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‘Shareek’ Program to Boost Saudi Petrochemicals Industry

Saudi SABIC anticipates leap in the petrochemical industry through the Shareek program (Asharq Al-Awsat)
Saudi SABIC anticipates leap in the petrochemical industry through the Shareek program (Asharq Al-Awsat)
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‘Shareek’ Program to Boost Saudi Petrochemicals Industry

Saudi SABIC anticipates leap in the petrochemical industry through the Shareek program (Asharq Al-Awsat)
Saudi SABIC anticipates leap in the petrochemical industry through the Shareek program (Asharq Al-Awsat)

Saudi Basic Industries Corporation (SABIC) CEO Yousef Al-Benyan said that a new government initiative to promote the private sector would help it double its capacity within the next 10 to 15 years.

He added that the ‘Shareek’ stimulus package “would enhance the company’s competitive position on the local, regional and global levels.”

Al-Benyan also highlighted the impact on manufacturing industries, helping to boost demand for petrochemical products in the Kingdom.

Speaking to Asharq Al-Awsat on the sidelines of the event set up for launching Sareek, Al-Benyan said that such initiatives place Saudi Arabia at the forefront of countries that provide a supportive and sustainable environment for business.

“The program enables the private sector to work with the relevant ministry or government agency to obtain the necessary specialized support,” he added.

Crown Prince Mohammed bin Salman announced late on Tuesday night that the Kingdom would boost economic activity by means of a plan to increase private sector investment. There would also be the stimulus from a new national investment strategy to be announced soon.

Under the new Shareek program, private sector businesses will be helped to invest 5 trillion riyals between now and 2030.

The program, according to al-Benyan, will increase growth opportunities for the petrochemical industries, support manufacturing industries in the Kingdom, strengthen the supply chain, improve accessibility of competitive financing to support SMEs, and further develop foreign trade by supporting Saudi exports.

“Shareek’s importance in achieving the national vision for transformation, Kingdom Vision 2030, lies in several strategic goals that include reducing oil dependency, maximizing local content, transferring and localizing technology and knowledge, and developing and empowering human resources in the Kingdom,” said al-Benyan.

“We realize that the prosperity of the private sector is an important strategic priority for Saudi Arabia and that it will play a pivotal role in boosting the Kingdom's economic growth,” he affirmed.

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Macron Arrives in Kenya Ahead of Africa Summit

French President Emmanuel Macron (L) shakes hands with Kenyan President William Ruto (R) during a reception at State House ahead of the Africa Forward: Africa- France Partnerships for Innovation and Growth Summit in Nairobi, on May 10, 2026. (AFP)
French President Emmanuel Macron (L) shakes hands with Kenyan President William Ruto (R) during a reception at State House ahead of the Africa Forward: Africa- France Partnerships for Innovation and Growth Summit in Nairobi, on May 10, 2026. (AFP)
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Macron Arrives in Kenya Ahead of Africa Summit

French President Emmanuel Macron (L) shakes hands with Kenyan President William Ruto (R) during a reception at State House ahead of the Africa Forward: Africa- France Partnerships for Innovation and Growth Summit in Nairobi, on May 10, 2026. (AFP)
French President Emmanuel Macron (L) shakes hands with Kenyan President William Ruto (R) during a reception at State House ahead of the Africa Forward: Africa- France Partnerships for Innovation and Growth Summit in Nairobi, on May 10, 2026. (AFP)

President Emmanuel Macron on Sunday met with his Kenyan counterpart William Ruto in Nairobi as part of an African visit aimed at renewing France's engagement with the continent after years of strained ties with former colonies.

Macron is to co-host a two-day summit starting on Monday, bringing together African leaders and business executives, as he seeks to cement his legacy one year before the end of his term.

The meeting will focus on economic development and cross-border investment, among other themes, the French presidency said, stressing that it will be the first such forum held in an English-speaking country.

Macron hopes to highlight France's renewed relationship with the continent as a "report card on his Africa policy", said one diplomat.

Anti-French sentiment runs high in some former African colonies as the continent becomes a renewed diplomatic battleground, with Russian and Chinese influence growing.

