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Sultan of Oman, Emir of Kuwait to Inaugurate $9 Bn Duqm Refinery on Wednesday

Duqm Refinery is one of the joint investment projects between Oman and Kuwait (KUNA)
Duqm Refinery is one of the joint investment projects between Oman and Kuwait (KUNA)
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Sultan of Oman, Emir of Kuwait to Inaugurate $9 Bn Duqm Refinery on Wednesday

Duqm Refinery is one of the joint investment projects between Oman and Kuwait (KUNA)
Duqm Refinery is one of the joint investment projects between Oman and Kuwait (KUNA)

Oman's Sultan Haitham bin Tariq and Kuwait Emir Sheikh Meshal al-Ahmad al-Sabah will attend the opening of Duqm Refinery and Petrochemical Industries on Wednesday.
The Duqm refinery is a $9 billion joint venture between Oman's OQ Group and Kuwait Petroleum International in Oman's Duqm Industrial Zone.
The Refinery represents a valuable addition to the global energy market by providing high-quality oil products and enhancing Oman's refining capabilities by up to about 500,000 barrels per day.
Meanwhile, Oman's Minister of Commerce, Industry, and Investment Promotion, Qais bin Mohammed al-Yousef, said in a press statement that the inauguration of the Duqm Refinery reflects the investment interest in the Sultanate.
Yousef noted that it reviews the efforts to attract investors to achieve Oman Vision 2040 goals aimed at boosting economic diversification policies and diversifying sources of income.
President of the Public Authority for Special Economic Zones and Free Zones Ali al-Sunaidy described the Duqm Refinery as a pioneering strategic project in the petroleum industries between Oman and Kuwait.
Sunaidy stated that it supports the efforts to increase the added value of the manufacturing sector and provides new investment opportunities for small and medium enterprises in Duqm.
He asserted the importance of the strategic partnership between the two brotherly countries in establishing the Duqm Refinery and its strategic location close to the Asian and African markets.
Investments in the economic, accessible, and industrial zones amounted to about $44 billion, including $10.9 billion in the Special Economic Zone in Duqm (SEZAD), which reflects the interest of local and international companies in investing in Oman, according to Sunaidy.
- Kuwaiti-Omani project
The Duqm Refinery Project is one of the fruits of close relations between the State of Kuwait and the Sultanate of Oman, as this joint project reflects the steady growth in bilateral ties between the two Gulf countries.
President of Oman Investment Authority (OIA) Abdulasalam al-Murshidi said that the Duqm Refinery in the Special Economic Zone is the most significant joint investment between the two nations in the refineries and petrochemicals sector.
It culminates the bilateral relations between Oman and Kuwait, embodies the depth of their economic ties, and links common interests to more joint investments.
Murshidi expressed his aspiration that the Duqm Refinery will open broader horizons to invest in Oman, especially in the Special Economic Zone.
He also referred to its role as a promising industrial center and enabler around which lucrative opportunities are established in the upstream and downstream industries, petrochemicals, and logistics, reflecting additional value to the SEZAD.
The CEO of the Kuwait Petroleum Corporation, Sheikh Nawaf Saud Al-Sabah, said that the Refinery is an ideal example of the convergence of economic interests between the two countries, especially since Kuwait shares a common history and heritage with Oman.
The CEO pointed out that the strategic project would enhance the prospects for future cooperation in development and economic projects that contribute to the stability of energy supplies and provide safe guarantees.
- The most crucial energy centers
The project, the foundation stone of which the two parties laid in April 2018, will transform the Duqm region into one of the most important energy centers in the area.
Occupying a 900-hectare plot of coastal land, the $8.5 billion complex is a joint venture for the Omani international energy integrated company (OQ) and Kuwait Petroleum International (Q8).
The project enjoys a strategic location overlooking the main maritime transport lines in the Arabian Sea. It will have a positive impact on the region.
Its preliminary refining capacity is estimated at 230,000 barrels of (Kuwaiti) crude oil per day. The products include diesel, aviation fuel, naphtha, and liquefied petroleum gas.
Kuwait Petroleum Corporation will secure 65 percent of the refinery's crude oil resources in line with the corporation's vision and strategy to provide safe marketing outlets for Kuwaiti oil.
The project includes three main packages. The first consists of the central processing units of the Refinery, while the second package includes facilities and services.
Meanwhile, the third package includes three sub-packages, which are storage and export facilities for liquid and bulk petroleum materials located in the port of Duqm, crude oil storage facilities in Ras Markaz, and a 90-kilometer pipeline for transportation of crude oil from Ras Markaz to Duqm Refinery.
The future vision of the project aims for the Refinery to be world-class, using proven technology and providing high-quality products following international safety standards while striving to achieve the highest operating standards.

