Mideast’s share of renewables in energy mix to double by 2030: SAEE chairman

Saudi Arabia is leapfrogging in sustainable energy generation while setting a net-zero target for 2060. (SPA
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Updated 05 February 2023
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Mideast’s share of renewables in energy mix to double by 2030: SAEE chairman

  • Region plays crucial role as it continues supplying hydrocarbons as the world enters a new energy system

RIYADH: Saudi Arabia is committed to driving energy transition using renewables but not at the cost of traditional fuels as the world needs adequate supply to meet its demand, according to a top official of a Saudi energy body.  

In an exclusive interview with Arab News, the Saudi Association of Energy Economics Chairman Majeed Al-Moneef said that the Kingdom, and the Middle East region as a whole, will be at the forefront of both traditional and renewable energy sources, as it steadily progresses in achieving sustainable goals.  

“We will follow the world trend in increasing the share of renewables in our energy mix. But that will not be done by sacrificing our oil and gas sectors, but along with the development of our oil and gas sectors,” said Al-Moneef.  

The chairman of SAEE which works toward building capabilities in energy economics said the Middle East region is playing a crucial role in the energy transition journey, as it continues supplying hydrocarbons which are pivotal as the world enters a new energy system. 

“We have the Saudi Green Initiative and Middle East Green Initiative. So, we are an important player in traditional energy sources and renewable energy sources. We will be in the forefront of both.”  

He further pointed out that countries in the Middle East region are now heavily investing simultaneously in traditional fuels like oil and gas and renewable energy sources including hydrogen.  

Al-Moneef expects that the share of renewables in the energy mix in almost all regional countries will double or triple by 2030.  

Talking about Saudi Arabia’s Vision 2030, the SAEE chairman said a massive socioeconomic and institutional transformation is taking place across all sectors including energy as the objective is to diversify the economy. “We have got new energy resources like renewables, hydrogen, carbon sequestration and carbon management. They are the sectors of tomorrow. So, we are investing in future energy.”  

This comes as Saudi Arabia is leapfrogging in sustainable energy generation while setting a net-zero target for 2060. 

Al-Moneef pointed out that the region’s financial institutions including corporates, government financing, and multi-regional financing institutions have a crucial role to play in renewable energy projects to achieve sustainable goals within the stipulated timeline.  

IAEE International Conference 

SAEE which works toward facilitating dialogue among various stakeholders is hosting the International Conference of the International Association for Energy Economics for the first time in the Middle East and North Africa region in Riyadh with the King Abdullah Petroleum Studies and Research Center. 

Al-Moneef sounded confident that the IAEE conference which begins on Feb. 4 will witness a record number of participants.  

“This conference will have the largest registration in the history of energy economic conferences. This is the first time that such a conference is being held in the region. So, this is a testament to the importance of Saudi Arabia and the region in the global energy sector,” he said. 

Al-Moneef revealed that regional universities will present scientific papers during the event, and added that events like these hold significance as “they will accelerate the participation of more regional research institutions, individuals and students in the energy sector.”  




Majeed Al-Moneef, chairman of the Saudi Association of Energy Economics. (Supplied)

He disclosed that they had two major meetings involving all the universities in Saudi Arabia to encourage them to submit papers. “We tried to have a wide representation of the region. So, we have good numbers. As a matter of fact, something close to 40 percent of papers is from Saudi Arabia and the region.”   

The SAEE chairman pointed out that the purpose of the conference is to encourage research in energy economics in the region. “That was our main goal. The field of energy economics is of crucial importance to the region, and we should have more researchers in the research institutions, individuals, and students who are engaged in that subject matter.”  

He revealed that the conference will hold special plenary sessions on investment and trade in the energy sector, “as the conflict in Ukraine has changed the trade flows of oil and gas globally.”  

Al-Moneef further pointed out that Saudi Arabia and the region as a whole will host more similar events related to energy economics in the future.  

“As a matter of fact, one of the outcomes of this conference will be to have annual regional conferences in the Middle East. So, one of the outcomes will be to institutionalize a MENA Middle Easy symposium to be held every year,” he said.  




Saudi Arabia is leapfrogging in sustainable energy generation. (SPA)

Al-Moneef noted that Saudi Arabia will be on the organizing committee for the MENA Energy Economics conference that will be held every year, and the Kingdom will make sure that researchers from the institutions in the nation will participate in these upcoming events.  

