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Saudi TAQA Aims to Quadruple its Investments Within 3 Years

Technicians at a site affiliated with the Saudi TAQA company. (TAQA)
Technicians at a site affiliated with the Saudi TAQA company. (TAQA)
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Saudi TAQA Aims to Quadruple its Investments Within 3 Years

Technicians at a site affiliated with the Saudi TAQA company. (TAQA)
Technicians at a site affiliated with the Saudi TAQA company. (TAQA)

The Saudi Industrialization and Energy Services Company (TAQA) investments will increase fourfold within three years, starting in 2023, to strengthen the company's presence in the oil services sector.

TAQA is present in 15 countries and provides oil well services through advanced technology, supporting innovation and establishing lasting partnerships with stakeholders.

According to the company's website, TAQA Well Services is the growth engine of TAQA and is in charge of delivering well services across all service lines and geographies within the MENAT region.

Executive Vice President of Well Solutions at TAQA Aamir Naseem explained that the value of the investments allocated until the end of 2026 is to match the company's ambitions to expand in Africa, describing it as a "promising market" in the oil sector.

During an exclusive interview with Asharq Al-Awsat via Zoom, Naseem did not disclose the size of the investments.

Nassim added in the interview with Dhahran that Egypt will be the center for launching the company's operations in Africa through a new headquarters.

The official said that TAQA is constantly exploring new investments, and truly promising opportunities characterize African markets.

"Egypt will be an important part of facilitating our entry into these markets based on the Egyptian-African and Egyptian-Arab agreements, which facilitates and supports the company's work there."

In January 2023, TAQA announced that it completed its 100% acquisition of al-Mansoori Petroleum Services in Egypt to expand the company's business in the field of well services globally.

The combined businesses employ over 5,500 employees, serving a broad and diverse customer base across 20 countries.

The acquisition was funded by a capital increase led by TAQA's existing significant shareholders, led by Saudi Arabia’s Public Investment Fund (PIF), which owns 54% of TAQA.

PIF's investment portfolio stated that it has assigned TAQA the task of achieving leadership in localizing industries, providing specialized equipment, and providing oil well services to explore and develop oil and gas resources in Saudi Arabia and the rest of the MENA region.

The Fund explained that based on the long history established by the first two companies affiliated with TAQA, namely Arab Drilling Company and Arab Geophysics and Surveying Company, TAQA is currently moving towards expanding its oil well services and equipment through various approaches.

The investments vary between purchasing a share and acquiring international companies specializing in oil well services and equipment technology.

The company's proximity to the largest oil reserves and its strong international partnership with the largest oil and gas producers gives it a unique position that qualifies it to achieve the maximum possible value and generate the highest return on these investments.

During the interview, Nasseem explained that Egypt is one of TAQA's strategic countries, which will acquire many of the company's future investments during the next two years.

Established in Saudi Arabia in 2003, TAQA provides products and solutions to the energy industry, enabling the performance of its customers.

It is a Saudi joint stock company with regional offices in Dhahran, Saudi Arabia, and Abu Dhabi in the United Arab Emirates.

Regarding the opportunities for offering on the "Egypt Stock Exchange" to increase the shareholder base, in light of reports indicating that TAQA will be listed on the Saudi "Tadawul" Stock Exchange, Nasseem explained that this will be determined in light of the success of the company's strategy that began last year until the end of 2026.

The Board of Directors will determine the most appropriate way to increase the shareholder base.

Egypt intends to offer petroleum companies as part of a program to sell state assets or exit from government companies, and TAQA doesn't have any current plans to participate in this program, said Nasseem.

Investment opportunities in Africa

The African market has promising opportunities in the energy sector, and TAQA is working hard to meet this demand, said Nasseem, specifically referring to Libya, Algeria, Tanzania, Kenya, Uganda, and Mozambique.

Regarding his estimate of the size of operations in the African market, he pointed to the routes that start from Egypt in terms of infrastructure qualified for more shipping in North and East Africa.

The official added that TAQA is working to reduce pressures in the oil sector in the African countries, which are considered developing countries, by providing its various services in well fields and investing in them through Egypt.

He said the company has a large number of operations in Arab countries.

