desertification estimated a need for at least $2.6 trillion in investments by 2030 to restore over 1 billion hectares of degraded land and enhance drought resilience. This translates to $1 billion in daily investments until 2030 to achieve global land restoration goals and combat desertification and drought.

The International Drought Resilience Observatory, which debuted its prototype at COP16, is set to be the world’s first AI-driven platform designed to help countries evaluate and improve their capacity to withstand severe droughts. 

This cutting-edge tool is an initiative of the International Drought Resilience Alliance, which recently welcomed Saudi Arabia as a member.




Saudi Minister of Environment and COP16 President Abdulrahman Al-Fadhley. Screenshot

The Riyadh Policy Declaration

A major outcome of COP16 was the adoption of the Riyadh Policy Declaration, a document drafted by the newly formed Friends of the Chair group. 

This declaration provides a comprehensive framework for global land restoration, drought resilience, and sustainable land management. The initiative showcases Saudi Arabia’s dedication to fostering international cooperation and achieving tangible results in the fight against desertification.

The Kingdom’s Deputy Minister for Environment, Osama Faqeeha, highlighted the significance of this collaborative effort, saying: “The Friends of the Chair group ensures that the outcomes of COP16 are not just promises but actionable steps toward global sustainability”.

Faqeeha also underscored the urgent need for private sector investment to bridge the estimated $355 billion annual funding gap for global land restoration. 

“The restoration economy has the potential to unlock trillions in economic benefits, but it requires the commitment of all sectors,” Faqeeha stated.

Minister of Investment Khalid Al-Falih announced three major renewable energy projects developed in collaboration with French firms, emphasizing the Kingdom’s growing influence in the global green finance market.

“The future of finance is green, and Saudi Arabia is positioning itself as the global hub for sustainable investments,” Al-Falih said.

Innovative projects and sustainability initiatives

Saudi Arabia highlighted several transformative projects aimed at balancing economic growth with environmental preservation. 

The National Red Sea Sustainability Strategy is a flagship initiative to protect 30 percent of the Red Sea’s marine and coastal ecosystems by 2030. This strategy is expected to contribute SR33 billion ($8.78 billion) annually to the economy and create 120,000 jobs.

John Pagano, CEO of Red Sea Global, emphasized the project’s commitment to regenerative tourism and renewable energy. “We are planting 50 million mangrove trees and expanding coral reef protection, aligning with our vision of sustainable development,” Pagano said.

In a landmark announcement, King Abdullah University of Science and Technology launched the International Water Research Center to address global water scarcity and pollution challenges. 

The center will develop innovative water solutions in collaboration with the Ministry of Environment, Water, and Agriculture.

Saudi climate envoy Adel Al-Jubeir highlighted the link between land degradation and forced migration, noting that 100 million hectares of land are lost annually, exacerbating displacement and security crises. 

“When people cannot grow food, they migrate, leading to tension and conflict,” Al-Jubeir warned. The UNCCD’s Thiaw echoed these concerns, emphasizing that land restoration is crucial for global stability and security. 

The Great Green Wall, an African-led initiative was launched with an aim to restore 100 million hectares of degraded land, secured €11 million from the Italian government for landscape restoration in the Sahel, along with €3.6 million from the Austrian government to enhance coordination and implementation efforts across 22 African nations. This funding supports the GGW Accelerator, a UNCCD-backed initiative to create a greener and more prosperous Sahel.

Furthermore, the US, alongside partner countries and organizations, pledged nearly $70 million in investments to advance the Vision for Adapted Crops and Soils. This initiative aims to develop resilient food systems by promoting diverse, nutritious, and climate-adapted crops cultivated in healthy soils.

Thematic days and key dialogues

COP16 featured several thematic days addressing critical issues like sustainable agri-food systems, drought resilience, and rangeland protection, attracting more than 20,000 participants, with around 3,500 from civil society.

Agri-Food System Day coincided with World Soil Day, highlighting that unsustainable farming practices could lead to a 10 percent decline in global crop yields by 2050. 

Faqeeha called for redirecting harmful agricultural subsidies toward sustainable practices to prevent further degradation.

Youth and technology were at the forefront of COP16 discussions. Saudi Arabia’s thriving startup ecosystem, supported by initiatives like The Garage and Vision 2030, showcased how entrepreneurship can drive sustainability. 