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Business

Arab Startups Attract Investors Despite War-Driven Uncertainty

Riyadh, Saudi Arabia (SPA)
Riyadh, Saudi Arabia (SPA)
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Arab Startups Attract Investors Despite War-Driven Uncertainty

Riyadh, Saudi Arabia (SPA)
Riyadh, Saudi Arabia (SPA)

At a time when geopolitical tensions and regional conflicts cast a shadow over the broader landscape, the Middle East and North Africa's startup ecosystem is showing strong resilience and the ability to attract both local and international capital.

Investment in technology is no longer a complementary option, but a strategic bet, driven by accelerating digital transformation and the stability fostered by leading governments in the region.

“The best time to invest and seize opportunities is when there is fear and uncertainty,” Hassan Haidar, founder and managing partner at Plus VC, told Asharq Al-Awsat.

The firm has backed more than 250 startups across 15 countries in the Middle East and said late last year it plans to fund around 40 startups in 2026, with a focus on deals in Saudi Arabia.

Haidar said the technology and digital services sector continues to benefit, adding that even war cannot halt the region’s rapid shift toward digital services.

Regional tensions have pushed many to rely more on digital tools and online delivery services, creating significant opportunities for startups offering innovative solutions, he said.

Venture capital surge

Startups in the region raised $3.8 billion across 688 deals in 2025, up 74% year on year, according to Magnitt company. Saudi Arabia and the United Arab Emirates took the largest share, with nearly half of the capital coming from international investors.

Haidar said investment is driven not only by current opportunities but also by the ecosystem's growing maturity.

“The past decade was about proving that venture capital can succeed in the region; the next decade will be about proving the scale of these opportunities,” he said.

Structural transformation

Haidar, who began investing in the region in 2010, said the startup landscape has changed fundamentally, from fewer than 100 startups annually across the region about 15 years ago to around 2,000 today.

Markets have become more structured, with governments supporting capital flows and helping establish local and international investment funds. Clearer paths to initial public offerings have emerged, alongside secondary transactions that provide liquidity for investors and founders.

“Markets such as Saudi Arabia and the United Arab Emirates have become regional pillars, belief in the ecosystem is attracting founders, capital and global attention,” he said.

Untapped opportunities

Haidar said the region’s appeal lies in vast untapped opportunities and in key sectors that are still in the early stages of digitization. A generation of ambitious founders with international experience is returning to build technology ventures that address both local and global challenges.

This momentum is backed by clear, strategic government support that gives investors confidence, he said.

Compared with other emerging markets, regions such as Southeast Asia face challenges in exit pathways and liquidity shortages. The Arab region, particularly Saudi Arabia, stands out by offering viable exit channels through public listings and structured secondary transactions.

Trends strengthening competitiveness

Haidar outlined four trends boosting the region’s competitiveness.

First, investors are becoming more financially mature, shifting from development-driven funding to performance-based investment focused on real returns.

Second, exit pathways are becoming more dynamic, supported by strong liquidity, with IPOs and secondary markets offering flexible options to recycle capital.

Third, artificial intelligence is moving beyond hype to real-world applications, addressing complex operational challenges in sectors such as logistics and enterprise software.

