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Saudi Arabia, IMO Launch the NextWave Seafarers Project

The Kingdom of Saudi Arabia has launched the NextWave Seafarers pilot project - SPA
The Kingdom of Saudi Arabia has launched the NextWave Seafarers pilot project - SPA
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Saudi Arabia, IMO Launch the NextWave Seafarers Project

The Kingdom of Saudi Arabia has launched the NextWave Seafarers pilot project - SPA
The Kingdom of Saudi Arabia has launched the NextWave Seafarers pilot project - SPA

The Kingdom of Saudi Arabia, through the Transport General Authority (TGA) and Bahri, has launched the NextWave Seafarers pilot project at the IMO headquarters in London.

This came in collaboration with the International Maritime Organization (IMO).
The project aims to train maritime academy cadets from Small Island Developing States (SIDS) and Least Developed Countries (LDCs) while supporting advanced research and fostering international cooperation in this critical sector.
The agreement was signed on the sidelines of the IMO Sub-Committee on Human Element, Training, and Watchkeeping (HTW) meeting by Saudi Arabia’s Permanent Representative to the IMO Eng. Kamal Al-Junaidi and Director of the IMO’s Technical Cooperation and Implementation Division Dr. Jose Matheickal, SPA reported.
The project will be implemented between 2025 and 2026, with a total budget of approximately $700,000 (SAR2,625,000), focusing on capacity building. It aims to address the underrepresentation of seafarers from these regions in the global shipping workforce by providing hands-on training opportunities aboard Saudi vessels for maritime academy cadets from SIDS and LDCs. In its first phase, the project will provide 20 cadets from these countries with onboard training aboard Saudi vessels between 2025 and 2026, equipping them with practical experience and essential skills to kick-start their maritime careers. The initiative also seeks to strengthen collaboration between IMO member states and shipping companies, encouraging further international participation in similar programs.
Additionally, the project will conduct an international study to analyze the barriers faced by maritime students from SIDS and LDCs in entering the sector. These include limited access to sea-time training and challenges in meeting the required service time for certification.
The NextWave Seafarers project underscores Saudi Arabia’s commitment to supporting the maritime workforce, expanding training opportunities, and promoting capacity-building initiatives. It also aligns with the Kingdom’s efforts to enhance safety regulations, strengthen international shipping cooperation, and develop sustainable career pathways for maritime academy cadets.
Saudi Arabia envisions this project as a catalyst for positive change in the maritime sector by identifying and addressing challenges faced by seafarers from LDCs and SIDS. By investing in maritime training programs and fostering international partnerships, the Kingdom reaffirms its commitment to building a resilient and sustainable future for the shipping industry, supporting seafarers, improving global maritime standards, and ensuring the continued growth of this vital sector.

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Business

Four Saudi Companies Sign Agreements to Develop Syrian Oil and Gas Fields 

Saudi and Syrian officials are seen at Tuesday's signing ceremony. (SANA)
Saudi and Syrian officials are seen at Tuesday's signing ceremony. (SANA)
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Four Saudi Companies Sign Agreements to Develop Syrian Oil and Gas Fields 

Saudi and Syrian officials are seen at Tuesday's signing ceremony. (SANA)
Saudi and Syrian officials are seen at Tuesday's signing ceremony. (SANA)

Under the supervision and follow-up of the Saudi Ministry of Energy, four Saudi companies, TAQA, ADES Holding, Arabian Drilling, and the Arabian Geophysical and Surveying Company (ARGAS), signed on Tuesday agreements with the Syrian Petroleum Company covering services, technical support, and the development of oil and gas fields in Syria.

The agreements build on the ongoing cooperation between Saudi Arabia and Syria in the energy sector. They come within the framework of implementing the memoranda of understanding signed on August 28 and the subsequent technical workshops and field visits to gas fields and associated facilities, reported the Saudi Press Agency.

Tuesday’s deals include an agreement between ADES Holding and the Syrian Petroleum Company that sets out the basic principles for the development, operation, and production of gas fields. It defines the core terms that will form the basis of a final technical services contract to develop and operate gas fields and associated facilities within the designated contract area.

The agreement aims to increase production across five gas fields, Abu Rabah, Qamqam, North Al-Faydh, Al-Tiyas, and Zumlat al-Mahar, as well as any additional areas agreed upon at a later stage.

The second deal is a master service agreement between TAQA and the Syrian Petroleum Company to provide advanced, integrated solutions and services for the construction and maintenance of oil and gas fields and wells in Syria.

