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NEOM Opens London Office as Base for UK, European Business

NEOM has opened its first international office in London, United Kingdom (UK).
NEOM has opened its first international office in London, United Kingdom (UK).
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NEOM Opens London Office as Base for UK, European Business

NEOM has opened its first international office in London, United Kingdom (UK).
NEOM has opened its first international office in London, United Kingdom (UK).

NEOM, the sustainable regional development taking shape in northwest Saudi Arabia, has opened its first international office in London, United Kingdom (UK), which will serve as a base for NEOM’s business across Europe, SPA said on Thursday.
The official opening was led by Saudi Ambassador to the UK Prince Khalid bin Bandar bin Sultan bin Abdulaziz, UK Deputy Prime Minister the Rt Hon Oliver Dowden CBE MP, and NEOM CEO Nadhmi Al-Nasr, who each addressed the distinguished guests and strategic partners in attendance.
The opening of the office—located in Chancery House in the central district of Holborn—represents a major milestone in NEOM’s efforts to expand its international footprint, with many successful partnerships having already been established between NEOM and UK entities. It is anticipated that NEOM’s new local presence will help identify future opportunities for collaboration as well as strengthen existing relationships and accelerate its efforts to address global challenges by redefining livability, business and conservation.
As the first international NEOM office, the UK office will also serve as a base to support NEOM’s business across Europe, building on existing relations with partners, investors, and stakeholders across the continent, and nurturing new ones.
Prince Khalid bin Bandar bin Sultan bin Abdulaziz, the Saudi ambassador to the United Kingdom, said: “NEOM aims to transform how people around the world live and work, and the opening of its office in London provides a platform to introduce the project and its global importance to UK investors, organizations, and innovators who share its vision and ethos. The opening of the office reflects the important role that we believe the UK and its industry leaders will play in contributing to NEOM’s efforts to accelerate human progress and deliver a new future for all.”
The Rt Hon Oliver Dowden CBE MP, deputy prime minister of the United Kingdom, said: “I was delighted to join Prince Khalid bin Bandar Al Saud, Saudi Ambassador to the UK, and the CEO of NEOM, Nadhmi Al-Nasr, to celebrate the opening of NEOM's office in London, which is its first internationally. This is an important milestone, integrating NEOM with London's finance and tech ecosystems, with the potential for London to become NEOM's second home for design and project management, promoting investment and growth across the UK."
Nadhmi Al-Nasr, CEO of NEOM, said: “We believe we must have a global footprint and work with the world’s brightest minds to solve the world’s most pressing challenges. From this standpoint, choosing London to open our first international office fits within the framework of consolidating our presence in the United Kingdom and Europe in general. NEOM has already established many exciting investments and partnerships with UK and European entities, and through this office, we intend to explore further opportunities for collaboration and to promote NEOM’s unique capabilities and investment opportunities.”
Abdallah Alhazani will lead the new NEOM Europe entity as CEO, transitioning from his current role as an executive director of Oxagon, NEOM's center for advanced and clean industries. Prior to that, he served as an executive director of NEOM Investment Fund, NEOM's strategic investment arm.

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Business

China's Sinopec Posts 36.8% Drop in 2025 Net Profit

People walk past SINOPEC petrol station, in Shanghai, China, 19 March 2026. EPA/ALEX PLAVEVSKI
People walk past SINOPEC petrol station, in Shanghai, China, 19 March 2026. EPA/ALEX PLAVEVSKI
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China's Sinopec Posts 36.8% Drop in 2025 Net Profit

People walk past SINOPEC petrol station, in Shanghai, China, 19 March 2026. EPA/ALEX PLAVEVSKI
People walk past SINOPEC petrol station, in Shanghai, China, 19 March 2026. EPA/ALEX PLAVEVSKI

China Petroleum & Chemical Corp, known as Sinopec, reported a 36.8% decline in 2025 net profit on Sunday, citing rising substitution by new energy sources, and weak petrochemical margins, according to the company's filing.

The world's largest oil refiner by capacity posted net income attributable to shareholders of 31.8 billion yuan ($4.62 billion), based on Chinese accounting standards, in a filing to the Shanghai stock exchange.

Refinery throughput fell 0.8% last year to 250.33 million metric tons, equivalent to 5 million barrels per day. The company forecast refinery throughput would remain stable at about 250 million tons in 2026.

Gasoline and diesel production fell 2.4% and 9.1%, respectively, to 62.61 million tons and 52.64 million tons, while kerosene production rose 7.3% year-on-year to 33.71 million tons.

Annual refining ⁠gross margin was ⁠330 yuan ($47.93) per ton, up 27 yuan year-on-year, mainly due to sharply improved margins for refining by-products such as sulfur and petroleum coke, which offset the impact of high import crude premiums and freight costs.

The company's gasoline sales fell 2.5% year-on-year to 61.1 million tons, with the average price falling 7.7%, while diesel sales fell 9.1% to 51.2 million tons, and the average price fell 8% in ⁠2025, Reuters reported.

Kerosene sales were 24.2 million tons, up 4% year-on-year, while the average price was down 9.9% from 2024.

In 2025, the company's domestic crude oil output reached 255.75 million barrels, up 0.7% year-on-year, while overseas crude oil output was 26.65 million barrels.

Sinopec expects domestic crude oil output to reach 255.6 million barrels in 2026, remaining largely stable, while overseas output is expected to drop to 25.31 million barrels.

