GECF Concludes Summit in Qatar, Calls for Int’l Dialogue on Energy Security

Emir of Qatar Sheikh Tamim bin Hamad Al Thani at the conclusion of The Gas Exporting Countries Forum (GECF) summit (QNA)
Emir of Qatar Sheikh Tamim bin Hamad Al Thani at the conclusion of The Gas Exporting Countries Forum (GECF) summit (QNA)
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GECF Concludes Summit in Qatar, Calls for Int’l Dialogue on Energy Security

Emir of Qatar Sheikh Tamim bin Hamad Al Thani at the conclusion of The Gas Exporting Countries Forum (GECF) summit (QNA)
Emir of Qatar Sheikh Tamim bin Hamad Al Thani at the conclusion of The Gas Exporting Countries Forum (GECF) summit (QNA)

The Gas Exporting Countries Forum (GECF) concluded its sixth summit, held under the slogan of 'Natural Gas: Shaping the Energy Future' in Qatar.

The 11 gas-producing countries announced they disagree with non-UN economic sanctions against GECF member states.

The leaders of the member states or their representatives met in Doha amid the Moscow-Western crisis, which threatens gas supplies from Russia to Europe, contributing to the rise in gas prices.

Emir of Qatar Sheikh Tamim bin Hamad Al Thani called for strengthening dialogue and cooperation between the member states on the one hand and between exporters and importers on the other.

Speaking at the conclusion of the summit, the Emir appealed to ensure the security of natural gas supplies to world markets and "guarantee the market's stability."

On the sidelines of the summit, Sheikh Tamim received a letter from Russian President Vladimir Putin, which was delivered by Russian Minister of Energy and Minerals Nikolay Shulginov.

The Qatar News Agency stated that the message discussed ways to support and strengthen bilateral relations between the two countries and issues of mutual interest.

"To further promote our role in the production of natural gas, we are endeavoring towards increasing our LNG production capacity from 77 million tons yearly to 126 million tons yearly by 2027," he said, referring to liquefied natural gas.

He announced that Qatar is building a carbon capture facility, the biggest in the Middle East, which will isolate and store 2.5 million tons of carbon per year in four years. By 2030, the facility will isolate nine million tons per year.

"Our summit confirmed our conviction that dialogue is the optimum way to achieve consensus, enhance cooperation, and protect the interests of producers and consumers for the good of their peoples."

"The State of Qatar welcomes working with everyone to make common good, security, and stability prevalent among all peoples of the world," said the Emir.

He recalled that the last two decades highlight the central role of natural gas in the desired energy transition and in the search for a reliable source of energy that provides the right balance between achieving economic growth and dealing with environmental challenges.

The Emir affirmed Doha's continued support for efforts to protect gas exporters and consumers and establish the complete and permanent sovereign rights of member states to develop and exploit their natural resources.

The summit was attended by Algerian President Abdelmadjid Tebboune, Iranian President Ebrahim Raisi, President Filipe Nyusi of Mozambique, President of Equatorial Guinea Teodoro Obiang Nguema Mbasogo, Libyan Prime Minister Abdulhamid Dbeibah, and other heads of delegations.

It also included senior officials, businessmen, decision-makers in the field of economy and energy, and representatives of international institutions and companies.

The GECF says its 11 members and seven associate countries account for 70 percent of proven gas reserves and 51 percent of global liquefied natural gas exports.

The United States and Australia, two other leading exporters, are not part of the forum.



Saudi Arabia Sees Highest Level of Non-oil Private Sector Activity in 4 Months

The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders. (Asharq Al-Awsat)
The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders. (Asharq Al-Awsat)
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Saudi Arabia Sees Highest Level of Non-oil Private Sector Activity in 4 Months

The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders. (Asharq Al-Awsat)
The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders. (Asharq Al-Awsat)

Business activity in Saudi Arabia's non-oil sector accelerated to a four-month high in September, driven by strong demand, which led to faster growth in new orders. The Riyad Bank Saudi Arabia Purchasing Managers' Index (PMI), adjusted for seasonal factors, rose to 56.3 points from 54.8 in August, marking the highest reading since May and further distancing itself from the 50.0 level that indicates growth.

The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders, alongside challenges in supply. The improvement in business conditions contributed to a significant rise in employment opportunities, although difficulties in finding skilled workers led to a shortage in production capacity.

At the same time, concerns over increasing competition caused a decline in future output expectations. According to the PMI statement, inventories of production inputs remained in good condition, which encouraged some companies to reduce their purchasing efforts.

Growth was strong overall and widespread across all non-oil sectors under study. Dr. Naif Al-Ghaith, Senior Economist at Riyad Bank, said that the rise in Saudi Arabia's PMI points to a notable acceleration in the growth of the non-oil private sector, primarily driven by increased production and new orders, reflecting the sector’s expansionary activity.

Al-Ghaith added that companies responded to the rise in domestic demand, which plays a crucial role in reducing the Kingdom's reliance on oil revenues. The upward trend also indicates improved business confidence, pointing to a healthy environment for increased investment, job creation, and overall economic stability.

He emphasized that this growth in the non-oil sector is particularly important given the current context of reduced oil production and falling global oil prices. With oil revenues under pressure, the strong performance of the non-oil private sector acts as a buffer, helping mitigate the potential impact on the country's economic conditions.

Al-Ghaith continued, noting that diversifying income sources is essential to maintaining growth amid the volatility of oil markets. He explained that increased production levels not only enhance the competitiveness of Saudi companies but also encourage developments aimed at expanding the private sector's participation in the economy.

This shift, he said, provides a more stable foundation for long-term growth, making the economy less susceptible to oil price fluctuations.