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World Economic Forum adds Aramco facility to its Global Lighthouse Network

World Economic Forum adds Aramco facility to its Global Lighthouse Network
Saudi Aramco logo is pictured at the oil facility in Abqaiq, Ƶ. (Reuters/File)
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Updated 15 January 2025

World Economic Forum adds Aramco facility to its Global Lighthouse Network

World Economic Forum adds Aramco facility to its Global Lighthouse Network
  • The network recognizes industrial sites that use advanced technologies to boost performance, operations and sustainability
  • North Ghawar Oil Producing Complex is the 5th Aramco facility to earn a place in the network

LONDON: The World Economic Forum has added Aramco’s North Ghawar Oil Producing Complex to its prestigious Global Lighthouse Network.

It is the fifth Aramco facility to earn a place in the network. The company said the addition honors its efforts to enhance operational and environmental performance.

Nasir K. Al-Naimi, the company’s upstream president, described the achievement as testament to the company’s focus on innovation and operational excellence.

“It validates our journey towards a truly digital and lower-carbon-emissions future, where technology empowers us to optimize our processes, reduce our environmental impact, and deliver exceptional value to our customers and shareholders.”

The Global Lighthouse Network, established by the forum in 2018 in collaboration with management consultancy McKinsey & Company, recognizes industrial facilities worldwide that have leveraged Fourth Industrial Revolution technologies to achieve measurable improvements in financial performance, operations and sustainability, and reduce environmental impacts.

The Aramco facility was one of 17 industrial sites worldwide added to the network on Tuesday. It now comprises 189 facilities worldwide, and Aramco is the only energy company represented by more than three facilities. The North Ghawar site is located in Al-Ahsa Governorate in the Eastern Province.


Ƶ committed to strengthening economic relations with Syria, Al-Falih tells investment forum

Ƶ committed to strengthening economic relations with Syria, Al-Falih tells investment forum
Updated 17 sec ago

Ƶ committed to strengthening economic relations with Syria, Al-Falih tells investment forum

Ƶ committed to strengthening economic relations with Syria, Al-Falih tells investment forum

RIYADH: The Syrian-Saudi Investment Forum has commenced in Damascus, with over 120 investors and executives from the Kingdom’s public and private sectors participating in the event. 

Speaking at the gathering, Ƶ’s Minister of Investment, Khalid Al-Falih, announced that the forum will witness the signing of 47 agreements and memorandums of understanding, totaling SR24 billion ($6.4 billion). 

The investment conference marks a significant renewal of relations between the two countries, and in April, Ƶ joined with Qatar to settle Syria’s $15 million debt to the World Bank as part of broader efforts to support the financial recovery of the nation.

Speaking at the forum, Al-Falih said: “We are committed to strengthening relations with Syria, particularly in the economic and investment spheres. This forum is attended by over 20 government entities and 100 private sector companies.”

The minister further said that Ƶ is preparing to invest in Syria across multiple sectors, including energy, real estate, industry, and infrastructure. 

According to Al-Falih, other potential areas of collaboration include financial services, healthcare, agriculture, telecommunications, as well as information technology, construction, and education. 

The minister added that agreements exceeding SR11 billion will be signed in the infrastructure sector during this forum, which includes the launch of three new cement production facilities. 

On July 23, Al-Falih and Syrian Economy Minister Mohammed Al-Shaar inaugurated the Fayhaa White Cement Factory in Adra Industrial City, the first of its kind in Syria. 

Backed by a $20 million investment from Ƶ’s Northern Region Cement Co., the plant is set to produce high-grade white cement while creating 130 direct jobs and more than 1,000 indirect employment opportunities. 

In the latest speech, Al-Falih stated that this forum will also witness agreements worth SR4 billion in the telecommunications sector, as Syria’s Ministry of Communications and several Saudi telecom companies aim to deepen their ties. 

“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. 

He added: “In the financial services and banking sector, this forum will witness the signing of a memorandum of understanding between Ƶ’s Tadawul Group and the Damascus Securities Exchange to enhance cooperation in fintech solutions.” 

During the speech, Al-Falih also affirmed the Kingdom’s supportive stance to guide Syria toward the path of prosperity and sustainable development. 

“In this forum, we are not building new bridges — because close social, economic, and cultural ties have long united our two nations. Since ancient times, the Arabian Peninsula and the Levant have been vital links in global trade,” said Al-Falih. 

He further said that the relationship between Ƶ and Syria will continue to flourish as “both nations are two sides of the same political, economic, and social coin.” 

Syrian Minister of Economy and Industry Mohammad Al-Shaar called the forum a “historic milestone” in the journey of relations between the Kingdom and Syria. 

