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
Up to 40 Canadian firms eyeing investment in Saudi Arabia’s healthcare sector
RIYADH: Up to 40 Canadian firms are eying investment in Saudi Arabia’s healthcare sector amid efforts to strengthen economic ties between the countries.
The interest was highlighted at a healthcare event organized by the Federation of Saudi Chambers at its headquarters in Riyadh, which showcased various investment opportunities within the sector, the Saudi Press Agency reported.
This aligns with Saudi Arabia’s objective to boost private sector participation in healthcare to 25 percent by 2030, reflecting the rapid growth and expansion of the industry, along with attractive investment incentives. It also underscores the Kingdom’s broader efforts to strengthen ties with Canada, highlighted by the restoration of diplomatic relations in May 2023 after a five-year hiatus.
During the gathering, Chairman of the Saudi-Canadian Business Council Mohammed bin Nasser Al-Duleim highlighted the body’s pivotal role in boosting trade relations and fostering investment between the Kingdom and the North American country.
Al-Duleim also provided an overview of Vision 2030 initiatives and talked up the incentives and support offered by Saudi Arabia to foreign investors.
The Ambassador of Canada to the Kingdom Jean-Philippe Linteau commended the efforts to strengthen economic ties between countries.
He emphasized the joint business council’s contributions and highlighted the strong interest of Canadian firms in Saudi Arabia’s healthcare sector.
In December, economic cooperation was the focus of a high-level meeting between a senior Saudi official and the Canadian ambassador, reflecting the ongoing progress in relations between the two nations.
The Kingdom’s Minister of Economy and Planning Faisal Al-Ibrahim held talks with Linteau at his department’s headquarters in Riyadh, SPA said at the time.
Since normalizing relations, Canada is keen to build a “great relationship” with the Kingdom, Linteau said during an interview with Arab News in February.
His commets came a month after Saudi Arabia and Canada agreed to re-exchange trade delegations, aiming to improve economic relations and increase trade and investment volumes.
Hassan Al-Huwaizi, president of the Saudi Chambers of Commerce, emphasized at the time that establishing a joint business council would provide a platform for business leaders to promote activities and engage in partnerships, facilitating continuous interaction and information exchange about market opportunities.
In 2022, Saudi exports to Canada stood at $2.5 billion, with imports valued at $959 million, according to online data visualization and distribution platform Observatory of Economic Complexity.
Saudi Arabia, Palestine to boost trade with formation of new business council
- Formation of the Saudi-Palestinian Business Council represents a significant step in strengthening economic ties
- It comes two after a ceasefire deal came into effect between Israel and Hamas
RIYADH: Saudi Arabia and Palestine have agreed to form a business council to boost bilateral trade and promote investments between both nations.
The agreement to form the first Saudi-Palestinian Business Council was made during a meeting between Hassan Al-Huwaizi, chairman of the Federation of Saudi Chambers, and Mazen Ghanem, Palestinian ambassador to the Kingdom, in Riyadh, the Saudi Press Agency reported.
The formation of the Saudi-Palestinian Business Council represents a significant step in strengthening economic ties, particularly as trade between the two countries continues to grow.
In the third quarter of 2024, the Kingdom’s overall exports to Palestine stood at SR118.3 million ($31.53 million), representing a 35 percent rise compared to the previous three months, according to data from the General Authority for Statistics.
Saudi Arabia also imported Palestinian goods worth SR4 million in the third quarter of 2024.
During the meeting, Al-Huwaizi stressed the need to empower Palestinian business owners to invest in Saudi Arabia and market products from the West Asian nation in the Kingdom’s market.
He also reaffirmed the federation’s support for holding exhibitions and conferences to introduce and market Palestinian products in the Kingdom.
The new agreement comes just two after a ceasefire deal came into effect between Israel and Hamas, allowing some displaced residents to return to their homes.
To stabilize the economy, the Palestine Monetary Authority issued new instructions to banks to ease the burden of accumulated installments on borrowers in Gaza and the West Bank during the war period.
The authority also instructed banks to stop collecting installments in Gaza until the end of June, with the possibility of scheduling and postponing it further.
