Iraq to Build 5 New Refineries With 790,000 bpd Capacityhttps://english.aawsat.com/home/article/1998546/iraq-build-5-new-refineries-790000-bpd-capacity
Iraq to Build 5 New Refineries With 790,000 bpd Capacity
Flames emerge from a pipeline at the oil fields in Basra, southeast of Baghdad, Iraq (File photo: Reuters)
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Iraq to Build 5 New Refineries With 790,000 bpd Capacity
Flames emerge from a pipeline at the oil fields in Basra, southeast of Baghdad, Iraq (File photo: Reuters)
The Iraqi Ministry of Oil has announced its intention to select a number of specialized international investment companies to build five new refineries around the country.
The ministry's official, Hamid al-Zobaie, said in a press statement there is a plan to build five refineries across the country through investment and various refining cards, pointing out that the ministry is currently seeking fitted companies to build these refineries.
Zobaie added that qualification and selection processes are to study technical and financial capabilities of the companies, especially that the construction of the refinery requires up to $3 billion. Applying companies must also commit to the deadlines and ensure completion of construction within the schedule.
The official listed the refineries that will be referred to investment: Kirkuk with a capacity of 70,000 barrels per day (bpd), Wasit capacity of 140,000 bpd, Nasiriyah capacity of 140,000 bpd, Basra card 140,000 bpd, and al-Faw capacity of 300,000 bpd.
The ministry is financing Karbala refinery which is about 78 percent completed, and once it is fully constructed, it will provide about 9 million liters per day of high-quality gasoline, in addition to various oil derivatives in accordance with international standards.
Rehabilitation and development operations of refineries are done by Iraqi staff, noted the official, who added that the cost of refinery rehabilitation is much lower than its construction.
The Ministry of Oil has prepared a plan to add fluid catalytic cracking (FCC) units used in petroleum refineries which are used to convert petroleum crude oils into more valuable gasoline.
Saudi Arabia Launches First Endowment Fund for Environmental, Water and Agricultural Sustainabilityhttps://english.aawsat.com/business/5242098-saudi-arabia-launches-first-endowment-fund-environmental-water-and-agricultural
Saudi Arabia Launches First Endowment Fund for Environmental, Water and Agricultural Sustainability
The launch of the Namaa Endowment Fund (Asharq Al-Awsat)
Saudi Arabia has launched its first endowment fund dedicated to advancing environmental, water and agricultural sustainability, reinforcing efforts to strengthen the Kingdom’s non-profit sector and long-term development.
Minister of Environment, Water and Agriculture Eng. Abdulrahman Al-Fadhli on Tuesday inaugurated the Namaa Endowment Fund at the ministry’s headquarters, in the presence of senior officials and stakeholders.
The fund is designed to support economic and social development goals, address community needs, increase the non-profit sector’s contribution to GDP, and promote sustainable management of environmental, water and agricultural resources.
Al-Fadhli said the fund represents a new model of institutional endowment work and a practical mechanism to expand developmental impact while ensuring the sustainability of non-profit initiatives.
Developed in partnership with the General Authority for Awqaf, the fund aims to build assets commensurate with its ambitions, enabling higher returns and a wider impact over the long term.
It will pursue carefully structured investments that balance financial performance with developmental outcomes, with the potential to own or benefit from real estate assets that can be used by non-profit organizations.
Encouraging Private-Sector Participation
Al-Fadhli added that the ministry, in cooperation with the General Authority for Awqaf, the Capital Market Authority and AlAhli Capital, will support the fund and encourage contributions from the private sector, business leaders and the wider public.
Contributions will be made through a licensed digital platform under strict financial governance. He called on all segments of society to contribute in support of sustainable development across the environment, water and agriculture sectors.
Namaa will finance endowment initiatives within the ministry’s ecosystem, including the non-profit institutions Reef, Morooj and Saqaya. Its focus areas include water provision and conservation, afforestation, biodiversity protection, vegetation cover, the circular economy, sustainable agriculture and irrigation, and reducing food loss and waste.
Emad Alkharashi, Governor of the General Authority for Awqaf, announced an initial contribution of SAR100 million, describing it as a foundation for a sustainable endowment model.
He said the fund combines the legacy of endowments with modern investment practices to protect natural resources, strengthen food security and ensure lasting developmental impact.
Alkharashi added that the partnership with the ministry maximizes results and positions the fund as a model for directing endowments toward high-impact, long-term priorities through a transparent, well-governed institutional framework.
Makkah Gears Up for Ramadan with Tourism Drive, Record Hospitality Growth https://english.aawsat.com/business/5242092-makkah-gears-ramadan-tourism-drive-record-hospitality-growth-%C2%A0
Makkah Gears Up for Ramadan with Tourism Drive, Record Hospitality Growth
Tourism Minister Ahmed Al-Khateeb and other officials during his inspection tour on Tuesday. (Asharq Al-Awsat)
Saudi Arabia’s Ministry of Tourism has raised the readiness of Makkah’s hospitality sector to its highest level ahead of the holy month of Ramadan, stressing that serving pilgrims and visitors remains a top national priority.
