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Saudi Energy Minister: I Don’t Have Crystal Ball to Predict Future of Oil Markets

Saudi Minister of Energy Prince Abdulaziz bin Salman speaks during 10th Arab-China Business Conference in Riyadh, Saudi Arabia, June 11, 2023. (Reuters)
Saudi Minister of Energy Prince Abdulaziz bin Salman speaks during 10th Arab-China Business Conference in Riyadh, Saudi Arabia, June 11, 2023. (Reuters)
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Saudi Energy Minister: I Don’t Have Crystal Ball to Predict Future of Oil Markets

Saudi Minister of Energy Prince Abdulaziz bin Salman speaks during 10th Arab-China Business Conference in Riyadh, Saudi Arabia, June 11, 2023. (Reuters)
Saudi Minister of Energy Prince Abdulaziz bin Salman speaks during 10th Arab-China Business Conference in Riyadh, Saudi Arabia, June 11, 2023. (Reuters)

Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman said on Sunday that he does not know what the future of the oil markets holds.

“I don’t have a crystal ball to predict oil prices,” he told the 10th Arab-China Business Conference in Riyadh.

At the same time, OPEC+ members are working on preserving the stability of global energy prices, he added.

Moreover, he remarked that Saudi Arabia’s geographic position boosts its ability to reach many parties and expand investments with all countries.

Prince Abdulaziz revealed that Saudi Arabia and China will unveil joint investments, adding that they have a great capacity for bilateral cooperation given Beijing’s growing demand for oil.

“Oil demand in China is still growing so of course we have to capture some of that demand,” he noted. “Instead of competing with China, collaborate with China.”

The Kingdom and China are working on a number of investments, including in renewable energy, he said.

Furthermore, the minister dismissed criticism of the growing relations between Saudi Arabia and China, saying: “I actually ignore it because ... as a business person... now you will go where opportunity comes your way.”

“We don't have to be facing any choice which has to do with (saying) either with us or with the others,” he added.

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Business

Saudi Arabia’s AviLease Reports $664 Million in Revenues in 2025

An AviLease plane. Asharq Al-Awsat
An AviLease plane. Asharq Al-Awsat
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Saudi Arabia’s AviLease Reports $664 Million in Revenues in 2025

An AviLease plane. Asharq Al-Awsat
An AviLease plane. Asharq Al-Awsat

AviLease, the global aircraft leasing company headquartered in Riyadh, has reported a strong performance, saying it recorded in 2025 total revenues of $664 million, an increase of 19% year-on-year.

It said in a statement on Thursday that the revenues were “driven by disciplined portfolio growth, strong aircraft remarketing and sustained global demand for new technology, fuel-efficient aircraft.”

“Pre-Tax earnings doubled versus the previous year to $122 million,” said the statement.

Last year, AviLease expanded its portfolio to 202 owned and managed aircraft, leased to 50+ airline customers across 30+ countries, with a total asset value of $9.3 billion.

“The company maintained 100% fleet utilization, underscoring the resilience of its platform and the strength of its airline relationships,” said the statement.

AviLease also placed aircraft orders with Airbus (A320neo Family & A350F) and Boeing 737-8) to support future growth and help meet sustained customer demand for modern aircraft.

The company also said that it “established its investment-grade credit profile, with ratings from Moody’s (Baa2) and Fitch (BBB), reflecting its disciplined financial framework, strong liquidity position, and prudent leverage management.”

The company’s CEO, Edward O’Byrne, said: “2025 was a defining year for AviLease. We delivered strong financial results, expanded our global footprint, and reinforced our position as a disciplined, investment-grade aircraft leasing platform.”

“Our performance reflects the quality of our portfolio, the strength of our airline partnerships, and our focus on deploying capital responsibly in high-demand, new technology assets," he added.

Throughout the year, AviLease continued to play a central role in Saudi Arabia’s growing aviation ecosystem. The company supported the launch and scale-up of the Kingdom’s new national carrier Riyadh Air, through a sale-and leaseback of a Boeing 787-9, marking the airline’s first aircraft.

