عربي English Türkçe اردو فارسى
Logo
Latest News
Business

UAE is Over 100% Committed to OPEC+, Minister

Minister Suhail Mazrouei at the 8th Ministerial Conference of the Least Developed Countries (LDC) in Abu Dhabi, (WAM)
Minister Suhail Mazrouei at the 8th Ministerial Conference of the Least Developed Countries (LDC) in Abu Dhabi, (WAM)
TT
TT

UAE is Over 100% Committed to OPEC+, Minister

Minister Suhail Mazrouei at the 8th Ministerial Conference of the Least Developed Countries (LDC) in Abu Dhabi, (WAM)
Minister Suhail Mazrouei at the 8th Ministerial Conference of the Least Developed Countries (LDC) in Abu Dhabi, (WAM)

UAE is “over 100 percent” committed to the OPEC+ agreement to curb oil production, as the country’s production under the agreement reached about 3,000,072 barrels per day (BPD), announced Minister of Energy and Industry Suhail al-Mazrouei on Saturday.

"There are a lot of changes that are outside the concepts of balance of supply and demand: geopolitical changes, economic changes or the economic negotiations between the US and China have a great role to play in defining the size of future oil demand in 2020," Mazrouei said, according to WAM.

He noted that when negotiations end, the picture will be clearer regarding the future oil demand for 2020 and 2021.

The Organization of Petroleum Exporting Countries (OPEC) and its allies have agreed to maintain the current levels of oil production cuts until December. The organization stressed that all countries should abide by the OPEC + charter announced during the 16th meeting of the Joint Ministerial Committee.

Mazrouei announced a new initiative will be launched during the UNIDO General Conference, which will include a clear vision of the future of the industry in the UAE based on the foundations of the Fourth Industrial Revolution including artificial intelligence, and 3D printing.

The Minister stressed that the UAE's approach in developing a diversified and sustainable knowledge-based economy in which the industrial sector has played a key role.

“The UAE has adopted a comprehensive and integrated approach to developing the industrial sector which has allowed us to establish a sophisticated industrial base in unprecedented time and some of our national industrial companies have become major contributors to global value chains in a variety of advanced industrial sectors, such as aviation, aluminum, and other leading industries,” he indicated.

He pointed out that UAE was in 2017, the world’s largest donor of development assistance in proportion to Gross National Income for the fifth year running by the Development Assistance Committee of the Organisation of Economic Cooperation and Development.

UAE regularly exceed the UN target of 0.7 percent official development assistance in proportion to GNI. This is also seen through the foreign aid contributions channeled towards sustainable development and improving human welfare.

These principles are codified in the country’s five-year strategy for foreign aid, announced by the UAE’s Ministry of Foreign Affairs and International Co-operation for 2017-2021.

The strategy sees the UAE direct aid towards three key goals: women’s empowerment and protection, transport and urban infrastructure, and technical co-operation, Mazrouei explained.

“The UAE has focused on fostering an entrepreneurial ecosystem and providing strong support for small and medium enterprises to enter the industrial sector and contribute to global value chains. Embracing innovation and advanced technology is at the heart of the UAE’s efforts to develop a sustainable economy,” Mazrouei was quoted as saying.

Minister Mazrouei was at the 8th Ministerial Conference of the Least Developed Countries (LDC) in Abu Dhabi, followed by the 18th General Conference of UNIDO.

For his part, Director-General of UNIDO, Li Yong, said in his speech that the UAE has made great efforts to devote attention to achieving the goals of sustainable development in institutions and companies. He indicated that the ideas of sustainable development are reflected in Vision 2021 and government development plans.

Yong said that UNIDO has a long history of cooperation with the countries of the region, especially the Gulf Cooperation Council (GCC) and is currently implementing 14 projects in the Arab Gulf states.

The projects include developing energy, enhancing energy efficiency in the industrial sector, and mitigating and adapting to climate change through cleaner production.

The Director-General also announced that many of UNIDO projects support the adoption of recycling, with some focusing on enhancing resource efficiency in production. Others help develop safe and easy-to-recycle products while extending the life of products.

Most Viewed

 
 
Business

Saudi Aramco Achieves 70% Local Content Target through iktva Program

Saudi Aramco Achieves 70% Local Content Target through iktva Program
TT
TT

Saudi Aramco Achieves 70% Local Content Target through iktva Program

Saudi Aramco Achieves 70% Local Content Target through iktva Program

Saudi Aramco announced on Wednesday that its supply chain transformation program, iktva (In-Kingdom Total Value Add), has achieved its target of reaching 70% local content.

