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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)
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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.

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Business

IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
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IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA

The International Monetary Fund (IMF) and the Arab Monetary Fund (AMF) signed a memorandum of understanding (MoU) on the sidelines of the AlUla Conference on Emerging Market Economies (EME) to enhance cooperation between the two institutions.

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki, SPA reported.

The agreement aims to strengthen coordination in economic and financial policy areas, including surveillance and lending activities, data and analytical exchange, capacity building, and the provision of technical assistance, in support of regional financial and economic stability.

Both sides affirmed that the MoU represents an important step toward deepening their strategic partnership and strengthening the regional financial safety net, serving member countries and enhancing their ability to address economic challenges.

Business

Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT
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Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT

The Federation of Saudi Chambers announced the formation of the first joint Saudi-Kuwaiti Business Council for its inaugural term (1447–1451 AH) and the election of Salman bin Hassan Al-Oqayel as its chairman.

Al-Oqayel said the council’s formation marks a pivotal milestone in economic relations between Saudi Arabia and Kuwait, reflecting a practical approach to enabling the business sectors in both countries to capitalize on promising investment opportunities and strengthen bilateral trade and investment partnerships, SPA reported.

He noted that trade between Saudi Arabia and Kuwait reached approximately SAR9.5 billion by the end of November 2025, including SAR8 billion in Saudi exports and SAR1.5 billion in Kuwaiti imports.

Business

Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
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Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).

Harvard University economics professor Pol Antràs said Saudi Arabia represents an exceptional model in the shifting global trade landscape, differing fundamentally from traditional emerging-market frameworks. He also stressed that globalization has not ended but has instead re-formed into what he describes as fragmented integration.

Speaking to Asharq Al-Awsat on the sidelines of the AlUla Conference for Emerging Market Economies, Antràs said Saudi Arabia’s Vision-driven structural reforms position the Kingdom to benefit from the ongoing phase of fragmented integration, adding that the country’s strategic focus on logistics transformation and artificial intelligence constitutes a key engine for sustainable growth that extends beyond the volatility of global crises.

Antràs, the Robert G. Ory Professor of Economics at Harvard University, is one of the leading contemporary theorists of international trade. His research, which reshaped understanding of global value chains, focuses on how firms organize cross-border production and how regulation and technological change influence global trade flows and corporate decision-making.

He said conventional classifications of economies often obscure important structural differences, noting that the term emerging markets groups together countries with widely divergent industrial bases. Economies that depend heavily on manufacturing exports rely critically on market access and trade integration and therefore face stronger competitive pressures from Chinese exports that are increasingly shifting toward alternative markets.

Saudi Arabia, by contrast, exports extensively while facing limited direct competition from China in its primary export commodity, a situation that creates a strategic opportunity. The current environment allows the Kingdom to obtain imports from China at lower cost and access a broader range of goods that previously flowed largely toward the United States market.

Addressing how emerging economies should respond to dumping pressures and rising competition, Antràs said countries should minimize protectionist tendencies and instead position themselves as committed participants in the multilateral trading system, allowing foreign producers to access domestic markets while encouraging domestic firms to expand internationally.

He noted that although Chinese dumping presents concerns for countries with manufacturing sectors that compete directly with Chinese production, the risk is lower for Saudi Arabia because it does not maintain a large manufacturing base that overlaps directly with Chinese exports. Lower-cost imports could benefit Saudi consumers, while targeted policy tools such as credit programs, subsidies, and support for firms seeking to redesign and upgrade business models represent more effective responses than broad protectionist measures.

Globalization has not ended

Antràs said globalization continues but through more complex structures, with trade agreements increasingly negotiated through diverse arrangements rather than relying primarily on multilateral negotiations. Trade deals will continue to be concluded, but they are likely to become more complex, with uncertainty remaining a defining feature of the global trading environment.

Interest rates and artificial intelligence

According to Antràs, high global interest rates, combined with the additional risk premiums faced by emerging markets, are constraining investment, particularly in sectors that require export financing, capital expenditure, and continuous quality upgrading.

However, he noted that elevated interest rates partly reflect expectations of stronger long-term growth driven by artificial intelligence and broader technological transformation.

He also said if those growth expectations materialize, productivity gains could enable small and medium-sized enterprises to forecast demand more accurately and identify previously untapped markets, partially offsetting the negative effects of higher borrowing costs.

Employment concerns and the role of government

The Harvard professor warned that labor markets face a dual challenge stemming from intensified Chinese export competition and accelerating job automation driven by artificial intelligence, developments that could lead to significant disruptions, particularly among younger workers. He said governments must adopt proactive strategies requiring substantial fiscal resources to mitigate near-term labor-market shocks.

According to Antràs, productivity growth remains the central condition for success: if new technologies deliver the anticipated productivity gains, governments will gain the fiscal space needed to compensate affected groups and retrain the workforce, achieving a balance between addressing short-term disruptions and investing in long-term strategic gains.