Makkah is preparing to receive worshippers and visitors amid a marked expansion in hospitality capacity. The city now has more than 2,200 licensed accommodation facilities, reflecting growth of 35 percent over the past year. The number of licensed hotel rooms has exceeded 380,000, up 25 percent, while total domestic and inbound tourism spending is projected to surpass SAR 143 billion ($38.1 billion) in 2025.
The wider Makkah region recorded unprecedented performance indicators last year, both in visitor numbers and tourism spending, underscoring sustained growth and operational readiness.
Total domestic and international visitors exceeded 50 million, marking a 14 percent increase compared with 2024.
Tourism Minister Ahmed Al-Khateeb announced the figures during an annual inspection tour on Tuesday, stressing that the indicators reflect a major expansion in accommodation capacity and record growth in visitor numbers.
The tour included inspections of temporary lodging facilities designated for pilgrims, part of a proactive plan to increase capacity during peak seasons, alongside early preparations for the upcoming Hajj.
Vision 2030 targets surpassed
Official data has shown that Saudi Arabia has exceeded its Vision 2030 targets for the Umrah. The number of pilgrims arriving from abroad rose from 8.5 million in 2019 to more than 18 million in 2025, surpassing the original goal of 15 million by 2030.
A number of hotels surrounding the Grand Mosque in Makkah. (General Authority for Awqaf)
Service quality indicators improved as well, with pilgrim satisfaction reaching 94 percent, exceeding Vision 2030 benchmarks.
Workforce development kept pace with demand, as the number of licensed tour guides rose to more than 980, a 23 percent increase.
Masar Mall project
Al-Khateeb announced a joint financing agreement between the Tourism Development Fund and the Arab National Bank with Hamat Holding to support the Masar Mall project. The development carries a total cost of SAR 936 million (about $250 million).
The project is expected to become the largest shopping center in Makkah with the capacity to accommodate around 20 million visitors annually.
Its location near the Haramain High-Speed Railway station and a direct pedestrian link to the Grand Mosque are expected to strengthen the city’s commercial and tourism infrastructure.
Jeddah: Gateway to pilgrims
Meanwhile, Jeddah continues to consolidate its position as a complementary destination to Makkah and a primary gateway for pilgrims, while also expanding its role as a coastal tourism hub.
The city welcomed more than 13 million domestic and international visitors in 2025, a 10 percent increase from 2024. Tourism spending reached SAR 28 billion ($7.47 billion), up 6 percent year on year.
Jeddah’s hospitality sector also expanded, with more than 500 licensed facilities and over 33,000 licensed rooms.
The city is currently developing 46 tourism projects valued at SAR 21 billion ($5.6 billion) and expected to add more than 11,000 hotel rooms and further strengthen its tourism infrastructure and economic value.
ECB President Lagarde Reportedly Plans to Quit Before Macron's Term Endshttps://english.aawsat.com/business/5242077-ecb-president-lagarde-reportedly-plans-quit-macrons-term-ends
FILE PHOTO: European Central Bank (ECB) President Christine Lagarde addresses the press following the ECB's Governing Council meeting, at the ECB headquarters in Frankfurt, Germany, February 5, 2026. REUTERS/Jana Rodenbusch/File Photo
ECB President Lagarde Reportedly Plans to Quit Before Macron's Term Ends
FILE PHOTO: European Central Bank (ECB) President Christine Lagarde addresses the press following the ECB's Governing Council meeting, at the ECB headquarters in Frankfurt, Germany, February 5, 2026. REUTERS/Jana Rodenbusch/File Photo
European Central Bank President Christine Lagarde plans to leave her job before next year's French presidential election to allow Emmanuel Macron to have an input into picking her successor, the Financial Times reported on Wednesday.
Lagarde's term is due to end in October 2027 but some fear that the far right may win the French presidential race in the spring of 2027, complicating the selection for the new leader of Europe's most important financial institution.
Citing a person familiar with the matter, the FT said Lagarde has not yet decided on the exact timing of her departure but was keen on Macron and German Chancellor Friedrich Merz to be the key deciders in who succeeds her. Macron cannot run again for a third term.
"President Lagarde is totally focused on her mission and has not taken any decision regarding the end of her term," Reuters quoted an ECB spokesperson as saying.
The FT report comes only a week after Bank of France Governor Francois Villeroy de Galhau said he would step down in June this year, more than a year before the end of his term, allowing Macron to name his replacement before the presidential election that the far-right could win.
While it will be up to all leaders from the 21-nation euro zone to pick Lagarde's successor, past practice suggests that any successful candidate must have both German and French support to clinch the role.
There are no formal candidates for the job yet but several names have been floating among ECB circles as potential ECB presidents. The most prominent among these are former Dutch central bank chief Klaas Knot and Bank for International Settlements General Manager Pablo Hernandez de Cos.
Lagarde's non-renewable term at the ECB runs until October 31, 2027. Prior to heading the ECB, she was managing director of the International Monetary Fund from 2011 to 2019 and before that, the French finance minister.
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