Tehran Announces Investment in AI to Promote Private Sector Role, Digital Ecosystem
Iran plans to invest a total of US$1.68 billion in artificial intelligence and the digital economy to accelerate growth and expand private sector participation, a senior communications official said on Monday.
Ehsan Chitsaz, deputy minister for ICT policy and planning at the Ministry of Information and Communications Technology, said that the new funding marks a major step toward strengthening the country’s digital ecosystem.
Addressing the National Conference on Investment Opportunities in ICT, he said US$1 billion of the investment will go to the digital economy and US$680 million to artificial intelligence, with contracts currently being finalized.
Chitsaz said the government must ensure a predictable economic environment and provide security for investors. He also noted that the ministry is undergoing “fundamental changes” in its approach to supporting the private sector, aiming to encourage more participation in the digital economy.
Communications Minister Sattar Hashemi said earlier that the ministry’s goal is to raise the digital economy’s share of Iran’s gross domestic product to 10%, up from the current level of less than 5%. Achieving this, he said on Saturday, would require major national and provincial initiatives. - Iran Daily
06/11/2025
There Won't be Oil Glut in 2026, James Danly Tells ADIPEC
The U.S. Department of Energy's deputy secretary, James Danly, said on Monday that he does not think there will be an oil glut in 2026. "We have a demand signal for energy that is going up rapidly", Danly said at the ADIPEC energy conference in Abu Dhabi.
06/11/2025
Aluminium Bahrain & Epsilon Carbon Sign Agreement
Aluminium Bahrain B.S.C. (Alba), the world’s largest smelter on one site, and Epsilon Carbon Private Limited (Epsilon Carbon), a leading integrated carbon company based in India, have signed a non-binding Memorandum of Understanding (MoU) to explore a long-term supply arrangement for liquid coal tar pitch. Formalised during the Gateway Gulf Forum 2025 hosted in the Kingdom of Bahrain, this collaboration marks a significant step towards enhancing Alba’s supply security and operational efficiency, while supporting Epsilon Carbon’s plans to establish a coal tar pitch melting facility in the Kingdom of Bahrain.
The MoU establishes a foundation for constructive dialogue between both parties and sets the stage for a comprehensive long-term supply agreement. It also outlines steps for trial shipments, quality control, and mutually agreed commercial term.
Alba’s CEO, Ali Al Baqali, commented on the collaboration:
“Our collaboration with Epsilon Carbon marks an important milestone in Alba’s journey to reinforce supply chain reliability and maintain the highest standards of quality. This partnership not only secures a key input for our operations but also supports the growth of Bahrain’s industrial sector. We are confident that this alliance will deliver lasting value for both organisations.”
Mr. Vikram Handa, Managing Director, Epsilon Carbon said:
“Our collaboration with Alba is an important step toward sustainable industrial growth. With our coal tar distillation capacity set to reach 750,000 tons by 2027 and a US$ 20 million investment in Kingdom of Bahrain, we aim to strengthen regional collaboration and supply chain resilience. This will not only reinforce the India – Kingdom of Bahrain industrial corridor but also help reduce the carbon footprint and realise our vision for a more sustainable and efficient aluminium industry.”
A Global Aluminium Leader: At plus-1.62 million metric tonnes per annum (mtpa) (2024), Alba is a world-leading aluminium smelter with a proud 50-year legacy in operational excellence, safety, environmental responsibility, and community development.
Trusted Partner: A cornerstone of the Bahrain’s economy, Alba produces high-quality aluminium, including standard and value-added products, which are exported to over 280 customers globally. With sales’ offices in Europe (Zurich), Asia (Singapore), and a subsidiary in the U.S., Alba is a reliable partner on the world stage. Alba is dually listed on Bahrain Bourse and London Stock Exchange and its shareholders are Bahrain Mumtalakat Holding Company B.S.C. © (69.38%), Saudi Arabian Mining Company (Ma'aden) (20.62%) and General Public (10%). Alba prioritises the highest quality standards, reflected in its certifications: ISO 9001 (quality), ISO 14001 (environment), ISO 27001 (information security), ISO 45001 (occupational health and safety), and ISO 18788 (security operations management). Additionally, Alba demonstrates its commitment to responsible manufacturing through certifications like IATF 16949 (automotive quality), ISO 22301 (business continuity management), ASI Performance and Chain of Custody Standards, and a top 1% Platinum sustainability rating from EcoVadis.
