Global energy demand up 2.2% in 2024, above 10-year average: IEA 

Global energy demand up 2.2% in 2024, above 10-year average: IEA 
global electricity consumption climbed by nearly 4.3 percent in 2024. Shutterstock
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Updated 24 March 2025
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Global energy demand up 2.2% in 2024, above 10-year average: IEA 

Global energy demand up 2.2% in 2024, above 10-year average: IEA 

RIYADH: Global energy demand saw an above-average annual rise of 2.2 percent in 2024, fueled by rising electricity consumption and growth in emerging economies, according to a new report.

Analysis by the International Energy Agency showed last year’s increase outpaced the annual average of 1.3 percent recorded between 2013 and 2023. 

The power sector led the charge, with global electricity consumption climbing by nearly 1,100 terawatt-hours, or 4.3 percent.

The rise in electricity consumption stemmed from various factors, including higher cooling demand due to extreme temperatures, increased industrial use, the electrification of transport, and the expansion of data centers and artificial intelligence. 

“What is certain is that electricity use is growing rapidly, pulling overall energy demand along with it to such an extent that it is enough to reverse years of declining energy consumption in advanced economies,” IEA Executive Director Fatih Birol said in the report.  

Renewables accounted for most of the growth in global energy supply at 38 percent, followed by natural gas at 28 percent, coal at 15 percent, oil at 11 percent, and nuclear power at 8 percent. 

“The demand for all major fuels and energy technologies increased in 2024, with renewables covering the largest share of the growth, followed by natural gas. And the strong expansion of solar, wind, nuclear power and electric vehicles is increasingly loosening the links between economic growth and emissions,” added Birol. 

New renewable energy installations hit record levels for the 22nd consecutive year, with around 700 gigawatts added to total capacity in 2024 — roughly 80 percent of that from solar photovoltaic. 

Over 7 GW of nuclear power capacity was brought online in 2024, marking a 33 percent rise compared to 2023. 

“The new nuclear capacity added was the fifth-highest level in the past three decades. Electricity generation from nuclear in 2024 rose by 100 TWh, equalling the largest increase this century outside of the post-Covid rebound,” said the IEA. 




Nuclear energy is playing an increasing role in the world’s energy mix. Shutterstock

The IEA’s analysis comes as countries including Saudi Arabia ramp up efforts to diversify their energy mix with renewables and nuclear power. 

In January, Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, said the Kingdom plans to start enriching and selling uranium. 

Launched in 2017, Saudi Arabia’s National Atomic Energy Project is a key pillar of the Kingdom’s strategy to reduce dependence on fossil fuels. The initiative aims to integrate nuclear power into the national energy mix, enhance sustainability, and meet international commitments — supporting the country’s goal of achieving net zero by 2060. 

In a separate January report, the IEA said annual investments in nuclear energy development would need to double to $120 billion by 2030 to meet growing infrastructure demands. It emphasized that both public and private investments would be essential to support the sector’s financial needs. 

Emerging economies dominate 

The report highlighted that emerging and developing economies accounted for over 80 percent of the increase in global energy demand in 2024. 

Despite slower growth in China — where energy consumption rose by less than 3 percent, half its 2023 rate — the country still recorded the largest absolute demand growth of any nation. 

India ranked second in absolute demand growth, surpassing the combined increase of all advanced economies. 

Southeast Asia saw a 4.2 percent rise in energy demand, followed by the Middle East at 2.2 percent and Europe at 0.5 percent. 

Advanced economies, after years of decline, also saw a return to growth, with energy demand rising by nearly 1 percent in aggregate. 

Oil and gas trends 

The IEA noted a marked slowdown in global oil demand growth, which rose by just 0.8 percent in 2024 — down from 1.9 percent in 2023. 

For the first time ever, oil’s share in total energy demand fell below 30 percent, 50 years after peaking at 46 percent. 

“Oil demand from global road transport fell slightly, driven by declines in China (-1.8 percent) and advanced economies (-0.3 percent). Oil demand from aviation and petrochemicals grew,” said the agency. 

In contrast, OPEC shared a different outlook in February, forecasting world oil demand to rise by 1.45 million barrels per day in 2025 and by 1.43 million bpd in 2026, driven by increased air and road travel. 

Natural gas recorded the strongest increase in demand among fossil fuels in 2024, driven by rising power consumption across Asia. 

The IEA reported that global gas demand rose by 115 billion cubic meters, or 2.7 percent — surpassing the decade-long annual average of 75 bcm. 

