COP16: World Bank launches drought risk and resilience platform to address global crisis

World Bank’s Global Director of Water Saroj Kumar Jha speaking at COP16. AN
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Updated 10 December 2024
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COP16: World Bank launches drought risk and resilience platform to address global crisis

  • Drought Risk and Resilience Assessment aims to strengthen decision-making frameworks and governance
  • Platform is designed to provide governments with tools to better understand droughts

RIYADH: A new platform designed to help governments monitor and manage drought risks has been launched by the World Bank at COP16 in Riyadh, as concerns over the global impact of water scarcity grows. 

The Drought Risk and Resilience Assessment aims to strengthen decision-making frameworks and governance to help tackle this growing issue.

The platform is designed to provide governments with tools to better understand droughts, create mechanisms for ongoing action, and anticipate and manage future risks. 

It comes after Saudi Arabia used COP16 to announce the Riyadh Global Drought Resilience Partnership, which aims to provide early warning systems, training, and capacity building for 80 countries most vulnerable to a lack of water.

Speaking at the meeting of the Convention to Combat Desertification, the World Bank’s Global Director of Water Saroj Kumar Jha said his institution’s platform will be “built on international best practices,” harnessing expertise from governments, scientists, and practitioners. 

“Droughts do not occur suddenly but develop gradually over time,” he said. “What is important is that we need a system by which different parts of the government are able to collect the data.” 

Jha added that most developing countries lack national drought monitors to systematically collect data on factors such as soil, crops, water, rainfall, temperature, humidity, and weather. 

He emphasized that establishing these monitors would become a key focus area moving forward. 

Osama Faqeeha, Saudi Arabia’s deputy minister of environment, highlighted the global urgency of addressing droughts, noting that projections suggest more than half of the world’s population could face water scarcity in the coming decades. 

He pointed to the increasing spread of droughts to new regions, particularly Latin America, where 35 percent is now exposed to the phenomenon.

“What the outlook is telling us is that maybe this number is expected to double or even more,” Faqeeha said. He also warned about the economic and social consequences of drought, including its impact on food prices, migration, and economic stability. 

The deputy minister also emphasized that 80 percent of the impact of water scarcity falls on agricultural communities, particularly small-scale farmers. He called for more global action to combat drought, underscoring that Saudi Arabia has long relied on innovative approaches to water management. 

“We have to realize that 90 percent of freshwater is in soil, not in the rivers, not in the lakes — it’s in the soil, and when drought hits, the soil dries and life is taken away from it,” Faqeeha said, adding that every dollar put in resilience and preparedness saves $5 to $10 from the response. 

Global call to action 

Speakers at COP16 emphasized the interconnected nature of the crisis and the urgent need for collaborative solutions. 

Valerie Hickey, global environment director at the World Bank, highlighted the economic toll of environmental degradation, saying: “Globally, since 1995, the world has lost 20 percent of its natural capital per capita,” she said, adding that land degradation alone costs the global economy 10 percent of its gross domestic product annually. 

The Kingdom’s efforts to tackle the issue also align with broader environmental goals, including its Saudi and Middle East Green Initiatives, which aim to combat desertification and expand vegetation cover. 

Ayman Ghulam, CEO of the National Center of Meteorology, elaborated on Saudi Arabia’s proactive response to the challenges posed by sand and dust storms, which are worsening due to climate change. 

These include a dedicated regional center focusing on monitoring and mitigating the effects of storms, while the Climate Change Center addresses broader environmental impacts. 

The cloud seeding program, another critical initiative, works to enhance rainfall and combat aridity, supporting water resource management and reducing the vulnerability of affected areas. 

“These efforts demonstrate the Kingdom’s commitment to sustainable development, environmental conservation and addressing the challenges of climate change and sand and dust storms, and drought and land degradation,” Ghulam said. 

Faqeeha urged global stakeholders to act decisively. “The time to act is now,” he said, emphasizing that resilience requires partnerships across governments, NGOs, and the private sector. 

By fostering collaboration and leveraging innovative solutions, the initiatives announced at COP16 aim to address one of the most pressing global challenges. 


Record $14.4bn rise in Saudi holdings of US Treasuries

Updated 19 January 2026
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Record $14.4bn rise in Saudi holdings of US Treasuries

RIYADH: Saudi Arabia increased its holdings of US Treasuries by 10.71 percent in November in what was the largest increase since data tracking began in 1974, according to the latest official data,

The Kingdom’s US Treasury portfolio stood at $148.8 billion in the month, up $14.4 billion from October.

Following the increase, Saudi Arabia moved up one place to 17th place among the largest foreign holders of US Treasuries.

Countries including Saudi Arabia invest in US Treasuries for their perceived safety, liquidity, diversification benefits, and alignment with economic ties to the US. 

The Kingdom’s holdings were 17.25 percent higher in November compared with January 2025.

The allocation highlights Saudi Arabia’s preference for longer-dated US government debt as part of its foreign reserve strategy, focused on capital preservation, liquidity, and diversification amid global market volatility. 

Saudi Arabia’s holdings included $106.8 billion in long-term securities, accounting for 72 percent of the total, while short-term holdings stood at $42 billion, or 28 percent. 

Globally, Japan remained the largest foreign holder of US Treasury securities at $1.2 trillion, followed by the UK at $888.5 billion, mainland China at $682.6 billion, and Belgium at $481 billion. 

Canada ranked fifth with holdings of $472.2 billion, followed by the Cayman Islands and Luxembourg in sixth and seventh positions, with portfolios valued at $427.4 billion and $425.6 billion, respectively. 

France placed eighth with $376.1 billion, followed by Ireland at $340.3 billion and Taiwan at $312.5 billion. 

Other countries included in the top 20 list include Switzerland, Singapore, Hong Kong, and Norway, as well as India and Brazil. 

The trade relationship between Saudi Arabia and the US remains strong, with the Kingdom exporting SR5.20 billion ($1.39 billion) worth of non-oil goods in October, data from the General Authority of Statistics showed.

Speaking to Arab News in October, Nasser Saidi, founder and president of economic and financial advisory services firm Nasser Saidi & Associates and a former minister of economy and trade in Lebanon, said US Treasuries are a critical pillar of stability.

“Holding treasuries allows Saudi Arabia to meet its international payment obligations — finance imports, service external debt, portfolio, and capital flows — provide a buffer against oil revenue shocks, while also generating a steady, low-risk stream of income,” he said.