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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

Global Unemployment ‘Stable’ in 2026, but Decent Jobs Lacking

A Palestinian employee inspects sweet locally known as "al-Shatwi" (Winter) Crimbo sweets, as the Al-Arees factory gradually resumes operations after a hiatus caused by the Gaza war which led to shortages of raw materials used in their products, in Deir al-Balah, in the central Gaza Strip on January 12, 2026, following a US-brokered truce that halted the two-year war. (AFP)
A Palestinian employee inspects sweet locally known as "al-Shatwi" (Winter) Crimbo sweets, as the Al-Arees factory gradually resumes operations after a hiatus caused by the Gaza war which led to shortages of raw materials used in their products, in Deir al-Balah, in the central Gaza Strip on January 12, 2026, following a US-brokered truce that halted the two-year war. (AFP)
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Global Unemployment ‘Stable’ in 2026, but Decent Jobs Lacking

A Palestinian employee inspects sweet locally known as "al-Shatwi" (Winter) Crimbo sweets, as the Al-Arees factory gradually resumes operations after a hiatus caused by the Gaza war which led to shortages of raw materials used in their products, in Deir al-Balah, in the central Gaza Strip on January 12, 2026, following a US-brokered truce that halted the two-year war. (AFP)
A Palestinian employee inspects sweet locally known as "al-Shatwi" (Winter) Crimbo sweets, as the Al-Arees factory gradually resumes operations after a hiatus caused by the Gaza war which led to shortages of raw materials used in their products, in Deir al-Balah, in the central Gaza Strip on January 12, 2026, following a US-brokered truce that halted the two-year war. (AFP)

The global unemployment rate is expected to hold steady in 2026, the United Nations said Wednesday, but cautioned the labor market's seeming stability belies a dire shortage of decent jobs.

The UN's International Labor Organization said the global economy and labor market appeared to have weathered recent economic shocks better than expected.

But the ILO warned that efforts to improve global job quality had stagnated, leaving hundreds of millions of workers wallowing in poverty, even as trade uncertainty risked cutting into workers wages.

The global unemployment rate was estimated at 4.9 percent last year and the year before, and is now projected to remain at a similar level until 2027, a report from the UN labor agency said.

That amounts to 186 million people out of work this year, it said.

"Global labor markets look stable, but that stability is quite fragile," Caroline Fredrickson, head of the ILO's research department, told reporters, cautioning that the "apparent calm masks deeper and unresolved problems".

At a time when US President Donald Trump has slapped towering tariffs on friends and foes alike, the report cautioned that "disruptions caused by trade uncertainty, combined with ongoing long-term transformations in global trade, could significantly affect labor market outcomes".

Going forward, the ILO said its modelling suggested that a moderate increase in trade policy uncertainty "may reduce returns to labor and, as a consequence, real wages for both skilled and unskilled workers across all sectors", especially in Southeast Asia, Southern Asia and Europe.

The potential of trade to generate new employment opportunities was also being challenged by the ongoing disruptions, the report said, pointing out that 465 million jobs globally depended on foreign demand through exports of goods and services and related supply chains in 2024.

- Extreme poverty -

Another major concern highlighted by the ILO was the quality of jobs available.

"Resilient growth and stable unemployment figures should not distract us from the deeper reality: hundreds of millions of workers remain trapped in poverty, informality, and exclusion," ILO chief Gilbert Houngbo said in a statement.

Nearly 300 million workers continue to live in extreme poverty, earning less than $3 a day, Wednesday's report found.

At the same time, some 2.1 billion workers are expected to hold informal jobs this year, with limited access to social protection, labor rights and job security.

Young people remain particularly vulnerable, with unemployment among 15- to 24-year-olds projected to reach 12.4 percent for 2025, with around 260 million young people not engaged in education, employment or training, ILO said.

It warned that artificial intelligence and automation could exacerbate challenges, particularly for educated young people in wealthier countries seeking their first high-skill jobs.

"While the full impact of AI on youth employment remains uncertain, its potential magnitude warrants close monitoring," the report said.

The ILO also highlighted "entrenched gender inequalities", pointing out that women still account for just two-fifths of global employment.

"Stable labor markets are not necessarily healthy," Fredrickson said, stressing the growing need for "domestic policy choices to strengthen decent work outcomes".

"Without decisive action, today's stability risks giving way to deeper inequalities."

Business

China Had a Record $1.2 Trillion Trade Surplus in 2025, as Exports Rose 6.6% in December

Women dressed in traditional Chinese-style attire cross a street in Beijing, China, Tuesday, Jan. 13, 2026. (AP)
Women dressed in traditional Chinese-style attire cross a street in Beijing, China, Tuesday, Jan. 13, 2026. (AP)
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China Had a Record $1.2 Trillion Trade Surplus in 2025, as Exports Rose 6.6% in December

Women dressed in traditional Chinese-style attire cross a street in Beijing, China, Tuesday, Jan. 13, 2026. (AP)
Women dressed in traditional Chinese-style attire cross a street in Beijing, China, Tuesday, Jan. 13, 2026. (AP)

China’s trade surplus surged to a record of almost $1.2 trillion in 2025, the government said Wednesday, as exports to other countries made up for slowing shipments to the United States.

