Renewables alone cannot achieve Paris agreement goals: OPEC Secretary General
Updated 15 February 2023
Nirmal Narayanan
RIYADH: Renewable energy sources alone will not successfully achieve the climate goals outlined in the Paris agreement, according to the Secretary General of the Organization of Petroleum Exporting Countries.
Speaking at the 13th International Energy Forum in Riyadh, Haitham Al-Ghais noted that energy poverty is one of the most crucial challenges the world should address as it progresses in its energy transition journey.
The Paris Agreement is an international treaty on climate change that was produced in 2015, and compels signatories to work towards limiting the global temperature increase to 1.5 °C above pre-industrial levels.
“There are multiple pathways to attain our common goals of the energy transition. There is no one-size solution, and renewables alone cannot achieve the Paris agreement goals. The overall focus needs to be on emissions reductions and the use of all fuels to meet these goals,” said Al-Ghais.
He added: “Moving on to the topic of the energy transition. There are several realities we should consider while addressing it. The first is energy poverty. Today over 700 million people worldwide do not have access to electricity, while 2.2 billion people still use inefficient and polluting cooking systems,” he added.
During the speech, the OPEC secretary general reiterated the fact that the organization is always extending its complete support to reduce greenhouse gas emissions.
“The OPEC has warned about the dangers of underinvestments many years ago. While emphasizing the importance of investments, allow me to reiterate the fact that OPEC fully supports the aim of reducing greenhouse gas emissions,” he said.
According to Al-Ghais, an impartial, data-based, fact-driven analysis while making policies in the energy sector will help keep politics away from the decision-making of the industry.
He further pointed out that the resources and expertise of the oil industry can be harnessed to help develop efficient technological solutions like carbon capture utilization and storage, circular carbon economy framework and hydrogen.
On Feb. 14, OPEC raised its 2023 forecast for global oil demand growth in its first upward revision for months, citing China’s relaxation of COVID-19 restrictions and slightly stronger prospects for the world economy.
In its monthly report, OPEC noted that the oil demand will rise this year by 2.32 million barrels per day, or 2.3 percent, a projection which is 100,000 bpd higher than last month’s forecast.
Najran region’s business registrations jump 56% amid Saudi investment push
Updated 6 sec ago
Reem Walid
RIYADH: Saudi Arabia’s Najran region has recorded a 56 percent increase in commercial registrations over the past five years, signaling expanding economic activity and growth potential in the southern province.
According to government data presented at the Najran Investment Forum 2025, business licenses in the region reached 39,000, accounting for around 2.3 percent of the Kingdom’s 1.7 million total records.
The forum, held from June 25 to 26 under the patronage of Prince Jalawi bin Abdulaziz bin Musaed, brought together government officials and private sector leaders to highlight economic prospects in the region. According to organizers, the event featured 53 project opportunities valued at over SR639 million ($170 million).
The southern province is emerging as a regional development hub under Vision 2030. With its mineral wealth, fertile land, cultural heritage, and growing logistics capabilities, it is positioned as a gateway for trade and business in line with the Kingdom’s economic diversification goals.
Speaking during the forum’s opening session, Assistant Minister of Commerce Abdulaziz bin Saud Al-Duhaim said: “Najran is an important region that abounds with diverse investment opportunities, based on its geographical location, natural resources, and competitive sectors such as agriculture, mining, manufacturing industries, tourism, and others.”
He added: “We have reviewed and developed more than 110 pieces of legislation over the past few years, most notably regulations on companies, franchises, e-commerce, bankruptcy, commercial registration, trade names, and others.”
The region’s light transport sector saw the largest increase in new registrations, up 124 percent year on year in the first quarter to 536. The logistics sector followed with 111 percent growth, totaling 345 records. Registrations in civil protection equipment installation and maintenance rose by 26 percent, while storage facilities climbed 31 percent, reaching 717 records.
During his participation in the forum, Al-Duhaim also emphasized that the Ministry of Commerce has strengthened market regulations to protect consumers, monitor prices, and combat fraud and commercial cover-ups.
“We are working on a comprehensive consumer protection system, established a reporting center and a summons center, and launched the ‘Emtithal’ electronic inspection and monitoring system,” he said.
The assistant minister also noted that the National Competitiveness Center has worked with more than 65 government agencies, in partnership with the private sector, to implement over 900 economic reforms and recommendations aimed at enhancing business competitiveness.
