Saudi energy minister blasts COP26 ‘lies’

Prince Abdulaziz bin Salman strongly defended Saudi Arabia’s track record in combating global warming. (AP Photo)
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Updated 18 November 2021
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Saudi energy minister blasts COP26 ‘lies’

  • Prince Abdulaziz bin Salman defends Saudi track record in combating ‘universal phenomenon’ of climate change

DUBAI: The Saudi energy minister hit out on Wednesday at “lies” and “fabrications” over the Kingdom’s stance at the COP26 climate change summit in Glasgow.

After a speech in which he strongly defended Saudi Arabia’s track record in combating global warming, Prince Abdulaziz bin Salman was asked about “serious allegations” that the Kingdom had been blocking negotiations at the meeting.

He replied: “These are not serious allegations, these are fabricated allegations.” Asked if the allegations amounted to lies, he said: “Absolutely.”

Greenpeace, the environmental activist group with a history of animosity toward the Kingdom, made unsubstantiated claims this week that Saudi negotiators had obstructed progress at key meetings in Glasgow. Saudi negotiators have told Arab News the claims were “baseless and inaccurate.”

In his COP26 speech, a defiant Prince Abdulaziz mounted a plea for an unbiased and objective assessment of possible solutions to the urgent issue of global warming. The world was facing a “universal phenomenon” that required “an international, shared and effective response,” he said. “That response should address three main pillars: Energy security, economic development for the benefit of humanity, and climate change. All of these pillars must be addressed in a holistic manner, without compromising one for the sake of another.

“It is imperative that we recognize the diversity of climate solutions, and the importance of emissions reduction as stipulated in the Paris Agreement, without any bias toward or against any particular source of energy.”

The Kingdom had taken radical steps in the past month to address climate change issues at home and internationally, Prince Abdulaziz said, with key 53 initiatives at a projected cost of $185 billion.

He said the Kingdom shared the view that efforts had to be renewed to reach the goals of the Paris Agreement, but “we all should keep in mind the principle of shared, yet distinct, responsibilities among different countries.

“Equally, we should all be conscious of the special circumstances of the less developed countries, and we should work together to help these countries mitigate the impact of climate change policies, without compromising their sustainable development.”

The Saudi Green Initiative and the broader Middle East Green Initiative aim to reduce regional emissions by more than 10 per cent of the total, a disproportionate amount given relatively small populations and economies in global terms.

The Kingdom has more than doubled the targets for emission reduction in the past decade, and set a target of net zero carbon emissions by 2060 — faster than some much bigger energy economies — via the framework of the Circular Carbon Economy.

Other initiatives include phasing out oil from domestic energy generation, billions of dollars of investment in renewable and alternative fuels such as solar and hydrogen, and a global campaign to provide clean cooking fuel to more than 750 million people around the world.

“This will help ensure that the Kingdom maintains and enhances its leadership role in promoting the security and stability of energy markets,” Prince Abdulaziz said.


Saudi Maaden reports 156% profit surge to $2bn on strong commodity prices, record production

Updated 05 March 2026
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Saudi Maaden reports 156% profit surge to $2bn on strong commodity prices, record production

RIYADH: Saudi mining and metals company Maaden has reported a 156 percent jump in its net profit attributable to shareholders for 2025, driven by higher commodity prices, record production volumes, and a one-off bargain purchase gain.

The state-backed giant posted a net profit of SR7.35 billion ($1.95 billion) for the full year 2025, an increase from SR2.87 billion in the previous year. The firm’s revenue surged by 19 percent to SR38.58 billion, up from SR32.55 billion in 2024.

This comes as Saudi Arabia steps up efforts to expand its mining sector as a pillar of economic diversification, encouraging international participation and private investment to unlock the Kingdom’s estimated $2.5 trillion in untapped mineral resources under Vision 2030.    

In a statement on Tadawul, the company said: “Performance was led by record phosphate production, near record aluminum production, an increase in all three of Maaden’s main output commodity prices.”

The performance was also fueled by a 60 percent increase in gross profit, which reached SR14.79 billion. In its annual results announcement, Maaden attributed the top-line growth to “higher commodity market prices for phosphate, aluminum and gold business units,” as well as increased sales volumes in its phosphate and aluminum segments. This was partially offset by slightly lower sales volume in the gold unit.

Maaden’s CEO, Bob Wilt, hailed 2025 as a transformative year for the company, marked by strategic growth and operational excellence. “This was a great year for Maaden’s strategic growth. We delivered strong financial results and sustained operational excellence across the business,” he said in a statement.

“This was driven by growth in production across all businesses, including record-breaking DAP (di-ammonium phosphatevolumes), disciplined cost control across and a clear commitment to our role as a cornerstone of the Saudi economy,” Wilt added.

Profitability was further bolstered by an increased share of net profit from joint ventures and an associate. This included a one-off bargain purchase gain of SR768 million related to Maaden’s investment in Aluminium Bahrain B.S.C. The company also benefited from lower finance costs.

The fourth quarter of 2025 was strong, with Maaden swinging to a net profit of SR1.67 billion, compared to a loss of SR106 million in the same period of the prior year. Quarterly revenue rose 7 percent to SR10.64 billion.

The firm achieved record production of di-ammonium phosphate, reaching 6.72 million tonnes for the year, a 9 percent increase. Aluminum production remained near-record levels, while the company added a net 7.8 million ounces to its reportable gold mineral resources through discovery and resource development.

The phosphate division saw sales jump 17 percent to SR20.77 billion, with the earnings before interest, taxes, depreciation, and amortization margin expanding to 47 percent. The aluminum business reported a 9 percent increase in sales to SR10.99 billion, with EBITDA more than doubling in the fourth quarter.

Looking ahead, Wilt emphasized that the pace of growth will accelerate as the company advances key initiatives, including the Phosphate 3 Phase 1 and Ar Rjum projects, which remain on budget and schedule. Maaden has also secured a gas supply for its future Phosphate 4 project.

“This pace of growth will only accelerate. Not only as we advance projects and increase the scale of our exploration program, but as we continue to grow production and implement technology that will further modernize, streamline and unlock value,” Wilt added.

Earnings per share for the year rose sharply to SR1.91, up from SR0.78 in 2024. Total shareholders’ equity increased by 18.7 percent to SR61.59 billion.