NASIRIYAH, Iraq: Iraqi anti-government protesters blockaded an oil field and rallied in southern cities Sunday while political factions remained paralyzed in their attempts to form a new government.
Several hundred people demanding jobs shut off access to the Nasiriyah field, 300 kilometers (190 miles) south of Baghdad, which produces 82,000 barrels of oil per day, executives said.
The two-day-old blockade is the first to disrupt operations in OPEC’s second largest producer since the start of the popular revolt set to enter its fourth month in early January.
Halting production from Iraq’s southern Nasiriyah oilfield on Saturday by protesters will not affect the country’s exports and production operations, the oil ministry said on Sunday.
Iraq will use additional output from southern oilfields in Basra to make up for the missing shipments from Nasiriyah field, the ministry said in a statement.
The youth-led protests demand the ouster of the entire political class that has run the country in the aftermath of the 2003 US-led invasion that toppled dictator Saddam Hussein.
Demonstrators have vented their fury at what they consider inept politicians who have mismanaged the economy, enriched themselves and are beholden to powerful neighbor Iran.
Sit-in protests have shut down state offices and schools across the Shiite-majority south for weeks, and demonstrators again declared a “general strike” in Diwaniya on Sunday, the first day of the working week.
Mass rallies and picket lines also paralyzed Kout, Al-Hilla, Amara and the shrine city of Najaf, AFP correspondents said.
The protests have continued despite being met with batons, tear gas and, at times, live rounds in violence that has claimed nearly 460 lives and left some 25,000 people wounded.
The activists scored a partial success in November with the resignation of prime minister Adel Abdel Mahdi, who however remains in charge in a caretaker role.
Pro-Iranian and other political factions have since wrangled over finding a successor — so far without success.
And although parliament has just voted for an electoral reform package, there has been no indication that the early polls many citizens are calling for will be held anytime soon.
Heightening the turmoil, President Barham Saleh last week threatened to resign rather than put forward the name of a pro-Iran candidate to form the next government.
Nasiriyah student demonstrator Osama Ali praised the head of state, saying he had “foiled the attempts by parties and militiamen to kill off the revolution to protect their own interests.”
“This gives us hope to continue our peaceful movement until we obtain all our demands,” he said.
Those demands include an end to a system that doles out state jobs according to ethnicity and religion, and a stop to the endemic corruption estimated to have swallowed up twice Iraq’s GDP in 16 years.
Iraq protesters lock down Nasiriyah oilfield, production and exports not affected
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Iraq protesters lock down Nasiriyah oilfield, production and exports not affected
- Several hundred people demanding jobs shut off access to the Nasiriyah field
- Demonstrators have vented their fury at what they consider inept politicians who have mismanaged the economy
ACWA Power advances $1.8bn capital increase plan to boost global expansion, says CFO
RIYADH: Saudi utility giant ACWA Power is moving forward with its SR7 billion ($1.8 billion) capital increase as part of a broader strategy to expand its footprint in energy transformation, water desalination, and green hydrogen production, according to its chief financial officer.
In an interview with Al-Ekhbariya, Abdulhameed Al-Muhaidib described the capital raise as a critical step to reinforce the company’s leadership both domestically and internationally in sustainable infrastructure.
ACWA Power’s investment portfolio currently stands at around SR400 billion, encompassing over 78 gigawatts of production capacity and more than 9.5 million cubic meters per day in water desalination capacity. In line with long-term objectives, the company’s board approved a plan two years ago to triple assets under management to over SR937.5 billion by 2030.
The initiative also aligns with Saudi Arabia’s national goal of achieving a balanced energy mix by 2030, targeting an equal split between gas and renewable sources for electricity generation.
“The company decided to increase its capital through a rights issue rather than expanding into debt markets, with the aim of strengthening its financial position and enhancing credit flexibility. A large portion of the proceeds will be used to expand its project portfolio both inside and outside the Kingdom,” said Al-Muhaidib.
He noted that 60 percent of ACWA Power’s current investments are located in the Kingdom, with the remaining 40 percent spread across international markets. Between 75 percent and 85 percent of the new capital will be allocated to greenfield projects, while acquisitions will account for no more than 20 percent.
“ACWA Power’s infrastructure projects rely primarily on debt, with shareholders’ equity covering 20 percent to 25 percent of the financing structure. The company will continue this financing strategy while maintaining net debt at approximately SR20 billion, despite the significant growth expected through 2030,” he added.
