Startup Wrap – Saudi VCs pour capital into ventures through strategic investments  

Startup Wrap – Saudi VCs pour capital into ventures through strategic investments  
This week's FII8 witnessed numerous deals that boosted the startup landscape. Shutterstock
Short Url
Updated 01 November 2024
Follow

Startup Wrap – Saudi VCs pour capital into ventures through strategic investments  

Startup Wrap – Saudi VCs pour capital into ventures through strategic investments  

RIYADH: Saudi venture capital firms are fueling regional innovation through substantial investments and new initiatives. 

Aramco Ventures led New York-based industrial internet-of-things monitoring and communications startup Andium’s $21.7 million series B funding round. 

Existing backers, including Climate Investment, Intrepid Financial Partners, and individual investors such as former Citadel Chief Investment Officer Thomas Miglis, also participated. The investment brings Andium’s total funding to over $40 million, following its $15 million series A round in 2021. 

The newly secured funds will enable Andium to accelerate its global expansion, scale operations in oil and gas regions in the US and the Middle East, reduce technology costs, and bolster its research and development initiatives. 

Wa’ed Ventures allocates $100m for early-stage AI investments 

Saudi Aramco’s $500-million financial capital arm Wa’ed Ventures has earmarked $100 million for early-stage artificial intelligence investments. This initiative is part of efforts to position Saudi Arabia as a global leader in the technology, aligning with the Kingdom’s strategic development goals. 

The deployment of the fund will be overseen by an advisory board comprising experts from prominent global institutions such as Meta, the Massachusetts Institute of Technology, Oxford University, and Amazon. 

A report by PwC projects that artificial intelligence could contribute $135 billion to Saudi Arabia’s economy by 2030, amounting to 12 percent of the country’s gross domestic product.

Wa’ed Ventures has recently invested in Korea’s Rebellions and US-based AiXplain as part of its investment strategy. 

Beta Lab launches with $300m to foster deeptech innovation 




Beta Lab launched at FII8 in Riyadh. X/@BetalabSA

Saudi Arabia’s new deeptech venture studio, Beta Lab, launched with $300 million in capital at the Future Investment Initiative. 

The outfit aims to bolster startups and promote cross-border innovation between the Middle East and Southeast Asia. 

This strategic initiative is backed by the Saudi Ministry of Investment, the Research, Development, and Innovation Authority, the Hong Kong Science and Technology Parks Corporation, and MDI Ventures by Telkom Indonesia.  

Beta Lab is expected to catalyze growth in the deep tech sector through significant investments and collaborative partnerships.   

Tharawat Green Exchange secures $450k for sustainability initiatives 

Saudi Arabia-based Web3 provider Tharawat Green Exchange has raised $450,000 from Adaverse, a fund dedicated to Web3 and blockchain investments.  

Founded in 2023 by Yakeen Al-Zaki, Hassan Al-Redha, and Yasser Al-Obaidan, Tharawat Green Exchange focuses on leveraging blockchain technology for environmental sustainability, aligning with Saudi Vision 2030. 

The capital will support infrastructure and blockchain development, enhance sales and marketing, and help secure Vera certification for Tharawat Green Exchange’s carbon credits. 

BIM Capital established to boost Middle East investment




BIM Ventures and SBI Holding announced the establishment of BIM Capital during the FII8 conference in Riyadh. Supplied

Saudi-based BIM Ventures and Japan’s SBI Holding have launched BIM Capital, a joint venture to stimulate investment opportunities in Saudi Arabia and the wider Middle East.  

The new organization will focus on private equity, venture capital, debt funds, and real estate investments.

With a target of drawing more than $200 million in foreign direct investment, BIM Capital aims to manage assets worth over $2 billion.  

The joint venture seeks to leverage both firms’ expertise to accelerate regional growth and innovation. 

ARKTECH raises $1m in pre-seed funding 

Saudi proptech company ARKTECH has successfully closed a $1 million pre-seed investment round, led by Core Vision Investment.  

Established in 2023 by Waheed Al-Jassas, ARKTECH specializes in utility contract trading to enhance real estate investment returns. 

The funding will strengthen the company’s leadership in the property technology sector and support the development of new tech-enabled investment solutions. 

Nabt secures $1.5m seed round for B2B marketplace 

Saudi foodtech startup Nabt has raised $1.5 million in a seed funding round led by Merak Capital, with additional backing from angel investors.  