“Syria is witnessing real momentum toward growth and prosperity, and we reaffirm our full commitment to providing all forms of support for the success of this forum, ensuring benefits for both the Syrian and Saudi people,” he said. 


Pakistan, Ƶ agree to promote investments, expand cooperation in key sectors

Pakistan, Ƶ agree to promote investments, expand cooperation in key sectors
Updated 27 min 35 sec ago

Pakistan, Ƶ agree to promote investments, expand cooperation in key sectors

Pakistan, Ƶ agree to promote investments, expand cooperation in key sectors
  • Pakistan's Deputy PM Ishaq Dar meets Saudi Minister of Economy and Planning, Faisal bin Fadhil Alibrahim, in New York 
  • Both discuss expanding cooperation in food security, manufacturing and mines & minerals, says Pakistan’s FO

ISLAMABAD: Deputy Prime Minister Ishaq Dar met Ƶ’s Minister of Economy and Planning, Faisal bin Fadhil Alibrahim, on Wednesday to discuss promoting bilateral investments and expanding cooperation in key economic sectors, Pakistan’s foreign ministry said. 

Pakistan and Ƶ enjoy cordial relations and strong ties in defense, military, tourism and various other sectors. The two countries have eyed closer cooperation in mines and minerals, agriculture, tourism, IT and other sectors in recent years. 

Islamabad and Riyadh last year signed 34 business-to-business deals worth $2.8 billion amid Islamabad’s increasing focus to shore up its foreign reserves and bolster its economic revival with the help of its Gulf allies. 

Dar, who is in the United States till July 28 to lead “high-level signature events” under Pakistan’s presidency of the UN Security Council, met Alibrahim on the sidelines of the events. 

“Discussions focused on expanding cooperation across key sectors, including food security, manufacturing, and mines & minerals,” the Pakistani foreign ministry said. 

“They also agreed to advance investments and technical collaboration for mutual benefit of the two nations,” it added. 

The two reaffirmed brotherly ties between Pakistan and Ƶ and their shared vision for lasting peace, prosperity and regional harmony, the foreign ministry said.

Apart from being a key regional ally and close business partner, Ƶ also happens to be the largest source of foreign remittances for Pakistan. 

These remittances are a lifeline for Pakistan’s cash-strapped economy, playing a critical role in stabilizing foreign exchange reserves and supporting balance of payments. 


China’s BYD to assemble EVs in Pakistan from 2026

China’s BYD to assemble EVs in Pakistan from 2026
Updated 44 min 12 sec ago

China’s BYD to assemble EVs in Pakistan from 2026

China’s BYD to assemble EVs in Pakistan from 2026
  • BYD, the world’s top EV maker, has been expanding rapidly outside its home market
  • Its plant in Pakistan will initially have the capacity to produce 25,000 units a year

KARACHI: Chinese electric vehicle giant BYD plans to roll out its first car assembled in Pakistan by July or August 2026 to capture growing demand for electric and plug-in hybrid vehicles in the region, a company executive said on Wednesday.

BYD, the world’s top EV maker, has been expanding rapidly outside its home market, where it is in a strong price war. The Pakistan plant addresses rising demand from emerging markets and allows the company to take advantage of incentives offered by the Pakistani government.

The plant has been under construction since April near Karachi in a partnership between BYD and Mega Motor Company, a subsidiary of Pakistani utility Hub Power, Danish Khaliq, vice president of sales and strategy at BYD Pakistan, told Reuters.

A BYD ATTO 3 electric vehicle is displayed at the BYD Pakistan Metropole Experience Center, in Karachi, Pakistan, on July 23, 2025. (REUTERS)

It would initially have the capacity to produce 25,000 units a year on a double shift, he said. He did not elaborate on when the plant would achieve full capacity or say when mass production would begin there.

The plant will start by assembling imported parts, with some local production of non-electric components, Khaliq said, adding it would initially produce vehicles for the domestic market, with potential to export to right-hand drive countries in the region depending on freight costs and business economics.

“We do not foresee excess capacity in our system as demand in Pakistan will catch up,” he said.

Danish Khaliq, Vice President of the BYD Pakistan Sales and Strategy, poses for a picture after an interview with Reuters in Karachi, Pakistan, on July 23, 2025. (REUTERS)

BYD started delivering imported EVs in Pakistan in March. Khaliq did not give an exact sales number but said the sales of a few hundred cars had exceeded internal targets by 30 percent.

Khaliq said he expected the market size of EVs and plug-in hybrid cars in Pakistan to grow three to four times in 2025 from around 1,000 total units in 2024. BYD is targeting a 30-35 percent share of the segment, Khaliq said.

Based on a HUBCO filing, BYD Pakistan made around 444 million rupees ($1.56 million) in profit in the 2025 March quarter.

