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Kazakh Official Reveals Details of Water Summit Co-Chaired with Saudi Arabia, France

Kazakhstan’s First Vice Minister of Water Resources, Bekniyaz Bolat (Asharq Al-Awsat)
Kazakhstan’s First Vice Minister of Water Resources, Bekniyaz Bolat (Asharq Al-Awsat)
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Kazakh Official Reveals Details of Water Summit Co-Chaired with Saudi Arabia, France

Kazakhstan’s First Vice Minister of Water Resources, Bekniyaz Bolat (Asharq Al-Awsat)
Kazakhstan’s First Vice Minister of Water Resources, Bekniyaz Bolat (Asharq Al-Awsat)

A Kazakh official has outlined plans for a trilateral summit to organize a global event under the “One Water Summit” initiative.

The summit, which will be chaired by Saudi Arabia, Kazakhstan, and France, and supported by the World Bank, aims to build alliances, make commitments on water resources, and find practical solutions to global water issues.

Speaking to Asharq Al-Awsat, Kazakhstan’s First Vice Minister of Water Resources, Bekniyaz Bolat, said the summit is a key step toward the UN Water Conference in 2026.

The main goals of the summit include water sharing, expanding efforts to protect freshwater ecosystems, exploring innovative financial solutions, and minimizing water resource impact through measures like reducing water footprints and sharing information.

Bolat outlined seven key measures to address climate change, including developing strategies for adaptation, involving stakeholders like the private sector, and using new technologies. The plan also focuses on efficient water use in agriculture, water-saving irrigation, drought-resistant crops, and updating infrastructure.

Bolat stressed that the summit reflects Kazakhstan’s commitment to international cooperation, offering participants the chance to share knowledge and efforts on water management.

This collaboration will help introduce innovative techniques for measuring, managing, and using water, aiming to adapt to changing water cycles and preserve resources.

A key focus is investment in infrastructure, especially joint projects to modernize water systems. On November 12, 2024, Kazakhstan signed a $1.153 billion loan agreement with the Islamic Development Bank during the COP29 climate summit in Baku.

Strategic Cooperation with Saudi Arabia

Bolat also discussed opportunities for strategic cooperation between Saudi Arabia and Kazakhstan, particularly in environmental and natural resource management.

Both countries face climate change challenges, including water scarcity and desertification. Collaborative projects on restoring reservoirs, water-saving technologies, and anti-desertification efforts are seen as vital for strengthening ties.

He highlighted the potential for shared knowledge, with Saudi Arabia’s expertise in desalination and Kazakhstan’s projects like the Aral Sea restoration. Participation in global climate initiatives will further deepen this cooperation.

Adapting to Climate Change

Kazakhstan is actively working to adapt its water sector to climate change. Bolat emphasized the need for proactive measures to ease pressure on water resources.

In response to water shortages, Kazakhstan has focused on sustainable water management, including renewing reservoirs to store a record 75 billion cubic meters of water this year—15 billion more than last year. Over 12 billion cubic meters of this came from floodwaters.

He also mentioned ongoing work to modernize water infrastructure, which improves efficiency and ensures stable water supplies, even during droughts.

As a country reliant on transboundary rivers, Kazakhstan is committed to working with neighboring countries. Thanks to “water diplomacy,” it has secured sufficient water supplies for its southern regions, with water deliveries exceeding expectations.

Bolat concluded by emphasizing Kazakhstan's dedication to responsible water use, including implementing water-saving technologies, supporting farmers with modern irrigation methods, and promoting sustainable water practices among its citizens.

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Business

Saudi Telecom Revenues Near $21 Billion in 2025

Saudi Telecom Company (stc) contributed around 80% of total profits during the first three quarters of 2025. (SPA)
Saudi Telecom Company (stc) contributed around 80% of total profits during the first three quarters of 2025. (SPA)
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Saudi Telecom Revenues Near $21 Billion in 2025

Saudi Telecom Company (stc) contributed around 80% of total profits during the first three quarters of 2025. (SPA)
Saudi Telecom Company (stc) contributed around 80% of total profits during the first three quarters of 2025. (SPA)

Saudi Arabia’s listed telecommunications companies posted strong financial results over the first nine months of 2025, supported by accelerated digital transformation, expanded infrastructure services, and rising demand for new technologies. The sector’s performance reflected sustained growth and resilience, with companies boosting overall profit levels and strengthening operational efficiency.

