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FII: Ministers Call for Further Diversification of Income Sources

Delegates attend the a debate during the fourth edition of the Future Investment Initiative (FII) conference in Riyadh's on January 27, 2021. (Photo by FAYEZ NURELDINE / AFP)
Delegates attend the a debate during the fourth edition of the Future Investment Initiative (FII) conference in Riyadh's on January 27, 2021. (Photo by FAYEZ NURELDINE / AFP)
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FII: Ministers Call for Further Diversification of Income Sources

Delegates attend the a debate during the fourth edition of the Future Investment Initiative (FII) conference in Riyadh's on January 27, 2021. (Photo by FAYEZ NURELDINE / AFP)
Delegates attend the a debate during the fourth edition of the Future Investment Initiative (FII) conference in Riyadh's on January 27, 2021. (Photo by FAYEZ NURELDINE / AFP)

Ministers of finance, who took part in the Future Investment Initiative (FII) Forum held in Riyadh on Wednesday, stressed the importance of further diversifying income sources, especially in new sectors, during the post-pandemic period.

These sectors include renewable energy, waste treatment, water and modern technology.

They highlighted the importance of ending dependence on oil revenues in plans to bolster the growth of economies.

Saudi Finance Minister Mohammed al-Jadaan said the Kingdom has begun achieving its 2030 Vision’s objective.

He affirmed that it has successfully passed the coronavirus test with its new regulations and laws that contributed to mitigating the effects of the COVID-19 disease.

Diversifying sources of income is a profitable option for the Kingdom, the minister noted, saying it is currently planning to invest in technology, renewable energy, waste treatment, and other significant sectors.

“Opportunities provided in Saudi Arabia are tremendous,” he said, adding that the youth will be able to invest in future sectors and face the next challenges.

“The Kingdom has raised the spending limit on water, waste treatment and other sectors in 2021, given the importance of these activities, in addition to debt and stock market reforms.”

Bahrain’s Minister of Finance and National Economy Sheikh Salman bin Khalifa said 85 percent of his country’s GDP comes from non-oil revenues.

The Kingdom targeted reducing dependence on oil revenues, he said, noting that it succeeded by reaching less than 20 percent.

Former White House Special Envoy to the Middle East Jason Greenblatt, for his part, said Saudi Arabia and other regional countries have managed to overcome the effects of the pandemic through other initiatives and programs.

Thomas Barack, founder and CEO of Colony Capital, stressed the importance of “diversifying sources of income to maintain economic growth in the Gulf States and the region in general.”

Having 75 percent of the youth population in Saudi Arabia stimulates the development of sectors and future economic activities for future generations, he noted.

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IMF Says it Has Made Progress in Pakistan Funding Talks

Students ride on motorbikes with their parents while heading to schools, after the government announced that schools would close for two weeks, starting March 16, following austerity measures to save fuel amid the US-Israeli conflict with Iran, in Karachi, Pakistan, March 10, 2026. REUTERS/Akhtar Soomro
Students ride on motorbikes with their parents while heading to schools, after the government announced that schools would close for two weeks, starting March 16, following austerity measures to save fuel amid the US-Israeli conflict with Iran, in Karachi, Pakistan, March 10, 2026. REUTERS/Akhtar Soomro
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IMF Says it Has Made Progress in Pakistan Funding Talks

Students ride on motorbikes with their parents while heading to schools, after the government announced that schools would close for two weeks, starting March 16, following austerity measures to save fuel amid the US-Israeli conflict with Iran, in Karachi, Pakistan, March 10, 2026. REUTERS/Akhtar Soomro
Students ride on motorbikes with their parents while heading to schools, after the government announced that schools would close for two weeks, starting March 16, following austerity measures to save fuel amid the US-Israeli conflict with Iran, in Karachi, Pakistan, March 10, 2026. REUTERS/Akhtar Soomro

The International Monetary Fund said on Wednesday it has made "considerable progress" in talks with Pakistan ⁠over its funding ⁠facilities and that discussions will continue.

"While considerable progress was made ⁠in the discussions, these will continue in the coming days, including to more fully assess the impact of recent global developments on Pakistan’s economy ⁠and ⁠the EFF-supported (Extended Fund Facility) program," IMF advisor Iva Petrova said in the statement.

Pakistan is in an ongoing $7 billion IMF program.

Tanker drivers in Pakistan said they were facing long waits at depots due to a shortage of fuel, as the government played down fears of another rise in prices.

The US-Israeli war with Iran has disrupted shipping and damaged oil and gas facilities in the Middle East, raising global oil prices as countries scramble to deal with concerns over supply.

Dozens of tankers, which supply fuel across Pakistan, were seen parked at the side of the road on Tuesday at depots near Lahore, the capital of Punjab, the country's most populous province.

Last week, the government in Islamabad hiked prices by about 20 percent, triggering long lines and panic buying at filling stations across the country.

Business

Shell Declares Force Majeure to Clients who Buy Qatari LNG

The shell logo on a petrol station forecourt in London, Britain, 02 March 2026. EPA/NEIL HALL
The shell logo on a petrol station forecourt in London, Britain, 02 March 2026. EPA/NEIL HALL
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Shell Declares Force Majeure to Clients who Buy Qatari LNG

The shell logo on a petrol station forecourt in London, Britain, 02 March 2026. EPA/NEIL HALL
The shell logo on a petrol station forecourt in London, Britain, 02 March 2026. EPA/NEIL HALL

Shell, the world's largest liquefied natural gas trader, has declared force majeure on LNG cargoes it buys from QatarEnergy and sells to its clients worldwide, three sources told Reuters on Wednesday.

