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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

World Food Prices Rose in March as Iran War Lifted Energy Costs, FAO Says

A farmer carries harvested rice at a paddy field in Samahani, Aceh province on April 2, 2026. (AFP)
A farmer carries harvested rice at a paddy field in Samahani, Aceh province on April 2, 2026. (AFP)
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World Food Prices Rose in March as Iran War Lifted Energy Costs, FAO Says

A farmer carries harvested rice at a paddy field in Samahani, Aceh province on April 2, 2026. (AFP)
A farmer carries harvested rice at a paddy field in Samahani, Aceh province on April 2, 2026. (AFP)

World food prices climbed in March, due largely to higher energy costs linked to the escalating conflict in the Middle East, the United Nations Food and Agriculture Organization said on ‌Friday.

The FAO ‌Food Price Index, ‌which ⁠measures changes in ⁠a basket of globally traded food commodities, averaged 128.5 points in March, up 2.4% from its revised February level.

"Price rises ⁠since the conflict ‌began ‌have been modest, driven mainly by ‌higher oil prices and ‌cushioned by ample global cereal supplies," FAO Chief Economist Maximo Torero said in ‌a statement.

But if the conflict lasts over 40 days ⁠and ⁠input costs remain high, farmers may reduce inputs, plant less, or switch crops, leading to lower future yields and affecting food supply and prices for the rest of this year and next, he said.

Business

Turkish Inflation Near 2% Monthly in March, Below Forecasts

A full moon rises behind Galata Tower, in Istanbul, Türkiye, Thursday, April 2, 2026. (AP)
A full moon rises behind Galata Tower, in Istanbul, Türkiye, Thursday, April 2, 2026. (AP)
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Turkish Inflation Near 2% Monthly in March, Below Forecasts

A full moon rises behind Galata Tower, in Istanbul, Türkiye, Thursday, April 2, 2026. (AP)
A full moon rises behind Galata Tower, in Istanbul, Türkiye, Thursday, April 2, 2026. (AP)

Turkish consumer price inflation was 1.94% month-on-month in March, while the annual figure fell to 30.87%, data from the Turkish Statistical Institute showed ‌on Friday.

In ‌a Reuters ‌poll, ⁠monthly inflation was ⁠forecast to be 2.32%, with the annual rate seen at 31.4%, driven by ⁠a rise in ‌fuel prices ‌and weather-related pressures ‌on food inflation.

In ‌February, consumer prices rose 2.96% month-on-month and 31.53% year-on-year, broadly in ‌line with estimates and reinforcing expectations that ⁠the ⁠disinflation process may be stalling.

The data also showed the domestic producer index rose 2.30% month-on-month in March for an annual increase of 28.08%.

Business

Oil Prices Surge While Asian Share Prices Rise Moderately

FILE - Workers walk in an area at a degassing station in Zubair oil field, whose operations have being reduced due to the Mideast war triggered by the US and Israeli attacks on Iran, near Basra, Iraq, March 28, 2026. (AP Photo/Leo Correa, File)
FILE - Workers walk in an area at a degassing station in Zubair oil field, whose operations have being reduced due to the Mideast war triggered by the US and Israeli attacks on Iran, near Basra, Iraq, March 28, 2026. (AP Photo/Leo Correa, File)
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Oil Prices Surge While Asian Share Prices Rise Moderately

FILE - Workers walk in an area at a degassing station in Zubair oil field, whose operations have being reduced due to the Mideast war triggered by the US and Israeli attacks on Iran, near Basra, Iraq, March 28, 2026. (AP Photo/Leo Correa, File)
FILE - Workers walk in an area at a degassing station in Zubair oil field, whose operations have being reduced due to the Mideast war triggered by the US and Israeli attacks on Iran, near Basra, Iraq, March 28, 2026. (AP Photo/Leo Correa, File)

Oil prices continued to surge on worries of a prolonged Iran war but the Asian markets that were open Friday rose moderately in cautious trading, while others were closed for the Good Friday holidays.

Benchmark US crude rose 11.4% to $111.54 a barrel. The price of Brent crude, the international standard, jumped 7.8% to $109.03 per barrel, The Associated Press said.

“A more extended conflict raises the threat to physical infrastructure, extends disruptions through the Strait of Hormuz, and will entail a longer post-war recovery period, with price impacts spilling over later into the year,” according to a report from BMI, a unit of Fitch Solutions.

The US only relies on the Arabian Gulf for a fraction of the oil it imports, but oil is a commodity and prices are set in a global market.

The situation is very different in Asia. Japan, for example, relies on access to the Strait of Hormuz for much of the nation’s oil import needs and would need to rely on alternative routes. But some analysts say Japan and other nations are counting on an agreement with Iran to allow transports.

Japan’s benchmark Nikkei 225 gained 0.9% in Friday morning trading to 52,938.62. South Korea’s Kospi jumped 2.1% to 5,344.41. The Shanghai Composite sank 0.5% to 3,899.57. Trading was closed in Hong Kong, Singapore, Australia, New Zealand, the Philippines, Indonesia and India.

Wall Street, where trading is closed Friday, finished its first winning week since the start of the Iran war, although trading started out with a decline driven by a surge in oil prices.

That came after US President Donald Trump late Wednesday vowed the US will continue to attack Iran and failed to offer a clear timetable for ending the conflict in the Middle East.

The S&P 500 rose 7.37 points, or 0.1%, to 6,582.69. Several days of solid gains this week helped the benchmark index notch a 3.4% gain for the week. The Dow Jones Industrial Average fell 61.07 points, or 0.1%, to 46,504.67. The Nasdaq composite rose 38.23 points, or 0.2%, to 21,879.18. Both indexes also notched weekly gains.

Treasury yields remained relatively steady in the bond market. The yield on the 10-year Treasury fell to to 4.30% from 4.32%.

In currency trading, the US dollar edged up to 159.66 Japanese yen from 159.53 yen. The euro cost $1.1535, inching down from $1.1537.