Group forecasts crude consumption growing, driven largely by greater use of cars in developing countries
Updated 09 October 2020
AFP
PARIS: The coronavirus crisis has sparked talk that the world might have reached peak oil demand but the OPEC group sees crude consumption continuing to grow during the next quarter century, driven in large part by greater use of cars in developing countries.
In its latest forecasts, released on Thursday, OPEC sees surprisingly little long-term impact despite the pandemic plunging the global economy and oil demand into a tailspin.
While the pace of economic recovery will dictate how fast oil consumption rebounds, even OPEC’s scenario of a slow healing sees an eventual return to increased demand.
“At the global level, oil demand is expected to increase by almost 10 mbd (million barrels per day) over the long-term, rising from 99.7 mbd in 2019 to . . . 109.1 mbd in 2045,” it said in its latest World Oil Outlook.
This baseline scenario represents 9.4 percent growth from pre-coronavirus consumption levels.
Under its slow growth scenario, OPEC expects 5 percent growth in oil demand.
And even with fast adoption of green technologies and tougher climate change policies, the group still sees a 3.1 percent increase in consumption.
OPEC’s forecast contrasts with that of some industry players, including major oil firms such as BP, which in its latest long-term estimates predicted that oil demand had already peaked or would soon do so thanks to increased use of renewable energy and the impact of the coronavirus.
Yet even the cartel’s forecasts reveal the impact of the changes already underway in certain regions.
It sees oil demand as having already peaked in developed countries that are part of the OECD, while it will continue to grow in developing countries.
“Demand projections show a contrasting picture between the two major regions: Declining long-term OECD demand and growing demand in the non-OECD,” said the report.
“In this regard, India, China and other developing countries (DCs) with increasing populations and high economic growth play a key role in increasing energy demand while developed nations in the OECD are exerting more of their efforts on energy efficiency and low-carbon technologies,” it added.
China and India are expected to account for half of that energy demand growth.
OPEC expects oil demand in OECD countries to peak between 2022 and 2025 before beginning to decline, thanks in large part to a switch to electric vehicles.
But in China and India, OPEC sees road transportation as posting the biggest gains in oil demand.
In China, it expects road transport to account for almost half of the overall demand growth, as the number of cars on the road triples. In India, it expects the number of cars to multiply more than five times.
Startups attract fresh capital to scale AI, health tech, and infrastructure
Updated 06 December 2025
Nour El-Shaeri
RIYADH: Startups across the Middle East and North Africa are accelerating growth through strategic funding rounds, partnerships, and technological innovation.
From agriculture tech and AI-led cybersecurity to digital health and home renovation, this week’s developments reflect the region’s expanding startup ecosystem and investor confidence across key verticals.
Saudi agritech startup Nabt has raised $3.4 million in a seed extension round, bringing its total funding to $5 million.
The round was led by SHG Group, with participation from Merak Capital and several angel investors, signaling strong investor confidence in the company’s long-term growth strategy.
The funding announcement took place during a signing ceremony at the Sunbola program event under the Ministry of Environment, Water, and Agriculture.
Founded to build both physical and digital infrastructure for the fresh-produce sector, Nabt connects farmers directly with commercial buyers through fulfillment centers that handle sorting, cold storage, and last-mile logistics.
The company recently launched the Nabt Online Auction to support large-scale produce trading across the Kingdom, and Nabt Intel, which provides real-time pricing and market-demand data.
CEO Abdullah Al-Otaibi said: “In just two years, Nabt has proven that building transparent and efficient infrastructure for fresh produce is not only possible but essential.”
The new capital will support expansion into additional Saudi cities and further develop Nabt’s infrastructure and services to boost food security and farmer profitability across the country.
COGNNA raises $9.2m
COGNNA, a Saudi cybersecurity company founded in 2022, has closed a $9.2 million series A round led by Impact46 and co-led by BNVT Capital, with participation from Vision Ventures and Tali Ventures.
The company offers AI-driven security operations tailored for enterprises and SMEs through its Agentic SOC platform.
Combining AI automation with human oversight, COGNNA’s platform helps organizations simplify compliance and proactively defend against cyber threats.
Chief Technology Officer Ziyad Al-Sheri stated: “Through our AI-led platform, we are building an Agentic SOC that doesn’t just respond to threats — it anticipates them.”
The funding will be used to accelerate global expansion, enhance R&D in AI automation, and scale operational teams and infrastructure to meet growing demand.
The company plans to allocate capital across product development, marketing, hiring, and international operations.
Funch raises $500k
Funch, a Dubai-based AI-native lunch subscription startup, has secured $500,000 in a pre-seed round led by Angelspark, with participation from investors including Mostafa Kandil, Mahesh Murthy, and Tushar F.
Founded in 2025 by Ahmad Joehnny and Ghada Zanaty, the platform offers flexible, credit-based lunch subscriptions for 19 Emirati dirhams per day with no delivery fees.
Founded in 2025 by Ahmad Joehnny and Ghada Zanaty, Funch offers flexible, credit-based lunch subscriptions with no delivery fees. (Supplied)
Funch replaces traditional meal plans with a system where users can pause, skip, or cancel orders while using credits only when meals are delivered.
“Our model is built around pre-planned orders, enabling us to operate with higher efficiency, reduce waste, and cut emissions with fewer trips,” said co-founder and chief operating officer Ghada Zanaty.
The company leverages AI to forecast demand, optimize routes, rotate menus, and streamline logistics, and will use the funding to scale across Dubai and develop its AI systems further.
Paymob teams up with Robusta
Egyptian fintech Paymob and software development firm Robusta Technology Group have announced a strategic partnership to accelerate digital transformation across Egypt and the wider region.
The collaboration will integrate Paymob’s digital payments infrastructure with Robusta’s AI-driven product development and analytics capabilities.
The joint initiative aims to deliver intelligent digital experiences for SMEs and enterprises, supporting Egypt’s Vision 2030 goals.
Both companies plan to expand regionally and develop future offerings combining automation, analytics, and seamless payment systems to improve operational efficiency for merchants and startups.
Reno raises $4m
UAE-based renovation technology platform Reno has raised $4 million in a mix of equity and debt funding.
The round included investments from Sanabil 500, Hub71, and Plus VC, as well as Zero 100 VC, FlyerOne Ventures, and Sandstorm VC. AngelSpark and Swiss Founders Fund also invested.
Founded in 2024 by Marc Michel, Amr Hosny, and Farah Karabeg, Reno offers a tech-enabled, end-to-end solution for interior design and renovation services in both residential and commercial sectors.
Reno aims to streamline the renovation process through a unified digital platform, allowing customers to manage projects from planning through execution.
The company plans to use the new capital to expand across the GCC region, enhance its technological infrastructure, and further develop its customer experience.
Glenwood PE and Mubadala invest in Korean desalination firm NanoH2O
Glenwood Private Equity and Abu Dhabi’s Mubadala Investment Company, along with co-investors, have completed a co-investment in NanoH2O, a Seoul-based reverse osmosis membrane manufacturer previously operating as LG Water Solutions under LG Chem.
All closing conditions and regulatory approvals for the investment have been fulfilled.
NanoH2O, which became an independent entity in 2024, supplies desalination and brackish water treatment solutions to municipal and industrial clients worldwide. More than 95 percent of its revenue is generated outside South Korea.
“We have strong conviction in NanoH2O’s technology leadership and long-term growth potential,” said Mohamed Al-Badr, head of Asia at Mubadala.
The firm aims to support NanoH2O’s global expansion, particularly in the MENA region, amid growing concerns over water security and decarbonization.
