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One measure of borrowing by China’s local governments for infrastructure is on pace to hit a six-year low, as Beijing clamps down on risks in a strategy shift that calls into question its promise to stop an unprecedented investment slump.Of the 4.4tn yuan ($626bn) quota for new local government special bond sales this year, around 3.02tn yuan is available for infrastructure projects — the lowest since 2019 — after the remaining 1.38tn yuan was used to repay loans, according to Bloomberg calculations based on official data. That puts the amount of bonds meant for investment in line to decrease for a second straight year.The restraint is ushering in a new economic era for China after decades of leaning on local governments to pour money into a network of roads, railways and industrial parks. Fixed-asset investment is on track for its first annual decline in data going back to 1998, after a crash made worse by the drought in funding for infrastructure.“The contraction in FAI signals a break in China’s pattern of economic growth,” said Adam Wolfe, an economist at Absolute Strategy Research. “The restrictions on local government investment are likely to continue into 2026.”While Wolfe expects investment to extend its drop in the first half, he said its trajectory later in the year is uncertain.Behind the downturn is China’s campaign to rein in so-called hidden local debt, along with increasingly stringent rules for screening projects to ensure they generate sufficient returns. Coupled with stubbornly subdued business sentiment and a deepening property downturn, waning government funding support has fuelled a rapid pullback in overall capital spending in recent months.Infrastructure investment contracted by about 12% on year in both October and November, according to Macquarie Group’s estimates based on official figures.Top leaders have vowed to reverse the plunge next year. Yet Beijing’s focus on fiscal sustainability and what it deems as quality driven growth will likely leave local officials in a bind.“A large part of the slump seems to be due to harder local government budget constraints and restrictions on their investment promotion activities,” Wolfe said. “This could shift the economy away from a model based on the regional competition to attract investment to one where central government macro control policies are more effective.”China has been moving responsibilities for borrowing and spending from localities and putting them in the hands of the central government in recent years since it boasts a relatively healthier balance sheet.The country’s top economic-planning agency has acknowledged that deeper factors are at play in putting a limit on investment.In an article last week, the National Development and Reform Commission pointed to a rapidly aging population, slower urbanisation in some regions and a saturation of infrastructure. It also said manufacturers around the country face competition that’s increasingly undifferentiated with low value-added content.The NDRC repeated President Xi Jinping’s definition of high-quality growth, whose criteria include profitable investment.It listed a number of sectors where the government plans to channel capital spending, which range from utilities, public services and advanced manufacturing to low carbon development across energy, transport, construction and consumer industries.As provinces shoulder less of a burden, officials have also pledged to increase the central government’s budget spending on projects and tap the quasi-fiscal financing tools at state-owned policy lenders to help achieve the goal of halting the investment drop next year.But for special local bonds, they only promised to streamline the management of sectors receiving the funding, without hinting at a meaningful expansion in the quota.Lynn Song, chief Greater China economist at ING Bank NV, said the call for stabilising investment reflected “genuine” concern among top leaders over the decline. That said, he expects the authorities will keep the taps of stimulus open just enough to counter any worse-than-expected headwinds for exports and ensure steady economic growth.“We’ve seen pretty measured policy support in the last few years, and this is probably going to continue,” he said.Even if the government ramps up spending, it’s unclear whether that will translate into stronger private investment, with uncertainty and weak confidence still weighing on activity, he said. The key question is whether any pickup is “only seen in public sector investment or if private investment can see a genuine recovery,” he added. 

