TAQA appoints Reid Warriner CEO of Canadian drilling division

Cougar Drilling Solutions has operations around the world. (Shutterstock)
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Updated 15 January 2022
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TAQA appoints Reid Warriner CEO of Canadian drilling division

  • Warriner has worked at Schlumberger and SeaDrill

RIYADH: Saudi Arabia’s Industrialization and Energy Services Company, known as TAQA, said it appointed Reid Warriner as CEO of Alberta, Canada-based Cougar Drilling Solutions.

Warriner has a 25-year career in the oil and gas industry with spells at Schlumberger, Oilserv and most recently SeaDrill, where he was chief operating officer.

“Reid’s appointment as Cougar Drilling Solution CEO is to build on the company’s strong manufacturing and technical capabilities and expand its directional drilling offerings to our global customers,” TAQA CEO Khalid Nouh said in a statement. “We’re excited having Reid joining us, I am sure he will turn around the business and position Cougar as the service provider and supplier of choice.”

Founded in 1969, Cougar Drilling Solutions offers services both onshore and offshore, in North America, South America, Europe, Australia, Asia, Africa, and the Middle East.


Egypt’s non-oil private sector contracts in June as PMI falls to 48.8 

Updated 6 sec ago
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Egypt’s non-oil private sector contracts in June as PMI falls to 48.8 

RIYADH: Egypt’s non-oil private sector continued to contract in June, with the Purchasing Managers’ Index falling to 48.8 from 49.5 in May, as business confidence plunged to its lowest level on record. 

According to the latest S&P Global survey, this marked the fourth consecutive month below the neutral 50 threshold, signaling a continued deterioration in operating conditions. The decline was accompanied by the sharpest reduction in purchasing activity in nearly a year and a pronounced drop in sentiment about the year ahead. 

The June PMI downturn came amid escalating regional and economic pressures, with spillovers from the Gaza conflict suppressing tourism, remittance flows, and Suez Canal revenues — all key sources of foreign exchange and domestic demand. 

Concurrently, intermittent disruptions in Israeli gas exports have sparked concerns over energy reliability, while elevated freight rates have inflated import costs.  

David Owen, a senior economist at S&P Global Market Intelligence, said: “Overall expectations for future activity were the lowest ever recorded in June.”  

He added: “This downbeat sentiment reflects subdued hopes for order books, as well as concerns that geopolitical risks could cause greater economic disruption.”  

The survey, conducted between June 12 and 20, highlighted deepening demand weakness across the economy.   

Businesses widely reported that weaker order books prompted them to scale back output, while a broad stagnation in local markets contributed to the drop in new orders.  

Although the pace of decline accelerated compared to May, S&P Global noted that it remained softer than the series average.  

Purchasing volumes decreased for the fourth month running, with the contraction gathering pace to become the fastest recorded in nearly a year.  

The manufacturing sector saw the largest cutbacks among the surveyed industries.   

As a result of reduced buying levels, inventories stalled in June after having risen slightly in the preceding three months.   

The data also pointed to ongoing strains in supply chains, reflected in a slight lengthening of supplier delivery times for the second month in a row.  

Employment levels continued to weaken, though the rate of job shedding was described as fractional and was the softest observed in the current five-month sequence of workforce reductions. 

S&P Global noted that staffing cuts were driven not only by diminished demand but also by the prevailing pessimism regarding future activity.  

“Although rates of contraction accelerated from the prior survey, they remained softer than their respective historic trends,” Owen added.  

“Nevertheless, a faster drop in input purchases combined with stalling hiring activity suggests that firms expect demand to remain low and are thereby looking to make cost savings.”  

On the cost side, there was a modest reprieve for businesses. Input cost inflation eased to a three-month low, while the pace at which firms raised output prices slowed considerably from May’s seven-month high.   

This softening of price pressures provided some relief but did little to offset the overall deterioration in confidence.  

The S&P Egypt PMI is a composite index derived from survey responses from around 400 private-sector firms, designed to provide a single-figure snapshot of non-oil business conditions.   

Readings above 50 signal improvement, while those below 50 indicate deterioration.


