Global carbon trading meeting to be held in Riyadh during FII 

The conference will discuss the positive impact of carbon trading on climate change. Shutterstock.
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Updated 19 October 2023
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Global carbon trading meeting to be held in Riyadh during FII 

RIYADH: Top industry leaders from Latin America, Asia, Africa, and Oceania will gather in Riyadh next week to discuss emissions trading policy in preparation for the COP28 summit. 

The Kingdom’s Regional Voluntary Carbon Market Co. will host the Global South Carbon Markets Conference on Oct. 26 during the Future Investment Initiative in association with S&P Global Commodity Insights.  

Speakers at the conference will discuss the positive impact of carbon trading on climate change, the sovereignty of credits in the global south, and the role of Islamic finance in accelerating green market development. 

Rania Nashar, chairwoman of RVCMC, said: “Carbon trading is a key tool in helping the world address the devastating effects of climate change. With this event in Riyadh, we are bringing together voices from across the global south to find agreement on what we all want to see happen at COP28.” 

Launched in October 2022, RCVMC is a joint venture between Saudi Arabia’s Public Investment Fund, holding a 80 percent stake, and Tadawul Group, which owns the remaining 20 percent. The company aims to enable emissions offset via carbon credits and aspires to become a global leader in the sector. 

Nashar added: “We need a unified approach to help take this fast-growing market in carbon credits and see it become an even more crucial factor in supporting the global drive toward a carbon-neutral future.” 

Riham ElGizy, CEO of RCVMC said that carbon trading is very crucial for the world to mitigate the risks associated with climate change. 

“Carbon trading can become a very powerful tool to scale and finance the export of voluntary carbon credits from the Global South, to mitigate the impacts of climate change globally while providing the Global South with financial resources to support their development and address the impacts of climate change,” she said. 

During the Middle East and North Africa Climate Week earlier this month, ElGizy told Arab News that RCVMC is planning to launch a carbon credit exchange platform in the second half of 2024. 

“My next plan is to launch the exchange, which is going to be a spot market to help price discovery by 2024. We will have as well in that exchange over the counter, we will have a marketplace for suppliers to sell their own product… So three offerings,” ElGizy said.


Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

Updated 25 January 2026
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Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

RIYADH: Culture has become a fundamental pillar in bilateral relations between France and Saudi Arabia, according to the French Ambassador to the Kingdom, Patrick Maisonnave.

Maisonnave noted its connection to the entertainment and tourism sectors, which makes it a new engine for economic cooperation between Riyadh and Paris.

He told Al-Eqtisadiah during the opening ceremony of La Fabrique in the Jax district of Diriyah that cultural cooperation with Saudi Arabia is an important element for its attractiveness in the coming decades.

La Fabrique is a space dedicated to artistic creativity and cultural exchange, launched as part of a partnership between the Riyadh Art program and the French Institute in Riyadh. 

Running from Jan. 22 until Feb 14, the initiative will provide an open workspace that allows artists to develop and work on their ideas within a collaborative framework.

Launching La Fabrique as a space dedicated to artistic creativity

The ambassador highlighted that the transformation journey in the Kingdom under Vision 2030 has contributed to the emergence of a new generation of young artists and creators, alongside a growing desire in Saudi society to connect with culture and to embrace what is happening globally. 

He affirmed that the relationship between the two countries is “profound, even cultural par excellence,” with interest from the Saudi side in French culture, matched by increasing interest from the French public and cultural institutions unfolding in the Kingdom.

Latest estimates indicate that the culture-based economy represents about 2.3 percent of France’s gross domestic product, equivalent to more than 90 billion euros ($106.4 billion) in annual revenues, according to government data. The sector directly employs more than 600,000 people, making it one of the largest job-creating sectors in the fields of creativity, publishing, cinema, and visual arts.

Saudi Arabia benefiting from French experience in the cultural field

Maisonnave explained that France possesses established cultural institutions, while Saudi Arabia is building a strong cultural sector, which opens the door for cooperation opportunities.

This comes as an extension of the signing of 10 major cultural agreements a year ago between French and Saudi institutions, aiming to enhance cooperation and transfer French expertise and knowledge to contribute to the development of the cultural system in the Kingdom.

He added that experiences like La Fabrique provide an opportunity to meet the new generation of Saudi creators, who have expressed interest in connecting with French institutions and artists in Paris and France.

La Fabrique encompasses a space for multiple contemporary artistic practices, including performance arts, digital and interactive arts, photography, music, and cinema, while providing the public with an opportunity to witness the stages of producing artistic works and interact with the creative process.