WASHINGTON: India has ended all imports of oil from Iran, its ambassador in Washington said Wednesday, becoming the latest country to comply with threatened US sanctions.
India had already sharply decreased its imports from Iran and bought one million tons of crude in April, the last month before Washington stepped up its pressure campaign against Tehran and ended all exemptions to sanctions, Ambassador Harsh Vardhan Shringla said.
“That’s it. After that we haven’t imported any,” Shringla told reporters during a briefing on Prime Minister Narendra Modi’s election victory.
Shringla said that energy-hungry India has also ended all imports from Venezuela because it considered itself a partner of the United States — but said the shift had caused pain at home, with Iran formerly supplying 10 percent of India’s oil needs.
Calling Iran “an extended neighbor” of India with longstanding cultural links, Shringla declined to say if New Delhi shared President Donald Trump’s concerns about Tehran.
“This is an issue that has to be dealt with, really, between the United States and Iran. We are only, in many senses, looking at it as a third party,” Shringla said.
But he added: “We would not like to see a move toward any escalation in any way in that area, for the simple reason that we depend very heavily on stability in that part of the world.”
Trump last year pulled out of a multinational pact under which Iran drastically scaled back its nuclear work in return for promises of sanctions relief.
The Trump administration has instead ramped up economic pressure on Iran and recently deployed military assets including an aircraft carrier strike group to the area.
The United States as of May 2 has ended exemptions it had given to eight governments from its unilateral order to stop buying Iranian oil.
Turkey, which enjoyed a waiver and vocally disagreed with the US policy, has also stopped importing oil from Iran, a Turkish official said Tuesday.
State Department spokeswoman Morgan Ortagus welcomed the news from Turkey.
“We want the whole world to comply with these sanctions, and we’re grateful for our partners and allies that are respecting them,” she told reporters.
India ends Iranian oil imports
India ends Iranian oil imports
- India's ambassador to the US says India had already sharply decreased its imports from Iran
Closing Bell: Saudi main index dips for the second consecutive day
RIYADH: Saudi Arabia’s Tadawul All Share Index continued its downward movement for the second consecutive day, as it shed 17.71 points to close at 12,103.20.
The total trading turnover of the benchmark index on Wednesday was SR6.30 billion ($1.68 billion), with 128 stocks advancing and 96 declining.
On the other hand, Nomu, the parallel market, marginally went up by 0.03 percent to 26,666.16.
However, the MSCI Tadawul Index edged down by 0.47 percent to close at 1,512.30.
Saudi Industrial Development Co. was the best-performing stock on the main index. The company’s share price surged by 9.95 percent to SR9.61.
Other top performers were Wafrah for Industry and Development Co. and Al-Baha Investment and Development Co., whose share prices soared by 9.9 percent and 7.69 percent respectively.
The worst-performing stock was Basic Chemical Industries Co., as its share price slipped by 7.57 percent to SR33.60.
On the announcements front, Seera Group Holding revealed that its net profit rose to SR61 million in the first quarter of this year, representing a rise of 7.01 percent compared to the same period of the previous year.
In a Tadawul statement, the travel firm noted its total revenue for the first quarter stood at SR1.07 billion year on year driven by continued growth in the car rental and travel platform segments and the new acquisitions within Portman Travel Group.
Lumi Rental Co. also announced its financial results. The company said that its net profit fell by 11.15 percent to SR44.71 million in the first quarter of this year compared to the same period in 2023.
Zamil Industrial Investment Co., which reported its earnings, revealed that it swung to a net profit of SR5.42 million in the first three months of this year, compared to a net loss of 13.81 million in the same period of the preceding year.
Zamil attributed the rise in profits to its sales growth, which went up by 25.5 percent, along with higher operating income in the steel and insulation sectors.
Meanwhile, Shatirah House Restaurant Co., also known as Burgerizzr, reported a net profit of SR5.3 million in the first quarter of this year, compared to the SR1.4 million net loss it incurred in the same quarter of 2023.
In a Tadawul statement, Burgerizzr said that the rise in net profit was driven by higher same-store sales and an increased number of guests.
AI, tech to reshape healthcare in Saudi Arabia, UK: experts
RIYADH: Saudi and British experts on Wednesday highlighted the importance of artificial intelligence and technology to enhance healthcare.
