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Aramco Signs 28 MoUs Worth Over $1 Billion at Middle East Corrosion Conference

Wail Al-Jaafari, Executive Vice President of Technical Services at Saudi Aramco, speaks to the audience (Asharq Al-Awsat).
Wail Al-Jaafari, Executive Vice President of Technical Services at Saudi Aramco, speaks to the audience (Asharq Al-Awsat).
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Aramco Signs 28 MoUs Worth Over $1 Billion at Middle East Corrosion Conference

Wail Al-Jaafari, Executive Vice President of Technical Services at Saudi Aramco, speaks to the audience (Asharq Al-Awsat).
Wail Al-Jaafari, Executive Vice President of Technical Services at Saudi Aramco, speaks to the audience (Asharq Al-Awsat).

Saudi Aramco announced the signing of 28 memorandums of understanding (MoUs) worth more than $1 billion during the 19th Middle East Corrosion Conference and Exhibition, held in Dhahran, eastern Saudi Arabia.

The agreements cover proposed collaborations in research and development of advanced materials and technologies, the establishment of local manufacturing facilities, and joint training and development initiatives.

The event, hosted in the Kingdom for the first time, brought together thousands of experts to discuss methods to prevent metal corrosion, a global issue that costs an estimated $3 trillion annually.

In his opening remarks, Wail Al-Jaafari, Aramco’s Executive Vice President of Technical Services, described corrosion as “not merely a technical challenge but a strategic priority tied directly to operational reliability, safety, and environmental responsibility.”

Al-Jaafari noted that Aramco has invested more than $70 million over the past three years in corrosion management technologies, resulting in savings exceeding $770 million.

“We now use AI-powered solutions to predict corrosion before it occurs through an extensive network of Internet of Things sensors across our facilities and pipelines,” he said. “This network provides more than ten million readings annually to monitor corrosion at over 40 sites.”

He added that Aramco’s ambitions go beyond its own facilities. “We are combining our expertise, knowledge, and intellectual property with artificial intelligence to develop advanced solutions serving the wider energy and industrial sectors.”

Highlighting the economic potential of AI, Ahmad Al-Khowaiter, Aramco’s Executive Vice President of Technology and Innovation, said global corrosion-related costs amount to nearly 3 percent of global GDP.

“Studies show that applying AI and other advanced technologies could save about $1 trillion annually. Every dollar lost to corrosion increases risks to safety, the environment, and the continuity of energy supplies that billions depend on. AI allows us to anticipate failures, improve maintenance schedules, and extend the lifespan of critical assets.”

Al-Khowaiter stressed that the combination of cutting-edge technologies, skilled talent, and strategic partnerships would enable Aramco to lead the energy sector’s transition and set new global benchmarks for the AI era.

The Middle East Corrosion Conference, first held in 1979, is the region’s oldest and largest event dedicated to corrosion studies. This year’s edition attracted over 5,200 participants from 45 countries, featured more than 300 research papers and 25 workshops, and hosted the first student hackathon on innovation in corrosion science and materials engineering.

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Business

UN's FAO: World Food Prices Fall for 3rd Month in November

FILE PHOTO: Prices of food are displayed at the Borough Market in London, Britain May 22, 2024. REUTERS/Maja Smiejkowska/File Photo
FILE PHOTO: Prices of food are displayed at the Borough Market in London, Britain May 22, 2024. REUTERS/Maja Smiejkowska/File Photo
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UN's FAO: World Food Prices Fall for 3rd Month in November

FILE PHOTO: Prices of food are displayed at the Borough Market in London, Britain May 22, 2024. REUTERS/Maja Smiejkowska/File Photo
FILE PHOTO: Prices of food are displayed at the Borough Market in London, Britain May 22, 2024. REUTERS/Maja Smiejkowska/File Photo

World food commodity prices fell for a third consecutive month in November, with all major staple foods except cereals showing a decline, the United Nations' Food and Agriculture Organization said on Friday.

The FAO Food Price Index, which tracks a basket of globally traded food commodities, averaged 125.1 points in November, down from a revised 126.6 in October and the lowest since January, Reuters reported.

The November average was also 2.1% below the year-earlier level and 21.9% down from a peak in March 2022 following Russia's full-scale invasion of Ukraine, the FAO said.

The agency's sugar price reference fell 5.9% from October to its lowest since December 2020, pressured by ample global supply expectations, while the dairy price index dropped 3.1% in a fifth consecutive monthly decline, reflecting increased milk production and export supplies.

Vegetable oil prices fell 2.6% to a five-month low, as declines for most products including palm oil outweighed strength in soy oil.

Meat prices declined 0.8%, with pork and poultry leading the decrease, while beef quotations stabilized as the removal of US tariffs on beef imports tempered recent strength, the FAO said.

In contrast, the FAO's cereal price benchmark rose 1.8% month-on-month. Wheat prices increased due to potential demand from China and geopolitical tensions in the Black Sea region, while maize prices were supported by demand for Brazilian exports and reports of weather disruption to field work in South America.

In a separate cereal supply and demand report, the FAO raised its global cereal production forecast for 2025 to a record 3.003 billion metric tons, compared with 2.990 billion tons projected last month, mainly due to increased wheat output estimates.

Forecast world cereal stocks at the end of the 2025/26 season were also revised up to a record 925.5 million tons, reflecting expectations of expanded wheat stocks in China and India as well as higher coarse grain stocks in exporting countries, the FAO said.