Regional cooperation  

Talking about the necessity to ramp up power generation and increase the efficiency of energy usage, Al-Moneef stressed that sufficient investments are needed to elevate efficiency “so that the production process will be clean, and efficient with the least cost possible.”  

He also highlighted that international and regional cooperation is very crucial to ensure the growing power demand in the future.  

Al-Moneef who had served in multiple high-profile positions including the Secretary General of the Supreme Economic Council of Saudi Arabia, Governor of Saudi Arabia in the Board of Governors of OPEC, stressed the need to create a common grid that will solve power-generating issues. "It will allow countries with power scarcity to secure help from nations that produce excess power.”  

He added that a common energy market will be soon materialized in the Middle East region, supported by a proper regulatory framework.  

According to him, promoting regional cooperation in the energy field is the key to a new Middle East. “And we have to improve the transportation lines.”  

For Al-Moneef, what the region needs is the proper regulatory framework. “Europe has done it. They have put in place the regulatory framework to see to it that there is a common energy market. We can have someday a common Middle East energy market. We are capable of doing it,” he signed off.  


Closing Bell: Saudi main index slips to close at 10,945 

Updated 24 July 2025
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Closing Bell: Saudi main index slips to close at 10,945 

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Thursday, falling 38.13 points, or 0.35 percent, to close at 10,945.80. 

The total trading turnover of the benchmark index reached SR4.92 billion ($1.31 billion), with 112 stocks advancing and 137 declining. 

The Kingdom’s parallel market Nomu gained 120.10 points, or 0.45 percent, to close at 26,898.25. A total of 49 listed stocks advanced, while 24 retreated. 

The MSCI Tadawul Index also edged down, losing 3.66 points, or 0.26 percent, to close at 1,408.07. 

The best-performing stock of the day was Saudi AZM for Communication and Information Technology Co., whose share price surged 9.96 percent to SR29.14. 

Other top performers included Northern Region Cement Co., which saw its share price rise 6.29 percent to SR8.11, and Obeikan Glass Co., which climbed 6.20 percent to SR37.

Sport Clubs Co. recorded the most significant drop, falling 7.34 percent to SR10.22. 

Gulf Union Alahlia Cooperative Insurance Co. also saw its share price decline by 4.56 percent to SR14.22. 

National Medical Care Co. dropped 3.51 percent to close at SR164.80. 

On the announcements front, Electrical Industries Co. released its interim financial results for the period ending June 30.

According to a Tadawul statement, the company recorded a net profit of SR260 million during the first six months of the year, reflecting a 47.9 percent rise compared to the same period a year earlier. The increase in net profit was attributed to a broader product mix and higher sales of items with stronger profit margins. 

Electrical Industries Co. ended the session at SR8.99, down 2.21 percent. 

Alinma Bank also announced its interim financial results for the first half of the year. A bourse filing revealed that the company recorded a net profit of SR3.08 billion in the period ending June 30, up 12.8 percent year on year.

This increase was primarily linked to growth in total operating income. Net income rose as operating income expanded by 8.5 percent, driven mainly by higher returns from financing and investments, along with increased fee and foreign exchange income. 

The bank also announced the board of directors’ recommendation to distribute SR746 million in cash dividends to shareholders for the second quarter of 2025.

According to a Tadawul statement, the total number of shares eligible for dividends stood at 2.4 billion, with a dividend per share of SR0.30 after the deduction of Zakat. The dividend represented 3 percent of the share’s par value. 

Alinma Bank closed the session at SR26.38, down 1.60 percent. 


Saudi Arabia signs $6.4bn investment deals with Syria to boost reconstruction

Updated 24 July 2025
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Saudi Arabia signs $6.4bn investment deals with Syria to boost reconstruction

RIYADH: Saudi Arabia has signed investment deals worth $6.4 billion with Syria, marking a significant step in the Kingdom’s efforts to re-engage economically with the war-ravaged country and support its reconstruction drive. 

The agreements, spanning sectors such as real estate, telecommunications, and finance, were unveiled by Investment Minister Khalid Al-Falih during the Syrian-Saudi Investment Forum held in Damascus on July 25. 

The forum highlights Saudi Arabia’s strong commitment to strengthening Syria’s financial landscape. In April, the Kingdom joined Qatar in settling the country’s $15 million debt to the World Bank. 

“During this forum, we will witness the signing of 47 agreements and memoranda of understanding with a total value approaching SR24 billion ($6.4 billion), said Al-Falih. 

The deals include $1.07 billion in the telecommunications sector, with Syria’s Ministry of Communications and several Saudi telecom companies aiming to deepen bilateral ties. 

