17th Bitumen, Asphalt, Machinery Exhibition Opens in Tehran
Iran’s 17th Bitumen, Asphalt and Machinery Exhibition opened on Tuesday, bringing together 54 domestic companies for a three-day event hosted by the Road, Housing and Urban Development Research Center.
At the opening ceremony, Majid Kianpour, managing director of the Technical and Soil Mechanics Laboratory Company, said Iran’s asphalt and bitumen sector faces ten major challenges, including low product quality, insufficient use of standard materials, short pavement lifespan, lack of skilled personnel, and weak coordination between academia and industry.
Kianpour noted that under the national budget law, 30 percent of the country’s bitumen output is allocated to executive bodies, with 49 percent going to the Transport and Urban Development Ministry, 17 percent to the Municipalities Organization, and the rest to the Housing Foundation for rural projects. He said projects receive bitumen at half the market price as part of a government subsidy program to reduce road maintenance costs.
Masoud Nosrati, deputy interior minister and head of the Organization of Municipalities and Village Administrations, highlighted the growing strain on Iran’s urban road networks, noting that 76 percent of the population lives in 1,451 cities and that daily commuter trips between Tehran and its suburbs exceed 3.5 million.
Nosrati said the cost of bitumen and asphalt has increased 36-fold and 30-fold, respectively, over the past nine years, adding that the rise of ride-hailing services has eased transport pressures but also contributed to faster road wear. He called for new financing mechanisms to support infrastructure renewal, warning that traditional funding models are no longer effective.
According to organizers, 72 research papers were submitted to the event, with 17 presented orally and 40 in poster form during the exhibition. - Tehran Times
05/11/2025
Iran Has No Decision to Raise Gasoline Prices: Govt. Spox
Government spokesperson Fatemeh Mohajerani said Tuesday that no decision has been made to change gasoline prices, whether rationed (IRR 15,000 (1.38 cent) per liter) or non-rationed (IRR 30,000 (2.77 cents) per liter), emphasizing that “rationed gasoline will continue to be sold at current rates.”
In response to reports about a possible fuel price hike, Mohajerani reiterated that the government has no plans to alter gasoline prices. “The gasoline allocated under the rationing system will still be provided at the same prices,” she said.
She added that Iran currently imports several million dollars’ worth of gasoline daily, noting that it is therefore necessary to take measures to manage foreign exchange resources related to fuel imports while also improving people’s livelihoods, developing industries, building infrastructure, and strengthening the national economy. - Shana
05/11/2025
Fire Erupts at Oil Refining Company in Central Iran
A fire broke out on Tuesday at the Eyvanki Oil Refining Company in Jannat Abad Industrial Town, with firefighting and emergency teams from Semnan and Tehran provinces currently working to contain the blaze.
According to local reports, a fire ignited at the Eyvanki Oil Refining Company in Jannat Abad Industrial Township in the Eyvanki district of Semanan province, prompting the immediate dispatch of emergency response teams.
Units from the Red Crescent, Fire Department, Emergency Medical Services, Police, and additional support teams from Tehran Province have joined firefighting operations.
Authorities have not yet released information regarding possible casualties or injuries. The cause of the fire remains unknown and will be determined following investigations by relevant experts. - Mehr
05/11/2025
Saudi Arabia Eyes Investments in Advanced Manufacturing Tech, Marine Industries
Saudi Arabia's Minister of Industry and Mineral Resources Bandar Alkhorayef held bilateral meetings with leaders of several global companies specialising in advanced manufacturing technologies and marine industries last week.
During the meetings they reviewed promising investment opportunities in these sectors and the enablers provided by the Kingdom to facilitate investors’ journeys, said a Saudi Press Agency report.
The meetings were held on the sidelines of the ninth edition of the Future Investment Initiative (FII9) Conference in Riyadh.
Discussions focused on strengthening joint cooperation in the industrial sector, reviewing the objectives of the National Industrial Strategy, and highlighting the investment opportunities it offers in advanced manufacturing, as well as in ship design, construction, maintenance, and the transfer of the latest technologies to the Kingdom.
The meetings also provided an overview of the enablers and incentives offered by the industrial ecosystem to promote specialised industrial investments and empower investors, in line with the objectives of Saudi Vision 2030.
The companies whose leaders Minister Alkhorayef met included Taiwan’s GIGABYTE Group, a leader in computing and artificial intelligence systems; Giga Computing Technology, specialising in data centers; Italy’s Fincantieri, a leading company in ship design and construction; Italy’s D-Orbit, active in the satellite industry; and the U.S.-based technology company Intel Corporation.