Building on this milestone, the company said that it plans to increase local content in its goods and services procurement to 75% by 2030.

Since its launch, the iktva program has contributed more than $280 billion to the Kingdom’s gross domestic product, reinforcing its role as a key driver of industrial development, economic diversification, and long-term financial resilience.

Through the localization of goods and services, the program has strengthened the resilience and reliability of Aramco’s supply chains, enhanced operational continuity, reduced supply chain vulnerabilities, and provided protection against global cost inflation - capabilities that proved critical during periods of disruption.

Aramco President and CEO Amin Nasser expressed pride in the scale of transformation achieved through iktva and its positive impact on the Kingdom’s economy, noting that the announcement represents a major milestone in the program’s journey and reflects a significant leap in Saudi Arabia’s industrial development, fully aligned with the Kingdom’s national vision.

“iktva is a core pillar of Aramco’s strategy to build a competitive national industrial ecosystem that supports the energy sector while enabling broader economic growth and creating thousands of job opportunities for Saudi nationals,” he stressed.

By localizing supply chains, the program ensures operational reliability and mitigates disruptions that may affect global supply chains, he added, noting that its cumulative impact over a decade demonstrates the sustained value it continues to generate.

Over the past decade, iktva has emerged as a leading example of supply-chain-driven economic transformation, converting Aramco’s project spending into domestic economic multipliers that have created jobs, improved productivity, stimulated exports, and strengthened supply chain resilience.

The program has identified more than 200 localization opportunities across 12 key sectors, representing an annual market value of $28 billion. These opportunities have translated into tangible investment outcomes, catalyzing more than 350 investments from 35 countries in new manufacturing facilities within the Kingdom, supported by approximately $9 billion in capital. These investments have enabled the local manufacture of 47 strategic products in Saudi Arabia for the first time.

iktva has also contributed to the creation of more than 200,000 direct and indirect jobs across the Kingdom, further strengthening the local industrial base and national capabilities. To support continued growth, the program organized eight regional supplier forums worldwide in 2025, in addition to its biennial forum. These events helped connect global investors, manufacturers, and suppliers with localization opportunities in Saudi Arabia.

Business

AirAsia X Unveils Kuala Lumpur-Bahrain-London Route

FILE PHOTO: Planes from AirAsia are seen on the tarmac of Kuala Lumpur International Airport Terminal 2 (KLIA2) in Sepang, Malaysia, February 26, 2024. REUTERS/Hasnoor Hussain/File Photo
FILE PHOTO: Planes from AirAsia are seen on the tarmac of Kuala Lumpur International Airport Terminal 2 (KLIA2) in Sepang, Malaysia, February 26, 2024. REUTERS/Hasnoor Hussain/File Photo
TT
TT

AirAsia X Unveils Kuala Lumpur-Bahrain-London Route

FILE PHOTO: Planes from AirAsia are seen on the tarmac of Kuala Lumpur International Airport Terminal 2 (KLIA2) in Sepang, Malaysia, February 26, 2024. REUTERS/Hasnoor Hussain/File Photo
FILE PHOTO: Planes from AirAsia are seen on the tarmac of Kuala Lumpur International Airport Terminal 2 (KLIA2) in Sepang, Malaysia, February 26, 2024. REUTERS/Hasnoor Hussain/File Photo

Malaysian budget carrier AirAsia X on Wednesday unveiled plans to resume flights from Kuala Lumpur to London via a new hub in Bahrain, using the extended range of narrow-body jets to stitch fresh routes alongside established carriers.

The service, due to start in June, would make Bahrain AirAsia X's first hub outside Asia, placing it within reach of busy markets in Southeast Asia, the Middle East and Europe.

It also marks a ‌return to ‌the British capital more than a decade after the airline suspended ‌non-stop ⁠flights from Kuala Lumpur ⁠and retired its Airbus A340 jets.

Co-founder Tony Fernandes said Bahrain could become a regional gateway for underserved secondary cities across Asia, Africa and Europe.

"While ... of course London is a very emotional destination for many people in Southeast Asia, the real aim is to have a bunch of A321s flying maybe 15 times a day to Bahrain," he told Reuters in an interview.

