OPEC secretary-general Mohammad Barkindo dies

OPEC secretary-general Mohammad Barkindo dies
Mohammad Barkindo speaking in 2017 (AFP)
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Updated 06 July 2022

OPEC secretary-general Mohammad Barkindo dies

OPEC secretary-general Mohammad Barkindo dies

RIYADH: OPEC secretary-general Mohammad Barkindo has died in Abuja, Nigeria at the age of 63, Arab News has learned.

He will be buried in his home town of Yola, a source confirmed.

The news of Barkindo’s death was confirmed by Mele Kyari, managing director of Nigerian National Petroleum Corporation. 

Saudi Investment Minister Khalid Al-Falih paid tribute to Barkindo for his services and offered condolences to his family.

 

 

In a tweet, Kyari described Barkindo’s death as a great loss to his immediate family, NNPC Nigeria, the Organization of the Petroleum Exporting Countries, and the global energy community.

A few hours before his death, Barkindo was honored by Nigerian President Muhammadu Buhari at the state house.

 

 

During the ceremony, Buhari lauded Barkindo's efforts as the secretary general of OPEC for six years.

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“You have indeed been a worthy ambassador of our country. We are proud of your achievements before and during your appointment at OPEC and the proud legacies you will leave behind,” said Buhari.

Barkindo’s unexpected death came at a time when he was expected to complete his tenure as the OPEC secretary-general on July 31. 

It has been reported that Barkindo would join the Atlantic Council as a distinguished fellow in the Global Energy Center after his term at the OPEC concluded.

In a career which spanned over four decades, Barkindo worked as NNPC’s International Investments head, president of Duke oil, and CEO of NNPC. 

From 1986 to 2010, Barkindo was the Nigerian Delegate to OPEC Ministerial Conferences. He became the secretary-general of OPEC on Aug. 1, 2016, and continued in that position until his death. 

 

 

 


NIDC inks deal with Valeo Egypt to boost Kingdom’s automotive sector 

NIDC inks deal with Valeo Egypt to boost Kingdom’s automotive sector 
Updated 19 sec ago

NIDC inks deal with Valeo Egypt to boost Kingdom’s automotive sector 

NIDC inks deal with Valeo Egypt to boost Kingdom’s automotive sector 

RIYADH: In a push to localize the Kingdom’s automotive industry, Saudi Arabia’s National Industrial Development Center has inked a strategic deal with Valeo Egypt, the software development unit of the global automotive supplier. 

The two parties signed a memorandum of understanding set to pave the way for the localization of automotive components and manufacturing of modern systems for mobility technology in the Kingdom, the Saudi Press Agency reported. 

The MoU was signed in the presence of Bandar Alkhorayef, the Saudi minister of industry and mineral resources, and Ahmed Saleh, the Egyptian minister of trade and industry. 

The deal will significantly enhance the efficiency and growth of Saudi Arabia’s automotive sector, as charted in the National Industrial Strategy’s objectives. 

The NIS serves as Saudi Arabia’s roadmap for diversifying its industrial base, boosting non-oil exports, attracting foreign investment, promoting innovation and research, and generating local employment. 

The strategy revolves around three key objectives, namely developing a resilient industrial economy, establishing an integrated industrial center, and achieving global leadership in manufacturing selected industrial commodities. 

The NIS has set ambitious goals for the industrial sector, with the aim of increasing the sector’s contribution to the Kingdom’s gross domestic product from $88.26 billion to $377.06 billion by 2035.

Additionally, it hopes to boost jobs in the industrial sector from 900,000 to 3.3 million during the same period.  


Closing bell: Saudi bourses stay steady for the 3rd consecutive day  

Closing bell: Saudi bourses stay steady for the 3rd consecutive day  
Updated 22 min 43 sec ago

Closing bell: Saudi bourses stay steady for the 3rd consecutive day  

Closing bell: Saudi bourses stay steady for the 3rd consecutive day  

RIYADH: Saudi Arabia’s Tadawul All Share Index remained steady for the third consecutive day, as it edged up 23.28 points, or 0.21 percent, to close at 11,316.87 on Tuesday.  