Moreover, the minister witnessed the signing of a cooperation agreement between the National Industrial Development Center and Fincantieri, aimed at strengthening partnerships in the marine industries sector.
05/11/2025
Mumtalakat-SandboxAQ Partnership Aims to Make Bahrain Biotech Hub
Bahrain Mumtalakat Holding Company, the sovereign wealth fund of Bahrain, and SandboxAQ, a global leader in artificial intelligence and quantum techniques, have announced a strategic partnership to catalyse a cutting-edge biotech ecosystem in the Kingdom.
Through this partnership, announced on the sidelines of Gateway Gulf 2025 held in Bahrain, Bahrain is licensing SandboxAQ’s software and expertise in quantitative AI to identify and develop targets and novel therapeutics. The collaboration is expected to create over US$1 billion in value for the Kingdom through new biotech assets. The collaboration will help position Bahrain as a regional biotech hub, with a joint research committee guiding a three-year program aimed at developing valuable new drugs.
Shaikh Abdulla bin Khalifa Al Khalifa, CEO of Mumtalakat, commented: “This partnership with SandboxAQ marks a significant milestone in our mission to diversify Bahrain’s economy and foster a thriving health sector. By combining our national resources with SandboxAQ’s world-class expertise in AI and large quantitative models to create new and innovative drugs, we are laying the foundation for a new era of innovation in the health sector and economic growth in the Kingdom.”
Jack Hidary, CEO of SandboxAQ, added: “We are honored to partner with Mumtalakat and the Kingdom of Bahrain to catalyze a new IP-generating biotech economy. Our collaboration will harness the power of AI to accelerate drug discovery and will attract more investment to the Kingdom.” This partnership aligns with Mumtalakat’s strategy and ongoing efforts to optimise, enhance and diversify its portfolio, ensuring sustainable long-term financial returns.
05/11/2025
Oil Down Amid Broader Market Selloff, Gains in US Crude Stockpiles
Oil prices fell on Wednesday amid a broader selloff in global financial markets that underscored concerns about economic and fuel demand growth, with a stronger U.S. dollar and reports of rising U.S. crude stockpiles adding to the worries.
Brent crude futures fell 36 cents, or 0.56%, to US$64.08 a barrel by 0221 GMT. U.S. West Texas Intermediate crude was down 40 cents, or 0.66%, at US$60.16. Both contracts extended their losses from Tuesday.
Oil markets declined as part of a wider slump in equity markets, with Asian stock markets adding on Wednesday to an overnight drop on Wall Street because of worries stock valuations are stretched, particularly for companies tied to artificial intelligence.
The risk-off sentiment pushed the U.S. dollar higher against its peers. A stronger greenback makes dollar-denominated oil more expensive for holders of other currencies, which can impact demand.
"Crude oil is trading lower ... as risk sentiment shifted sharply negative, boosting the safe haven U.S. dollar, both of which weighed on the crude oil price," IG market analyst Tony Sycamore said in a note.
Prices were also under pressure as the American Petroleum Institute said U.S. crude stockpiles rose by 6.52 million barrels in the week ended October 31, according to market sources citing the API figures on Tuesday.
Supply-side concerns continue to weigh on prices. The Organization of Petroleum Exporting Countries and allied producers, known as OPEC+, agreed on Sunday to increase output by 137,000 barrels per day in December.
The group decided to pause further increases in the first quarter of 2026. However, the pause was "unlikely to offer meaningful support to November and December prices," LSEG analysts said in a note.
OPEC itself only added 30,000 bpd to its output in October from the previous month as previously agreed OPEC+ increases were offset by declines in Nigeria, Libya and Venezuela.
05/11/2025
Oman Achieves Major Efficiency Gains in Govt. Projects
Oman’s Projects, Tenders and Local Content Authority has announced significant performance improvements across the sultanate’s government projects sector during 2024 and the first half of 2025.
Key achievements include a 43% reduction in tender estimated costs, generating financial savings exceeding RO30 million (US$78.02 million) through enhanced governance frameworks and public expenditure optimisation initiatives.
Tender issuance also showed notable growth, with 100 tenders released in 2024 and an additional 26 tenders in the first half of 2025, reflecting strengthened advance planning capabilities and accelerated project implementation timelines. Change order management improved considerably, with a 24% reduction, indicating more effective project monitoring mechanisms and technical oversight.
In a statement to Oman News Agency, Badr bin Salim al Maamari, Chairman of the Projects, Tenders and Local Content Authority, emphasised that these outcomes demonstrate Oman’s strategic commitment to realising Oman Vision 2040 objectives through optimised public expenditure and enhanced governance standards in government project management.