According to financial disclosures, the combined net profit of Saudi-listed telecom operators grew 5.72% in the first nine months of 2025, reaching SAR 14.46 billion ($3.86 billion), compared with SAR 13.68 billion ($3.65 billion) in the same period last year. Sector revenues hit SAR 80.46 billion ($21.45 billion) over the period.

Analysts attribute the strong performance to rising revenues, reduced operating costs, and continued expansion in data and digital services. Demand for 5G, cloud computing, and Internet of Things (IoT) solutions has grown significantly in the Kingdom.

Industry research group Mordor Intelligence estimates the Saudi mobile communications market at $26.97 billion (SAR 101.14 billion) in 2025, with expectations to reach $37.19 billion (SAR 139.46 billion) by 2030, a compound annual growth rate of 6.64%.

Four telecom operators are listed on the Saudi exchange (Tadawul): Saudi Telecom Company (stc), Mobily (Etihad Etisalat), Zain KSA (Mobile Telecommunications Company Saudi Arabia), and GO (Etihad Atheeb Telecom), whose fiscal year ends in March rather than December.

stc dominated the sector’s results, contributing around 80% of total profits. The company posted net earnings of SAR 11.58 billion in the first nine months, an annual increase of 3.08%.

Mobily delivered the highest profit growth in the sector. Its net earnings rose 18.15% to SAR 2.51 billion, driven by higher revenues and improved cost efficiency.

Zain KSA ranked second in profit growth at 15.84%, reporting earnings of SAR 373 million, helped by lower operating expenses and improved credit provisions.

Speaking to Asharq Al-Awsat, Mohamed Hamdy Omar, CEO of G.World, noted that the sector’s third-quarter performance was “mixed,” despite a combined profit of SAR 5.17 billion for the three major companies.

He said the downturn compared with last year’s third quarter was mainly due to an 11.54% quarterly profit decline at stc, whose results heavily influence the market.

Mobily posted robust quarterly growth of 10.5%, while Zain KSA saw a modest 2% increase, supported by lower operating costs and improved provisioning. Overall sector revenues rose 4.6% year-on-year to SAR 26.86 billion, driven by expanding demand for digital and infrastructure services.

Market experts expect continued telecom growth, supported by expanding 5G usage, cloud and data center services, government digital programs under Vision 2030, and rising corporate demand for cybersecurity, AI, and cloud solutions.

Omar stressed the need for telecom operators to diversify portfolios into financial, entertainment, and technology sectors to reinforce competitiveness.

Financial analyst Nasser Alrasheed told Asharq Al-Awsat that telecom profits reflect strong digital investment, innovation, and expanding data consumption. He expects continued earnings growth as operators enhance network quality, cut financing costs, and invest in big data and artificial intelligence services.

Business

Bitcoin Mining in China Rebounds, Defying 2021 Ban

Small toy figurines are seen on representations of the Bitcoin virtual currency displayed in front of an image of China's flag in this illustration picture, April 9, 2019. (Reuters)
Small toy figurines are seen on representations of the Bitcoin virtual currency displayed in front of an image of China's flag in this illustration picture, April 9, 2019. (Reuters)
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Bitcoin Mining in China Rebounds, Defying 2021 Ban

Small toy figurines are seen on representations of the Bitcoin virtual currency displayed in front of an image of China's flag in this illustration picture, April 9, 2019. (Reuters)
Small toy figurines are seen on representations of the Bitcoin virtual currency displayed in front of an image of China's flag in this illustration picture, April 9, 2019. (Reuters)

Bitcoin mining is quietly staging a comeback in China despite being banned four years ago, as individual and corporate miners exploit cheap electricity and a data center boom in some energy-rich provinces, according to miners and industry data. 

China had been the world's biggest crypto mining country until Beijing banned all cryptocurrency trading and mining in 2021, citing threats to the country's financial stability and energy conservation, according to Reuters. 

After having seen its global bitcoin mining market share slump to zero as a result of the ban, China crept back to third place with a 14% share at the end of October, according to Hashrate Index, which tracks bitcoin mining activities. 

The resurgence in bitcoin mining, which has also been corroborated by rig maker Canaan Inc’s fast-rebounding sales in China, could act as a demand and price support for the world’s largest cryptocurrency. 

