COP28 president hails global leaders’ practical initiatives at final dialogue

COP28 President Sultan Al-Jaber. AP.
Short Url
Updated 05 December 2023
Follow

COP28 president hails global leaders’ practical initiatives at final dialogue

RIYADH: COP28 President Sultan Al-Jaber has applauded world leaders for their practical initiatives during the final dialogue, expressing optimism for the continued “open mindset” throughout the remainder of COP.  

This comes as high-level dialogues between the COP28 Presidency and the International Energy Agency received a strong endorsement of practical actions. 

The conclusion of the dialogues, co-chaired by Al-Jaber and the executive director of the IEA, Fatih Birol, marked a significant achievement, bringing together over 40 high-level leaders, including four heads of state and 18 heads of delegation and ministers from diverse regions.  

Al-Jaber said: “I am encouraged by the practical actions brought forward by world leaders today at the final dialogue, and I hope that you take this open mindset and optimism throughout this COP.” 

Addressing the significance of the dialogues, Al-Jaber emphasized the need for collaboration, stating: “This series of dialogues has allowed us to converge on the critical elements of the just energy transition. The transition will not be straightforward, but it will be harder if we cannot agree on its central components.”  

Birol echoed this sentiment, expressing satisfaction at the alignment and support for the IEA’s five goals for COP28.  

These goals include tripling renewable capacity and doubling energy efficiency by 2030, a structured decline in fossil fuel use, commitment from the oil and gas industry to align with 1.5 degrees, and financing mechanisms for clean energy in developing countries. 

The leaders showed strong support for the COP28 presidency’s Global Renewables and Energy Efficiency Pledge, with over 110 countries signing up to the initiative.   

Urgency on the coal front emerged as a key consensus, with a focus not only on preventing new unabated coal plants but also on accelerating the retirement of existing facilities. 

As the final dialogue unfolded during the World Climate Action Summit as part of COP28 in Dubai, heads of state, government leaders, and international organizations convened to solidify their commitment to an orderly energy transition.  

Al-Jaber urged participants to carry the open mind and optimism demonstrated during the final dialogue throughout COP28, reinforcing the importance of collective action in addressing the pressing challenges of our time.  

This positive momentum sets the stage for further deliberations and collaborative efforts at COP28 UAE, hosted at Expo City Dubai till Dec. 12. 


Closing Bell: Saudi Arabia’s main index closes in red at 10,364 

Updated 04 January 2026
Follow

Closing Bell: Saudi Arabia’s main index closes in red at 10,364 

RIYADH: Saudi Arabia’s Tadawul All Share Index closed lower on Sunday, shedding 185.05 points, or 1.75 percent, to end the session at 10,364.03. 

Total trading turnover on the benchmark index stood at SR2.55 billion ($680 million), with 20 stocks advancing and 237 declining. 

The Kingdom’s parallel market Nomu also retreated, falling 0.63 percent, or 147.19 points, to close at 23,371.82. 

The MSCI Tadawul Index slipped 1.71 percent to 1,369.56. 

Saudi Industrial Export Co. was the top gainer on the main market, with its share price jumping 9.87 percent to SR2.56. 

Shares of Naqi Water Co. rose 2.53 percent to SR58.80, while Shatirah House Restaurant Co. advanced 2.18 percent to SR9.39. 

On the downside, Gulf Union Alahlia Cooperative Insurance Co. posted the steepest decline, with its share price falling 4.61 percent to SR10.14. 

On the announcements front, Scientific & Medical Equipment House Co. said it had been awarded a contract valued at SR260.98 million by the Ministry of Human Resources and Social Development to supply uncooked food materials and catering items to beneficiaries at the ministry’s residential branches across the Kingdom.  

The project scope also includes providing cooked meals to selected anti-begging offices over a 24-month period, according to a Tadawul statement. The company added that the financial impact of the contract will begin in the fourth quarter of this year. 

It said further developments would be disclosed in due course after all relevant parties sign the final contract and a copy is received. 

Shares of Scientific & Medical Equipment House Co. edged up 0.31 percent to SR32.44. 

Separately, Dr. Soliman Abdel Kader Fakeeh Hospital Co. and its subsidiaries signed an agreement with Oloof Development Co., a wholly owned subsidiary of Jazan Municipality, to lease a strategic land plot in Jazan City for SR217.99 million. 

According to a Tadawul statement, the land, which spans 34,581 sq. meters, will be used to develop an integrated healthcare facility under a 50-year lease. 

The company said the financial impact of the agreement is expected to begin once the medical facility is completed and becomes operational. 

Shares of Dr. Soliman Abdel Kader Fakeeh Hospital Co. fell 1.92 percent to SR33.74.