Morocco’s ambassador to Qatar Mohamed Setri has said that thanks to the wise leadership of His Highness the Amir Sheikh Tamim bin Hamad al-Thani, Qatar has succeeded in securing a prominent position on the international political map as a key, credible, and trusted partner.Speaking to the Qatar News Agency (QNA), the envoy said that Qatar has managed to achieve the highest global standards in economic, social, environmental, and human development by adopting and implementing innovative strategies and initiatives that have helped accelerate reaching goals and realising pioneering projects, including extensive urban development, a comprehensive modernisation of facilities, and a modern infrastructure of airports, ports, and advanced road networks, among other things.He said that the same level of success and excellence was achieved socially, by preserving cultural identity, empowering women, strengthening the role of the family, fostering a spirit of participation and solidarity, and enhancing healthcare, education, and cultural life, manifested in hospitals, educational institutions, libraries, museums, and others.Setri added that celebrating the Qatar National Day (QND) carries layers of meaning, being first and foremost a continuous tribute and commemoration of founder Sheikh Jassim bin Mohammed bin Thani and a recognition of his role in unifying the country, in addition to being an occasion to recall the country's achievements, which are a source of pride for all.On this happy occasion, the envoy extended his sincere congratulations and best wishes to Qatar, its leadership, government, and people, wishing the country continued growth, prosperity, and well-being under the wise leadership of His Highness the Amir.He noted that Qatar has succeeded in managing complex and sensitive dossiers and has mediated between parties to conflicts and wars in various regions of the world, leveraging its diplomatic and humanitarian capabilities to establish peace and reach ceasefire agreements, exchange prisoners and detainees, restore diplomatic relations, as well as support national dialogues and resolve border disputes.He also affirmed that Morocco and Qatar share firmly established and deeply rooted sisterly relations, thanks to the profound and sincere bonds between King Mohammed VI and His Highness the Amir. 

Secretary-General of the Gulf Cooperation Council (GCC) Jassim Mohammed Al Bedaiwi stressed the importance of evaluating and developing the digital infrastructure of the General Secretariat and its affiliated organizational units, to keep pace with developments in this field.This came during a workshop held by the General Directorate of Digital Transformation and Information Technology, at the headquarters of the GCC General Secretariat, with the participation of the assistant secretaries and heads of organizational units at the General Secretariat.The workshop aimed to review the efforts implemented and discuss the strategic guidelines for the future operational model for digital transformation. This workshop comes in support of decision-making and aligning digital initiatives with the institutional work needs of the GCC General Secretariat. 

His Excellency CEO of the Qatar Free Zones (QFZ) Authority Sheikh Mohammed bin Hamad bin Faisal al-Thani said that Qatar National Day is a cherished national occasion to recall the values upon which the State of Qatar was founded, the values of faith, responsibility, and hard work, adding that these are the same principles that today guide the country towards achieving comprehensive development and enhancing its position on the global arena.Speaking to Qatar News Agency (QNA) on the occasion of the country's National Day, Sheikh Mohammed extended his warm congratulations to His Highness the Amir Sheikh Tamim bin Hamad al-Thani, the leader and patron of Qatar's advancement, and to His Highness the Father Amir Sheikh Hamad bin Khalifa al-Thani, whose foresighted vision laid the foundations for the country's development and put it on path towards a bright future.He added that recalling the role of the Founder Sheikh Jassim bin Mohammed bin Thani is not merely a remembrance of the founding history, but a reminder of today's responsibility towards the future, adding that loyalty and belonging in the context of institutions and the economy mean converting the national vision into tangible outcomes, which include quality investments, sustainable job opportunities, a diversified economy, and international leadership supported by trust and achievement.He noted that the authority continues to perform its role as a catalyst for the growth of value-added sectors, in line with the objectives of the Qatar National Vision 2030 (QNV 2030) and the Third National Development Strategy, particularly with regard to attracting foreign direct investment, developing human capital, and achieving environmental and economic sustainability.On a personal level, he said that Qatar National Day is a moment to reflect on and assess institutional responsibility in achieving real economic impact, and evaluating the extent of actual contribution to supporting the stability of the state and its sustainable growth, adding that it is also an occasion to renew the collective commitment to diligent, results-driven work that befits the aspirations of the nation and its leadership.Regarding the QFZ's most prominent achievements in 2025, he said that the authority continued its role in supporting the transition towards a diversified, knowledge-based economy, thanks to an investment base of more than 800 companies licensed in the free zones, providing over 12,000 jobs, with cumulative investments approaching $5bn by the end of 2025.He pointed out that this year marked a shift from attracting investments to operating advanced industrial and technological facilities.In the aviation sector, the Safran Group opened its regional office in the free zones in cooperation with Qatar Airways, enhancing the country's capabilities in aircraft engine maintenance and data analytics.In the logistics sector, FedEx Logistics opened a new facility at the Ras Bufontas Free Zone, thus, strengthening Qatar's position as a key hub for international trade and supply chains.For its part, Alfardan Automotive inaugurated an advanced logistics centre in Umm Alhoul Free Zone.In the maritime sector, the MARSA port project in Umm Alhoul Free Zone was advanced through the