COP16 saw the biggest youth participation to date, building on the UNCCD Youth Engagement Strategy and Action Plan, which seeks to give the younger generation a more prominent role in land and drought negotiations and action and provide technical and financial support for initiatives. 

Prince Khaled bin Alwaleed, CEO of KBW Ventures, highlighted the synergy between venture capital and sustainable development, while Ma’aden CEO Robert Wilt emphasized the role of responsible mining in enabling the global energy transition.

Global collaboration and regional leadership

The conference featured high-profile attendees, including UN Deputy Secretary-General Amina Mohammed, who called for scaled-up restoration efforts and stronger international cooperation. 

Mayor of Riyadh Faisal bin Abdul Aziz bin Ayyaf underscored Riyadh’s ambition to serve as a model for sustainable urban development.

Hungary’s representative praised COP16 for addressing gender equality, acknowledging the essential role of women in combating desertification. 

Discussions also highlighted the need for international cooperation to address shared challenges, such as sand and dust storms, drought, and land degradation.

A path forward 

Saudi Arabia’s successful hosting of COP16 demonstrated its commitment to shaping global environmental policies and fostering innovation. 

As attention turns to COP17 in Mongolia, the momentum generated in Riyadh is expected to drive sustained action toward land restoration, drought resilience, and a greener future for all.


Startup Wrap — MENA startups raise $2.3bn in 2024 as deal volume grows

Startup Wrap — MENA startups raise $2.3bn in 2024 as deal volume grows
Updated 31 January 2025
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Startup Wrap — MENA startups raise $2.3bn in 2024 as deal volume grows

Startup Wrap — MENA startups raise $2.3bn in 2024 as deal volume grows

RIYADH: Startup funding deals across the Middle East and North Africa saw an annual increase of 3.5 percent in 2024, with 610 agreements recorded across the region.

According to a report from Wamada, fintech remained the dominant sector, attracting 30 percent of total funding, or $700 million. 

Software-as-a-service saw strong traction in Saudi Arabia, while Web 3.0 saw $256.8 million and e-commerce also gained momentum with $253 million in funding. 

Despite the strong showing in these sectors, the overall funding value across the startup ecosystem of $2.3 billion represented a 42 percent year-on-year drop.

When excluding debt financing, the decline stood at just 11 percent.

The UAE led with $1.1 billion raised across 207 deals, followed by Saudi Arabia at $700 million from 186 deals, and Egypt securing $334 million across 84 deals. 

Oman ranked fourth with $41.5 million, while Morocco and Tunisia led in North Africa, raising $20.8 million and $13.1 million, respectively. Emerging ecosystems in Jordan, Qatar, and Lebanon also showed modest growth. 

Early-stage startups accounted for over $1.2 billion in investments, while later-stage and pre-IPO rounds saw limited activity. Female-founded startups raised $27.6 million, or 1.2 percent of total funding, with mixed-gender founding teams securing $192 million. 

Ebana secures $2.66m to expand fintech solutions 

Saudi-based fintech startup Ebana has raised $2.66 million in a pre-series A round led by Esnad Legal Consulting and Business Governance. 

Founded in 2020 by Ali Al-Shareef, Ebana provides digital services and technical infrastructure for corporate governance affairs. 

The newly raised capital will be used to enhance Ebana’s investor relations tools, expand its fintech solutions, and strengthen its services for both public and private enterprises. 

Nabeeh secures investment from Ibtikar Fund to grow user base 

Saudi-based e-services platform Nabeeh has raised an undisclosed investment from Ibtikar Fund. 

Originally founded in Palestine in 2021 by Saber Samara and Fawaz Samara, Nabeeh provides an online platform for booking housekeeping, maintenance, and renovation services. 

“Property owners and businesses often struggle with unreliable maintenance and cleaning providers and a lack of transparency. Nabeeh bridges this gap by offering seamless, tech-enabled solutions that prioritize quality, speed, and trust,” Samara said. 

With this funding, Nabeeh plans to double its user base, expand its business-to-business portfolio, and introduce new platform features. 

Silkhaus raises growth funding to expand into Saudi Arabia 

Silkhaus leadership team — left to right: Ankit Shah, co-founder and chief financial officer, Sabine El Najjar, KSA managing director and vice president commercial, Aahan Bhojani, CEO and co-founder, and Peter May, vice president.