Highlighting the company’s geographical expansion, Al-Muhaidib said ACWA Power added new projects worth SR34 billion in 2024 across Saudi Arabia, Egypt, Azerbaijan, Uzbekistan, and China.
He also pointed out the firm’s active presence in China, with more than 90 employees based in its Shanghai office to support growth in that market.
ACWA Power successfully achieved nine financial closings in 2024, amounting to SR34.6 billion. The CFO said a dedicated internal team has been established to streamline project execution from inception to operation.
He confirmed that the Capital Market Authority has approved the capital increase, with the final offering price set to be announced during the company’s general assembly on June 30.
“Seventy-seven percent of shareholders have submitted their subscription pledges,” Al-Muhaidib noted, adding that the high participation rate underscores investor confidence in the company’s long-term strategy.
ACWA Power reported a net profit of SR1.75 billion in 2024, a 5.74 percent increase year on year, according to a Tadawul filing issued in February. The gain was attributed to higher revenues from operations and maintenance, increased electricity sales, and improved earnings from equity-accounted investees, capital recycling, and net finance income.
Closing Bell: Saudi main index retreats to 10,731.59
- Parallel market Nomu lost 393.70 points to settle at 26,404.44
- MSCI Tadawul Index dropped 11.64 points, closing at 1,380.40
RIYADH: Saudi Arabia’s Tadawul All Share Index fell on Sunday, declining 109.35 points, or 1.01 percent, to close at 10,731.59.
Trading turnover reached SR5.15 billion ($1.37 billion), with only 25 stocks advancing while 233 declined.
The parallel market, Nomu, also ended the session in negative territory, losing 393.70 points, or 1.47 percent, to settle at 26,404.44. A total of 24 stocks rose while 70 registered losses. The MSCI Tadawul Index dropped 11.64 points, or 0.84 percent, closing at 1,380.40.
Saudi Research and Media Group led the day’s gainers, with its share price climbing 9.89 percent to SR155.60. Dr. Sulaiman Al Habib Medical Services Group rose 3.82 percent to SR261, and Jazan Development and Investment Co. advanced 3.32 percent to SR10.28.
On the losing side, MBC Group Co. posted the steepest decline, falling 9.99 percent to SR36.95. Modern Mills for Food Products Co. slipped 6.66 percent to SR30.85, while Wafrah for Industry and Development Co. dropped 6.27 percent to SR26.15.
On the announcements front, Tabuk Agricultural Development Co. signed an agreement with the National Electricity Transmission Co., a subsidiary of Saudi Electricity Co., under the Kingdom’s Liquid Displacement Program.
The project aims to cut emissions by replacing liquid fuels used in power generation at the company’s facilities with electricity, while improving operational reliability without imposing significant financial burdens.
Separately, Professional Medical Expertise Co., also known as ProMedEx, signed a memorandum of understanding with Zhende Medical Co., Ltd and MedSurg FZ-LLC to establish a joint manufacturing venture in Saudi Arabia.
The facility will produce medical supplies tailored to the domestic market and the wider region. Under the agreement, Zhende Medical will hold a 51 percent stake in the new entity, ProMedEx will own 35 percent, and MedSurg will hold the remaining 14 percent. Capital details will be disclosed at a later stage.
Oman residential property prices jump 7.3% in Q1 on land demand
- Jump driven by 6.5% rise in residential land prices
- Apartment prices rose 17% in May, while villas gained 6.4%
RIYADH: Oman’s residential property prices climbed 7.3 percent year on year in the first quarter of 2025, led by a sharp increase in residential land values, official figures showed.
According to data from the National Center for Statistics and Information, the jump was driven by a 6.5 percent rise in residential land prices, which form the largest component of the real estate index.
The gain reflects a broader regional upswing in property activity during early 2025. In the Kingdom, residential property prices rose 4.3 percent in the first quarter. The UAE continued to post strong gains, with Dubai prices climbing 16.5 percent and Abu Dhabi villa prices increasing 4.4 percent over the same period. In Qatar, real estate transactions reached 1.27 billion Qatari riyals ($350 million) in March alone.
Oman is working to ramp up housing supply as part of its Vision 2040 strategy, aiming to deliver 62,800 new residential units by 2030. Some 5,500 of these are expected to hit the market in 2025, according to consultancy Cavendish Maxwell.
