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Egypt Seeks Bilateral Partnerships with BRICS

The Egyptian Minister of Finance, Mohamed Maait, with International Cooperation Minister Rania al-Mashat during meetings at the New Development Bank in China (Asharq Al-Awsat)
The Egyptian Minister of Finance, Mohamed Maait, with International Cooperation Minister Rania al-Mashat during meetings at the New Development Bank in China (Asharq Al-Awsat)
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Egypt Seeks Bilateral Partnerships with BRICS

The Egyptian Minister of Finance, Mohamed Maait, with International Cooperation Minister Rania al-Mashat during meetings at the New Development Bank in China (Asharq Al-Awsat)
The Egyptian Minister of Finance, Mohamed Maait, with International Cooperation Minister Rania al-Mashat during meetings at the New Development Bank in China (Asharq Al-Awsat)

Egypt is committed to strengthening cooperation with the New Development Bank and establishing bilateral and multilateral partnerships with BRICS countries, says Finance Minister Mohamed Maait.

Maait, the Governor of Egypt at the New Development Bank, added that the collaboration aims to strengthen solidarity among nations in addressing the current global economic challenges, which have significantly impacted developing countries.

The Minister spoke at the New Development Bank's Board of Governors meeting at the Shanghai, China headquarters.

Maait emphasized the importance of international development partners adopting more suitable programs to enhance the capabilities of emerging economies without imposing excessive financial burdens.

The top official noted that collaborating will strengthen solidarity among nations in addressing the current global economic challenges.

The Bank's significant financing capabilities and advanced international expertise contribute to a portfolio that promotes green growth, supports Egypt's development path in various sectors, and is aligned with Egypt's Vision 2030, said the Minister.

Maait also highlighted Egypt's commitment to diversifying funding sources to meet development needs and alleviate burdens while improving the standard of living and public services.

He said that Egypt is looking for international partners' support, including the New Development Bank, to complete its development journey and enhance its capabilities for green recovery by stimulating investments in environmentally friendly projects and creating financial space for developing countries to invest in infrastructure.

For her part, Minister of International Cooperation Rania al-Mashat said that Egypt's accession to the membership of the Bank enhances its efforts to promote development and achieve integration with emerging economies and developing countries to mobilize the necessary resources to finance infrastructure projects and sustainable development.

Mashat pointed out that Egypt's membership reflects the steps implemented to enhance international cooperation, development financing, and the creation of constructive partnerships with international institutions and multilateral development banks.

New Development Bank (NDB) is a Shanghai-based multilateral development bank established by Brazil, Russia, India, China, and South Africa (BRICS).

Since its inception, the Development Bank has approved over 90 financing projects worth $32 billion in transportation, water supply, clean energy, digital and social infrastructure, and construction.

The Bank supports sustainable development and enhances regional cooperation and integration by investing mainly in infrastructure. It expanded its operations to include the health and social infrastructure, considering the negative economic impact of the COVID-19 pandemic on the global economy.

In 2012, BRICS countries agreed to establish the Bank with a capital of $100 billion during their fourth summit in New Delhi.

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Business

Saudi Arabia: MODON Signs SAR500 Million Contract to Establish Vaccine Industrial Company

Saudi Authority for Industrial Cities and Technology Zones (MODON)
Saudi Authority for Industrial Cities and Technology Zones (MODON)
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Saudi Arabia: MODON Signs SAR500 Million Contract to Establish Vaccine Industrial Company

Saudi Authority for Industrial Cities and Technology Zones (MODON)
Saudi Authority for Industrial Cities and Technology Zones (MODON)

