Aramco Plans $100 Million Funding for KAUST to Support Cutting-Edge R&D 

The Saudi Aramco logo is pictured at Hyvolution exhibition in Paris, France, February 1, 2024. (Reuters)
The Saudi Aramco logo is pictured at Hyvolution exhibition in Paris, France, February 1, 2024. (Reuters)
TT
20

Aramco Plans $100 Million Funding for KAUST to Support Cutting-Edge R&D 

The Saudi Aramco logo is pictured at Hyvolution exhibition in Paris, France, February 1, 2024. (Reuters)
The Saudi Aramco logo is pictured at Hyvolution exhibition in Paris, France, February 1, 2024. (Reuters)

Saudi Aramco announced on Monday that it has signed a memorandum of understanding with King Abdullah University of Science and Technology (KAUST) to support research that aims to deliver environmental and commercial benefits.

In a statement, Aramco said it plans to fund up to $100 million in research and development projects with KAUST over the next 10 years. The funds from Aramco have been earmarked for a wide range of initiatives, from essential research to applied technologies, as KAUST seeks to push the boundaries of science and innovation.

Aramco President and CEO Amin Nasser said: "This collaboration will further deepen Aramco's relationship with KAUST and we look forward to exploring new possibilities and frontiers with a strong focus on R&D and technology development, reflecting our firm belief in the importance of innovation across industries and applications."

KAUST President Tony Chan said that the collaboration with Aramco will leverage both entities' expertise to develop innovative solutions for a sustainable future.

Areas of collaboration include the energy transition, sustainability, materials transition, upstream technologies and digital solutions, with an emphasis on developing commercially-viable outcomes.

Topics identified within the energy transition field include liquids-to-chemicals conversion and future refineries research, as well as low-carbon aviation fuels. Sustainability research will include hydrogen, carbon capture and storage, renewables, and energy storage solutions. Additional projects are expected to focus on advanced carbon materials and geothermal energy, among other things.



German Central Bank Chief: US Tariffs Would Eat Up German Growth in 2025

President of the Bundesbank, Dr Joachim Nagel, speaks during an interview at the G20 finance meeting in Durban, South Africa, on July 17, 2025. REUTERS/Rogan Ward
President of the Bundesbank, Dr Joachim Nagel, speaks during an interview at the G20 finance meeting in Durban, South Africa, on July 17, 2025. REUTERS/Rogan Ward
TT
20

German Central Bank Chief: US Tariffs Would Eat Up German Growth in 2025

President of the Bundesbank, Dr Joachim Nagel, speaks during an interview at the G20 finance meeting in Durban, South Africa, on July 17, 2025. REUTERS/Rogan Ward
President of the Bundesbank, Dr Joachim Nagel, speaks during an interview at the G20 finance meeting in Durban, South Africa, on July 17, 2025. REUTERS/Rogan Ward

The Bundebank expects growth of 0.7% in Germany in 2026 but this could be eaten up if US tariffs of 30% threatened by President Donald Trump were implemented, the central bank's President Joachim Nagel told Reuters in an interview.

“If tariffs materialize in August, a recession in Germany in 2025 cannot be ruled out,” Nagel said in Durban, South Africa, where the meeting of G20 finance chiefs is taking place on Thursday and Friday.

The 30% tariff on European goods threatened by Trump would, if implemented, be a game-changer for Europe, wiping out whole chunks of transatlantic commerce and forcing a rethink of its export-led economic model.

“The outlook for the German economy has just improved, especially due to the fiscal program that has been announced and is now being implemented by the German federal government, which also sets the right accents: investments in infrastructure, in future technologies,” Nagel said. “But this uncertainty could significantly weaken a positive outlook.”

Also, German Finance Minister Klingbeil told Reuters on Thursday that the European Union should find solutions to its finances without using common borrowing.

Klingbeil said the EU had joint debt in the last few years, but that was in a crisis situation during the COVID pandemic, he said in an interview on the sidelines of a G20 meeting in Durban, South Africa.

“Overall, we need to resolve the finances of the EU differently than through a policy of joint debt,” he said.

“Fortunately, we are not in such a crisis right now,” he added.