SHARM EL-SHEIKH, Egypt: UN climate talks were extended by a day Friday in an effort to break the deadlock as nations tussle over funding for developing countries battered by weather disasters and ambition on curbing global warming.
Representatives from nearly 200 countries have gathered at the COP27 in Egypt for two weeks with the aim of driving forward action on climate change as the world faces a worsening onslaught of weather extremes.
But wealthy and developing nations were struggling to find common ground on creating the fund, and on a host of other crucial issues, with only hours before the summit was scheduled to end in the Red Sea resort of Sharm el-Sheikh.
Egyptian Foreign Minister Sameh Shoukry, who chairs the COP27 talks, told delegates that the negotiations would spill into Saturday, a delay not unusual in such sprawling UN climate talks.
“I remain concerned at the number of outstanding issues,” he said.
The daunting list of tasks includes finding agreement on reaffirming a goal to limit average warming to 1.5 degrees Celsius from pre-industrial levels, which scientists say is a safer guardrail to avoid the most dangerous impacts.
Rich countries are also under pressure to finally fulfil promises to provide $100 billion a year to help developing countries green their economies and adapt to future impacts, and to hammer out future finance plans.
But for many vulnerable countries, the defining issue at the conference is money for the “loss and damage” caused by climate change — a controversial issue previously blocked by wealthy countries fearful of open-ended liability.
Dr. Mohamed Sabry El-Tawabty, a member of the UN Youth 2030, extended his thanks to all the global attendees that took part in the two-week summit, particularly the youth.
“We also extend our thanks to everyone who contributed to the success of this forum and to all the youth of the world who work diligently and effortlessly to preserve the climate by all means and methods,” he said.
“We look forward, after the end of this forum, to start working effectively and achieve what (we) ...have agreed upon over the past weeks,” El-Tawabty also said, adding: “The time for talking has ended immediately after the conclusion of this forum.”
(With AFP)
UN climate talks in Egypt head into overtime
https://arab.news/69du7
UN climate talks in Egypt head into overtime
- Egyptian Foreign Minister Sameh Shoukry told delegates that the negotiations would spill into Saturday
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.