Pioneering Sustainability: As the first aluminium smelter in the Middle East, Alba is central to Bahrain's thriving downstream aluminium sector, contributing significantly to the Kingdom's GDP. Committed to social responsibility, Alba employs a workforce that is 87% Bahrainis (2024) and invests heavily in employee training and development. Alba also plays a crucial role in the Aluminium Downstream Park, therefore increasing the contribution of non-oil sectors to the GDP of Bahrain. Alba has been recognised for its initiatives to produce Aluminium responsibly through awards such as Top ESG performer in Bahrain by ESG Invest, Safeguard Label from Bureau Veritas and Best Corporate Governance Award by Ethical Boardroom.
Recognised for its environmental practices, social contributions, and corporate governance, Alba launched a comprehensive ESG Roadmap in 2022 focusing on 6 priority areas: (1) Decarbonisation, (2) Green Energy & Aluminium, (3) Circular Economy & Secondary Aluminium, (4) Employee Welfare, (5) Collaboration & Partnership and (6) Transparency, Communications & Due Diligence. Since its inception, Alba has invested into numerous environment, sustainable and socio-economic development projects that have had a positive impact on the society. Alba’s first-of-its-kind US$37.5 million zero-waste Spent Pot Lining Treatment Plant, Power Station 5 Block 4 Project, and the upcoming +6 MW Solar Farm Project are tangible initiatives aligned with Bahrain’s Net Zero Carbon Targets by 2060 led by HRH the Crown Prince and Prime Minister of Bahrain. Specifically, Alba's PS5 Block 4 is a new 680.9-megawatt (MW) combined-cycle power plant that expands the existing PS5 facility. Block 4 has increased the nameplate capacity of PS5 Complex from 1,800 MW to 2,481 MW and is reducing the Company’s overall GHG emissions intensity ratio by 0.5 tonnes of CO2 per 1 tonne of aluminium produced.
In a significant step towards its ESG goals, particularly its commitment to a circular economy and secondary aluminium, Alba introduced EternAlTM, its new line of low-carbon aluminium products. Launched in May 2024, EternAl offers two product series with multiple variations to meet diverse customer needs: one featuring recycled content, and the other integrating verified in-house carbon offsets.
Safety First, Always: Guided by the motto "Safety First, Safety Always," Alba prioritises the well-being of its employees and contractors. The Company achieved a record-breaking 40 million safe working hours without a lost-time injury in October 2025. The Company has been recognised internationally for its excellent Safety and Health track record with awards such as the RoSPA’s Lifetime President and President Awards (10+ Gold Medal Awards), the British Safety Council’s International Safety Award with Merit along with 4-Star Audit Rating, as well as numerous awards from the National Safety Council (NSC).
Alba Stakeholder Engagement Plan
Alba prioritises open communication with all its stakeholders, including the community, environmental and social groups. Through its Stakeholder Engagement Plan, the Company proactively addresses environmental and social impacts of its operations, outlining clear mitigation controls. Alba also maintains an external Grievance Mechanism accessible through the Code of Conduct, allowing stakeholders and the public to voice concerns and raise issues.
Alba’s External Grievance Mechanism
Alba prioritises ethical conduct and environmental responsibility. Stakeholders, employees, contractors, and the community can confidentially report any potential breaches of Alba's Code of Conduct or raise concerns about environmental and social impacts through the Alba Integrity Line. This independent, multilingual hotline operates 24/7 and is accessible via a toll-free phone number, the company intranet, or the website at www.albasmelter.com.
06/11/2025
UAE's Adnoc Distribution to Launch 'The Hub' Redefining On-The-Road Retail
Bader Al Lamki, Chief Executive Officer of Adnoc Distribution, said that the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2025) is witnessing strong regional and international participation that enhances partnerships and allows for the exchange of global expertise in fuel retailing, non-fuel retail operations, and related services.
In a statement to the Emirates News Agency (WAM) on the sidelines of Adipec 2025, Al Lamki announced that Adnoc Distribution is preparing to launch "The Hub", a new, fully integrated concept that redefines the on-the-road retail experience in the UAE.