“The reduction in tender estimated costs and substantial financial savings across government projects and procurement activities represent the successful implementation of project governance frameworks, cost control measures, updated regulatory bylaws, and document cycle management,” Maamari said. He highlighted that coordinated integration among various government entities has been instrumental in achieving optimal resource utilisation and maximising value from public expenditure.
Maamari further noted that the Authority continues to make steady progress in developing comprehensive government project and contract management systems while implementing international best practices. “Our commitment to transparency and operational efficiency is demonstrated through the deployment of electronic platforms for tender management and government project implementation, significantly enhancing performance metrics and accelerating developmental project execution that directly benefits society and national economic growth,” he added.
He affirmed that these initiatives embody core principles of governance, sustainability, and institutional integration, reinforcing Oman’s approach to sustainable development while strengthening its position as an attractive investment destination and a regional centre of excellence in government project management.
Said bin Hamad al Amri, Director General of Tenders at the Authority, reported a 13% increase in awarded tender volume in 2024 compared to 2023, while the total award value decreased by 12.6% to RO786.6 million (US$2.045 billion). Change orders improved significantly, declining to 54 instances in 2024 from 71 in 2023.
“The Authority achieved financial savings exceeding RO15 million (US$39.01 million) through tender optimisation and an additional RO6 million (US$15.6 million) through enhanced project governance and advanced technical methodologies in contract evaluation and implementation,” Amri stated. These results reflect the success of ongoing expenditure rationalisation, cost control measures, and continuous improvement in government project awarding and execution mechanisms.
Regarding government procurement, Amri reported additional savings of RO5.7 million (US$) during the first half of 2025 through strategic initiatives, including Microsoft educational license procurement and renewal for government educational institutions, alongside student desk supply and installation projects for Ministry of Education schools.
Abdullah bin Humaid al Habsi, Head of the Projects Follow-up Office at the Authority, reported that comprehensive procedural reviews of government project implementation frameworks have been conducted in collaboration with multiple government entities and private sector representatives. This re-engineering initiative aims to enhance project management efficiency while elevating governance and transparency standards.
05/11/2025
National Bank of Kuwait Breaks Ground 1st Intl. HQ in Bahrain
The National Bank of Kuwait (NBK) Group, the largest financial institution in Kuwait, a holder of the Kingdom of Bahrain’s Golden License, has broken ground on its first international headquarters in the Kingdom, marking a significant milestone in the group’s regional expansion strategy, underscoring its longstanding commitment to Bahrain.
The announcement took place on the sidelines of the Gateway Gulf investment forum and the groundbreaking ceremony was attended by Noor bint Ali Alkhulaif, Minister of Sustainable Development, Chief Executive of the Bahrain Economic Development Board (Bahrain EDB); Ali Al Mudaifa, Chief of Business Development at the Bahrain EDB; Ali Fardan, Chief Executive Officer, NBK Bahrain, Mahmood Al Aali, Deputy Chief Executive Officer - NBK Bahrain alongside senior members from both entities.
Representing one of the largest contributors to Bahrain’s Foreign Direct Investment (FDI) within the financial sector, the total investment value of the new NBK Bahrain headquarters stands at US$66 million.
Minister Alkhulaif said: “We are delighted to see NBK deepen its presence in Bahrain through this landmark investment. NBK’s decision to establish its first international headquarters in Bahrain is a strong vote of confidence in the Kingdom’s dynamic financial ecosystem, our talented workforce, and our sustainable development vision. This project reflects the strength of our partnership with leading regional institutions and underscores Bahrain’s role as a hub for financial innovation and growth.”
Fardan added: “This groundbreaking milestone marks an important chapter in NBK’s journey in Bahrain, where we have proudly operated for nearly four decades. The establishment of our first headquarters outside Kuwait reflects the depth of our partnership with Bahrain and our continued confidence in its role as a platform for regional growth. This investment represents both a celebration of our long-standing presence and a commitment to our future expansion—positioning Bahrain as a central hub for NBK’s evolving operations and new business opportunities across the region.”
The new headquarters will be developed in alignment with Leadership in Energy and Environmental Design (LEED) standards, reflecting NBK’s commitment to sustainability and green building practices. Once completed, the building will consolidate all of NBK Bahrain’s operations under one roof, while providing room for future expansion and the introduction of new lines of business.
Established in 1987 as an offshore bank, NBK Bahrain has since evolved into a key contributor to Bahrain’s financial services sector, obtaining its retail banking license in 2003. With a presence spanning Asia, Europe, and the Middle East, NBK continues to play a vital role in driving regional financial connectivity and supporting sustainable economic growth.
05/11/2025