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Oil Rises as Investors Weigh Outcome of Trump–Zelenskiy Meeting

Vehicles drive past the El Palito refinery in Puerto Cabello, Venezuela, Sunday, Dec. 21, 2025. (AP)
Vehicles drive past the El Palito refinery in Puerto Cabello, Venezuela, Sunday, Dec. 21, 2025. (AP)
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Oil Rises as Investors Weigh Outcome of Trump–Zelenskiy Meeting

Vehicles drive past the El Palito refinery in Puerto Cabello, Venezuela, Sunday, Dec. 21, 2025. (AP)
Vehicles drive past the El Palito refinery in Puerto Cabello, Venezuela, Sunday, Dec. 21, 2025. (AP)

Oil prices rose on Monday as investors weighed the outcome of talks between the US and Ukrainian presidents on a potential ​deal to end the war in Ukraine, as well as Middle East tensions that could disrupt supply.

Brent crude futures rose 67 cents, or 1.1%, to $61.31 per barrel at 0751 GMT, while US West Texas Intermediate crude was up 65 cents, or 1.15%, to $57.39.

Both benchmark prices fell more than 2% on Friday as investors weighed a looming global supply glut and ‌the possibility of a ‌Ukraine peace deal ahead of weekend ‌talks between ⁠Ukrainian ​President ‌Volodymyr Zelenskiy and US President Donald Trump.

Trump said on Sunday that he and Zelenskiy were "getting a lot closer, maybe very close" to an agreement to end the war in Ukraine, while acknowledging that the fate of the disputed Donbas region remains a key unresolved issue.

The two leaders spoke at a ⁠joint press conference late Sunday afternoon after meeting at Trump's Mar-a-Lago resort in Florida. ‌Trump said it will be clear "in ‍a few weeks" whether negotiations to ‍end the war will succeed.

The peace talks did not ‍reach an agreement on territorial issues, so a Russia–Ukraine peace deal may remain deadlocked with no quick breakthrough, said Mingyu Gao, energy and chemical chief researcher at China Futures.

The reason prices are rising also includes ​that geopolitical tensions remain elevated, as Russia and Ukraine continued striking each other's energy infrastructure over the weekend, said Yang ⁠An, a China-based analyst at Haitong Futures.

"The Middle East has also been unsettled recently, in Yemen and Iran saying the country is in a 'full-scale war' with the US, Europe, and Israel. This may be what's driving market concerns about potential supply disruptions," Yang added.

WTI is expected to trade within a $55-$60 range with an eye also on US enforcement actions against Venezuelan oil shipments and any fallout from the US military strike against ISIS targets in Nigeria, which produces about 1.5 million barrels ‌per day, IG analyst Tony Sycamore said in a note.

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Business

Saudi Arabia Leads Region in Women’s Empowerment, Records Strongest Global Progress

Saudi women working at the Ministry of Interior. (Ministry of Interior)
Saudi women working at the Ministry of Interior. (Ministry of Interior)
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Saudi Arabia Leads Region in Women’s Empowerment, Records Strongest Global Progress

Saudi women working at the Ministry of Interior. (Ministry of Interior)
Saudi women working at the Ministry of Interior. (Ministry of Interior)

Saudi Arabia has ranked first in the Middle East for women’s empowerment and recorded the highest global improvement in supportive frameworks, according to the World Bank’s Women, Business and the Law 2026 report.

The Kingdom posted the largest increase in points worldwide in the “supportive frameworks” pillar and also advanced in the legal frameworks category. The supportive frameworks indicator evaluates national policies, action plans and initiatives designed to ensure effective implementation of legislation related to women.

Women’s empowerment has been a central priority for the Saudi government, particularly the Ministry of Human Resources and Social Development, under Vision 2030. Expanding women’s participation in the labor market is one of the Vision’s core objectives.

A series of legislative reforms and regulatory changes in recent years has strengthened women’s position in Saudi society, enabling them to play a greater role in economic, social, scientific and cultural fields.

