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Turkiye, UAE deepen energy ties with $1bn solar project

Turkiye, UAE deepen energy ties with $1bn solar project
Turkiye’s latest moves come as part of its broader Energy Transition Strategy. Reuters
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Updated 24 sec ago

Turkiye, UAE deepen energy ties with $1bn solar project

Turkiye, UAE deepen energy ties with $1bn solar project

JEDDAH: Turkiye and the UAE are advancing their clean energy collaboration, with a $1 billion solar power project in Nigde Bor marking a new milestone in their growing partnership, Turkish Minister of Energy and Natural Resources Alparslan Bayraktar said.

The initiative follows a series of strategic agreements between the two nations, including a $27 billion framework signed in 2023 and a memorandum of understanding between Abu Dhabi’s Masdar and Turkiye’s Ministry of Energy.

Both deals reflect the countries’ shared vision for sustainable energy development, technology transfer, and long-term climate goals.

In a post on X, Bayraktar said: “We hosted Mr. Mohamed Jameel Al-Ramahi, CEO of UAE-based energy company Masdar, and his accompanying delegation at our ministry.”

He added that discussions centered on “comprehensive cooperation opportunities, focusing on joint investments in solar energy, onshore and offshore wind projects, pumped-storage hydroelectricity, and technology transfer.”

Bayraktar confirmed that the partners have reached “the final stage of the approximately $1 billion, 1,100 MW solar power plant (GES) investment project to be built in Nigde Bor.” 

He said that potential investments in “an offshore wind power plant, HVDC transmission line, and pumped-storage hydroelectric plant were also considered.”

The minister emphasized that Turkiye seeks to deepen its strategic energy partnership with the UAE through intergovernmental collaboration on renewable projects.
“Through collaborations that will strengthen our energy vision, we seek to enhance our infrastructure, achieve our 2053 net-zero target, and establish a model transformation in the region,” Bayraktar said.

According to Turkiye’s state-run Anadolu Agency, both sides discussed investment opportunities across solar, wind, and hydroelectric energy, as well as technology transfer initiatives.

“Among the topics considered were potential investments in an offshore wind power plant, a high-voltage direct current transmission line, and a hydroelectric power plant,” the agency reported.

Turkiye’s latest moves come as part of its broader Energy Transition Strategy, which sets out ambitious targets to ensure energy security, cut dependence on imports, and achieve net-zero carbon emissions by 2053.

The roadmap aims to expand the nation’s wind and solar capacity from 30 gigawatts to 120 GW by 2035 — a fourfold increase requiring investments of about $108 billion.

The country is accelerating the adoption of solar technologies, including both thermal and photovoltaic systems, across industrial, residential, and agricultural applications. With advances in photovoltaic modules and large-scale solar installations, Turkiye is positioning solar power as a cost-effective and scalable pillar of its clean energy transformation.


ֱ’s borrowing strategy focusing on productive investment, finance minister tells US conference

ֱ’s borrowing strategy focusing on productive investment, finance minister tells US conference
Updated 8 sec ago

ֱ’s borrowing strategy focusing on productive investment, finance minister tells US conference

ֱ’s borrowing strategy focusing on productive investment, finance minister tells US conference

RIYADH: ֱ’s Finance Minister Mohammed Al-Jadaan has reiterated the Kingdom’s commitment to financing strategic, productive investments rather than resorting to tax increases or fiscal austerity. 

Speaking during a discussion hosted by the Atlantic Council on the sidelines of the 2025 annual meetings of the International Monetary Fund and the World Bank in Washington D.C., Al-Jadaan said ֱ borrows to fund strategic, productive programs that create investment and employment opportunities.  

He emphasized that borrowing supports development priorities in tourism, industry, technology, and logistics, according to a report by Asharq. 

Al-Jadaan’s comments reflect growing international confidence in ֱ’s economic outlook, underscored by the IMF’s latest upgrade of the Kingdom’s growth forecast to 4 percent for both 2025 and 2026.  

“We have no intention of increasing the tax burden on the economy,” Al-Jadaan said, adding that the Kingdom’s objective is to expand the overall size of the economy, thereby generating higher revenues through growth.

Al-Jadaan also highlighted the country’s economic momentum, noting that non-oil activities expanded 4.8 percent in the first half of 2025, contributing more than half of ֱ’s GDP.  

“If you can generate non-oil growth of 4.8 percent with a borrowing cost lower than that, then you are on the right path,” Al-Jadaan said, adding that such policies ensure “returns for the current generation and future ones.”  

