World leaders address climate change achievements and challenges at COP28 

World leaders have spoken of the urgent need for collective action to combat climate change on the second day of the UN Climate Change Conference in Dubai. AN Photo
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Updated 01 December 2023
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World leaders address climate change achievements and challenges at COP28 

DUBAI: World leaders have spoken of the urgent need for collective action to combat climate change on the second day of the UN Climate Change Conference in Dubai. 

The UAE’s Vice President Mansour bin Zayed Al-Nahyan showcased the nation’s leadership, pledging carbon neutrality by 2050 and a substantial investment in renewables. 

He said: “We were the first to pledge to achieve carbon neutrality by 2050. We have allocated $163 billion for expansion of renewables and to transition towards renewable energies.” 

Some leaders used their speeches to broaden the focus beyond environmental matters, with Egyptian President Abdel Fattah Al-Sisi warning that political challenges occurring alongside the climate change debate are just as serious. 

Representatives from Brazil and the EU used their addresses to reinforce commitments to emission reduction, with President Lula da Silva pledging significant reductions by 2030 and European Commission President Ursula von der Leyen calling for concrete actions at COP28. 

Leaders from Kenya, Zimbabwe, Tonga, Guinea-Bissau, as well as Congo, and Mauritania, emphasized the global nature of the climate battle and the need for increased financial support to developing nations.  

The call for solidarity resonated as leaders acknowledged the ongoing challenge and the imperative to elevate environmental transformation financing. 


Closing Bell: Saudi main index closes in green at 10,726 

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Closing Bell: Saudi main index closes in green at 10,726 

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Wednesday, gaining 26.37 points, or 0.25 percent, to close at 10,726.16. 

The total trading turnover of the benchmark index was SR3.43 billion ($914.9 million), as 177 of the listed stocks advanced, while 72 retreated. 

The MSCI Tadawul Index increased, up 4.02 points, or 0.29 percent, to close at 1,408.09. 

The Kingdom’s parallel market Nomu lost 22.50 points, or 0.09 percent, to close at 23,896.90. This comes as 35 of the listed stocks advanced, while 40 retreated. 

The best-performing stock was Shatirah House Restaurant Co., with its share price surging by 5.66 percent to SR15.30. 

Other top performers included Flynas Co., which saw its share price rise by 5.43 percent to SR68, and Kingdom Holding Co., which saw a 4.88 percent increase to SR8.17. 

On the downside, Yanbu Cement Co. was the day’s weakest performer, with its share price slipping 4.84 percent to SR15.34. 

Al Masar Al Shamil Education Co. also fell 4.27 percent to SR21.73, while Electrical Industries Co. declined 3.93 percent to SR11.72. 

On the announcements front, Middle East Specialized Cables Co. said its subsidiary, MESC L.L.C., has finalized a Shariah-compliant banking facilities agreement with Mashreq Bank in the UAE to support its operational and capital expenditure plans. 

The financing, amounting to 91 million dirhams ($24.7 million), was formally obtained on Dec. 8, according to a Tadawul statement. 

The facility, which runs until March 31, 2026, is designated to meet working capital requirements, finance raw material procurement, and support the issuance of letters of credit and bank guarantees.  

As collateral, the agreement includes promissory notes valued at the full loan amount, an assignment of insurance proceeds, and a mortgage on certain factory assets and machinery for up to 20 million dirhams. 

Middle East Specialized Cables Co.’s shares traded 0.87 percent higher on the main market to reach SR23.20.