Iraqi Budget Tests Relationship between Sudani, Political Partieshttps://english.aawsat.com/home/article/4297241/iraqi-budget-tests-relationship-between-sudani-political-parties
Iraqi Budget Tests Relationship between Sudani, Political Parties
Iraqi Prime Minister Mohammed Shia al-Sudani (Reuters)
Controversy over Iraq’s budget has resurfaced, but this time from a political aspect.
As the government of Mohammed Shia al-Sudani insists that no major changes should be made in the budget for the current year 2023, the political parties see the budget as a gateway to stand up to the government, especially following the premier’s recent announcement of a cabinet reshuffle.
The budget suffers from a large deficit, but the political blocs found in this an opportunity for more quarrels with the government. In addition, setting the price of oil at $70 per barrel is considered by the political and parliamentary blocs as a risk with unsafe consequences. If prices fall, the deficit will increase.
Nonetheless, the most important political aspect for the political forces, including Sudani’s partners, is setting a budget for a period of three years, which would give the government absolute powers in terms of financial spending, perhaps without returning to parliament.
Sudani, for his part, seems self-confident, but not very assured about his partners. In his last television interview, he spoke about restoring the Iraqi people’s trust in the political system.
In fact, the measures that the prime minister initiated at the level of services and economic reforms began to yield positive results, the most important of which is the US dollar price, which has started to decline against the Iraqi dinar.
In this context, Economist Bassem Antoine told Asharq Al-Awsat that the exchange rate of the US dollar against the Iraqi dinar “will return to the official rate set by the government after the approval of the financial budget.”
He added: “There are those who exploited the dollar file over the past months,” noting that the measures adopted by the government and the central contributed to stopping the rise of the dollar.
Aramco Namaat: 5 Years of Industrial Localization and Economic Diversification in Saudi Arabiahttps://english.aawsat.com/business/5328359-aramco-namaat-5-years-industrial-localization-and-economic-diversification-saudi
Aramco Namaat: 5 Years of Industrial Localization and Economic Diversification in Saudi Arabia
Two workers carry out tasks at one of Saudi Aramco's facilities. (Aramco)
Saudi Aramco is expanding its investments in industries and services linked to its core business through the Aramco Namaat program, which has attracted nearly SAR 216 billion ($58 billion) in investments and helped establish 58 new companies since its launch in 2021, according to information obtained by Asharq Al-Awsat.
The program reflects the company's strategy of building local and international industrial partnerships aimed at localizing manufacturing and advanced technologies, strengthening supply chains, and contributing approximately SAR 103 billion ($27.4 billion) to the Kingdom’s gross domestic product.
Aramco Namaat is an industrial investment and strategic partnership program launched by the Saudi energy giant to attract local and international companies to invest in the Kingdom, develop domestic industries, create jobs for Saudis, and support economic diversification in line with Saudi Vision 2030.
Over the past five years, the program has reinforced Aramco’s role in excellence, innovation, and strategic planning, moving from one success to another by leveraging the company’s unique technical, commercial, and execution capabilities.
These five years have marked a turning point by transforming promising business ideas into tangible investment opportunities, turning what was once a vision into successful industrial projects that support a prosperous and sustainable future.
By the Numbers
According to information obtained by Asharq Al-Awsat, Aramco Namaat has become the meeting point between ambition and execution. The program has contributed to the launch of 58 active companies and attracted nearly SAR 216 billion ($58 billion) in investments.
Its impact extends beyond investment figures, contributing around SAR 103 billion ($27.4 billion) to Saudi Arabia’s GDP. This highlights the program’s central role in strengthening the domestic economy, localizing key industrial capabilities, and creating employment opportunities for Saudi men and women.
An Integrated Ecosystem
Aramco Namaat serves as a key tool for Saudi Aramco in building industrial investment partnerships. The program’s strategy focuses on creating value through three main pillars:
• Operational resilience for Saudi Aramco
• Technological resilience
• Development of new diversified industries
At the same time, it actively contributes to achieving the ambitions of Vision 2030.
The program seeks to empower national companies and generate value throughout Aramco’s ecosystem across four main areas: manufacturing, industrial services, digitalization and sustainability.
