Cop28 boosts coastal community climate role
12 December 2023
Of the $83.9bn in funding commitments made during the first 11 days of the Cop28 UN climate summit, $467m has been allocated to local climate action, in addition to $134m for adaptation, $129m for least-developed countries and $30bn for climate finance.
The Loss and Damage Fund has also attracted commitments of over $720m, with more expected to come.
These financial commitments will benefit local communities globally that have been taking the brunt of extreme weather events such as floods and droughts.
"The Cop28 summit in Dubai has recognised that the success of nearly all agreed climate measures and funding will depend on local and sub-national government implementation," says Alfredo Coro II, mayor of Del Carmen municipality in the Philippines' southern Siargao Islands.
Coro attended the Local Climate Action Summit, which was organised as part of the Cop28 conference.
"We recognise [former New York City mayor] Michael Bloomberg's role in pushing for mayors to be at the forefront of discussions on climate change actions, policies and funding," Coro tells MEED.
"We hope our network… will be able to attract global organisations to listen and respect the innovations of small coastal communities to address climate change impact on oceans and support sustainable fishing, as well as coastal management."
Coro also represents the Costal500, an alliance of mayors and other local government leaders from countries including Brazil, the Federated State of Micronesia, Guatemala, Honduras, Indonesia, Mozambique, Palau and the Philippines.
The Coastal500 alliance aims to serve as a platform for scaling climate adaptation and climate solutions in small local communities around the world.
"The local governments implement the climate action and they also absorb all the loss and damages," says Coro. "Recognising local governments in Cop28 will … play a major role in the discussions of operationalising the Loss and Damage Fund, from global finances to national government funds."
A total of 200 countries agreed to set up the Loss and Damage Fund at Cop27 last year, nearly 30 years since it was first discussed at a Conference of the Parties of the UN Framework Convention on Climate Change (Cop).
Cop28 announced operationalising the fund on 30 November, with the UAE and Germany each pledging $100m towards the fund; the UK pledging $75m; and the US, which has previously pushed back on the fund, planning to contribute $17.5m.
France and Italy each pledged $108m, Denmark pledged $50m, Norway committed $25m, and Japan and China each pledged $10m.
According to Coro, the Coastal500 members have already proven case studies that, when replicated, will be able to help mitigate and adapt to the impacts of climate change on a family and community level.
He cites as an example an integrated climate adaptation and mitigation strategy in his municipality. "We rehabilitated our mangrove ecosystem and conducted investments to prepare our communities and local government," he explains.
These helped to minimise the loss of life when super typhoon Rai made landfall in the Siargao Islands in December 2021. However, the typhoon heavily damaged the islands' Climate Field School, which was funded by a climate adaptation fund in the Philippines.
"We hope that localising the policies and practices will give local governments the courage to demand the needed access to financing potential loss and damages that have direct consequences to their respective constituency and community," Coro says.
Drop in the ocean
The final mechanisms for the Loss and Damage Fund have yet to be finalised. It remains unclear whether the funds will be disbursed as loans or grants.
Unlike climate mitigation and adaptation projects that aim to reduce carbon emissions and improve community responses to extreme weather events, the Loss and Damage Fund intends to help communities that have already suffered losses such as flood-damaged bridges or dams and agricultural crop revenues.
Rich, carbon-emitting countries are the expected main sources of the fund, although China, the world's top carbon emitter, which is a developing country, could technically qualify both as a source and recipient of the fund.
While operationalisng the fund has been considered a breakthrough, some critics have said that the pledges so far amount to only 0.2 per cent of what is needed to address the problem.
"The millions promised for the Loss and Damage Fund at Cop28 are a drop in the ocean of what is needed," notes Lien Vandamme, a senior campaigner at the Centre for International Environmental Law.
“Hundreds of billions of public, grants-based, new and additional money is needed, and we cannot call this Loss and Damage Fund a success as long as this is lacking,” she added.
Mena extreme weather
Several countries in the Middle East and North Africa (Mena) region have recently suffered major calamities that can be directly linked to climate change.
Thousands of people were feared to have drowned when a storm swept through Derna in eastern Libya on 11 September. Heavy rains from Storm Daniel caused a water dam about 12 kilometres from Derna to fail, sending water down a valley and overwhelming a second dam closer to the city.
The storm was called a Medicane – a portmanteau for Mediterranean and hurricane – which experts said drew enormous energy from extremely warm seawater. A warmer atmosphere is also understood to hold more water vapour that can fall as rain.
