عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Officials Call for Exploiting Petrochemical Sector to Achieve Circular Energy Goals

Saudi Energy Minister Prince Abdulaziz bin Salman speaks during the inauguration of the GPCA Forum, on Tuesday in Riyadh. (Asharq Al-Awsat)
Saudi Energy Minister Prince Abdulaziz bin Salman speaks during the inauguration of the GPCA Forum, on Tuesday in Riyadh. (Asharq Al-Awsat)
TT
TT

Officials Call for Exploiting Petrochemical Sector to Achieve Circular Energy Goals

Saudi Energy Minister Prince Abdulaziz bin Salman speaks during the inauguration of the GPCA Forum, on Tuesday in Riyadh. (Asharq Al-Awsat)
Saudi Energy Minister Prince Abdulaziz bin Salman speaks during the inauguration of the GPCA Forum, on Tuesday in Riyadh. (Asharq Al-Awsat)

Saudi Minister of Energy Prince Abdulaziz bin Salman described the Arab Gulf countries as a land of opportunities and ambitions, stressing the role of young local talents in building a sustainable future.

The minister was speaking during the inauguration of the 16th session of the annual forum of the Gulf Petrochemicals and Chemicals Association (GPCA), which is currently held in Riyadh, in the presence of Eng. Saad Al-Kaabi, Minister of State for Qatari Energy Affairs, and Badr Al-Mulla, Kuwaiti Minister of Oil.

The conference participants emphasized that the region was in a good position to take advantage of the available opportunities, advanced infrastructure and technological expertise in order to lead the way towards a more sustainable future.

The forum aims to discuss the strategic issues impacting the chemical sector, under the theme “Chemistry in Action, Shaping a Sustainable Future.”

The dialogues at the event will address a range of topics, including net-zero emissions, food security, and capability building, as well as reaching a sustainable future through collaboration.

GPCA Secretary General Dr. Abdulwahab Al-Sadoun said this year’s forum was being held amid extraordinary circumstances in the world.

“The chemical industry has set itself an ambitious goal of reaching net zero by 2050, while continuing to supply the world’s growing needs. This will not be an easy task, but the chemical industry in the Arabian Gulf is well positioned to benefit from the transition to clean energy and to grow its investments in the circular economy and develop hydrogen utilization technologies,” he told the meeting.

For his part, Eng. Abdul Rahman Al-Faqih, Chairman of the Board of Directors of GPCA and Acting CEO of SABIC, said that the chemical industry has been able to successfully overcome all the challenges.

He stressed the importance of concerted efforts in order to transform these challenges into opportunities to enable GCC countries to build a sustainable future.

Amin Nasser, President and CEO of Saudi Aramco, said: “The chemical industry needs to promote and accelerate innovation efforts to develop more effective and sustainable materials at lower costs. Establishing centers for advanced materials here in Saudi Arabia can improve and complement existing programs, and push the boundaries of innovation to new heights through global collaboration.”

Most Viewed

 
 
Business

Saudi Arabia, France Discuss Enhancing Mining Sector Partnership

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef has met with France’s Interministerial Delegate for Strategic Minerals and Metals Supplies Benjamin Gallezot. SPA
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef has met with France’s Interministerial Delegate for Strategic Minerals and Metals Supplies Benjamin Gallezot. SPA
TT
TT

Saudi Arabia, France Discuss Enhancing Mining Sector Partnership

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef has met with France’s Interministerial Delegate for Strategic Minerals and Metals Supplies Benjamin Gallezot. SPA
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef has met with France’s Interministerial Delegate for Strategic Minerals and Metals Supplies Benjamin Gallezot. SPA

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef has met with France’s Interministerial Delegate for Strategic Minerals and Metals Supplies Benjamin Gallezot to discuss strengthening the strategic partnership between the two countries in the mining and minerals sector.

The two sides affirmed the strength of bilateral relations and explored opportunities for cooperation in mineral exploration, mining investment, and the localization of mineral industries.

They also discussed ways to leverage advanced technologies and innovative solutions to improve sector efficiency and enhance sustainability, as well as the importance of integrating value chains for strategic minerals.

The meeting was held in Istanbul on the sidelines of the Critical Minerals Forum, organized on April 28 and 29 by the Organization for Economic Co-operation and Development (OECD).

The forum was attended by government and industry leaders, as well as international organizations, to discuss challenges and opportunities related to critical minerals supply chains.

Business

Shehbaz Sharif: We Repaid $3.5 Billion in Debt Thanks to Saudi Arabia’s 'Pivotal' Support

Saudi Crown Prince Mohammed bin Salman holding talks with Pakistan's Prime Minister Shehbaz Sharif in Jeddah on March 12, 2026 (SPA).
Saudi Crown Prince Mohammed bin Salman holding talks with Pakistan's Prime Minister Shehbaz Sharif in Jeddah on March 12, 2026 (SPA).
TT
TT

Shehbaz Sharif: We Repaid $3.5 Billion in Debt Thanks to Saudi Arabia’s 'Pivotal' Support

Saudi Crown Prince Mohammed bin Salman holding talks with Pakistan's Prime Minister Shehbaz Sharif in Jeddah on March 12, 2026 (SPA).
Saudi Crown Prince Mohammed bin Salman holding talks with Pakistan's Prime Minister Shehbaz Sharif in Jeddah on March 12, 2026 (SPA).