UAE-based proptech startup Silkhaus has closed a seven-figure growth funding round led by Nuwa Capital and Oraseya Capital, with participation from Impulse International, Yuj Ventures, Nordstar, and other investors. 

Founded in 2021 by Aahan Bhojani, Silkhaus operates a marketplace for short-term rentals across the UAE. 

The new funding will support its expansion into Saudi Arabia, where it is now open for bookings. This follows a multi-million-dollar pre-Series A round secured last year by Partners for Growth. 

“With the support of our investors and team, we are excited to scale our operations in the UAE and Saudi Arabia, offering innovative solutions to property owners and premium experiences to guests. The short-term rental economy of the GCC (Gulf Cooperation Council) is experiencing a significant growth surge, and we are proud to be leading this growth,” Bhojani said. 

UpLevel raises pre-seed funding to enhance corporate coaching 

Saudi-based education tech startup UpLevel has closed an undisclosed pre-seed funding round backed by a group of angel investors. 

Founded in 2024 by Idris Al-Shayea and Hamad Al-Luhaidan, UpLevel connects companies with professional coaches to enhance employee performance.  

The fresh funding will help UpLevel scale its operations and further develop its coaching network for corporate clients. 

BioSapien extends pre-Series A round to $7m 

The BioSapien team. Supplied

UAE-based health tech startup BioSapien has extended its pre-Series A round to $7 million, with new participation from Golden Gate Ventures, marking the first deployment of its MENA-focused fund. 

Founded in 2018 by Khatija Ali, BioSapien is developing MediChip, a 3D-printed, slow-release drug delivery platform designed to attach to tissue with minimal systemic side effects. 

The extension follows the company’s $5.5 million pre-series A round in December, led by Global Ventures and joined by Dara Holdings. 

Retailhub raises funding to expand SaaS platform 

UAE-based retail SaaS provider Retailhub has secured an undisclosed investment from Angelspark. 

Founded in 2022 by Daniel Alimov and Roman Tikhonov, Retailhub provides an automated platform that synchronizes stock updates from point-of-sale systems to aggregators and consolidates orders into a single application. 

The new funding will enable Retailhub to enhance its platform capabilities, strengthen partnerships, and scale operations within the UAE and beyond. 

Maalexi secures $3m debt financing from Citi 

UAE-based agriculture fintech startup Maalexi has secured a $3 million debt financing facility from Citi to expand its sourcing operations. 

Founded in 2021 by Azam Pasha and Rohit Majhi, Maalexi provides a risk management platform that enables small food and agribusinesses to access cross-border trade. 

The facility will help build a technology-enabled supply chain linking origin markets to the UAE. This follows a $1 million venture debt round secured in July from Stride Ventures. 

Fincart.io raises pre-seed funding to expand logistics platform 

Egypt-based logistics startup Fincart.io has raised an undisclosed pre-seed funding round led by Plus VC, with participation from Plug and Play, Orbit Startups, Jedar Capital, and other regional investors. 

Founded in 2023 by Mostafa El-Masry and Nihal Ali, Fincart.io provides e-commerce retailers with access to a marketplace of delivery providers and an operations dashboard. 

The new funds will support platform improvements, courier network growth, and expansion into the African and Middle Eastern markets. 

Dsquares acquires majority stake in Prepit 

Egypt-based loyalty solutions provider Dsquares has acquired a majority stake in Prepit, an Egyptian B2B SaaS loyalty platform, for an undisclosed amount. 

Founded in 2012 by Ayman Essawy, Marwan Kenawy, and Momtaz Moussa, Dsquares specializes in B2B loyalty programs for industries such as banking, telecom, fast-moving consumer goods, and retail. 

Prepit, founded in 2022 by Karim Hussein and Tarek Afia, provides AI-driven tools to streamline food and beverage operations. 

The acquisition strengthens Dsquares’ presence in the loyalty sector across key Middle Eastern markets, including Saudi Arabia, Egypt, and the UAE.


Oil Updates — crude set for weekly decline as Trump tariff threat looms large

Oil Updates — crude set for weekly decline as Trump tariff threat looms large
Updated 9 min 40 sec ago
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Oil Updates — crude set for weekly decline as Trump tariff threat looms large

Oil Updates — crude set for weekly decline as Trump tariff threat looms large

LONDON: Oil prices were steady on Friday but on course for weekly declines as markets waited to see if US President Donald Trump will follow through on his threat to impose tariffs on Mexico and Canada on Saturday.