While parallel market Nomu gained 112.78 points to reach 21,428.78, the MSCI Tadawul Index went up 0.05 percent to close at 1,497.65.  

The total trading turnover of the benchmark index was SR6.69 billion ($1.78 billion) as 104 listed stocks advanced, while 106 retreated.  

The best-performing stock on the day was Abdullah Al Othaim Markets Co., whose share price surged 8.19 percent to SR14.80.  

The Power and Water Utility Co. for Jubail, and Yanbu and Aldrees Petroleum and Transport Services Co. were the other top gainers, as their share prices soared 7.07 percent and 6.96 percent, respectively.  

Tihama Advertising and Public Relations Co. was the worst performer with its share price dropping 2.52 percent to SR19.36.  

On the announcements front, Saudi Arabia’s Capital Markets Authority approved the public listing of Fad International Co., Atlas Elevators General Trading & Contracting Co., Clean Life Co., and Riyal Investment & Development Co. on Nomu.  

According to bourse filings, Riyal Investment and Clean Life will offer 720,000 and 300,000 shares, representing 9 percent and 20 percent of their capital, respectively.  

On the other hand, Fad International and Atlas Elevators will float 240,000 and 1.2 million shares, accounting for 20 percent of each of their capital.  

Meanwhile, CMA issued a resolution to approve Al-Rajhi Co. for Cooperative Insurance’s request to increase its capital from SR400 million to SR1 billion by giving 1.5 bonus shares for every existing share owned by the shareholders. Its share price edged up 0.98 percent to SR123.60.  

The authority also approved a request by Takween Advanced Industries Co. to reduce its capital from SR950 million to SR464.65 million.   

According to a statement to Tadawul, the move will bring down the company’s number of shares to 46.464 million from 95 million. Its share price edged up 1.42 percent to SR10. 


Saudi real estate fund signs deals worth $3.64bn to boost housing market   

Saudi real estate fund signs deals worth $3.64bn to boost housing market   
Updated 33 min 30 sec ago

Saudi real estate fund signs deals worth $3.64bn to boost housing market   

Saudi real estate fund signs deals worth $3.64bn to boost housing market   

RIYADH: Aiming to boost Saudi Arabia’s housing market, the Kingdom’s Real Estate Development Fund inked finance agreements worth SR13.7 billion ($3.64 billion) in the first quarter of 2023.   

The deals sought to offer housing benefits to 21,000 citizens during the first quarter, according to the National Development Fund’s quarterly report. 

Such agreements are in line with the Kingdom’s Vision 2030 strategy that aims to provide adequate and affordable housing opportunities for Saudi families.   

The fund also deposited over SR2.7 billion into the accounts of Sakani beneficiaries during the first quarter of 2023, the report said.   

The Sakani program was launched in 2017 by REDF to facilitate home ownership in the Kingdom by developing new housing stock, allocating plots and homes to nationals and financing their purchase.   

Furthermore, the fund’s real estate advisor service recorded over 36,000 recommendations for housing and financing during the first quarter, in addition to approximately 53,000 new beneficiaries, showed the report.   

Saudi Arabia’s NDF provided over SR30 billion funding support in the first quarter of 2023, according to the report.   

The funding was allocated through a number of cooperation agreements and financing support for various economic sectors with an aim to achieve the social, economic and cultural goals envisioned in the Kingdom’s Vision 2030.    

This comes after the fund approved over SR135 billion in financing support for 2022, its annual report released in January showed.     

Additionally, the Saudi Industrial Development Fund approved financing agreements valued at SR875 million with 24 businesses to support the objectives of the National Strategy for Industry.    

Various achievements, agreements and new initiatives that helped in maximizing the developmental impact on the Saudi economy were also highlighted in the report.   

