BRICS leaders call for urgent action to address land degradation, desertification, drought

Saudi Arabia has not officially joined BRIC but participates in its activities as an invited nation. Shutterstock
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Updated 27 October 2024
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BRICS leaders call for urgent action to address land degradation, desertification, drought

RIYADH: BRICS leaders are calling for increased financial resources and stronger partnerships to address land degradation, desertification, and drought ahead of a UN environment conference in Saudi Arabia in December.

This comes as the leaders of Brazil, Russia, India, and China, as well as South Africa, Egypt, Ethiopia, Iran, and the UAE, have issued a joint statement emphasizing that these environmental challenges “are posing serious threats to the well-being and livelihoods of people and the environment.”

In the statement, the BRICS leaders acknowledged ongoing efforts in sustainable land management while stressing the need for “integrated policies” to tackle these interconnected issues.

The statement comes as the Kingdom prepares to host the 16th session of the UN Convention to Combat Desertification, or UNCCD COP16, in Riyadh from Dec. 2 — 13, amid growing global concern over land degradation that already affects 40 percent of the planet and impacts 3.2 billion people, according to UNCCD data. 

The initiative aligns with the UNCCD’s objective to restore 1.5 billion hectares of damaged land by 2030. As per the UNCCD, each dollar put into land restoration has the potential to generate up to $30 in economic benefits.

“Saudi Arabia welcomes the BRICS leaders’ statement on the critical issue of land degradation as it reflects the increasing urgency to slow and ultimately reverse the trend of degrading land worldwide,” Deputy Minister for Environment at the Kingdom’s Ministry of Environment, Water and Agriculture, and Adviser to the COP16 Presidency Osama Faqeeha said. 

“At COP16 in Riyadh, we will work to forge new partnerships that can accelerate land restoration and drought resilience efforts, particularly in vulnerable regions. Land degradation, drought and desertification impact almost every corner of the planet, exacerbating forced migration and worsening global food and water insecurity. It is imperative the international community address the root causes of these issues at the UNCCD COP16 in Riyadh,” Faqeeha added.

The upcoming UNCCD COP is anticipated to be the most extensive one yet, showcasing the inaugural Green Zone as a specialized hub for cooperation and creativity, with the goal of elevating the involvement of the private sector in land restoration efforts.

Earlier in October, Saudi Foreign Minister Prince Faisal bin Farhan led the Kingdom’s delegation at the BRICS Plus 2024 Summit in Kazan, Russia, on behalf of King Salman. 

Prince Faisal highlighted at the time that the volume of bilateral trade with the BRICS countries exceeded $196 billion in 2023, representing 37 percent of the Kingdom’s total foreign trade, underscoring the significant economic relationships driving the nation’s engagement with the bloc.

Saudi Arabia has not officially joined the bloc but participates in its activities as an invited nation. 


Closing Bell: Saudi main market sheds 85 points to finish at 11,098 

Updated 17 February 2026
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Closing Bell: Saudi main market sheds 85 points to finish at 11,098 

RIYADH: Saudi Arabia’s Tadawul All Share Index closed lower in the latest session, falling 85.79 points, or 0.77 percent, to finish at 11,098.06. 

The MSCI Tadawul 30 Index declined 0.63 percent to close at 1,495.23, while the parallel market index Nomu dropped 0.91 percent to 23,548.56.  

Market breadth was firmly negative, with 42 gainers against 218 decliners on the main market. Trading activity saw 226 million shares exchanged, with total turnover reaching SR4.5 billion ($1.19 billion).  

Among the session’s gainers, Tourism Enterprise Co. rose 9.40 percent to SR15.02. SHL Finance Co. advanced 4.51 percent to SR16.00, while Almasar Alshamil for Education Co. gained 3.56 percent to SR23.88.  

Dar Alarkan Real Estate Development Co. added 3.03 percent to SR19.70, and Banque Saudi Fransi climbed 2.61 percent to SR19.30. 

On the losing side, Almasane Alkobra Mining Co. recorded the steepest decline, falling 6.61 percent to SR96.

Al Moammar Information Systems Co. dropped 5.14 percent to SR164.20, while National Company for Learning and Education declined 4.60 percent to SR124.30. Saudi Ceramic Co. slipped 4.14 percent to SR27.30, and Arabian Contracting Services Co. fell 4.12 percent to SR116.50. 

On the announcement front, Saudi Telecom Co. announced the distribution of interim cash dividends for the fourth quarter of 2025 in line with its approved dividend policy.  

The company will distribute SR2.74 billion, equivalent to SR0.55 per share, to shareholders for the quarter.  

The number of shares eligible for dividends stands at approximately 4.99 billion shares. The eligibility date has been set for Feb. 23, with distribution scheduled for March 12.  

The company noted that treasury shares are not entitled to dividends and that payments will be made through Riyad Bank via direct transfer to shareholders’ bank accounts. stc shares last traded at SR44.80, unchanged on the session. 

Separately, National Environmental Recycling Co., known as Tadweer, reported its annual financial results for the year ended Dec. 31, 2025, posting significant growth in revenue and profit.  

Revenue rose 53.5 percent year on year to SR1.24 billion, compared with SR806 million in the previous year. Net profit attributable to shareholders increased 68.4 percent to SR60.9 million, up from SR36.2 million a year earlier, driven by higher sales volumes and operational expansion.

Tadweer shares last traded at SR3.80, up 2.70 percent.