He added that 21 branches of the Saudi Business Center have been established to facilitate business start-ups and operations.
“The Ministry is working to develop and implement comprehensive strategies for the wholesale, retail, and professional services sectors, and to develop the services sector by leveraging new technologies,” Al-Duhaim said.
During the event, 14 cooperation agreements were signed between the Najran Chamber and various public and private entities to support local initiatives and business development.
Abdullah bin Ali bin Mohammed Al-Ahmari, assistant minister of industry and mineral resources for planning and development, who also participated in the event, noted that Najran is one of the richest regions in mineral resources, with the estimated value of untapped reserves rising from SR145 billion to more than SR227 billion.
He also emphasized the importance of developing mining-related manufacturing industries to maximize added value and boost exports.
In the same context, Abdullah Al-Dubaikhi, assistant minister of investment, discussed the province’s competitive advantages, noting that the area offers promising opportunities in mining, specialized agriculture, tourism, and education — sectors that require coordinated efforts among relevant authorities to unlock their full potential.
He noted that total projects registered on the Invest in Saudi Arabia platform for the region amounted to approximately SR8 billion.
The forum aimed to showcase the area’s economic potential, attract quality investments, and provide an effective platform for engagement between local and international investors and government agencies.
“The ministry has been committed to addressing all challenges facing the business sector by developing legislation, facilitating procedures, and expanding financing programs and solutions that empower entrepreneurship and commercial establishments,” Al-Duhaim added.
Saudi Arabia to see 700% surge in millionaire inflows in 2025: Henley & Partners
UAE continues to lead globally, forecast to attract 9,800 millionaires this year,
Report predicts unprecedented 142,000 millionaires across the world expected to relocate in 2025
Updated 43 min 48 sec ago
Nour El-Shaeri
RIYADH: Saudi Arabia is projected to attract 2,400 high-net-worth individuals in 2025, marking a sharp increase from the 300 millionaires estimated to have relocated to the Kingdom in 2024.
This eightfold rise positions Saudi Arabia as the fastest climber in the Henley Private Wealth Migration Report 2025, published by Henley & Partners in collaboration with New World Wealth.
Across the Gulf, the UAE continues to lead globally, forecast to attract 9,800 millionaires this year, the highest net inflow worldwide, followed by the US with 7,500.
HNWIs are relocating to the Kingdom due to its ambitious Vision 2030 agenda, pro-business reforms, and growing investment opportunities. The surge in inbound wealth reflects the region’s growing appeal to both returning nationals and international investors, particularly in Riyadh and Jeddah.
Saudi Arabia has also introduced attractive residency programs, tax incentives, and a push to diversify the economy beyond oil.
Switzerland is projected to gain 3,000 millionaires, while Italy is set to receive 3,600. File/Reuters
Juerg Steffen, CEO of Henley & Partners said that 2025 marks a “pivotal moment” for global wealth migration, adding: “It reflects a deepening perception among the wealthy that greater opportunity, freedom, and stability lie elsewhere.”
Mega projects like NEOM, improved infrastructure, and a focus on tourism and fintech are drawing international interest.
Additionally, the Kingdom offers political stability, regional influence, and a strategic location, making it an increasingly attractive destination for global wealth.
Henley & Partner’s report aligns with a recent study by consulting firm Capgemini, which highlighted the Middle East’s growing appeal to next-generation high-net-worth individuals, citing geopolitical security and economic stability as key drivers of investment interest in the region.
The analysis, published earlier in June, pointed specifically to Saudi Arabia’s aggressive efforts to attract global wealth through its economic diversification strategies, positioning the Kingdom as a rising center for international capital.
Capgemini also noted that the UAE is capitalizing on the same trend, with both Gulf economies drawing increased interest from global investors seeking high-growth markets and stable financial environments.
UK biggest loser amid global shift
Henley & Partner’s recent report predicts that an unprecedented 142,000 millionaires across the world are expected to relocate in 2025.
While Gulf countries and select European destinations see rising inflows, several traditional wealth hubs are witnessing record outflows.
The UK is forecast to lose 16,500 high-net-worth individuals, the highest on record, more than doubling China’s projected outflow of 7,800.
This reversal comes after years of the UK being a net destination for wealth, with recent tax reforms — including increases to capital gains and inheritance taxes and tighter regulations on non-domiciled residents — prompting an accelerated departure.