Brent crude futures for March, which expire on Friday, were down 9 cents at $76.78 a barrel by 5:20 p.m. Saudi time. US West Texas Intermediate crude declined 2 cents to $72.71.

For the week, the Brent and WTI benchmarks were set for declines of 2.2 percent and 2.6 percent respectively.

Oil came under pressure from the potential negative economic impact of US tariffs against Canada, Mexico and China, said PVM analyst Tamas Varga, adding that potential dollar appreciation as a result of tariffs also weighed on oil.

Trump has threatened to impose a 25 percent tariff on Canadian and Mexican exports to the US if those two countries do not clamp down on shipments of fentanyl and on illegal migration across US borders.

Canada and Mexico are the two largest crude oil exporters to the US, but it is unclear if oil would be included among the tariffs. Trump said on Thursday he would soon decide whether to exclude Canadian and Mexican oil imports from the tariffs.

Tariffs would likely result in large US refinery run cuts, said Energy Aspects analyst Livia Gallarati.

“Our base case has been that, if tariffs are announced, they will include a grace period for negotiations and that oil is likely eventually to be carved out from any tariffs,” Gallarati added.

The market is also awaiting the OPEC+ meeting scheduled for Monday.

Kazakhstan’s energy minister said on Wednesday that the group is set to discuss Trump’s plans to raise US oil production and take a joint stance on the matter at next week’s OPEC+ meeting.

“OPEC will likely comply with the US demand to increase production to avoid Trump’s ire. And they might announce a gradual unwinding of voluntary cuts, if not from April, then from the second half of the year,”


Saudi Arabian Military Industries appoints new CEO

Saudi Arabian Military Industries appoints new CEO
Updated 30 January 2025
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Saudi Arabian Military Industries appoints new CEO

Saudi Arabian Military Industries appoints new CEO

RIYADH: The Saudi Arabian Military Industries has announced the appointment of Thamer M. Al-Muhid as its new chief executive officer, effective Feb. 1, according to a statement released on Thursday.

The decision was confirmed during a meeting of SAMI’s board of directors, chaired by Saudi Defense Minister Prince Khalid bin Salman.

With over 30 years of global leadership experience, Al-Muhid brings extensive expertise in driving organizational transformation, operational excellence, and international expansion.

The newly appointed CEO of SAMI, Thamer M. Al-Muhid. Supplied

His diverse background encompasses strategic initiatives, mergers and acquisitions, research and development, and forging key international partnerships—all of which equip him to lead SAMI into a new phase of growth and innovation.

Before his appointment, Al-Muhid served as group CEO and managing director of Saudi Chemical Co. Holding, and has held senior leadership roles at prominent organizations such as SABIC, Almarai, and the Ministry of Commerce and Industry.

Replacing Walid Abu Khaled, Al-Muhid will oversee the company’s efforts to advance cutting-edge technologies, produce world-class defense products, and strengthen strategic partnerships.

His leadership is expected to expedite Public Investment Fund-owned SAMI’s progress toward achieving its ambitious objectives, including localizing 50 percent of the Kingdom’s defense spending and fostering national talent in the defense sector.

This appointment underscores SAMI’s ongoing commitment to positioning Saudi Arabia as a global leader in defense manufacturing and innovation.


Saudi crowdfunding platform Lendo secures $690m warehouse facility led by J.P. Morgan

Saudi crowdfunding platform Lendo secures $690m warehouse facility led by J.P. Morgan
Updated 30 January 2025
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Saudi crowdfunding platform Lendo secures $690m warehouse facility led by J.P. Morgan

Saudi crowdfunding platform Lendo secures $690m warehouse facility led by J.P. Morgan

RIYADH: Lendo, a debt crowdfunding platform in Saudi Arabia, has secured a SR2.6 billion ($690 million) warehouse facility, with J.P. Morgan serving as the lead arranger.

According to an official statement, the facility will support increased job creation within the Kingdom, underscoring Lendo’s commitment to fostering domestic economic growth and employment opportunities.

Endorsed by Fintech Saudi, this achievement highlights the rapid expansion of Saudi Arabia’s fintech sector and signals the substantial potential for small and medium-sized enterprise financing within the economy, it added.

