Funding flows into frontier tech as startups race to scale

Founded in 2023 by Ranime El-Skaff and Christian Kunz, Prop-AI uses AI and machine learning to automate real estate search and valuation. (Supplied)

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Updated 14 sec ago

Nour El-Shaeri

June 21, 2025 21:32

Funding flows into frontier tech as startups race to scale

Darwinz AI will use the new capital to expand its Riyadh-based team

Updated 14 sec ago

Nour El-Shaeri

June 21, 2025 21:32

RIYADH: Startups across the Middle East and Africa are attracting fresh capital as investors double down on AI, fintech, proptech, and agri-tech solutions tailored to local and regional challenges.

��-based Darwinz AI, known as TheDar.AI, has raised $325,000 in seed funding to accelerate development of its AI-powered productivity platform for communication professionals.

The round was led by Flat6Labs and Glint Ventures, marking a milestone for the startup as it deepens its presence in the Kingdom.

Originally founded in Egypt in 2021 by Emad El-Azhary and Mohy Aboualam, TheDar.AI has evolved into a regional AI player with operations now headquartered in Riyadh.

The company’s flagship platform, dima, functions as an AI copilot tailored for public relations professionals, marketers, and brand managers—offering automation features that aim to improve content workflows and campaign management.

According to the company, the new capital will be used to expand the Riyadh-based team, accelerate product development cycles, and prepare for a global launch.

Founded in 2024 by Anis Rahal, XFOLIO offers a cloud-based platform that integrates portfolio management with treasury automation. (Supplied)

“This round marks a new chapter,” said co-founder Aboualam. “We’re proud to call TheDar.AI a Saudi company with Egyptian roots, and we are excited to scale globally through the thriving ecosystem here. Stay tuned — the best is yet to come.”

The investment reflects growing interest in generative AI applications in the Gulf region, especially in sectors like marketing and enterprise communications, where automation and digital transformation are accelerating.

XFOLIO raises $2m to modernise treasury and wealth management

French-Lebenese Fintech platform XFOLIO has raised $2 million in seed funding to enhance its enterprise-focused digital infrastructure for financial institutions and wealth managers.

The investment round was led by Middle East Venture Partners, and is aimed at expanding the startup’s product capabilities and market reach. Founded in 2024 by Anis Rahal, XFOLIO offers a cloud-based platform that integrates portfolio management with treasury automation.

It is designed to help financial institutions, family offices, and mid-sized wealth managers consolidate both bankable and non-bankable assets—providing a unified view of financial holdings and automating key back-office operations.

The capital will be used to launch AI-powered recommendation tools and enable cross-bank trading, two features the company believes will enhance decision-making efficiency and improve market access for underserved clients.

Prop-AI raises $1.5m to digitise real estate decisions

UAE-based proptech startup Prop-AI has secured $1.5 million in pre-seed funding to expand its AI-driven real estate intelligence platform.

The round was led by Plus VC, with contributions from Joa Capital, Select Ventures, Oraseya Capital, Plug & Play, and angel investors from �� and Bahrain.

Founded in 2023 by Ranime El-Skaff and Christian Kunz, Prop-AI uses artificial intelligence and machine learning to automate real estate search, valuation, and investment decision-making.

We’re proud to call TheDar.AI a Saudi company with Egyptian roots, and we are excited to scale globally through the thriving ecosystem here.

Mohy Aboualam Darwinz, AI co-founder & CEO

The platform caters to property buyers, investors, and real estate professionals seeking data-driven insights and automated analytics.

The funding will be used to integrate more regional data sets, enhance AI infrastructure, and launch new enterprise tools.

The startup also plans to scale across the MENA region and into European markets.

“Our mission is to build the ‘Bloomberg of Real Estate’,” said Ranime El-Skaff, CEO of Prop-AI.

DisrupTech backs Winich Farms in Sub-Saharan Africa debut

Cairo-based DisrupTech Ventures has made its first Sub-Saharan Africa investment by backing Winich Farms, a Nigerian agri-fintech startup, in its ongoing pre-series A round.

The move signals the fund’s broader interest in scalable fintech solutions addressing critical needs in Africa’s agriculture economy.

Winich Farms operates in 29 of Nigeria’s 36 states and has built a platform focused on improving financial inclusion and market access for over 180,000 smallholder farmers.

The company connects producers directly with buyers and provides access to financing tools that reduce post-harvest losses and price volatility.

The startup plans to expand its operations beyond Nigeria and explore export opportunities into the MENA region, positioning itself as a cross-continental player in agri-fintech innovation.

“Our investment in Winich reflects our conviction in the potential of Nigeria’s agri-fintech sector and the scalability of its model,” said Mohamed Okasha, managing partner at DisrupTech Ventures.

“Winich is not only solving real problems for smallholder farmers but doing so with a scalable model. Agriculture is also core to Egypt’s economy, and we look forward to sharing insights and best practices between both markets as Winich grows across the continent.”