Taking to the main stage on the second day of the GREAT Futures Conference in Riyadh, experts from both nations shed light on the fast-evolving landscape of the health sector and the increasing role of the latest technology in that evolution.
A series of panel discussions revealed that the Kingdom aims to reduce waiting time and costs and improve the quality of life for its citizens through a strong focus on a more preventive, patient-centric system that brings quality care beyond the walls of the hospital and into an individual’s own home.
Inaugurating the event, the CEO of the Health Sector Transformation Program, which is part of the nation’s Vision 2030 directives, Dr. Khalid Al-Shaibani, said: “In Saudi Arabia, we have embraced digital health as a priority because of its potential to enhance healthcare delivery, improve patient outcomes, and drive economic growth.”
The CEO further posited that through a clear and unified vision, all sectors of the Saudi government are working together to make this future a reality, saying: “This initiative represents a bold and innovative approach where various sectors collectively work to enhance the health of our nation. By integrating health, equity, and sustainability into all decision-making processes, we foster an environment that promotes the well-being of our citizens.”
A future that, according to Al-Shaibani and his fellow speakers, including the UK’s Undersecretary of State in the Department of Health and Social Care, Nick Markham, and Dr. Abdulaziz Al-Homod, chief medical officer of Seha Virtual Hospital, could allow medical professionals to bridge the gap between primary and secondary care.
This period, which is often characterized by an utter lack of awareness of the patient’s condition, could be supplemented by wearable technology, which could then track the patient’s vitals while simultaneously uploading them to a unified database, allowing for a clearer understanding of the patient’s progress before secondary care.
Al-Homod noted that in secondary care, which could also become costly, innovation could further become an asset by allowing visits to be virtual, cutting costs and improving efficiency.
Highlighting the overall enthusiasm of the nation, he said: “It’s good to be here during this time and era if you are a company or a startup that wants to work in healthcare, there is a clear will and a clear strategy and we are focused on people. The healthcare ecosystem is hungry for innovation, and we think NEOM is gonna be unique and that Saudi Arabia is going to continue to lead (in healthcare innovation).”
Discussing areas of collaboration between the two kingdoms and the ever-present question of the use of AI, the undersecretary of state noted that the UK’s national health system, known as the NHS, has an extensive database, perhaps the largest in the world, due to its unified presence since 1948.
This data could be “fed” to AI to allow for the detection of patterns that were perhaps previously not possible through merely the human eye.
Markham said: “Actually, we can pull this all together into a fantastic set of data which can be used on parallel anywhere else, and we’ve got the diversity of the population as well because we know a lot of countries have homogeneous populations. You throw that all at AI and start to see patterns that we can’t see.”
According to the British official, this could serve to address long-standing medical questions, such as early detection of dementia and its treatment.
Further affirming the collaborative relationship between the two nations in the field of emerging technologies, the head of the Research Development and Innovation Authority, Mohammed Al-Otaibi, noted that Saudi Arabia, represented by his body, signed a memorandum of understanding with the UK’s Department for Science, Innovation and Technology to work on research and development in deep-tech and science fields.
Looking to the future, Al-Otaibi pointed to the recently launched Research Lab Support Program, which aims to disperse SR312 million ($83 million) to 30 entities overseeing 86 research labs across the Kingdom to accelerate R&D in medicine and beyond.
Saudi Arabia, UK to strengthen cooperation in tourism sector
RIYADH: The Saudi Tourism Authority and VisitBritain, the UK’s national tourism agency, have signed a declaration of intent to develop and grow tourism.
The signing, at the GREAT Futures Conference, means the two kingdoms will collaborate and share expertise about domestic and international tourism.
VisitBritain has predicted there will be 240,000 visitors to the UK from Saudi Arabia this year, up 9 percent from 2019. It also predicted that travelers will spend £752 million ($65.56 million) during their trips, up 20 percent since 2019.
UK Secretary of State for Culture, Media and Sport Lucy Frazer told Arab News: “Today we’ve signed an MoU … because we want to encourage and learn about ‘how do we encourage more Saudis to come to the UK’, ’how do we get more members of Great Britain to come over to Saudi Arabia.
“We’ve always had a very strong relationship, but that relationship is getting closer as Saudi Arabia undergoes this huge societal and economic change.”