Fourth, deep tech and hardware are gaining ground, with a new wave of companies developing advanced solutions to critical issues such as energy security, water and advanced manufacturing, attracting investors willing to back long-term projects.

Challenges and outlook

Despite this progress, access to funding remains a structural challenge. Venture capital still accounts for less than 0.1% of regional GDP, compared with around 1% in the United States, highlighting significant untapped potential.

Still, Haidar expressed strong optimism about the region’s ability to move forward, pointing to the role of governments in maintaining stability.

“We hope for a positive shift and a return to normal conditions, but we strongly believe in our governments’ ability to navigate these difficult times and provide a stable environment that gives us the confidence to continue,” he said.

He said venture capital has moved beyond the stage of doubt.

“We are no longer asking whether startups are important to our economy; we have entered a new strategic phase focused on how to scale and multiply, and on proving the full potential of this ecosystem on the global stage,” he said.

Business

Many in Egypt Struggle as the Costs of a Distant War Drive up Prices in Local Markets

Cars are seen on a road at Nasr City, a suburb of Cairo, Egypt May 3, 2021. REUTERS/Mohamed Abd El Ghany
Cars are seen on a road at Nasr City, a suburb of Cairo, Egypt May 3, 2021. REUTERS/Mohamed Abd El Ghany
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Many in Egypt Struggle as the Costs of a Distant War Drive up Prices in Local Markets

Cars are seen on a road at Nasr City, a suburb of Cairo, Egypt May 3, 2021. REUTERS/Mohamed Abd El Ghany
Cars are seen on a road at Nasr City, a suburb of Cairo, Egypt May 3, 2021. REUTERS/Mohamed Abd El Ghany

Sayyed Ragheb was already struggling to keep his family afloat, earning less than $100 a month. Now he fears it will get even worse after Egypt hiked fuel prices because of the Iran war.

The father of four school-age children works day-to-day in cafes and sometimes in construction. With prices of meat and produce jumping just the past week, he worries about meeting his family’s basic needs, The AP news reported.

“This means a price increase for everything,” said Ragheb, as he served hot drinks at a cafe on a recent evening in Cairo. “This is catastrophic for someone like me.”

Egypt is one of the few countries in the Middle East not directly affected by the war, now in its third week with no sign of abating. It’s not part of the US-Israeli campaign against Iran, and it hasn’t been targeted by Iranian missile and drone fire, like Arab Gulf nations, or by Israeli bombardment, like Lebanon.

But the nation of over 108 million people is feeling the conflict’s repercussions. Soaring energy prices forced the government to implement a steep hike in the prices of subsidized fuel and cooking gas.

That is having a domino effect on the prices of other goods and services in Egypt's struggling economy. Moreover, it comes during the Muslim holy month of Ramadan, when families traditionally hold large dinner gatherings, and ahead of the holiday of Eid al-Fitr, a major shopping season when people buy new clothes, especially for children.

Egypt is vulnerable to fuel price hikes World energy prices have surged since the US and Israel launched the war on Feb. 28. Iran retaliated by attacking oil and gas infrastructure across the Persian Gulf and effectively blocking traffic through the Strait of Hormuz, where a fifth of the world's traded oil passes.

Brent crude, the international benchmark, soared from less than $70 a barrel on Feb. 27 to a peak of nearly $120 early March 9. It was hovering around $104 on Wednesday.

The jump is particularly painful for Egypt because the government dedicates a large part of its already strained budget to subsidizing gasoline, fuel and electricity.

Energy prices aren’t its only vulnerability.

Traffic through the Suez Canal, a major source of government income, had started to recover after two years of attacks on Red Sea shipping by Yemen's Houthis. Now some shipping companies are again routing traffic away from the Middle East because of the latest turmoil, and the government says it expects more losses.

Egypt, home to the ancient pyramids, also earns considerable foreign income from tourism. But arrivals are expected to plunge as travelers steer clear of the region.

If the conflict is prolonged and continues to drive up prices and reduce government revenues, the short-term economic pain could become a broader political and economic crisis, said Alexandra Blackman, an expert in Mideast politics at Cornell University.