Launched in 2022 by Abdullah Al-Otaibi, Nabt runs a business-to-business marketplace that directly connects farmers with businesses. 

The funding will be used to accelerate product development and expand Nabt’s market presence.  

The company is part of the Sunbolah FoodTech Accelerator, an initiative by Saudi Arabia’s Ministry of Environment, Water, and Agriculture to promote innovation in the agricultural sector. 

ISSF invests $5m in Rua Growth Fund 




ISSF CEO Mohammed Al Muhtaseb, and Turki Aljoaib, managing partner of Rua Growth Fund. ISSF

Jordan’s Innovative Startups and Small and Medium Enterprises Fund has invested $5 million in Rua Growth I LP, a $45-million Saudi Arabia-based venture capital fund focused on early-stage investments in e-commerce, financial technology, enterprise solutions, and software as a service. 

This investment aims to leverage Jordan’s robust startup ecosystem and foster innovation, enhancing the competitive edge of local startups in regional markets. 

Tadarab expands into Saudi Arabia amid rising demand 

Kuwait-based education technology platform Tadarab has expanded operations into Saudi Arabia as part of its strategy to address the growing need for online education solutions in the region.  

Founded in 2016 by Zaid Al-Luhaib and Salma Al-Yassin, Tadarab offers courses that support personal and professional development across the Middle East and North Africa region. 

The expansion aims to tailor Tadarab’s educational solutions to meet the diverse demands of Saudi learners, benefiting both individuals and corporate clients. 

Pass secures $2.7m to expand into Egypt and Saudi Arabia 

Qatar-based delivery service app Pass has raised $2.7 million in a pre-series A funding round from undisclosed investors.  

Initially launched by the UK’s Peyk in 2020 and later acquired by local entrepreneur Bashar Jaber in 2023, the newly acquired funding will support Pass’s expansion into Egypt and Saudi Arabia and facilitate the development of new products to enhance its market position. 

Colis.ma closes $300k pre-seed funding 

Morocco’s logistics startup Colis.ma has secured $300,000 in pre-seed funding from Witamax.  

Founded in 2022 by Issam Darui, Colis.ma focuses on cross-border logistics services for individuals and small and medium-sized enterprises, aiming to bridge African and European markets.   

The funds will be used to strengthen Colis.ma’s operations in Morocco’s five largest regions and expand into six major European countries, with plans for further growth into West Africa. 

Pargo expands into Egypt with $4m funding 

South African e-commerce logistics startup Pargo has entered the Egyptian market after raising $4 million from 3Capital Ventures, Endeavor, SAAD Investment Holdings, and UW Ventures.  

Launched in 2014 by Derk Hoekert and Lars Veul, Pargo provides innovative delivery solutions tailored for the e-commerce sector. 

The expansion includes the rollout of collection and return service points across Egypt to support e-commerce growth.


Pakistan signs $4.5 billion loans with local banks to ease power sector debt

Pakistan signs $4.5 billion loans with local banks to ease power sector debt
Updated 21 June 2025
Follow

Pakistan signs $4.5 billion loans with local banks to ease power sector debt

Pakistan signs $4.5 billion loans with local banks to ease power sector debt
  • The government, which owns much of the power infrastructure, is grappling with ballooning ‘circular debt’
  • The liquidity crunch has disrupted supply, discouraged investment and added to fiscal pressure on Islamabad

KARACHI: Pakistan has signed term sheets with 18 commercial banks for a 1.275 trillion Pakistani rupee ($4.50 billion) Islamic finance facility to help pay down mounting debt in its power sector, government officials said on Friday.

The government, which owns or controls much of the power infrastructure, is grappling with ballooning “circular debt”, unpaid bills and subsidies, that has choked the sector and weighed on the economy.

The liquidity crunch has disrupted supply, discouraged investment and added to fiscal pressure, making it a key focus under Pakistan’s $7 billion IMF program.

Finding funds to plug the gap has been a persistent challenge, with limited fiscal space and high-cost legacy debt making resolution efforts more difficult.

“Eighteen commercial banks will provide the loans through Islamic financing,” Khurram Schehzad, adviser to the finance minister, told Reuters.

The facility, structured under Islamic principles, is secured at a concessional rate of 3-month KIBOR, the benchmark rate banks use to price loans, minus 0.9 percent, a formula agreed on by the IMF.

“It will be repaid in 24 quarterly instalments over six years,” and will not add to public debt, Power Minister Awais Leghari said.