Photo: Pixabay
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Sabic awards $3.47bn contract for ammonia and urea complex10 September 2026
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Sabic Agri-Nutrients, an affiliate of chemicals giant Saudi Basic Industries Corporation (Sabic), has awarded the main engineering, procurement and construction (EPC) contract for its seventh project in Saudi Arabia’s Jubail Industrial City, which will significantly expand its ammonia and urea production capacity.
South Korea’s Samsung E&A has won the contract for the project known as San VII, valued at $3.465bn, Sabic Agri-Nutrients said in a filing with the Saudi Exchange (Tadawul) on 10 September. It added that its board approved the final investment decision on the project on 9 September.
The San VII project in Jubail Industrial City, in the kingdom’s Eastern Province, will have a production capacity of about 1.2 million metric tonnes a year (t/y) of conventional ammonia and 2.6 million metric t/y of urea. The complex will also feature a post-combustion carbon capture unit.
Sabic had earlier announced receiving approval for feedstock allocation from the Saudi Ministry of Energy in March for the project, which will expand Sabic Agri-Nutrients’ urea production capacity by 54%, from approximately 4.8 million metric t/y to 7.4 million metric t/y.
The San VII project replaces a previously planned low-carbon or blue ammonia project with a conventional ammonia and urea facility. The project, which was previously known as San VI, was slated to produce 1.2 million metric t/y of low-carbon ammonia and 1.1 million metric t/y of urea and specialised agri-nutrients.
Before being restructured into its current form, MEED reported in March last year that Samsung E&A was the frontrunner to win the main EPC contract for the project.
Sabic Agri-Nutrients expects construction on the San VII project to begin in Q4 2026, with commissioning scheduled to start in Q3 2030. The commissioning period will last four months, ahead of the start of commercial production and completion of the project in Q4 2030.
The San VII project “is also expected to represent a significant step toward enhancing the company’s competitiveness and sustainability through the integration of advanced carbon capture technologies and the reduction of emissions intensity across its operations. This will contribute to reducing the carbon footprint of its products, supporting the company’s sustainability and carbon neutrality ambitions”, Sabic Agri-Nutrients said in its Tadawul filing.
“The project is considered one of the key pillars of the company’s 2040 strategy, which aims to strengthen the kingdom’s position in the agricultural nutrients export market and contribute to global food security, in line with the objectives of Saudi Vision 2030,” it added.
Sabic Agri-Nutrients
Formerly Saudi Arabian Fertiliser Company (Safco), Sabic Agri-Nutrients was the first petrochemicals company to be established in Saudi Arabia in 1965.
Sabic Agri-Nutrients, in which Sabic owns the majority 50.1% share, is one of the leading global fertiliser producers, with a portfolio that includes urea, ammonia, phosphate and other specialised products.
For the second quarter of 2026, the company reported a sharp decline in profitability, primarily driven by a drop in revenue and lower sales volumes compared with both the previous quarter and the same period last year.
Sabic Agri-Nutrients saw its net profit fall by 64.25% to $101m, compared with $282.66m in the second quarter of last year, and by 69.11% on a quarter-on-quarter basis.
The company’s Q2 revenues were down by 26.65% year-on-year at $643m, and by 16.11% quarter-on-quarter. Earnings before interest, taxes, depreciation and amortisation (Ebitda) in Q2 stood at $165m, a drop of 51% year-on-year and 55% quarter-on-quarter.
Sabic Agri-Nutrients further said its profitability suffered from a 31% quarterly decline in agri-nutrient sales volumes, recorded at 960,000 metric tonnes. Although global supply chain disruptions triggered a 27% price increase for agri-nutrients during the second quarter, the short-lived macro-driven bump was not enough to fully offset the slide in sales volumes.
In December 2022, Saudi Aramco and Sabic Agri-Nutrients delivered the world’s first commercial-grade blue ammonia cargo to South Korea. Locally based Lotte Fine Chemicals received the shipment of 25,000 metric tonnes of independently certified blue ammonia in the southern city of Ulsan.
Following that milestone, the company struck several deals in 2023 with customers worldwide to supply low-carbon ammonia and urea.
In April 2023, Sabic Agri-Nutrients shipped the first independently certified low-carbon ammonia from Saudi Arabia to Japan, where it is being used as fuel for power generation. The ammonia cargo was produced with feedstock from Saudi Aramco, sold by Aramco Trading Company to Fuji Oil Company and transported by Mitsui OSK Lines.
