Producers to focus on inventory drawdowns, Saudi oil minister says
Updated 02 November 2017
Reuters
BANGKOK: Saudi Arabia’s energy minister Khalid Al-Falih said on Thursday the focus of oil producers will be to continue to work on drawing down crude inventories.
Al-Falih, speaking to reporters during the 7th Asian Ministerial Energy Roundtable in Bangkok, said OPEC is not targeting oil prices but focusing on fundamentals.
The Organization of the Petroleum Exporting Countries, plus Russia and nine other producers, have cut overall output by about 1.8 million bpd since January. The pact runs to March 2018, but the producers are considering extending it.
OPEC is scheduled to next meet at its headquarters in Vienna on November 30.
ISLAMABAD: Pakistan will unveil its Economic Survey 2024-25 tomorrow, Monday, and detail major socio-economic achievements of the outgoing fiscal year, Pakistani state media reported.
The survey will include details about performance and economic trends of various sectors, including agriculture, industry, services, energy, information technology and telecommunications, capital markets, health, education and transport.
Annual trends of major economic indicators regarding inflation, trade and payments, public debt, population, employment, climate change, and social protection will also be part of the survey.
“Finance Minister Muhammad Aurangzeb will release the Economic Survey-2024-25 at a ceremony to be held in Islamabad,” the Radio Pakistan broadcaster reported.
The survey will be followed by the presentation of the national budget. The earlier dates for the announcement of Economic Survey 2024-25 and federal Budget 2025-26 were June 1 and June 2, respectively, but the government extended the dates to June 6 and June 7.
Pakistan is currently bolstered by a $7 billion International Monetary Fund (IMF) program and is navigating a long path to economic recovery. The country’s annual inflation rate rose to 3.5 percent in May, though its macroeconomic outlook has improved in recent months, supported by a stronger current account balance and increased remittances.
The Pakistani government says it remains committed to maintaining macroeconomic stability, accelerating structural reforms, and ensuring that economic growth translates into real and inclusive progress for all citizens.
Earlier this month, Planning Minister Ahsan Iqbal announced the government has allocated Rs1 trillion ($3.5 billion) for development projects in the upcoming budget for fiscal year 2025-26.
Saudi ports post 13% rise in container volume in May: Mawani
Imported containers rose 15.84% from a year earlier to 292,223 TEUs
Exported volumes increased 9.38% to 279,318 TEUs
Updated 08 June 2025
Reem Walid
RIYADH: Saudi Arabia’s seaports handled 720,684 twenty-foot equivalent units in May, a 13 percent year-on-year jump, driven by growth in imports, exports, and transshipment activity, official figures showed.
According to data from the Saudi Ports Authority, also known as Mawani, imported containers rose 15.84 percent from a year earlier to 292,223 TEUs, while exported volumes increased 9.38 percent to 279,318 TEUs.
Transport, or transshipment, containers also climbed 12.89 percent to 149,143 TEUs, reflecting the Kingdom’s growing role as a regional trade hub.
The uptick in activity highlights the ongoing expansion of port infrastructure and logistics services across the country. It also supports the goals of Saudi Arabia’s National Transport and Logistics Strategy, which seeks to position the Kingdom as a global logistics center under Vision 2030.
In a release, Mawani stated: “The total tonnage handled — general cargo, solid bulk cargo, and liquid bulk cargo — increased by 1.40 percent to reach 21,337,699 tonnes compared to 21,042,684 tonnes during the same period last year.”
The uptick in activity highlights the ongoing expansion of port infrastructure and logistics services across the Kingdom. Shutterstock
It added: “The total general cargo amounted to 935,932 tonnes, solid bulk cargo 5,059,899 tonnes, and liquid bulk cargo 15,341,868 tonnes.”
The ports received 1.63 million heads of livestock, up 61.22 percent compared to 1.01 million during the same period last year.
Maritime traffic also picked up, with vessel calls rising 9.39 percent to 1,083 ships, while the number of passengers grew 68.15 percent to reach 95,231. The number of vehicles handled increased by 13.09 percent year on year to 84,352 units.
The positive momentum follows a strong performance in April, when Saudi ports handled 625,430 standard containers, up 13.4 percent from a year earlier.
In 2024, Mawani announced several major initiatives, including agreements and groundbreaking projects to establish eight new logistics parks and hubs at Jeddah Islamic Port and King Abdulaziz Port in Dammam, with a combined private sector investment of approximately SR2.9 billion ($773 million).
These efforts are part of a broader strategy to enhance the competitiveness of Saudi ports and reinforce the Kingdom’s position as a global trade and logistics hub.
The initiatives form part of a larger SR10 billion investment plan to develop 18 logistics parks across Saudi terminals, all overseen by Mawani.
Next-Gen HNWI prefer Middle East as favorite investment destination: Capgemini
Saudi Arabia in particular is aggressively courting international investors and ultra-wealthy individuals, report says
Global HNWI population increased by 2.6% year on year in 2024
Updated 08 June 2025
Nirmal Narayanan
RIYADH: Next-generation high-net-worth individuals consider the Middle East as their preferred investment destination, thanks to geopolitical security and economic stability, according to an analysis.
