IEA: Intl. Oil Market to See Surplus after OPEC+ Hike
World oil supply will rise more rapidly than expected this year as OPEC+ members increase output further and supply from outside the group grows, the International Energy Agency said on Thursday, and implied that a surplus could grow in 2026.
Supply will rise by 2.7 million barrels per day (bpd) in 2025, up from 2.5 million bpd previously forecast, the IEA, which advises industrialised countries, said in a monthly report, and by a further 2.1 million bpd next year.
OPEC+ is adding more crude to the market after the Organization of the Petroleum Exporting Countries, Russia and other allies decided to unwind its second layer of output cuts more rapidly than earlier scheduled. The extra supply has raised concern of a surplus and weighed on oil prices this year.
Supply is rising far faster than demand in the IEA's view, even though it upwardly revised its forecast for growth in world demand this year to 740,000 bpd, up 60,000 bpd from the previous forecast, citing resilient deliveries in advanced economies.
"Oil markets are being pulled in different directions by a range of forces, with the potential for supply losses stemming from new sanctions on Russia and Iran coming against a backdrop of higher OPEC+ supply and the prospect of increasingly bloated oil balances," the IEA said in the report.
IEA demand forecasts are at the lower end of the industry range, as the agency expects a faster transition to renewable energy sources than some other forecasters. OPEC, which sees demand rising by more than the IEA, updates its forecasts later on Thursday.
The IEA has been saying the world market looks oversupplied and Thursday's report implied that supply may exceed demand by about 3.3 million bpd next year, driven by growth from outside the wider OPEC+ group and a limited expansion in demand.
Last month's report implied a surplus of almost 3 million bpd for 2026.
18/09/2025
Dubai South Aerospace Hub Launches VIP Terminal Boulevard
The Mohammed bin Rashid Aerospace Hub (MBRAH) at Dubai South has announced the launch of ‘The VIP Terminal Boulevard’, a new development designed to attract leading aviation companies and luxury retailers.
Located adjacent to the VIP Terminal, which continues to witness record growth in business aviation movements, the boulevard stretches 769 metres and features 16 premium buildings, offering state-of-the-art facilities and retail outlets across a total development area of 204,000 sq m.
Opportunity for global firms
Designed as part of MBRAH’s integrated aviation ecosystem, the development provides an unmatched opportunity for global companies seeking to establish and grow their presence in the region. The boulevard will be delivered in phases starting in 2026.
Construction has already commenced on Aviation One, a six-storey building within The VIP Terminal Boulevard, which combines modern architectural design with advanced functional layouts, reflecting MBRAH’s commitment to innovation and excellence, said a statement.
Aviaition, a pillar of Dubai economy
Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Civil Aviation Authority, Chairman of Dubai Airports and Chairman and Chief Executive of Emirates Airline and Group, said: “Aviation has always been one of the fundamental pillars of Dubai’s economy. The growing demand for aviation services in the emirate is a direct reflection of the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, and the advanced ecosystem in MBR Aerospace Hub which is beyond the aviation industry’s expectations. As we progress towards the completion of Al Maktoum International Airport, Dubai will further cement its role as a global leader in aviation, attracting top-tier companies and setting new benchmarks for the industry.”
“The VIP Terminal Boulevard is a significant addition to the world-class facilities at Mohammed bin Rashid Aerospace Hub. It will open new opportunities for leading aviation companies and luxury brands to flourish, while further strengthening Dubai’s position as a premier destination for companies and a key player on the global aviation map,” added Sheikh Ahmed.
MBRAH offers global aerospace players high-level connectivity and is a free-zone destination for the world’s leading airlines, private jet companies, MROs, and associated industries. Located in and developed by Dubai South, MBRAH is also home to maintenance centres and training and education campuses. It seeks to strengthen engineering industries to foster the emirate’s vision of becoming a leading aviation hub.
18/09/2025
Top Kosovo Envoy: Direct Jeddah–Pristina Flights Open Doors for Saudi Investors
The launch of direct flynas flights between Jeddah and Pristina is more than a tourism milestone — it signals Kosovo’s rise as a new destination for Saudi business and investment, according to the country’s ambassador.
Kosovo’s Ambassador to Saudi Arabia, Lulzim Mjeku, told Arab News the new air link, which will begin operating three times a week on Oct. 1, represents a historic step in building commercial bridges between the two nations.
“The most frequent question asked of me from both countries’ business communities was: Is there a direct flight between KSA and RKS? It wasn’t until last year that both states signed the Agreement on Air Services.” Mjeku said.
He added: “Today, as both countries have concluded several basic agreements with a focus on business, I may say that through this work, both governments have paved the way for business communities to start exploring avenues of cooperation.”
While the connection opens Kosovo’s mountains and heritage to Saudi tourists, Mjeku emphasized that the real opportunities lie in the country’s investment climate.
Kosovo boasts the highest internet penetration rate in Europe at 96.4 percent, a multilingual and skilled workforce, and a streamlined business environment, positioning itself as a gateway for Saudi investors entering the Western Balkans.
“Kosovo is a vibrant country emerging in the global market,” the ambassador said. “Our workforce is skilled and multilingual, and our economy is diversifying, from construction and textiles to advanced information technology.”
When asked whether the new connectivity would encourage Saudi investors to explore opportunities in Kosovo, Mjeku pointed to early successes in technology partnerships.
He noted that Kosovar firms have already contributed to the Tawakkalna application in cooperation with Saudi partners and developed cybersecurity systems for hospitals in Riyadh.