Natural gas production rose 4% year-on-year to 1,456.6 billion cubic feet in 2025 and is expected to reach 1,471.7 billion cubic feet in 2026.

The company's ethylene production rose 13.5% year-on-year to 15.28 million tons in 2025.

In 2025, the ⁠company's external sales ⁠revenue from chemical products totaled 378.0 billion yuan, down 9.6% year-on-year, mainly because of lower product prices.

Sinopec's capital spending was 147.2 billion yuan in 2025 with 70.9 billion yuan on exploration and development.

Sinopec said it plans capital spending from 131.6 billion to 148.6 billion yuan this year, including 72.3 billion yuan for exploration and development, mainly for crude oil capacity expansion at Jiyang and Tahe, natural gas capacity projects in western and southern Sichuan, and oil and gas storage and transport facilities.

Sinopec's Hong Kong-listed shares have risen 0.21% year-to-date, outperforming a 1.38% drop in the Hang Seng Index , while lagging behind its peers PetroChina and CNOOC, which have posted 17.58% and 42.63% gains year-to-date, respectively.

Business

Egypt Says it Will Pay $1.3 Billion in Arrears to Oil Companies by June

Egypt had accumulated about $6.1 billion in arrears to foreign oil companies by June 30, 2024 (Ministry of Petroleum)
Egypt had accumulated about $6.1 billion in arrears to foreign oil companies by June 30, 2024 (Ministry of Petroleum)
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Egypt Says it Will Pay $1.3 Billion in Arrears to Oil Companies by June

Egypt had accumulated about $6.1 billion in arrears to foreign oil companies by June 30, 2024 (Ministry of Petroleum)
Egypt had accumulated about $6.1 billion in arrears to foreign oil companies by June 30, 2024 (Ministry of Petroleum)

Egypt will settle $1.3 billion in arrears to international oil companies by June, the petroleum ministry said on Saturday, accelerating its previous timetable for repayments.

Egypt had accumulated about $6.1 billion in arrears to foreign oil companies by June 30, 2024 due to a prolonged foreign currency shortage that delayed payments and weighed on investment and gas output. The shortage has since eased, ⁠though some companies have ⁠said that arrears have been once again accumulating.

Under its prior timetable, announced in January this year, the government had expected to still have arrears of some $1.2 billion by June.

Clearing debt may encourage ⁠foreign oil and gas companies to resume drilling, which would boost local production that has been steadily falling since peaking in 2021.

More local production would help the country to reduce its energy imports.

Business

China's Premier Vows to Expand Global 'Trade Pie'

Chinese Premier Li Qiang is seen on a big screen live broadcasting his speech at the opening of the China Development Forum 2026 held at the Diaoyutai State Guesthouse in Beijing on March 22, 2026. (Photo by Ng Han Guan / POOL / AFP)
Chinese Premier Li Qiang is seen on a big screen live broadcasting his speech at the opening of the China Development Forum 2026 held at the Diaoyutai State Guesthouse in Beijing on March 22, 2026. (Photo by Ng Han Guan / POOL / AFP)
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China's Premier Vows to Expand Global 'Trade Pie'

Chinese Premier Li Qiang is seen on a big screen live broadcasting his speech at the opening of the China Development Forum 2026 held at the Diaoyutai State Guesthouse in Beijing on March 22, 2026. (Photo by Ng Han Guan / POOL / AFP)
Chinese Premier Li Qiang is seen on a big screen live broadcasting his speech at the opening of the China Development Forum 2026 held at the Diaoyutai State Guesthouse in Beijing on March 22, 2026. (Photo by Ng Han Guan / POOL / AFP)

China's number two leader Li Qiang said Sunday that his country was willing to help expand the global "trade pie" by further opening up, state media reported, while he slammed unilateralism from certain countries.

Many of China's key trading partners have increasingly called on Beijing to reduce its soaring trade surplus owing to its impact on local competition.

Its trade surged by a fifth in the first two months of the year, official data showed earlier this month, significantly outpacing forecasts.

China "will steadfastly advance high-level opening up, import more high-quality foreign goods, and work alongside all parties to promote the optimized and balanced development of trade", Premier Li Qiang told business executives in Beijing on Sunday, according to Xinhua.

Li was speaking at the opening of the annual China Development Forum, attended this year by prominent business leaders including Apple CEO Tim Cook, AFP reported.

The Chinese premier added that Beijing would work with other countries to "join forces to make the global economic and trade pie larger for everyone".

He slammed growing unilateralism and protectionism, which he said was "no panacea for resolving problems".

Beijing has been seeking to steer a shaky economy onto a more stable path since the end of the pandemic, particularly by boosting consumption.

It had been locked in a blistering trade war last year with Washington after President Donald Trump imposed tariffs on countries including China.

The recent trade boost is a lifeline for China, the world's second-largest economy, as domestic consumer activity has slumped, and adds to the record surplus achieved last year.

The China Development Forum convenes as the Middle East war, triggered by US and Israeli strikes on Iran, rages on.

Tehran has retaliated with strikes across the region and beyond in a conflict that has threatened global energy security as well as China's oil supplies.

Li told the Chinese officials and global business executives the international rules-based order was suffering "severe disruption" with power politics "running rampant".

Chinese Vice Premier He Lifeng met with senior representatives of multinational companies including HSBC, UBS, Schneider Electric and Standard Chartered on Saturday, Xinhua reported.