Existing liabilities carry higher costs, including late payment surcharges on Independent Power Producers of up to KIBOR plus 4.5 percent, and older loans ranging slightly above benchmark rates.

Meezan Bank, HBL, National Bank of Pakistan and UBL were among the banks participating in the deal.

The government expects to allocate 323 billion rupees annually to repay the loan, capped at 1.938 trillion rupees over six years.

The agreement also aligns with Pakistan’s target of eliminating interest-based banking by 2028, with Islamic finance now comprising about a quarter of total banking assets.


Saudi gold demand defies price surge amid cultural, digital shift

Saudi gold demand defies price surge amid cultural, digital shift
Updated 20 June 2025
Follow

Saudi gold demand defies price surge amid cultural, digital shift

Saudi gold demand defies price surge amid cultural, digital shift

RIYADH: Gold prices may be at record highs, but that has not stopped Saudi consumers from buying. In the first quarter of 2025, demand for gold jewelry in the Kingdom jumped 35 percent year on year, even as global demand fell 21 percent, according to the World Gold Council.

That surge comes amid a global price rally, with gold breaching $3,500 per ounce in April, up from around $2,370 a year earlier — driven by geopolitical tensions, inflation fears, and aggressive central bank buying. 

“This rapid increase in the price of the bullion can be attributed to one main reason – central bank buying,” Vijay Valecha, chief investment officer at Century Financial, told Arab News. 

Yet despite the soaring cost, Saudi Arabia’s deep-rooted gold culture continues to shine, with consumers purchasing 11.5 tonnes of gold jewelry in the first quarter, up from 8.5 tonnes a year earlier.

“This feat occurred despite the 34 percent rise in prices in early 2025, demonstrating Saudi consumers’ strong demand and purchasing power,” said Valecha.

Vijay Valecha, chief investment officer at Century Financial. Supplied

Gold in the Kingdom is more than a financial asset — it represents tradition, adornment, and intergenerational wealth. From bullion bars to minimalist 18-carat jewelry, Saudi buyers are proving resilient even as other regional markets, such as the UAE and Kuwait, witness sharp declines in demand.

Hamza Dweik, head of trading for the MENA region at Saxo Bank, emphasized gold’s cultural role, telling Arab News: “Gold is deeply embedded in Saudi traditions, especially during weddings and festive occasions. This cultural attachment ensures a steady baseline of demand, even during price surges.”

Global factors

Valecha explained that following the conflict in Ukraine, many countries grew concerned about holding excessive reserves in US dollars, prompting nations such as China and Russia to increase their gold purchases.

“China has spearheaded record levels of global central bank purchases of gold. Hence, looking ahead, the trend of gold buying by central banks is expected to continue,” he added.

​​Another push came in May, when Moody’s downgraded the US credit rating from Aaa to Aa1, citing “a sustained increase in government debt (exceeding $36 trillion), rising interest payment ratios, and persistent fiscal deficits exacerbated by political dysfunction and policy uncertainty.”

Valecha added that this marked the first time the US lost its top-tier rating from all three major agencies. 

Cultural drivers

In different parts of the Kingdom, people buy gold for different reasons. In the north, around 70 percent of buyers view gold primarily as an investment, while in the south, it is more closely tied to tradition and adornment. Gold bars and coins are also gaining popularity, with people stocking their safes with bars of varying weights and purity.

In the first quarter, gold demand in Saudi Arabia grew 15 percent year on year to 4.4 tonnes. Jewelry preferences are also shifting — from favoring diamonds to a growing obsession with gold.

More young buyers are opting for 18-carat pieces due to their affordability, modern style, and lighter tone, as they appear less yellow than 21- and 24-carat gold.

“They also have a less flashy design/colour, which makes them better for everyday use,” Valecha explained.

Hamza Dweik, head of trading for the MENA region at Saxo Bank. Supplied

Digital platforms and online gold purchases are also on the rise, blending tradition with technology — from buying fractional gold and using savings apps to investing through exchange-traded funds.

“Younger generations are blending tradition with technology — embracing digital gold platforms, fractional ownership, and ETFs, while still participating in cultural gifting. This is reshaping how gold is marketed and consumed,” Dweik added.

While countries including the UAE and Kuwait have seen gold demand decline, Saudi Arabia is moving in the opposite direction, with domestic consumers leading the surge, supported by strong spending habits.

