Qatar launches national strategy to boost renewable energy mix 

As per the strategy, Qatar aims to expand its renewable power generation capacity to approximately 4 gigawatts by 2030, with distributed solar generation contributing around 200 megawatts.  
As per the strategy, Qatar aims to expand its renewable power generation capacity to approximately 4 gigawatts by 2030, with distributed solar generation contributing around 200 megawatts.  
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Updated 28 April 2024
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Qatar launches national strategy to boost renewable energy mix 

Qatar launches national strategy to boost renewable energy mix 

RIYADH: The use of solar power and other renewable energy sources is set to boost with the launch of a comprehensive strategy by the Qatar General Electricity and Water Corp.

The utility, also known as Kahramaa, formulated the Qatar National Renewable Energy Strategy to add  renewable sources to its energy mix.

The initiative, developed in coordination with 22 key energy actors, aligns with Qatar’s commitment to a sustainable future and the goals outlined in the Qatar National Vision 2030 and the Third Qatar National Development Strategy 2024-2030, according to a report issued by Qatar News Agency. 

With the annual production of more than 2,000 kilowatt hours of solar power per square meter, Qatar is one of top countries with the highest potential for producing this clean form of energy.

As per the strategy, Qatar aims to expand its renewable power generation capacity to approximately 4 gigawatts by 2030, with distributed solar generation contributing around 200 megawatts.  

This distributed approach will decentralize power generation, ease the burden on the centralized grid, and enhance the overall energy resilience of the nation. 

The launch of the strategy marks a crucial step toward redefining Qatar’s energy landscape as it promises substantial economic, environmental, and security benefits.  

The plan is projected to reduce the average cost of electricity generation by 15 percent by 2030 through cost-effective renewable solutions.  

In terms of its environmental impact, the strategy supports the reduction of carbon emissions, targeting a 10 percent cut in annual emissions from the power sector and a 27 percent reduction in CO2 intensity per unit of electricity produced. 

From an energy security perspective, diversifying power sources is crucial as the strategy emphasizes the importance of maintaining system reliability during the transition to renewables.  

To this end, the strategy proposes a balanced mix of large-scale renewable projects and efficient thermal generation using natural gas. 

Kahramaa’s responsibilities under QNRES include regulating renewable energy practices, issuing licenses, monitoring compliance, executing detailed deployment programs, managing stakeholder interactions, and supporting research and innovation initiatives.  

Moreover, the utility company has begun accepting applications for accredited solar panels and inverters, setting the stage for a comprehensive rollout of distributed renewable energy systems. 

The strategy also included the introduction of net-billing for distributed renewable generation, allowing prosumers to sell surplus electricity back to the grid at fixed prices.  

This system employs bidirectional meters to measure both consumption and surplus electricity exported to the grid, with credits applied to consumers’ accounts to offset future consumption costs. 


Chinese diplomat to Saudi Arabia condemns US tariffs as ‘abusive’ and warns of global trade damage

Chinese diplomat to Saudi Arabia condemns US tariffs as ‘abusive’ and warns of global trade damage
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Chinese diplomat to Saudi Arabia condemns US tariffs as ‘abusive’ and warns of global trade damage

Chinese diplomat to Saudi Arabia condemns US tariffs as ‘abusive’ and warns of global trade damage
  • Minister Counselor in the Embassy of China, Ma Jian says US tariffs are “economic bullying.”

RIYADH: US imposed retaliatory tariffs on Chinese goods are “abusive” and damaging to global supply chains, a diplomat from the Asian country to Saudi Arabia has said.

Speaking at a media roundtable held in the Chinese embassy in Riyadh, Minister Counselor Ma Jian said his country’s government expresses its strong condemnation and firm rejection of the measures taken by President Donald Trump. 

On Wednesday, the US government announced a three-month pause on all the “reciprocal” tariffs that had gone into effect — except those affecting China, which were raised to 125 percent, hours after Beijing boosted the duty on American goods to 84 percent.

Jian said the actions of the White House “violate basic economic rules and market principles and disregard the balance of interests reached in multilateral trade negotiations, and ignore the fact that the United States has long gained significantly from international trade.”

The official told Arab News: “The Chinese government expresses its strong condemnation and firm rejection of this action.”

He added: “The US’ abusive behavior by imposing tariffs seriously harms the trade system and the rules of the World Trade Organization and also harms the global economy. 

“Moreover, the abusive imposition of tariffs also causes damage to global supply chains and the multilateral trading system.”

Jian stated that analysis of data from the World Trade Organization shows that under this US policy, the gap between countries will widen, with less developed countries suffering more severe consequences.

