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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

Iraq Says Kurdish Authorities Refusing to Let It Send Oil Through Their Pipeline

A truck drives at the Iraq-Iran border crossing of Bashmagh near Sulaimaniyah in Iraq's autonomous Kurdistan region on March 11, 2026. (AFP)
A truck drives at the Iraq-Iran border crossing of Bashmagh near Sulaimaniyah in Iraq's autonomous Kurdistan region on March 11, 2026. (AFP)
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Iraq Says Kurdish Authorities Refusing to Let It Send Oil Through Their Pipeline

A truck drives at the Iraq-Iran border crossing of Bashmagh near Sulaimaniyah in Iraq's autonomous Kurdistan region on March 11, 2026. (AFP)
A truck drives at the Iraq-Iran border crossing of Bashmagh near Sulaimaniyah in Iraq's autonomous Kurdistan region on March 11, 2026. (AFP)

Iraq’s oil ministry said the Kurdistan Regional Government had refused to let it use a pipeline as an alternative route for crude flows disrupted by the Iran conflict, accusing authorities there of putting up irrelevant conditions.

A senior Kurdish government official told Reuters authorities there would be happy for the Iraqi government to use the pipeline, but said Baghdad first needed to lift what he called a "dollar ‌embargo" on the ‌region.

"We want a deal. We ‌want ⁠to help Iraq ⁠and bring relief to the markets, but this embargo must end first," the official said.

Oil production from Iraq's main southern oilfields, where most of its crude is produced and exported, has plunged 70% to just 1.3 million bpd, sources told Reuters on March 8, ⁠as the Iran conflict effectively shut off ‌the vital Strait of ‌Hormuz.

Iraq's oil ministry sent a letter in early March to ‌the Kurdistan Regional Government seeking permission to pump ‌at least 100,000 barrels per day of crude from Kirkuk oilfields through the Kurdistan pipeline network to Türkiye's Ceyhan energy hub, two oil officials told Reuters last week.

The Kurdish official ‌said they had been pressing for an end to what he said was ⁠a bar ⁠on the region's banks accessing dollars for goods imported through its borders and airports.

Kurdish officials say tensions with Baghdad have risen after the federal government moved to implement a new electronic customs system, allowing it to monitor imports and revenues, a step the KRG sees as undermining its autonomy and control over trade.

Iraq's oil ministry said the Kurdistan Regional Government's Ministry of Natural Resources had "set a number of conditions unrelated to the issue of crude oil exports."

Business

Over 400 Million Barrels of Emergency Oil Reserves to Flow to Global Markets Soon, IEA Says

A woman holds a fuel pump as she fills her car tank at a gas station in the Manhattan borough of New York City on March 14, 2026. (AFP)
A woman holds a fuel pump as she fills her car tank at a gas station in the Manhattan borough of New York City on March 14, 2026. (AFP)
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Over 400 Million Barrels of Emergency Oil Reserves to Flow to Global Markets Soon, IEA Says

A woman holds a fuel pump as she fills her car tank at a gas station in the Manhattan borough of New York City on March 14, 2026. (AFP)
A woman holds a fuel pump as she fills her car tank at a gas station in the Manhattan borough of New York City on March 14, 2026. (AFP)

Oil from the International Energy Agency emergency reserves will begin flowing to global markets soon, with member countries pledging to make available 411.9 million barrels, ‌the agency ‌said in ‌a ⁠statement on Sunday.

Governments have ⁠committed to make available 271.7 million barrels of oil from government stocks, 116.6 million ⁠barrels from obligated industry ‌stocks ‌and 23.6 million barrels ‌from other sources, the ‌statement said.

It added that 72% of planned releases are in ‌the form of crude oil and 28% ⁠are ⁠oil products.

Stocks from Asia Oceania countries will be available immediately and stocks from Europe and the Americas will be available at the end of March.

Business

Saudi Economy Accelerates as Diversification and Legal Reforms Drive Growth

Quality of life represents a strategic national priority in Saudi Arabia (SPA). 
Quality of life represents a strategic national priority in Saudi Arabia (SPA). 
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Saudi Economy Accelerates as Diversification and Legal Reforms Drive Growth

Quality of life represents a strategic national priority in Saudi Arabia (SPA). 
Quality of life represents a strategic national priority in Saudi Arabia (SPA). 