The initiative also aligns with Saudi Vision 2030, which aims to raise SME lending from 4 percent in 2018 to 20 percent by 2030.

“This landmark facility represents a transformative moment for Lendo and the Saudi fintech ecosystem,” said Osama Alraee, CEO and co-founder of Lendo.

“The strong backing from global financial institutions such as J.P. Morgan validates our innovative approach to SME financing and positions us to significantly expand our impact in the Saudi market. This facility will accelerate our mission of driving SME growth while contributing to the Kingdom’s Vision 2030 goals.”

The statement said the facility will be strategically allocated to enhance Lendo’s lending capacity, introduce innovative financial products, and broaden the company’s coverage of SMEs across the Kingdom.

George Deves, co-head of Northern European Asset-Backed Securities at J.P. Morgan, remarked: “We are pleased to collaborate with Lendo on this landmark transaction. A robust and rapidly expanding SME sector is crucial to the local economy, and this financing will contribute to the strategic goal of boosting SME lending in Saudi Arabia.”

Moreover, the deal underscores the growing confidence of international investors in the Kingdom’s fintech sector, particularly in the strength of its regulatory framework.

Lendo has successfully completed two rounds of investment to date, with its most recent Series B funding round, raising $28 million, led by Sanabil Investments, a wholly owned subsidiary of Saudi Arabia’s Public Investment Fund.


Saudi Arabia’s flyadeal joins IATA, boosting Kingdom’s aviation growth

Saudi Arabia’s flyadeal joins IATA, boosting Kingdom’s aviation growth
Updated 30 January 2025
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Saudi Arabia’s flyadeal joins IATA, boosting Kingdom’s aviation growth

Saudi Arabia’s flyadeal joins IATA, boosting Kingdom’s aviation growth

JEDDAH: Saudi Arabia’s low-cost carrier, flyadeal, has joined the International Air Transport Association, marking a significant step in its regional and global expansion while supporting the Kingdom’s growing aviation sector.

On Jan. 29, flyadeal’s management welcomed an IATA delegation, led by Kamil Al-Awadhi, the regional vice president for Africa and the Middle East, to celebrate the milestone at the airline’s headquarters in Jeddah.

In November, flyadeal earned IATA’s Operational Safety Audit certification, the highest safety accreditation in the airline industry.

This thorough evaluation examines an airline’s operational safety, ensuring it adheres to the most rigorous standards, covering areas like aircraft engineering, maintenance, flight operations, cabin services, ground handling, cargo, and security.

Saudi Arabia is investing heavily in its aviation sector as part of the Vision 2030 initiative, which seeks to diversify the economy beyond fossil fuels, boost the private sector, and enhance global connectivity.

The country aims to accommodate 330 million passengers by 2030, serve over 250 destinations, and transport 4.5 million tonnes of air cargo.

Steven Greenway, CEO of flyadeal, expressed his pride in joining IATA, an association that has long represented the airline industry with a unified voice.

“Since our founding in 2017, our growth has been rapid, with operational safety as a top priority. Becoming an IATA member was a natural next step for us,” he said.

Greenway also highlighted flyadeal’s new position alongside Saudia, the full-service airline that has been a longstanding IATA member.

“As Saudia and IATA celebrate their 80th anniversaries this year, we are proud to be part of this milestone,” he added.

Al-Awadhi also celebrated the addition of flyadeal to IATA, noting that their membership reflects the airline’s significant role in Saudi Arabia’s aviation expansion.

“Saudi Arabia has made remarkable strides in developing a world-class aviation sector,” he said. “flyadeal’s inclusion further demonstrates the Kingdom’s commitment to enhancing connectivity and fostering sustainable industry growth.”

He also praised the government’s ambitious vision for aviation and reaffirmed IATA’s commitment to supporting Saudi Arabia’s strategy to grow a thriving aviation industry that benefits travelers, businesses, and the economy.

flyadeal, which plans to carry more than 75,000 pilgrims on dedicated international charters during this year’s Hajj season, operates from key hubs in Riyadh, Jeddah, and Dammam.

It offers nearly 30 year-round and seasonal destinations within Saudi Arabia, as well as select cities in the Middle East, Europe, and North Africa.

The airline’s fleet includes 36 Airbus A320 aircraft, and it plans to significantly expand its network over the next 12 months as part of a major international growth initiative.