Business

World Bank Forecasts 4.3% Growth for Saudi Economy, Supported by Non-Oil Activities

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat
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World Bank Forecasts 4.3% Growth for Saudi Economy, Supported by Non-Oil Activities

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat

The World Bank affirmed on Thursday that Saudi Arabia's economy has gained significant momentum for 2026-2027, driven by robust non-oil sector expansion under Vision 2030.

In a report titled “The Gulf’s Digital Transformation: A Powerful Engine for Economic Diversification,” the World Bank said growth is expected to persist in the Kingdom with non-oil activities expanding by 4% on average.

The report lifted its forecast for Saudi Arabia’s real GDP growth to 3.8% in 2025 compared to a 3.2% last October.

The forecast represents a major upward revision affirming the resilience of the Saudi economy and its ability to absorb external volatility. It also indicates growing confidence in the effectiveness of ongoing structural reforms within Vision 2030.

On Tuesday, Saudi Arabia approved its state budget for 2026, projecting real GDP growth of 4.6% in 2026.

The report showed that in the Kingdom, economic momentum is strengthening across oil and non-oil sectors with non-oil activities expanding by 4% on average and oil activities expanding by 5.4%, bringing overall real growth to an average of 4.3%.

It said oil activities grew by 1.7% y/y in the first half of 2025, benefiting from the phase-out of OPEC+ voluntary production cuts starting in April 2025.

At the financial level, the fiscal deficit between 2025 and 2027 is projected to remain at an average of 3.8% of GDP.

Meanwhile, the current account balance slightly recovered, settling at 0.5% of GDP in the first quarter of 2025 against -2.6% in the second half of 2024.

The report said real GDP growth remained stable at 3.6% y/y in the first half of 2025, thanks to the stabilization of the oil sector and sustained non-oil growth.

Non-oil activities expanded by 4.8% over the period, in line with the performance of 2024 while non-oil growth was driven by the wholesale, retail trade, restaurants, and hotels sector (+7.5% y/y in the first half of 2025), consolidating the role of hospitality and tourism as engines of economic diversification.

The report also indicated that oil activities grew by 1.7% y/y in the first half of 2025, benefiting from the phase-out of OPEC+ voluntary production cuts starting in April 2025.

These trends are expected to persist in 2026-2027, with non-oil activities expanding by 4% on average and oil activities expanding by 5.4%, bringing overall real growth to an average of 4.3%.

Job Market and Inflation
The report said the labor market mirrors the stabilization of the real economy and is rapidly becoming more inclusive to women.

Overall unemployment decreased by 0.7 point between the first quarter of 2024 and the first quarter of 2025, with the female unemployment rate dropping from 11.8% to 8.1% over the same period.

Also, inflation remained low and stable in Saudi Arabia, settling at an average of 2.2% in the first half of 2025.

However, price increases have been concentrated in the housing and utilities sector as rental prices have become a key issue, largely because rental supply has failed to match demographic growth, especially in Riyadh.

While this reflects the government’s efforts to dynamize the Kingdom’s urban centers, the price increases prompted the government to freeze rental prices in Riyadh for the next five years, as anticipated increases in housing supply should help control rental prices.

Finally, the report said Saudi Arabia’s external position stabilized in the second half of 2024 and the first quarter of 2025.

Although net foreign direct investment has remained relatively stable, the World Bank has emphasized that recent changes in foreign ownership regulations in Saudi Arabia, coupled with continued structural reforms, are positive steps to attract greater flows of foreign direct investment (FDI).

Business

Visa Relocates European Headquarters to London's Canary Wharf

FILE PHOTO: A drone view of London's Canary Wharf financial district, two days before the government presents its critical pre-election budget, in London, Britain March 3, 2024. REUTERS/Yann Tessier/File Photo
FILE PHOTO: A drone view of London's Canary Wharf financial district, two days before the government presents its critical pre-election budget, in London, Britain March 3, 2024. REUTERS/Yann Tessier/File Photo
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Visa Relocates European Headquarters to London's Canary Wharf

FILE PHOTO: A drone view of London's Canary Wharf financial district, two days before the government presents its critical pre-election budget, in London, Britain March 3, 2024. REUTERS/Yann Tessier/File Photo
FILE PHOTO: A drone view of London's Canary Wharf financial district, two days before the government presents its critical pre-election budget, in London, Britain March 3, 2024. REUTERS/Yann Tessier/File Photo

Visa is relocating its European headquarters to London's Canary Wharf financial district, the Canary Wharf Group said on Friday.

The firm is leasing 300,000 square feet on a 15-year term at One Canada Square, and is set to relocate from Paddington in the summer of 2028, the group added.

Canary Wharf Group, which runs the wider financial district and is co-owned by QIA and Canada's Brookfield, was hit hard by the pandemic-induced fall in office demand.

The area is now enjoying a rebound as more firms push staff to return to office, Reuters reported.

"Canary Wharf continues to attract a diverse range of global businesses. We are delighted to welcome Visa who have chosen the Wharf for their European headquarters as the best location to support their business growth," Shobi Khan, Canary Wharf Group CEO, said.

JPMorgan Chase last week unveiled a plan to build a tower in the Canary Wharf financial district that will contribute 9.9 billion pounds ($13.2 billion) over six years to the local economy - including the cost of construction - and create 7,800 jobs.

Qatar's sovereign wealth fund is revising plans for a revamp of its HSBC skyscraper in the east London district to retain more office space, Reuters reported in November.