“That will be more challenging for the regime to manage and control,” she said.

Egypt's president says the price hikes were ‘inevitable’ On March 10, the government announced a 15% hike in the price of gasoline, a 22% hike in cooking gas and a 17% hike in diesel, widely used in commercial and public transport.

President Abdel-Fattah el-Sissi acknowledged the pressure on people but said the increases are “inevitable” and “the least expensive” option to protect the economy.

“The requirements of the reality sometimes necessitate taking difficult measures ... to avert harsher options and more serious consequences,” he said over the weekend at an Iftar event, breaking the daily sunrise-to-sunset Ramadan fast.

He said Egypt’s consumption of oil products costs $20 billion annually, including fuel used to operate power plants.

The government imports 28% of its gasoline needs and 45% of its diesel needs, which puts pressure on the budget, said Petroleum Minister Karim Badawy.

The government announced a series of measures aimed at mitigating the impact, including reducing official overseas trips and tightening fuel consumption across the public sector. It also announced salary increases starting in July.

Egypt’s poor and middle class have already seen their purchasing power shrink over the past decade under government austerity measures. The measures included the slashing of subsidies and devaluation of Egypt’s currency as part of an ambitious reform program in 2016.

Inflation jumped from 10% in January to 11.5% in February of this year, according to official figures. The price increases are rippling across the economy in a country where a third of the population is below the poverty line, according to government statistics.

Since the new fuel prices took effect, the cost of meat has jumped 25% and fruit and vegetables rose 15-30%, according to merchants at three markets in Cairo.

Hussein Rashad, a grocer in a poorer district, said customers have become more selective, and most have reduced the amount of vegetables they buy. Some have stopped buying fruit altogether, he said.

“Many things have become out of their reach,” he said.

Ragheb, the cafe worker, said his family has tightened its budget, including resorting to the cheapest food staples. He won't be buying new clothes for his children for the upcoming Eid.

“One has no other option,” he said.

Business

Gold Falls 2% as Inflation Fears Bolster Hawkish Fed Bets

Gold bars after being inspected and polished at a refinery in Sydney (AFP)
Gold bars after being inspected and polished at a refinery in Sydney (AFP)
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Gold Falls 2% as Inflation Fears Bolster Hawkish Fed Bets

Gold bars after being inspected and polished at a refinery in Sydney (AFP)
Gold bars after being inspected and polished at a refinery in Sydney (AFP)

Gold prices fell to a one-month low on Wednesday as investors weighed the risk of a more hawkish US Federal Reserve policy stance, with high oil prices fuelling concerns about inflation.

Spot gold fell 2% to $4,903.19 per ounce as of 1216 GMT, its lowest level since February 18. US gold futures for April delivery also dropped 2% to $4,907.40, according to Reuters.

"Investors are worried about rates staying 'higher-for-longer' due to elevated energy prices ... the longer the Iran conflict goes on, the more likely that scenario," said Jamie Dutta, market analyst at Nemo.money.

While gold is viewed as a hedge against inflation and uncertainty, high interest rates curb its appeal by raising the cost of holding bullion and boosting returns on yield-bearing assets.
The Middle East conflict, in its third week, saw Iran target Tel Aviv with missiles in retaliation for Israel's assassination of its security chief, Ali Larijani, Iranian state television reported on Wednesday.

Benchmark Brent futures prices have been above $100 per barrel for the past four sessions.

Meanwhile, the Fed is widely expected to hold rates steady later in the day.

Investors will parse Fed Chair Jerome Powell's remarks to assess the central bank's policy view for the rest of 2026, with futures markets seeing only one quarter-percentage-point rate cut this year, in September, and another cut in late 2027.

"Long-term drivers like central bank buying, stagflation risks and diversification demand remain. That should mean higher (gold) prices by end of 2026," Dutta said.

Spot silver fell 1.2% to $78.29 per ounce, spot platinum was down 2.9% at $2,063.69, and palladium lost 2.6% to $1,560.50.