BYD will launch its Shark 6 plug-in hybrid pickup truck in Pakistan on Friday. China’s MG already sells a PHEV SUV, while rival Haval is set to join the segment soon.

Plug-in hybrids offer a more practical option in Pakistan as the country faces a lack of charging stations for all-electric vehicles. The government slashed power tariffs for chargers by 45 percent in January to encourage EV uptake and private charging stations.

($1 = 284.0000 Pakistani rupees) 


Oil Updates — prices gain on US trade optimism, drop in crude inventories

Oil Updates — prices gain on US trade optimism, drop in crude inventories
Updated 24 July 2025

Oil Updates — prices gain on US trade optimism, drop in crude inventories

Oil Updates — prices gain on US trade optimism, drop in crude inventories

TOKYO: Oil prices rose around 1 percent on Thursday, buoyed by optimism over US trade negotiations that would ease pressure on the global economy and a sharper-than-expected decline in US crude inventories.

Brent crude futures gained 64 cents, or 0.9 percent, to $69.15 a barrel by 8:30 a.m. Saudi time. US West Texas Intermediate crude futures climbed 68 cents, or 1 percent, to $65.93 per barrel.

Both benchmarks were little changed on Wednesday as markets monitored developments in US-European Union trade talks, following President Donald Trump’s tariff deal with Japan. The agreement lowers duties on auto imports and spares Tokyo from new levies in exchange for a $550 billion package of US-bound investment and loans.

“Buying was driven by optimism that progress in tariff negotiations with the US would help avoid a worst-case scenario,” said Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, a unit of Nissan Securities.

“Still, uncertainty over US-China trade talks and peace negotiations between Ukraine and Russia is limiting further gains,” he said, predicting WTI would likely remain range-bound between $60 and $70.

Two European diplomats said on Wednesday that the EU and the US are moving toward a trade deal that could include a 15 percent US baseline tariff on EU goods and possible exemptions, potentially paving the way for another major trade agreement following the Japan deal.

On the supply side, US Energy Information Administration data showed US crude inventories fell last week by 3.2 million barrels to 419 million barrels, exceeding analysts’ expectations in a Reuters poll for a 1.6 million-barrel draw.

Gasoline stocks also fell by 1.7 million barrels to 231.1 million barrels, nearly double the expectations for a 908,000-barrel draw. Distillate stockpiles, including diesel and heating oil, rose by 2.9 million barrels in the week to 109.9 million barrels — still near their lowest seasonal level since 1996, ANZ analysts said in a note.

“This suggests demand over the northern hemisphere summer has been relatively strong,” ANZ said.

Meanwhile, geopolitical tensions remained in focus.

Russia and Ukraine held peace talks in Istanbul on Wednesday, discussing further prisoner swaps, though the two sides remain far apart on ceasefire terms and a possible meeting of their leaders.

Separately, foreign oil tankers were temporarily barred from loading at Russia’s main Black Sea ports due to new regulations, two industry sources said on Wednesday, effectively halting exports from Kazakhstan through a consortium partly owned by US energy majors.

The US energy secretary said on Tuesday that the US would consider sanctioning Russian oil to end the war in Ukraine. Meanwhile, the EU on Friday agreed its 18th sanctions package against Russia, lowering the price cap for Russian crude. 


Saudi non-oil exports climb 6% to $8.29bn: GASTAT 

Saudi non-oil exports climb 6% to $8.29bn: GASTAT 
Updated 24 July 2025

Saudi non-oil exports climb 6% to $8.29bn: GASTAT 

Saudi non-oil exports climb 6% to $8.29bn: GASTAT 

RIYADH: Ƶ’s non-oil exports, including re-exports, reached SR31.11 billion ($8.29 billion) in May, marking a 6 percent increase compared to the same month in 2024, official data showed. 

Preliminary figures released by the General Authority for Statistics showed that the UAE remained the top destination for the Kingdom’s non-oil products, with exports to the Emirates amounting to SR9.54 billion in May. 

India was the second-largest non-oil trade partner, importing goods worth SR2.78 billion, followed by China at SR2.03 billion, Bahrain at SR989.1 million, and Turkiye at SR924.7 million. 

The rise in non-oil exports supports the goals of Vision 2030, which aims to diversify Ƶ’s economy and reduce its reliance on oil revenues. 

In its latest report, GASTAT stated: “Non-oil exports in May, including re-exports, recorded an increase of 6 percent compared to May 2024, while national non-oil exports, excluding re-exports, decreased by 1.8 percent.” 

It added: “Moreover, the value of re-exported goods increased by 20.5 percent during the same period.” 

In a separate release in May, GASTAT noted that the Kingdom’s gross domestic product grew by 2.7 percent year on year in the first quarter, driven by robust non-oil activity. 