Pakistan’s Prime Minister Shehbaz Sharif announced on Wednesday that his country had successfully repaid $3.5 billion in mandatory bilateral debt, affirming that this achievement came thanks to the “pivotal” support of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, and Crown Prince Mohammed bin Salman.

He clarified that this repayment did not affect the stability of foreign exchange reserves; rather, it strengthened market confidence in Pakistan’s ability to meet its international obligations.

The Kingdom had announced the provision of substantial financial support to Pakistan, including the extension of the term of a previous $5 billion deposit and the provision of an additional $3 billion deposit, aimed at enhancing economic stability and addressing global changes.

On Friday, the State Bank of Pakistan announced that Islamabad had completed the repayment of $3.45 billion in deposits to the United Arab Emirates, settling a final tranche worth $1 billion. The bank had also announced that it had received the Saudi deposit worth $3 billion.

This came after the United Arab Emirates requested that Pakistan return the funds it had deposited in the State Bank of Pakistan in 2018 to bolster its foreign exchange reserves.

This qualitative support aims to enable the Pakistani economy to confront global economic changes and strengthen its financial resilience, in a way that positively reflects on the living conditions of the Pakistani people. It also reaffirms the Kingdom’s consistent and ongoing position of standing alongside Pakistan under all circumstances, embodying the sincere bonds of brotherhood between the leaderships and the peoples.

In an address before the cabinet, the Pakistani Prime Minister clarified the current financial situation, stating: “We have repaid our mandatory external debts (amounting to approximately $3.5 billion in bilateral loans). Our foreign exchange reserves are stable at their current level, and we have fulfilled our obligations and repaid our debts.”

These developments constitute a key pillar in Pakistan’s relationship with international institutions; the stability of liquid reserves at around $20.6 billion (including $15.1 billion held by the central bank) contributes to strengthening Islamabad’s negotiating position with the International Monetary Fund. Pakistan’s success in repaying its bilateral debts, alongside adherence to the requirements of the Fund’s financing program, is seen as a vote of international confidence in the Pakistani economy’s ability to meet its immediate and future financial commitments.

The central bank indicated that its success in managing the outflows required to repay these billions was achieved without causing any shock to the value of the local currency, as the Pakistani rupee remained stable thanks to supportive deposits and cautious monetary policies.

For his part, Sharif explained that this repayment did not come at the expense of monetary stability; rather, it resulted from a coordinated plan between the Ministry of Finance and the central bank to ensure that foreign exchange reserves remained at safe levels, which strengthens Pakistan’s position in its ongoing negotiations with international financial institutions.

Regarding the role played by the Kingdom in securing this financial passage, the Prime Minister expressed his country’s deep appreciation, saying: “We are extremely grateful to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, and His Royal Highness Crown Prince Mohammed bin Salman; they played a pivotal role in this matter. I am confident that these major issues will also be resolved, and Pakistan’s peace efforts continue uninterrupted and without relent.”

Sharif noted that this Saudi support was not merely temporary financial assistance, but rather a reflection of the depth of historical ties, adding: “Just as we have strengthened mutual cooperation by removing obstacles at both the joint and institutional levels, positive results have emerged from this.”

It is worth noting that this new Saudi move is not unprecedented. In 2018, the Kingdom provided a $6 billion support package, which included a $3 billion deposit in the State Bank of Pakistan, in addition to deferred oil payment facilities of the same value.

Business

New Shipping Service Connects Jeddah Islamic Port with China, Malaysia and Egypt

Jeddah Islamic Port (Mawani)
Jeddah Islamic Port (Mawani)
TT
TT

New Shipping Service Connects Jeddah Islamic Port with China, Malaysia and Egypt

Jeddah Islamic Port (Mawani)
Jeddah Islamic Port (Mawani)

The Saudi Ports Authority (Mawani) has announced the addition of China United Lines’ new SGX shipping service to Jeddah Islamic Port, enhancing the Kingdom’s connectivity with global markets, improving supply chain efficiency, and supporting trade flows through the Red Sea- one of the world’s most important maritime routes.

The new shipping service connects Jeddah Islamic Port with the ports of Shanghai and Nansha in China, as well as ports in Malaysia and Egypt, with a capacity of up to 2,452 TEUs.

This initiative forms part of Mawani’s ongoing efforts to improve the Kingdom’s performance in global logistics indicators, strengthen national exports, and support the objectives of the National Transport and Logistics Strategy, which aims to position Saudi Arabia as a global logistics hub and a key link between three continents.