Once master of vast expanses of northern, central and western Africa, France has played a crucial role in the continent's post-colonial history, repeatedly intervening militarily since the early 1960s.

France has vowed to abandon the so-called "Francafrique" strategy, under which Paris sought to keep francophone Africa under its thumb through political collusion, exclusive access for French businesses and oblique financial deals, including graft.

Macron arrived in English-speaking Kenya from Egypt and is also due to travel to Ethiopia as part of his Africa tour.

Business

China, US to Hold Trade Talks in South Korea Next Week

Treasury Secretary Scott Bessent listens as President Donald Trump speaks at a charter school in The Villages, Fla., Friday, May 1, 2026. (AP)
Treasury Secretary Scott Bessent listens as President Donald Trump speaks at a charter school in The Villages, Fla., Friday, May 1, 2026. (AP)
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China, US to Hold Trade Talks in South Korea Next Week

Treasury Secretary Scott Bessent listens as President Donald Trump speaks at a charter school in The Villages, Fla., Friday, May 1, 2026. (AP)
Treasury Secretary Scott Bessent listens as President Donald Trump speaks at a charter school in The Villages, Fla., Friday, May 1, 2026. (AP)

Senior Chinese and US officials will hold talks in South Korea next week, Beijing's commerce ministry and Washington's Treasury secretary said Sunday, ahead of an expected summit between leaders Xi Jinping and Donald Trump.

The Chinese commerce ministry said in a statement that Vice Premier He Lifeng, Beijing's top economic official, will attend "consultations on mutual economic and trade issues" on Tuesday and Wednesday.

US Treasury Secretary Scott Bessent said in a post on X: "On Wednesday, I will stop in Seoul for a discussion with Vice Premier He Lifeng of China, before continuing on to Beijing for the Leaders' Summit between President Trump and President Xi."

Trump is set to visit China for a high-stakes summit with Xi, with the two leaders expected to focus on easing tensions over trade and Taiwan, with the war in the Middle East looming large over talks.

While Washington and Beijing slapped tit-for-tat tariffs on each other's exports a year ago, Trump and Xi agreed on a year-long trade truce at their October meeting in South Korea.

Business

Aramco CEO Warns 1 Billion Barrels Lost Will Slow Oil Market Recovery

President and CEO of Saudi's Aramco, Amin Nasser, speaks during the Future Investment Initiative (FII) in Riyadh, Saudi Arabia October 29, 2024. (Reuters)
President and CEO of Saudi's Aramco, Amin Nasser, speaks during the Future Investment Initiative (FII) in Riyadh, Saudi Arabia October 29, 2024. (Reuters)
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Aramco CEO Warns 1 Billion Barrels Lost Will Slow Oil Market Recovery

President and CEO of Saudi's Aramco, Amin Nasser, speaks during the Future Investment Initiative (FII) in Riyadh, Saudi Arabia October 29, 2024. (Reuters)
President and CEO of Saudi's Aramco, Amin Nasser, speaks during the Future Investment Initiative (FII) in Riyadh, Saudi Arabia October 29, 2024. (Reuters)

The world has lost about 1 billion barrels of oil over the past two months and energy markets will take time to stabilize even if ‌flows resume, ‌Saudi Aramco’s CEO said on ‌Sunday, ⁠as shipping disruptions ⁠choke traffic through the Strait of Hormuz.

"Our objective is simple: keep energy flowing, even when the system is under strain," Amin Nasser told Reuters in a statement after Aramco reported a 25% ⁠jump in net profit in ‌its first-quarter.

Global energy supplies ‌have been sharply squeezed by Iran’s blockade of ‌the Strait of Hormuz, which ‌has curtailed shipping and driven prices higher following the US-Israeli war.

"Reopening routes is not the same as normalizing a market that has ‌been deprived of about one billion barrels of oil," Nasser said, ⁠adding ⁠that years of underinvestment have compounded the strain on already-low global inventories.

Aramco has used its East-West Pipeline to bypass Hormuz and transport crude to the Red Sea, an asset Nasser described as a "critical lifeline" to mitigate the global supply crisis.

Despite shifts in shipping routes, Nasser reiterated that Asia remained a key priority for the company and was central to global demand.