Saudi Arabia’s economy has undergone nearly a decade of transformation under Crown Prince Mohammed bin Salman, as sweeping reforms and diversification efforts reshape the country’s economic landscape.

Since the launch of Saudi Vision 2030 in April 2016, the Kingdom has embarked on its most significant economic shift in decades. The transformation has extended far beyond fiscal adjustments or limited diversification programs, evolving instead into a broad structural reform aimed at reducing reliance on oil and building a more diverse and dynamic economy.

Economic indicators suggest the strategy is gaining traction. Saudi Arabia’s gross domestic product (GDP) rose from about SAR 2.6 trillion in 2016 to nearly SAR 4.7 trillion in recent years, roughly $1.3 trillion, according to the latest official figures. That represents an average cumulative annual growth rate of about 8 percent, placing the Kingdom among the fastest-growing major economies globally during this period.

The shift reflects Vision 2030’s broader strategy to expand non-oil industries and widen the country’s production base beyond hydrocarbons.

 

Faisal Al-Fadhel, a legal expert in economic legislation and a member of the board of trustees of the Riyadh Economic Forum, said the reforms launched under Crown Prince Mohammed bin Salman have introduced a more diversified and sustainable economic model.

“Saudi Arabia has moved toward reducing its dependence on oil while expanding promising sectors such as tourism, technology, logistics and advanced industries,” Al-Fadhel told Asharq Al-Awsat. “This approach enhances the resilience of the national economy and increases the attractiveness of the Saudi market for both domestic and foreign investors.”

Recent economic indicators support that assessment. Non-oil activities have recorded strong growth, the private sector’s contribution to GDP has expanded, and foreign direct investment inflows have increased. At the same time, Saudi Arabia has improved its standing in global competitiveness indicators, reinforcing its ambitions to become a regional hub for business and investment.

Al-Fadhel noted that the transformation has also been supported by a broad legislative reform agenda designed to modernize the regulatory environment. Key economic and commercial laws — including the Companies Law, Investment Law, and Bankruptcy Law — have been updated, alongside regulations related to corporate governance, investor protection and competition. The reforms aim to improve transparency, regulatory certainty and the efficiency of the investment environment.

Non-Oil Sectors Lead Growth

One of the most visible outcomes of the economic shift is the rising contribution of non-oil sectors, which now account for 56 percent of GDP. Data show that non-oil activities were the primary driver of real economic growth in 2025.

Saudi Arabia ended 2025 with its strongest growth in two years, with GDP expanding 4.5 percent, according to estimates by the General Authority for Statistics (GASTAT). The economy grew 5 percent in the fourth quarter, with all major sectors contributing to the expansion compared with 2024.

Labor Market Changes

The Saudi labor market has also seen notable shifts. Unemployment among Saudi nationals has declined, while female participation in the workforce has reached record levels following a series of labor and regulatory reforms.

More than 2.48 million Saudis have joined the private sector in recent years, reflecting the impact of job localization policies. Economic transformation programs have also generated roughly 800,000 new jobs, with strong growth in engineering professions.

Employment opportunities have expanded particularly in tourism, supported by major entertainment and tourism projects, as well as in the pharmaceutical and medical manufacturing industries, where job numbers have doubled.

Investment at the Center

Investment has become a central pillar of the Kingdom’s economic strategy. Crown Prince Mohammed bin Salman has positioned both domestic and foreign investment as key drivers of growth and diversification.

The government established the Ministry of Investment and launched the National Investment Strategy as a comprehensive framework to boost capital formation. Total investment — measured by fixed capital formation — has risen from about SAR 672 billion in 2017 to roughly SAR 1.44 trillion by the end of 2024, more than doubling in less than a decade.

Al-Fadhel emphasized that the private sector is a critical partner in achieving Vision 2030 goals through expanded investment, technological adoption, innovation, and entrepreneurship.

Public Investment Fund Expands Role

The Public Investment Fund (PIF) has emerged as a central instrument of the transformation. With assets estimated at SAR 3.47 trillion, it has become one of the world’s largest sovereign wealth funds.

PIF is leading major investments in tourism, renewable energy, industry, technology and entertainment while launching large-scale development projects designed to create new industries and strengthen Saudi Arabia’s position as a global economic hub.