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Saudi Oil Sustainability Program Launches Empowering Africa Initiative

The Empower Africa Initiative was announced during Climate Week in Riyadh (Asharq Al-Awsat)
The Empower Africa Initiative was announced during Climate Week in Riyadh (Asharq Al-Awsat)
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Saudi Oil Sustainability Program Launches Empowering Africa Initiative

The Empower Africa Initiative was announced during Climate Week in Riyadh (Asharq Al-Awsat)
The Empower Africa Initiative was announced during Climate Week in Riyadh (Asharq Al-Awsat)

The Oil Sustainability Program of the Saudi Ministry of Energy launched the "Empowering Africa" initiative in cooperation with the Ministries of Communications and Information Technology and the Ministries of Health.

The initiative aims to provide clean energy, connectivity, e-health, and e-learning solutions to improve lives and advance sustainable development in Africa.

Empowering Africa builds on the Clean Fuel Solutions for Cooking Program, a vital Middle East Green Initiative (MGI) component.

The initiative represents a milestone in advancing sustainable development and improving the lives of millions of people. It will empower communities across Africa.

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz said on the sidelines of the MENA Climate Week 2023 that energy is a human right, indicating that the program enables energy access.

Additional information on the program will be revealed during COP28 in Dubai.

The initiative offers solutions to vulnerable populations globally, many facing dire consequences due to traditional and hazardous cooking practices, such as coal and wood usage.

Clean cooking solutions have the potential to save countless lives by mitigating the health risks associated with these cooking fuels.

Launched in 2021 as part of the MGI, Clean Fuel Solutions for Cooking provides cleaner cooking fuels, including Liquefied Petroleum Gas (LPG), solar power, and biodigesters, to 750 million people worldwide.

The collaborative effort among Saudi institutions underscores the Kingdom's commitment to one of its most ambitious initiatives, which will forge a brighter future for African communities, and signifies the Kingdom's steadfast commitment to addressing worldwide challenges.

It encourages public involvement and advances international regulatory collaboration to pursue a brighter, more sustainable future for all.

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Business

Demand Remained Strong in Saudi Arabia's Non-oil Business in February, PMI Shows

A general view of the city of Riyadh (AFP)
A general view of the city of Riyadh (AFP)
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Demand Remained Strong in Saudi Arabia's Non-oil Business in February, PMI Shows

A general view of the city of Riyadh (AFP)
A general view of the city of Riyadh (AFP)

Growth in Saudi Arabia's non-oil private sector slowed slightly in February, a survey showed on Tuesday, although demand remained strong.

The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index (PMI) slipped to a reading of 56.1 in February from January's 56.3, but remained well above the 50.0 threshold that separates growth from contraction.

"This performance was driven by ⁠robust domestic demand ⁠and a steady flow of new project approvals," said Naif Al-Ghaith, Riyad Bank's chief economist.

In February's PMI survey, the new orders sub-index remained steady at 61.8, similar to the previous month, indicating strong demand with businesses continuing to report strong output growth and a sharp rise in employment.

The rate of ⁠employment ⁠growth accelerated to a four-month high, driven by increased sales and a build-up of backlogs, according to the survey. However, the rate of staff cost inflation hit its highest since the survey began in August 2009.

Business

Qatar LNG Halt Won't Immediately Affect Japan's Energy Supply, Minister Says

FILE PHOTO: Model of LNG tanker is seen in this illustration taken May 19, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Model of LNG tanker is seen in this illustration taken May 19, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
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Qatar LNG Halt Won't Immediately Affect Japan's Energy Supply, Minister Says

FILE PHOTO: Model of LNG tanker is seen in this illustration taken May 19, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Model of LNG tanker is seen in this illustration taken May 19, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

Qatar's LNG production halt due to Iranian strikes will not immediately affect Japan's energy supply, and if there is any impact, Japan could tap the spot market or utilities could buy from each other, Trade Minister Ryosei Akazawa said on Tuesday.

Akazawa told a regular press conference that Qatari liquefied natural gas accounts for 4% of Japan's total LNG imports and reiterated the government has no specific plans to release oil ⁠from stockpiles, while ⁠some Japan-bound ships are stranded in the Middle East.

If needed, Japanese companies have LNG inventory equivalent to about three weeks of consumption, according to the government, with the country's oil stockpiles holding the equivalent of 254 days of net imports.