She added: “It’s so dynamic and it’s got so many ambitions for the future. And in the UK, we would like to be a strong partner in that. So we’re collaborating in a number of areas sharing knowledge, sharing expertise, sharing best practice.”
Attending the signing on the first day of the event were Saudi Tourism Minister Ahmed Al-Khateeb, Vice Minister of Tourism Princess Haifa Al-Saud, and Saudi Tourism Authority CEO Fahd Hamidaddin.
Alongside Lucy Frazer from the UK were VisitBritain’s chairman, Nick de Bois, and the organization’s CEO, Patricia Yates.
During her interview with Arab News, the UK secretary of state also discussed a heritage agreement that Historic England was looking to sign with its equivalent organization in Saudi Arabia. This would pave the way for joint training and sharing of expertise around the restoration of palaces and historic buildings.
Frazer also said she was excited to experience her first visit to Saudi Arabia.
“I had a number of meetings with my counterparts, whether that’s the ministers in culture, in sport, or tourism, and I think there are huge opportunities for us to work together. I see a lot of shared values and I’m very much looking forward to working to grow our economies, and to make sure that we can work together well across the board,” she said.
During his opening remarks at the event, Al-Khateeb said Saudi Arabia and the UK were bound by a deep historical partnership.
He said Saudi Arabia had welcomed more than 165,600 British tourists and issued over 560,462 e-visas for British visitors since 2019.
The minister underlined that GREAT Futures represented an important forum for exchanging qualitative expertise and learning. He added that the conference also served as an opportunity for British companies to participate in the transformation achieved by Saudi Arabia’s Vision 20230.
The two-day conference, hosted at King Abdullah Financial District, featured 47 sessions and workshops with 127 speakers. It aimed to strengthen Saudi-UK partnerships in 13 sectors including tourism, culture, education, health, sports, investment, trade, and financial services.
The event welcomed 450 British delegates and company heads who held meetings with members of the Saudi community and officials.
EV transition targets out of reach without mining more copper than in all of history: IEF
RIYADH: The world needs to mine more than double the amount of copper ever excavated in human history if it wants to hit widespread electric vehicle targets, according to a new study.
Analysis by the International Energy Forum warns that unless the industry is rapidly expanded, there will not be enough of the metal available to ensure the 2025 EV adoption goals set by the UN’s Intergovernmental Panel on Climate Change.
According to the report, electrifying the global vehicle fleet would necessitate the opening of 55 percent more new copper mines by 2035 – and this expansion needs to be encouraged by governments.
The IEF study also warned that copper demand between 2018 and 2050 is set to be 115 percent greater than all of the metal that has ever been excavated before this point.
As a result, policy makers should consider shifting the focus from 100 percent electric vehicles to hybrid models to help stop the automotive industry dominating this resource, which is widely used across the economy.
“Under today’s policy settings for copper mining, it is highly unlikely that there will be enough additional new mines to achieve 100 percent electric vehicles by 2035, only the first small step toward decarbonization. So we need to manage this transition,” said Joseph McMonigle, secretary general of the IEF.
He added: “To make the best use of the available copper supply, governments should prioritize economy-wide electrification, which is the foundation of climate policy. Moreover, governments need to incentivize and support new copper mine projects because, without it, 100 percent adoption of EVs is not an achievable target.”
McMonigle said that the EV industry will continue to be a significant segment in the automotive market and “should continue to thrive based on consumer preference and the growing array of vehicles available, but 100 percent adoption by 2035 is unlikely.”
Hybrid electric vehicles an option to minimize copper demand
According to the report, copper plays a crucial role in electricity generation, distribution, and storage, and the adoption of EVs is one of the most effective solutions for reducing the reliance on fossil fuels.
However, unprecedented copper requirements of electric car batteries will compete with the electricity needs of countries which are in the early stages of development.
“Copper demand for EV manufacture could increase the price of copper very substantially and significantly impede the advance of less developed areas,” the report said.
The energy think tank said that manufacturing a traditional internal combustion engine vehicle requires 24 kg of copper, while an EV demands 60 kg.
On the other hand, a hybrid electric vehicle requires 29 kg of copper, which would have a negligible impact on the demand for metal.
“Policymakers might consider changing the vehicle electrification goal from 100 percent EV to 100 percent hybrid manufacture by 2035. This would allow for future output of existing and new copper mines to be used for the developing world to catch up with the developed world in electrification,” said IEF in the report.