The UK is forecast to lose 16,500 high-net-worth individuals, the highest on record. Getty
“Since 2014, the number of resident millionaires in the UK dropped by 9 percent compared with the W10’s global average growth of 40 percent,” said Trevor Williams, chair and co-founder at FXGuard, a digital foreign exchange risk manager, according to the report.
The shift is part of a broader trend in Europe, where France, Spain, and Germany are also expected to experience net outflows of wealthy individuals.
In contrast, Southern Europe is emerging as a new hub for global wealth.
Switzerland is projected to gain 3,000 millionaires, while Italy is set to receive 3,600.
Portugal and Greece are expected to receive 1,400 and 1,200, respectively.
Smaller markets such as Malta, Montenegro, and Latvia are also benefiting from favorable tax regimes and investment migration programs.
Beyond Europe, Thailand and Japan are increasingly preferred by wealthy individuals in Asia.
Thailand is forecast to gain 450 millionaires, and Japan 600, driven by political stability and high-end real estate.
Hong Kong is also showing signs of recovery, with inflows from mainland Chinese executives linked to the region’s growing tech sector. However, South Korea is set to see a significant outflow of 2,400 millionaires, reflecting broader economic and political uncertainty.
Hong Kong is also showing signs of recovery, with inflows from mainland Chinese executives linked to the region’s growing tech sector. File/Reuters
Other countries in Asia and the Middle East, including Vietnam, Pakistan, Iran, and Lebanon, are expected to see continued outflows of wealthy individuals, many relocating to the UAE or the US.
Misha Glenny, rector at the Institute for Human Sciences in Vienna, said recent geopolitical developments, including tensions in the Middle East, are contributing to a reshuffling of wealth migration patterns, according to the report.
In the Americas, Central American and Caribbean jurisdictions such as Costa Rica, Panama, and the Cayman Islands are expected to attract record numbers of high-net-worth individuals.
Despite a lower-than-usual forecast for inflows, the US remains a top destination for relocating millionaires.
Parag Khanna, founder and CEO of AlphaGeo, an AI-powered predictive analytics platform for investing, noted the ongoing role of Asia in shaping global wealth trends.
“Asia’s wealth landscape is a dynamic blend of ambition and caution. Singapore and Japan are solidifying their reputations as global wealth havens, while China and India are balancing domestic opportunity with the desire for diversification,” Khanna was quoted as saying in the report.
Saudi Arabia’s benchmark stock index extended its gains to a fourth straight session, rising 0.2%
Abu Dhabi benchmark index rose 0.4%
Updated 26 June 2025
Reuters
LONDON: Stock markets in the Gulf rose in early trade on Thursday, extending gains from the previous sessions amid rising oil prices as a ceasefire between Israel and Iran appeared to be holding.
US President Donald Trump hailed the swift end to the air war between Iran and Israel and said Washington would likely seek a commitment from Tehran to end its nuclear ambitions at talks with Iranian officials next week.
Saudi Arabia’s benchmark stock index extended its gains to a fourth straight session, rising 0.2 percent, with most sectors in the green. Oil major Saudi Aramco added 0.3 percent and Red Sea International climbed 3 percent.
Modular house manufacturer Red Sea said on Wednesday it planned to float its mechanical, electrical and plumbing subsidiary on the Saudi market.
Oil prices, a catalyst for the Gulf’s financial markets, were up 0.2 percent as a larger-than-expected draw in US crude stocks signalled firm demand. Brent crude was trading at $67.83 a barrel by 10:05 a.m. Saudi time.
The Abu Dhabi benchmark index rose 0.4 percent, aided by a 5.3 percent advance in RAK Properties and a 0.6 percent gain in Borouge.
Petrochemical company Borouge said on Wednesday it would collaborate with Honeywell on a project to deliver the petrochemical industry’s first AI-driven control room.
Dubai’s benchmark stock index was up for a fifth straight session, advancing 0.6 percent, pushed up by the materials, industry and finance sectors.
Tolls operator Salik gained 1.8 percent and Emirates NBD, the emirate’s largest lender, added 0.6 percent.
The Qatari benchmark index was marginally up, propped up by gains in the materials, utilities and communications sectors.
Vodafone Qatar advanced 1.2 percent while Qatar National Bank, the region’s largest lender, shed 0.3 percent.
Qatar Investment Authority and Canadian asset manager Fiera Capital have launched a $200 million fund to boost foreign and local investment into the Gulf state’s stock market, QIA said on Wednesday.