China led the growth with a 7 percent rise in gas demand, alongside strong increases in other emerging and developing Asian economies. 

Gas demand expanded by around 2 percent in the US, while consumption in the EU grew modestly, particularly for industrial use. 




While China’s emissions growth slowed in 2024, it was still nearly double the global average. Shutterstock

Emissions and sustainability 

According to the IEA, the rapid adoption of clean energy technologies helped curb the annual rise in energy-related carbon dioxide emissions in 2024. 

“Record temperatures contributed significantly to the annual 0.8 percent rise in global CO2 emissions to 37.8 billion tonnes. But the deployment of solar PV, wind, nuclear, electric cars and heat pumps since 2019 now prevents 2.6 billion tonnes of CO2 annually, the equivalent of 7 percent of global emissions,” the agency noted. 

Emissions in advanced economies fell by 1.1 percent to 10.9 billion tonnes — a level last seen 50 years ago. 

Most of the emissions growth in 2024 came from emerging and developing economies outside China. 

Although China’s emissions growth slowed last year, the country’s per-capita emissions are now 16 percent higher than those of advanced economies and nearly double the global average. 


Lebanon amends banking secrecy law in key reform

Lebanon amends banking secrecy law in key reform
Updated 24 April 2025
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Lebanon amends banking secrecy law in key reform

Lebanon amends banking secrecy law in key reform

BEIRUT: Lebanon’s parliament on Thursday granted regulatory bodies greater access to bank account information, a key reform demanded by international creditors before the crisis-hit country can unlock bail-out funds.

Prime Minister Nawaf Salam called parliament’s approval of changes to banking secrecy laws “a necessary step toward the desired financial reform that our government promised to achieve, and a fundamental pillar to any recovery plan.”

Adding that the decades-old culture of financial opacity was no longer the boon to investment it once was, Salam said the reform was fundamental to “restoring the rights of depositors and the confidence of citizens and the international community.”

Lebanon was once a booming regional financial hub dubbed the “Switzerland of the Middle East,” with strict banking secrecy laws a key attraction, but the economic crisis that began in 2019 shredded its fiscal reputation.

Since then, authorities have come under local and international pressure to amend the laws amid accusations that influential figures spirited large sums abroad while regular depositors were locked out of their life savings and the local currency’s value plummeted.

Lebanese rights group Legal Agenda said the amendments allow “banking supervisory and regulatory bodies” including the central bank “to request access to all banking information without linking the request to a specific objective.”

These bodies will now be able to audit customer accounts by name, access deposit details and look into possible suspicious activity, the group said.

The changes are among several major reforms Lebanon needs to make to unlock billions of dollars in aid to restart the economy after the collapse, which was widely blamed on mismanagement and corruption.

Finance Minister Yassine Jaber told local broadcaster LBC that the amendments “opened greater space” for Lebanon’s central bank to access accounts.

But “we should not think that with this law, anyone can enter a bank and demand account details” for whoever they like, added Jaber, who is in Washington with other senior officials for meetings with the IMF and the World Bank.

Alain Aoun, a member of parliament’s finance committee, said the move followed 2022 banking secrecy amendments that the IMF had viewed as “insufficient.”

Now, regulatory bodies will be able to request “the information they want” on bank accounts, he said.

The cabinet, which approved the amendment earlier this month, said it would apply retroactively for 10 years from the date of request, meaning it would cover the start of the economic crisis.


IMF to help Syria reintegrate into global economy, says Georgieva

IMF to help Syria reintegrate into global economy, says Georgieva
Updated 24 April 2025
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IMF to help Syria reintegrate into global economy, says Georgieva

IMF to help Syria reintegrate into global economy, says Georgieva

WASHINGTON: The International Monetary Fund plans to work with Syria to help it reintegrate into the global economy, IMF chief Kristalina Georgieva said on Thursday, citing a meeting on the war-scarred nation held this week.

Georgieva told reporters that Syria’s central bank governor and finance minister attended the Spring Meetings of the IMF and World Bank this week for the first time in over 20 years.

“Our intention is to, first and foremost, help them rebuild institutions so they can plug themselves in the world economy,” she said.

Officials from the IMF and World Bank met with Syrian officials and other finance ministers and key stakeholders to discuss the country’s reconstruction on the sidelines of the meetings in Washington.