Other instructions from the monetary authority include reducing interest rates on new loans and stopping the collection of commissions and late fees.
Earlier this month, Palestinian President Mahmoud Abbas met with Nayef bin Bandar Al-Sudairi, the Saudi ambassador to Palestine, and honored him with the Star of Al-Quds medal, a top-rated decoration provided by the state.
During the meeting, Abbas extended his greetings to King Salman and Crown Prince Mohammed bin Salman and thanked Saudi Arabia for the support offered to the Palestinian people and their cause.
Abbas also praised Al-Sudairi’s efforts to strengthen the friendly relations between Palestine and the Kingdom.
Saudi Arabia, Gulf region ‘well positioned’ to take lead on global energy transition, says S&P executive
- Under President Donald Trump’s renewed leadership, energy policy in the US is expected to shift toward an emphasis on increasing crude and gas production
DAVOS: The Middle East, particularly Saudi Arabia, is poised to play a pivotal role in the global energy transition, according to Mark Eramo, co-president of S&P Global Commodity Insights.
Speaking to Arab News at the annual meeting of the World Economic Forum in Davos, Eramo highlighted the region’s growing renewable energy capabilities and its potential to balance traditional energy demands with advancing sustainability goals.
“The renewable energy capabilities in the Middle East are primed to be part of the energy transition and will also continue to support what we would now call traditional energy as it’s needed,” Eramo said.
He emphasized the ongoing importance of energy affordability and security, noting their priority for governments worldwide.
Eramo said Saudi Arabia, with its growing investments in the renewable energy sector, as well as ammonia production for hydrogen, is poised to emerge as a worldwide leader, adding: “The Kingdom is really positioned well to be an energy transition provider and take a global leadership role in that.”
With this in mind, Eramo highlighted S&P’s significant footprint in the Middle East and said the organization was in the process of expanding its presence in the region, something he said he was “excited about.”
He continued: “I manage S&P Global Commodity Insights and watch closely what is happening in Saudi Arabia and the region is near and dear to the work that we do. It’s a fundamental part of what we’re doing, whether it be downstream chemicals or just fundamental oil and gas and renewable energy. So, our plan is to increase our footprint in the region and be there.”
Eramo also reflected on the global energy outlook, touching on the implications of potential US policy shifts.
Under President Donald Trump’s renewed leadership, energy policy in the US is expected to shift toward an emphasis on increasing crude and gas production and expanding export terminal capacity, something which was paused under the administration of Joe Biden.
Citing that Trump this week declared an “energy emergency” in the US, Eramo said that the new administration’s focus on lower energy prices would aim to curb inflation and prioritize security.
Globally, he also noted the varied and pragmatic approach to the pace of energy transition, shaped by differing regional priorities.
“There are challenges in Europe, Asia Pacific, and South Asia. Each country, whether it’s China or India, will respond differently,” he said.
“It’s not about whether energy transition is over but understanding that it’s been going on for decades, driven by carbon emission reductions and fuel efficiency advancements,” he added.
Eramo acknowledged the historical resilience of energy players in navigating geopolitical uncertainties, especially in the Middle East in the past two years.
“I think there’s a long history of geopolitical turmoil in different parts of the world, and I think the major players in energy supply, including in the Middle East, have always found a way to work with their partners — whether in Europe, APAC (Asia-Pacific) or in the Americas — to navigate those waters and respond accordingly,” he said.
Saudi education spending surges 91.5% amid school return
RIYADH: Education spending in Saudi Arabia surged by 91.5 percent to SR220.76 million ($58.8 million) between Jan. 12 and 18, fueled by students returning to school after the midyear break.
According to the latest point-of-sale transactions bulletin, this sector was the only one to register positive growth during the week, with the number of transactions rising by 60 percent to 153,000.
In contrast, overall POS transactions in Saudi Arabia declined by 12.1 percent, dropping to SR11.77 billion from SR13.4 billion the previous week, as spending in other sectors cooled, revealed the bulletin issued by the Saudi Central Bank.
Spending on clothing and footwear saw the sharpest decline, falling 27.5 percent to SR663.16 million. Expenditure on hotels followed with a 19.9 percent dip to SR324.45 million, while recreation and culture recorded a 19.7 percent drop to SR221.8 million.