The program has strengthened public-private partnerships and fostered close collaboration with global and local partners, creating large-scale investment opportunities, establishing leading companies, and attracting foreign direct investment, all of which have enhanced the resilience and sustainability of supply chains.
Many of these investments are also supported by Saudi incentive programs that encourage companies to increase local investment. These initiatives have opened new opportunities for industrial-investment partners to participate in and benefit from the company’s long-term growth prospects.
President and CEO of Saudi Aramco Amin Nasser speaks with partners in the Namaat program. (SPA)
Industrial Services
Since its launch, Aramco Namaat has achieved major milestones across its four focus areas and has helped shape the future of industrial localization and economic diversification in the Kingdom.
In manufacturing, the program has supported local production of high-voltage subsea power cables, thick-wall pressure vessels and corrosion-resistant steel pipes.
These initiatives have enabled the localization of strategic and critical manufacturing capabilities.
The program is also working to establish an advanced global hub in Saudi Arabia specializing in modern metal reclamation technologies and production of advanced refining catalysts.
This strategic initiative positions the Kingdom as a leading regional center for sustainable resource recovery, high-value industrial production, and clean-energy solutions, driving economic growth and supporting Saudi Arabia’s commitment to a more sustainable and environmentally responsible economy.
Within industrial services, Aramco Namaat has supported the localization of a metal casting and forming facility, helping strengthen domestic manufacturing of critical products and enhancing the resilience of industrial supply chains.
The program has also contributed to the development of Saudi engineering, procurement, and construction (EPC) companies, increasing their ability to deliver reliable and competitive projects both within and outside the Kingdom.
Digitalization and Sustainability
Aramco Namaat has continued its contribution to national development through key digitalization initiatives.
Among the most notable are the localization of advanced digital technologies, including the establishment of a national information technology services company that provides integrated solutions in software development, consulting, and technical support to meet the technological needs of various sectors.
The program has also supported Unified Telecom, and more than seven companies located in the Digital Hub at King Salman Energy Park (SPARK).
The program has also made significant contributions to sustainability, including a project to localize the production of specialized glass.
Through the GulfGuard joint venture, it supported Guardian Glass in expanding specialized glass manufacturing within the Kingdom.
The project focuses on high-performance architectural glass, helping meet growing regional demand for energy-efficient buildings. The collaboration included the addition of new float-glass production lines and glass-processing facilities in Jubail Industrial City, strengthening the local supply chain with advanced products and delivering significant gains in technology localization.
The Road Ahead
Building on these achievements, Aramco Namaat is moving into its next phase with a focus on developing strategic industrial opportunities that strengthen Saudi Aramco’s ecosystem while accelerating the Kingdom’s industrial transformation.
Its priorities include driving innovation, supporting local industry, diversifying the economy, encouraging ambitious ideas and entrepreneurship, building resilient supply chains and localizing critical and advanced technologies.
The program continues to attract global partners to help establish new industrial capabilities while expanding advanced digital and manufacturing capacities and accelerating the adoption of industrial and digital solutions across emerging sectors.
In this way, Aramco Namaat is becoming part of a broader success story that reflects the Kingdom’s achievements in energy, industry, and innovation, both regionally and globally.
President of WPC Energy to Asharq Al-Awsat: Security of Supply Returns to the Forefront of Prioritieshttps://english.aawsat.com/business/5328340-president-wpc-energy-asharq-al-awsat-security-supply-returns-forefront-priorities
President of WPC Energy to Asharq Al-Awsat: Security of Supply Returns to the Forefront of Priorities
President of WPC Energy Pedro Miras. Turki Al-Agili
President of WPC Energy Pedro Miras said that security of supply has returned to the forefront of priorities for the global energy sector amid escalating geopolitical disruptions. He stressed that the global energy system is now more resilient to supply shocks than it was a few years ago, even though these disturbances continue to affect prices.
Miras made his remarks to Asharq Al-Awsat on the sidelines of the 17th Ministerial Meeting of the International Energy Forum (IEF), held in the Saudi capital as part of Riyadh Energy Week, which runs from October 11 to 15.
The week is anchored by the 25ᵗʰ WPC Energy Congress and includes international ministerial meetings focused on energy security and the future of the global energy system.
Riyadh is hosting IEF 17 under the theme “Energy Security and Shared Goals in a New Era.”