The Hub will serve as a comprehensive destination combining fuel services, ultra-fast electric vehicle charging, and a wide selection of dining and entertainment options, offering an all-in-one experience.
He added that the first The Hub station will open in Abu Dhabi by the end of November, spanning an area three times larger than the company’s current service stations.
Plans are in place to establish 30 The Hub locations over the next three years, reshaping the retail landscape across the UAE and reinforcing Adnoc Distribution’s leadership in the non-fuel retail sector.
Each destination will be designed to meet the needs of its local community.
Al Lamki emphasised that both Adnoc Oasis and The Hub will benefit from the rapid growth of the retail sector, as Adnoc Distribution continues its leading role as the UAE’s premier multi-service station operator.
He noted that Adnoc Distribution remains a key pillar in Adnoc Group’s strategy to expand energy access, with a network of around 980 service stations across the UAE, Saudi Arabia and Egypt.
As part of its digital transformation, Al Lamki highlighted that the company is implementing over 20 artificial intelligence-powered initiatives across its value chain, including predictive retailing and emissions optimisation, reinforcing Adnoc’s leadership in deploying AI technologies within the energy sector.
He stated that the non-fuel retail segment has become a major driver of growth, with gross profit rising by 14.7 per cent year-on-year, supported by increased transactions and enhanced offerings.
Regarding community impact, Al Lamki reaffirmed the company’s commitment to providing safe and healthy journeys for customers under the highest health and safety standards, while expanding services to meet the needs of local communities.
He also revealed that the membership base of the Adnoc Rewards loyalty programme grew by 17.3 per cent to reach 2.53 million users, reflecting the company’s focus on enhancing the customer experience and strengthening digital engagement.
Al Lamki confirmed that Adnoc Distribution has extended its dividend policy until 2030 and adopted a quarterly distribution system starting from the first quarter of 2026, ensuring sustainable returns and long-term value for shareholders.
On the international front, he noted that the company’s Voyager lubricants are now exported to 50 countries and have been launched in Egypt, with plans to reach 3,000 points of sale by 2026.
The company has also updated its target to expand its network to 1,150 service stations by 2028 as part of building a multi-energy distribution network ready for the future.
Al Lamki added that Adnoc Distribution achieved its highest-ever quarterly earnings before interest, tax, depreciation and amortisation, reaching US$319 million, with net profit growing by 21.5 per cent year-on-year, underscoring the strength and resilience of its five-year strategy.
On sustainable mobility, he said that the company continues to lead the energy transition through its E2GO network, which currently includes 368 electric vehicle charging points, with plans to reach 500 by 2028.
He concluded that Adnoc Distribution’s low-capital growth strategy has enabled it to double its number of stations in Saudi Arabia to 172, in a strategic step that enhances its regional footprint and expands its cross-border service offering.
06/11/2025
Oman Inks Major Deals in Energy, Logistics & Tourism
The Duqm Economic Forum 2025 opened with a series of landmark agreements that underscored the Sultanate of Oman’s growing influence as a regional hub for sustainable industries, logistics and tourism.
Bringing together international investors, experts and officials, the two-day event focused on advancing Duqm’s role as a model for economic diversification and green growth.
A key highlight of the forum was the signing of a strategic partnership between Oman Tank Terminal Company (OTTCO) and Dutch multinational Royal Vopak.
The agreement involves establishing and operating state-of-the-art petroleum and chemical storage facilities within the Duqm Special Economic Zone, with future expansion plans into green ammonia and hydrogen projects.
The collaboration aims to enhance Oman’s standing as an international logistics hub and accelerate its transition towards clean energy solutions.
Eng Salem bin Marhoon al Hashmi, CEO of OTTCO, said the partnership marks a pivotal moment in Duqm’s development.
“This strategic step reinforces Duqm’s position as a competitive global economic zone and contributes to building an integrated energy ecosystem that supports the global shift towards sustainable systems”, he said.
The new joint venture, with OTTCO holding a 51 per cent stake and Vopak 49 per cent, will develop advanced storage and export facilities tailored to meet global energy flow requirements.
Another key agreement saw Tanmia Energy Oman and Japan’s Sumitomo Corporation form a partnership to establish a company dedicated to energy supply chain management in Oman. This initiative aims to enhance efficiency and sustainability in the country’s growing energy sector.