China's exports rose 5.5% for the whole of last year to $3.77 trillion, customs data showed, while imports flatlined at $2.58 trillion. The 2024 trade surplus was over $992 billion.

In December, China’s exports climbed 6.6% from the year before in dollar terms, better than economists’ estimates and higher than November’s 5.9% year-on-year increase. Imports in December were up 5.7% year-on-year, compared to November’s 1.9%.

China’s trade surplus surpassed the $1 trillion mark for the first time in November, when the trade surplus reached $1.08 trillion in the first 11 months of last year.

Economists expect exports will continue to support China’s economy this year, despite trade friction and geopolitical tensions.

“We continue to expect exports to act as a big growth driver in 2026,” said Jacqueline Rong, chief China economist at BNP Paribas.

While China’s exports to the US have fallen sharply for most of last year since President Donald Trump returned to office and escalated his trade war with the world’s second-largest economy, that decline has been largely offset by shipments to other markets in South America, Southeast Asia, Africa and Europe.

For the whole of 2025, China’s exports to the US fell 20%. In contrast, exports to Africa surged 26%. Those to Southeast Asian countries jumped 13%; to the European Union 8%, and to Latin America, 7%.

Strong global demand for computer chips and other devices and the materials needed to make them were among categories that supported China’s exports, analysts said. Car exports also grew last year.

China's strong exports have helped keep its economy growing at an annual rate close to its official target of about 5%. But that has triggered alarm in countries that fear a flood of cheap imports are damaging local industries.

China faces a “severe and complex” external trade environment in 2026, Wang Jun, vice minister of China’s customs administration, told reporters in Beijing. But he said China’s “foreign trade fundamentals remain solid.”

The head of the International Monetary Fund last month called for China to fix its economic imbalances and speed up its shift from reliance on exports by boosting domestic demand and investment.

A prolonged property downturn in China after the authorities cracked down on excessive borrowing, triggering defaults by many developers, is still weighing on consumer confidence and domestic demand.

China’s leaders have made increasing spending by consumers and businesses a focus of economic policy, but actions taken so far have had a limited impact. That included government trade-in subsidies over the past months that encouraged consumers to buy newer, more energy efficient items, such as home appliances and vehicles, and replace older models.

“We expect domestic demand growth to stay tepid,” said Rong of BNP Paribas. “In fact, the policy boost to domestic demand looks weaker than last year -- in particular the fiscal subsidy program for consumer goods.”

Gary Ng, a senior economist at French investment bank Natixis, forecasts that China’s exports will grow about 3% in 2026, less than the 5.5% growth in 2025. With slow import growth, he expects China's trade surplus to remain above $1 trillion this year.

Business

Saudi Arabia Signs Mineral Cooperation Deals with Chile, Canada, Brazil

The MoUs were signed on the sidelines of the Ministerial Roundtable of ministers concerned with mining affairs, held as part of the fifth annual Future Minerals Forum (FMF) in Riyadh. (SPA)
The MoUs were signed on the sidelines of the Ministerial Roundtable of ministers concerned with mining affairs, held as part of the fifth annual Future Minerals Forum (FMF) in Riyadh. (SPA)
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Saudi Arabia Signs Mineral Cooperation Deals with Chile, Canada, Brazil

The MoUs were signed on the sidelines of the Ministerial Roundtable of ministers concerned with mining affairs, held as part of the fifth annual Future Minerals Forum (FMF) in Riyadh. (SPA)
The MoUs were signed on the sidelines of the Ministerial Roundtable of ministers concerned with mining affairs, held as part of the fifth annual Future Minerals Forum (FMF) in Riyadh. (SPA)

Saudi Arabia, represented by the Ministry of Industry and Mineral Resources, signed on Tuesday three international memoranda of understanding (MoUs) on mineral resources cooperation with the Chile, Canada, and Brazil.

The MoUs were signed on the sidelines of the Ministerial Roundtable of ministers concerned with mining affairs, held as part of the fifth annual Future Minerals Forum (FMF), hosted by Riyadh from January 13 to 15.

The deals reflect the Kingdom’s efforts to expand its international partnerships and strengthen technical and investment cooperation in the mining and minerals sector in a manner that serves mutual interests and supports the sustainable development of mineral resources.

The signing ceremony included MoUs on cooperation in the mineral resources field with the Chilean Ministry of Mining, the Canadian Department of Natural Resources, and the Brazilian Ministry of Mines and Energy.

The Ministerial Roundtable recorded the largest level of international representation of its kind globally, with participation from more than 100 countries, including all G20 members in addition to the European Union, as well as 59 multilateral organizations, industry associations, and non-governmental organizations.

The attendance reflects the standing the ministerial meeting has attained as a leading international platform for aligning perspectives, building partnerships, and developing practical solutions to global challenges in the mining and minerals sector.