Qatar, the world's second-largest exporter of LNG, announced a production halt at its 77 million tons per annum (mtpa) facility last week and declared force majeure ⁠on LNG shipments.

Shell ⁠declined to comment.

Other Qatari LNG buyers, including TotalEnergies and some Asian companies, have received force majeure notices from Qatar and told customers they would not be selling them Qatari LNG as long as the facilities remain shut, two other sources ⁠said.

A person familiar with the matter said TotalEnergies has not declared force majeure, a notice used to describe events outside a company's control, such as a natural disaster, which usually releases it from contractual obligation without penalty.

Both Shell and TotalEnergies have long-term partnerships with QatarEnergy and are partners in the company's massive North Field expansion project which aims to boost capacity by 2027.

Analysts estimate Shell takes 6.8 mtpa of ⁠Qatari ⁠LNG, while TotalEnergies takes 5.2 mtpa.

Business

IEA Agrees to Record Release of Emergency Oil Reserves in an Effort to Calm Surging Prices

FILE PHOTO: A pump jack operates outside of Midland, Texas, US June 11, 2025. REUTERS/Eli Hartman/File Photo
FILE PHOTO: A pump jack operates outside of Midland, Texas, US June 11, 2025. REUTERS/Eli Hartman/File Photo
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IEA Agrees to Record Release of Emergency Oil Reserves in an Effort to Calm Surging Prices

FILE PHOTO: A pump jack operates outside of Midland, Texas, US June 11, 2025. REUTERS/Eli Hartman/File Photo
FILE PHOTO: A pump jack operates outside of Midland, Texas, US June 11, 2025. REUTERS/Eli Hartman/File Photo

The International Energy Agency agreed Wednesday to release the largest volume of emergency oil reserves in its history, in a bid to counter the effects on energy markets of the war in the Middle East.

The Paris-based organization said it will make 400 million barrels of oil available from its members’ emergency reserves. It’s a larger stock than the 182.7 million barrels that were released in 2022 by the IEA's 32 member countries in response to Russia’s full-scale invasion of Ukraine.

“Without sufficient routes to market and with no more available storage, Middle East oil producers have started to reduce production," IEA executive director Fatih Birol said. "And we have seen further attacks and damage to energy and energy-related infrastructure. Refinery operations have also been disrupted, with major implications for jet fuel and diesel supplies in particular.”

IEA member countries currently hold over 1.2 billion barrels of public emergency oil stocks, with a further 600 million barrels of industry stocks held under government obligation.

In response to US and Israeli strikes, Iran has attacked commercial ships across the Persian Gulf, escalating a campaign of squeezing the oil-rich region as global energy concerns mount.

Iran has effectively stopped cargo traffic in the narrow Strait of Hormuz through which about a fifth of all oil is shipped from the Persian Gulf toward the Indian Ocean. It has also targeted oil fields and refineries in Gulf Arab nations, aiming at generating enough global economic pain to pressure the United States and Israel to end their strikes.

Germany and Austria said earlier Wednesday they would release parts of their oil reserves following an IEA request for members to release the record 400 million barrels to help temper energy price spikes due to the Iran war. Japan also said it will release some of its reserves starting Monday.

Group of Seven energy ministers met Tuesday at IEA headquarters in Paris to look at ways to bring down prices. Birol said afterward that they discussed all available options, including making IEA emergency oil stocks available to the market.

The IEA reserves were established in 1974 following the Arab oil embargo.

“This is a major action aiming to alleviate the immediate impacts of the disruption in markets,” Birol added. "But, to be clear, the most important thing for a return to stable flows of oil and gas is the resumption of transit through the Strait of Hormuz.”

The G7 is comprised of the leading industrialized nations of Canada, the United States, France, Italy, Japan, Germany and Britain. Austria is not a member. The group's leaders were set to hold a meeting via videoconference later Wednesday to discuss energy issues.

The German economy ministry, Katherina Reiche, said the IEA asked Germany to release 2.64 million tons of its oil reserves. It was not immediately clear how much Austria was releasing.

She said it would take a couple of days before the delivery of the first quantities.

“Germany stands behind the IEA’s most important principle of mutual solidarity," Reiche said.

The G7 energy ministers announced Tuesday that they supported in principle “the implementation of proactive measures to address the situation, including the use of strategic reserves.”

According to the IEA, export volumes of crude and refined products are currently at less than 10% of prewar levels.

Austrian Economy Minister Wolfgang Hattmannsdorfer said his country was releasing part of the emergency oil reserve and extending the national strategic gas reserve, adding: “One thing is clear: in a crisis, there must be no crisis winners at the expense of commuters and businesses.”

The German government also said it will introduce a measure to allow gas stations in Germany to raise fuel prices no more than once a day. The federal government wants to introduce this as quickly as possible, Reiche said.

In Austria, starting Monday, price increases at gas stations will be allowed only three times a week, the country’s economy minister said.