In the tourism and real estate sector, the Duqm Special Economic Zone Authority signed a memorandum of understanding (MoU) with Tatweer and Al Abrar Real Estate, part of the Al Siyabi Group, to develop an integrated tourism, residential and commercial complex.
The project is expected to contribute to Duqm’s urban development and attract more investors and visitors to the region. Further reinforcing its commitment to innovation, Marafiq Duqm signed a strategic agreement with the German University of Technology in Oman (GUtech).
Under the deal, Marafiq will finance the construction of a social complex, while GUtech will employ advanced 3D printing technology for construction and manage the facility’s operations long-term.
Rounding off the forum’s first day, Port of Duqm inked an MoU with Japanese shipping giant Nippon Yusen Line (NYK) to bolster cooperation in maritime transport and port infrastructure.
The agreement aims to strengthen Port of Duqm’s role as a strategic maritime and logistics gateway connecting regional and global trade routes.
Together, these partnerships mark a significant leap in Duqm’s journey to becoming a diversified, innovation-driven, and globally connected economic powerhouse.
06/11/2025
Iraq Announces Oil Exports for September
Iraq's Ministry of Oil has announced finalised oil export volumes for September.
Total exports of crude oil: 102,150,362 barrels.
Exports from the oil fields in central and southern Iraq amounted to 102,150,362 barrels.
Exports from Qayyarah were not reported separately this month.
Average daily crude oil exports: approximately 3.405 million barrels per day.
The total value of oil exported was US$6,962,124,000.
This implies an average price per barrel of approximately US$68.18.
06/11/2025
Petrofac Collapse Clouds Multi-Billion-Dollar Projects in UAE, GCC
The collapse of UK-based energy contractor Petrofac has raised questions over the future of several major oil and gas projects in the GCC region, including multi-billion-dollar developments in the UAE, where the firm remains an active player in the energy sector. Petrofac, which employs about 7,300 people globally, filed to enter administration this week after last-ditch efforts to restructure its debt failed. The company’s financial troubles intensified following the termination of a major offshore contract with European grid operator TenneT, which had formed the backbone of its recovery plan. According to filings, the TenneT contract accounted for more than 80% of revenue in Petrofac’s engineering and construction division. The loss of that work left the firm unable to sustain its capital structure. In a statement, Petrofac said it continues to receive support from its lenders and bondholders, who are extending debt maturities and maintaining forbearance agreements while options for restructuring and mergers are still being explored. “Petrofac has a number of fundamentally strong businesses, and we are focused on delivering the best possible outcome for them through this process,” a company spokesperson said. “Our long-established North Sea business continues to operate as normal, and management are working to minimise disruption for clients and employees.” A representative from the UK Department for Energy Security and Net Zero said the company’s administration was the result of “longstanding issues in their global business,” adding that Petrofac’s UK operations would continue as normal.
UAE, GCC exposure
Petrofac’s most significant contracts in the GCC are concentrated in the UAE, where it has been involved in several large-scale energy infrastructure projects. These include a US$1.2 billion gas expansion project and a US$330 million gas compressor facility—both key parts of the country’s wider efforts to expand gas production capacity. Industry observers say the company’s entry into administration could prompt reviews of project schedules and supplier commitments, though no formal changes have been announced. Across the wider GCC, Petrofac holds active contracts worth more than US$5 billion, including projects in Algeria, Iraq, Oman, and Bahrain. In Algeria, it is working with a Chinese partner on a major petrochemical complex, while in Iraq it has been involved in the long-running expansion of the Majnoon oil field, one of the country’s largest. Analysts note that Petrofac’s financial situation may lead to temporary disruptions in bidding or delivery timelines, particularly where the company acts as a lead contractor or joint venture partner. “Petrofac’s situation is unfortunate, but the energy market is far bigger to be hit by any single contractor,” said a regional analyst. “Abu Dhabi’s projects are structured to stay on schedule, and even when global contractors face turbulence, UAE projects continue without interruption.”