Octane raises $5.2m to streamline fleet payments

Egyptian fintech Octane has raised $5.2 million in a funding round led by Shorooq Partners, Algebra Ventures, and SC Holding.

The Cairo-based company was co-founded in 2022 by Amr Gamal and Ziad Eladawy, and offers a closed-loop wallet system that consolidates fleet-related expenses including fuel, maintenance, and petty cash.

Octane targets fleet operators and logistics companies that currently rely on fragmented financial systems.

Its platform provides tools for financial control, analytics, and cost optimisation.

“At Octane, we’re focused on giving fleets the rails they need to manage day-to-day payments with precision,” said Amr Gamal, Co-Founder and CEO of Octane.

“This funding lets us broaden our acceptance network, expand AI-powered fraud detection and route optimisation features, and stay ahead of the shift toward cleaner, more efficient mobility, without adding complexity for our customers.”

The startup plans to use the new funds to grow its merchant network, expand regionally, and integrate more AI capabilities into its transaction processing and route planning tools.

OCTA secures $20m credit line to support SME automation

UAE-based fintech OCTA has secured a $20 million credit facility from Sukna Fund for Direct Financing, reinforcing its mission to embed financial services into the daily operations of small and medium-sized enterprises.

The new facility follows OCTA’s $2.25 million pre-seed round closed in October 2024, co-led by Quona Capital and Sadu Capital.

Founded in 2024 by Jon Santillan, Andrey Korchak, and Nupur Mittal, OCTA automates the contract-to-cash process for SMEs—covering invoicing, collections, payments, and now embedded credit.

The company claims to offer a unified platform that helps SMEs overcome working capital constraints and cash flow inefficiencies.

“Most SMEs don’t fail because they lack revenue — they fail because their cash is locked up,” said Jon Santillan, co-founder and CEO of OCTA.

“Our partnership with Sukna Fund allows us to bring financing directly into the heart of daily operations, where businesses need it most.”

The funds will help OCTA scale across �� and other Gulf markets as it targets the underserved mid-market SME segment.

SaturnX raises $3m to expand stablecoin-based remittances

Dubai-based SaturnX has closed a $3 million seed round led by White Star Capital, with additional support from institutional backers.

Founded in 2024 by Mirnas Brescic, SaturnX provides an API-based infrastructure layer for stablecoin payments, designed specifically for business-to-business financial service providers.

The new capital will support expansion into Southeast Asia, with initial focus on high-volume remittance corridors such as the Philippines, Bangladesh, and Pakistan.

SaturnX also plans to enhance compliance and enterprise features on its API platform.

“Our vision is to connect the worlds of decentralised and traditional finance with infrastructure that brings the benefits of stablecoins to everyday financial use cases,” said Mirnas Brescic, CEO and Founder of SaturnX.

“Despite considerable progress, cross-border payments are still expensive and slow. By offering a faster, cheaper, and programmable alternative, we’re helping financial partners unlock better ways to move money.”

Topics: Start-up of the Week MENA

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

Updated 21 June 2025

Reuters

June 21, 2025 07:34

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

Updated 21 June 2025

Reuters

June 21, 2025 07:34

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.

Topics: Pakistan power sector debt

Saudi gold demand defies price surge amid cultural, digital shift

Updated 20 June 2025

Nadin Hassan

June 20, 2025 13:06

Saudi gold demand defies price surge amid cultural, digital shift

Updated 20 June 2025

Nadin Hassan

June 20, 2025 13:06

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, ��’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 �� 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, �� 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.”

�� 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, ��’s gold market is not only resilient — it is evolving. In a time of global uncertainty, gold continues to shine across the Kingdom.

Topics: Gold saudi gold

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

Updated 20 June 2025

Nour El-Shaeri

June 20, 2025 11:03

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

Updated 20 June 2025

Nour El-Shaeri

June 20, 2025 11:03

RIYADH: ��’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 ��’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 ��, 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, ��, 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 �� 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 �� 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. “�� 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, �� 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.

Topics: VENTURE CAPITAL artificial intelligence (AI) Agritech

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

Updated 20 June 2025

Reuters

June 20, 2025 08:56

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

Updated 20 June 2025

Reuters

June 20, 2025 08:56

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.

Topics: oil updates oil prices

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

Updated 19 June 2025

Nadin Hassan

June 19, 2025 17:15

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

Updated 19 June 2025

Nadin Hassan

June 19, 2025 17:15

RIYADH: OPEC+ has proven to be the “central bank” and regulator of the global oil market, providing much-needed stability, ��’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 �� 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 �� 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 �� 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 ��’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 �� 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 �� 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.

Topics: OPEC OPEC+

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Funding flows into frontier tech as startups race to scale

Funding flows into frontier tech as startups race to scale

MENA startups accelerate with strategic deals

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

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

Saudi gold demand defies price surge amid cultural, digital shift

Saudi gold demand defies price surge amid cultural, digital shift

Saudi gold investment demand up 9% in 2024 as bar purchases surge

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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

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�� tops emerging markets’ venture capital funding, overtakes Singapore

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

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

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

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

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