Saudi PIF enters ‘post-trillion’ era with pivot from scale to substance 

Updated 36 min 4 sec ago
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Saudi PIF enters ‘post-trillion’ era with pivot from scale to substance 

RIYADH: Saudi Arabia’s Public Investment Fund has surpassed $1 trillion in assets, marking a global milestone — but the organization is now pivoting from rapid expansion to a focus on solvency, strategic discipline, and sustainable long-term returns. 

According to Global SWF, the sovereign wealth fund, which recently announced an 18 percent increase in assets under management to SR4.32 trillion ($1.15 trillion) in 2024, is now prioritizing “solvency over scale” and “substance over show.” 

This evolution reflects a broader recalibration of Vision 2030’s investment engine, one that balances domestic megaproject ambitions with liquidity concerns, geopolitical outreach, and disciplined asset rotation. 

While PIF’s top-line revenues surged 25 percent to SR413 billion, net profit fell sharply, down 60 percent to SR26 billion, as rising interest rates, impairments, and project delays eroded returns. 

The decline signals a new reality for one of the world’s most ambitious sovereign investors: returns must be restructured, debt must be optimized, and capital must be deployed with precision. 

To address these challenges, PIF has undertaken a series of strategic shifts. According to Global SWF, these include tighter performance management, a growing reliance on commercial paper and sukuk for short-term funding, and a renewed focus on mature, revenue-generating assets. 

Notably, net profits at AviLease, a PIF-owned aviation leasing firm, increased by 350 percent, while holdings in Uber overtook those in Lucid in PIF’s US public equity portfolio, reflecting a pivot to more resilient assets. 

Meanwhile, PIF’s role is increasingly geopolitical. The fund has been instrumental in securing major international partnerships, including anchoring investment platforms with BlackRock, Goldman Sachs, and Brookfield, as well as government-to-government deals with China, India, France, and the US. 

According to Global SWF, India’s proposal of a 10-year tax holiday and sweeping capital gains exemptions aims to unlock over $100 billion in PIF-led inward investment, underlining its strategic importance. 

PIF’s fiscal and institutional maturity is also earning global recognition. In July, the fund scored a perfect 100 percent in the 2025 Global SWF Governance, Sustainability, and Resilience Scoreboard. 

The ranking, which evaluates 200 sovereign investors globally, placed PIF among just nine funds worldwide and ranked it the highest in the Europe, the Middle East, and Africa region to meet all governance and transparency benchmarks. According to Global SWF, PIF’s strong showing reflects solid progress in disclosures, leadership accountability, and commitment to ESG. 

That commitment is especially evident in the fund’s ESG and green finance activities. In 2024, PIF launched a 100-year green bond as part of its sustainable finance framework, offering a rare long-term issuance that combines ESG impact with Shariah compliance. This approach is helping the fund attract diverse investor interest while aligning capital with climate goals. 

In parallel, the fund is building the Kingdom’s digital and artificial intelligence backbone. In May, it launched HUMAIN, a national AI company tasked with advancing Saudi Arabia’s position in sovereign AI capabilities. 

According to a PIF official statement, HUMAIN aims to invest in foundational models, develop Arabic-language datasets, and partner with global tech leaders, such as NVIDIA. The firm will serve as a vehicle for sovereign AI infrastructure and localization, supporting economic diversification and national security objectives. 

This evolving strategic posture comes at a critical moment for Saudi Arabia’s foreign direct investment ambitions. While cumulative investments remain below Vision 2030 targets, the latest figures from the General Authority for Statistics show that the volume of foreign direct investment inflows reached SR24 billion in the first quarter of this year, marking a 24 percent increase compared to the same period in 2024. 

The figure reflects resilience despite global uncertainties, with PIF expected to play a leading role in accelerating capital deployment and crowding in private investors. 

The fund is also rebalancing its internal structure. As Global SWF noted, several giga-projects, including NEOM’s “The Line,” have been downsized. While originally envisioned as a $1.5 trillion smart city housing 1.5 million people by 2030, current projections suggest that just 300,000 residents and 2.4 km of development will be completed within that timeframe. Accordingly, PIF has trimmed budgets for several large-scale ventures by 20 to 60 percent for 2025. 

