UAE Energy Minister: OPEC’s Role is Key in Stabilizing Global Oil Market

Prince Abdulaziz bin Salman, Saudi Minister of Energy, Suhail Al-Mazrouei, UAE Minister of Energy, and a number of OPEC energy ministers (WAM)
Prince Abdulaziz bin Salman, Saudi Minister of Energy, Suhail Al-Mazrouei, UAE Minister of Energy, and a number of OPEC energy ministers (WAM)
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UAE Energy Minister: OPEC’s Role is Key in Stabilizing Global Oil Market

Prince Abdulaziz bin Salman, Saudi Minister of Energy, Suhail Al-Mazrouei, UAE Minister of Energy, and a number of OPEC energy ministers (WAM)
Prince Abdulaziz bin Salman, Saudi Minister of Energy, Suhail Al-Mazrouei, UAE Minister of Energy, and a number of OPEC energy ministers (WAM)

UAE Energy Minister Suhail Al-Mazrouei stressed on Saturday the significant and pivotal role played by OPEC and the OPEC Plus alliance to serve the interests of producers and consumers alike, and promote sustainable investment in the energy sector.

The Minister emphasized that joint teamwork is always a source of positive results and a pillar of strength for cooperation and unity, the Emirates News Agency, WAM said.

In remarks he made at the OPEC’s 60th anniversary celebration held in Iraq’s Baghdad, Mazrouei indicated that the main goal of OPEC is based on ensuring market stability and achieving a balance between demand and supply, hence supporting global economic growth.

The Minister pointed out that Iraq's hosting of the celebration is an affirmation of strengthening and consolidating the spirit of joint action to achieve stability in the global oil market.

On Friday, Saudi Energy Minister Prince Abdulaziz bin Salman said that the Organization of the Petroleum Exporting Countries (OPEC) and the OPEC Plus alliance only target market stability, including the benefit of producers, the petroleum industry and the concept of energy security.

OPEC had announced that the OPEC Plus alliance decided, during its June 4 meeting, to adjust the bloc’s production level to 40.4 million barrels per day, starting from January 2024, for a period of one year.

On the same day, Saudi Arabia announced an additional voluntary cut in oil production, amounting to one million barrels per day, starting in July, for a renewable month, while other producers, including Russia and Iraq, announced an extension of previous cuts.

 



From Two Hours to 30 Minutes: Qiddiya Bullet Train to Cut Riyadh Travel Time by 75%

A Riyadh Metro train carriage in the Saudi capital (SPA). 
A Riyadh Metro train carriage in the Saudi capital (SPA). 
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From Two Hours to 30 Minutes: Qiddiya Bullet Train to Cut Riyadh Travel Time by 75%

A Riyadh Metro train carriage in the Saudi capital (SPA). 
A Riyadh Metro train carriage in the Saudi capital (SPA). 

Qiddiya is set to become significantly more accessible under plans to link the entertainment and tourism hub to King Salman International Airport and the King Abdullah Financial District (KAFD) through the new Qiddiya Bullet Train.

The project will reduce travel time to around 30 minutes, down from nearly two hours using other transport options, a 75% cut in commuting time. Operational speeds are expected to reach 250 kilometers per hour, according to the Royal Commission for Riyadh City.

The railway forms part of a broader transport strategy aimed at improving connectivity across the capital and enhancing mobility between key destinations, in line with population growth and urban expansion in western and southwestern Riyadh.

In a related development, the commission announced the awarding of the Red Line extension of the Riyadh Metro to Diriyah. The expansion includes 7.1 kilometers of tunnels and 1.3 kilometers of elevated track, with stations at King Saud University and Diriyah. The latter is expected to serve as a future interchange with the planned Line 7.

Officials estimate the project could remove around 150,000 cars from daily traffic, improving access to tourist destinations such as Bujairi Terrace and Wadi Safar, while supporting more sustainable mobility patterns.

Bandar Al-Saadoun, Vice Chairman of Khaleejiah Holding, told Asharq Al-Awsat that the Diriyah development ranks among the largest projects under Vision 2030. He pointed to additional landmark initiatives in Wadi Safar, alongside the Opera House project and King Salman Grand Mosque.

He said extending the Red Line along King Abdullah Road to Diriyah would generate strong real estate demand, particularly as the rail network integrates routes from King Salman International Airport through KAFD, Diriyah and the New Murabba development.

Al-Saadoun added that roughly 30 projects have been announced in Qiddiya, raising the prospect of gradual real estate growth along corridors connected to the rail line. The project’s links to major developments — including Expo 2030 Riyadh, New Murabba and The Avenues — as well as the airport, expected to become one of the world’s largest by 2030, are likely to reinforce demand.

Real estate analyst Khaled Almobid said large-scale transport projects such as the Qiddiya Bullet Train do more than lift prices; they reshape market structure and asset values over the medium and long term.

Historically, properties within one to three kilometers of transport stations see capital appreciation and rising investment demand, particularly for undeveloped “white land,” which often transitions into higher-density projects, he remarked.

Almobid expects a dual impact: both redistribution of demand within Riyadh and genuine market expansion driven by what he called “manufactured demand” from Qiddiya, which is projected to attract 17 million visitors and generate 325,000 jobs. He also anticipates a population shift toward western Riyadh and areas surrounding the new stations.