Saudi Authority for Industrial Cities and Technology Zones (MODON) has signed a SAR500 million investment agreement with the Vaccine Industrial Company (Vaccine) to set up a joint venture factory in Sadeer City to strengthen the pharmaceutical security system and localize the manufacturing of vaccines and vital medicines in the Kingdom.
This agreement comes in line with MODON's strategy to create an integrated industrial and investment community to attract national and foreign investor partners and to reinforce its initiatives and efforts to enhance the sustainability of the industrial sector, in addition to increasing the pharmaceutical sector's share of GDP and raising the percentage of its exports, in line with the objectives of the national industry strategy to make the Kingdom an attractive hub for quality investments.
The 42,000 square meter plant will create around 150 new jobs and aims to achieve 20% export of seasonal flu virus, COVID-19, chickenpox, and rotavirus vaccines, in addition to pneumococcal and meningitis vaccines, given the strong demand for Saudi pharmaceutical exports in the Gulf and regional countries.

Business

Türkiye’s Central Bank Hikes Interest Rates Again

FILE - A seller attends a client in a street market at Eminonu commercial area in Istanbul, Turkey, on, June 7, 2023. (AP Photo/Francisco Seco, File)
FILE - A seller attends a client in a street market at Eminonu commercial area in Istanbul, Turkey, on, June 7, 2023. (AP Photo/Francisco Seco, File)
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Türkiye’s Central Bank Hikes Interest Rates Again

FILE - A seller attends a client in a street market at Eminonu commercial area in Istanbul, Turkey, on, June 7, 2023. (AP Photo/Francisco Seco, File)
FILE - A seller attends a client in a street market at Eminonu commercial area in Istanbul, Turkey, on, June 7, 2023. (AP Photo/Francisco Seco, File)

Türkiye’s central bank raised its key interest rate by 5 percentage points Thursday, another large but expected hike that signals a continued push toward more traditional economic policies under President Recep Tayyip Erdogan.

The bank hiked its policy rate to 30%, saying it has kept up the “monetary tightening process” to combat rampant inflation and control price instability. Its statement said inflation in July and August was “above expectations," hitting 58.94% last month.

It takes Türkiye into a more typical economic approach after critics blamed a series of rate cuts set by Erdogan for making a cost-of-living crisis worse. Turkish households were left struggling to afford rent and basic goods as inflation surged.

Erdogan has long argued that lowering interest rates helps fight inflation, a theory that runs contrary to traditional economic thinking. The Turkish central bank started cutting rates in late 2021 under pressure from Erdogan.

Central banks around the world, meanwhile, have been hiking rates to bring consumer price rises under control following the COVID-19 pandemic and Russia’s war in Ukraine. Now, banks from the US Federal Reserve to Bank of England are hitting pause as they near the end of their aggressive increases.
Türkiye has work to do to catch up in its fight against inflation, The Associated Press reported.

After winning reelection in May, Erdogan appointed a new economic team, signaling a return to more conventional policies.

The team includes former Merrill Lynch banker Mehmet Simsek, who returned as finance minister, a post he held until 2018, and Hafize Gaye Erkan who took over as central bank governor.

Before their appointments, the central bank had cut its key interest rate from around 19% in 2021 to 8.5% earlier this year. Erdogan has fired three central bank governors who resisted pressure to cut rates before appointing Erkan’s predecessor in 2021.

Economists say Erdogan’s unorthodox policies exacerbated economic turmoil, leading to currency and cost-of-living crises that have brought hardship to households. Erdogan insists his economic model stimulates growth, exports and employment.

Following Erkan’s appointment, the bank has raised its key rate a series of time: by an aggressive 7.5 percentage points in August, 2.5 percentage points in July and 6.5 percentage points in June.

Business

Morocco Seeks to Invest Up to $2 Billion Annually in Renewable Energies

One of the sessions of the third edition of the World-to-X Summit, which was held in Marrakesh (Asharq Al-Awsat)
One of the sessions of the third edition of the World-to-X Summit, which was held in Marrakesh (Asharq Al-Awsat)
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Morocco Seeks to Invest Up to $2 Billion Annually in Renewable Energies

One of the sessions of the third edition of the World-to-X Summit, which was held in Marrakesh (Asharq Al-Awsat)
One of the sessions of the third edition of the World-to-X Summit, which was held in Marrakesh (Asharq Al-Awsat)

Moroccan Minister of Energy Transition and Sustainable Development Leila Benali underlined the need to triple annual investment in renewable energies to prepare for a future economy based on green hydrogen.

