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Investment Licenses Double in Saudi Arabia

Part of the meetings of the Austrian delegation with the Saudi business sector in Riyadh, Saudi Arabia. (Asharq Al-Awsat)
Part of the meetings of the Austrian delegation with the Saudi business sector in Riyadh, Saudi Arabia. (Asharq Al-Awsat)
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Investment Licenses Double in Saudi Arabia

Part of the meetings of the Austrian delegation with the Saudi business sector in Riyadh, Saudi Arabia. (Asharq Al-Awsat)
Part of the meetings of the Austrian delegation with the Saudi business sector in Riyadh, Saudi Arabia. (Asharq Al-Awsat)

Saudi Arabia’s Investment Ministry said on Sunday the number of licenses issued to new investors during the first half of 2021 reached 1,054, an increase of 108% as compared to the same period last year, the Saudi Press Agency reported.

The ministry said joint investment licenses between Saudi and foreign investors amounted to 45% of the total licenses issued in the first six months of 2021, while the figure was 27% during the same period last year.

The ministry said the second quarter of 2021 recorded a noticeable improvement. The retail sector ranked first in the number of licenses issued with 24%, followed by the industrial sector with 20%.

In other news, an Austrian trade delegation headed by the Vice President of the Austrian Federal Economic Chamber Richard Schenz was briefed in Riyadh on the promising investment opportunities in the Kingdom.

The briefing came during a meeting at the headquarters of the Council of Saudi Chambers (CSC) with the Council’s Vice-President Tariq Al-Haidari, Assistant Secretary-General for International Affairs of CSC Waleed Al Orainan, and several Saudi business owners.

Al-Haidari explained that the volume of trade relations between the Kingdom and Austria is “modest” compared to the investment opportunities available and the economic capabilities of both countries.

Al-Haidari noted that the Kingdom is a major destination for Austrian exports.

In 2019, Austrian exports to Saudi Arabia amounted to 1.7 billion riyals ($453.3 million), while the value of the Kingdom’s exports to Austria amounted to 129 million riyals ($34.4 million).

A large part of goods imported to the Kingdom from Austria in 2019 were pharmaceutical products, but also included machinery, electrical appliances, optical and medical devices, and vehicles.

Al-Haidari pointed out that the Kingdom exports plastic goods to Austria.

According to Al-Haidari, the Kingdom has taken several measures to improve its business environment, including facilitating procedures related to trade and investment, providing incentives to foreign investors, and providing new channels of communication with its partners around the world.

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Business

Saudia to Launch Riyadh-Kozhikode Flights in February

Saudi Arabian Airlines plane, is seen at the airport of the Red Sea resort of Sharm el-Sheikh, Egypt, August 9, 2021. Picture taken through a window. REUTERS/Mohamed Abd El Ghany/File Photo
Saudi Arabian Airlines plane, is seen at the airport of the Red Sea resort of Sharm el-Sheikh, Egypt, August 9, 2021. Picture taken through a window. REUTERS/Mohamed Abd El Ghany/File Photo
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Saudia to Launch Riyadh-Kozhikode Flights in February

Saudi Arabian Airlines plane, is seen at the airport of the Red Sea resort of Sharm el-Sheikh, Egypt, August 9, 2021. Picture taken through a window. REUTERS/Mohamed Abd El Ghany/File Photo
Saudi Arabian Airlines plane, is seen at the airport of the Red Sea resort of Sharm el-Sheikh, Egypt, August 9, 2021. Picture taken through a window. REUTERS/Mohamed Abd El Ghany/File Photo

Saudia Airlines has added Kozhikode, India, to its network of scheduled international destinations, marking its seventh destination in the country alongside Bangalore, Mumbai, Kochi, Delhi, Hyderabad, and Lucknow, as part of the airline’s strategy to reach new international markets, connect the Kingdom to the world through its modern fleet, and strengthen its global competitive position, SPA reported.

Flights to Kozhikode will begin on February 1, 2026, with four weekly departures from King Khalid International Airport in Riyadh.

Reservations are available through the airline’s website and mobile applications.

The addition of Kozhikode further expands Saudia's growing operational network, which now covers over 100 destinations across four continents and operates more than 550 domestic and international flights daily.

Business

Egypt Signs Renewable Energy Deals Worth $1.8 Billion

The Wolf Moon, the first supermoon of 2026, lights up the night sky in Cairo, Egypt, January 3, 2026. REUTERS/Mohamed Abd El Ghany
The Wolf Moon, the first supermoon of 2026, lights up the night sky in Cairo, Egypt, January 3, 2026. REUTERS/Mohamed Abd El Ghany
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Egypt Signs Renewable Energy Deals Worth $1.8 Billion

The Wolf Moon, the first supermoon of 2026, lights up the night sky in Cairo, Egypt, January 3, 2026. REUTERS/Mohamed Abd El Ghany
The Wolf Moon, the first supermoon of 2026, lights up the night sky in Cairo, Egypt, January 3, 2026. REUTERS/Mohamed Abd El Ghany

Egypt has signed renewable energy deals worth a combined $1.8 billion, state TV reported on Sunday.