Consumer spending in the Kingdom hit an all-time high in March, rising 17 percent to SR148 billion ($39.44 billion) — the highest monthly increase since May 2021 — before easing to SR113.9 billion in April.

The shift in consumer behavior is evident across the Kingdom. Jewelers in Riyadh spoken to by Arab News reported a growing interest in custom pieces, lighter-weight ornaments, and contemporary designs that suit both festive occasions and everyday wear. 

The 18-carat trend, once seen as a budget-friendly option, has become a fashion choice, according to the jewelers. More women are purchasing gold for themselves, breaking away from the traditional gift-only narrative. 

While physical stores remain popular for high-value purchases, particularly during wedding seasons and religious festivals, digital platforms are making inroads. Online retailers like L’azurde are adapting to this demand by offering buy-now-pay-later plans, making gold more accessible to a wider audience. Popular jewelry items include 21-carat necklaces and rings, while younger buyers favor 18-carat pieces for daily wear.

Market outlook

Looking ahead, both Valecha and Dweik expect prices to remain strong. Valecha predicts gold could reach $3,700 per ounce by year-end, though he cautions short-term investors. “Buyers should assess their investment horizon — long-term holders may still find value, while short-term buyers should be mindful of volatility,” he said.

“Sustained central bank purchases, heightened investor appetite in a period of uncertainty in the economic landscape, and projected interest rate cuts drive this bullish projection. The projected price under a recession scenario is as high as $3,880 per ounce,” Valecha added.

Dweik agreed, and said: “While structural drivers support continued growth, potential corrections could occur if inflation eases or interest rates rise.”

Saudi Arabia may also be poised to grow into a regional gold trading hub. Valecha believes that with the right infrastructure and regulatory framework, the Kingdom could play a larger role in the global market. “To elevate its status, a modern, transparent gold market ecosystem and enhanced refining capabilities would be essential,” he said.

With deep-rooted traditions, rising investment activity, and a modernized retail environment, Saudi Arabia’s gold market is not only resilient — it is evolving. In a time of global uncertainty, gold continues to shine across the Kingdom.


Where the money is flowing: AI, agritech, and fintech set to lead Saudi venture capital ecosystem

Where the money is flowing: AI, agritech, and fintech set to lead Saudi venture capital ecosystem
Updated 20 June 2025
Follow

Where the money is flowing: AI, agritech, and fintech set to lead Saudi venture capital ecosystem

Where the money is flowing: AI, agritech, and fintech set to lead Saudi venture capital ecosystem

RIYADH: Saudi Arabia’s venture capital ecosystem is entering a pivotal phase of growth, fueled by a surge in domestic and international investment targeting sectors aligned with the Kingdom’s Vision 2030.

Agriculture tech, fintech, artificial intelligence, and clean energy are emerging as key pillars of this transformation, driven by regulatory reforms, demographic shifts, and a rising global investor appetite.

The country’s ambition to become a regional innovation hub is drawing sustained capital inflows, placing it at the center of the broader emerging venture market investment narrative.

Domestic ambition shapes sectoral disposition

Said Murad, senior partner at investment firm Global Ventures, cited Saudi Arabia’s high food import dependency and its ambitions to boost domestic production as key in drawing funds to the Kingdom.

“Agritech and climate-related technologies will certainly contribute to the next phase of investment growth,” he told Arab News in an interview.

Complementing this trend, Philip Bahoshy, CEO of MAGNiTT, pointed to fintech, AI, clean energy, logistics, and advanced manufacturing as areas expected to dominate future funding.

“These sectors align with Vision 2030’s push for economic diversification and digital transformation,” he told Arab News, with health tech and deep tech also gaining traction due to increasing research and development support and regulatory tailwinds.

Philip Bahoshy, CEO of MAGNiTT. Supplied

AI, in particular, is emerging as a dominant investment theme in the region. According to MAGNiTT’s 2025 predictions, the sector is set to double its share of venture capital funding in emerging venture markets this year, following a surge of high-profile deals in 2024.

“AI was the main driver of investment activity both in the private and public markets in the US and other mature markets in 2024,” the platform noted, referencing data from PitchBook.

In the first nine months of 2024, AI accounted for 41.3 percent of US venture capital funding. In Saudi Arabia, this momentum is reflected in deals such as Intelmatix’s $20 million Series A round and Amazon Web Services’s planned data center investment, both signaling the Kingdom’s rising stake in the global AI landscape.