"From Bahrain, you connect to Africa and Europe with a big emphasis ⁠on creating connectivity that doesn't exist."

The move follows Asia's ‌largest low-cost carrier completing its acquisition of the short-haul ‌aviation business from parent Capital A, bringing the group's seven airlines under one umbrella.

Fernandes, also CEO ‌of Capital A, stressed the importance of the Airbus A321XLR, an extra-long-range narrow-body aircraft ‌he said would let the airline replicate its Asian low-cost model on intercontinental routes.

"That aircraft enables me to start thinking we can do what we did in Asia to Europe and Africa," he said, citing potential secondary routes such as Penang to Cologne or Prague.

AirAsia plans to ‌redeploy its larger A330s to longer routes while building up the Bahrain hub, with possible African destinations including the Maghreb region, Egypt, ⁠Morocco, Tanzania and Kenya. ⁠A Bangkok-to-Europe route is also under consideration.

Fernandes played down direct competition with Gulf carriers such as Emirates and Qatar Airways, positioning AirAsia X as a budget option aimed at a different market.

"I'm all about stimulating a new market," he said. "We've got into our little playground (of) 3 billion people, most of them have not been to Europe."

Business

Von der Leyen: EU Must 'Tear Down Barriers' to Become 'Global Giant'

(FILES) European Commission President Ursula von der Leyen delivers a speech in Brussels, on January 22, 2026. (Photo by NICOLAS TUCAT / AFP)
(FILES) European Commission President Ursula von der Leyen delivers a speech in Brussels, on January 22, 2026. (Photo by NICOLAS TUCAT / AFP)
TT
TT

Von der Leyen: EU Must 'Tear Down Barriers' to Become 'Global Giant'

(FILES) European Commission President Ursula von der Leyen delivers a speech in Brussels, on January 22, 2026. (Photo by NICOLAS TUCAT / AFP)
(FILES) European Commission President Ursula von der Leyen delivers a speech in Brussels, on January 22, 2026. (Photo by NICOLAS TUCAT / AFP)

The EU must "tear down the barriers" that prevent it from becoming a truly global economic giant, European Commission chief Ursula von der Leyen said Wednesday, ahead of leaders' talks on making the 27-nation bloc more competitive.

"Our companies need capital right now. So let's get it done this year," the commission president told EU lawmakers as she outlined key steps to bridging the gap with China and the United States.

"We have to make progress one way or the other to tear down the barriers that prevent us from being a true global giant," she said, calling the current system "fragmentation on steroids."

Reviving the moribund EU economy has taken on greater urgency in the face of geopolitical shocks, from US President Donald Trump's threats and tariffs upending the global trading to his push to seize Greenland from Denmark.

AFP said that Von der Leyen delivered her message before heading with EU leaders including France's Emmanuel Macron and Germany's Friedrich Merz to a gathering of industry executives in Antwerp, held on the eve of a summit on bolstering the bloc's economy.

A key issue identified by the EU is the fact that European companies face difficulties accessing capital to scale up, unlike their American counterparts.

To tackle this, Plan A would be to advance together as 27 states, von der Leyen said, but if they cannot reach agreement, the EU should consider "enhanced cooperation" between those countries that want to.

Von der Leyen said Europe should ramp up its competitiveness by "stepping up production" on the continent and "by expanding our network of reliable partners", pointing to the importance of signing trade agreements.

After recent deals with South American bloc Mercosur and India, she said more were on their way -- with Australia, Thailand, the Philippines and the United Arab Emirates.

One of the biggest -- and most debated -- proposals for boosting the EU's economy is to favor European firms over foreign rivals in "strategic" fields, which von der Leyen supports.

"In strategic sectors, European preference is a necessary instrument... that will contribute to strengthen Europe's own production base," she said -- while cautioning against a "one-size-fits-all" approach.

France has been spearheading the push, but some EU nations like Sweden are wary of veering into protectionism and warn Brussels against going too far.

The EU executive will also next month propose the 28th regime, also known as "EU Inc", a voluntary set of rules for businesses that would apply across the European Union and would not be linked to any particular country.

Brussels argues this would make it easier for companies to work across the EU, since the fragmented market is often blamed for why the economy is not better.

The commission is also engaged in a massive effort to cut red tape for firms, which complain EU rules make it harder to do business -- drawing accusations from critics that Brussels is watering down key legislation on climate in particular.