The minister highlighted her country’s intention to invest in partnership with the private sector, with a budget ranging between one and two billion dollars annually, on a consistent basis, in order to build a stronger social and economic model and accelerate the energy transition.

Benali’s statements came during a plenary session entitled, “Green Hydrogen and the Road to COP28,” which was organized on Tuesday in Marrakesh within the framework of the third edition of the World Power-to-X Summit, which brings together renewable energy players to discuss the production of green hydrogen and its applications.

The Moroccan minister said that green hydrogen could constitute an effective solution to decarbonize the energy sector, especially in light of high energy consumption, stressing the need to “follow a practical approach to achieve our goals, including meeting 52 percent of our energy needs from renewable energy sources by 2030.”

Benali noted that Morocco has gained a great experience in renewable energies and possesses huge qualifications in the field. She pointed to the exceptional solar potential in several regions of the country, as well as political and legal stability, thanks to a favorable environment for investors and advanced partnerships with the European Union.

For her part, the EU Ambassador to Morocco, Patricia Llombart Cussac, said that Morocco has become a natural partner for building relationships in the energy sector, through its large energy resources, its proximity to Europe and the ties of friendship and cooperation that have developed at all governmental, entrepreneurial, societal and humanitarian levels.

The senior diplomat added that the European Union and Morocco have strengthened communication and developed an ambitious action plan for this green partnership, in the field of energy transition, adaptation to climate change, environmental protection, and the means to strengthen the green and blue economies.

Cussac added that hydrogen would become an essential element in decarbonizing energy systems, thus achieving climate goals.

The third edition of the World Power-to-X Summit is attended by more than 1,000 participants and 170 international experts, who share their expertise within the framework of 35 scientific sessions and five parallel events.

Business

ADES Prices IPO at Top End

An investor monitors a screen displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh, Saudi Arabia (Reuters)
An investor monitors a screen displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh, Saudi Arabia (Reuters)
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ADES Prices IPO at Top End

An investor monitors a screen displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh, Saudi Arabia (Reuters)
An investor monitors a screen displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh, Saudi Arabia (Reuters)

Saudi oil and gas driller ADES Holding said it has set the final price for its initial public offering (IPO), implying a valuation of $4.06 billion for the Saudi sovereign wealth fund-backed firm.

Last week, Reuters reported that the IPO was expected to be priced at SR13.50 a share, the top end of a previously announced range.

The oil and gas exploration company is offering 237.1 million new shares for subscription, while its shareholders, the PIF, ADES Investments Holding, and Zamil Group Investment, are selling about 101.6 million shares.

The firm is expected to raise about $1.22 billion from selling more than 338.7 million existing and new shares, or about 30 percent of its issued share capital post-capital increase.

ADES confirmed the pricing for the IPO, saying it drew nearly $76.5 billion in orders from institutional investors.

In November, Reuters reported that the planned IPO could fetch more than $1 billion, citing sources close to the matter.

Institutional book-building has closed. Retail subscription runs from Sept. 26-28. Final share allocations are expected by Oct. 4. No date has yet to be set for shares to begin trading.

ADES is the second company to seek a flotation on the Saudi Exchange since the summer after domestic auto rental company Lumi priced its IPO at the top of its range earlier this month.

ADES operates a fleet of offshore and onshore rigs across the Middle East, North Africa, and India. It is headquartered in Khobar, and its clients include Aramco, Kuwait Oil Company, and North Oil Company in Qatar.

