Middle East Green Initiative expands as 11 countries sign up

The inaugural session of the Middle East Green Initiative Ministerial Council session. SPA
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Updated 17 October 2024
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Middle East Green Initiative expands as 11 countries sign up

RIYADH: A major regional effort to combat climate change gained momentum as 11 countries joined the Middle East Green Initiative during its first Ministerial Council session in Jeddah.    

Led by Saudi Arabia, the initiative aims to address environmental challenges across the region and contribute to global climate targets. The session, attended by representatives from 29 countries and international organizations, underscored the Kingdom’s commitment to fostering cooperation in environmental efforts.   

Among the new members are Algeria, Chad, Kenya, and Senegal. Burkina Faso, Lebanon, and Gambia have also joined the initiative. Nigeria, Guinea, and the Central African Republic were additionally confirmed as members. 

In addition to the new regional members, the UK was welcomed as a non-regional contributor with observer status, according to a press release.   

This comes as the council emphasized the critical role of these new members in achieving the initiative’s ambitious objectives. It also encouraged more regional and non-regional countries to participate, highlighting the importance of technical and financial support to meet both regional and global environmental goals.    

Saudi Minister of Environment, Water, and Agriculture Abdulrahman Al-Fadley highlighted the need for enhanced regional collaboration to protect the environment and boost food and water security, safeguard biodiversity, and preserve ecosystems.   

During the inaugural session, the minister noted that the initiative represents a significant step toward improving regional governance in combating desertification, drought, and climate change challenges.   

MGI’s key target is planting 50 billion trees across the Middle East, restoring 200 million hectares of degraded land. Saudi Arabia will plant 10 billion trees within its borders, while the remaining 40 billion will be planted across the region over the coming decades. 

During the session, Al-Fadley confirmed that the initiative launched by Crown Prince Mohammed bin Salman in 2021 represents the first regional alliance of its kind, aimed at mitigating the impacts of climate change across the Middle East and North Africa.

He noted that the final version of the initiative’s charter was agreed upon during the founding countries’ ministerial meeting in October 2022.

The minister emphasized the need for collective efforts in the Middle East to tackle environmental challenges such as desertification and drought.

The ministerial statement from the meeting outlined several key decisions. The council approved the organizational structure and internal policies of the MGI secretariat, appointed the MGI secretary-general, and designated the MGI Fund Trustee, paving the way for the initiative’s implementation phase.

The council also reaffirmed its commitment to enhancing regional collaboration to combat land degradation, desertification, and drought while addressing their severe environmental and socio-economic impacts.

It expressed anticipation for the 16th session of the Conference of the Parties to the UN Convention to Combat Desertification or COP16 scheduled to take place in Riyadh in December.

The council called on UNCCD parties and relevant stakeholders to actively participate in COP16, positioning it as a crucial platform for addressing global land degradation and drought challenges.

As the council advocates for support of COP16 outcomes, it aims to make the event a historic turning point in enhancing global efforts to combat land degradation, halt desertification, accelerate land restoration, and improve drought resilience. 


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.