Long-running risks
Petrofac’s difficulties trace back several years. In 2017, the company faced a UK Serious Fraud Office investigation that resulted in a large fine and damaged its ability to secure new contracts in the Middle East. Earlier this year, Petrofac sought to execute a debt-for-equity restructuring supported by hedge funds Mason Capital and Nut Tree Capital, which would have converted over US$800 million in debt into shares. But a UK Court of Appeal ruling in July blocked the plan, forcing the firm to seek alternative solutions. Despite entering administration, Petrofac maintains that parts of its business remain commercially sound. Advisory firm Teneo has been appointed to oversee the process, which could involve asset sales or the transfer of active projects to new contractors. Petrofac’s collapse comes at a time when energy investment in the GCC remains strong, with several major oil and gas expansions underway. The company has been an important engineering partner on multiple regional projects, including contracts awarded by Adnoc Gas in the UAE. While short-term uncertainty may arise, analysts say the impact on regional project pipelines is expected to be limited, given the depth of local and international participation in ongoing developments. Petrofac’s administration marks the latest in a series of financial challenges for UK infrastructure firms, but regional industry observers remain confident that key GCC energy projects will move forward with minimal disruption.
06/11/2025
Grand Egyptian Museum Opens to Public
The world’s largest archaeological museum debuts near the pyramids, showcasing over 100,000 treasures and sparking fresh demands for the repatriation of iconic Egyptian artifacts from abroad.
Key Points
Open the Grand Egyptian Museum on November 4, 2025, after over two decades of delays due to political and global challenges.
House over 100,000 artifacts across nearly 500,000 square meters, making it the world's largest archaeological museum dedicated to one civilization.
Feature key exhibits like the 3,200-year-old Ramses II statue and the extensive Tutankhamun Gallery with more than 5,000 artifacts.
After more than two decades of anticipation, political upheaval, and global challenges, the Grand Egyptian Museum (GEM) has finally opened its doors to the public, marking a historic moment not only for Egypt but for the world’s appreciation of ancient civilization. Situated just two kilometers from the legendary pyramids of Giza and a short drive from Cairo, the museum’s opening on November 4, 2025, was described by Egypt’s Minister of Tourism, Sherif Fathy, as “a night to remember.” The event capped off years of effort and ambition that spanned three regimes, a revolution, regional conflicts, and a pandemic, all of which threatened to derail the project at various turns, according to reporting by Anadolu and Atalayar.
The Grand Egyptian Museum is now considered the world’s largest archaeological facility dedicated to a single civilization, housing more than 100,000 ancient artifacts from the 30 dynasties of Egypt’s storied past. The sprawling complex covers nearly 500,000 square meters, a size that places it among the world’s largest museums, just behind the Louvre in Paris and the Hermitage in St. Petersburg in terms of display area. For visitors, the museum offers a breathtaking journey through the ages, starting from the prehistoric period and traversing through the pharaonic and Roman eras.
The architectural design of the GEM is itself a tribute to Egypt’s ancient wonders. Created by the Irish firm Heneghan Peng, the museum’s chamfered triangular shape echoes the geometry of the nearby pyramids. The north and south walls align perfectly with the Pyramid of Khufu and the Pyramid of Menkaure, while the sand-colored concrete and translucent alabaster stone of the structure blend seamlessly with the desert landscape. Its main façade, made of frosted glass panels, stands as a modern counterpoint to the timeless monuments just beyond its walls.
Upon entering the museum, visitors are greeted by the awe-inspiring 3,200-year-old statue of King Ramses II. Weighing in at a staggering 83 tonnes and standing 11.36 meters tall, the statue’s journey to the GEM was no small feat. As reported by Anadolu, it was transported upright and in one piece from Ramses Square in Cairo, a 30-kilometer trip that required a specially designed 128-wheel vehicle and temporary road closures. The statue now presides over the museum’s grand six-story staircase, which is lined with about 60 artifacts, including statues of deities, ornate sarcophagi, ancient columns, and stelae inscribed with significant texts from Egypt’s past.
The museum’s 12 main permanent exhibition halls, which began opening in 2024, are organized by both historical era and theme, ranging from prehistory to the Greco-Roman period and covering topics such as society, kingship, and belief. But perhaps the crown jewel of the GEM is the Tutankhamun Gallery. Spanning 7,500 square meters, this gallery houses more than 5,000 artifacts unearthed from the tomb of the boy king, including his iconic golden mask, throne, sarcophagus, chariots, and dazzling jewelry. The collection, which recreates the atmosphere of Tutankhamun’s burial chamber, offers visitors an unparalleled glimpse into the life and death of one of Egypt’s most famous rulers.
