عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Kuwaiti Candidate Has Widespread Support for Top OPEC Job, Sources Say

A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen during a meeting of OPEC and non-OPEC producing countries in Vienna, Austria September 22, 2017. (Reuters)
A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen during a meeting of OPEC and non-OPEC producing countries in Vienna, Austria September 22, 2017. (Reuters)
TT
TT

Kuwaiti Candidate Has Widespread Support for Top OPEC Job, Sources Say

A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen during a meeting of OPEC and non-OPEC producing countries in Vienna, Austria September 22, 2017. (Reuters)
A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen during a meeting of OPEC and non-OPEC producing countries in Vienna, Austria September 22, 2017. (Reuters)

Kuwait's candidate to lead the Organization of the Petroleum Exporting Countries (OPEC) has widespread support from the group, with current secretary general Mohammad Barkindo not expected to seek re-election, two sources told Reuters.

Haitham al-Ghais, a former Kuwaiti governor to OPEC, is the only candidate for the role of secretary general, the two sources added.

OPEC is expected to elect a new secretary general at its meeting on Jan. 4, a third source said.

Nigerian Barkindo, whose is due to step down at the end of next July, took OPEC's top job in mid-2016 and was granted a second three-year term in 2019.

Barkindo has steered OPEC through a period of extreme turbulence, in which prices have crashed several times, including to below zero in 2020 because of the coronavirus pandemic.

He also helped to clinch a deal with non-OPEC producers such as Russia to reduce global oil output to balance the market since 2016.

The new secretary general will have to balance OPEC revenue needs against pressures from the United States to pump more oil to help to meet demand as it recovers from the COVID-19 pandemic.

Al-Ghais stepped down as Kuwait's OPEC governor in June this year and was appointed deputy managing director of international marketing at state-owned Kuwait Petroleum Corporation (KPC).

Most Viewed

 
 
Business

Saudi Arabia Raises its Non-Oil Economic Growth Forecast to 6.2% in 2026

A view of a logo during the 54th annual meeting of the World Economic Forum, in Davos, Switzerland, January 19, 2024. (Reuters)
A view of a logo during the 54th annual meeting of the World Economic Forum, in Davos, Switzerland, January 19, 2024. (Reuters)
TT
TT

Saudi Arabia Raises its Non-Oil Economic Growth Forecast to 6.2% in 2026

A view of a logo during the 54th annual meeting of the World Economic Forum, in Davos, Switzerland, January 19, 2024. (Reuters)
A view of a logo during the 54th annual meeting of the World Economic Forum, in Davos, Switzerland, January 19, 2024. (Reuters)

Saudi Arabia has raised its forecast for non-oil economic growth in 2026 to 6.2%, marking a jump from previous estimates of 5%.

Saudi Minister of Economy and Planning Faisal Alibrahim revealed that the Kingdom is targeting 4.8% non-oil economic growth in 2024, increasing to 6.2% by 2026, while emphasizing the long-term importance of investing in human capital.

Speaking during a panel discussion titled “The Future of Growth” at the World Economic Forum 2025 in Davos, Alibrahim stated that economic transformation and sustainable growth require bold, inclusive leadership and a long-term vision. He cited Saudi Arabia’s Vision 2030 as a model for reducing dependency on oil and diversifying investment portfolios.

Global economic growth rates currently stand at 3.2–3.3%, significantly below the historical average of 4%, he noted.

He stressed the importance of building institutional capacities and investing in human capital as foundational elements for sustainable economic growth, emphasizing that these factors are essential for any successful economic strategy.

On US economic policies with Donald Trump returning for a second term as president, the minister stated they would not have an immediate impact on the global economy, as they involve long-term restructuring. He added that Saudi Arabia maintains strong relations with the United States.

Saudi Finance Minister Mohammed Al-Jadaan reiterated the need to improve global methodologies for measuring gross national income (GNI) to better reflect the realities of emerging economies. He emphasized that enhancing measurement frameworks would improve the efficiency of international institutions, support sustainable development in emerging markets, and contribute to global economic equity.

Meanwhile, Saudi Tourism Minister Ahmed Al-Khateeb outlined plans to transform Riyadh into a global business hub by hosting around 25 major international conferences, including the Future Investment Initiative and the LEAP Technology Conference.

Al-Khateeb also announced the launch of the largest travel and tourism event of its kind, set to take place in November. He invited global stakeholders to participate, describing the forum as a significant attraction for the international tourism sector.

Speaking during a panel discussion titled “The Role of Tourism and Travel in Building Trust” at Davos, Al-Khateeb highlighted the rapid growth of Saudi Arabia’s travel and tourism sector, which outpaced global growth rates last year with an increase of over 70%, the highest among G20 nations.

This growth, he explained, is linked to Saudi Arabia’s efforts to open its borders to encourage tourism, a key part of Vision 2030, which aims to diversify the Kingdom’s economy.

The minister noted that Saudi Arabia offers a wide range of attractions, from the scenic mountains of the south to the Red Sea coastline in the west. He emphasized that the Kingdom is investing in human capital to strengthen the sector, pointing to the ambition of young Saudis eager to join the tourism industry.