In May, the Kingdom’s housing market got a fresh stream of liquidity, with Saudi Real Estate Refinance Co. announcing SR3.5 billion in sukuk issuances.  

The latest issuance of SRC, owned by the Public Investment Fund, marked the sixth tranche under its upsized SR20 billion sukuk program. 

The real estate finance company will keep boosting market liquidity and assisting lenders and investors, which will stabilize the Saudi mortgage market, stated SRC CEO Fabrice Susini. 

Furthermore, this move will also speed up the rise of homeownership in the country, he added.   

“The positive response from investors to SRC’s latest sukuk issuance is a clear testament to the strength of the Kingdom’s housing market and economy,” Susini said. 


Egypt’s foreign reserves rise by $110m in May  

Egypt’s foreign reserves rise by $110m in May  
Updated 43 min 43 sec ago

Egypt’s foreign reserves rise by $110m in May  

Egypt’s foreign reserves rise by $110m in May  

RIYADH: Egypt’s foreign reserves saw a month-on-month increase in May of around $110 million to hit $34.66 billion, the latest data from the Central Bank of Egypt showed. 

After the economic breakdown following the Ukraine-Russia war, Egypt’s net international reserves dropped from a high of $40.9 billion in February 2022 to a record low of $33.14 billion in August of that year.   

However, the North African country’s NIR gradually increased in the past nine months.   

According to the central bank, Egypt’s international reserves comprise approximately $26.7 billion in foreign currencies, $7.95 billion in gold and $27 million in special drawing rights.   

The International Monetary Fund defines the SDR as an international reserve asset created to supplement the official reserves of its member countries. 

The IMF is currently assessing Egypt’s economic environment to release the second installment of a $3 billion loan approved in December 2022.   

According to data announced by the country’s central bank last month, Egypt’s net foreign assets deficit increased by $1.66 billion to $24.42 billion in March 2023 from 22.76 billion in February.   

Egypt’s current account deficit also dropped 77.2 percent to $1.8 billion in the first half of its fiscal year.   

The financial institution revealed this deficit reduction was fueled by Egypt’s current account turning a $1.41 billion surplus in the October to December quarter of 2022 as imports dropped and exports rose. 

This shift came after the country saw a $3.19 billion deficit between July and September — the first quarter of Egypt’s fiscal year. 

During most of 2022, import restrictions were in place to tackle the country’s current account shortfall.


KAPSARC bags key UN Environment Program role

KAPSARC bags key UN Environment Program role
Updated 06 June 2023

KAPSARC bags key UN Environment Program role

KAPSARC bags key UN Environment Program role

RIYADH: Saudi Arabia will soon become an active partner in global ecological governance after the UN granted the King Abdullah Petroleum Studies and Research Center a key role in its environmental activities. 

According to a KAPSARC press note, the think tank will now be able participate in global energy, climate and environment dialogues, as well as adopt an observer status, after being handed a place in the UN Environment Program.

Building on its accreditation by the UN Framework Convention on Climate Change, KAPSARC’s new status will enable it to deliver evidence-based reporting and policy recommendations, particularly in this crucial phase of climate change conversations. 

Brian Efird, director of strategic partnerships at KAPSARC, highlighted that this accreditation grants the center “the privilege of receiving unedited working documents of the UN Environment Assembly at the same time as the Committee of the Permanent Representatives.” 

He added: “Moreover, KAPSARC gains the ability to submit written contributions, actively participate in official UNEA meetings, and make valuable oral and written contributions during these sessions.” 

KAPSARC has already embraced its commitment to the UNEP by participating in the second session of the Intergovernmental Negotiating Committee in Paris from May 29 to June 2. 

The discussion focused on developing an international framework to address plastic pollution. 

During the conference, KAPSARC played a significant part in the discussions, contributing expertise and insights to help shape effective global strategies and policies in the area.

KAPSARC highlighted the value of a circular plastic economy, including reduction, reuse, recycling and removal strategies. The center expressed support for technologies that can contribute to these goals.