The US and Israeli attack on Iran has pitched the Gulf into war, killed scores of people in Iran, ⁠Israel and Lebanon, thrown global air transport into chaos and shut down shipping through the Strait of Hormuz, where a fifth of the world's oil trade and a large amount of LNG skirt the Iranian coast.

Some 42 Japan-related ships are waiting in the Gulf, the country's foreign ministry said on Tuesday.

Qatar halted its LNG production on Monday, as Iran continued to strike Gulf countries in retaliation for Israeli and US strikes against it, prompting precautionary shutdowns of oil and gas facilities across the Middle East.

Japan, the world's second largest LNG importer, bought 3.4 million ⁠metric tons ⁠of LNG from Qatar last year, customs data shows, according to Reuters.

Together with LNG supply from Oman and the United Arab Emirates, Japan imported around 7 million tons of LNG from the Middle East last year, making up about 11% of its supply.

Some of Japan's biggest LNG importers, including JERA and Kansai Electric Power Co, have offtake contracts with the Middle Eastern producers.

Japan trades around 40 million tons of LNG annually and could redirect some of that back home in case of emergency. It also has a mechanism in place to buy at least one LNG cargo – or 70,000 metric tons – per month to mitigate supply risks.

Business

Turkish Monthly Inflation Near 3%, Keeping Pressure on Central Bank

A woman holding an umbrella on a rainy day during the holy fasting month of Ramadan outside the Hagia Sophia mosque in Istanbul, Türkiye, Friday, Feb. 27, 2026. (AP)
A woman holding an umbrella on a rainy day during the holy fasting month of Ramadan outside the Hagia Sophia mosque in Istanbul, Türkiye, Friday, Feb. 27, 2026. (AP)
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Turkish Monthly Inflation Near 3%, Keeping Pressure on Central Bank

A woman holding an umbrella on a rainy day during the holy fasting month of Ramadan outside the Hagia Sophia mosque in Istanbul, Türkiye, Friday, Feb. 27, 2026. (AP)
A woman holding an umbrella on a rainy day during the holy fasting month of Ramadan outside the Hagia Sophia mosque in Istanbul, Türkiye, Friday, Feb. 27, 2026. (AP)

Turkish inflation cooled to 2.96% on a monthly basis in February while the annual figure rose to 31.53%, largely as expected, according to official data on Tuesday that tees up a tough rate decision for the central bank next week.

Beyond the price pressure, market turmoil due to war between US-Israel and neighboring Iran prompted emergency measures by the central bank, including some $8 billion in FX sales on Monday, resulting in a roughly 300 basis-point rise in ‌the overnight rate to ‌about 40%.

Analysts say the central bank could respond ‌by ⁠officially halting an easing ⁠cycle that began in late 2024. In January, the monetary policy committee trimmed the bank's main policy interest repo rate by 100 basis points to 37%.

In January, monthly consumer price inflation surged to a higher-than-expected 4.84% while the annual rate slipped to 30.65%.

In February, monthly inflation was driven by a 6.89% surge in food and drinks prices, according to the Turkish Statistical Institute, marking ⁠the second month of pressure that has raised worries ‌about a disinflation trend that began in ‌2024 but recently slowed.

Finance Minister Mehmet Simsek said he expected the recent high food ‌price increases to be offset in the coming period, depending on weather ‌conditions, while acknowledging the energy price rises triggered by the Iran conflict.

"We are working to limit the inflationary impact of rising oil prices due to geopolitical developments," he said, adding that all policy tools are being used in coordination to sustain the ‌disinflation process.

In a Reuters poll, monthly inflation was forecast to be 3% with the annual rate seen at ⁠31.55%.

The data ⁠also showed the domestic producer price index rose 2.43% month-on-month in February for an annual increase of 27.56%.

The central bank has in recent weeks kept rate-cut expectations on track even as it has repeated it was ready to tighten policy if needed.

JPMorgan - which like most analysts had previously predicted another cut at the central bank's March 12 policy meeting - said on Monday it now expects the bank to hold rates. It also revised its year-end inflation forecast to 25% from 24%.

Last month, the central bank nudged up its year-end inflation forecast range by two percentage points to 15–21% and maintained its interim 16% target, despite market doubts over whether the downward trend seen throughout 2025 is on track.