Companies involved in the plans include Saudi Telecom Co., GO Telecom, digital security firm Elm, cybersecurity company Cipher, and education technology firm Classera. 

In the real estate and infrastructure sectors, deals worth $2.93 billion were announced, including the construction of three new Saudi-financed cement plants to support Syria’s reconstruction efforts. 

The two nations also agreed to enhance cooperation in agriculture. 

“In the agricultural sector, we look forward to collaborating in Syria to develop high-quality joint projects, including model farms and processing industries,” said Al-Falih. 

In finance, a memorandum of understanding was signed between the Saudi Tadawul Group and the Damascus Securities Exchange to boost cooperation in the fintech sector. 

Al-Falih also announced the formation of a Saudi-Syrian Business Council, which is expected to further strengthen trade and economic ties between the two countries. 

Speaking at a separate panel discussion during the forum, Al-Falih said Syria is evolving into a more investment-friendly destination, despite ongoing challenges. 

“Syria is leaping forward as an investment-attractive country despite all challenges. Since the beginning of its new era, we have witnessed a genuine desire to provide investment opportunities for Saudi businessmen,” he added.


Al-Ansar, Al-Kholood, and Al-Zulfi football clubs offered in first wave of Saudi IPOs 

Updated 24 July 2025
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Al-Ansar, Al-Kholood, and Al-Zulfi football clubs offered in first wave of Saudi IPOs 

RIYADH: Saudi Arabia’s Ministry of Sport has announced the privatization of three football clubs — Al-Ansar, Al-Kholood, and Al-Zulfi — marking the first set of teams offered to the public through initial public offerings. 

The move represents a significant milestone in the Kingdom’s initiative to open the sports sector to private investment and ownership. The IPOs also follow a broader privatization program launched last August.

The ownership of the three clubs will transfer to private entities: Al-Zulfi to Nujoum Al-Salam, Al-Kholood to Harburg Group, and Al-Ansar to a joint venture between Audat Al-Biladi and Ayana. 

The ministry, in cooperation with the National Center for Privatization, carried out the transfers after completing regulatory requirements and corporate restructuring, the authority stated.

“The National Center for Privatization carried out the necessary procedures to establish club companies and transfer their ownership to the new owners,” the statement said. 

In parallel, the ministry announced that the submission window for the acquisition of Al-Nahda Club has closed, although the evaluation process is still ongoing. Some investment entities requested an extension, and the ministry confirmed it is still reviewing these proposals. 

The body affirmed its commitment to ensuring the success of the privatization process, stating that “it is keen to ensure the success of the privatization process and to confirm that the submitted offers serve the interests of the clubs and their sporting future, contribute to advanced models, and achieve the strategic objectives of the project.” 

It also noted that “the other entities interested in acquiring clubs (notably Al-Orobah and Al-Washm) did not meet the required procedures and conditions for acquisition.” 

Furthermore, the ministry announced that applications are now open for those wishing to acquire other Saudi sports clubs. 

Interested parties can apply via the ministry’s official website, where they will undergo a multi-stage process including qualification screening, financial analysis, and competitive bidding.


Pakistan central bank has room to slash interest rate by 100bps by December — analysts

Updated 24 July 2025
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Pakistan central bank has room to slash interest rate by 100bps by December — analysts

  • Central bank’s Monetary Policy Committee to meet on July 30 to announce policy rate
  • Rate cut to reduce financing costs, boost productivity and support recovery, says analyst

KARACHI: Pakistan’s central bank has room to slash the key interest rate by 100 basis points by December, financial analysts said on Thursday, noting that the move would reduce financing costs and boost productivity in the country.

The central bank’s Monetary Policy Committee (MPC) is scheduled to hold its meeting on July 30 to decide about the key interest rate. A majority of financial market participants expect the central bank to cut its key interest rate by 50 to 100 basis points next week, as per a report by Karachi-based brokerage firm Topline Securities. A majority, 56 percent, expect a 50 to 100 basis points rate cut next week, the report said while thirty-seven percent expect the policy rate to remain unchanged at 11 percent.

The findings reflect growing market confidence that declining inflation and easing global oil prices have created space for monetary easing. In its last meeting, the State Bank of Pakistan (SBP) kept the policy rate unchanged at 11 percent, citing uncertainty over the federal budget and regional tensions in the Middle East. This time, a stronger consensus appears to be building toward a rate cut.

