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Riyadh Global Medical Biotechnology Summit Concludes with Agreements Exceeding SAR5 Billion

The fourth edition of the Riyadh Global Medical Biotechnology Summit 2026 concluded on Wednesday. (SPA)
The fourth edition of the Riyadh Global Medical Biotechnology Summit 2026 concluded on Wednesday. (SPA)
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Riyadh Global Medical Biotechnology Summit Concludes with Agreements Exceeding SAR5 Billion

The fourth edition of the Riyadh Global Medical Biotechnology Summit 2026 concluded on Wednesday. (SPA)
The fourth edition of the Riyadh Global Medical Biotechnology Summit 2026 concluded on Wednesday. (SPA)

The fourth edition of the Riyadh Global Medical Biotechnology Summit 2026 concluded on Wednesday with more than 40 agreements, initiatives and announcements unveiled through partnerships, programs and projects with a combined estimated value exceeding SAR5 billion.

The initiatives aim to advance biotechnology localization and strengthen its healthcare and economic impact, the Saudi Press Agency said.

The summit drew delegations and experts from more than 57 countries and more than 200 speakers. The total number of visitors and registrants exceeded 15,000.

Its program included more than 80 sessions, along with seven high-level executive sessions, covering artificial intelligence, genomics, vaccines, biomanufacturing, advanced therapies, investment, and talent development.

The Life Sciences Innovation Forum attracted five specialized investment funds that expressed readiness to invest more than $120 million in promising opportunities and companies.

Meanwhile, the Next Generation Biotechnologist Forum focused on empowering early-career researchers and scientists.

The accompanying exhibition spanned more than 6,000 square meters and featured more than 120 sponsors and exhibitors, including international pavilions from Spain, China, Japan, Germany, the United States of America, and the Republic of Korea.

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Business

IEA Ready to Go if Further Oil Stocks Release Needed, Chief Says

A pumpjack operates after sunrise in Kern County, which has a long history of oil production, in California's 22nd Congressional District on October 16, 2026 near Bakersfield, California. (Getty Images/AFP)
A pumpjack operates after sunrise in Kern County, which has a long history of oil production, in California's 22nd Congressional District on October 16, 2026 near Bakersfield, California. (Getty Images/AFP)
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IEA Ready to Go if Further Oil Stocks Release Needed, Chief Says

A pumpjack operates after sunrise in Kern County, which has a long history of oil production, in California's 22nd Congressional District on October 16, 2026 near Bakersfield, California. (Getty Images/AFP)
A pumpjack operates after sunrise in Kern County, which has a long history of oil production, in California's 22nd Congressional District on October 16, 2026 near Bakersfield, California. (Getty Images/AFP)

The International Energy Agency is ready to go if a further release of oil from members' emergency oil reserves is needed, the agency's top official said on Tuesday.

The IEA decided last week to accelerate the release of oil remaining from a record emergency reserves release pledged in March, including more than 20 million barrels of diesel as soon as possible to boost supply ‌and cool ‌soaring prices.

"If it is needed...and if ‌our ⁠countries consider it’s ⁠time to push the button, as the International Energy Agency, we are ready to go,” IEA Executive Director Fatih Birol said at a conference in London organized by the Financial Times, when asked about the prospect of an additional release.

The timeline for the ⁠release of 20 million barrels of ‌diesel depends on individual countries, ‌he said, without giving a specific timeframe.

"How much is ‌released and when depends on the countries, depends on ‌the situation of winter markets," Birol said.

War in Iran and conflict in Ukraine have disrupted oil supplies, sending diesel prices to record highs in many markets and turning ‌the fuel that underpins trucking, agriculture and industry into a political and economic ⁠concern.

"We’re trying ⁠to front-load those diesel deliveries,” Birol added.

Brent crude oil rose to more than $111 a barrel on Tuesday, a five-month high. European benchmark diesel futures were trading at $1482.25 per metric ton, up almost 4% since the IEA’s decision on Thursday.

The IEA coordinates industrialized nations' releases of oil from emergency stocks. In March, countries had pledged to release more than 400 million barrels of crude and oil products as prices soared.

Members have so far released 80% of the 400 million barrels, Birol said.

Business

Kurdistan-focused Oil Firms Gulf Keystone, ShaMaran Agree $601 Million Merger

An oil field in the Kurdistan Region of Iraq (Reuters)
An oil field in the Kurdistan Region of Iraq (Reuters)
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Kurdistan-focused Oil Firms Gulf Keystone, ShaMaran Agree $601 Million Merger

An oil field in the Kurdistan Region of Iraq (Reuters)
An oil field in the Kurdistan Region of Iraq (Reuters)

UK-listed Gulf Keystone Petroleum said on Tuesday it will merge with Norway's ShaMaran Petroleum in a $601 million all-share deal, creating one of the largest oil producers in Iraq's Kurdistan region.

Under the agreement, ShaMaran shareholders will receive 0.07533958 Gulf ⁠Keystone shares for ⁠each ShaMaran share held.

Following completion of deal, shareholders of each company will own about 50% of the combined ⁠company.

Gulf Keystone intends to move its primary listing to Euronext Oslo Børs' main list and eventually discontinue its London listing, the company said.

The merger comes as dealmaking among Middle East-focused oil companies gathers pace, supported ⁠by ⁠higher oil prices stemming from the Middle East war.

Gulf Keystone's London-listed peer Genel Energy is competing with Norway's DNO to acquire Capricorn Energy, Reuters reported.

Gulf Keystone, Genel, DNO and ShaMaran all operate in Iraq's oil-rich Kurdistan region.

Business

Macron Secures 200,000 Tons of Extra Diesel Per Month from UAE, Bahrain

France's President Emmanuel Macron attends a meeting with the UAE president at Qasr al-Watan presidential palace in Abu Dhabi on October 19, 2026. (Photo by Benoit Tessier / POOL / AFP)
France's President Emmanuel Macron attends a meeting with the UAE president at Qasr al-Watan presidential palace in Abu Dhabi on October 19, 2026. (Photo by Benoit Tessier / POOL / AFP)
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Macron Secures 200,000 Tons of Extra Diesel Per Month from UAE, Bahrain

France's President Emmanuel Macron attends a meeting with the UAE president at Qasr al-Watan presidential palace in Abu Dhabi on October 19, 2026. (Photo by Benoit Tessier / POOL / AFP)
France's President Emmanuel Macron attends a meeting with the UAE president at Qasr al-Watan presidential palace in Abu Dhabi on October 19, 2026. (Photo by Benoit Tessier / POOL / AFP)

French President Emmanuel Macron has secured the delivery of an additional 200,000 tons of diesel per month from the United Arab Emirates and Bahrain during a tour of the Gulf, the French presidency said Tuesday.

He obtained commitments for around 100,000 tons per month from the Emirates, while an additional 100,000 tons monthly will be secured during a stop in Bahrain later in the day, AFP quoted the Elysee Palace as saying.

With the addition of deliveries from Saudi Arabia, France has commitments for 295,000 tons per month, representing just over 10 percent of its consumption, the presidency added.

Kuwait has also given "very clear commitments" to deliver diesel and kerosene to the French overseas territories of Mayotte and Reunion in the Indian Ocean, the French presidency said.

Talks are underway with countries in the region to bring down maritime insurance prices so that companies can ship greater quantities through the strait at lower cost, the palace said.

"In this way, we are strengthening our energy security with these long-term commitments from our partners," it added.