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Saudi Arabia Launches Innovation Award for Military Industries

Saudi Arabia launched an award to encourage innovation in the military industries. (Asharq Al-Awsat)
Saudi Arabia launched an award to encourage innovation in the military industries. (Asharq Al-Awsat)
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Saudi Arabia Launches Innovation Award for Military Industries

Saudi Arabia launched an award to encourage innovation in the military industries. (Asharq Al-Awsat)
Saudi Arabia launched an award to encourage innovation in the military industries. (Asharq Al-Awsat)

Saudi Arabia has launched an award to encourage innovation in the military industries, support a promising national industrial stage, create innovative solutions to address the sector's challenges, increase spending efficiency, and improve the level of services and infrastructure.

The General Authority for Military Industries (GAMI) launched the Innovation Award in the Military Industries to inspire and encourage innovators to present innovative solutions and address the technical challenges faced by the sector.

GAMI Governor Ahmed al-Ohali said the award allows innovators to deliver qualitative and innovative solutions.

Knowledge impact

GAMI said the award holds a significant knowledge impact through raising awareness about the importance of innovation in the military industries sector and holds economic impact by reducing costs in addressing technical issues with innovative ideas and solutions.

The award also positively affects services and infrastructure, improving the services provided and enhancing infrastructure capabilities with innovative ideas and solutions.

Power of innovation

Several awards for innovation and superior solutions have been launched in various sectors, the most recent of which was an award for innovation in e-learning and training.

The award for military industries will be fundamental in promoting a culture of innovation and supporting talented people to contribute to the development of military industries.

Saudi Arabia aims to increase the level of employing innovative trends in several sectors to promote the efficiency of services and reduce unnecessary spending.

President of the Global Innovation Institute, KSA Chapter Abdulwahed al-Ghanem said Saudi Arabia will continue relying on research, development and innovation.

Ghanem noted that Riyadh will increase the momentum with the launch of the Supreme Committee for Research, Development, and Innovation, chaired by Prince Mohammed bin Salman, Crown Prince and Prime Minister.

Saudi Arabia jumped 15 ranks in the Global Innovation Index for 2022, issued by the World Intellectual Property Organization (WIPO), less than a year after announcing the national aspirations and priorities for research, development, and innovation (RDI).

The Kingdom has also become one of the fastest transforming countries in the world, thanks to its drive to diversify its economy and enter new and promising sectors, according to a report published by Forbes.

The report indicated that Saudi Arabia boosted its efforts with research and innovation in 2022 by raising the number of patents to 963.

Ghanem said Saudi Arabia is in its golden stage of innovation, predicting a prosperous future for the Kingdom that will lead the next wave in research and innovation in the Arab world and Middle East.

SR500 Mn to Support Military Innovation

The Innovation Award in the Military Industries allows innovators to provide qualitative solutions that address some military technical challenges in partnership between the Saudi authorities concerned with supporting the innovation and the army industrialization sectors.

The Saudi partners included the King Abdulaziz City for Science and Technology, the General Authority for Small and Medium Enterprises (Monsha'at), the Research Development and Innovation Authority, the General Authority for Defense Development (GADD), and the Saudi Arabian Military Industries (SAMI).

Worth SR500 million, the award will be handed out yearly to support the innovations of talented citizens and residents in developing military industries. Submissions be assessed by a committee of specialists in the public and private sectors in several scientific fields.

The submission extends for two and a half months, and the committee will then begin receiving innovative contributions before announcing the winners during Saudi Arabia's World Defense Show in February.

The integration of innovation within military industries, the involvement of Saudi minds in the future of the precision industry, and the provision of diversified solutions will provide a unique opportunity for local and international manufacturers to meet Saudi talents.

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Taiwan Says It Has Assurances over LNG Supplies from 'Major' Country

The Taipei 101 skyscraper is seen lit up before the Earth Hour in Taipei, Taiwan, Saturday, March 28, 2026. (AP Photo/ Chiang Ying-ying)
The Taipei 101 skyscraper is seen lit up before the Earth Hour in Taipei, Taiwan, Saturday, March 28, 2026. (AP Photo/ Chiang Ying-ying)
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Taiwan Says It Has Assurances over LNG Supplies from 'Major' Country

The Taipei 101 skyscraper is seen lit up before the Earth Hour in Taipei, Taiwan, Saturday, March 28, 2026. (AP Photo/ Chiang Ying-ying)
The Taipei 101 skyscraper is seen lit up before the Earth Hour in Taipei, Taiwan, Saturday, March 28, 2026. (AP Photo/ Chiang Ying-ying)

Taiwan has received ‌supply assurances from the energy minister of a "major" liquefied natural gas-producing country, the island's economy minister said on Saturday, speaking about the Iran war's impact on Middle East energy imports.

Taiwan, a major semiconductor producer, had relied on Qatar for around a third of its LNG before the conflict, and has said it has secured alternate supplies for the months ahead from countries including Australia and the United States, said Reuters.

Speaking to ‌reporters in Taipei, ‌Economy Minister Kung Ming-hsin said that ‌because ⁠Taiwan has good ⁠relationships with its crude oil and natural gas suppliers, neither adjusting shipment origins nor purchasing additional spot cargoes would be a problem.

Kung said that about two weeks ago the energy minister of a certain "major energy-producing country" proactively contacted him.

The person "explained to us that they ⁠would fully support our natural gas needs. ‌If we have any ‌demand, we can let them know," he added.

"Another country even ‌said that some countries have released strategic petroleum ‌reserves, and they could also help coordinate matters if Taiwan needs assistance," Kung said.

"This shows that Taiwan has in fact earned considerable goodwill internationally through the long-term trust ‌it has built over the years," he said.

He declined to name the countries involved.