signing of two memorandums of understanding (MoUs), with Feadship, and with Marina Port Vell, enhancing Qatar's position as a regional hub for maritime services, marine industries, and luxury yachts.The QFZ also signed strategic agreements with global partners, most notably a strategic MoU with WuXi Biologics, the leading Chinese international company in biologics research, development, and manufacturing, an important step aimed at strengthening Qatar's pharmaceutical ecosystem, driving research, development, and innovation in this field, and cooperating in the local manufacturing of biologic products.QFZ's co-operation in 2025 also included signing an agreement with Samsung C&T Corporation to implement innovative projects in renewable energy and low-carbon digital infrastructure, as well as an MoU with Russia's BIOCAD to develop biologics research, development, and manufacturing facilities.At the local level, the Authority signed an agreement with Jusour to support training national talents to meet the needs of advanced sectors in the free zones.Regarding new projects supporting digital transformation and contributing to the growth of the emerging technology sector, he said that the QFZ continues to enable the state's digital transformation by developing advanced technological infrastructure that enhances the local economy's readiness for next-generation applications.The year 2025 has been pivotal in this regard, with the free zones witnessing an expansion in the presence of global and local digital companies, in addition to the growth of cloud infrastructure and data centres, he noted.The Google Cloud Center of Excellence emerged as one of the key pillars in building digital capabilities, offering specialised training programs this year in artificial intelligence, cloud computing, and data analytics, contributing to the development of national talent and support for the private sector.The free zones also saw digital companies such as Kingdee, Quantiphi, and Qcloud expand data centre capabilities in Ras Bufontas Free Zone, as part of building an integrated digital ecosystem that supports artificial intelligence and Internet of Things (IoT) solutions, forming a foundation for emerging technologies.Digital transformation also strengthens joint projects with Samsung C&T Corporation, which combine digital innovation and sustainability through the development of smart energy solutions and low-carbon infrastructure.Technological advancement has extended to the maritime sector, where the MARSA port project introduced advanced digital systems for marina management and marine maintenance, an initiative showcased during the QFZ's participation in the Monaco Yacht Show 2025.These initiatives contribute to supporting the implementation of Qatar's Digital Agenda 2030 and consolidating the position of the free zones as a leading platform for innovation and advanced technologies in the region.Regarding QFZ's key strategic priorities for the coming year, His Excellency said that the authority will focus on developing a more flexible and competitive investment ecosystem that supports achieving the targets of the Third National Development Strategy to reach $100bn in foreign direct investment over the coming years.The QFZ's priorities include enhancing the regulatory environment through the development of a dual licensing model, which allows companies to operate in the free zones and the local market through an integrated operational mechanism, enabling greater flexibility in expansion, production, and export.The Authority is also working to enhance its investment services by simplifying procedures, expanding digital services, and improving investor experience from establishment through to operation.As part of strengthening national competitiveness, QFZ is focusing on reinforcing economic and logistical integration between the free zones and national infrastructure at ports and the airport, creating a coherent operational network that facilitates the movement of goods and supports companies' expansion into regional and global markets.The authority also seeks to develop a regulatory and operational framework that enables investors to establish centres of excellence and research and development facilities in the free zones, in co-operation with universities and national institutions. This aims to enhance innovation, link future industries with applied research, and create high-quality job opportunities for Qatari talent.Sustainability remains a central pillar in the coming year's plans, adopting low-carbon energy solutions, enhancing environmental, social, and governance (ESG) standards, and ensuring that new projects align with the state's goals of improving energy efficiency and reducing carbon emissions.He concluded his statement to QNA by saying that these priorities aim to enhance the ability of the free zones to attract high-value investments, expand their contribution to driving economic growth, and consolidate the position of the State of Qatar as a leading global destination for investment and innovation.

Ooredoo announced a strategic partnership with Rafay Systems to deliver an enterprise-grade, Platform-as-a-Service (PaaS) powered by Nvidia accelerated computing to organisations across the country, building on its recent deployment of Nvidia AI infrastructure in Qatar.The collaboration enables enterprises to build, train, and deploy AI and GenAI applications faster and more securely, all within Qatar’s sovereign AI cloud. From banks running real-time fraud detection to hospitals adopting AI diagnostics locally to energy firms using predictive maintenance, organisations in Qatar can now access the compute power, generative AI models, and tools they need without compromising data sovereignty.Sheikh Ali bin Jabor bin Mohammad al-Thani, CEO of Ooredoo Qatar, said: “Our partnership with Rafay brings the power of GPU-accelerated AI directly into the hands of Qatar’s businesses. Customers can now tap into secure, on-demand AI infrastructure that shortens time-to-innovation while keeping data fully sovereign.”Through Rafay’s platform, Ooredoo’s enterprise customers gain self-service access to GPU resources, AI tools, and model workbenches for training, fine-tuning, and deploying AI and GenAI applications. The platform includes built-in governance, cost transparency, and full compliance support, ensuring enterprises can safely innovate within Qatar’s borders. 