Wang, a private miner in Xinjiang, said he started mining late last year in the energy-abundant province. 

“A lot of energy cannot be transmitted out of Xinjiang, so you consume it in the form of crypto mining,” Wang said, asking to be identified by just his last name. “New mining projects are under construction. What I can say is that people mine where electricity is cheap.” 

Mining Resurgence 

Beijing's crackdown on the sector in 2021 led to miners shutting down local operations and fleeing to overseas markets such as North America and Central Asia. 

The rebound in bitcoin mining coincides with the digital asset hitting record highs in October on the back of US President Donald Trump’s pro-crypto policies, and growing distrust toward the dollar, making crypto mining more rewarding. 

The cryptocurrency, however, is down roughly a third from its October peak as global risk appetite wanes. 

“Chinese policy flexibility emerges when economic incentives are strong in specific regions,” said Patrick Gruhn, CEO of Perpetuals.com, a provider of crypto market infrastructure. “The resurgence of mining activity in China is one of the most important signals the market has seen in years.” 

China has not officially relaxed bitcoin mining curbs, but “even hints of China's policy easing could act as a tailwind for bitcoin's narrative as a global, state-resilient asset,” he said, pointing to industry data signaling renewed activity. 

Bitcoin mining - the energy-intensive process of using specialized computers to solve complex puzzles to win bitcoins - is especially active in power-abundant hinterlands such as Xinjiang, according to miners and rig makers. 

Sichuan-based Duke Huang, who quit bitcoin mining a few years ago due to the Chinese regulatory ban, said some of his friends have come back to the business recently. “It's a sensitive area ... But people who get cheap electricity are still mining.” 

Besides higher bitcoin prices, a glut of electricity and computing power following over-investment in data centers by some cash-strapped Chinese local governments fueled the rebound, said a source at a bitcoin mining rig maker, who did not want to be identified due to the sensitivity involved. 

Crypto Policy   

The trend is also captured by sales data from mining rig makers.  

Canaan, the world's second-biggest bitcoin mining machine maker, generated 30.3% of its global revenues in China last year, compared with 2.8% in 2022 in the aftermath of the crackdown, according to company filings. 

China's contribution to Canaan's sales jumped further to more than 50% during the second quarter this year, according to a source with direct knowledge, who declined to be named as he is not authorized to speak to the media. 

Canaan, which did not confirm the second-quarter sales breakdown, attributed its growing sales in China to this year’s US tariff uncertainty that disrupted US sales, rising bitcoin prices that make mining more profitable, and a subtle shift in China’s digital asset posture. 

In an emailed statement, the Singapore-based company said its activities remain fully compliant with Chinese regulations but refused to comment on mining policies in China. 

“In China, the R&D, manufacturing, and sale of mining machines are permitted,” Canaan said. 

The pickup in bitcoin mining in China comes amid signs that Beijing has softened its attitude toward digital coins. These were once seen as a challenge to China's fiat currencies and abetting capital flight. 

Hong Kong's stablecoin bill, for example, took effect in August, enabling the Chinese city to compete with the US in fostering a regulated market for fiat-currency-backed cryptocurrencies. 

China was also considering allowing the use of yuan-backed stablecoins to boost the wider adoption of its currency globally and catch up with a US push on stablecoins, Reuters reported in August, citing sources familiar with the matter. 

“Bitcoin mining is still officially banned in China. However, there continues to be significant capacity operating,” said Julio Moreno, head of research at CryptoQuant, a blockchain data & analytics firm.  

CryptoQuant estimated that 15%-20% of global bitcoin mining capacity currently operates in China. 

Liu Honglin, founder of Man Kun Law Firm, said it is hard to wipe out a profitable business. 

“I personally think government policies against mining will be gradually loosened, because you simply cannot stop such activities completely.” 