Yet this recalibration is not a retreat. It signals a transition to what Global SWF describes as “precision finance,” which uses strategic levers such as commercial paper, asset recycling, co-investments, and sovereign partnerships to preserve liquidity and reduce fiscal strain. 

The fund’s ability to blend long-term Eurobonds with short-term sukuk and CP issuance demonstrates a growing sophistication in liability management, which is rare among sovereign wealth funds. 

As PIF deepens its international exposure, its dual role as both an investor and a policy instrument is becoming increasingly evident. According to Global SWF, the fund’s presence in Paris, its alignment with Trump-era Gulf deals, and its expanding memorandum of understanding with Asian markets reveal an increasingly geopolitical deployment of capital. 

Ultimately, the question facing PIF is not whether it can scale — it already has. The real test is whether it can steer Vision 2030 through a period of rising global interest rates, shifting capital flows, and mounting domestic expectations. If PIF can tighten execution, manage costs, and deliver returns across cycles, it may well redefine the playbook for state-driven transformation. 

As 2025 unfolds, the fund’s performance will be closely watched, not only for its financial metrics but for what it reveals about the sustainability of Vision 2030’s ambitions. 


OPEC+ to raise output by 548,000 bpd in August as market outlook improves

Updated 58 min 6 sec ago
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OPEC+ to raise output by 548,000 bpd in August as market outlook improves

RIYADH: Eight members of the OPEC+ alliance of oil exporting nations say they will boost oil production by 548,000 barrels per day in August in a move that could further reduce gas prices this year.

The decision came after a virtual meeting on July 5, where the group — comprising Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman — reviewed global market conditions and cited a steady economic outlook and low oil inventories as reasons for the increase.

The planned output hike is part of a broader, gradual return of 2.2 million barrels per day of voluntary cuts announced in December 2024. Under that agreement, the eight producers began easing their curbs in April 2025, with the August increase representing the equivalent of four scheduled monthly increments.

OPEC+ emphasized that the gradual ramp-up remains flexible and could be paused or reversed if market conditions warrant. This adaptive approach, the group said, aims to safeguard oil market stability amid evolving global dynamics.

In addition to the production increase, the eight countries reaffirmed their commitment to full compliance with the alliance’s Declaration of Cooperation. They also pledged to compensate for any overproduction since January 2024, with oversight provided by the Joint Ministerial Monitoring Committee.

Monthly meetings will continue to assess supply, demand, and conformity. The next gathering is scheduled for Aug. 3, when members will decide on production levels for September.


Saudi Arabia’s $2.5tn mineral reserves fuel industrial push

Updated 06 July 2025
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Saudi Arabia’s $2.5tn mineral reserves fuel industrial push

  • Mining sector projected to boost its GDP contribution from $17 billion in 2024 to $75 billion by 2030

JEDDAH: Saudi Arabia is accelerating the development of its mining sector as a central pillar of economic diversification, with the Kingdom’s mineral wealth now estimated at SR9.4 trillion ($2.5 trillion). 

The surge in value is driven by discoveries of rare earth elements, base metals, gold, phosphate, and titanium — a strong, lightweight metal with high-value applications in aviation and turbine manufacturing. 

A major catalyst for this growth is the Northern Borders region, home to SR4.6 trillion in resources and a key hub for phosphate production. Developments in Waad Al-Shamal have helped position the Kingdom among the world’s top phosphate exporters. 

In alignment with Vision 2030 and the National Industrial Development and Logistics Program, the mining sector is projected to boost its contribution to gross domestic product from $17 billion in 2024 to $75 billion by 2030. It generated $400 million in revenue in 2023 and is now backed by a $100 billion investment plan targeting critical minerals by 2035. 

Speaking to Arab News, Saurabh Priyadarshi, a geologist and adviser for mining and metals at Geoxplorers Consulting Services, highlighted that Saudi Arabia’s substantial reserves of gold, copper, phosphate, rare earth elements, and lithium position it as a potential global leader in the industry.

“Saudi Arabia can foresee itself becoming a key player in the global minerals supply chain. Calling these minerals critical is a different matter altogether,” he said. 