“We are expecting inflation to average 5-7 percent in FY26, leaving a room of a total of 100 basis points cut in our view after adjusting it for real rate of 400 basis points,” Shankar Talreja, Topline Securities’ head of research, told Arab News.

Talreja said he expected the SBP to announce a policy rate cut of 50 basis points when it meets next week.

“We are expecting the policy rate to bottom out at 10 percent by December 2025,” he said.

Shahid Ali Habib, the chief executive officer at brokerage research firm Arif Habib Ltd., said he also expected the interest rate to be slashed by 50 basis points. The SBP has slashed the key policy rate by an aggressive 11,000 points from a record 22 percent over the last one year, as inflation eases in the South Asian country.

“A rate cut now could reduce financing costs, boost productivity and support recovery after a modest 2.68 percent GDP growth in FY25,” Habib said.

The expectations come as Prime Minister Shehbaz Sharif’s government aims to increase the GDP of Pakistan’s debt-ridden economy by 4.2 percent this year, up from the 2.7 percent last fiscal year.

Backed by the International Monetary Fund’s $7 billion loan, Pakistan’s economy has stabilized in recent months with inflation ebbing to 3.2 percent in June and the current account showing a surplus of $328 million last month.

Pakistan’s easing inflationary pressures have been the main driving force behind the central bank’s aggressive policy rate cuts. Habib said Pakistan’s macroeconomic situation was improving, saying that he sees FY26 inflation averaging on 5.4 percent and core inflation at around 8 percent this fiscal year.

However, Talreja said the decline in borrowing costs could be a “non-event” for Pakistan’s booming stock market, which has already factored in the expected change.

Pakistani stocks have risen 19 percent since January with the benchmark KSE-100 Index hitting a record 140,585 points during intraday trading last week, according to the Pakistan Stock Exchange data.

“The majority of the impact is already taken by the markets, the treasury bills are trading at 10.7 percent which already incorporates around 50 basis points cut,” Talreja noted.

Talreja said if slashed further, the policy rate will nonetheless provide some respite to businesses as the cost of financing will further come down.

“Honestly, either 50 or 100 basis points won’t matter significantly as we have already eased over 11,00 basis points in the last one year,” the analyst said.


Saudi economy minister holds global talks to boost bilateral ties, economic cooperation

Updated 24 July 2025
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Saudi economy minister holds global talks to boost bilateral ties, economic cooperation

RIYADH: Saudi Arabia’s Minister of Economy and Planning is intensifying global engagement through a series of high-level meetings aimed at strengthening bilateral relations and economic cooperation with key international markets.

On the sidelines of the UN’s High-level Political Forum on Sustainable Development 2025, Faisal Al-Ibrahim met with his Ethiopian counterpart, Fitsum Assefa, to discuss enhancing bilateral economic, commercial, and investment ties and other topics of mutual interest, according to a statement.

This supports the ministry’s goal to advance Vision 2030 by fostering economic diversification, attracting investment, and strengthening the national economy.

Its main priorities include crafting long-term strategies, aligning policies to ensure sustainable growth, and identifying strategic opportunities, as well as promoting data-driven policymaking, enhancing economic expertise, and building institutional capacity.

In a post on X, the ministry noted: “Minister of Economy and Planning meets with Peter Szijjarto, Minister of Foreign Affairs and Trade of Hungary, to discuss strengthening trade and development ties between the two countries, and other topics of common interest, on the sidelines of HLPF25.”

Al-Ibrahim also met with Ireland’s Minister for Climate, Environment, and Energy, and Minister for Transport, Darragh O'Brien, to review enhancing collaboration in economic policy, trade, and development, as well as exploring potential investment opportunities under Saudi Vision 2030.

He also held talks with the Minister for Regional Development of the Czech Republic, Petr Kulhanek, to discuss regional and infrastructure development, sharing best practices in sustainable growth, and exploring opportunities for economic expansion.

Additionally, the minister held talks with Beatriz Carles de Arango, Minister of Social Development of Panama, to explore collaboration on sustainable development, social protection strategies, and advancing shared priorities for human capital investment.

“I had the pleasure of meeting Mohammad Ishaq Dar, Deputy Prime Minister and Minister for Foreign Affairs of Pakistan at HLPF25, to discuss deepening bilateral economic ties, enhancing public policy coordination, and promoting sustainable growth,” Al-Ibrahim said on his X account.

The minister also met with Larry Fink, chairman and CEO of BlackRock, to explore expanding investment opportunities in the Kingdom.