Business

Saudi Arabia Contributes More than $87 Billion in International Aid to Combat Poverty

Saudi Minister of Economy and Planning during his speech at the 2023 SDG Summit (Asharq Al-Awsat)
Saudi Minister of Economy and Planning during his speech at the 2023 SDG Summit (Asharq Al-Awsat)
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Saudi Arabia Contributes More than $87 Billion in International Aid to Combat Poverty

Saudi Minister of Economy and Planning during his speech at the 2023 SDG Summit (Asharq Al-Awsat)
Saudi Minister of Economy and Planning during his speech at the 2023 SDG Summit (Asharq Al-Awsat)

Saudi Minister of Economy and Planning Faisal bin Fadel Al-Ibrahim has announced that Saudi Vision 2030 was highly consistent with the UN Sustainable Development Goals (SDG), revealing that the Kingdom contributed more than $87 billion in international aid to combat poverty and advance development.

The minister was speaking during his participation in the 2023 SDG Summit, in New York.

This year’s SDG Summit is the second since the adoption of the 2030 Agenda in 2015, and aims to accelerate progress towards achieving the 17 sustainable development goals within the 2030 Agenda for Sustainable Development.

Al-Ibrahim stressed that Saudi Arabia has become an international investment power, and plays an important role in mobilizing resources to achieve sustainable growth.

Highlighting the recently launched Global Water Organization, the minister said: “It is a monumental step that champions international innovation and it is a call to action for nations worldwide to come together.”

In this context, the minister said that the Kingdom has contributed more than $87 billion in international aid to combat poverty and advance development.

He added that the National Transformation Program, one of the Vision 2030 initiatives, led by Saudi Crown Prince Mohammed bin Salman, was strongly consistent with the UN goals of sustainable development.

Leaders of the UN member-states, as well as ministers, and representatives of international organizations, the private sector and civil society participated in the summit, which is chaired by the President of the United Nations General Assembly.

Meanwhile, Al-Ibrahim met with the Swedish Minister of International Cooperation and Foreign Trade, Johan Forssell, with whom he discussed bilateral economic and investment relations, and a number of issues of common interest, including the need to intensify international cooperation to accelerate the implementation of the SDGs.

Business

Egypt Approves GASCO Project to Boost Western Desert Gas Complex Capacity

Egyptian government during a cabinet meeting on September 20, 2023 (Asharq Al-Awsat)
Egyptian government during a cabinet meeting on September 20, 2023 (Asharq Al-Awsat)
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Egypt Approves GASCO Project to Boost Western Desert Gas Complex Capacity

Egyptian government during a cabinet meeting on September 20, 2023 (Asharq Al-Awsat)
Egyptian government during a cabinet meeting on September 20, 2023 (Asharq Al-Awsat)

Egypt's Cabinet approved granting a golden license to the Egyptian Natural Gas Company (GASCO) regarding a project to increase the capacity of the Western Desert Gas Complex with a fourth production line with a design capacity of 600 million cubic feet per day.

The Gasco project is expected to provide employment opportunities for about 2,500 workers with an investment cost of about $380 million.

It spans about 33 acres in the Industrial Nahda Zone in Amreya, Alexandria Governorate.

The project aims to increase the production of natural gas derivatives, meet the raw material needs of petrochemical factories, and ensure a steady supply of LPG to support local market demands.

Furthermore, the Cabinet approved a draft law authorizing the Minister of Petroleum and Mineral Resources, Tarek el-Molla, to sign a contract with the Egyptian General Petroleum Corporation (EGPC) and Lukoil Overseas Egypt.

The contract aims to search for, develop, and exploit oil in the West-East Esh el-Mallaha development area in the Eastern Desert to continue development operations and increase production rates.

The Cabinet also granted the golden license to private company EgyptSat Auto to build and operate a factory that will begin producing electric vehicles (EVs) by the end of 2024.

According to a statement on Wednesday, the factory will produce electric passenger cars, buses, motorcycles, and charging stations. It will be built on 50,000 square meters in the 10th of Ramadan City.

It's anticipated that the EgyptSat Auto project will provide 500 job opportunities.