“I expect more Kosovar IT companies will find their way to the Saudi market. I also strongly believe both sides can find a win-win modus operandi and have their share in the market,” he said, adding: “Whoever moves first has the chance to succeed faster and better.”
The competitive framework is another draw. Corporate tax is set at just 10 percent, while starting a business takes an average of 4.5 days. Investments account for 36 percent of Kosovo’s gross domestic product, with an average economic growth rate of 4.1 percent over the past eight years. “Whoever moves first has the chance to succeed faster and better,” the ambassador stressed.
The launch of flights follows last year’s Agreement on Air Services and coincided with the first visit of a Saudi business delegation to Kosovo, led by the Federation of Saudi Chambers of Commerce, marking the 15th anniversary of diplomatic ties.
The Kingdom’s leading low-cost carrier will operate the Jeddah–Pristina route as part of its expansion strategy, “We Connect the World to the Kingdom,” aligned with the Kingdom’s National Civil Aviation Strategy.
The plan aims to link the Kingdom to 250 international destinations, accommodate 330 million passengers, and host 150 million tourists annually by 2030.
For Mjeku, these developments herald a new phase in Saudi–Kosovar relations. “With these flights come opportunities, and with opportunities, we get better results and solidify our relationship on an inter-human level,” he said.
18/09/2025
Egypt Posts Record Primary Surplus Despite Fall in Suez Canal Revenue
Egypt posted a record primary surplus of 629 billion Egyptian pounds (~US$13 billion) in fiscal year 2024–2025, despite a 60 percent drop in Suez Canal revenues, the presidency said in a statement.
During a meeting with Prime Minister Mostafa Madbouly and Finance Minister Ahmed Kouchouk, President Abdel Fattah El-Sisi was briefed on the country’s preliminary fiscal performance, which showed a surplus equated to 3.6 percent of gross domestic product.
The result represents an 80 percent increase compared to the 350 billion pounds (~US$7 billion) achieved during the 2023-2024 fiscal year.
The finance minister said the strong performance was delivered despite significant external shocks, most notably the sharp decline in Suez Canal revenues, which cost the budget an estimated 145 billion pounds (~US$3 billion) compared with initial projections.
He added that the results coincided with improvements across all major economic indicators, particularly in private investment, industrial activity, and exports.
Presidency spokesperson Mohamed El-Shennawy said tax revenues also saw a significant increase, rising by 35.3 percent year-on-year to 2.204 trillion pounds (~US$45.3 billion).
This marks the highest tax revenue growth in recent years and reflects a broader expansion of Egypt’s tax base.
The finance minister said overall revenues grew by 29 percent, while primary expenditures rose by 16.3 percent.
The minister attributed the performance to a comprehensive tax reform agenda, which includes voluntary taxpayer registration, amicable dispute resolution, and the application of digital tools, including the creation of a dedicated e-commerce unit and the implementation of a tax risk management system.
Between February and August, Egypt received 401,929 requests to resolve longstanding tax disputes, along with more than 650,000 voluntarily submitted new or revised tax filings, generating 77.9 billion pounds (~US$1.6 billion) in revenue.
Moreover, 104,129 small businesses with annual revenues below 20 million pounds (~US$410,000) applied for tax benefits under Law No. 6 of 2025.
Kouchouk highlighted the government’s social spending commitments. Over 80,000 critical medical cases were treated at state expense, and 2.3 billion pounds (~US$47 million) were allocated to cover health insurance for vulnerable citizens in various provinces.
In education, 160,000 teachers were hired for the 2024-2025 academic year to address staffing shortages, at a cost of 4 billion pounds (~US$82 million).
A further 6.25 billion pounds (~US$128.3 million) was set aside for school meal programs to ensure students receive balanced nutrition and combat malnutrition.
El-Sisi stressed the importance of maintaining strict fiscal discipline to support economic recovery and development, and called for stronger public-private partnerships to achieve sustained growth and financial stability.
He also directed the continuation of efforts to generate primary surpluses and to increase allocations for the “Takaful and Karama” cash transfer welfare programs, as well as for the health and education sectors, as part of broader efforts to alleviate burdens on citizens and promote social justice.
18/09/2025
GCC Countries Shine in Circular Carbon Economy Index
The GCC countries have made significant progress in the Circular Carbon Economy Index, with their overall average score rising to 41.5 in 2024 when compared to 37.7 the year before, according to the latest data released by the Statistical Centre for the GCC (GCC-Stat).
The data issued by the Centre revealed that three GCC countries topped the index at the Middle East and North Africa level.
The Circular Carbon Economy (CCE) Index serves as a comprehensive assessment tool that measures the progress of 125 countries worldwide towards achieving net-zero emissions, through the CCE framework which balances mitigation technologies with enabling tools.
The index consists of two main components: In the Performance Index, which measures the extent to which countries utilise emission-mitigation technologies, GCC countries advanced in 2024 to 35.8, up from 29.7 in 2023.
They also made progress in the Enablers Index, which assesses readiness for transitioning to a low-carbon economy, recording 47.2 points, compared to 45.6 points in 2023.
The data also showed that GCC countries have made a significant leap in contributing to the establishment of global renewable energy plants. The share of the GCC’s installed design capacity for renewable energy plants out of the total global installed design capacity rose to 0.43% in 2024, compared to just 0.03% in 2015.
The GCC Supreme Council has reiterated its commitment to adopting the key pillars of the energy transition, including energy security, economic development and climate change, through sustainable investments in hydrocarbon resources.
Member states are following the four pillars of the Circular Carbon Economy (CCE) approach, which are reducing, reusing, recycling, and removing emissions, it added.
18/09/2025