Other highlights include a 4,500-year-old boat belonging to Pharaoh Khufu, one of the oldest intact ships in the world, and several of Cheops’ so-called “light boats,” which have been recognized as UNESCO World Heritage Sites since 1979. The museum complex also features a conference center, auditorium, children’s museum, conservation areas, gardens, and the Khufu Boat Museum, making it a multifaceted cultural destination.
The opening of the GEM is more than just a celebration of Egypt’s ancient heritage; it is also a bold statement about the country’s future as a global cultural hub. In 2024, Egypt welcomed a record 15.7 million tourists, with travel and tourism contributing about 8 percent of the nation’s gross domestic product, according to official figures cited by Anadolu. The government hopes that the new museum will further boost these numbers, establishing Cairo as one of the world’s premier tourist destinations.
But the museum’s inauguration has also reignited a long-standing debate over the rightful home of Egypt’s most famous treasures. As Atalayar reports, Egyptian authorities are now urging museums around the globe to return artifacts taken during the colonial era, arguing that these pieces “should always have been” in Egypt. Chief among these is the Rosetta Stone, a pivotal artifact that has been on display at the British Museum since 1802. The stone, inscribed with ancient Egyptian texts and their Greek and Demotic translations, played a crucial role in deciphering hieroglyphs and unlocking the secrets of one of humanity’s most influential cultures.
Other sought-after treasures include the Luxor Obelisk, now standing in Paris’s Place de la Concorde; the Dendera Zodiac, housed in the Louvre Museum, also in Paris; and the Bust of Nefertiti, which resides in Berlin’s Neues Museum. The Luxor Obelisk, made of red granite and over 3,000 years old, was looted during the Napoleonic era, while the Dendera Zodiac, commissioned by Cleopatra and dedicated to Osiris, is the only surviving artifact from its temple, which was destroyed with dynamite. The Bust of Nefertiti, believed to have been illegally removed from Egypt despite explicit legal prohibitions, has been displayed in Berlin for over a century.
“The consecration of the Grand Egyptian Museum as the largest and most important cultural center of the 21st century has already materialized, but it hopes to achieve what it has been longing for for almost two centuries: the recovery of all Egyptian art on display around the world in order to piece together one of the most mysterious and difficult puzzles in human history,” Atalayar notes. The first sign of progress came from the Netherlands, which in 2022 returned a stone head over 3,500 years old belonging to the Thutmose III dynasty, marking a rare act of repatriation in the wake of the GEM’s opening.
The museum’s debut also brings renewed attention to the enduring mysteries of Egypt: How were the pyramids built? What happened to the body of Pharaoh Cheops? What caused the sudden death of Tutankhamun? These questions, as Atalayar observes, continue to fascinate archaeologists and historians, underscoring the magnetic allure of Egypt’s ancient past.
While the Grand Egyptian Museum stands as a testament to Egypt’s resilience and ambition, its greatest achievement may yet lie ahead. As the world marvels at its treasures, the GEM’s opening could serve as a catalyst for the long-awaited return of Egypt’s most iconic artifacts, bringing them home at last and allowing the country to reclaim its place at the center of human history.
06/11/2025
Russia’s Metal Expo to Host Iran’s Knowledge-Based Firms
Several Iranian knowledge-based companies are due to attend the Metal Expo Saint Petersburg 2025 in Russia. The exhibition is considered as one of the key and prominent events in the region in the field of metals and metallurgy industry and will be held at the ExpoForum Exhibition Center in St. Petersburg, Russia, on November 11-14, 2025. The companies present in this delegation will have the opportunity to present their products and services in various areas of the exhibition, including steel and ferrous metals, non-ferrous metals, various types of machinery and equipment related to metallurgy, the latest new technologies and advanced materials, as well as industrial automation and digitalization systems.
The Metal Expo is an exhibition dedicated to the metallurgical industry and metal production. It provides a platform where industry professionals, as well as national and international companies from the metal sector, converge. The exhibition is the largest platform in Russia and the CIS countries for demonstrating the achievements of ferrous and non-ferrous metallurgy, metalworking, etc. - Kayhan
06/11/2025