After that, Sabic Agri-Nutrients shipped 5,000 metric tonnes of low-carbon ammonia in May 2023 to a customer in India, Indian Farmers Fertiliser Cooperative.
The company then shipped 5,000 metric tonnes of low-carbon ammonia to Taiwan Fertiliser Company in June 2023.
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MIFC is a limited liability company wholly owned by Saudi Arabian Mining Company (Maaden). MIFC serves as the holding entity for all subsidiaries within Maaden’s phosphate business vertical.
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Contractor wins Riyadh airport sewage plant deal10 September 2026

The local Safari Company has been selected to build a sewage treatment plant at the King Salman International airport (KSIA) development in Riyadh.
The contract for the facility is yet to be formally signed with King Salman International Airport Development Company (KSIADC), a source close to the project told MEED.
The facility will have a treatment capacity of 92,000 cubic metres a day and is estimated to be worth SR700m ($187m).
In July, MEED reported that Safari was one of seven contractors awaiting a decision on a contract to build the sewage treatment plant.
It is understood that bids were submitted in March, following the tender’s release earlier this year.
The plant will treat wastewater generated by the airport and surrounding developments, including passenger terminals, runways, residential districts, commercial facilities and logistics areas.
The bidders (all local) are:
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US-headquartered Jacobs is acting as the main project consultant. Commercial operations for the plant are scheduled for 2029.
The sewage treatment plant is one of several water infrastructure packages planned for the airport. KSIADC is also evaluating bids for a separate $30m engineering, procurement and construction (EPC) contract covering potable water and fire water tanks and an associated pumping station. The same seven companies submitted bids for that package.
Earlier in July, MEED exclusively reported that a joint venture of Beijing-headquartered China Civil Engineering Construction Corporation and Dammam-based Mofarreh AlHarbi & Partners had won a deal to undertake the enabling and substructure works for Terminal 6 at KSIA.
That same month, MEED exclusively reported that contract details were being finalised for the main construction contract for the expansion of Hail airport. It is understood that Safari Company was appointed as the contractor for this project.
The terminal expansion works include the south expansion, which encompasses the construction of a new building covering 5,600 square metres. This building will connect to the existing terminal from the southern side.
The expansion will increase the airport’s capacity to about 1.7 million passengers a year by 2030.
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Azizi to announce $8bn Sharjah residential community10 September 2026
Dubai-based real estate developer Azizi Developments is preparing to launch Azizi Florence, a AED30bn ($8bn) masterplanned community in Sharjah.
Named Azizi Florence, the project will mark the developer’s first venture in the emirate of Sharjah.
The community will include 1,130 villas, over 6,000 townhouses and 3,500 apartments.
Planned as a fully integrated destination, Azizi Florence will combine residential, retail, hospitality, education, leisure, and wellness components, anchored by a 1.7 million-square-foot central park.
The development will be organised into six residential clusters, each featuring its own park, clubhouse, community centre and landscaped gardens.
Azizi Florence is another major addition to the developer’s UAE portfolio.
In April last year, Azizi announced plans to develop the Azizi Milan community in Dubai’s City of Arabia area.
According to media reports, the project will be developed at an estimated cost of AED75bn ($20bn) and will offer over 81,200 residential units.
The developer said the project will cover an area of about 40 million square feet, making it one of the largest mixed-use communities in the UAE.
In 2023, Azizi launched the Azizi Venice project in the Dubai South area. The estimated AED30bn ($8.17bn) mixed-use development will offer more than 30,000 residential units, including 100 mid-rise apartment complexes and 400 villas, two five-star hotels and an opera house.
The development will also include schools, a hospital, cycling and jogging tracks, a 3-kilometre-long swimmable lagoon, water features and landscaped parks.
Dubai real estate developments dominate the UAE’s construction market, with schemes worth over $323bn in the execution or planning stages.
This is in line with a forecast by GlobalData, which projects that the output of the UAE construction sector will grow by 4.2% in real terms in 2025, supported by developments in infrastructure, energy and utilities and residential construction projects.
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Saudi Arabia’s power award activity slows10 September 2026

Saudi Arabia’s power market has seen a sharp fall in contract awards in 2026 following a major wave of renewable energy investment last year.
According to regional project tracker MEED Projects, about $3.38bn of power sector contracts were awarded in the kingdom as of early September, compared with $27.5bn in 2025, $54.2bn in 2024 and $26.1bn in 2023.
The relatively low level of contract awards this year has partly been influenced by a shift towards wider infrastructure such as battery energy storage systems (bess) and transmission projects, alongside delays in the procurement of renewable energy projects under the National Renewable Energy Programme (NREP) Round 7.