The project aims to reduce imports, localize the industry, deepen local components, and seek to transfer and localize modern technology in the electric car manufacturing sector, thus minimizing environmental impacts and emissions.

In addition, the Cabinet approved a proposal from AMEA Power, a subsidiary of UAE's al-Nowais Investments (ANI), to implement additional projects in the renewable energy sector.

The projects include adding 1,000 megawatts to the Aswan solar energy project and implementing a 500-megawatt wind energy project in Ras Ghareb, according to a specific timetable for project execution and connection to the national grid.

In a separate statement, the Egyptian Cabinet announced that Egypt will build a tire factory with investments of €1 billion in the Suez Canal Economic Zone (SCZONE).

The government signed the contract to establish a Rolling Plus tire manufacturing factory, which will be located in the SCZONE.

The project will be implemented in three phases, each with a different production line and target market.

The first phase will cost €400-450m and produce 2.5 million automobile tires annually, 50 percent of which will be supplied to the local market.

The second phase will add light transport tires, producing 3.5 million tires annually, 40 percent of which will be for the local market, while the third will increase the production capacity to 7 million by adding the heavy transport tire industry.

Business

Largest Global Maritime Congress Kicks Off in Dammam

The President of MAWANI, Omar Hariri, and CEO of Bahri Ahmed al-Subaey, at the inauguration of the maritime congress (Asharq Al-Awsat)
The President of MAWANI, Omar Hariri, and CEO of Bahri Ahmed al-Subaey, at the inauguration of the maritime congress (Asharq Al-Awsat)
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Largest Global Maritime Congress Kicks Off in Dammam

The President of MAWANI, Omar Hariri, and CEO of Bahri Ahmed al-Subaey, at the inauguration of the maritime congress (Asharq Al-Awsat)
The President of MAWANI, Omar Hariri, and CEO of Bahri Ahmed al-Subaey, at the inauguration of the maritime congress (Asharq Al-Awsat)

The fourth edition of the Saudi Maritime Congress, the Kingdom’s largest and most important global maritime event, has successfully opened its doors at the Dhahran Expo in Dammam.

Several senior officials and representatives from leading international tech companies attended the event on Wednesday.

Under the patronage of the Ministry of Transport and Logistic Services, the President of MAWANI, Omar Hariri, and CEO of Bahri Ahmed al-Subaey officially inaugurated the opening ceremony with keynote addresses at the two-day event.

The event is supported by founding strategic partners Bahri & Seatrade Maritime, with prominent partners MAWANI & Transport General Authority (TGA) and strategic partners Saudi Aramco and IMI.

Deputy for Maritime Transport at the Transport General Authority Abdulrahman al-Thonayan stated that the Saudi Maritime Conference is being held when the maritime transport industry is experiencing significant changes and developments.

Al-Thonayan underscored the importance of keeping pace with these changes and enhancing cooperation and collaboration among all countries worldwide to achieve common goals in this critical industry.

The conference will also address pressing issues and tackle the challenges facing the maritime sector in Saudi Arabia, he said.

- Showcase of Products and Services

Al-Thonayan highlighted that the conference serves as a crucial platform, bringing together key regional technological companies in the maritime sector to showcase their latest products and services to conference attendees and visitors, thus adding value to the event and its accompanying exhibition.

Also at the conference, the Group Director of organizer Seatrade Maritime, Chris Morley, announced that day one has been what the company hoped for and more.

“We were anticipating a great day based on the pre-registration figures, which far exceeded previous editions. The event has been really exciting and reflects the eagerness of the global industry to be part of Saudi Arabia’s commitment to developing its maritime trade and doing business on an international scale,” Morley indicated.

Morley noted that Saudi Arabia scored the highest regional progress in the Maritime Connectivity Index in 2021 and ranked 20th globally in the maritime transport industry.

- Discussion Sessions

Day one saw broad participation in discussion sessions with a selection of international experts addressing crucial topics for the maritime sector.