Commenting on the GDP figures at the time, Minister of Economy and Planning Faisal Al-Ibrahim — who also chairs GASTAT’s board — highlighted that the contribution of non-oil activities to the Kingdom’s economic output reached 53.2 percent, a 5.7 percent increase over previous estimates. 

He added that the country’s economic outlook remains strong, buoyed by structural reforms and high-quality, state-led projects across various sectors.

Other major destinations for Ƶ’s non-oil shipments in May included Egypt, which received goods worth SR585.1 million, followed by Belgium at SR756.6 million, and Kuwait at SR736.9 million. 

Exports to the US stood at SR730.3 million, while shipments to Singapore and Jordan totaled SR689.3 million and SR642.8 million, respectively. 

Departure locations

Among seaports, the King Fahad Industrial Port in Jubail handled the highest volume of outbound non-oil goods, valued at SR3.52 billion, followed closely by the Jeddah Islamic Sea Port at SR3.35 billion.

Ras Al Khair and Jubail Sea Ports facilitated non-oil exports worth SR2.37 billion and SR2.36 billion, respectively. 

On land, the Al-Batha Port processed non-oil exports worth SR2.18 billion. Al-Hadithah and Al-Wadiah ports recorded outbound shipments of SR864.4 million and SR460.2 million, respectively. 

King Abdulaziz International Airport led all air terminals, handling SR4.22 billion in non-oil exports in May — a 258 percent increase compared to the same month last year. 

Machinery and chemicals lead the way

“Among the most important non-oil exports are machinery, electrical equipment and parts, which constituted 23.7 percent of the total non-oil exports, recording a 99.8 percent increase compared to May 2024,” GASTAT noted. 

Chemical products came in second, accounting for 22.8 percent of total non-oil exports and growing 0.4 percent year on year. 

The strength of Ƶ’s non-oil private sector was further affirmed by Riyad Bank’s Purchasing Managers’ Index, compiled by S&P Global, which showed that the Kingdom’s headline PMI rose to 57.2 in June, up from 55.8 in May. This reading indicates a strong improvement in business conditions, exceeding the long-run average of 56.9. 

A PMI score above 50 signals expansion, while a figure below that mark indicates contraction. Ƶ’s June PMI also outpaced that of its regional peers, with the UAE and Kuwait recording 53.5 and 53.1, respectively. 

Merchandise exports 

According to GASTAT, the Kingdom’s total merchandise exports in May declined 14 percent year on year to SR90.44 billion.

The drop was primarily due to a 21.8 percent fall in oil exports, which caused the share of oil in total exports to drop from 72.1 percent in May 2024 to 65.6 percent this year. 

China was the top destination for Ƶ’s overall merchandise exports, with shipments valued at SR12.66 billion. The UAE followed at SR10.13 billion — a 37.5 percent jump compared to the previous year — while exports to India reached SR8.07 billion. South Korea, Japan, and the US imported SR7.44 billion, SR5.99 billion, and SR3.68 billion worth of goods, respectively. 

Imports climb 

Ƶ’s imports in May reached SR80.93 billion, up 7.8 percent year on year, GASTAT reported.

Machinery, mechanical and electrical equipment topped the import list at SR24.03 billion, followed by transport equipment at SR9.20 billion and chemical products at SR7.64 billion.

Base metal imports stood at SR7 billion, while mineral products totaled SR4.84 billion. 

By region, Asia remained the Kingdom’s largest trade partner, contributing SR47.59 billion in imports — a 17.8 percent rise from a year ago.

Imports from Europe and the Americas amounted to SR19.85 billion and SR8.83 billion, respectively. Africa supplied SR3.78 billion worth of goods, while imports from Oceania totaled SR778.8 million. 

China led all countries as the top source of imports, with SR23.36 billion worth of shipments in May, a 23.3 percent year-on-year increase. The US followed with SR6.04 billion, ahead of the UAE at SR5.07 billion, India at SR3.69 billion, and Japan at SR3.61 billion. 

Sea routes were the dominant entry channel for imports, accounting for SR47.39 billion — a 7.1 percent increase year on year. Air and land routes handled SR24.33 billion and SR9.20 billion worth of inbound goods, respectively. 

King Abdulaziz Sea Port in Dammam led all seaports with SR21.37 billion in imports, followed by Jeddah Islamic Sea Port at SR17.49 billion and Ras Tanura Port at SR1.50 billion. 

Among land entry points, Al-Batha Port managed SR3.92 billion worth of goods, while Riyadh Dry Port and King Fahad Bridge processed SR2.56 billion and SR830.5 million, respectively. 

By air, King Khalid International Airport in Riyadh received SR11.17 billion in imports. King Abdulaziz International Airport and King Fahad International Airport handled SR8.85 billion and SR4.28 billion, respectively.