According to the US Department of Energy, hybrid EVs are powered by an internal combustion engine and one or more electric motors, which use the power stored in batteries.
A hybrid EV cannot be plugged in to charge the battery. Instead, the battery is charged through regenerative braking and by the internal combustion engine.
Citing a report by the American Council for an Energy-Efficient Economy, IEF further pointed out that EVs and hybrids scored similarly based on their cost to human health from air pollution associated with vehicle manufacturing and disposal, the production and distribution of fuel or electricity, and vehicle tailpipe emissions.
Responsible copper mining strategy to be encouraged
The energy forum also underscored the importance of encouraging responsible copper mining strategies by governments worldwide to meet the demand for this metal.
“The baseline outlook for copper supply in the report, based on historical trends, sees supply rising by 82 percent by 2050, peaking in 2086, and then falling sharply. However, the report also cites projections based on the pipeline of copper projects, which shows a decline in supply as soon as 2026,” said IEF.
It added: “The report argues that mining should be recognized as essential, and exploration and responsible copper mine development strongly encouraged.”
The analysis highlighted that the mining industry is facing various challenges including limited land access, low discovery rates and a 23-year lead time for mines to come into production.
The energy think tank added that governments are hesitant to approve mine permits even in areas where significant copper reserves are discovered.
According to IEF, the mining industry will need to explore and mine deeper to obtain the copper the world needs, while exploration in subsurface mines will be safer and have a smaller environmental footprint.
“The message that we may not be able to mine materials fast enough to meet humanity’s desires even if there are more than enough of these materials to meet all of humanity’s needs has proven difficult to effectively deliver, yet its effective delivery and subsequent discussion is necessary to the formulation of realistic energy resource policies,” said IEF.
In April, the International Energy Agency released an additional report stating that global battery production must be scaled up to meet the climate and energy security goals set at the 2023 UN Climate Change Conference.
During the COP28 summit, nearly 200 countries agreed to triple renewable energy capacity by 2030, double the pace of energy efficiency improvements, and transition away from fossil fuels.
The IEA report also added that ensuring energy security requires greater diversity in supply chains, including extracting and processing the critical minerals used in batteries.
North Highland to invest ‘millions of dollars’ in Saudi workforce development
RIYADH: US-based consulting firm North Highland, which recently relocated its headquarters to Riyadh, plans to invest “millions of dollars” in Saudi Arabia to bolster workforce capabilities in line with Vision 2030.
During an interview with Arab News, CEO Alex Bombeck emphasized the company’s focus on supporting the Kingdom’s economic growth and infrastructure, while also highlighting the importance of building a core team of Saudi nationals.
Speaking on the sidelines of the GREAT Futures conference in Riyadh, Bombeck said: “I would say we’re going to be able to bring experience and expertise from folks around the world to Saudi Arabia, but we have to focus on building a national team here in Riyadh.”
He revealed that the company has already hired employees here, and “we are bringing in more as quickly as we can.”
Bombeck added: “Our ambitions here are great, and we’re going to be investing millions of dollars.”
The CEO also emphasized the importance of digital upskilling, particularly among younger workers, who often bring “fresh perspectives and innovative ideas.”
This includes investing in their skills, which will not only “benefit the workforce but also align with the broader goals of Saudi Arabia’s Vision 2030.”
“They’re not as constrained in their thinking, so I think not only can they bring digital thinking to us, but we can also help upskill them in certain technologies and platforms to help grow the workforce because the most important thing for us is one to bring value to the Kingdom,” Bombeck said.
He continued: “We’ve got to ensure that particularly the young portions of the workforce are bringing the differentiated thinking that they can offer and that when we think about stuff like generative AI, we’re actually seeing that some of our younger consultants are bringing fresher, more innovative ideas.”
During the two-day event, the management consulting firm held discussions with Saudi Commerce Minister Majid Al-Qasabi, Investment Minister Khalid Al-Falih, and top executives from projects such as NEOM and Red Sea Global.
“Our focus is to take these super ambitious and high growth economic plans and to be able to actually see the value created from them,” Bombeck said.
He added: “In doing that, one of the things that we always focus on is how can we drive progress by being agile and continuously working in partnership with whether it be the Saudi government or in the private sector, to be learning as we go.”
The CEO concluded by emphasizing that Saudi Arabia “needs to be the best at getting better.”