AviLease also established a strategic partnership with Hassana Investment Company to provide access to the aviation financing asset class for both international and local investors, while leveraging AviLease’s technical expertise and operational capabilities to support the partnerships growth and performance. Hassana has agreed to acquire an initial portfolio of 10 new-technology aircraft from AviLease.

Business

Global Debt Climbs to Record $348 Trillion At End of 2025

Figurines with computers and smartphones are seen in front of the words "Artificial Intelligence AI" in this illustration taken, February 19, 2024. REUTERS/Dado Ruvic/Illustration/File Photo 
Figurines with computers and smartphones are seen in front of the words "Artificial Intelligence AI" in this illustration taken, February 19, 2024. REUTERS/Dado Ruvic/Illustration/File Photo 
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Global Debt Climbs to Record $348 Trillion At End of 2025

Figurines with computers and smartphones are seen in front of the words "Artificial Intelligence AI" in this illustration taken, February 19, 2024. REUTERS/Dado Ruvic/Illustration/File Photo 
Figurines with computers and smartphones are seen in front of the words "Artificial Intelligence AI" in this illustration taken, February 19, 2024. REUTERS/Dado Ruvic/Illustration/File Photo 

Global debt climbed to a record $348 trillion at the end of 2025, after nearly $29 trillion was added over the year in the fastest yearly build-up since the pandemic surge, the Institute of International Finance said in its latest Global Debt Monitor.

The jump in 2025 is no longer linked to the post-pandemic effects but rather to strategic drivers, mainly the massive investments in artificial intelligence and plans to enhance national security and defense, particularly in Europe.

Increased military spending in Europe is projected to add over 18 percentage points to European Union government debt-to-GDP ratios by 2035.

The report said the US is leading the trend with a government debt rising to 122.8% of GDP, making Washington, Beijing and the euro zone responsible for roughly three-quarters of the jump.

Meanwhile, the non-financial corporate sector witnessed a technological arms race in AI, pushing its debt ratio to 77.4%, while household and financial sector debt remained relatively stable at 71.7% and 74.1%, respectively, according to the report.

In Asia, China’s government debt approached 96.8%, while corporate debt reached 138.1%.

Japan topped the list of the most indebted nations. Latest data shows the country’s debt has reached 199.3% of its GDP in 2025.

Regarding the Middle East, the report observed variations in fiscal positions. Saudi Arabia’s government debt maintained a robust financial positions with a debt not exceeding 28.3% debt to GDP.

Bahrain registered a high sovereign debt that stood at 142.5%, while the Emirates demonstrated a balanced debt with non-financial corporates representing 56.2% of GDP. Kuwait recorded the lowest sovereign debt ratio in the region at 7.3% although the total debt of its non-financial corporates reached 83.2% of GDP.

Meanwhile, the IIF report warned that emerging markets face record refinancing needs of over $9 trillion in 2026, though supportive funding conditions and carry trade demand should help contain risks in the near term.

The report cited high debt ratios in countries such as South Africa (79.4%), Argentina (75.8%), and Egypt (74.8%).

It concluded that global financial stability remains contingent on the ability to balance growth ambitions with mounting debt burdens, amid continued reliance on interest rate swaps as a temporary tool to manage financial pressures in these markets.

 

 

Business

Saudi Central Bank's Net Foreign Assets Rose by $15.61 Billion in January

The Saudi central bank. Asharq Al-Awsat
The Saudi central bank. Asharq Al-Awsat
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Saudi Central Bank's Net Foreign Assets Rose by $15.61 Billion in January

The Saudi central bank. Asharq Al-Awsat
The Saudi central bank. Asharq Al-Awsat

The Saudi central bank's net foreign assets rose ‌by ‌about $15.61 billion ‌in ⁠January, central bank data ⁠showed on Thursday.

Net foreign ⁠assets ‌rose to ‌1.696 trillion ‌riyals ($452.23 billion) ‌in January from 1.637 ‌trillion riyals in December, ⁠the data ⁠showed.