MAGNiTT also cited broader geopolitical and commercial developments in the AI space, including chip export agreements, as indicators of the sector’s rising importance in the region.

“Based on our proprietary data, we expect AI funding to double in 2025 due to increased investor attention to innovative AI startups,” the company stated.

Beyond AI, Global Ventures’ investment in Iyris, an agritech company spun out of King Abdullah University of Science and Technology, illustrates the potential of local innovation to address long-standing structural challenges.

“Iyris is positively disrupting agricultural practices for mid-to-low-tech farmers, particularly in hot climates,” Murad said.

The startup launched the National Food Production Initiative in 2023, partnering with SABIC and Red Sea Global to establish a sustainable farming project in Bada, Saudi Arabia, aimed at regenerating unproductive land and enhancing food security.

Fintech remains another strong area of interest, supported by a digitally connected population and a push toward financial inclusion.

“With 98 percent internet penetration and 97 percent smartphone adoption among the 18-to-78-year age group, the Kingdom has one of the world’s most digitally enabled populations,” Murad said.

He views this as a key enabler for innovation in financial services, both consumer-facing and enterprise-driven.

Focused sectors, broad appeal

Capital inflows into Saudi Arabia are being driven not only by sector performance but also by global institutional interest in the region.

According to MAGNiTT, firms including BlackRock, Golden Gate Ventures, and Polen Capital have already established offices or acquired licenses in the Kingdom, the UAE, or Qatar.

Others, including General Catalyst and the BRICS Investment Fund, have made their investment debuts or launched dedicated MENA-focused funds.

“In 2025, we expect even more investors and asset managers to set up offices in the EVM regions, particularly Saudi Arabia and the UAE,” MAGNiTT stated, attributing this to the region’s “friendly business-enabling environment.”

Said Murad, senior partner at investment firm Global Ventures. Supplied

Deal flow in the Kingdom has grown across all funding stages. “Saudi Arabia saw a surge in pre-seed and seed-stage funding,” said Murad, noting that demand for later-stage capital is increasing as startups validate their models and seek international expansion.

Supporting this trajectory is a growing exit pipeline. In 2024, Saudi Arabia completed 42 initial public offerings, ranking seventh globally in capital raised.

“This growing pipeline of exits signals the increasing maturity of the country’s capital markets and reinforces the long-term viability of its venture ecosystem,” Murad added.

As international capital intensifies, local venture firms are adapting their strategies to remain competitive.

“Regional players active in the market will understand local nuances, ultimately providing a competitive advantage,” Murad said.

He emphasized that investors offering operational support and showcasing portfolio success stories will be best positioned to attract international limited partners.

The Kingdom’s regulatory environment is increasingly seen as a strength in the region’s venture capital narrative.

“Government initiatives and the regulatory framework are geared to venture capital firms investing in startups in a secure, forward-thinking, and robust environment,” Murad said.

Still, he cautioned that strong business fundamentals remain essential. “The need for entrepreneurs to have strong, sustainable business models with good unit economics is as necessary as ever,” said the Global Ventures partner.

Despite global uncertainties, Saudi entrepreneurs may be better equipped than most to navigate a challenging macroeconomic environment.

“At Global Ventures, we refer to the ‘adversity advantage’— a natural upside for regional entrepreneurs who are used to working with, and around, resource scarcity,” Murad said.

“This has empowered them, by design, to build businesses more resilient and adaptable to challenges,” he added.


Oil Updates — prices fall as US delays decision on direct Iran involvement

Oil Updates — prices fall as US delays decision on direct Iran involvement
Updated 20 June 2025
Follow

Oil Updates — prices fall as US delays decision on direct Iran involvement

Oil Updates — prices fall as US delays decision on direct Iran involvement

SINGAPORE: Oil prices fell on Friday after the White House delayed a decision on US involvement in the Israel-Iran conflict yet they remained on course for a third consecutive weekly rise.

Brent crude futures were down $2.57, or around 3.3 percent, to $76.28 a barrel by 3:04 p.m. Saudi time but still set to gain nearly 3 percent on the week.

US West Texas Intermediate crude for July — which did not settle on Thursday as it was a US holiday and expires on Friday — was up marginally at $75.19.

The more liquid August contract was up around 0.4 percent, or 31 cents, to $73.19.