Saudi Arabia says it can slash its budget deficit in 2026 after a year in which spending and bond issuance soared to fund huge infrastructure projects. Wall Street isn’t convinced.While the Saudi government sees the fiscal shortfall at 3.3% of gross domestic product for next year, analysts at Goldman Sachs Group Inc and Bank of America Corp estimate the figure will be far higher.Goldman predicts the gap coming in at 6%, even wider than this year’s projected figure of 5.3%. The result, according to the bank’s analysts, will be a further $25bn of international borrowing, which would be a record for the kingdom in terms of annual issuance. Bank of America forecasts a deficit of about 5% in 2026.**media[392464]**The government, which published its latest spending plans last week, said revenue should recover next year, helped by a robust non-oil economy. In addition, production of oil — still the source of around 60% of government earnings — is set to be higher after increases agreed to by Opec+.With spending, Saudi Arabia has cut back or delayed some of its economic transformation projects, including parts of the new city of Neom, to avoid overheating the economy.Foreign analysts, however, think the kingdom will struggle to reduce its deficit given that Brent crude is down to around $63 a barrel. Bloomberg Economics estimates Saudi Arabia needs a price of almost $100 to balance its budget.Saudi Arabia has sold around $20bn in dollar- and euro-denominated bonds on international markets this year. That excludes deals from the likes of the sovereign wealth fund and oil giant Aramco.Finance Minister Mohammed al-Jadaan, speaking last week, emphasised the government would prefer to bridge its fiscal gap by borrowing instead of running down reserves. In its favour, its debt levels amount to around 30% of GDP, lower than most other sovereigns.He added that the government will be “very careful to not oversupply the market.”Razan Nasser, a sovereign analyst at T Rowe Price, which manages roughly $1.8tn of assets, says the market can absorb the kingdom’s levels of issuance for now.“Harder questions may need to be asked in the medium term as they use up that space, but we are not there yet,” she said.Still, to minimise the impact on borrowing costs, the government is likely to diversify its funding sources and may look at syndicated loans and tapping investors in Asia, according to Jean-Michel Saliba of Bank of America.“Large and persistent issuance of Saudi Arabia external debt could weaken investor appetite and impact borrowing costs,” said Saliba, who estimates the Saudi Arabia will sell $18bn of Eurobonds next year. 

Global technology giant Microsoft announced Tuesday plans to invest $17.5bn to help build India's artificial intelligence (AI) infrastructure, with CEO Satya Nadella calling it "our largest investment ever in Asia".Several global corporations have announced large investments this year in the South Asian nation, which is projected to have more than 900mn Internet users by year's end."To support the country's ambitions, Microsoft is committing US$17.5B (bn) — our largest investment ever in Asia — to help build the infrastructure, skills, and sovereign capabilities needed for India's AI first future," Nadella said in a post on X.Nadella made the announcement on social media after he met Prime Minister Narendra Modi in New Delhi, thanking the leader for "an inspiring conversation on India's AI opportunity".In a statement, Microsoft said the investment would be spread over four years."Together, Microsoft and India are poised to set new benchmarks and drive the country's leap from digital public infrastructure to AI public infrastructure in the coming decade," the statement said.The tech giant said one of the key priorities of its investment plan was "building secure, sovereign-ready hyperscale infrastructure to enable AI adoption in India"."At the heart of this effort is the significant progress being made at the India South Central cloud region, based in Hyderabad — that is set to go live in mid-2026," Microsoft added.The planned cloud region is twice the size of the iconic Eden Gardens stadium in India's eastern city Kolkata, which has a capacity of over 65,000 people.Microsoft said the latest announcement "builds on" a previous investment pledge Nadella had made earlier this year, committing $3bn for AI and cloud infrastructure in India over the next two years.Modi said he was "happy" that the tech giant had chosen India as the destination for its largest investment in Asia."The youth of India will harness this opportunity to innovate and leverage the power of AI for a better planet," the prime minister said in a post on X."When it comes to AI, the world is optimistic about India," Modi added.Modi Tuesday also met with the heads of tech firms Intel and Cognizant.Intel CEO Lip-Bu Tan said the company was "committed to support India's semiconductor mission"."We had a wide-ranging