He noted that ֱ maintains one of the lowest debt-to-gross domestic product ratios among G20 nations and ruled out the possibility of that ratio approaching 50 percent, citing the country’s disciplined fiscal policy. 

In its latest report, the IMF said the stronger outlook is driven by robust non-oil expansion and continued investment momentum, in line with Vision 2030 objectives to diversify the economy. 

The revision brings the IMF’s expectations closer to those of the World Bank and the Organization for Economic Cooperation and Development, which also project sustained acceleration in Saudi growth over the coming years. 

Al-Jadaan underlined that national spending is guided by Crown Prince Mohammed bin Salman’s directive that public interest remains the ultimate benchmark for all economic programs. 

“The Crown Prince’s message was clear — we must avoid any pride over projects we undertake. If a project no longer makes sense, we will not hesitate to change it, suspend it, or extend it,” he said. 

Contrary to speculation about scaled-back spending, he stressed: “ֱ continues to spend generously on tourism, industry, technology, and artificial intelligence.” 

Al-Jadaan added that some projects have been accelerated, particularly in logistics, to support the rapid growth of tourism and manufacturing.  

He revealed that the Public Investment Fund has completed a comprehensive portfolio review and will announce its updated strategy soon. 

The minister described the current budget deficit as “intentional,” reflecting the government’s choice to invest in diversifying the economy.  

Al-Jadaan emphasized the importance of prudent borrowing, noting that when debt is directed toward productive areas such as infrastructure, connectivity, and human capital, it transforms into long-term wealth for future generations instead of becoming a financial burden.


Saudi minister announces national scrap metal firm amid $16bn steel sector push

Saudi minister announces national scrap metal firm amid $16bn steel sector push
Updated 10 min 32 sec ago

Saudi minister announces national scrap metal firm amid $16bn steel sector push

Saudi minister announces national scrap metal firm amid $16bn steel sector push

RIYADH: ֱ is set to create a national company to import scrap metal as it seeks to bolster a sector which has SR60 billion ($15.9 billion) worth of investment opportunities. 

Speaking at the third Saudi International Iron and Steel Conference in Riyadh, Minister of Industry and Mineral Resources Bandar Alkhorayef said the Kingdom wants to boost local manufacturing and curb import reliance.

He said the ministry had assessed the market to address supply gaps and enhance local production of high-value steel products.  

The initiative forms part of the Kingdom’s wider industrial strategy under Vision 2030, which seeks to localize key materials, attract foreign investment, and increase the manufacturing sector’s contribution to non-oil gross domestic product. 

Amidst what the minister described as ongoing “challenges and developments” in the iron and steel sector, he urged industry companies to collaborate on implementing key strategic recommendations.  

These include the establishment of a dedicated steel academy to qualify Saudi talent and the founding of a national company to import and supply scrap metal. 

“This [scrap metal company] will have a direct impact on improving costs and supporting the growth of the sector,” Alkhorayef stated, highlighting the initiative’s potential to enhance competitiveness. 

“We have studied the best options to cover the deficit in the local market and reduce imports of steel plates, with investment opportunities estimated at around SR60 billion distributed across a range of products important for the local industry,” he told delegates. 

Furthermore, he called on the sector to continue its pivot toward high-economic-impact industries and to invest in high-value, quality products.  

The three-day conference, which started on Oct. 14, has drawn thousands of participants from more than 50 countries and is supported by the Federation of Saudi Chambers of Commerce.  

This year’s edition focuses on sustainable production, technological innovation, and supply-chain resilience across the Middle East’s rapidly evolving iron and steel industry. 

The conference will convene industry leaders, government officials and experts from the global steel supply chain to debate key themes such as upstream raw material access, green steel technologies, regulatory shifts, and supply chain dynamics.  


Saudi inflation eases 0.1% in September as prices show stability: GASTAT

Saudi inflation eases 0.1% in September as prices show stability: GASTAT
Updated 15 October 2025

Saudi inflation eases 0.1% in September as prices show stability: GASTAT

Saudi inflation eases 0.1% in September as prices show stability: GASTAT

RIYADH: ֱ’s consumer prices dipped 0.1 percent in September from the previous month, signaling continued economic stability as the Kingdom maintains moderate inflationary pressure. 

According to the General Authority for Statistics, the monthly decline was mainly driven by lower transport costs, along with decreases in restaurant and accommodation services, furnishings, and communication prices. 

This helped ֱ’s annual inflation rate stand at 2.2 percent in September, driven primarily by rising housing and water costs.

