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Saudi Aramco Expands its Industrial Investment Program

Saudi Aramco expands its industrial investment program (Asharq Al-Awsat)
Saudi Aramco expands its industrial investment program (Asharq Al-Awsat)
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Saudi Aramco Expands its Industrial Investment Program

Saudi Aramco expands its industrial investment program (Asharq Al-Awsat)
Saudi Aramco expands its industrial investment program (Asharq Al-Awsat)

Saudi Aramco has announced a significant expansion of its industrial investment program, Aramco Namaat, with the signing of 22 new Memoranda of Understanding (MoUs) and one joint venture (JV) agreement valued at $24 billion.

The new agreements focus on capacity building in four key sectors: sustainability, technology, industrial and energy services, and advanced materials.

Namaat program aims to tap into the vast opportunities available in Saudi Arabia to create new value and drive economic expansion and diversification.

Aramco Chairman Yasir al-Rumayyan said that Aramco continues to be at the forefront of enabling and enhancing the Kingdom’s industrial, technology and sustainability infrastructure through large-scale investments and key partnerships, such as IKTVA and, by extension, Namaat.

“Such initiatives help further drive economic growth and diversification, ensure greater reliability of energy supply, effectively localize the industrial supply chain, and create better jobs and skillsets.”

Aramco President and CEO Amin Nasser indicated that Namaat offers its partners significant opportunities to participate in Aramco’s long-term growth strategy and play a vital role in the Kingdom’s expanding energy and chemicals supply chain.

The benefits for everyone involved are multiple, and Aramco continues to be a catalyst at the heart of the Kingdom’s transformation, harnessing its expertise and resources to champion new markets and growth sectors, said Nasser.

“We believe these exciting target sectors offer significant opportunities for all the current and prospective parties involved.”

Aramco Senior VP of Technical Services, Ahmed al-Saadi, explained that the partnerships illustrate Saudi Arabia’s significant appeal to international companies and pave the way for innovations in materials, processes, and solutions.

The 22 new MoUs signed under the Namaat program include one with SOLVAY to develop advanced non-metallic materials and localization of a composite value chain.

Another MoU was signed with DHL Supply Chain to evaluate establishing a local industrial logistics and procurement hub serving Saudi Arabia and the MENA region. One with VEOLIA to confirm the commercial feasibility of establishing a world-class integrated waste management company alongside a strategic IK stakeholder.

Public Investment Fund (PIF) signed three separate non-binding MoUs with Air Liquide, Haliburton, Baker Hughes, Linde & Schlumberger to evaluate Carbon Capture and Sequestration (CCS) opportunities and potential partnerships.

Samsung Engineering, Hyundai, and Saipem also signed three separate MoUs on engineering, procurement, and construction.

Aramco also signed an agreement with Honeywell to establish a JV that will develop and implement next-generation digital solutions to improve efficiency, sustainability and enable operational excellence of industrial facilities.

The MoUs also included a trilateral agreement with Shell AMG Recycling & United Company on metals reclamation and catalyst manufacturing.

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Business

Nepal Floods Could Cost Insurers Over $130 Mln Even Before Death, Injury Claims

People hold onto a cage on a makeshift zip line as they cross the Trishuli River from Koloni following deadly flash floods that damaged bridges and temporarily stranded residents, in Nuwakot district, Nepal, September 4, 2026. REUTERS/Adnan Abidi
People hold onto a cage on a makeshift zip line as they cross the Trishuli River from Koloni following deadly flash floods that damaged bridges and temporarily stranded residents, in Nuwakot district, Nepal, September 4, 2026. REUTERS/Adnan Abidi
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Nepal Floods Could Cost Insurers Over $130 Mln Even Before Death, Injury Claims

People hold onto a cage on a makeshift zip line as they cross the Trishuli River from Koloni following deadly flash floods that damaged bridges and temporarily stranded residents, in Nuwakot district, Nepal, September 4, 2026. REUTERS/Adnan Abidi
People hold onto a cage on a makeshift zip line as they cross the Trishuli River from Koloni following deadly flash floods that damaged bridges and temporarily stranded residents, in Nuwakot district, Nepal, September 4, 2026. REUTERS/Adnan Abidi

The devastating flood in Nepal last week could result in commercial insurance losses exceeding 20 billion Nepali rupees ($132.3 million), with hydropower projects accounting for most claims, according to a top official at one of the country's leading insurers.