discussion on a variety of topics related to technology, computing and the tremendous potential for India," Tan said in a post on X.Cognizant said its CEO Ravi Kumar S met with the prime minister "for an inspiring conversation on accelerating AI adoption and advancing education and skill development to enhance AI capabilities and productivity".Global technology giants are aggressively courting more users in India, the world's most populous country and fifth-largest economy.A special area of focus has been artificial intelligence with US startup Anthropic in October unveiling plans to open an office in India. Its chief executive Dario Amodei has also met Modi.The same month, Google said it will invest $15bn in India over the next five years, as it announced a giant data centre and artificial intelligence base in the country.OpenAI has said it will open an India office, with its chief Sam Altman noting that ChatGPT usage in the country had grown fourfold over the past year.AI firm Perplexity also announced a major partnership in July with Indian telecom giant Airtel, offering the company's 360mn customers a free one-year Perplexity Pro subscription.But India's bid to become a global technology and artificial intelligence hub is colliding with increasingly tightening digital regulations.According to recent media reports, authorities are drafting plans to ensure that manufacturers enable satellite location tracking in smartphones that cannot be turned off by users — a proposal that rights groups have raised the alarm over. 

The assistant undersecretary for Digital Industry Affairs at the Ministry of Communications and Information Technology (MCIT), Reem al-Mansoori, has affirmed that Qatar is steadily advancing toward strengthening its readiness for artificial intelligence (AI) and solidifying its future leadership in this field, relying on a clear national vision and long-term strategic investments in digital infrastructure.She said in the keynote address that AI is no longer an emerging technology but has become a decisive factor in revitalising the economy, transforming institutions, and accelerating societal progress.Al-Mansoori added that rapid developments, particularly in generative AI, are prompting governments and economic sectors to reimagine work methods, governance, and service delivery, pointing out that this brings great opportunities accompanied by significant responsibilities.The official said that Qatar’s interest in this field is based on the National Development Strategy and the Digital Agenda 2030, both of which define a unified vision centred on developing human capabilities, strengthening research and innovation, and steering AI to support economic diversification and improve quality of life.She noted that Qatar’s success in digital transformation is the result of decades of investment in digital infrastructure, connectivity, and reliable energy, in addition to global partnerships, making the country a competitive hub for high-performance computing and next-generation AI innovation.Al-Mansoori noted that Qatar is adopting an impact-driven approach in deploying AI, focusing on sectors capable of delivering national and regional value.She highlighted that the GovtAI Programme, led by the MCIT, serves as a unified framework enabling government entities to identify, test, and implement innovative solutions in collaboration with global technology partners.The official said that human capital is the main driver of digital transformation, highlighting that the State’s efforts will contribute to creating 26,000 jobs in the information and communications technology (ICT) sector by 2030 and building a robust knowledge-based economy.Al-Mansoori further stated that Qatar is building an AI ecosystem rooted in transparency, security, and ethical responsibility, while committing to protecting privacy, enhancing inclusivity, and ensuring that all segments of society benefit from these technologies.She noted that AI is reshaping the world at an unprecedented pace, and called on governments, the private sector, and the scientific community to co-operate with a shared vision to ensure a more sustainable and advanced future. 

His Excellency the National Cyber Security Agency (NCSA) President Eng Abdulrahman bin Ali al-Farahid al-Malki received Belgian Minister of Security and the Interior Bernard Quintin during an official visit to discuss co-operation in cybersecurity and exchange expertise.During the meeting, the NCSA chief outlined key national experiences and practices in developing Qatar’s cybersecurity infrastructure.Both sides discussed shared cross-border challenges, ways to enhance digital readiness, and future initiatives of mutual interest.Quintin expressed his appreciation for the NCSA’s significant progress in cybersecurity and affirmed Belgium’s interest in expanding co-operation to support joint efforts and strengthen digital security in both countries. 