The event brings together energy ministers and senior officials to discuss market stability, strengthen dialogue between producing and consuming countries, support investment, and improve the transparency of energy data at a time of growing geopolitical risks and supply-chain challenges.
Miras explained that developments over the past few years have pushed security of supply back to the top of the agenda, stressing the importance of continuing to develop the sector while maintaining a balance among what he described as the three equally important pillars of the energy system.
A general view of the venue hosting the 17th Ministerial Meeting of the International Energy Forum (IEF) in Riyadh. Asharq Al-Awsat
Addressing supply disruptions, Miras noted that the industry has faced challenges in various parts of the world, not only in the Middle East, adding that the energy sector has extensive experience in dealing with such situations.
He said that the current disruptions would likely have had a much larger impact on markets in the past. However, the global energy system is now better equipped to withstand shocks than it was just a few years ago, despite the resulting increase in prices.
Miras added that these challenges remain manageable, pointing to previous crises that had far more severe consequences, and called for maintaining confidence in the sector’s ability to overcome ongoing disruptions.
Riyadh Kicks off Energy Week with Ministerial Meeting on Supply Security, Market Stabilityhttps://english.aawsat.com/business/5328271-riyadh-kicks-energy-week-ministerial-meeting-supply-security-market-stability
Riyadh Kicks off Energy Week with Ministerial Meeting on Supply Security, Market Stability
Preparations for the International Energy Forum's Ministerial Meeting in Riyadh (Asharq Al-Awsat)
Riyadh will host the 17th ministerial meeting of the International Energy Forum on Sunday, bringing together ministers, officials and energy industry leaders to discuss supply security, market stability and closer cooperation between producing and consuming nations.
The meeting comes as rising geopolitical risks threaten oil and gas flows, underscoring the importance of resilient infrastructure and export routes.
The meeting, hosted by Saudi Arabia in cooperation with Italy and Nigeria, is being held under the theme “Energy Security and Shared Goals in a New Era.” It is part of a series of international meetings and events taking place in the Saudi capital from Oct. 11-15, bringing together government officials, corporate leaders, international organizations and experts from around the world.
Energy security has taken on growing importance amid supply disruptions and risks to maritime chokepoints, particularly the Strait of Hormuz. These challenges have raised questions about markets’ ability to absorb shocks, secure energy flows and provide alternative export routes when traditional shipping lanes are disrupted.
The week’s agenda extends beyond supply security to cover investment in the energy sector, shifts in global demand, the use of digital technologies and artificial intelligence, the development of clean energy sources, carbon management and the role of critical minerals in building future energy systems.
Clean Energy, Innovation on the Agenda
Alongside the International Energy Forum’s ministerial meeting, Riyadh will host the 17th Clean Energy Ministerial (CEM17) and the 11th Mission Innovation Ministerial (MI-11) from Oct. 11-13, bringing together ministers, officials, private-sector leaders and representatives of research and innovation institutions.
The meetings will focus on accelerating the development of clean energy technologies and scaling up their deployment, turning innovations into practical solutions to support energy system transitions. Discussions will also address ways to strengthen cooperation among governments, companies and research centers, and support technologies that improve efficiency and reduce emissions.
These issues reflect the expanding international debate over the future of energy, which now extends beyond boosting production and securing supplies to include investment in grids and new technologies, meeting growing electricity demand, and balancing energy security with affordability and sustainability.
World Petroleum Congress opens on Monday
The week’s events will continue with the official opening of the 25th World Petroleum Congress (WPC Energy) on Monday at the Riyadh International Convention and Exhibition Center, under the theme “Pathways to an Energy Future for All.” The congress and its accompanying exhibition will run through Oct. 15.
The congress will bring together energy ministers, corporate executives, experts and investors to discuss oil and gas markets, energy security and investment, artificial intelligence and digital transformation, critical minerals, carbon management, natural gas and the evolution of the global energy mix through strategic and ministerial sessions.
The program will also include workshops and technical seminars organized by the Organization of Arab Petroleum Exporting Countries (OAPEC) during the congress.
Together, the meetings and events aim to provide a platform for dialogue among governments, producers, consumers, companies and international institutions at a time when energy markets face overlapping challenges related to geopolitics, supply reliability, investment needs and rapid technological change.
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