عربي English Türkçe اردو فارسى
Logo
Latest News
Business

King Fahd University of Petroleum and Minerals Tops The Times Global Ranking

Saudi Minister of Energy Prince Abdulaziz bin Salman. SPA file photo
Saudi Minister of Energy Prince Abdulaziz bin Salman. SPA file photo
TT
TT

King Fahd University of Petroleum and Minerals Tops The Times Global Ranking

Saudi Minister of Energy Prince Abdulaziz bin Salman. SPA file photo
Saudi Minister of Energy Prince Abdulaziz bin Salman. SPA file photo

King Fahd University of Petroleum and Minerals (KFUPM) has topped universities in the Middle East and Africa in the Times Higher Education global ranking, becoming the number one institution not only in the Arab world but across the entire Middle East and Africa region.

This achievement surpasses all universities in Saudi Arabia, the Gulf, Türkiye, South Africa, and other countries in the region.

Saudi Energy Minister Prince Abdulaziz bin Salman pledged that KFUPM would serve as a model not only for the Arab and Islamic worlds but also globally in terms of education. He emphasized that the university would set an example in both higher education and undergraduate programs, aligning with Saudi Arabia’s aspirations.

He added: “We used to say that our ambition knows no bounds except the sky. Now, seeing these tangible outcomes, we believe our ambition must reach the sky.”

KFUPM is a Saudi public university that was officially established by royal decree on Sept. 23, 1963.

Most Viewed

 
 
Business

Oil Retreats as US and China Growth Concerns Weigh

A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/File Photo
A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/File Photo
TT
TT

Oil Retreats as US and China Growth Concerns Weigh

A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/File Photo
A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/File Photo

Oil slipped on Monday, weighed down by Moody's downgrade of the US sovereign credit rating and official data that showed slowing growth in China's industrial output and retail sales.

Both developments raised concerns over the outlook for the world's two biggest economies and oil consumers a week after Beijing and Washington's agreement to roll back most tariffs on each other's goods pushed oil prices higher.

"The weaker than expected Chinese data is not helping crude oil, although I would describe the setback as modest," said UBS analyst Giovanni Staunovo, Reuters reported.

Brent crude futures lost 57 cents, or 0.9%, to $64.84 a barrel by 1146 GMT while US West Texas Intermediate crude slipped by 54 cents, or 0.9%, to $61.95. The nearby June WTI contract expires on Tuesday.

Both contracts rose more than 1% last week.

Also weighing on the market were comments from US Treasury Secretary Scott Bessent that President Donald Trump will impose tariffs at the rate he threatened last month on trading partners that do not negotiate in "good faith".

"Today's weakness is simply a continuation of crude's wild ride going nowhere, with the latest move triggered by the Moody's downgrade and not least Scott Bessent's warning," said Ole Hansen of Saxo Bank.

The official Chinese data on Monday showed growth in industrial output slowed in April, though performance was still better than economists had expected.

Investors are keeping an eye on progress in the Iran-US nuclear talks, with uncertainty over the outcome limiting losses in oil prices.

US special envoy Steve Witkoff said on Sunday that any deal must include an agreement not to enrich uranium, a comment that swiftly drew criticism from Tehran.

"The US-Iran nuclear negotiations are not clear cut and may take many months," said John Evans of oil broker PVM.