“We demand and hope that the US side stops this wrong behavior and acts in response to the calls of the peoples of the world to achieve mutual benefit and greater development of the global economy,” Jian told Arab News.

When asked what, if any steps China will take to mitigate the tensions amidst the trade war with the US following the recent retaliatory tariffs, the Minister Counselor stated: “We will follow the path that the President (Xi Jinping) affirmed — of mutual respect, peaceful deliberation, and cooperation for mutual benefit — as a sign of developing relations with the US.”

He added: “However, we will take a few measures to safeguard our legitimate and reasonable rights and interests.

“The nature of cooperation and dealings between countries is mutual benefit.”

Jian said the US is using tariffs “as a weapon to exert maximum pressure and advance selfish interests,” adding: “These are acts of unilateralism, protectionism, and economic bullying.”

He went on to say that the “zero-sum game” the US has pursued under the pretext of pursuing “reciprocity” and “parity” is, by its very nature, a pursuit of “America First” and “American exceptionalism.”

The Minister Counselor added: “They aim to overthrow the existing international economic and trade order through tariffs.”

The diplomat went on to say: “They place American interests above the overall interests of the international community and serve American hegemony at the expense of the legitimate interests of other countries. They will inevitably be widely rejected by the international community.” 

China-US trade in goods has historically grown rapidly since their diplomatic ties were established in 1979.

UN figures show that in 2024 the volume of trade in goods between the two reached $688.28 billion — 275 times the volume of the trade in 1979 and more than eight times the volume of trade in 2001, when China joined the World Trade Organization.

In a regular press conference on April 8, foreign minister spokesperson Lin Jian said that China will take necessary measures to firmly safeguard its legitimate and lawful rights and interests. 

“If the US decides not to care about the interests of the US itself, China, and the rest of the world and is determined to fight a tariff and trade war, China’s response will continue to the end,” he said, adding: “China is not a seeker of trouble but make no mistake, when challenged we will never back down. Intimidations and threats never work with China.”


Saudi Arabia climbs to 13th spot in Kearney’s FDI Confidence Index 

Saudi Arabia climbs to 13th spot in Kearney’s FDI Confidence Index 
Updated 10 April 2025
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Saudi Arabia climbs to 13th spot in Kearney’s FDI Confidence Index 

Saudi Arabia climbs to 13th spot in Kearney’s FDI Confidence Index 

RIYADH: Saudi Arabia rose to 13th place in Kearney’s 2025 Foreign Direct Investment Confidence Index, its highest-ever ranking, reflecting stronger investor sentiment amid ongoing economic reforms and diversification efforts. 

The Kingdom advanced one spot from last year and retained its position as the third most attractive emerging market, signaling continued global confidence in its transformation strategy.  

The annual index, released by consultancy Kearney, reflects insights from senior executives at the world’s leading corporations about likely investment destinations over the next three years. The survey, conducted in January, provides a snapshot of investor sentiment amid a shifting global landscape. 

This comes as Saudi Arabia’s net foreign direct investment inflows surged by 37 percent in the third quarter of 2024 to SR16 billion ($4.26 billion), up from SR11.7 billion in the previous quarter, underscoring the Kingdom’s growing appeal to international investors, according to the latest available data from the General Authority for Statistics. 

Rudolph Lohmeyer, senior partner global business policy council and head of the National Transformations Institute, part of Kearney Foresight Network, said: “Saudi Arabia’s climb is no coincidence — it reflects the Kingdom’s bold, reform-driven approach to building a globally competitive, future-ready economy.”  

He added: “Global investors are taking note of the clarity of vision, scale of ambition, and commitment to innovation that define the Saudi market today.”   

The Kingdom’s improvement comes at a time when global investors are prioritizing stable, high-performing markets with long-term growth potential. It also aligns with the newly enacted investment law that guarantees equal treatment for foreign and domestic investors, enhancing business confidence and ease of market entry. 

FDI inflows into Saudi Arabia’s non-oil sectors rose 10.4 percent in 2023, as global investors were drawn to the scale and pace of transformation under Vision 2030.  

According to the survey, investors highlighted the Kingdom’s strong domestic economic performance, abundant natural resources, and rapid technological innovation as key factors for choosing Saudi Arabia as an investment destination. These elements support its ongoing shift toward a diversified, innovation-led economy. 

Erik Peterson, co-author of the report and managing director of Kearney’s Global Business Policy Council, said: “While the Middle East sees strong representation, developed markets dominate the global rankings, led by the US.”  