The insurance cover, when paid out, covers losses borne by the operators of the power plants.

Life insurance, personal accident and workers' compensation claims are expected separately as authorities verify deaths and missing persons in inaccessible areas.

The disaster on Nepal's border with China's Tibet region caused an estimated $2.56 billion in economic losses in the Himalayan nation of 30 million people, the country's disaster authority chief told Reuters on Friday, leaving more than 1,200 dead and many more missing.

Eleven ⁠Nepali hydropower projects ⁠lie in the affected region, some covered by standard commercial insurance policies that are still being assessed, Toton Chakraborty, CEO of Oriental Insurance Company Nepal, told Reuters.

Oriental Insurance Nepal, a unit of the New Delhi-based Indian insurer, is among the leading insurers in the region.

"Hydropower projects along the affected river corridor have suffered the largest damage. In many cases, access roads and above-ground infrastructure have been washed away," he said.

Projects including Rasuwagadhi, Upper Trishuli-3A, Chilime and Devighat, were directly affected, ⁠while assessments at five others are ongoing, he said.

Data from the Nepal Insurance Authority show the regulator has so far received 583 flood-related claims worth 25.87 billion Nepalese rupees ($171.13 million) as of August 31.

Chakraborty said these figures largely reflect insured exposure rather than final claims, which will only be clear once detailed surveys are completed.

Claims could rise further if repairs delay project commissioning, as some policies compensate developers for lost revenue resulting from postponed commercial operations, he said.

Nepal's non-life insurance market is small by global standards. The country's 14 non-life insurers generated premiums of about 5.3 billion Nepali rupees ($35.06 million) during July-August, regulatory data showed, compared with 314 billion Indian rupees ($3.3 billion) written by Indian insurers during a similar period.

The market is supported by domestic reinsurers ⁠Nepal Re and Himalayan ⁠Re, alongside international players including India's GIC Re and Germany's Hannover Re.

The floods could have lasting implications for insurance coverage of Himalayan infrastructure, four industry executives said.

The Himalayan region faces severe risks from earthquakes and any future glacial floods, a senior UN official told Reuters this week.

"The recent mountain floods in South Asia may lead insurers to further review hydropower and infrastructure risks, particularly in highly exposed locations," said Benjamin Ng, power leader for Asia at Aon, an international insurance broker.

Insurers may increasingly impose exclusions, lower sub-limits and narrow coverage, resulting in higher premiums and more selective underwriting, Ng said.

Other recent Himalayan catastrophes include the 2023 glacial lake outburst flood in India's Sikkim and the flash flood in the northern Indian state of Uttrakhand in 2021.

The latest floods could reshape industry views on risk accumulation and glacial lake outburst flood exposure, said Sanjay Mokashi, chief underwriting officer at Indian state-owned reinsurer GIC Re.

Business

Gold Heads for Modest Weekly Gain as Investors Await US Payrolls Data

Gold jewelry is displayed at an exhibition in Kabul, Afghanistan, 03 September 2026. (EPA)
Gold jewelry is displayed at an exhibition in Kabul, Afghanistan, 03 September 2026. (EPA)
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Gold Heads for Modest Weekly Gain as Investors Await US Payrolls Data

Gold jewelry is displayed at an exhibition in Kabul, Afghanistan, 03 September 2026. (EPA)
Gold jewelry is displayed at an exhibition in Kabul, Afghanistan, 03 September 2026. (EPA)

Gold prices were steady on Friday and poised for a modest weekly gain, as traders' attention turned to key US payrolls data for clues on the Federal Reserve's next interest rate decision.

