Top crude exporter Saudi Aramco has established a $1.5 billion sustainability fund to invest in “breakthrough” technology and start-ups that will help to address climate change.
“This is going to be amongst the biggest funds in the world for sustainability,” Aramco chief executive Amin Nasser said at the Future Investment Initiative conference in Riyadh on Wednesday.
The fund, managed by Aramco’s venture capital arm, will invest in technology that supports the energy company’s 2050 net-zero goals while helping to develop new lower-carbon fuels, the company said.
It will initially focus on areas such as carbon capture and storage, greenhouse gas emissions, energy efficiency and hydrogen, among others.
Aramco has “a number of funds” but the new one is dedicated to supporting sustainability and breakthrough technology globally, Mr Nasser said.
In February, Aramco officially announced the launch of Prosperity7 Ventures, a $1bn venture capital fund. Its investments include early stage enterprises in the blockchain, as well as the financial and healthcare sectors.
In 2020, Saudi Aramco Energy Ventures said it was planning to set up a $500 million fund to boost investments in the technology sector.
“Going forward, we are also investing a lot in renewables and low carbon energy like blue hydrogen,” Mr Nasser said.
Aramco plans to produce up to 11 million tonnes a year of blue ammonia by 2030 and is currently developing carbon capture and hydrogen capabilities.
Blue hydrogen production is expected to contribute to its goal to become carbon neutral by 2050.
Hydrogen is expected to account for 12 per cent of global energy use and 10 per cent of carbon emission reductions by 2050, driven by the urgency of climate change and countries’ net-zero commitments, according to the International Renewable Energy Agency.
It comes in various forms, including blue, green and grey hydrogen. Blue and grey are derived from natural gas while green is produced using renewable sources.
This year, Aramco and fertiliser producer Sabic Agri-Nutrients received the world’s first independent certificate of accreditation for producing blue hydrogen and ammonia products.
Aramco’s latest announcement comes as energy markets face increasing uncertainty as a result of Russia’s war in Ukraine.
Oil markets will enter a new phase of uncertainty once an EU ban on Russian crude comes into effect on December 5. This will be followed by a ban on product imports from February 5.
The current economic sanctions against Russia’s energy exports have resulted in a “realignment” in the global oil trade, Mr Nasser said.
Russia is selling its crude at a discounted rate in some markets while oil shipments to Asia are being redirected to Europe and North America, he said.
“There are logistical [and] insurance issues but this is being handled with the right discounts,” Mr Nasser said.
Aramco exported 950,000 barrels per day of crude to Europe in September, compared with 490,000 bpd in the same period a year earlier, Saudi Energy Minister Prince Abdulaziz bin Salman said on Tuesday.
Crude production in Saudi Arabia increased by 236,000 bpd to 11.05 million bpd in August while its exports in the month surged to more than a two-year high of 7.6 million bpd, according to the latest figures from the Joint Organisations Data Initiative.
KILLING OF QASSEM SULEIMANI
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Vaccine Progress in the Middle East
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Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
The specs: Aston Martin DB11 V8 vs Ferrari GTC4Lusso T
Price, base: Dh840,000; Dh120,000
Engine: 4.0L V8 twin-turbo; 3.9L V8 turbo
Transmission: Eight-speed automatic; seven-speed automatic
Power: 509hp @ 6,000rpm; 601hp @ 7,500rpm
Torque: 695Nm @ 2,000rpm; 760Nm @ 3,000rpm
Fuel economy, combined: 9.9L / 100km; 11.6L / 100km
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What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