Priyadarshi added that one of the strongest diversification drivers is rising global demand for battery metals and industrial minerals that power electric vehicles and renewable energy infrastructure. 

“As global markets push toward decarbonization, Saudi Arabia, too, can and should leverage its $2.5 trillion mineral resource base to power the next phase of industrial growth,” Priyadarshi said. 

Saudi Arabia is also prioritizing domestic resources and talent, promoting public-private partnerships, and adopting Fourth Industrial Revolution technologies to drive sustainable, long-term growth. 

Minerals central to 2030 plan 

Mansour Ahmed, an independent economic adviser, described mineral development as a strategic cornerstone of Vision 2030. He said Saudi Arabia’s untapped reserves are “critical to the global energy transition.” 

Ahmed stressed that growing the sector would expand non-oil GDP, generate employment, and drive regional development. He highlighted the importance of mining cities and downstream hubs “to maximize local value and build integrated, resilient supply chains.” 

Both Priyadarshi and Ahmed noted Saudi Arabia’s alignment of mining with advanced manufacturing and innovation. 

Priyadarshi pointed to Ras Al-Khair’s aluminum smelter and the planned battery chemicals complex in Yanbu, developed in partnership with EV Metals Group, as examples of the Kingdom’s industrial leap forward. 

Investments in automated mining technologies, AI-driven exploration, and ESG-focused practices reflect Saudi Arabia’s ambitions to become a global hub for sustainable resource extraction.

Saurabh Priyadarshi, geologist and adviser for mining and metals at Geoxplorers Consulting Services

Saudi Arabia has also secured lithium processing capabilities, becoming the first Middle Eastern country to establish a battery materials supply pipeline. 

“The government is leveraging its Public Investment Fund to finance mining and battery production, ensuring long-term supply chain resilience,” Priyadarshi said. 

He also cited strategic global moves, such as acquiring stakes in Vale’s base metals division and developing domestic copper smelting, as reinforcing the Kingdom’s ambitions in critical minerals. 

According to the Vision 2030 Annual Report for 2024, mining has been prioritized as a key sector for economic diversification. The report highlights significant reforms introduced to support this strategic shift, including the Comprehensive Mining Strategy and the Mining Investment Law — both designed to create a more attractive and transparent regulatory environment. 

Institutional support was reinforced through the establishment of the Ministry of Industry and Mineral Resources. Furthermore, the Saudi Geological Survey and the National Geological Database were launched to strengthen geological mapping and resource assessment capabilities. 

New entities such as Manara Minerals, the Mining Fund, and the Nuthree Exploration Incubator were also created to stimulate investment, innovation, and entrepreneurship in the sector.

ESG and AI integration 

Priyadarshi emphasized that sustainability is integral to this transformation, with AI-driven exploration minimizing environmental impact, automation improving productivity and energy efficiency, and blockchain tools ensuring compliance with ethical, environmental, social, and governance standards. 

Saudi Arabia is also investing heavily in renewables to power its industrial base. Priyadarshi pointed to the Kingdom’s $235 billion commitment to solar, wind, and hydrogen, including NEOM’s $5 billion green hydrogen facility and a $35 billion phosphate and bauxite processing expansion at Ras Al-Khair. 

Ras Al-Khair Industrial City is home to Maaden’s phosphate and ammonia plants, aluminum smelters, and steel
production facilities such as Hadeed — showcasing the Kingdom’s ability not only to extract, but also to process and add value to its mineral resources. The city is rapidly emerging as a strategic node in global supply chains. 

Priyadarshi noted that the Kingdom’s strategy extends beyond resource extraction. He underscored the importance of integrating mining with downstream industries such as aluminum smelting, phosphate processing, and electric vehicle battery production to reinforce supply chains and develop high-value sectors that move beyond the export of raw minerals. 

“Investments in automated mining technologies, AI-driven exploration, and ESG-focused practices reflect Saudi Arabia’s ambitions to become a global hub for sustainable resource extraction,” he said. 

When asked about the most strategically important minerals for the Kingdom, Ahmed identified phosphate, rare earth elements, and gold as critical. 