According to the World Bank report, Saudi Arabia achieved the highest score in the supportive frameworks pillar among Middle East countries and ranked first among Gulf Cooperation Council (GCC) states in overall performance across all indicators.

The Kingdom also outperformed several Group of Twenty (G20) economies, including the United States, China and Türkiye, in the same category, underscoring the scale of its recent reforms.

In 2023, Saudi Arabia raised its target for women’s labor force participation to 40 percent by 2030, after already surpassing its initial Vision 2030 goal of 30 percent. Female participation rose from 17 percent to 35.3 percent, exceeding expectations well ahead of schedule.

Momentum continued in 2025, with women’s labor force participation surpassing 36 percent. Female unemployment fell to its lowest levels on record, reaching 10.5 percent overall and 12.1 percent during the first half of the year.

These gains were driven by legislative reforms and targeted initiatives such as “Wusool,” which supports transportation for working women, and “Qurrah,” which provides childcare assistance.

Women’s representation in leadership and technology roles has also increased significantly, reinforcing their role as key contributors to Vision 2030.

More than 122,000 female job seekers have benefited from the Parallel Training Initiative, which offers specialized programs designed to boost sustainability in private-sector employment.

The initiative boasts more than 800 training modules covering both soft and technical skills, delivered through partnerships with over 70 training providers. To date, more than 280,000 certificates have been issued to participants, strengthening their qualifications and long-term career prospects.

Business

GCC, India Launch Free Trade Agreement Negotiations  

Officials pose for a photo following the signing of the agreement between the Gulf Cooperation Council and India. (Asharq Al-Awsat)
Officials pose for a photo following the signing of the agreement between the Gulf Cooperation Council and India. (Asharq Al-Awsat)
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GCC, India Launch Free Trade Agreement Negotiations  

Officials pose for a photo following the signing of the agreement between the Gulf Cooperation Council and India. (Asharq Al-Awsat)
Officials pose for a photo following the signing of the agreement between the Gulf Cooperation Council and India. (Asharq Al-Awsat)

The Gulf Cooperation Council (GCC) and India have formally launched negotiations for a free trade agreement (FTA), in a move officials described as a new chapter in their strategic partnership.

GCC Secretary-General Jasem Albudaiwi and India’s Minister of Commerce and Industry Piyush Goyal signed the joint statement initiating the talks during a meeting in New Delhi on Tuesday.

Albudaiwi said the launch of negotiations reflects the depth of ties between the Gulf states and India, stressing that the relationship extends beyond transient economic interests.

It is a longstanding partnership strengthened by centuries of cultural and social exchange and guided by a shared commitment to broad-based cooperation that serves mutual interests, he added.

India is one of the GCC’s most significant trading partners, Albudaiwi noted, pointing to steadily expanding trade volumes and growing integration in key sectors such as energy, food security and technology.

Deepening cooperation has become a strategic economic imperative, he remarked.

GCC Secretary-General Jasem Albudaiwi and India’s Minister of Commerce and Industry Piyush Goyal sign the agreement. (Asharq Al-Awsat)

“New Delhi is not only a vast and promising market, but also a global hub for innovation and industry,” he stated.

The terms of reference signed in February establish a comprehensive framework for the negotiations. The two sides agreed to explore cooperation across a wide range of areas, including trade in goods and services, customs procedures and digital trade.

The framework also addresses sanitary and phytosanitary standards, intellectual property rights, and support for micro, small and medium-sized enterprises, among other issues of mutual interest. Albudaiwi said the scope of the talks reflects an ambition to craft an agreement aligned with the evolving global economy.

He hoped that the negotiations would culminate in a comprehensive and forward-looking FTA that eliminates tariff and non-tariff barriers, facilitates investment flows in both directions and strengthens trade and investment liberalization between India and the GCC.

Such an agreement would create a more competitive business environment, expand private-sector opportunities, reinforce supply chains and accelerate economic growth in line with the Gulf states’ development strategies, he said.

The GCC General Secretariat is ready to host the first round of negotiations at its headquarters in Riyadh in the second half of this year, he added.