Angela ⁠Lin, ⁠spokesperson for state-owned refiner CPC, said at the same news conference that crude oil inventories were being maintained at pre-conflict levels and overall petrochemical feedstock supplies have remained stable.

CPC Chairman Fang Jeng-zen said that to reduce dependence on the Middle East, a new contract with the US will see 1.2 million metric tons of LNG supplied annually, with even more to come in the future, including eventually from Alaska.

However, Taiwan is not considering importing crude or LNG from Russia, he added.

Business

India Says Crude Oil Supplies Secured, No Payment Issues for Iran Imports

The Indian-flagged carrier Jag Vasant, carrying liquefied petroleum gas (LPG) via the Strait of Hormuz, arrives at Mumbai Port in Mumbai, India, 01 April 2026. EPA/DIVYAKANT SOLANKI
The Indian-flagged carrier Jag Vasant, carrying liquefied petroleum gas (LPG) via the Strait of Hormuz, arrives at Mumbai Port in Mumbai, India, 01 April 2026. EPA/DIVYAKANT SOLANKI
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India Says Crude Oil Supplies Secured, No Payment Issues for Iran Imports

The Indian-flagged carrier Jag Vasant, carrying liquefied petroleum gas (LPG) via the Strait of Hormuz, arrives at Mumbai Port in Mumbai, India, 01 April 2026. EPA/DIVYAKANT SOLANKI
The Indian-flagged carrier Jag Vasant, carrying liquefied petroleum gas (LPG) via the Strait of Hormuz, arrives at Mumbai Port in Mumbai, India, 01 April 2026. EPA/DIVYAKANT SOLANKI

India's petroleum ministry said in a post on X on ‌Saturday ‌that the ‌country's ⁠refiners have secured their ⁠crude requirements, including from Iran, ⁠and ‌there are ‌no payment hurdles ‌for ‌Iranian imports.

India's crude oil ‌requirements remain fully secured ⁠for the coming ⁠months, the ministry added.

Business

From Asia to the Americas: Governments Race to Contain Energy Shock

A gas station in Los Angeles, California (AFP) 
A gas station in Los Angeles, California (AFP) 
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From Asia to the Americas: Governments Race to Contain Energy Shock

A gas station in Los Angeles, California (AFP) 
A gas station in Los Angeles, California (AFP) 

Governments worldwide are moving swiftly to contain the fallout from a sharp rise in energy costs, as global supply disruptions linked to the US-Israeli war on Iran rattle markets.

Surging fuel and electricity prices have prompted urgent steps to protect consumers and secure supplies, with mounting pressure on economies.

In Asia, India has taken measures to safeguard domestic supply, signaling a potential review of fuel exports if needed while prioritizing the local market. Requests from neighboring countries for fuel will be met only if surplus is available.

Authorities have also barred consumers connected to piped gas networks from using liquefied petroleum gas cylinders to manage demand. New Delhi has invoked emergency powers, directing refiners to maximize cooking gas output while cutting industrial supplies to meet household needs.

South Korea is boosting domestic energy production by easing restrictions on coal-fired plants and increasing nuclear utilization to 80 percent of capacity. It is also considering additional support vouchers for vulnerable households. To bolster supply, Seoul has begun implementing a ban on naphtha exports.

China has imposed restrictions on refined fuel exports as a precaution against domestic shortages, while allowing drawdowns from fertilizer reserves to support agriculture ahead of the spring season.

In Southeast Asia, Singapore will accelerate previously announced budget support measures to ease pressure on households and businesses. Indonesia aims to increase coal output, is weighing export taxes, and plans a biofuel program using a diesel–palm oil blend. Cambodia is importing additional fuel from Singapore and Malaysia to offset shortages.

Japan will temporarily ease restrictions to expand coal-fired power generation for one year and has called for coordination through the Group of Seven and the International Energy Agency to stabilize markets. It has also asked Australia to boost liquefied natural gas output.

Elsewhere, the Philippines has suspended wholesale spot electricity trading due to price volatility and supply risks, while activating a 20 billion peso emergency fund.

Vietnam is accelerating a shift to ethanol-blended gasoline, and Australia is drawing on fuel reserves to address shortages, particularly in rural areas, while warning of prolonged economic impacts. Authorities have urged reduced fuel use, including greater reliance on public transport.

Europe acts

European Union institutions have called for temporary measures, including cuts to electricity taxes and network charges, alongside direct support for households.

Italy is considering reducing fuel levies and may impose windfall taxes on companies benefiting from the crisis. Spain is preparing aid and tax relief for households and hard-hit sectors.

In Eastern Europe, Romania has cut diesel excise duties. Serbia has reduced fees on crude oil and extended a ban on exports of oil and derivatives. Slovenia has imposed temporary limits on fuel purchases.

Greece announced 300 million euros in support for fuel and fertilizers, along with reduced maritime transport costs to ease pressure on consumers and farmers.

Americas, Africa respond

In Latin America, Argentina has postponed fuel tax increases. Brazil has scrapped federal diesel taxes, imposed a levy on oil exports and unveiled plans to support fuel imports at the state level.

In Africa, South Africa has temporarily reduced fuel taxes, Ethiopia has increased subsidies, and Namibia has cut fuel levies by 50 percent for three months. Other countries are considering similar steps.

In the Middle East and North Africa, Egypt has capped prices for unsubsidized bread and raised procurement prices for local wheat to strengthen strategic reserves.

Other measures include tax cuts in North Macedonia, energy-saving steps in Mauritius, efforts to secure additional supplies in Sri Lanka and a possible reduction in value-added tax on fuel in Poland.

The breadth of these actions underscores the scale of the global response, as governments seek to cushion households and economies from rising energy costs. Amid persistent geopolitical tensions, policymakers continue to adjust strategies to manage supply risks and price volatility.