Business

Al-Falih: Saudi Arabia More Competitive Due to Strategic Location, Economic Vision

Saudi Minister of Investment Khalid Al-Falih spoke at the Global Industry Summit 2025. Asharq Al-Awsat
Saudi Minister of Investment Khalid Al-Falih spoke at the Global Industry Summit 2025. Asharq Al-Awsat
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Al-Falih: Saudi Arabia More Competitive Due to Strategic Location, Economic Vision

Saudi Minister of Investment Khalid Al-Falih spoke at the Global Industry Summit 2025. Asharq Al-Awsat
Saudi Minister of Investment Khalid Al-Falih spoke at the Global Industry Summit 2025. Asharq Al-Awsat

Minister of Investment Khalid Al-Falih has said that Saudi Arabia is steadily advancing toward greater industrial competitiveness, thanks to its strategic location, high-quality resources, and ambitious economic reforms, noting the Kingdom has now become a key pillar in the reshaping of global supply chains.

He highlighted global industrial competitiveness and the emergence of a new landscape for supply chains worldwide, stressing that industrial production is no longer concentrated in a few major global centers.

Al-Falih indicated that supply chains are now being reorganized into regionally connected industrial clusters, allowing them to capitalize on this transformation to attract investment and boost their industrial importance.

The minister delivered his remarks during the 21st session of the UNIDO General Conference (GC21), held in Riyadh under the title “Global Industry Summit 2025."

He noted that the conference comes at a pivotal moment as the global economy witnesses changes in trade and investment patterns, accelerated industrial technologies, and increasing sustainability demands, which represent both a challenge and an opportunity.

He highlighted that the Middle East holds nearly half of the world’s proven oil reserves and 40% of confirmed gas reserves, in addition to vast mineral resources, including 79% of cobalt, 44% of manganese, 21% of graphite, and significant deposits of other critical minerals.

Al-Falih noted the transformation of the region, which has evolved from being viewed primarily as a source of energy and capital to steadily becoming a platform attracting industrial and technological investment, leveraging its abundant human, natural, and financial resources.

He pointed out that the Middle East and North Africa account for approximately 6% of the world’s population, 5% of global trade, and 4% of global GDP, while receiving only 3% of global investments.

He stated that economic diversification is a key focus, emphasizing that Saudi Vision 2030 is built on broadening income and growth sources, promoting innovation, and empowering youth, who constitute two-thirds of the population, are digitally connected worldwide, and possess a strong entrepreneurial spirit.

The minister outlined the Kingdom’s main strategic transformation pathways, including advanced manufacturing, mining, and downstream petrochemicals, alongside the development of the mining sector, whose estimated mineral reserves are valued at approximately $2.5 trillion and can be leveraged with low-emission energy.

Moreover, he stressed Saudi Arabia’s progress in clean energy, as well as blue and green hydrogen, noting the development of one of the world’s most competitive renewable energy assets.

According to Al-Falih, the Kingdom has a goal to become a global leader in artificial intelligence by 2030, with the digital economy expected to contribute 19% of gross domestic product (GDP. He cited Saudi Arabia’s top global rankings in technology and connectivity indicators.

He also noted significant growth in the entrepreneurial ecosystem, with venture capital activity rising 158% to reach $1.3 billion in the third quarter of the year, alongside the issuance of more than 2,500 innovative entrepreneur registrations from around the world to operate in the Kingdom.

"Saudi Arabia is experiencing rapid expansion in promising sectors such as tourism, hospitality, culture, and heritage, through major international projects like AlUla, Diriyah, and Red Sea Global, which have become key drivers of economic growth and high-quality job creation," the minister said.

The Kingdom supports regional growth through broad partnerships with neighboring countries, including Egypt, India, Pakistan, and the Levant states, in addition to the regional headquarters program that attracts global companies to establish their business centers in Saudi Arabia, the minister added.

He addressed the strength of Saudi Arabia’s financial markets, noting that the Kingdom’s sovereign wealth capital amounts to approximately $1.5 trillion. He highlighted that GDP has doubled since the launch of Saudi Vision 2030, the contribution of non-oil activities has risen to 56%, and gross fixed capital formation has more than doubled, surpassing strategic targets by 50%. Meanwhile, foreign direct investment inflows and stock have quadrupled, he noted.

The minister said Saudi Vision 2030 was founded on partnerships from the outset, with international organizations, most notably UNIDO, playing a key role in capacity building, strengthening industrial policy, and accelerating development across various sectors.

Al-Falih also stressed that the best way to build the future is through bold, responsible, and collaborative investment, expressing the Kingdom’s pride in its international partnerships and its commitment to continuing joint efforts toward a more prosperous and sustainable future.