Meeza and Huawei have signed two strategic memorandums of understanding (MoUs) during MWC25 Doha to advance Qatar's national priorities in digital infrastructure, AI, and talent development.The agreements demonstrate how private-sector innovation can support the country's vision for economic diversification, technological leadership, and long-term resilience.The MoUs aim to deepen collaboration in Private Digital Infrastructure and AI services, and to launch a National Training Programme to cultivate local expertise in emerging digital fields. By enabling Qatar’s private sector to lead innovation and adopt advanced technological solutions, Huawei and Meeza aim to strengthen the country's digital foundations, foster homegrown talent, and enhance national competitiveness.“This partnership with Huawei reflects our continued commitment as a leading IT service provider to support Qatar's digital transformation and economic diversification,” said Meeza CEO Mohamed Ali al-Ghaithani.He said: “Building strong local capabilities in advanced technologies is essential for long-term national progress. Through these initiatives, we aim to empower local talent, accelerate innovation, and contribute to a technology ecosystem that benefits the entire country.”Rico Lin, president of Huawei Gulf region, emphasised the strategic significance of private-sector engagement in national initiatives: “Huawei is proud to partner with Meeza to advance Qatar's digital agenda.“Strengthening in-country infrastructure, AI capabilities, and local expertise is critical for fostering a knowledge-based economy, reducing reliance on hydrocarbons, and supporting sustainable growth. This collaboration reflects our commitment to building resilient, future-ready digital ecosystems that will underpin the country's economic and technological ambitions."As global digital transformation accelerates, the MoUs highlight the essential role of private companies in complementing national strategies. By jointly exploring advanced technologies, AI-driven solutions, and localised platforms, Huawei and Meeza aim to create robust, adaptable digital ecosystems that meet evolving technological demands and drive innovation across multiple sectors.Through these agreements, Huawei and Meeza reaffirm the private sector’s vital role in empowering Qatar’s national vision, strengthening critical digital infrastructure, enabling advanced technological capabilities, and nurturing local talent to lead the country's digital future.By boosting private-sector engagement in strategic digital initiatives, these partnerships support Qatar’s long-term economic resilience, help diversify the national economy, and contribute to realising Qatar National Vision 2030 objectives, ensuring sustainable growth, innovation, and prosperity across multiple sectors. 

With robust infrastructure, comprehensive planning, and growing international backing, Qatar is set to deliver an exceptional and memorable FIFA Arab Cup 2025, further cementing its position as a leading hub for major global sporting events.Preparations are entering the final stretch with authorities confident of delivering another world-class sporting event when the tournament kicks off from December 1 to 18.As part of its nationwide readiness plan, Qatar Rail has confirmed that the Doha Metro and Lusail Tram networks are fully equipped to transport the thousands of fans expected to attend both the Arab Cup and the FIFA Intercontinental Cup Qatar 2025 Finals. Service hours will be extended on match days to accommodate late kickoffs, ensuring that spectators can rely on smooth and efficient journeys long after matches conclude. Complementary metrolink, metroexpress, and selected Park and Ride facilities will operate throughout the tournament to support increased passenger flows.To meet the anticipated demand, Qatar Rail will deploy 6-car trains on the Red Line and operate up to 110 trains during peak periods, reinforcing Qatar’s commitment to seamless mobility and enhanced fan experience. Adjustments to parking availability at certain stations, including Education City and Lusail QNB, have also been made to streamline match-day operations.Qatar Tourism, in collaboration with the Ministry of Interior and the Permanent Committee for Managing Visitor Entry, has announced updates to the "Hayya" GCC Residents Visa (A2). The new features are designed to make travel to Qatar smoother and more convenient during a season rich in international sporting, cultural, and entertainment events.Beyond operational readiness, the 2025 edition gains special significance as a key preparation platform for seven Arab national teams already qualified for the 2026 FIFA World Cup. Teams from Qatar, Saudi Arabia, Morocco, Egypt, Tunisia, Algeria, and Jordan are set to benefit from competitive, World Cup-level matchups. Iraq, meanwhile, heads into an intercontinental playoff aiming to expand Arab representation to a historic eight teams.The tournament also enters a new era with enhanced regulations introduced by FIFA. For the first time, Arab Cup fixtures will be recognised as official international friendlies, contributing points to the FIFA world rankings—an upgrade that elevates the tournament’s competitive and global profile. Qatar’s successful organisation of the 2021 edition has prompted FIFA to award the country hosting rights for the next three editions in 2025, 2029, and 2033. 