On Thursday prices jumped almost 3 percent after Israel bombed nuclear targets in Iran, while Iran — OPEC’s third-largest producer — fired missiles and drones at Israel. Neither side showed any sign of backing down in the week-old war.

Brent prices retreated after the White House said President Donald Trump would decide whether the US will get involved in the Israel-Iran conflict in the next two weeks.

“However, while Israel and Iran carry on pounding away at each other there can always be an unintended action that escalates the conflict and touches upon oil infrastructure,” PVM analyst John Evans said.

Iran has in the past threatened to close the Strait of Hormuz, a vital route for Middle East oil exports.

However, oil exports so far have not been disrupted and there is no shortage of supply, said Giovanni Staunovo, an analyst at UBS.

“The direction of oil prices from here will depend on whether there are supply disruptions.”

An escalation of the conflict in such a way that Israel attacks export infrastructure or Iran disrupts shipping through the strait could lead to $100 per barrel of oil being a reality, said Panmure Liberum analyst Ashley Kelty.


OPEC+ has proven to be oil markets’ central bank, says Saudi energy minister

OPEC+ has proven to be oil markets’ central bank, says Saudi energy minister
Updated 19 June 2025
Follow

OPEC+ has proven to be oil markets’ central bank, says Saudi energy minister

OPEC+ has proven to be oil markets’ central bank, says Saudi energy minister

RIYADH: OPEC+ has proven to be the “central bank” and regulator of the global oil market, providing much-needed stability, Saudi Arabia’s energy minister said.

Speaking at the annual St. Petersburg International Economic Forum in Russia, Prince Abdulaziz bin Salman praised the alliance’s role in balancing oil markets amid global economic uncertainties.

“I would have to say that OPEC+ had proven to be an instrument that if it wasn’t invented by us and Russia and our colleagues, it should have been invented a long time ago because this is what OPEC+ had achieved in terms of bringing stability to the market and had proven that it is the central bank and the regulator of oil markets,” the energy minister said.

Prince Abdulaziz also highlighted the ongoing partnership between Saudi Arabia and Russia through the Saudi-Russian Joint Committee, noting plans for Russian Deputy Prime Minister Alexander Novak to visit the Kingdom later this year with a high-level business delegation.

“I’m looking forward to host Alexander — the co-chair of our joint committee — to Saudi Arabia this year, with the biggest, most sizable business community participation,” he said.

Prince Abdulaziz emphasized that the collaboration seeks to deepen bilateral economic ties and foster diversified investment opportunities.

“We have a lot to showcase that bonding together. It will allow us to have a much more diversified relationship, and we are, as a government, working together to provide the right environment for those who want to invest in Saudi Arabia or in Russia or in any type or form of joint venturing that we should facilitate that and ensure that the investment environment is congenial for it to happen,” he added.

The minister described the energy alliance as a flexible mechanism responsive to changing global conditions, reaffirming Saudi Arabia’s commitment to cooperation with partners to maintain market stability.

Acknowledging the challenges facing Russia, Prince Abdulaziz noted the Kingdom’s support amid external restrictions.

“It’s been a challenging time what Russia is going through, but we have shown a great deal of understanding of the situation, and we’re trying to maneuver with the restrictions that are existing today,” he said.

“That has been the discharge of our leadership willingness to accommodate with this current situation and hopefully helping to support Russia in mitigating these exterior most daunting issues.”

On whether Saudi Arabia and Russia would compensate for any loss of Iranian crude supplies, the minister stressed that such scenarios are hypothetical and that OPEC+ decisions are collective.

“You give me a question that is not evidently seen happening, I don’t have an answer for you. Again, we only react to realities. But if anybody gives a question that is not relating to the reality today, I fail to see where we could predict things and how we would relate to it,” he said.

The minister clarified that OPEC+ consists of 22 member states and is not dominated by Saudi Arabia and Russia alone. A core group of eight countries is tasked with engaging the full membership to ensure coordinated responses to market changes.

“To respond to a hypothetical question by giving a hypothetical answer, which none of us two here have the right to speak on behalf of everybody without knowing their opinion, is too much of an ask,” he added.

He concluded by highlighting OPEC+’s reputation as a reliable and adaptive organization.

“What we know and what Alexander was saying just a while ago is that we have, as OPEC even before, an OPEC+ attending to so many circumstances since its first, it was in sequence, even inception, that we have been a reliable organization, a serious organization, an effective organization, and attentive to circumstances when they prevail,” he said.