Business

Saudi Telecom Sector Solidifies Leadership with $28 Billion in Revenue in 2025

The Saudi Telecom Company (stc) pavilion at the LEAP International Conference in Riyadh (Asharq Al-Awsat)
The Saudi Telecom Company (stc) pavilion at the LEAP International Conference in Riyadh (Asharq Al-Awsat)
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Saudi Telecom Sector Solidifies Leadership with $28 Billion in Revenue in 2025

The Saudi Telecom Company (stc) pavilion at the LEAP International Conference in Riyadh (Asharq Al-Awsat)
The Saudi Telecom Company (stc) pavilion at the LEAP International Conference in Riyadh (Asharq Al-Awsat)

Saudi Arabia’s telecommunications sector has reaffirmed the strength of its operating model and growth potential, reporting a solid rise in combined revenues in 2025.

The performance reflects continued customer growth and an expanding portfolio of digital solutions, underscoring the sector’s central role in advancing Vision 2030.

Companies listed on the Saudi Exchange (Tadawul) posted a 3.8 percent increase in total revenue, exceeding SAR108.4 billion ($28.9 billion) in 2025, compared with SAR104.46 billion ($24.9 billion) in 2024.

However, despite strong top-line growth, aggregate net profits for the sector fell by 33.4 percent. The three largest operators — Saudi Telecom Company (stc), Etihad Etisalat Company (Mobily), and Mobile Telecommunications Company Saudi Arabia (Zain KSA) — reported combined earnings of SAR18.9 billion ($5 billion), down from SAR28.39 billion ($7.6 billion) the previous year.

The sector comprises four listed firms. Three — stc, Mobily and Zain KSA — follow a December fiscal year-end, while Etihad Atheeb Telecommunication Company (GO Telecom) closes its fiscal year at the end of March.

The decline in profitability was largely driven by stc, which accounts for 78 percent of the sector’s earnings. Its net profit fell 39.9 percent to SAR14.83 billion. Analysts attributed the drop mainly to a high comparison base in 2024, when exceptional and non-recurring items boosted profits to unusually elevated levels.

By contrast, Mobily reported an 11.55 percent increase in profit to SAR3.47 billion in 2025, up from SAR3.1 billion in 2024, supported by revenue growth across all business segments and an expanding customer base.

Zain KSA recorded a 1.3 percent rise in profit to SAR604 million, compared with SAR596 million the previous year. The improvement was driven by higher revenues from consumer and wholesale segments, the expansion of 5G services, and growth in Tamam Finance’s operations.

Rising Costs and Investment Pressures

Dr. Sulaiman Al-Humaid Al-Khaldi, a financial market analyst and member of the Saudi Economic Association, said the sector’s results highlight a clear divergence between revenue growth and declining profits, pointing to mounting operational and financial pressures.

Revenue growth has not translated into higher profits, as costs have increased at a faster pace than income.

Al-Khalidi expects short-term pressure on margins to persist due to continued high capital expenditure and strong price competition. Over the medium term, however, he anticipates gradual improvement supported by growing demand for data services, digital solutions and cloud computing, as well as expansion into non-traditional areas such as fintech and data centers.

He noted that the sector is undergoing a strategic shift from traditional telecom services toward integrated digital offerings, which could strengthen profitability in the future.

Profit Normalization After an Exceptional Year

Mohamed Hamdy Omar, chief executive of G World, described 2025 as a year of profit normalization following an exceptional 2024, when non-recurring gains significantly lifted stc’s net income.

He added that fourth-quarter earnings were weighed down by a strong comparison base and higher seasonal, marketing and financing costs tied to capital investments in networks and infrastructure.

At the same time, improved operational performance at Mobily and Zain KSA helped partially offset stc’s earnings decline. Omar stressed that the pressure on profits reflects accounting and financing factors rather than weakening demand or structural challenges in the sector.

Looking ahead, he expects the medium-term outlook to remain positive, driven by sustained demand for data, continued digital expansion and growth in telecom-linked financial and technology services. Profitability is projected to stabilize further in 2026 as operational efficiency improves.