It’s a great time to be an oil refiner — but a less great time to be filling up at the pump.In Europe, the US and Asia, giant plants are making money by doing what they’ve always done: converting crude oil into vital fuels and selling them at a profit.What’s different today is the scale of the threat to global supplies: Relentless attacks on Russia’s energy infrastructure, outages at key plants in Asia and Africa and permanent closures across Europe and the US have removed millions of barrels of diesel and gasoline from the world market.On top of these real-world impacts are traders’ fears of what’s yet to come: imminent US sanctions on Lukoil PJSC and Rosneft PJSC and fresh European Union curbs on fuels made from Russian crude threaten already squeezed supply-chains.The result is ongoing pressure on costs at the pump despite a fall in global oil prices — something that’s unlikely to sit well with a US administration that sees “affordable energy” as essential.“Global refinery margins are astronomical,” said Eugene Lindell, head of refined products at consultancy FGE NexantECA. “The signal you’re giving the global refining system, no matter where the refinery is located, is to just run flat out.”In the US, Europe and Asia, margins are the highest they’ve been at this time of year since at least 2018, according to fair value data compiled by Bloomberg. The profits are so good that refiners’ stock prices are also surging: Processors including Valero Energy Corp and Turkiye Petrol Rafinerileri AS have seen stellar rises, while Orlen SA gained more than 100% year-to-date.While expectations of a glut are dragging on crude prices, disruption to the global refining system is limiting how much oil can be turned into products like gasoline, diesel and jet fuel. While that benefits the processors still running, it also means the slump in headline oil prices isn’t being felt at the pump.A constant stream of attacks on Russia’s refineries — just this month, Ukraine claimed strikes on the Saratov, Orsk and Volgograd plants — is hampering fuel production. Last month, Russia’s huge oil product exports were on course to hit a multi-year low, and that was before drone attacks damaged key loading facilities in the port city of Tuapse.Product supplies are being further squeezed by outages elsewhere. In Kuwait, the giant 615,000 barrel-a-day Al-Zour refinery recently had only one of its three crude processing units operating, while a key gasoline-production unit at Nigeria’s huge Dangote refinery is reportedly scheduled to halt for about 50 days of maintenance in coming weeks, having only recently begun restarting.Meanwhile, US crude runs in recent weeks have been more than a million barrels a day lower than the same time last year, a huge drop from the peak summer demand months, when processing was at its highest seasonal level since 2019. The country has seen multiple refinery closures in recent years, as has western Europe, further pressuring fuel supplies.“Global refining activity has been challenged by a series of unplanned outages in October, further constraining product markets and pushing margins even higher,” the International Energy Agency said Thursday. Increased profits have prompted the watchdog to raise its estimates for runs at margin-sensitive refining assets in Europe and Asia this month and next.In the US, the upshot is a rise in the average price of diesel since President Trump took office, and little change in the cost of gasoline, which on Thursday stood at $3.08 a gallon. Benchmark crude futures have meanwhile come off about 20% since his second inauguration, amid forecasts of a large surplus.Supercharging these ongoing real-world supply pressures are traders’ fears over what’s on the horizon.“The current strength in refining margins is at least partially being driven by uncertainty around the upcoming US sanctions on Rosneft and Lukoil, as well as the EU’s January prohibitions on Russian products,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Group.FGE’s Lindell estimates Lukoil and Rosneft’s combined Russia oil product exports are more than 800,000 barrels a day. The global seaborne trade in oil products is about 22mn barrels a day, according to Clarkson Research Services Ltd., a unit of the world’s largest shipbroker.Any major disruption to those exports would be a shock to the global fuels market, though the extent to which those barrels would really disappear is unclear. Russia has shown that it often manages to work around sanctions.There are also questions about what comes next for refineries outside Russia in which Lukoil is involved, including Bulgaria’s Burgas facility, the Netherlands’ Zeeland plant and Romania’s Petrotel.Then there are the EU restrictions, coming into force January 21, which restrict the delivery of petroleum products made from Russian crude into the bloc. Precisely how these will end up impacting Europe’s diesel supplies from India and Turkey — both of which have also been key importers of Russian crude — remains to be seen.“The sanctions against Rosneft and Lukoil, on top of the recent sanctions package out of the EU, tightened the noose around Russia’s neck,” said Carolyn Kissane, an associate dean at the Center for Global Affairs at New York University, where she teaches about energy and climate change. “At the same time, you’re seeing more attacks driven by Ukraine against Russian infrastructure, which is a hit to the products market.”