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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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Spain's Repsol Reportedly Wins Back Control of Venezuelan Oil Operations

FILE PHOTO: Logo of the Spanish oil company Repsol at a gas station in Vecindario, on the island of Gran Canaria, Spain, January 9, 2026. REUTERS/Borja Suarez/File Photo
FILE PHOTO: Logo of the Spanish oil company Repsol at a gas station in Vecindario, on the island of Gran Canaria, Spain, January 9, 2026. REUTERS/Borja Suarez/File Photo
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Spain's Repsol Reportedly Wins Back Control of Venezuelan Oil Operations

FILE PHOTO: Logo of the Spanish oil company Repsol at a gas station in Vecindario, on the island of Gran Canaria, Spain, January 9, 2026. REUTERS/Borja Suarez/File Photo
FILE PHOTO: Logo of the Spanish oil company Repsol at a gas station in Vecindario, on the island of Gran Canaria, Spain, January 9, 2026. REUTERS/Borja Suarez/File Photo

Spanish energy group Repsol is poised to take back operational control of its Venezuelan oil assets and boost production following a deal signed with the South American government, the Financial Times reported on Thursday.

Repsol is expected to announce the agreement as early as Thursday, FT added, citing a person familiar with ⁠the matter.

The agreement ⁠will include plans to triple production from its Venezuelan oil operations within three years and establish a "guaranteed" payment system that will avoid previous pitfalls under which the capital city ⁠of Caracas failed to pay up, according to the report.

Reuters could not immediately verify the report. Repsol did not immediately respond to Reuters' request for a comment.

Venezuela holds one of the largest oil reserves in the world but has dilapidated energy infrastructure.

In 2023, Repsol reached an agreement with Venezuela to continue operating its ⁠facilities ⁠there. The deal later lapsed after US President Donald Trump revoked licenses granted to Repsol and other Western companies to operate in the country.

After the US captured President Nicolas Maduro in January, Washington eased sanctions on Venezuela's energy sector, issuing general licenses that allow global energy companies to operate oil and gas projects in the OPEC member.

Business

China's Economy Beats Forecasts, but War Darkens Outlook

China's exports have helped support the economy but there are concerns about the impact on trade from the Middle East crisis. CN-STR/AFP
China's exports have helped support the economy but there are concerns about the impact on trade from the Middle East crisis. CN-STR/AFP
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China's Economy Beats Forecasts, but War Darkens Outlook

China's exports have helped support the economy but there are concerns about the impact on trade from the Middle East crisis. CN-STR/AFP
China's exports have helped support the economy but there are concerns about the impact on trade from the Middle East crisis. CN-STR/AFP

China's economy expanded more than expected in the first three months of the year, with official data Thursday indicating resilience in the face of a Middle East crisis that threatens to hit global growth.

The figures came despite a surge in world energy prices caused by the US-Israel war on Iran, which has stymied shipping through the crucial Strait of Hormuz, through which a fifth of the world's oil and natural gas passes.

Analysts say China's diversified energy supply shields it from immediate shocks, though a potential global downturn caused by the war could weaken demand for its exports, which have been propping up the country's economy.

Gross domestic product in the world's second-largest economy expanded 5.0 percent year-on-year in January-March, according to the National Bureau of Statistics (NBS).

The reading was slightly higher than an AFP forecast of 4.8 percent based on a survey of economists.

During the first quarter, China's economy "achieved a strong start to the year, further demonstrating its resilience and vitality", the NBS said in a statement announcing the data.

The reading came days after the International Monetary Fund cut its 2026 global growth projection, warning that the world economy could be "thrown off course" by the Middle East war.

It also reduced its forecast for China to 4.4 percent growth, from a previous estimate of 4.5 percent.

"The global economy is facing this next test of resilience as signs of unevenness lie beneath the surface," it said, noting that China's "domestic activity -- especially in the housing sector -- lags behind exports".

Beijing has set a 2026 target of 4.5-5.0 percent growth -- the lowest in decades.

A years-long crisis in the property sector and a persistent slump in domestic spending have left leaders reliant on exports to meet growth targets.

- Trade headwinds -

Outbound shipments have boomed, exemplified by the country's whopping $1.2 trillion trade surplus last year.

But data this week showed export growth slowed sharply in March, indicating that war in the Middle East was already taking a toll.

Thursday's NBS data also showed retail sales grew 1.7 percent on-year in March, well short of a Bloomberg forecast of 2.4 percent.

Industrial production rose 5.7 percent, the NBS said, beating a Bloomberg estimate of 5.3 percent but well down from the 6.3 percent seen in January and February combined.

The first-quarter acceleration in growth was fueled by exports, Zichun Huang of Capital Economics wrote in a note.

"We think growth will soften a bit over the rest of the year," she said.

"While the Chinese economy is holding up well, it is becoming ever more dependent on external demand," she said, noting that the Iran war "is likely to add to this trend".

A major international trade fair kicked off this week in Guangzhou -- a metropolis in China's southern manufacturing heartland -- where attendees told AFP the war is impacting their business.

Chinese exporters and Middle Eastern buyers at the opening day of the Canton Fair on Wednesday gloomily told AFP the Iran war had pummeled orders and led to price hikes.

Wang Jun, the deputy head of China's customs administration, this week acknowledged "many uncertainties and instabilities in the external environment".

"The impact of international geopolitical conflicts on global industrial and supply chains is still evolving in a complex manner," he said.

Business

Saudi Arabia, US Sign Tax Information Exchange Agreement

Al-Jadaan and Bessent shake hands after signing the Tax Information Exchange Agreement in Washington. (X)
Al-Jadaan and Bessent shake hands after signing the Tax Information Exchange Agreement in Washington. (X)
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Saudi Arabia, US Sign Tax Information Exchange Agreement

Al-Jadaan and Bessent shake hands after signing the Tax Information Exchange Agreement in Washington. (X)
Al-Jadaan and Bessent shake hands after signing the Tax Information Exchange Agreement in Washington. (X)

Saudi Minister of Finance Mohammed Al-Jadaan has held a series of meetings in Washington, D.C. to discuss strengthening bilateral economic cooperation and addressing challenges facing the global economy.

Al-Jadaan began his meetings on Wednesday by holding talks with US Treasury Secretary Scott Bessent. They discussed the latest developments in the global economy and financial issues of common interest.

They signed a Tax Information Exchange Agreement to enhance tax cooperation, as well as facilitate the exchange of knowledge and technical expertise between the two sides.

As part of strengthening European economic relations, Al-Jadaan met with French Minister of the Economy, Finance, and Industrial, Energy, and Digital Sovereignty Roland Lescure.

The two sides discussed economic developments in the world, focusing on exploring new ways to deepen financial and industrial cooperation between the Kingdom and France, in a way that serves common interests.

Regarding relations with Pakistan, the Minister of Finance discussed with both his Pakistani counterpart, Muhammad Aurangzeb, and the Governor of the State Bank of Pakistan, Jameel Ahmad, prospects for financial and economic cooperation.

The discussions addressed ways to support financial stability and enhance joint work between financial institutions in both countries.