OPEC Secretary General: Lack of Oil Investments Threatens Growth

Secretary-General of the Organization of Petroleum Exporting Countries (OPEC) Haitham Al-Ghais
Secretary-General of the Organization of Petroleum Exporting Countries (OPEC) Haitham Al-Ghais
TT

OPEC Secretary General: Lack of Oil Investments Threatens Growth

Secretary-General of the Organization of Petroleum Exporting Countries (OPEC) Haitham Al-Ghais
Secretary-General of the Organization of Petroleum Exporting Countries (OPEC) Haitham Al-Ghais

Secretary-General of the Organization of Petroleum Exporting Countries (OPEC) Haitham Al-Ghais warned of the danger of ending investment in the oil and gas sector, stressing that this would constitute a threat to global economic growth.

Al-Ghais was speaking during an exclusive interview with Asharq Al-Awsat, on the eve of the meeting of the Joint Ministerial Monitoring Committee on Wednesday. The panel includes ministers from OPEC and allies led by Russia, known as OPEC+.

In view of the importance of energy to global economic growth and the increasing world population, which is expected to rise by about 1.6 billion people until 2045, it would be dangerous not to maintain investments in the sector, as some are calling for, Al-Ghais said, in reference to the International Energy Agency, which is urging oil companies to stop investing in oil.

He added that under-investing in the sector or asking countries and oil companies to stop financing oil projects under the pretext of preserving the environment “constitutes a threat to global economic growth.”

The OPEC Secretary-General stressed that the world would need more energy of all kinds, noting that the oil-producing countries and OPEC member states were taking another path, by investing in renewable and clean energy and working to reduce emissions in the oil industry.

Al-Ghais’ warnings come amid estimates that the oil industry alone will constitute approximately 29 percent of the world’s energy needs by 2045.

OPEC estimates indicate that the world needs investments worth about $12 trillion to meet the growing demand for oil in the long term.

Al-Ghais expects demand for oil to rise, with an annual increase this year of about 2.4 million barrels per day compared to 2022.



Hevolution CEO Discusses Career in Innovation, Medicine, and Business

Dr. Mehmood Khan, CEO of the Hevolution Foundation
Dr. Mehmood Khan, CEO of the Hevolution Foundation
TT

Hevolution CEO Discusses Career in Innovation, Medicine, and Business

Dr. Mehmood Khan, CEO of the Hevolution Foundation
Dr. Mehmood Khan, CEO of the Hevolution Foundation

Dr. Mehmood Khan, CEO of the Hevolution Foundation, the largest philanthropy organization funding aging medicine in the world, expressed that receiving Saudi citizenship will boost his scientific and practical capabilities.
He said this new status will help him advance his research, especially in addressing aging.
This comes as part of a recent royal decree granting Saudi citizenship to several notable scholars, doctors, researchers, and innovators.
“Our Chairman, his Royal Highness (Crown Prince Mohammed bin Salman), has very high expectations of our work and the impact we need to do; We were created in part because of his vision,” Khan told Asharq Al-Awsat.
“Living up to the expectations and challenges we get faced with is itself exciting, but it is challenging,” revealed Khan, affirming that Hevolution’s team is “up to that task.”
Khan, who has experience in both corporate and medical fields, told Asharq Al-Awsat that his work across academic, public, and private sectors has been a continuous learning process, with each area enhancing the others.
According to the CEO, these industries are interconnected, and combining their strengths often leads to the best solutions.
This insight inspired the Hevolution initiative, which brings together the scientific community, NGOs, pharmaceutical companies, policymakers, academia, biotech firms, CEOs, and others to promote healthy aging.
Khan highlighted the value of integrating insights from different sectors.
Academia provides detailed research, the public sector offers insights on population health and regulations, and the corporate world brings innovation and efficiency, explained Khan, adding that by merging these perspectives, the world can tackle complex health challenges more effectively.
“We’ve been working through, and are now investing, funding and partnering with over 200 scientists around the world, and over 150 different university labs,” said Khan.
Hevolution uses this integrated approach to advance healthy aging.
This initiative embodies my passion for addressing major challenges and offers a significant opportunity to make a global impact.
Khan talked about the first $400 million commitment Hevolution made in the last 23 months, calling it “unprecedented.”
“There has never been a non-profit organization in the world that has gone from not existing to now becoming the largest philanthropy funding aging biology and medicine in the world,” affirmed Khan.
Khan stressed that work at Hevolution not only pushes scientific boundaries but also promotes cross-sector collaboration to improve global health outcomes.
Since Khan’s early days in medical school, he’s been deeply interested in nutrition and population health, which was an unconventional focus back then. This journey set the foundation for his later work in community health.
Khan’s time as an endocrinology faculty member at the Mayo Clinic was crucial. He led programs on diabetes, endocrine diseases, metabolism, and nutrition, which strengthened his expertise in designing disease prevention systems.
In the private sector, Khan took on a key role at Takeda Pharmaceutical as the global head of R&D, which shaped his approach to innovative healthcare solutions.
At PepsiCo, as Chief Scientific Officer, he learned crucial principles of scale, impact, transformation, and tackling global challenges.
As CEO of Hevolution, Khan uses all his professional experience to advance the foundation’s mission of developing health sciences to address age-related diseases.
Khan serves on the boards of Reckitt Benckiser and the Saudi Research, Development, and Innovation Authority (RDIA).
He is the CEO of Life Biosciences, a member of Saudi Arabia’s biotechnology strategy committee, and the chair of the advanced technology visiting committee at the US National Institute of Standards and Technology (NIST).
Khan told Asharq Al-Awsat that he feels honored to have recently become a Saudi citizen by royal decree, while also holding dual US and UK citizenship. This helps him lead Hevolution effectively and work closely with international partners.
Khan commented on his recent Saudi citizenship, saying that in addition to feeling honored to receive Saudi citizenship by royal decree, alongside other distinguished individuals, this recognition is a great privilege.
Being a Saudi citizen, as per Khan, is a significant milestone and acknowledges the progress in his work in aging science and global health. It also strengthens Khan’s commitment to the work at Hevolution.
Khan noted that this new status enhances his ability to build relationships and collaborate within the Kingdom and internationally. It offers a deeper connection with the local community and better opportunities to engage with policymakers and leaders.
He also said that this recognition boosts Hevolution’s global presence and credibility, making the foundation’s collaborations with international scientists and business leaders stronger. It positions Hevolution as a key player in addressing age-related diseases.
Khan emphasized that this honor reflects the hard work and innovation of Hevolution’s entire team.
The CEO said that it was collective efforts that have made this achievement possible.
Khan also said he is excited to engage more deeply with the scientific and medical community in the Kingdom, adding that his new citizenship helps him contribute to Vision 2030 and the national biotechnology strategy, promoting innovation and attracting top global talent.