This is in line with the International Monetary Fund’s latest World Economic Outlook report, which projects that the Kingdom will maintain an annual inflation rate of 2.1 percent in 2025 and 2 percent in 2026. 

In its latest report, GASTAT stated: “On a monthly basis, the CPI decreased comparatively by 0.1 percent in September 2025 compared to August 2025. The transport division decreased by 0.4 percent, mainly due to a 1.4 percent decrease in passenger transport.” 

It added: “Restaurant and accommodation services division decreased by 0.9 percent.” 

The agency added that prices of furniture and home appliances, periodic home maintenance, and entertainment and culture all declined 0.3 percent, as did the cost of clothing and footwear, and insurance and financial services. 

Prices in the information and communications and health divisions edged down 0.1 percent. 

The report, however, noted increases in housing, water, electricity, gas and other fuels with 0.4 percent, food and beverages with 0.1 percent, and personal goods and services with 0.4 percent, compared to the previous month. 

Prices of education saw an increase of 0.3 percent, while tobacco division products showed a 0.1 percent increase in September. 

Annual inflation 

ֱ’s annual inflation rate of 2.2 percent is broadly in line with the August figure, supported by steady gains of 5.2 percent in housing and utility costs, offset by declines in transport and hospitality prices.  

Rents paid for housing saw an increase of 6.7 percent, with actual rents paid by tenants for primary residences rising by 6.7 percent. This category’s substantial weight in the overall index had a considerable impact on the inflation rate. 

In March, Crown Prince Mohammed bin Salman ordered measures to stabilize Riyadh’s real estate market amid rising costs. This led to new regulations enacted in September, imposing a five-year freeze on all residential and commercial rent increases within the city, effective Sept. 25. 

Food and beverage prices also saw an increase of 1.1 percent, influenced by a 0.6 percent rise in meat prices. The prices of restaurants and hotels rose by 1.5 percent, driven by a 1.9 percent increase in accommodation services. 

“Prices in the personal care, social protection, and other goods and services division increased by 5.4 percent, driven by a 16.3 percent rise in the prices of other personal effects,” the report added. 

The transport division prices rose by 1.6 percent, influenced by a 6.9 percent increase in passenger transport prices, and the prices of the insurance and financial services division also increased by 7.7 percent, driven by a 12.7 percent rise in the prices of the insurance group. 

Conversely, the prices of furnishing and home equipment decreased by 0.6 percent, driven by a 3.2 percent decline in furniture, carpets, and flooring prices. 

Similarly, the information and communication division prices recorded a decrease of 0.4 percent, due to a 6.4 percent decline in the prices of information and communication equipment. 

Wholesale price index 

In another report, GASTAT revealed that the Wholesale Price Index increased by 2.1 percent in September compared to the same month of the previous year. 

This increase was mainly driven by a 4 percent rise in the prices of transportable goods and a 4.7 percent increase in agriculture and fishery products. 

On a monthly basis, the WPI increased by 0.3 percent in September compared to August, attributed to a 0.7 percent rise in prices of metal products and machinery, driven by a 5.3 percent increase in basic chemicals, and a 1.5 percent rise in furniture and other transportable products. 

The prices of metal products, machinery and equipment increased by 0.1 percent, driven by a 0.3 percent uptick of basic metals and a 0.3 percent increase in equipment transport.

In a month-on-month comparison, the prices of ores and minerals, food and beverages, and tobacco, as well as textiles, saw no significant changes during the month. 

Average prices of goods and services 

In a separate bulletin from the GASTAT, notable shifts in the average prices of goods and services across ֱ for September were revealed. 

Local tomatoes saw the highest month-on-month increase at 27.1 percent, followed by green beans at 17.8 percent, local zucchini at 16.2 percent, local okra at 15.1 percent, and green local peppers at 12.4 percent. 

Conversely, several items experienced significant price drops during the same period. Furnished apartments saw the highest decrease at 9.2 percent, followed by Indian pomegranates at 7.5 percent,  and hotel accommodation at 5.8 percent.


IMF raises Saudi growth forecast to 4% for 2025 and 2026 

IMF raises Saudi growth forecast to 4% for 2025 and 2026 
Updated 14 October 2025

IMF raises Saudi growth forecast to 4% for 2025 and 2026 

IMF raises Saudi growth forecast to 4% for 2025 and 2026 

RIYADH: The International Monetary Fund has raised ֱ’s economic growth forecast to 4 percent for both 2025 and 2026. 

In its October World Economic Outlook, the IMF upgraded the Kingdom’s 2025 projection from the 3.6 percent it forecast in July, along with an estimate of 3.9 percent for 2026.

