Saudi Arabia commits $2.5bn to Middle East green initiative: Crown Prince

Crown Prince Mohammed bin Salman was hosting the summit, being held in tandem with the ongoing COP27 summit in Sharm El-Sheikh, alongside Egyptian president Abdel Fattah El-Sisi. (SPA)
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Updated 08 November 2022
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Saudi Arabia commits $2.5bn to Middle East green initiative: Crown Prince

  • Prince Mohammed said the Kingdom would contribute $2.5 billion to the green initiative in the Middle East over the next 10 years

SHARM EL-SHEIKH: Saudi Arabia will contribute $2.5 billion to the Middle East Green Initiative over the next 10 years and host its headquarters in the Kingdom, Crown Prince Mohammed bin Salman said on Monday.

The Kingdom’s sovereign wealth fund, the Public Investment Fund, will also aim for net-zero carbon emissions by 2050, the crown prince said in Sharm El-Sheikh in Egypt, as world leaders gathered for the COP27 climate change conference.

The Middle East Green Initiative was launched by the crown prince last year with the aim of reducing carbon emissions from regional hydrocarbon production by more than 60 percent.

It also aims to plant 50 billion trees across the Middle East and restore an area equivalent to 200 million hectares of degraded land. The initiative will reduce global carbon levels by 2.5 percent.

Saudi Arabia plans to rely on renewables for 50 percent of its electricity generation by 2030, the crown prince said, removing 44 million tons of carbon emissions by 2035.

“With concerted regional efforts, the initiative seeks to support the efforts and cooperation of the region to reduce emissions and remove more than 670 million tons of carbon dioxide equivalent, which is the amount of nationally determined contributions of all countries of the region, and represents 10 percent of global contributions when the initiative was announced,” the crown prince said.

Reaching the desired goals of the Middle East Green Initiative required regional cooperation and effective contributions from member states, he said.

Several initiatives were launched at the last summit to combat emissions through afforestation. A regional center for climate change and a cloud seeding program is among the initiatives, he said.

To achieve the emissions reduction target, the crown prince said the Kingdom had launched the Saudi Green Initiative. This initiative aimed to reduce emissions by more than 270 million tons of carbon dioxide equivalent by 2030 using a circular carbon economy approach, along with other initiatives.

The Public Investment Fund will be one of the first sovereign funds globally and the first in the Middle East to achieve greenhouse net- zero by 2050, demonstrating its role as a key player in supporting global efforts to combat climate change, said the crown prince.

Saudi Arabia said last year it aimed to contribute 15 percent of the $10.4 billion required for the fund’s clean energy projects.


Closing Bell: Saudi main index climbs to 10,485 

Updated 21 December 2025
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Closing Bell: Saudi main index climbs to 10,485 

RIYADH: Saudi Arabia’s Tadawul All Share Index edged up on Sunday, gaining 34.32 points, or 0.33 percent, to close at 10,484.59. 

The total trading turnover of the benchmark index stood at SR2.59 billion ($690 million), with 168 listed stocks advancing and 87 declining. 

The Kingdom’s parallel market Nomu also gained 100.37 points to close at 23,454.65. 

The MSCI Tadawul Index advanced by 0.13 points to 1,377.44. 

The best-performing stock on the main market was Nama Chemicals Co., whose share price increased by 9.98 percent to SR22.38. 

The share price of Al Masar Al Shamil Education Co. rose by 9.15 percent to SR23.85. 

Saudi Paper Manufacturing Co. also saw its stock price climb by 8.42 percent to SR57.95. 

Conversely, the share price of Canadian Medical Center Co. dropped by 6.37 percent to SR6.03. 

The stock price of Kingdom Holding Co. also declined by 3.16 percent to SR8.28. 

In the parallel market, Alfakhera for Mens Tailoring Co. was the top performer, with its share price advancing by 16.40 percent to SR8.80. 

On the announcements front, Theeb Rent a Car Co. said it had signed a long-term vehicle leasing services contract valued at SR110.4 million with Hungerstation Co. 

Under the deal, Theeb will lease 2,000 vehicles to HungerStation for a period of four years starting from 2026, according to a Tadawul statement. 

The statement added that the vehicles will be delivered in batches within the first six months from the contract start date, taking into consideration global logistical circumstances and procedures beyond the control of both the agents and the company. 

The contract is expected to have a positive impact on the company’s financials from the first quarter of 2026. 

The share price of Theeb Rent a Car Co. declined by 0.79 percent to SR37.80.