NRG matters — US to invest $2.5bn in carbon capture; Toyota allocates $624m in making EV parts in India

The Iran nuclear deal is set to be discussed (Shutterstock)
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Updated 09 May 2022
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NRG matters — US to invest $2.5bn in carbon capture; Toyota allocates $624m in making EV parts in India

RIYADH: Qatar is making an attempt to push the merits of the 2015 Iran nuclear deal, while the US is investing in carbon removal technology to help it achieve zero emissions.

Meanwhile, Russia’s Gazprom confirms stable natural gas supply to Europe, and Japan’s Toyota is allocating a significant budget to produce electric vehicle parts in India, in line with its carbon neutrality goals.

Looking at the bigger picture: 

  • Qatar’s Emir Sheikh Tamim bin Hamad Al-Thani is set to visit Iran, Germany, Britain, along other European countries, in an attempt to propel the 2015 Iran nuclear deal and discuss energy security in Europe, Reuters reported. 
  • The US Department of Energy has announced plans to invest up to $2.5 billion on carbon capture technology. This comes as investment in such technology will help address carbon emission, CNBC reported, citing energy secretary Jennifer Granholm.

Through a micro lens: 

  • Russian majority state-owned multinational energy corporation Gazprom has announced that natural gas supplies to Europe through Ukraine still prevail as a result of persistent consumer demand, Reuters reported. This comes as requests stood at 92.1 million cubic meters and 92.4 million cubic meters on May 8th and May 7threspectively.
  • Japanese multinational automotive manufacturer Toyota has announced that it will allocate as much as 48 billion rupees ($624 million) to produce electric vehicle parts in India, Bloomberg reported. The move is in line with the car maker’s goal to achieve carbon neutrality by 2050.

Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

Updated 25 January 2026
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Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

RIYADH: Culture has become a fundamental pillar in bilateral relations between France and Saudi Arabia, according to the French Ambassador to the Kingdom, Patrick Maisonnave.

Maisonnave noted its connection to the entertainment and tourism sectors, which makes it a new engine for economic cooperation between Riyadh and Paris.

He told Al-Eqtisadiah during the opening ceremony of La Fabrique in the Jax district of Diriyah that cultural cooperation with Saudi Arabia is an important element for its attractiveness in the coming decades.

La Fabrique is a space dedicated to artistic creativity and cultural exchange, launched as part of a partnership between the Riyadh Art program and the French Institute in Riyadh. 

Running from Jan. 22 until Feb 14, the initiative will provide an open workspace that allows artists to develop and work on their ideas within a collaborative framework.

Launching La Fabrique as a space dedicated to artistic creativity

The ambassador highlighted that the transformation journey in the Kingdom under Vision 2030 has contributed to the emergence of a new generation of young artists and creators, alongside a growing desire in Saudi society to connect with culture and to embrace what is happening globally. 

He affirmed that the relationship between the two countries is “profound, even cultural par excellence,” with interest from the Saudi side in French culture, matched by increasing interest from the French public and cultural institutions unfolding in the Kingdom.

Latest estimates indicate that the culture-based economy represents about 2.3 percent of France’s gross domestic product, equivalent to more than 90 billion euros ($106.4 billion) in annual revenues, according to government data. The sector directly employs more than 600,000 people, making it one of the largest job-creating sectors in the fields of creativity, publishing, cinema, and visual arts.

Saudi Arabia benefiting from French experience in the cultural field

Maisonnave explained that France possesses established cultural institutions, while Saudi Arabia is building a strong cultural sector, which opens the door for cooperation opportunities.

This comes as an extension of the signing of 10 major cultural agreements a year ago between French and Saudi institutions, aiming to enhance cooperation and transfer French expertise and knowledge to contribute to the development of the cultural system in the Kingdom.

He added that experiences like La Fabrique provide an opportunity to meet the new generation of Saudi creators, who have expressed interest in connecting with French institutions and artists in Paris and France.

La Fabrique encompasses a space for multiple contemporary artistic practices, including performance arts, digital and interactive arts, photography, music, and cinema, while providing the public with an opportunity to witness the stages of producing artistic works and interact with the creative process.