In its latest report, consulting firm Capgemini revealed that Saudi Arabia in particular is aggressively courting international investors and ultra-wealthy individuals, thanks to the Vision 2030 economic diversification program.
The findings by the Paris-based company align with the views shared by Henley & Partners in April, which said that Riyadh and Jeddah are among the fastest-growing cities in the world for millionaires.
According to Henley & Partners, more than 20,000 people with liquid investable wealth of $1 million or more are now based in the Saudi capital, while Jeddah is home to 10,400 millionaires.
Riyadh and Jeddah are among the fastest-growing cities in the world for millionaires. Shutterstock
According to Capgemini, the UAE is also capitalizing on this trend and is attracting international HNWI investors.
“Investors are targeting high-growth emerging economies for specific thematic investment options, tax regulation, economic and political stability, better wealth management services, and enhanced market connectivity. As a result of this search for geopolitical security and economic diversification, Asia and the Middle East have become appealing destinations,” said the report.
It added: “Singapore, Hong Kong, the UAE, and recently Saudi Arabia have established themselves as prime alternatives, utilizing advantageous tax policies, strong financial ecosystems, and political stability to draw global wealth.”
The analysis added that enhanced market connectivity and improved wealth management options are among the other crucial factors that make the Middle East a desirable investment destination among next-gen HNWIs.
Saudi focus
The report said the Kingdom “has introduced new residency programs aimed at HNWIs, positioning itself as a regional wealth hub.”
It added: “As global wealth patterns shift, Saudi Arabia is actively enhancing its legal and financial frameworks to compete with traditional wealth hubs.”
HNWIs from nine Muslim-majority countries are preparing to commit $2 billion toward property purchases in Makkah and Madinah. Shutterstock
In 2019, Saudi Arabia introduced the premium residency visa option, which allows eligible foreigners to reside in the Kingdom and enjoy benefits such as exemption from expat and dependents’ fees, visa-free international travel, and the right to own real estate and operate a business without requiring a sponsor.
In January 2024, the Kingdom added five new products to its premium residency program. Under the new addition, the most notable one was the ability to own residential real estate assets worth a minimum of SR4 million ($1.07 million) within the Kingdom.
The rise in the number of HNWIs in Saudi Arabia coincides with the extensive Vision 2030 economic reform program launched in 2016.
Efforts to diversify the Kingdom’s economy have also included a push to attract international companies to establish their regional headquarters in Riyadh, and as of March, over 600 global firms have opened their regional base in Saudi Arabia.
Affirming the growth of Saudi Arabia, Knight Frank, in April, said that HNWIs from nine Muslim-majority countries are preparing to commit $2 billion toward property purchases in Makkah and Madinah.
The trend comes as Saudi Arabia overhauls its property sector to position itself as a global tourism and business hub by the end of this decade.
Capgemini said the UAE is also capitalizing on this trend and is attracting international HNWI investors. Shutterstock
Growth of Middle East region
The report also said the Middle East and Africa registered modest growth in HNWI wealth in 2024, gaining 0.9 percent and 4.7 percent, respectively, compared to the previous year.
In 2024, the HNWI population in the Middle East witnessed a decline of 2.1 percent, while it grew by 3.4 percent in Africa.
“In the Middle East, OPEC’s extension of oil production cuts and comparatively low oil prices, well below their peak in 2022, contributed to weak growth,” said Capgemini.
Global outlook
According to the report, the global HNWI population increased by 2.6 percent year on year in 2024.
Capgemini said the increase was driven by the growth in the population of ultra-HNWIs — those who hold at least $30 million in assets — which grew by 6.2 percent, as strong stock markets and artificial intelligence optimism boosted portfolio returns.
North America saw the biggest gains, with the HNWI population rising by 7.3 percent.
Report said Asia and the Middle East have become appealing destinations. File/Reuters
Europe’s HNWI population declined 2.1 percent due to economic stagnation in major countries like the UK and France, while Latin America also witnessed a drop of 8.5 percent, due to currency depreciation and fiscal instability.
Asia-Pacific’s HNWI population increased 2.7 percent year on year in 2024.
Within the largest individual markets, the US topped the list, adding 562,000 millionaires as the country’s HNWI population grew by 7.6 percent to 7.9 million.
India and Japan were standouts in the Asia-Pacific region, with both countries registering 5.6 percent growth, adding 20,000 and 210,000 millionaires, respectively, last year.
The HNWI population in China declined by 1 percent.
Muscat Stock Exchange cap tops $72.8bn after index climbs for 5th week
Benchmark MSX index rose 17 points to close at 4,578, reflecting improved investor sentiment
Trading volume on the Muscat bourse rose to 11 million rials per day, up from 10 million the previous week
Updated 08 June 2025
REEM WALID
RIYADH: The Muscat Stock Exchange extended its rally for a fifth consecutive week, with market capitalization rising to 28 billion Omani rials ($72.8 billion) in the week ending June 7.
Driven by gains in key services and industrial stocks, the benchmark MSX index rose 17 points to close at 4,578, reflecting improved investor sentiment and increased activity across sectors, the Oman News Agency reported. The bourse recorded a weekly market capitalization gain of 79.3 million rials.