Similarly, spending on food and beverages recorded a decrease of 9.2 percent to SR1.73 billion, claiming the biggest share of the total POS value. Expenditure in restaurants and cafes followed, recording an 18 percent decrease to SR1.73 billion.
Miscellaneous goods and services accounted for the third biggest POS share with a 12.3 percent downstick, reaching SR1.42 billion.
Spending in the leading three categories accounted for approximately 41.5 percent or SR4.8 billion of the week’s total value.
At 2.1 percent, the smallest decrease occurred in spending on construction materials, leading total payments to reach SR340.1 million.
Expenditures on transportation followed dipping by 2.6 percent to SR661.6 million, while public utilities recorded a 6 percent fall to SR48.1 million.
Geographically, Riyadh dominated POS transactions, representing around 35.5 percent of the total, with expenses in the capital reaching SR4.18 billion — a 9 percent decrease from the previous week.
Jeddah followed with a 12.5 percent dip to SR1.71 billion, and Dammam came in third at SR602.91 million, down 7.1 percent.
Madinah experienced the most significant decrease in spending, dipping by 19.6 percent to SR471 million.
Hail and Makkah followed recording decreases of 18.6 percent and 17 percent reaching SR171.87 million and SR497.28 million, respectively.
Madinah and Makkah saw the largest decreases in terms of number of transactions, slipping 13.5 percent and 12.7 percent, respectively, to 7.98 million and 8.18 million transactions.
PIF to sell Thiqah to Elm in $907m deal to strengthen Saudi Arabia’s ICT sector
- Deal involves the purchase of 45,000 shares, each with a nominal value of $266.56
- Sale aims to foster digital transformation, create high-skilled jobs, and support economic diversification
RIYADH: Saudi digital solutions company Elm has agreed to acquire Thiqah Business Services Co., owned by the Public Investment Fund, in a deal valued at $907 million to boost the information and communications technology sector.
Elm has signed a share purchase agreement with PIF to acquire Thiqah in a cash transaction following discussions initiated in 2023, the company said in a bourse filing.
The deal involves the purchase of 45,000 shares, each with a nominal value of SR1,000 ($266.56), representing the entire issued share capital of Thiqah.
The acquisition is expected to play a pivotal role in advancing Saudi Vision 2030’s goal of fostering digital transformation, creating high-skilled jobs, and supporting economic diversification, the company said in a press release.
“This is an important transaction for Elm, as it enhances integration, rationalizes spending, increases profitability, and provides qualitative advantages for both parties and the market,” said Mohammad Abdulaziz Al-Omair, the CEO of Elm.
He said the integrated entity will be better positioned to deliver advanced national smart services, meeting market requirements and client needs.
“It will also contribute to facilitating innovative operations and capabilities to develop products in the business field with cost advantages, while achieving economies of scale,” added Al-Omair.
The transaction, subject to regulatory approvals and fulfilment of agreement conditions, marks a strategic move to enhance Saudi Arabia’s information and communication technology ecosystem.
The transaction further aligns with PIF’s broader strategy of enabling the Kingdom’s digital transformation by supporting high-impact investments in key sectors.
“PIF is committed to enabling the creation of national champions who contribute to driving the development and growth of the Saudi economy. said Shahd Attar, head of technology and media, MENA Investments, at PIF.
“PIF’s sale of Thiqah to Elm will enhance the ICT sector’s vital role and strengthen efforts to localize technology and drive innovation,” Attar added.
The ICT industry is considered a fundamental enabler for multiple other sectors, including entertainment, financial services, health care, transport and logistics, and utilities and renewables.
As one of the world’s largest and most influential sovereign wealth funds, PIF plays a leading role in driving Saudi Arabia’s economic transformation.
Since 2015, PIF has significantly expanded its investments, establishing 99 companies and focusing on 13 strategic sectors domestically and globally.
PIF’s Vision 2030-aligned investment strategy prioritizes key industries contributing to local content development, private sector partnerships, and technological localization.
The sale of Thiqah to Elm is part of PIF’s broader efforts to maximize the value of Saudi assets while reinforcing its commitment to a knowledge-based digital economy.
