Saudi Arabia Roundup: FIFA 2034, inflation, global drought action
UNESCO praises Saudi Arabia
Recent developments in Saudi Arabia highlight the nation’s multifaceted approach to sustainability, economic empowerment, and infrastructural enhancements. The Saudi Green Initiative is at the forefront of tackling biodiversity loss and imbalanced ecosystems. Key strategies involve an ambitious plan to plant 10 billion trees and rehabilitate 40 million hectares by 2030. Furthermore, the initiative aims to protect 30% of land and marine areas, which is crucial for maintaining ecosystem stability and food security. According to Arab News, the CEO of the Saudi National Center for Wildlife, Mohammad Qurban, has underscored the interconnectedness of species and the potential consequences of ecosystem disturbances, which, according to the UN, endanger a million species worldwide. Recent investments, amounting to $188 billion, were announced during COP16, reaffirming Saudi Arabia’s commitment to sustainable development in line with global initiatives.
Forbes Middle East Women’s Summit 2024
The Forbes Middle East Women’s Summit is set to take place on December 18-19, 2024, in Riyadh, serving as a platform to celebrate and promote women's accomplishments in various sectors. The summit will feature prominent speakers, including members of the royal family, and will aim to inspire dialogue and collaboration through workshops and cultural showcases. This initiative reflects the broader objectives of Vision 2030, aiming to enhance the status of women in the region, Zawya reports.
Failure to reach deal on global drought action
UN talks in Riyadh aimed at establishing global frameworks for drought action concluded without concrete agreements, despite extensive discussions. The talks focused on enhancing funding for early warning systems and improving infrastructure resilience, especially in high-risk regions like Africa. However, UNCCD Executive Secretary Ibrahim Thiaw suggested that further negotiations will be necessary to reach a consensus, with future discussions slated for COP17 in Mongolia 2026. As reported by News.AZ, the importance of addressing droughts is underscored by the UN’s report, indicating that they result in annual economic losses exceeding $300 billion and could have far-reaching impacts on global populations by 2050.
191 new aircraft to prepare for Expo 2030 and FIFA World Cup 2034
Saudi Arabia is also preparing for significant international events with Expo 2030 and the FIFA World Cup 2034. The nation is set to transform its aviation capabilities, with Riyadh Air acquiring 60 A321neo Family planes and planning to expand its fleet significantly by 2032. This strategic expansion includes the recruitment of a substantial number of pilots and cabin crew, indicative of the country’s desire to bolster its role as a major tourism destination. Interactions on international air routes are also expected to double, matching the expected influx of visitors, FL360 reports.
Inflation reaches 2% in November
In economic terms, Saudi Arabia's inflation rate, which rose to 2% in November, reflects key trends in various sectors, particularly housing, which saw a notable increase. According to Investing.com, despite fluctuations in specific categories such as transportation and food prices, the overall inflation remains relatively stable compared to global standards, and forecasts suggest a medium-term stabilization around the 2% mark, as projected by the International Monetary Fund. This economic analysis highlights the dynamics of the local market amidst broader global economic conditions.