“Last week witnessed a good performance for the stock market, with 34 securities rising, 30 declining, and 17 remaining stable,” the Oman News Agency report stated.
The bourse recorded a weekly market capitalization gain of 79.3 million rials. Oman News Agency
It added: “Muscat Gases recorded the highest increase, rising 18 percent to close at 118 baisas. Galfar Engineering and Contracting rose to 72 baisas, up 9 percent. National Gas recorded an 8.8 percent increase to close at 86 baisas.”
National Gas Co. Oman announced it has acquired an 80 percent stake in Samharam Gas Co., which operates in the bottling and distribution of liquefied petroleum gas in Dhofar Governorate. The acquisition is expected to strengthen its presence in Oman’s LPG market and boost group-level revenues and net profits.
Trading volume on the Muscat bourse rose to 11 million rials per day, up from 10 million the previous week, while average daily transactions climbed to 2,149 from 1,787. The trading week was shortened to four days due to the Eid Al-Adha holiday, with the exchange set to resume operations on June 10.
The services sector led gains, with its index rising five points on the back of strong performances from Ooredoo, Omantel, and OQ Gas Networks. In contrast, the industrial index fell 17 points, the financial index dropped 10 points, and the Shariah index edged lower by less than one point.
National Gas Co. Oman announced it has acquired an 80 percent stake in Samharam Gas Co. File/National Gas Co. Oman
Last week, investors concentrated on OQ Base Industries shares, which traded 10.584 million rials — 24 percent of the total 44 million rials traded. The stock saw 1,678 transactions and closed at 122 baisas, up 4 baisas.
Bank Muscat’s shares recorded 5.48 million rials in trades, accounting for 12.4 percent of the total trading value. OQ Gas Networks ranked third, with trades worth approximately 5.1 million rials.
Sohar International Bank was fourth, with trading valued at 5.03 million rials. OQ Exploration and Production came fifth, with trades totaling 4.30 million rials, representing 9.7 percent of the total trading value.
GCC exceeds global average in 2024 Carbon Circular Economy Index
Region’s performance highlights its growing commitment to sustainable energy and carbon reduction strategies
Expansion reflects increased investments in solar, wind, and other clean energy projects
Updated 08 June 2025
Miguel Hadchity
RIYADH: Gulf Cooperation Council countries have outperformed the global average in the 2024 Carbon Circular Economy Index, scoring 41.5 points, latest data showed.
Released by the Gulf Statistical Center, the index serves as an assessment tool to evaluate the progress of 125 nations toward achieving net-zero emissions through a balanced approach that incorporates mitigation technologies and enabling tools.
It also measures their transition to a carbon-neutral future based on circular economy principles, the Oman News Agency reported.
The GCC’s performance highlights its growing commitment to sustainable energy and carbon reduction strategies.
Its push toward a circular carbon economy aligns with broader economic diversification goals, as the region seeks to reduce its reliance on hydrocarbons while tackling environmental challenges.
Released by the Gulf Statistical Center, the index serves as an assessment tool to evaluate the progress of 125 nations toward achieving net-zero emissions. Oman News Agency
“The contribution of the design capacity of renewable energy plants in the GCC countries to the total design capacity of renewable energy plants worldwide also increased, reaching 0.43 percent in 2024, compared to 0.03 percent in 2015,” the ONA report stated.
This expansion reflects increased investments in solar, wind, and other clean energy projects across the region.
With some member states ranking among the world’s highest per capita emitters, the shift to sustainable practices — such as waste recycling, renewable energy development, and carbon capture — aims to balance continued energy leadership with climate commitments.
According to the Jeddah-based Gulf Research Center, rapid urbanization and resource-intensive consumption patterns have further driven the need for circular solutions, particularly in water and waste management, as the GCC works to mitigate its ecological footprint while fostering green investment and job creation.
Currently, the GCC operates three commercial carbon capture and storage facilities, with a combined capacity of 3.8 million tonnes of CO2 per year. These facilities play a crucial role in reducing industrial emissions, the ONA report noted.
Looking ahead, the region is projected to capture and store up to 65 million tonnes of CO2 annually by 2035. CCS technology is a key component of the GCC’s strategy to limit global temperature rise to 2 degrees Celsius and achieve carbon neutrality by 2050.
Building on this momentum, the Kingdom launched its CCE National Program in 2021, focusing on emissions reduction through four key strategies: reduce, reuse, recycle, and remove.
Saudi Arabia has since implemented over 30 CCE initiatives across its energy sector, aligning with Crown Prince Mohammed bin Salman’s 2021 pledge to achieve net-zero emissions by 2060.
The UAE has also emerged as a regional leader in circular economy policy. Its Circular Economy Agenda 2031 serves as a national blueprint, outlining 22 policies across four key sectors — manufacturing, food, infrastructure, and transportation — to drive advanced recycling, economic growth, job creation, and resource efficiency.
As host of COP28, the UAE reaffirmed its global sustainability commitment, leveraging its strengths in green finance, clean energy, and climate innovation.