Bahri and MAWANI signed two strategic Memorandum of Understanding (MOU) deals on the show floor.

The Saudi maritime sector now has 53,000 ships operating within its borders, is registered in 150+ countries, and carries 11 billion tons of cargo annually, making Riyadh a robust and promising regional and global trade partner.

Day two of the conference agenda includes several activities and events, starting with a session on “Energy Transition and the Strategy for Sustainability in the KSA and GCC – Outlook for Investment and Business in the Region.”

Saudi Arabia focuses more on developing a circular carbon economy (CCE), which essentially seeks to reduce, reuse, recycle, and remove carbon to keep its hydrocarbon industry relevant.

The session explores developments and opportunities for key partners in this field.

Business

Oil Falls as US Rate Hike Expectations Offset Tight Supply Outlook

FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford//File Photo
FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford//File Photo
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Oil Falls as US Rate Hike Expectations Offset Tight Supply Outlook

FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford//File Photo
FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford//File Photo

Oil prices fell in early Asian trade on Thursday, after posting the largest fall in a month in the previous session, as US interest rate hike expectations offset the impact of drawdowns in US crude stockpiles.
Brent futures for November delivery were down 71 cents, or 0.76%, to $92.82 a barrel by 0608 GMT. US West Texas Intermediate crude (WTI) fell 70 cents, or 0.78%, to $88.96, the lowest since Sept. 14.
"The Fed kept rates unchanged at yesterday's FOMC meeting, as widely expected. However, it was still seen as a hawkish pause, which put some pressure on risk assets" such as oil, said ING analysts in a client note.
The US Federal Reserve maintained interest rates after its Federal Open Market Committee (FOMC) meeting, but stiffened its hawkish stance with a rate increase projected by year-end which could dampen economic growth and overall fuel demand, Reuters reported.
Fed policymakers still see the bank's benchmark overnight rate range peaking this year at 5.50% to 5.75%, a quarter of a percentage point above the current range.
The hawkish stance also led to the US dollar surging to its highest since early March, placing downside pressure on oil prices. A stronger dollar typically makes commodities such as oil more expensive for buyers using other currencies.
Energy markets reacted little to data from the US Energy Information Administration (EIA) on Wednesday showing crude inventories fell in line with expectations last week, with some analysts saying the decline was smaller than they expected.
"EIA data showed US stockpiles fell 2.14 million barrels last week, well short of the 5.25 million barrel drop reported by the American Petroleum Institute. The disappointing inventory drawdown gave impetus for traders to lock in profits following the 10% gain since the start of the month," ANZ analysts said in a note.
The stock draw was mainly driven by strong oil exports, while gasoline and diesel inventories were drawn down as refiners began annual autumn maintenance, the EIA said in a weekly report.
However, price falls were limited by continuous concern on tight supply globally entering the fourth quarter, with crude stocks at Cushing - the WTI delivery hub - at their lowest since July 2022 and production cuts continuing by the Organization of the Petroleum Exporting Countries and allies, together called OPEC+.

Business

OECD Expects Economic Growth in Saudi Arabia to Reach 3.1% in 2024

The OECD expected Saudi economic growth to accelerate to 3.1% next year. (Photo: Reuters)
The OECD expected Saudi economic growth to accelerate to 3.1% next year. (Photo: Reuters)
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OECD Expects Economic Growth in Saudi Arabia to Reach 3.1% in 2024

The OECD expected Saudi economic growth to accelerate to 3.1% next year. (Photo: Reuters)
The OECD expected Saudi economic growth to accelerate to 3.1% next year. (Photo: Reuters)

The Organization for Economic Cooperation and Development (OECD) expected the global economy to slow next year, affected by interest rate increases and the disappointing outlook for the Chinese recovery.

On the other hand, the OECD said Saudi economic growth was likely to accelerate to 3.1 percent next year, with the real gross domestic product achieving a growth of 1.9 percent in 2023.

