Business

Thursday, February 12, 2026 | Daily Newspaper published by GPPC Doha, Qatar.

Business

Nakilat board outlines future roadmap before shareholders at the annual general assembly.

Construction of gas carriers begins; first vessel to be delivered by year-end: Nakilat

Construction of gas carriers has commenced at various shipyards in South Korea and China, bringing the total number of vessels to be built to 40 ships of varying sizes, with the first vessel scheduled for delivery by the end of the year."This move represents not merely an expansion in fleet capacity; rather it also embodies the company’s strategic focus on fleet modernisation and the enhancement of its operational capabilities, thereby supporting the development of a reliable, safe, and environmentally responsible LNG (liquefied natural gas) shipping network," Nakilat chairman Abdulaziz Jassim al-Muftah told shareholders at the annual general assembly, which approved 2025 results and the cash dividend.He said Nakilat is currently transitioning from planning to execution of its fleet expansion programme through the construction of next-generation vessels incorporating state-of-the-art technologies to enhance efficiency and meet sustainability requirements.Nakilat chief executive officer Abdullah al-Sulaiti, in the board report, said "we will deliver the first of our new builds, further embed safety and sustainability in our operations, and continue to grow with our customers."Despite the evolving regulatory landscape and operational pressures faced by the industry, he said Nakilat is well prepared to respond with agility and resilience."Together, we will build the next chapter of Nakilat’s legacy, one defined by leadership, innovation, and responsible growth," according to him.In 2025, Nakilat made substantial progress across its operations and strategic growth initiatives. A key milestone was the steel-cutting and keel-laying ceremonies marking the commencement of construction for 25 LNG vessels: 17 LNG carriers at Hyundai Heavy Industries (HHI) Shipyard, and eight LNG carriers at Hanwha Ocean Shipyard, South Korea and nine QC-Max LNG Vessels to be constructed at Hudong-Zhonghua Shipyards, China.These vessels, which are fully-owned by Nakilat, will be chartered under long-term agreements with QatarEnergy affiliates, supporting QatarEnergy’s historic LNG fleet expansion and strengthening the company’s role in global energy security.In parallel, Nakilat commenced the construction of six additional vessels at HD Hyundai Samho Heavy Industries (HSHI) Shipyard in South Korea, including two LNG carriers and four LPG/ammonia vessels, all of which will be owned by Nakilat.Keel-laying for three LNG vessels at Korean shipyards was successfully completed this year, marking important progress in its fleet expansion programme."In a year marked by shifting market dynamics and rising operational demands across the maritime sector, the company maintained robust financial stability supported by prudent financial stewardship and efficient fleet operations," al-Muftah said.

Saudi Arabia's Minister of Finance Mohammed al-Jadaan. The government this week began discussing how to communicate its strategy for the next five years, al-Jadaan said in an interview with Bloomberg Television at the AlUla Conference for Emerging Market Economies in Saudi Arabia.

Saudi Arabia to unveil updated strategy for $2tn economic plan

Saudi Arabia plans to release an updated strategy for Crown Prince Mohammed bin Salman’s $2tn economic diversification agenda as the kingdom adjusts its policies and spending priorities amid fiscal pressures.The government has begun discussing how to communicate its strategy for the next five years, Finance Minister Mohammed al-Jadaan said in an interview with Bloomberg Television at the recent AlUla Conference for Emerging Market Economies in Saudi Arabia.**media[415260]**He listed tourism, manufacturing, logistics and technology as focal areas but stopped short of offering more details or saying when the strategy would be released.The International Monetary Fund is among those that have called for more clarity and communication from the Saudi government, which is redrawing its plans for major projects including new stadiums for the FIFA World Cup in 2034.Saudi Arabia has been working to fine-tune its strategy for the Vision 2030 agenda to diversify the economy away from oil as it seeks to shrink its budget deficit. It has specifically sharpened its focus on spending more efficiently, a move that would help combat periods of volatility in oil prices and revenues.Drawing more private capital and foreign investment have also become bigger priorities.“We continue really to reprioritise, rework our policies, making sure that we enhance as we go to ensure that we enable the private sector to lead the economy,” al-Jadaan said on the sidelines of the event, co-hosted by the IMF and Saudi Arabia’s Ministry of Finance.Saudi Arabia has been running budget deficits since 2022 as spending on economic diversification initiatives outpace revenues that have been dented by anaemic oil prices.Officials have said sustained shortfalls are a deliberate choice being made to continue to support investment in the economy. They see the deficit shrinking to 3.3% this year from 5.3% in 2025, while Wall Street economists estimate the figure will be far higher.The kingdom predicted its total financing needs will amount to about $58bn this year as it looks to plug its budget gap.“We have quite a wide network of channels that we can tap in case we need more than what we have planned for,” al-Jadaan said Tuesday.He highlighted the Saudi economy as a key point of strength. Gross domestic product expanded at the fastest pace in three years in 2025, with the oil sector emerging as a stronger engine of growth under new Opec+ supply policy.