"Our activity is in the Middle East, North and East Africa, Türkiye, Bangladesh, India, and Pakistan, in addition to the company's main activity in Saudi Arabia, Kuwait, Oman, the Emirates, and Iraq."

"The Middle East is the hub of global oil power and production. It is an important place in terms of production and infrastructure for the sector, which qualifies it for growth in business volume."

Renewable energy

Nasseem said TAQA works in thermal energy, a clean energy sector, in parallel with the expansion of technologies that reduce the impact of the carbon footprint in the management of drilling oil wells.

He explained that most global expectations indicate that 2050 the global population will increase by two billion, which would undoubtedly require energy sources.

Oil and gas will undoubtedly represent a significant part of the energy sources, given the size of the growth in renewable energy, noted Nasseem, indicating that Southeast Asia and China, in particular, will lead this growth.

The expert explained that the world's need for oil will necessarily grow, and it will also be matched by growth in renewable energy sources, but it will not cover all the global energy demands.

However, he referred to the technological development, which TAQA uses on a large scale, to reduce carbon emissions from traditional energy sources, "which will enhance the demand for it during the coming period."

Regarding the difference in demand rates for the energy sector, Nasseem indicated that traditional and renewable energy sectors will grow in parallel during the next two decades until 2050.

He explained that energy sources must have three elements so the world could rely on them: reliability, cost level, and sustainability, which would help determine how the sector will look until 2050.

The demand for oil and gas will represent about 52% of the volume of global energy demand until 2050, down from 54%, and coal will represent 16%, down from 27%. Renewable energy, including solar and wind power, will reach 12%.

Nasseem stressed that renewable energy will not satisfy the demand for the global energy sector alone.

"Renewable energy must not replace traditional energy," he said, pointing to the severe repercussions for global energy security.

EGYPES 2024

TAQA is scheduled to participate in the Egypt Energy Show (EGYPES) 2024, held in Cairo between Feb. 19 and 21, as part of the company's strategy to provide new technologies in the Egyptian energy sector.

Meanwhile, Deputy Executive Director of TAQA in Egypt Hussam Abu Seif stated that the company views EGYPES 2024 as a crucial opportunity.

Abu Seif explained that EGYPES 2024 serves as a platform where major industry players can engage in constructive discussions with government bodies and the Ministry of Petroleum regarding energy security, investments in oil and gas, and guidance toward a sustainable future characterized by low carbon rates and reduced emissions.

"Our company is committed to achieving growth in the Egyptian market, leveraging its position as a hub to serve neighboring countries in Africa," he said.

The official asserted that TAQA aims to fortify its position and broaden its services to customers in the Gulf, the Middle East, and Africa.

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Business

Global Unemployment ‘Stable’ in 2026, but Decent Jobs Lacking

A Palestinian employee inspects sweet locally known as "al-Shatwi" (Winter) Crimbo sweets, as the Al-Arees factory gradually resumes operations after a hiatus caused by the Gaza war which led to shortages of raw materials used in their products, in Deir al-Balah, in the central Gaza Strip on January 12, 2026, following a US-brokered truce that halted the two-year war. (AFP)
A Palestinian employee inspects sweet locally known as "al-Shatwi" (Winter) Crimbo sweets, as the Al-Arees factory gradually resumes operations after a hiatus caused by the Gaza war which led to shortages of raw materials used in their products, in Deir al-Balah, in the central Gaza Strip on January 12, 2026, following a US-brokered truce that halted the two-year war. (AFP)
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Global Unemployment ‘Stable’ in 2026, but Decent Jobs Lacking

A Palestinian employee inspects sweet locally known as "al-Shatwi" (Winter) Crimbo sweets, as the Al-Arees factory gradually resumes operations after a hiatus caused by the Gaza war which led to shortages of raw materials used in their products, in Deir al-Balah, in the central Gaza Strip on January 12, 2026, following a US-brokered truce that halted the two-year war. (AFP)
A Palestinian employee inspects sweet locally known as "al-Shatwi" (Winter) Crimbo sweets, as the Al-Arees factory gradually resumes operations after a hiatus caused by the Gaza war which led to shortages of raw materials used in their products, in Deir al-Balah, in the central Gaza Strip on January 12, 2026, following a US-brokered truce that halted the two-year war. (AFP)

The global unemployment rate is expected to hold steady in 2026, the United Nations said Wednesday, but cautioned the labor market's seeming stability belies a dire shortage of decent jobs.