The agreement aims to boost operational efficiency and boost production using the latest technologies and state-of-the-art equipment.

Another master service agreement, between ARGAS and the Syrian Petroleum Company, will provide 2D and 3D seismic surveying and related technical services to support exploration and drilling activities.

It establishes a long-term cooperation framework designed to advance petroleum exploration and development in Syria’s energy sector, ensuring rapid response, operational flexibility, and the efficient initiation of technical projects.

The fourth agreement, between Arabian Drilling Company and the Syrian Petroleum Company, calls for the provision of drilling and workover services for oil and gas wells in Syria, including the leasing and operation of onshore drilling and workover rigs.

Arabian Drilling will supply the drilling and workover rigs, deliver workover operations and operational support, and provide workforce training and development.

Business

Egypt’s Inflation Eases to 12.3% in November 

Boats sail on the Nile River in Cairo, Egypt, December 9, 2025. (Reuters)
Boats sail on the Nile River in Cairo, Egypt, December 9, 2025. (Reuters)
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Egypt’s Inflation Eases to 12.3% in November 

Boats sail on the Nile River in Cairo, Egypt, December 9, 2025. (Reuters)
Boats sail on the Nile River in Cairo, Egypt, December 9, 2025. (Reuters)

Egypt's annual urban consumer inflation slowed slightly to 12.3% in November after a month-on-month drop in food prices, statistics agency CAPMAS said on Wednesday, with inflation coming in lower than analyst expectations.

The median forecast in a poll of 14 analysts had been for inflation to climb to 13.1%. The urban consumer inflation rate in October was 12.5%.

Month-on-month, urban consumer prices rose by 0.3% in November, CAPMAS said. Food and beverage prices rose by an annual 0.7% but fell by a monthly 2.6%, it said.

The annual inflation rate has plunged from a record 38% in September 2023, helped by an $8 billion financial support package from the International Monetary Fund in March 2024.

Inflation has been in part fueled by an expanding money supply. M2 money supply grew by an annual 21.68% in October, central bank data showed.

The central bank's monetary policy committee left its overnight lending rate unchanged at its last meeting on November 20, but cut rates by 100 basis points in October and 200 points in August as inflation slowed.

The policy committee is next scheduled to review overnight interest rates at a meeting on December 25.

Business

Egypt, Israel in Advanced Talks to Approve Israeli $35 Billion Gas Agreement

Israeli Energy Minister Eli Cohen and US Ambassador Mike Huckabee visiting the Leviathan platform in October. (Israeli Energy Ministry)
Israeli Energy Minister Eli Cohen and US Ambassador Mike Huckabee visiting the Leviathan platform in October. (Israeli Energy Ministry)
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Egypt, Israel in Advanced Talks to Approve Israeli $35 Billion Gas Agreement

Israeli Energy Minister Eli Cohen and US Ambassador Mike Huckabee visiting the Leviathan platform in October. (Israeli Energy Ministry)
Israeli Energy Minister Eli Cohen and US Ambassador Mike Huckabee visiting the Leviathan platform in October. (Israeli Energy Ministry)

Israel’s Ministry of Energy announced on Tuesday that negotiations over a natural gas supply agreement with Egypt have reached an “advanced stage,” though some issues remain unresolved.

Israel signed its largest-ever export deal in August to supply Egypt with up to $35 billion worth of natural gas from the Leviathan field.

After marathon discussions this week between the Leviathan partners and Israel’s Ministry of Energy and Infrastructure, a final agreement was reached that will allow the export of 130 BCM (billion cubic meters) to Egypt for $35 billion, the largest export agreement in the country's history.

Israel's Energy Minister Eli Cohen has said he was holding up approval for the gas deal to secure better commercial terms for the Israeli market, according to Reuters. On Tuesday, he confirmed that talks were still ongoing.

As part of the agreement, the Leviathan Partners, NewMed Energy, Chevron and Ratio Petroleum Energy, will commit to a guaranteed price for the domestic economy, to give priority to the Israeli economy, so that if there are any malfunctions in the Tanin, Karish or Tamar fields, it will transfer gas directly to the local economy.

One of the issues that senior Washington officials have been dealing with is ensuring that US energy major Chevron, which owns 39.66% of Leviathan, remains committed to the deal.

The partners are expected to make an investment decision to expand the Leviathan field infrastructure withing two weeks, once the Israeli government announces its final approval.