The IMF’s updated forecast is broadly in line with projections from other institutions. The World Bank this month said the Saudi economy will expand 3.2 percent in 2025, accelerating to 4.3 percent in 2026 and 4.4 percent in 2027. In September, the Organization for Economic Cooperation and Development also raised its 2026 growth estimate for the Kingdom to 3.9 percent from 2.5 percent. 

Globally, the IMF expects the world economy to grow by 3.2 percent in 2025 and 3.1 percent in 2026. 

In its latest report, the institution said: “Growth in the Middle East and Central Asia is projected to accelerate, from 2.6 percent in 2024 to 3.5 percent in 2025 and to 3.8 percent in 2026.” 

The IMF said the forecast largely reflects developments in Gulf Cooperation Council countries, in particular ֱ.

The report also noted that ֱ is expected to maintain an annual inflation rate of 2.1 percent in 2025 and 2 percent in 2026. 

Regional outlook 

The Middle East and North Africa region is expected to post economic growth of 3.3 percent in 2025, rising to 3.7 percent in 2026. 

The IMF projected that the UAE economy will expand by 4.8 percent in 2025 and 5 percent in 2026. 

Qatar is forecast to grow 2.9 percent this year before accelerating to 6.1 percent in 2026. 

Following a slowdown in 2024, Kuwait’s economy is set to rebound in 2025, with growth projected at 2.6 percent. 

The IMF added that both Oman and Bahrain are expected to grow by 2.9 percent in 2025. 

Global outlook 

The IMF attributed the stronger global outlook to several factors, noting that growth is now projected at 3.2 percent this year and 3.1 percent next year. 

The fund said prospects have improved “thanks to the agility of the private sector, which front-loaded imports in the first half of the year and speedily reorganized supply chains to redirect trade flows.” 

It also cited the negotiation of new trade deals between various countries and the US, along with restraint from much of the world, which has largely kept the trading system open. 

Among advanced economies, the US is projected to grow 2 percent in 2025 and 2.1 percent in 2026, while the UK is expected to expand 1.3 percent in both years. 

In emerging markets, India leads with growth of 6.6 percent in 2025 and 6.2 percent in 2026, while the Chinese economy is forecast to expand 4.8 percent and 4.2 percent, respectively.


Closing Bell: Saudi main index edges up to 11,596

Closing Bell: Saudi main index edges up to 11,596
Updated 14 October 2025

Closing Bell: Saudi main index edges up to 11,596

Closing Bell: Saudi main index edges up to 11,596

RIYADH: ֱ’s Tadawul All Share Index continued its upward movement for the second consecutive day, as it gained 4.31 points or 0.04 percent to close at 11,596. 

The total trading turnover of the benchmark index was SR5.82 billion ($1.55 billion), with 82 of the listed stocks advancing and 171 declining. 

The Kingdom’s parallel market, Nomu, however, shed 113.94 points or 0.44 percent to close at 25,689.28. 

The MSCI Tadawul Index edged up by 0.25 percent to 1,510.45. 

The best-performing stock on the main market was Abdullah Saad Mohammed Abo Moati for Bookstores Co. The firm’s share price increased by 4.97 percent to SR49.80. 

The share price of Al Mawarid Manpower Co. rose by 4.38 percent to SR138.10. 

Rabigh Refining and Petrochemical Co. also saw its stock price climb by 4.37 percent to SR8.59.

Conversely, the share price of Naseej International Trading Co. declined by 8.25 percent to SR71.15. 

Fawaz Abdulaziz Alhokair Co., also known as Cenomi Retail, also saw a decline with its share price dropping by 3.69 percent to SR25.04. 

On the announcements front, Balady Poultry Co. said that it signed two land lease agreements with ֱ’s Ministry of Environment, Water and Agriculture for a period of nineteen Hijri years — approximately 18 years and 6 months.

Under the contract, the company secured two land plots in Wadi Al-Dawasir, Riyadh, spanning an area of 27.7 million meters and 23 million meters, for an annual rent of SR222,619 and SR190,274, respectively.

Through this investment, the firm aims to ramp up the production of broiler chickens, with most barns expected to be dedicated to the production of heavy-weight broiler chickens. 

Balady Poultry Co. said that the move aligns with the firm’s wider strategy to expand the poultry business with investments exceeding SR1.14 billion. 

The company added that the investment will achieve a good rate of return that will be positively reflected on the company’s financial statements once the facilities start operations. 

The share price of Balady Poultry Co. edged up by 1.64 percent to SR154.50.