“This speaks to a dynamic and evolving investment landscape, where investors are not only weighing opportunity but also navigating rising risks, including increasingly restrictive regulatory environments driven by a wave of industrial policy aimed at strengthening domestic resilience and national security,” he added. 

Saudi Arabia’s strong performance places it among the top emerging markets for investment, alongside the UAE and China. 

Despite cautious sentiment in some markets, confidence in the Kingdom is on the rise, underscoring its growing role in global capital flows and its emergence as a model for high-growth, reform-oriented economies. 

The report noted that investor sentiment was captured before the sharp escalation in global trade tensions in early April. Still, early indicators already pointed to rising concerns over geopolitical instability and commodity price pressures.   

“Yet, amid uncertainty, investors continue to prioritize strong fundamentals when selecting markets — citing legal and regulatory efficiency, economic performance, and innovation as key drivers,” it added. 


Closing Bell: Saudi main index closes in green at 11,502 

Closing Bell: Saudi main index closes in green at 11,502 
Updated 10 April 2025
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Closing Bell: Saudi main index closes in green at 11,502 

Closing Bell: Saudi main index closes in green at 11,502 

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 405.89 points, or 3.66 percent, to close at 11,502.54. 

The total trading turnover of the benchmark index was SR8.32 billion ($2.21billion), as 244 of the listed stocks advanced, while only 7 retreated. 

This aligns with the rebound in global stock markets following US President Donald Trump’s announcement of a 90-day pause on the reciprocal tariffs introduced earlier this month. The pause applies to all US trade partners except China, which now faces a tariff rate of 125 percent — up from 104 percent. 

The MSCI Tadawul Index increased by 53.37 points, or 3.79 percent, to close at 1,462.83. 

The Kingdom’s parallel market Nomu also rose, gaining 554.66 points, or 1.96 percent, to close at 28,924.55. This came as 68 of the listed stocks advanced, while 22 retreated. 

The best-performing stock was Saudi Paper Manufacturing Co., with its share price surging by 10 percent to SR66. 

Other top performers included Saudi Chemical Co., which saw its share price rise by 9.99 percent to SR8.26, and Ataa Educational Co., which saw a 9.95 percent increase to SR69.60. 

The National Co. for Learning and Education saw the largest decline of the day, with its share price easing 0.86 percent to SR160.60. 

SEDCO Capital REIT Fund fell 0.55 percent to SR7.29, while Al-Jouf Agricultural Development Co. slipped 0.22 percent to SR46.25. 

On the announcements front, the Ordinary General Assembly of SABIC approved the business and contracts between SABIC Industrial Investments Co., an affiliate of the company, and Ma’aden. 

The deal involved SABIC Industrial Investments Co. selling its 20.62 percent stake in ALBA Co., totaling 292.8 million common shares, to Ma’aden for 363.08 million Bahraini dinar ($963.2 million), with no preferential terms. 

Additionally, the Assembly authorized the board to distribute interim dividends quarterly or semi-annual for the fiscal year 2025. 

SABIC’s shares traded 0.83 percent higher today on the main market to reach SR60.60. Similarly, Ma’aden’s shares traded 4.63 percent higher on the main market, reaching SR42.90 


CEO says PIA’s first annual profit in decades to attract ‘favorable valuation’ from investors

CEO says PIA’s first annual profit in decades to attract ‘favorable valuation’ from investors
Updated 48 min 25 sec ago
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CEO says PIA’s first annual profit in decades to attract ‘favorable valuation’ from investors

CEO says PIA’s first annual profit in decades to attract ‘favorable valuation’ from investors
  • Islamabad’s attempt to privatize PIA last year fell flat when it received a single offer, well below asking price of over $300 million
  • This week, PIA reported $33.1 million earnings from operations last year ended December, made net profit of $93.3 million in 2024