The UN's International Labor Organization said the global economy and labor market appeared to have weathered recent economic shocks better than expected.

But the ILO warned that efforts to improve global job quality had stagnated, leaving hundreds of millions of workers wallowing in poverty, even as trade uncertainty risked cutting into workers wages.

The global unemployment rate was estimated at 4.9 percent last year and the year before, and is now projected to remain at a similar level until 2027, a report from the UN labor agency said.

That amounts to 186 million people out of work this year, it said.

"Global labor markets look stable, but that stability is quite fragile," Caroline Fredrickson, head of the ILO's research department, told reporters, cautioning that the "apparent calm masks deeper and unresolved problems".

At a time when US President Donald Trump has slapped towering tariffs on friends and foes alike, the report cautioned that "disruptions caused by trade uncertainty, combined with ongoing long-term transformations in global trade, could significantly affect labor market outcomes".

Going forward, the ILO said its modelling suggested that a moderate increase in trade policy uncertainty "may reduce returns to labor and, as a consequence, real wages for both skilled and unskilled workers across all sectors", especially in Southeast Asia, Southern Asia and Europe.

The potential of trade to generate new employment opportunities was also being challenged by the ongoing disruptions, the report said, pointing out that 465 million jobs globally depended on foreign demand through exports of goods and services and related supply chains in 2024.

- Extreme poverty -

Another major concern highlighted by the ILO was the quality of jobs available.

"Resilient growth and stable unemployment figures should not distract us from the deeper reality: hundreds of millions of workers remain trapped in poverty, informality, and exclusion," ILO chief Gilbert Houngbo said in a statement.

Nearly 300 million workers continue to live in extreme poverty, earning less than $3 a day, Wednesday's report found.

At the same time, some 2.1 billion workers are expected to hold informal jobs this year, with limited access to social protection, labor rights and job security.

Young people remain particularly vulnerable, with unemployment among 15- to 24-year-olds projected to reach 12.4 percent for 2025, with around 260 million young people not engaged in education, employment or training, ILO said.

It warned that artificial intelligence and automation could exacerbate challenges, particularly for educated young people in wealthier countries seeking their first high-skill jobs.

"While the full impact of AI on youth employment remains uncertain, its potential magnitude warrants close monitoring," the report said.

The ILO also highlighted "entrenched gender inequalities", pointing out that women still account for just two-fifths of global employment.

"Stable labor markets are not necessarily healthy," Fredrickson said, stressing the growing need for "domestic policy choices to strengthen decent work outcomes".

"Without decisive action, today's stability risks giving way to deeper inequalities."

Business

China Had a Record $1.2 Trillion Trade Surplus in 2025, as Exports Rose 6.6% in December

Women dressed in traditional Chinese-style attire cross a street in Beijing, China, Tuesday, Jan. 13, 2026. (AP)
Women dressed in traditional Chinese-style attire cross a street in Beijing, China, Tuesday, Jan. 13, 2026. (AP)
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China Had a Record $1.2 Trillion Trade Surplus in 2025, as Exports Rose 6.6% in December

Women dressed in traditional Chinese-style attire cross a street in Beijing, China, Tuesday, Jan. 13, 2026. (AP)
Women dressed in traditional Chinese-style attire cross a street in Beijing, China, Tuesday, Jan. 13, 2026. (AP)

China’s trade surplus surged to a record of almost $1.2 trillion in 2025, the government said Wednesday, as exports to other countries made up for slowing shipments to the United States.

China's exports rose 5.5% for the whole of last year to $3.77 trillion, customs data showed, while imports flatlined at $2.58 trillion. The 2024 trade surplus was over $992 billion.

In December, China’s exports climbed 6.6% from the year before in dollar terms, better than economists’ estimates and higher than November’s 5.9% year-on-year increase. Imports in December were up 5.7% year-on-year, compared to November’s 1.9%.

China’s trade surplus surpassed the $1 trillion mark for the first time in November, when the trade surplus reached $1.08 trillion in the first 11 months of last year.

Economists expect exports will continue to support China’s economy this year, despite trade friction and geopolitical tensions.