Health, military spending lift Saudi ICT contracts to $10bn
Military sector received SR5.16 billion across 1,125 contracts
Infrastructure and transport saw investments totaling SR5.26 billion
Updated 26 June 2025
NADIN HASSAN
RIYADH: Saudi Arabia’s health, military, and infrastructure sectors led an 18.75 percent rise in government information and communications technology contracts in 2024, reaching SR38 billion ($10.13 billion), official data showed.
According to the Government Spending Report 2024, published by the Digital Government Authority, the value of contracts climbed from SR32 billion in 2023, with the health and social development sector receiving SR6.54 billion through 1,085 contracts.
The report said that 2024 spending priorities focused on artificial intelligence, emerging technologies, and cloud computing, positioning these areas as central to enhancing operational performance across public sector entities.
The government’s sustained push to bolster digital services underscores Riyadh’s growing investment in digital infrastructure, part of its Vision 2030 strategy to diversify the economy and modernize public services.
The report added that activating national framework agreements significantly contributed to these outcomes, enabling improved negotiation capabilities and more effective financial planning.
“These tools have enabled government entities to obtain goods and services more quickly, efficiently, and at lower cost,” the report said.
“They also highlight the added value achieved by enhancing supply chains and improving the quality of procurement, which in turn raises the efficiency of government entities in managing expenditures in contracts and agreements,” it also said.
Among other sectors, the military received SR5.16 billion across 1,125 contracts, while infrastructure and transport saw investments totaling SR5.26 billion. The education sector was allocated SR4.37 billion, followed by economic resources at SR3.42 billion, and public administration at SR2.39 billion.
There was a 157 percent increase in purchase orders through national framework agreements, amounting to SR4.47 billion through 9,457 orders. The report said these tools helped accelerate service delivery and improve procurement quality.
Government agencies achieved an estimated SR1 billion in savings during 2024 by improving spending efficiency and optimizing procurement and budgeting practices.
Saudi Arabia also continued to demonstrate global leadership in digital government performance. It ranked sixth globally and first regionally in the 2024 UN E-Government Development Index, climbing 25 places from 2022.
It also topped the Government Electronic and Mobile Services Maturity Index for the third consecutive year, achieving a score of 96 percent.
According to the report, and based on data from global research firm Gartner, Saudi Arabia led all countries in government ICT spending as a share of total ICT expenditure in 2024, reaching 34.1 percent.
Market focus switching to fundamentals, analysts say
Data shows US ‘driving season is in full swing’, ANZ says
Updated 26 June 2025
Reuters
LONDON: Oil prices were steady on Thursday after erasing earlier gains as investors remained cautious about the Iran-Israel ceasefire while also shifting focus to market fundamentals.
Brent crude futures fell 6 cents, or 0.09 percent, to $67.62 a barrel by 12:45 p.m. Saudi time. US West Texas Intermediate crude fell 2 cents, or 0.03 percent, to $64.90 a barrel.
Both benchmarks climbed nearly 1 percent on Wednesday, recovering from early-week losses after data showed resilient US demand.
Investors will shift their focus back to macroeconomics and oil balances while also watching the Israel-Iran truce, said PVM analyst Tamas Varga.
Oil prices likely followed equity markets lower this morning, UBS analyst Giovanni Staunovo said.
“US government data showed the US driving season is in full swing after a slow start,” ANZ analysts said in a note.
US crude oil and fuel inventories fell in the week to June 20 as refining activity and demand rose, the Energy Information Administration said on Wednesday.
Crude inventories fell by 5.8 million barrels, the EIA said, exceeding analysts’ expectations in a Reuters poll for a 797,000-barrel draw.
Gasoline stocks unexpectedly fell by 2.1 million barrels, compared with forecasts for a 381,000-barrel build as gasoline supplied, a proxy for demand, rose to its highest level since December 2021.
On Saturday, Igor Sechin, the head of Russia’s largest oil producer Rosneft, said OPEC+, which groups together the Organization of the Petroleum Exporting Countries and allies including Russia, could bring forward its output hikes by around a year from an initial plan.
Meanwhile, US President Donald Trump hailed the swift end to war between Iran and Israel and said Washington would likely seek a commitment from Tehran to end its nuclear ambitions at talks with Iranian officials next week.
Trump also said on Wednesday that the US has not given up its maximum pressure on Iran — including restrictions on sales of Iranian oil — but signalled a potential easing in enforcement to help the country rebuild.