According to its latest forecasts issued on Tuesday, the organization said that the annual inflation rate in the Kingdom was expected to remain stable at 2.5 percent this year, and to decline to 2.1 percent in 2024.

Based on the latest data issued by the Saudi General Authority for Statistics (GASTAT), the Kingdom’s economy grew 1.2 percent in the second quarter of 2023 compared to the same period last year. The annual inflation rate fell to 2 percent last August, compared to 2.3 percent in July.

Earlier this month, the International Monetary Fund (IMF) said that the prospects for the Saudi economy were positive, in light of expectations that the Kingdom’s non-oil GDP growth momentum will remain strong.

In contrast to the promising expectations for the Saudi economy, the OECD said that the growth of the US economy would help curb the global slowdown this year, but added that the weakness of the Chinese economy would constitute a greater obstacle in 2024.

The Paris-based organization said: “Global GDP is anticipated to decline after a stronger-than-expected start to 2023, aided by reduced energy prices and China’s reopening.”

It added: “The effects of tighter monetary policy are becoming more apparent, consumer and corporate confidence are declining, and China's recovery is losing steam.”

The organization expected Chinese economic growth to slow from 5.1 percent this year to 4.6 percent in 2024, as momentum from the end of Covid-19 restrictions is fading and the real estate market suffering.

In June, the OECD forecast growth of 5.4 and 5.1 percent in 2023 and 2024, respectively.

The organization lowered growth expectations in the euro zone this year from 0.9 to 0.6 percent, but expected that next year - with Germany's return to growth - it would rise to 1.1 percent, down from a forecast of 1.5 percent in June.

The OECD advised against easing monetary policy prematurely, emphasizing the need for restrictive measures until there are clear signs that underlying inflation pressures have substantially diminished.

Business

Saudi Arabia to Host World Petroleum Council

Saudi Energy Minister Prince Abdulaziz Bin Salman with the President of the World Petroleum Council, Pedro Miras (Asharq Al-Awsat)
Saudi Energy Minister Prince Abdulaziz Bin Salman with the President of the World Petroleum Council, Pedro Miras (Asharq Al-Awsat)
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Saudi Arabia to Host World Petroleum Council

Saudi Energy Minister Prince Abdulaziz Bin Salman with the President of the World Petroleum Council, Pedro Miras (Asharq Al-Awsat)
Saudi Energy Minister Prince Abdulaziz Bin Salman with the President of the World Petroleum Council, Pedro Miras (Asharq Al-Awsat)

Saudi Energy Minister Prince Abdulaziz Bin Salman signed a memorandum of understanding (MoU) with the President of the World Petroleum Council, Pedro Miras, outlining plans for Saudi Arabia to host the 25th edition of the Conference in 2026.

The World Petroleum Conference accepted Saudi Arabia's bid to host and organize the 25th edition of the Conference and its accompanying exhibition in Riyadh in 2026.

The decision was made during the Youth Conference organized by the World Petroleum Council in Almaty, Kazakhstan, last October.

Saudi Arabia's bid to host the Conference received substantial international support, with the Ministry of Energy playing a pivotal role in the nomination process.

The World Petroleum Conference is held once every three years. It is a prominent global event that brings together countries and international organizations to foster cooperation across various energy sectors and address key challenges facing this critical industry.

The Conference draws considerable attention from experts, journalists, and the general public.

Established in 1933, the World Petroleum Council serves as the organizing body of the Conference, providing a balanced platform for stakeholders worldwide to engage in discussions concerning the oil and gas sector.

The Council's core focus is on harnessing scientific advancements within the oil and gas industries, facilitating technology transfer, and promoting the sustainable utilization of petroleum resources worldwide for the collective benefit.

Saudi Arabia, represented by the Ministry of Energy, is actively participating in the 24th edition of the World Petroleum Conference in Calgary, Canada, from Sep. 17 to 21, 2023.