He explained that phosphate is essential for food security and serves as a key driver of industrial exports, while rare earth elements such as neodymium, praseodymium, and dysprosium are vital for manufacturing EVs, wind turbines, defense technologies, and high-tech electronics — making them central to future-proofing the clean energy economy. 

“Gold continues to hold significant financial value and remains an important mineral for the Kingdom. Copper and bauxite closely follow, given their growing importance in global electrification,” Ahmed added. 

Global rankings 

According to the Vision 2030 report, Saudi Arabia has achieved top international rankings in the mining sector. 

The Kingdom secured first place for mining investment growth, as reported by MineHutte and the Mining Journal. It also ranks among the top 10 countries for mining financial policies and holds the second position globally for efficient license issuance — taking approximately 90 days to issue a mining license. 

The report adds that Saudi Arabia’s advanced legislative framework has attracted significant interest, with 290 local and international companies operating in the sector as of 2024. 

The National Geological Database has dramatically expanded its coverage from just 1.7 percent in 2021 to 51 percent by last year, enabling better resource identification. 

Investor confidence remains high, with 30 proposals submitted for the Kingdom’s largest-ever mining tender in 2024, covering valuable mineral sites containing gold, silver, copper, and zinc.


Scent economy rises as Gulf fragrances shape identity and status

Updated 05 July 2025
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Scent economy rises as Gulf fragrances shape identity and status

  • Demand for high-end artisanal fragrances and the rise of online commerce are reshaping the market

RIYADH: In the Gulf, fragrance and its various perfume notes are increasingly seen not just as personal accessories but as symbols of identity, refinement, and wealth.

From morning rituals with oud to intricate perfume layering before gatherings, the scent economy is booming across the Gulf Cooperation Council region. This regional passion has fueled a multi-billion-riyal industry, deeply rooted in tradition, yet continually evolving through innovation.

According to a recent report by Research and Markets, Saudi Arabia’s perfume market is projected to grow from $2.12 billion in 2023 to $3.57 billion by 2033, registering a compound annual growth rate of 5.94 percent.

Demand for high-end and artisanal fragrances, greater ecological awareness, and the rise of online commerce are reshaping the market.

From ritual to refinement

In the Gulf, fragrance is more than just an aesthetic choice; it’s a cultural expression, often beginning with the application of Royal Cambodian oud, followed by the practice of layering complementary scents.

Both Rasasi and Lattafa Perfumes, major fragrance brands across the GCC, emphasize how deep-rooted traditions are central to the region’s distinctive scent profile.

“Scent is deeply embedded in the cultural and spiritual fabric of the Gulf. Unlike Western fragrance preferences that often lean toward freshness or minimalism, the GCC palette is bold, sensual, and opulent — driven by heritage ingredients like oud, amber, rose, and saffron,” said Talha Kalsekar, head of marketing at Rasasi Perfumes.

He added: “These are not seasonal indulgences but part of daily rituals — from welcoming guests to post-shower layering. It’s also a multi-sensory form of expression: to wear scent is to project dignity, refinement, and often, status.” 

Consumers in the GCC are no longer just buying scents — they’re curating olfactory wardrobes. They understand ingredients, appreciate craftsmanship, and are willing to spend more on exclusive blends.

Talha Kalsekar, head of marketing at Rasasi Perfumes

Echoing this, Fragrance Development Head at Lattafa Perfumes, Abdul Rahim Shaikh, said: “Scent in Gulf culture is symbolic, it signals pride, hospitality, and self-respect. Certain notes like oud, musk, rose, and amber aren’t just popular, they are integral to religious, social, and even business rituals.”

This cultural resonance influences both the composition and consumption of perfumes. From layering of oils, sprays, and incense to the use of oud, musk, rose, and saffron, these ingredients are not trends, but mainstays.

The modern customer

Both brands are experiencing a shift in their customer base, now engaging with a more informed and expressive clientele, one that values storytelling, sustainability, and personalization just as much as the quality of the scent itself.

“Consumers in the GCC are no longer just buying scents — they’re curating olfactory wardrobes. They understand ingredients, appreciate craftsmanship, and are willing to spend more on exclusive blends, limited editions, and artisanal formats,” Kalsekar said.