Land prices near Qiddiya have already risen between 30% and 40% since 2023, reflecting early market anticipation, he said, predicting more sustainable growth once operations begin and prices align with the tangible value of cutting travel time to 30 minutes between the airport, KAFD and Qiddiya.

Residential and tourism-related real estate are likely to lead the next phase, supported by Saudi Arabia’s goal of raising homeownership to 70% and attracting 150 million annual visitors by 2030, with mixed-use locations along the rail corridor expected to draw the strongest investment interest.


New US Tariffs Come in at Lower 10% Rate 

Shipping containers at the port of Oakland following the Supreme Court's ruling that Trump had exceeded his authority when he imposed tariffs, in Oakland, California, US, February 23, 2026. (Reuters)
Shipping containers at the port of Oakland following the Supreme Court's ruling that Trump had exceeded his authority when he imposed tariffs, in Oakland, California, US, February 23, 2026. (Reuters)
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New US Tariffs Come in at Lower 10% Rate 

Shipping containers at the port of Oakland following the Supreme Court's ruling that Trump had exceeded his authority when he imposed tariffs, in Oakland, California, US, February 23, 2026. (Reuters)
Shipping containers at the port of Oakland following the Supreme Court's ruling that Trump had exceeded his authority when he imposed tariffs, in Oakland, California, US, February 23, 2026. (Reuters)

The ‌United States imposed an additional tariff from Tuesday of 10% on all goods not covered by exemptions, a notice issued by US Customs and Border Protection said, the rate initially announced by President Donald Trump on Friday rather than the 15% he promised a day later.

Reacting to the Supreme Court ruling that threw out his tariffs that had been justified on grounds of an emergency, Trump initially announced a new temporary global tariff of 10%. He said on Saturday he would increase it to ‌15%.

In a ‌notice described as intended to "provide guidance regarding the ‌February ⁠20, 2026 Presidential ⁠Proclamation," CBP said that, aside from products specified as subject to exemptions, imports would "be subject to an additional ad valorem rate of 10%".

The move added to confusion surrounding US trade policy, with no explanation offered for why the lower rate had been used. The Financial Times quoted a White House official saying the ⁠increase up to 15% would come later. ‌Reuters could not immediately confirm this.

Collection ‌of the new tariffs began at midnight, while the collection of ‌the tariffs annulled by the Supreme Court was halted. They ‌had ranged from 10% to as much as 50%.

The Section 122 law allows the president to impose the new duties for up to 150 days on any and all countries to address "large and ‌serious" balance-of-payments deficits and "fundamental international payments problems."

Trump's tariff order argued that a serious balance ⁠of payments deficit ⁠existed in the form of a $1.2 trillion annual US goods trade deficit and a current account deficit of 4% of GDP and a reversal of the US primary income surplus.

On Monday Trump Warned countries against backing away from recently negotiated trade deals with the US, saying that if they did, he would hit them with much higher duties under different trade laws.

Japan said on Tuesday it had Asked the United States to ensure its treatment under a new tariff regime would be as favorable as in an existing agreement. Both the European Union and Britain have indicated they want to stick to deals already agreed.


Saudi Arabia’s 2025 Budget: Record Non-Oil Revenues, Sustained Investment in Well-Being

The Saudi capital, Riyadh (SPA) 
The Saudi capital, Riyadh (SPA) 
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Saudi Arabia’s 2025 Budget: Record Non-Oil Revenues, Sustained Investment in Well-Being

The Saudi capital, Riyadh (SPA) 
The Saudi capital, Riyadh (SPA) 

Saudi Arabia closed the 2025 fiscal year with a strong economic performance underscoring the momentum of its national transformation drive and the resilience of its economy.

Official results pointed to what authorities described as a strategic balance between expansionary spending and maintaining fiscal discipline.

The year marked a significant milestone in the implementation of Vision 2030, with fiscal indicators translating into major projects and enhanced public services that directly affect citizens’ quality of life.

The results also reinforced international confidence in the Kingdom’s economic stability and long-term prospects.

Total government revenues for 2025 reached approximately SAR 1.111 trillion (USD 296.5 billion). Non-oil revenues rose to a historic SAR 505.3 billion (USD 134.7 billion), underscoring the effectiveness of reforms aimed at reducing reliance on oil and building more stable and diversified revenue streams capable of sustaining growth under varying global conditions.

Government expenditure in 2025 totaled SAR 1.388 trillion (USD 370.2 billion). Spending was primarily directed toward sectors central to quality of life. Health and social development accounted for the largest allocation at SAR 278.9 billion (USD 74.4 billion), followed by education at SAR 212.5 billion (USD 56.6 billion).

The allocations highlight the leadership’s emphasis on strengthening healthcare systems, expanding social protection and improving educational outcomes, with human capital development remaining a cornerstone of long-term economic transformation.

As capital spending accelerated and major projects advanced, the 2025 budget recorded a deficit of SAR 276.6 billion (USD 73.8 billion), including SAR 94.8 billion (USD 25.3 billion) in the fourth quarter.

Authorities said the deficit was fully financed through debt issuances and capital market instruments, without drawing on government reserves. Official reserves remained stable at SAR 399.1 billion (USD 106.4 billion).

By financing the annual deficit entirely through debt markets rather than reserve withdrawals, the government demonstrated confidence in its access to capital and its ability to manage liquidity and financial obligations effectively.

Officials say the strong fiscal position sends a positive signal to domestic and international investors, reinforcing private-sector confidence and supporting continued investment momentum.