NCSI data also showed strong momentum within individual property types. Apartment prices rose 17 percent in May, while villas gained 6.4 percent, and prices for other residential units increased 2.2 percent. The overall residential real estate price index grew 5.5 percent quarter on quarter in the first three months.
On an annual basis, land prices climbed 5.5 percent, apartment prices rose 4.3 percent, and villa prices increased 4.5 percent. Other home types saw the steepest gains, rising 13.4 percent compared to the same period last year.
At the governorate level, Muscat led the price growth with a 17.4 percent increase in residential land values year on year in the first quarter. Musandam followed with a 12.8 percent rise, while Al-Batinah North and South recorded gains of 7.3 percent and 6.1 percent, respectively. Dhofar and Ash Sharqiyah South posted more moderate increases.
However, the gains were not uniform across the country. Al Buraimi saw residential land prices plummet 35.1 percent, followed by declines in Al Dhahirah at 25.3 percent, Al Wusta at 20.4 percent, Ad Dakhiliyah at 3.7 percent, and Ash Sharqiyah North at 0.8 percent.
Oman’s real estate market ended 2024 on a strong note, with total transaction values rising 28.1 percent year on year to 3.13 billion Omani rials ($8.13 billion) by November, according to NCSI.
In a bid to attract foreign capital and stimulate development, the sultanate has rolled out a series of reforms, including relaxed ownership restrictions for non-citizens and new tax incentives aimed at boosting investor confidence.
Investors on edge over Israel-Iran conflict, anti-Trump protests
- Israel launched a barrage of strikes across Iran on Friday and Saturday
- Strikes knocked risky assets on Friday, including stocks
NEW YORK: Dual risks kept investors on edge ahead of markets reopening late on Sunday, from heightened prospects of a broad Middle East war to US-wide protests against US President Donald Trump that threatened more domestic chaos.
Israel launched a barrage of strikes across Iran on Friday and Saturday, saying it had attacked nuclear facilities and missile factories and killed a swathe of military commanders in what could be a prolonged operation to prevent Tehran building an atomic weapon.
Iran launched retaliatory airstrikes at Israel on Friday night, with explosions heard in Jerusalem and Tel Aviv, the country’s two biggest cities.
On Saturday Prime Minister Benjamin Netanyahu said Israeli strikes would intensify, while Tehran called off nuclear talks that Washington had held out as the only way to halt the bombing.
Israel on Saturday also appeared to have hit Iran’s oil and gas industry for the first time, with Iranian state media reporting a blaze at a gas field.
The strikes knocked risky assets on Friday, including stocks, lifted oil prices and prompted a rush into safe havens such as gold and the dollar.
Meanwhile, protests, organized by the “No Kings” coalition to oppose Trump’s policies, were another potential damper on risk sentiment. Hours before those protests began on Saturday, a gunman posing as a police officer opened fire on two Minnesota politicians and their spouses, killing Democratic state assemblywoman Melissa Hortman and her husband.
All three major US stock indexes finished in the red on Friday, with the S&P 500 dropping 1.14 percent. Oil and gold prices soaring. The dollar rose.
Israel and Iran are “not shadowboxing any more,” said Matt Gertken, chief geopolitical analyst at BCA Research. “It’s an extensive and ongoing attack.”
“At some point actions by one or the other side will take oil supply off the market” and that could trigger a surge in risk aversion by investors, he added.
Any damage to sentiment and the willingness to take risks could curb near-term gains in the S&P 500, which appears to have stalled after rallying from its early April trade war-induced market swoon. The S&P 500 is about 20 percent above its April low, but has barely moved over the last four weeks.
“The overall risk profile from the geopolitical situation is still too high for us to be willing to rush back into the market," said Alex Morris, chief investment officer of F/m Investments in Washington.
US stock futures are set to resume trading at 6 p.m. (2200 GMT) on Sunday.
With risky assets sinking, investors’ expectations for near-term stock market gyrations jumped.
The Cboe Volatility Index rose 2.8 points to finish at 20.82 on Friday, its highest close in three weeks.
The rise in the VIX, often dubbed the Wall Street ‘fear gauge,’ and volatility futures were “classic signs of increased risk aversion from equity market participants,” said Michael Thompson, co-portfolio manager at boutique investment firm Little Harbor Advisors.
Thompson said he would be watching near-term volatility futures prices for any rise toward or above the level for futures set to expire months from now.
