COP27 calls for a secure political environment to bring world change, says top official

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Updated 06 November 2022
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COP27 calls for a secure political environment to bring world change, says top official

RIYADH: The process of COP is unique, as "it is a must to create a safe political space shielded from whatever else is going on out there to do our jobs and deliver a world change", UN Climate Change top official stated.

Speaking at COP27 held in Sharm El-Sheikh on Nov. 6, UN Climate Change Executive Secretary Simon Stiell said: “This is why I say today, a new era begins and we begin to do things differently.”

He also urged the idea of having women and girls “at the center of climate decision-making and action.”

Highlighting the geopolitical situation, the pandemic, the food and energy difficulties that have affected nations' finances and, most significantly, people's lives in his speech, Stiell said, “We have a duty to speed up our international efforts to put words into action.”

He said the key lines of action should focus on turning “the agreements into practical activities to show this transformative shift to implementation”.

He also added: “We must cement progress on these critical workstreams mitigation, adaptation, finance, and crucially loss and damage,” in addition to “enhance the delivery of the principles of transparency and accountability throughout the process.”  

COP27 which will run till Nov. 18 is the largest annual gathering on climate action involving heads of state, ministers and negotiators, along with climate activists.  

Last May, Egypt announced to position itself as an impartial arbiter while hosting this year’s COP27 UN climate summit, as it pushes other nations to act on climate pledges while promoting the interests of the developing world, a senior Egyptian official told Reuters.

COP27 focuses on securing separate “loss and damage” funds, or compensation payments to climate-vulnerable countries already suffering from climate-related weather extremes, said Wael Aboulmagd, special representative to the COP27 president to Reuters.

“In this particular year it is in the interest of the process that a perception of impartiality and equal distance from everyone is maintained,” Aboulmagd disclosed.


Closing Bell: Saudi main market closes the week in red at 10,526 

Updated 25 December 2025
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Closing Bell: Saudi main market closes the week in red at 10,526 

RIYADH: Saudi equities ended Thursday’s session modestly lower, with the Tadawul All Share Index slipping 14.63 points, or 0.14 percent, to close at 10,526.09.    

The MSCI Tadawul 30 Index also declined 3.66 points, or 0.26 percent, to 1,389.66. In contrast, the parallel market outperformed, as Nomu jumped 237.72 points, or 1.02 percent, to close at 23,430.93.  

Market breadth on the main market remained tilted to the downside, with 156 stocks ending lower against 99 gainers.    

Trading activity eased further, with volumes reaching 80.46 million shares and total traded value amounting to SR1.66 billion ($442 million).    

On the movers’ board, Saudi Industrial Export Co. led the gainers, rising 6.6 percent to SR2.10, followed by Consolidated Grunenfelder Saady Holding Co., which advanced 6.43 percent to SR9.60.    

Raoom Trading Co. climbed 4.36 percent to SR61.05, while Astra Industrial Group gained 4.35 percent to close at SR139. Riyadh Cables Group Co. added 3.77 percent to end the session at SR135.00.    

On the downside, Methanol Chemicals Co. topped the losers’ list, falling 5.96 percent to SR7.41.  

Flynas Co. retreated 5.43 percent to SR61.00, while Leejam Sports Co. dropped 5 percent to close at SR100.80.    

Alramz Real Estate Co. slipped 4.64 percent to SR55.50, and Almasane Alkobra Mining Co. declined 4.55 percent to SR84.00.  

On the announcement front, ACWA Power said it has completed the financial close for the Ras Mohaisen First Water Desalination Co., a reverse osmosis desalination project with a capacity of up to 300,000 cubic meters per day, alongside associated potable water storage facilities totaling 600,000 cubic meters in Saudi Arabia’s Western Province.    

The project was financed through a consortium of local and international banks, with total funding of SR2.07 billion and a tenor of up to 29.5 years, while ACWA Power holds an effective 45 percent equity stake.  

Shares of ACWA Power ended the session at SR185.90, up SR0.2, or 0.11 percent.     

Meanwhile, Consolidated Grunenfelder Saady Holding Co. announced the sign-off of a customized solutions project with Saudi Aramco Nabors Drilling Co., valued at SR166.0 million excluding VAT.    

The 24-month contract covers the sale and maintenance of field camp facilities, with the financial impact expected to begin from the first quarter of 2026.