The high-level Syrian government delegation’s Washington trip marked the first US visit by Syria’s new authorities since former President Bashar Al-Assad was toppled in December.

Much of Syria’s infrastructure has been left in ruins by nearly 14 years of war sparked by the government authorities’ deadly crackdown on protests against Al-Assad.

The government that took over after Al-Assad was ousted has sought to rebuild Syria’s ties in the region and further afield and to win support for reconstruction efforts.

But tough US sanctions imposed during Al-Assad’s rule remain in place.

In January, the US issued a six-month exemption for some sanctions to encourage humanitarian aid, but this has had limited effect.

Reuters reported in February that efforts to bring in foreign financing to pay public sector salaries had been hampered by uncertainty over whether this could breach US sanctions.


Closing Bell: TASI closes in green at 11,764  

Closing Bell: TASI closes in green at 11,764  
Updated 24 April 2025
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Closing Bell: TASI closes in green at 11,764  

Closing Bell: TASI closes in green at 11,764  

RIYADH: Saudi Arabia’s Tadawul All Share Index concluded Thursday’s trading session at 11,764.39 points, marking an increase of 83.28 points or 0.71 percent. 

The total trading turnover of the benchmark index was SR6.95 billion ($1.85 billion), as 173 stocks advanced, while 67 retreated.  

The MSCI Tadawul Index also surged by 11.97 points, or 0.80 percent, to close at 1,500.71.  

The Kingdom’s parallel market, Nomu also increased, gaining 135.49 points, or 0.48 percent, to close at 28,598.60 points. This comes as 37 of the listed stocks advanced while as many as 42 retreated. 

The main index’s top performer, Saudi Paper Manufacturing Co., recorded a 9.97 percent increase in its share price, closing at SR69.50. 

Other notable gainers included Derayah Financial Co., which rose 8.22 percent to SR30.95, while Al-Baha Investment and Development Co. saw its share price climb 6.34 percent to SR3.52. 

Saudi Arabian Mining Co. also recorded a positive trajectory, with its share price rising 5.74 percent to SR47.00. Saudi Reinsurance Co. posted similar gains, increasing 5.29 percent to close at SR43.75. 

Mulkia Gulf Real Estate REIT recorded the steepest decline on TASI, with its share price slipping 4.71 percent to close at SR5.26.  

Musharaka REIT Fund followed with a 3.51 percent drop to SR4.67. Saudi Cable Co. also saw a notable decline of 3.20 percent to settle at SR139.    

On the parallel market, Hedab Alkhaleej Trading Co. was the top gainer, with its share price surging by 9.25 percent to SR44.90. 

Other top gainers on Nomu included Al Mohafaza Co. for Education, which surged 7.79 percent, or SR1.80, to close at SR24.90, and Shalfa Facilities Management Co., which rose 7.43 percent, or SR5.50, to reach SR79.50.  

Aqaseem Factory for Chemicals and Plastics Co. and Jana Medical Co. were the other top gainers on the parallel market. 

Osool and Bakheet Investment Co. posted the largest decline on Nomu, with its share price falling 8.11 percent to SR34. 

Altharwah Albashariyyah Co. fell 7.86 percent, or SR3.85, to close at SR45.15, while Meyar Co. declined 7.32 percent, or SR4.80, to settle at SR60.80 — making them among the top decliners on the parallel market. 


Saudi Arabia launches major dairy cluster in Al-Kharj

Saudi Arabia launches major dairy cluster in Al-Kharj
Updated 24 April 2025
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Saudi Arabia launches major dairy cluster in Al-Kharj

Saudi Arabia launches major dairy cluster in Al-Kharj

JEDDAH: Saudi Arabia has launched a major dairy industrial cluster in Al-Kharj, reinforcing its ambition to become the region’s leading hub for dairy production and food manufacturing.

Announced during the Saudi Dairy Forum in Al-Kharj — located approximately 90 km southeast of Riyadh — the initiative is a strategic component of the Kingdom’s broader National Industrial Strategy. The cluster spans 1 million sq. m and is equipped with advanced infrastructure tailored to support dairy manufacturing and related industries.

Minister of Industry and Mineral Resources Bandar Alkhorayef, speaking at the forum, underscored the project’s role in attracting high-value investments and enhancing the Kingdom’s food security.

He revealed that the dairy sector reached a market size of SR22 billion ($5.87 billion) in 2024, with exports totaling SR4.8 billion and imports at SR8.9 billion.