“This would indicate to us that near-term hedging is warranted,” he said.
The mix of domestic and global tensions is a recipe for more uncertainty and unease across most markets, BCA’s Gertken said.
“Major social unrest does typically push up volatility somewhat, and adding the Middle Eastern crisis to the mix means it’s time to be wary.”
UAE posts 4% GDP growth in 2024 as economic diversification accelerates
- Non-oil GDP grew by 5%, totaling 1,342 billion dirhams
- Central Bank forecasts 4.5% growth in 2025 and 5.5% in 2026
JEDDAH: The UAE’s gross domestic product reached 1.77 billion dirhams ($481.4 billion) in 2024, recording 4 percent growth, with non-oil sectors contributing 75.5 percent of the total, highlighting diversification progress.
The Central Bank of the UAE has maintained its real GDP growth forecast at 4 percent for 2024, with an expected acceleration to 4.5 percent in 2025 and 5.5 percent in 2026.
According to the Central Bank’s Quarterly Economic Review for December 2024, this growth outlook was supported by strong performances in tourism, transportation, financial and insurance services, construction and real estate, and communication sectors.
In comparison, Saudi Arabia, the largest economy in the region, recorded a modest growth rate of 1.3 percent in 2024, with its non-oil sector contributing 54.8 percent of GDP as the Kingdom steadily advances its Vision 2030 reforms.
Qatar’s economy expanded by 2.4 percent, supported by non-hydrocarbon activities comprising nearly 64 percent of GDP, reflecting ongoing efforts to broaden its economic base.
Oman’s GDP grew by 1.7 percent, driven by a 3.9 percent increase in non-oil activities, particularly in industry and services, while Kuwait’s economy contracted by 2.7 percent in 2024 due to lower oil revenues under extended OPEC+ cuts, though its non-oil sector showed relative resilience with stronger private sector credit growth.
According to the Federal Competitiveness and Statistics Centre, the non-oil GDP grew by 5 percent, totaling 1,342 billion dirhams, while oil-related activities contributed 434 billion dirhams to the overall economy.
Minister of Economy Abdulla bin Touq Al-Marri emphasized that the latest GDP figures released by the FCSC reflect a renewed and positive momentum in the national economy, according to the UAE’s official news agency.
He added that they further underscore the new milestones achieved by the UAE in economic diversification and competitiveness, guided by the vision and directives of its leadership.
The minister emphasized that “these indicators reflect the sustained success of the nation’s economic strategies, which are driving the transition toward an innovative, knowledge-based, and sustainable economic model aligned with global trends and emerging technologies,” WAM reported.
“With each milestone, we are moving closer to achieving the UAE’s target of raising GDP to 3 trillion dirhams by the next decade, while reinforcing its position as a global hub for the new economy, driven by sustainable development, international competitiveness, and forward-looking leadership,” Al-Marri said, as per WAM.
FCSC Managing Director Hanan Mansour Ahli saId that the UAE’s 4 percent GDP growth in 2024 reflects the country’s strong economic performance, driven by a forward-looking vision centered on sustainable, non-oil-led development.
As per the WAM report, the transport and storage sector was the fastest-growing contributor to the country’s GDP last year, expanding by 9.6 percent year-on-year. This surge was largely attributed to the outstanding performance of the country’s airports, which handled 147.8 million passengers, marking a rise of nearly 10 percent.
It added that the building and construction sector registered an 8.4 percent growth in 2024, driven by robust investments in urban infrastructure. Financial and insurance activities grew by 7 percent, while the hospitality sector, including hotels and restaurants, saw a 5.7 percent increase.
The real estate sector also posted a 4.8 percent rise during the same period.
Based on the FCSC findings, the news agency stated that with regard to non-oil economic activities that contributed most to the GDP, the trade sector contributed 16.8 percent, the manufacturing sector accounted for 13.5 percent, and financial and insurance activities contributed 13.2 percent.
“Construction and building contributed 11.7 percent, while real estate activities accounted for 7.8 percent of the non-oil GDP,” it concluded.
According to WAM, passenger traffic through the UAE’s airports also saw a notable rise of 10 percent, reaching a total of 147.8 million travelers.
Meanwhile, financial and insurance activities grew by 7 percent, while the hospitality sector, including restaurants and hotels, expanded by 5.7 percent. The real estate sector posted a 4.8 percent growth, underscoring its continued importance in the nation’s economic landscape.