Spot gold held its ground at $4,469.26 per ounce, as of 0633 GMT. Prices jumped 2% on Thursday as traders scaled back expectations for a September rate ‌hike after Fed ‌Governor Christopher Waller said he would support ‌leaving ⁠rates unchanged if data ⁠continued to show inflation pressures moderating.

US gold futures for December delivery fell 0.5% to $4,515.70.

Traders are pricing in an about 50% chance of a Fed rate hike later this month, according to the CME FedWatch Tool.

The US nonfarm payrolls report is due at 1230 GMT.

"Weak figures and a ⁠rise in unemployment could weaken the case for ‌a rate hike. In ‌this case, gold could recover. However, the metal could remain exposed to ‌changing sentiment, with inflation data releases coming next week," ‌said Ross Maxwell, global strategy operations lead, VT Markets.

"The market continues to benefit from central bank demand, which could limit the extent of any decline."

Though gold is often viewed as an inflation ‌hedge, elevated interest rates tend to weigh on the non-yielding asset.

Data on Thursday showed the ⁠number of ⁠Americans filing claims for unemployment benefits rose marginally last week amid low layoffs, pointing to stable labor market conditions.

Meanwhile, US Vice President JD Vance said the fighting between Washington and Tehran was not a war and declined to provide a timeline for when the conflict would be over, underscoring the challenge the Trump administration faces as the hostilities enter their seventh month and mid-term elections loom.

Among other metals, spot silver fell 0.5% to $66.59 per ounce. Platinum lost 1.2% to $1,803.53 and palladium declined nearly 1.3% to $1,403.03, with both metals on track for slight weekly declines.

Business

Oil Set for Steepest Weekly Gain Since Mid-July, Fueled by US-Iran Clashes

A worker refuels a car at a gas station in Caracas on September 3, 2026. (AFP)
A worker refuels a car at a gas station in Caracas on September 3, 2026. (AFP)
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Oil Set for Steepest Weekly Gain Since Mid-July, Fueled by US-Iran Clashes

A worker refuels a car at a gas station in Caracas on September 3, 2026. (AFP)
A worker refuels a car at a gas station in Caracas on September 3, 2026. (AFP)

Oil prices rose on Friday, heading for their steepest weekly gain since mid-July, as rising tension and renewed US-Iran hostilities heightened concerns over Middle East supply risks.

Brent crude futures rose 54 cents, or 0.6%, to $96.06 a barrel by 0100 GMT, while US West Texas Intermediate crude futures climbed 80 cents, or 0.9%, to $92.10.

On a weekly basis, Brent rose 7.6% and WTI was 10.4% higher, set for the highest gains since the week ended July 20.

US attacks this week that ‌killed and wounded ‌dozens, including Iranian civilians, marked the fiercest ‌clashes ⁠between the two countries ⁠since July. The war, which began with US-Israeli strikes in late February, is now in its seventh month.

Israeli Defense Minister Israel Katz renewed warnings that Israel would "cripple" Iran's military and civilian infrastructure, including energy facilities.

ANZ analysts raised their Brent crude forecast on Friday to $95 a barrel in the short term, with ⁠upside risk if the Middle East conflict intensifies.

"The ‌market is entering a delicate ‌adaptation phase. Elevated inventories helped absorb the initial supply crisis, but the ‌challenge is now to keep the market balanced as ‌those buffers diminish," the analysts said.

US Vice President JD Vance told reporters on Thursday that Washington does not plan to hold talks with Iran unless Tehran stops attacking commercial shipping in the Strait of ‌Hormuz.

Capping oil's advance, however, Russian President Vladimir Putin said there remained a path to a ⁠deal to ⁠end the war in Ukraine, adding that both the US and China were prepared to support a peace settlement.

Meanwhile, Iran expanded its list of vessels it deems non-compliant and subject to fines, confiscation or detention if they attempt to transit the strait. Iraqi ships remain among the few vessels Tehran has cleared to pass through Hormuz.

Iraq increased its oil exports to around 2.34 million barrels per day in August from about 1.35 million bpd in July, two Iraqi energy officials said on Wednesday, with September exports also expected to increase as heavy discounts and Iranian approvals for Iraqi tankers encouraged buyers.