KARACHI: Pakistan International Airlines expects to attract “more favorable valuation” from investors after the national carrier posted an annual profit for the first time in more than two decades ahead of a second attempt by the government to sell the airline, CEO Amir Hayat said this week.
Islamabad’s attempt to privatize PIA last year fell flat when it received only a single offer, well below the asking price of more than $300 million. The cash-strapped government of Prime Minister Shehbaz Sharif is struggling to privatize several loss-making public enterprises, including PIA, as part of conditions under a $7 billion International Monetary Fund’s loan program approved last year. 
This week, PIA reported Rs9.2 billion ($33.1 million) earnings from its operations last year ended December and made a net profit of Rs26.2 billion ($93.3 million) in 2024, a development described by analysts as “good optics” for the privatization push. 
“This landmark operational profit of 26 billion rupees fundamentally strengthens PIA’s position in the context of the government’s privatization plan,” Hayat told Arab News in a written response to questions. 
“It demonstrates the inherent value and turnaround potential of the airline, making it a significantly more attractive proposition for potential investors.”
He said the results would positively influence investor confidence and potentially lead to a “more favorable valuation” during the privatization process.
Pakistan had offloaded nearly 80 percent of the airline’s legacy debt and shifted it to government books ahead of the privatization attempt. The rest of the debt was also cleaned out of the airline’s accounts after the failed sale attempt to make it more attractive to potential buyers, according to the country’s privatization ministry.
The airline has for years survived on government bailouts as its operational earnings were eaten up by debt servicing costs.
Officials say offloading the debt burden and recent reforms like shedding staff, exiting unprofitable routes and other cost-cutting measures led to the profitable year.
Hayat said the latest profit was because of “a comprehensive reforms program” executed over the past few years.
“Key drivers include maintaining strict financial discipline by implementing stringent cost control measures across the board, scrutinizing every expense, creating operational efficiencies in every aspect of flight operations, reducing ground times, and enhancing fuel efficiency,” Hayat said.
Other measures included route optimization by curtailing non-productive routes and capitalizing on profitable ones, and revenue enhancement by creating opportunities in neglected segments such as cargo, ancillary sales and codeshares and alliance partnerships.
“We view this profit not as a one-off anomaly, but as the foundational result of deep, structural changes within the airline,” Hayat added. 
While the aviation industry remained vulnerable to external variables like fuel prices and geopolitical factors, PIA had developed internal mechanisms that provided a “strong basis for continued positive performance.”
“Our clear intent and strategy are geared toward maintaining profitability moving forward and our budget for 2025 is already planned on net profitability,” the PIA CEO said. 
Muhammed Sohail, the chief executive officer at Topline Securities, said the latest profits would provide “good optics to attract more investors” to buy the airline.
Ahead of the attempt to sell the airline last year, PIA had faced threats of being shut down, with planes impounded at international airports over its failure to pay bills and flights canceled due to a shortage of funds to pay for fuel or spare parts.


Saudi finance minister calls for flexible Arab cooperation amid global challenges

Saudi finance minister calls for flexible Arab cooperation amid global challenges
Updated 10 April 2025
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Saudi finance minister calls for flexible Arab cooperation amid global challenges

Saudi finance minister calls for flexible Arab cooperation amid global challenges

RIYADH: Saudi Arabia has reaffirmed its commitment to strengthening joint Arab financial cooperation, with a leading minister emphasizing the Kingdom’s support for regional bodies.

At the annual meetings of the joint Arab financial institutions held in Kuwait, Mohammed Al-Jadaan highlighted the pivotal role of financial bodies in enhancing regional collaborative efforts.

The Kingdom’s finance minister called for strategic flexibility in their operations to better align with the evolving economic needs of member states amid shifting global economic conditions.

“During these meetings, I affirmed Saudi Arabia’s support for these institutions to achieve the common interests of Arab countries while emphasizing the importance of working according to flexible strategic directions that reflect the needs of member states in light of global economic conditions,” Al-Jadaan said on X.

The minister also took part in the 16th meeting of the Arab Finance Ministers Council, where he stressed the importance of assessing the impact of mounting financial, economic, and trade pressures.

He further called for the development of comprehensive frameworks to address these global challenges effectively.

“I highlighted the role of Arab Financial Institutions in providing technical support and developing studies and research to assist Arab countries in confronting these challenges,” Al-Jadaan said on X.

The minister spoke of the crucial contribution of Arab financial institutions in offering technical assistance and spearheading research efforts to support member countries in navigating economic uncertainties.

Al-Jadaan’s involvement in the meetings underscores the Kingdom’s commitment to strengthening the voice of emerging markets within influential financial forums.

Under Al-Jadaan’s chairmanship, the International Monetary and Financial Committee has prioritized amplifying the perspectives of developing economies, reflecting the Kingdom’s dedication to fostering inclusive global financial stability.

The establishment of the first joint Saudi-Kuwaiti Business Council in December exemplifies the region’s efforts to bolster economic ties and facilitate investment opportunities.

This initiative aims to enhance trade relations and economic integration between Saudi Arabia and Kuwait, aligning with broader objectives of regional cooperation. ​

Assistant Governor for Executive Affairs at the Saudi Central Bank Abdulelah Al-Deheem also participated in the joint annual meetings, and posting on X said: “The areas of development, finance, and economic impact were discussed during the meetings. Future plans that contribute to achieving the sustainable development objectives were also reviewed.”