According to the IMARC Group, the market is projected to grow to $8.4 billion by 2033, with a compound annual growth rate of 3.8 percent from 2025 to 2033.

“This project aligns with the goals of the National Industrial Strategy to position Saudi Arabia as a regional hub for food industries,” Alkhorayef stated, as reported by the Saudi Press Agency.

He said it will offer investors access to fully developed industrial land, modern facilities, storage solutions, and a comprehensive support system.

In a statement on social media, Alkhorayef expressed gratitude to Riyadh Governor Prince Faisal bin Bandar for his patronage of the forum and for inaugurating the country’s first dairy industrial cluster in Al-Kharj Industrial City.

The minister noted that Saudi Arabia has achieved 129 percent self-sufficiency in dairy production, underscoring the sector’s resilience and capacity for growth. Al-Kharj alone contributes over 70 percent of the Kingdom’s total dairy output, supplying both local and regional markets.

The new cluster is part of a broader initiative by the Saudi Authority for Industrial Cities and Technology Zones to establish specialized food industry hubs throughout the Kingdom. The project is expected to foster synergies across the value chain, including animal feed, food additives, packaging, and machinery manufacturing.

The Saudi Dairy Forum, hosted by the Al-Kharj Chamber in cooperation with the National Industrial Development Center, brought together industry leaders, policymakers, and agricultural stakeholders. It was held under the patronage of Riyadh Gov, Prince Faisal bin Bandar and attended by Al-Kharj Gov. Prince Fahd bin Mohammed bin Saad bin Abdulaziz.

As Saudi Arabia accelerates its push to diversify the economy and achieve food security, the Al-Kharj dairy cluster stands as a milestone in the Kingdom’s industrial and agricultural evolution.


PIF-owned AviLease secures $1.5bn credit facility to boost global expansion

PIF-owned AviLease secures $1.5bn credit facility to boost global expansion
Updated 24 April 2025
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PIF-owned AviLease secures $1.5bn credit facility to boost global expansion

PIF-owned AviLease secures $1.5bn credit facility to boost global expansion

RIYADH: Saudi-backed AviLease has closed a $1.5 billion unsecured revolving credit facility to support its international expansion and investment in next-generation, fuel-efficient aircraft. 

The conventional three-year facility was oversubscribed, attracting commitments from 20 global banks, including eight new lenders from Europe, Asia, and North America, the company said in a release.  

Owned by Saudi Arabia’s Public Investment Fund, AviLease is central to the Kingdom’s push to diversify its economy and develop a globally competitive aviation industry under its Vision 2030 strategy.  

Edward O’Byrne, CEO of AviLease, said: “We are pleased to close this facility, noting the strong international demand. Together with our existing revolver of $750 million, it brings our immediately‑available committed facilities to $2.25 billion, spanning 25 local and global lenders.”  

He added: “This enhanced liquidity positions us to continue our expansion, investing in latest‑technology, fuel‑efficient aircraft while maintaining the conservative financial policy that underpins our strategy.”  

Headquartered in Riyadh, the firm manages a fleet of 200 aircraft — largely composed of new-technology models — leased to 48 airline customers worldwide. 

Earlier this month, AviLease signed a memorandum of understanding with Turkish Airlines for the long-term lease of eight Airbus A320neo aircraft. Two aircraft have already been delivered, with the remainder scheduled for delivery throughout 2025. 

In March, the lessor delivered three A320neo aircraft to SDH Wings, a joint venture between AviLease and China’s sovereign wealth fund, in which the Kingdom holds a 10 percent stake. 

The firm is also investing in local talent development. Earlier this year, AviLease partnered with Prince Sultan University and Riyad Bank to deliver a specialized aviation financing course to more than 150 professionals. 

At the time, the company said the initiative aimed to equip Saudi talent to lead the Kingdom’s aviation finance sector and support the human capability development goals outlined in Vision 2030. 

AviLease also stated that it will continue to create local economic value and generate both direct and indirect employment opportunities for Saudi nationals across the aviation and financial services sectors. 

In October, AviLease expanded its fleet with the acquisition of nine aircraft from global lessor Avolon, building on a previous transaction in which it purchased 13 aircraft from the same company the year before.

The deal was followed by AviLease’s first transaction with BBAM, one of the world’s leading aircraft lessors, through which it acquired a Boeing 787-9. The acquisition marked the introduction of the 787-9 to AviLease’s operating lease portfolio and added a new airline customer based in the Americas, further diversifying the company’s global client base.