Among the deals were contracts with Norwegian renewable energy developer Scatec and China's Sungrow.

Egypt hopes to have renewable energy reach 42% of its electricity generation mix by 2030, but officials say the goal will be ⁠at risk without more international support.

The first project will be the construction by Scatec of a solar energy plant to generate electricity and energy storage stations in Upper Egypt's Minya, ⁠an Egyptian cabinet statement said.

It would have a generation capacity of 1.7 gigawatts supported by battery storage systems with total capacity of 4 gigawatt hours.

A second project will be a Sungrow factory to manufacture energy storage batteries at the Suez Canal Economic Zone. A share of the factory's output ⁠would be supplied to the first project, the cabinet said.

The deals also include power purchase agreements, with Scatec signing a deal for total capacity of 1.95 gigawatts and 3.9 gigawatt hours of battery storage systems, the Norwegian company said in a statement.

Business

Iraq Says Gas Flaring to Reach Zero by End-2028

Iraq’s Prime Minister Mohammed Shia al-Sudani inspects the electricity ministry pavilion at the Iraq Energy Exhibition and Conference
Iraq’s Prime Minister Mohammed Shia al-Sudani inspects the electricity ministry pavilion at the Iraq Energy Exhibition and Conference
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Iraq Says Gas Flaring to Reach Zero by End-2028

Iraq’s Prime Minister Mohammed Shia al-Sudani inspects the electricity ministry pavilion at the Iraq Energy Exhibition and Conference
Iraq’s Prime Minister Mohammed Shia al-Sudani inspects the electricity ministry pavilion at the Iraq Energy Exhibition and Conference

Iraq’s Prime Minister Mohammed Shia al-Sudani stated on Saturday that the government is moving forward with the development of clean and renewable energy sectors.

Speaking at the opening of the Iraq Energy Exhibition and Conference, al-Sudani said Iraq has made significant progress in capturing associated gas, with the rate of flaring reduced by more than 72%.

He said flaring will be fully eliminated by the end of 2028.

“We have infrastructure projects at the level of the Ministry of Oil that ensure export capacity and the diversification of export outlets,” al-Sudani said, according to the Iraqi News Agency.

He added that Iraq is holding talks with international companies to invest in associated gas and free gas in oil fields and exploration blocks, expressing hope that the conference would help reinforce this direction. He said the government has also moved toward establishing a permanent platform to secure Iraq’s gas needs through imports or future exports.

Al-Sudani stated that the Ministry of Electricity is working to increase power generation under an ambitious plan that exceeds 57,000 megawatts through the Siemens and GE project.

He added that the ministry is also advancing renewable energy projects, both large and small, with a plan at the district and subdistrict levels in Baghdad and other provinces to transition to renewable energy, which is expected to be implemented by next summer.

He said the government is placing strong emphasis on both conventional and renewable energy in a way that ensures sustainable development.

Al-Sudani stated that the exhibition showcases Iraq’s position as a promising market with significant opportunities in the energy sector, through various projects, partnerships, and investment opportunities.

He said the government has made significant progress in boosting energy production through major oil projects in partnership with global companies, including TotalEnergies and BP, adding that talks are ongoing with ExxonMobil, Chevron, and other international firms.

Talks with Chevron

Iraq’s Oil Minister Hayan Abdul Ghani said talks are underway with Chevron regarding the West Qurna 2 oil field, which is operated by Lukoil and represents the company’s largest foreign asset.

Chevron and Exxon Mobil are among the potential bidders for Lukoil’s overseas assets following the imposition of US sanctions on the Russian oil producer.

Speaking to reporters after the opening of the energy exhibition and conference, Abdul Ghani stated that negotiations with Chevron over the West Qurna 2 field in Basra province are ongoing.

He added that Basra Oil Company, the second partner in the field, has not yet taken over operations following Lukoil’s withdrawal.

Al-Sudani opened the 11th edition of the Iraq Energy Exhibition and Conference in Baghdad on Saturday, with the participation of more than 450 local, Arab, and international companies specializing in energy and investment.

The event runs for three days.

The Iraqi Company for Exhibitions and Commercial Services said the conference, held at the Baghdad International Fairgrounds from Jan. 10 to 12, will feature panel discussions, specialized workshops, and meetings aimed at supporting the energy sector and expanding partnership and investment opportunities, with participation from more than 450 companies.

Iranian gas

Iraq’s Ministry of Electricity said there are no indications that Iranian gas supplies will resume soon.

A ministry spokesperson stated that media outlets were notified via a message from Iran on Telegram, which indicated that gas supplies had been halted due to low temperatures and Tehran’s domestic gas needs.

Iraq announced in December that Iranian gas supplies had ceased, resulting in the shutdown of some power generation units and load reductions at others. The Ministry of Electricity said the grid lost between 4,000 and 4,500 megawatts as a result.

Iran supplies between 30% and 40% of Iraq’s gas and electricity needs.

Electricity ministry officials previously stated that peak winter demand in Iraq reaches approximately 48,000 megawatts, while domestic production stands at around 27,000 megawatts, forcing the country to rely on imports to bridge the gap.