In September, Saudi Power Procurement Company (SPPC) awarded four Group 1 storage service agreements representing more than SR4.35bn ($1.16bn) of investment. The projects will provide a combined 2,000MW of capacity and 8,000MWh of storage.
Three bess projects, Al-Muwyah, Haden and Al-Kahafa, were awarded to a consortium of Saudi Energy, Acwa and Al-Sharif Contracting & Commercial Development Company. Another consortium of France’s Engie and Haji Abdullah Alireza & Co won the contract for the remaining Al-Khushaybi bess project.
Transmission awards
The battery storage projects are part of a broader shift towards the infrastructure needed to support Saudi Arabia’s expanding power system, with transmission accounting for most of the contracts awarded this year, reaching $3.35bn in new awards.
The largest is the estimated $500m contract awarded to Alfanar Projects in March for the 500kV overhead transmission line linking Saudi Arabia’s Eastern and Central operating areas. The 508-kilometre project will have a transmission capacity of 3,000MW.
Saudi Energy, formerly Saudi Electricity Company, is implementing a $58.7bn grid investment programme through 2030, including 130 high-voltage substations, about 12,900km of overhead transmission lines and 1,100km of underground cables.
Saudi Energy is the largest owner by value so far this year, accounting for about $1.9bn of contract awards, while SPPC has awarded more than $1.1bn in new contracts.
The focus on storage and transmission follows strong growth in renewable generation investment in 2025. Wind power contract awards reached $4.4bn, while 11 major solar contracts were also awarded.
In May 2025, developers signed $8.3bn of power purchase agreements with SPPC for five solar plants and two wind farms with a combined capacity of 15,000MW, somewhat inflating last year’s figures. The projects, backed by the Public Investment Fund, reached financial close in November.
Renewables projects
The next major phase of renewable procurement is now moving through the tender process. The seventh round of NREP, tendered in January, will add 5,300MW through four solar and two wind projects.
Based on the procurement timeline for the Round 6 projects, which were tendered and awarded in 2026, it was reasonable to expect Round 7 to follow a similar schedule.
However, according to one developer, rising supply costs have been a factor in recent deadline extensions for these projects, with those involved “waiting till these come down”.
With the latest bid submission deadlines set for September, the timing of the procurement process means contracts from NREP Round 7 may now fall into 2027 rather than materially lifting this year’s total.
The solar projects comprise the 1,400MW Tabarjal 2, 600MW Mawqqaq, 600MW Tathleeth and 500MW South Al-Ula independent power projects (IPPs). The round also includes the 1,300MW Bilgah and 900MW Shagra wind IPPs.
This helps explain why Saudi Arabia’s power sector contracting could remain relatively subdued in 2026 despite a substantial volume of projects progressing through procurement.
Project pipeline
According to MEED Projects, about $5.1bn of power projects are currently under bid evaluation and a further $7.3bn are at the main contract tender stage.
Solar projects make up the largest share, at about $5.1bn, or 41% of the total. There continues to be relatively strong diversification, with cable and overhead-line projects accounting for about $3bn, followed by wind at $2.2bn, oil and gas-fired power at $1.1bn and substations at about $1bn.
Renewable energy remains a particularly significant part of the development programme. Saudi Arabia raised its renewable energy target to 130GW by 2030 in 2023 and needs to add roughly 20GW of capacity a year to meet it.
Large-scale storage is also expected to continue expanding. The latest SPPC projects build on five bess facilities awarded by Saudi Energy through National Grid Saudi Arabia to Alfanar in 2025. The facilities have a combined capacity of up to 2,500MW, equivalent to about 10,000MWh.
SPPC has also issued the request for proposals for the second phase of its independent bess programme in Saudi Arabia. The Group 2 programme comprises six independent storage provider projects with a total capacity of 3GW, equivalent to 12,000MWh based on a four-hour storage duration. Developers are due to submit bids in October.
The timing means the Group 2 projects could contribute to contracting activity in 2027, alongside this next batch of renewable projects under NREP Round 7.
Nuclear power could provide another potential source of activity over the next 12 months. The US and Saudi Arabia signed a civil nuclear cooperation agreement in July, providing the legal foundation for a long-term, multibillion-dollar nuclear partnership.
While the agreement is unlikely to translate immediately into major contract values, further progress on Saudi Arabia’s nuclear programme could add another area of activity in the sector as the kingdom moves into 2027.
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