Lattafa highlighted this evolution as well: “They are looking for emotional connection and long-lasting quality ... The preference leans toward intense, long-lasting, and layered compositions.”

This growing discernment has given rise to gender-neutral perfumes, higher concentrations such as extrait de parfum, and niche storytelling, especially popular among younger demographics.

This is also evident in the rise of demand for full-scent experiences, including body oils, hair mists, and incense-inspired aromas.

Tech meets tradition

Innovation is a defining trait of the evolving fragrance economy. Both Rasasi and Lattafa are integrating artificial intelligence to personalize experiences and streamline product development.

“We’re actively exploring the intersection of scent and technology. While our roots are artisanal, we recognize the value of AI in streamlining formulation processes, especially for large-scale testing and trend forecasting,” said Kalsekar.

He added: “We’re also experimenting with in-store scent personalization tools — allowing customers to co-create their fragrances.”

Lattafa is also blending AI modeling with traditional craftsmanship. “While we remain deeply committed to the artistry of perfumery, we’re exploring the role of AI and personalization to enhance consumer experience. We’re currently working on tech integrations that allow for better digital scent discovery and curated recommendations across our e-commerce platforms,” Shaikh said.

Although AI can be a tool for personalizing scent creation, Shaikh emphasized that it will not replace intuition and tradition.

The digital dimension

With Saudi Arabia’s population becoming increasingly digital-savvy, brands are investing heavily in online infrastructure to align with changing shopping behaviors.

Social media and e-commerce platforms now serve as essential tools for storytelling, customer engagement, and market expansion.

In parallel with these digital shifts, Beautyworld Saudi Arabia, the largest trade fair for the aesthetics industry in the nation held in Riyadh in April, offered a tangible platform for brands to establish a physical presence in the Kingdom. 

The event also included several business matchmaking sessions and panel discussions, enabling regional and international fragrance brands to network, explore distribution deals, and assess market entry strategies for Saudi Arabia’s growing luxury sector.

Fragrance World Perfumes, for example, used its debut at the 2024 edition of the event not just as a launchpad, but as a bridge between its global digital identity and on-the-ground consumer engagement.

Operating in over 125 countries, the UAE-based manufacturer leveraged the gathering to showcase multiple fragrance lines and reinforce its commitment to the Kingdom’s growing beauty and luxury sectors.

Lattafa, in particular, is capitalizing on social media virality, citing how fragrances like Khamrah have gained traction on platforms such as TikTok and Instagram. Shaikh noted that fragrance today is not only worn but also seen and shared, becoming both a visual and cultural phenomenon.

Rasasi also views digital and physical retail as intertwined.

“Physical retail remains essential — it’s where the emotional connection to scent is first made. So we see online and offline not as competitors, but as complementary chapters of the same brand experience,” said Kalsekar.

Luxury, loyalty and local pride

Saudi Arabia is facing intense competition from both global and regional players in the industry.

While brands like Chanel and Dior retain their prestige, homegrown names like Abdul Samad Al-Qurashi and Arabian Oud dominate through cultural connection.

A half tola, or around 6 milliliters, of Royal Cambodian oud from Arabian Oud costs SR600 ($160). 

To remain competitive, physical retail continues to adapt. Ghawali, the Chalhoub Group’s fragrance brand, launched a flagship store in Riyadh’s Nakheel Mall in January 2023, blending modern design with traditional elements and preparing to unveil a Saudi-inspired fragrance collection.

Further emphasizing cultural continuity, the “Perfumes of the East” exhibition held in May 2024 under the patronage of Prince Badr bin Farhan, displayed over 200 artifacts at the National Museum in Riyadh. The show celebrated the Arab world’s enduring relationship with fragrance.

Fragrance outlook

The Eau de Parfum segment is forecasted to dominate due to its longevity and intensity, qualities valued in the region.

Fragrance demand is expected to continue growing, driven primarily by the youth market, primarily comprising urban consumers aged 20 to 40, with women leading the way in consumption.

Import duties and high costs remain barriers, but these challenges have led to a rise in regional manufacturing and increased interest in niche local offerings.