“We continue to expect exports to act as a big growth driver in 2026,” said Jacqueline Rong, chief China economist at BNP Paribas.

While China’s exports to the US have fallen sharply for most of last year since President Donald Trump returned to office and escalated his trade war with the world’s second-largest economy, that decline has been largely offset by shipments to other markets in South America, Southeast Asia, Africa and Europe.

For the whole of 2025, China’s exports to the US fell 20%. In contrast, exports to Africa surged 26%. Those to Southeast Asian countries jumped 13%; to the European Union 8%, and to Latin America, 7%.

Strong global demand for computer chips and other devices and the materials needed to make them were among categories that supported China’s exports, analysts said. Car exports also grew last year.

China's strong exports have helped keep its economy growing at an annual rate close to its official target of about 5%. But that has triggered alarm in countries that fear a flood of cheap imports are damaging local industries.

China faces a “severe and complex” external trade environment in 2026, Wang Jun, vice minister of China’s customs administration, told reporters in Beijing. But he said China’s “foreign trade fundamentals remain solid.”

The head of the International Monetary Fund last month called for China to fix its economic imbalances and speed up its shift from reliance on exports by boosting domestic demand and investment.

A prolonged property downturn in China after the authorities cracked down on excessive borrowing, triggering defaults by many developers, is still weighing on consumer confidence and domestic demand.

China’s leaders have made increasing spending by consumers and businesses a focus of economic policy, but actions taken so far have had a limited impact. That included government trade-in subsidies over the past months that encouraged consumers to buy newer, more energy efficient items, such as home appliances and vehicles, and replace older models.

“We expect domestic demand growth to stay tepid,” said Rong of BNP Paribas. “In fact, the policy boost to domestic demand looks weaker than last year -- in particular the fiscal subsidy program for consumer goods.”

Gary Ng, a senior economist at French investment bank Natixis, forecasts that China’s exports will grow about 3% in 2026, less than the 5.5% growth in 2025. With slow import growth, he expects China's trade surplus to remain above $1 trillion this year.

Business

Saudi Arabia Signs Mineral Cooperation Deals with Chile, Canada, Brazil

The MoUs were signed on the sidelines of the Ministerial Roundtable of ministers concerned with mining affairs, held as part of the fifth annual Future Minerals Forum (FMF) in Riyadh. (SPA)
The MoUs were signed on the sidelines of the Ministerial Roundtable of ministers concerned with mining affairs, held as part of the fifth annual Future Minerals Forum (FMF) in Riyadh. (SPA)
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Saudi Arabia Signs Mineral Cooperation Deals with Chile, Canada, Brazil

The MoUs were signed on the sidelines of the Ministerial Roundtable of ministers concerned with mining affairs, held as part of the fifth annual Future Minerals Forum (FMF) in Riyadh. (SPA)
The MoUs were signed on the sidelines of the Ministerial Roundtable of ministers concerned with mining affairs, held as part of the fifth annual Future Minerals Forum (FMF) in Riyadh. (SPA)

Saudi Arabia, represented by the Ministry of Industry and Mineral Resources, signed on Tuesday three international memoranda of understanding (MoUs) on mineral resources cooperation with the Chile, Canada, and Brazil.

The MoUs were signed on the sidelines of the Ministerial Roundtable of ministers concerned with mining affairs, held as part of the fifth annual Future Minerals Forum (FMF), hosted by Riyadh from January 13 to 15.

The deals reflect the Kingdom’s efforts to expand its international partnerships and strengthen technical and investment cooperation in the mining and minerals sector in a manner that serves mutual interests and supports the sustainable development of mineral resources.

The signing ceremony included MoUs on cooperation in the mineral resources field with the Chilean Ministry of Mining, the Canadian Department of Natural Resources, and the Brazilian Ministry of Mines and Energy.

The Ministerial Roundtable recorded the largest level of international representation of its kind globally, with participation from more than 100 countries, including all G20 members in addition to the European Union, as well as 59 multilateral organizations, industry associations, and non-governmental organizations.

The attendance reflects the standing the ministerial meeting has attained as a leading international platform for aligning perspectives, building partnerships, and developing practical solutions to global challenges in the mining and minerals sector.