Saudi Crown Prince Emphasizes Kingdom’s Commitment to Stable Oil Supplies to Japan

Saudi Crown Prince Mohammed bin Salman holds a video call with Japanese Prime Minister Fumio Kishida on the sidelines of the Saudi Arabia-Japan Vision 2030 Forum. (SPA)
Saudi Crown Prince Mohammed bin Salman holds a video call with Japanese Prime Minister Fumio Kishida on the sidelines of the Saudi Arabia-Japan Vision 2030 Forum. (SPA)
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Saudi Crown Prince Emphasizes Kingdom’s Commitment to Stable Oil Supplies to Japan

Saudi Crown Prince Mohammed bin Salman holds a video call with Japanese Prime Minister Fumio Kishida on the sidelines of the Saudi Arabia-Japan Vision 2030 Forum. (SPA)
Saudi Crown Prince Mohammed bin Salman holds a video call with Japanese Prime Minister Fumio Kishida on the sidelines of the Saudi Arabia-Japan Vision 2030 Forum. (SPA)

Prince Mohammed bin Salman, Crown Prince and Prime Minister of Saudi Arabia, underscored on Tuesday the Kingdom’s commitment to maintaining the supply of crude oil to Japan, pointing to Riyadh’s desire to boost cooperation with Tokyo in other fields, including clean energy.

He made his remarks during a video call with Japanese Prime Minister Fumio Kishida on the sidelines of the Saudi Arabia-Japan Vision 2030 Forum, which witnessed an agreement to announce the Saudi-Japanese Partnership Council.

Kishida expressed his gratitude to the Kingdom for the steady supplies of crude oil to his country, highlighting Saudi Arabia’s leading role in stabilizing the global oil market and supporting global supply chains for clean energy.

The leaders also tackled bilateral economic and investment cooperation in energy and joint investments, research related to the climate initiative, environmental sustainability, environmental protection, and means to reduce the effects of climate change.

Crown Prince Mohammed highlighted the growth of bilateral trade exchange in recent years and the aspiration to work with Japanese companies in a number of promising fields and giant projects, stressing that Japan is Saudi Arabia’s largest investment destination.

Kishida expressed his happiness at handing over the torch of Expo 2025 Osaka, Kansai, to Saudi Arabia in 2030, noting Japan’s effort to encourage further growth in the fields of entertainment, tourism, education and sports.

During the Saudi-Japan Vision 2030 Business Forum in Japan, Saudi Minister of Energy Prince Abdulaziz bin Salman announced that the Kingdom had achieved new global records in reducing the cost of electricity production from wind energy, through the AlGhat and Wa’ad Alshamal projects.

The Saudi Power Procurement Company signed two power purchase agreements with a consortium led by investment conglomerate Marubeni to purchase power from the AlGhat (600 MW) and Wa’ad Alshamal (500 MW) wind projects.

The signing of the two purchase agreements came after a public competition for five bids for each project. Both projects achieved new global records for wind energy projects in terms of the total cost of electricity production.

Oil experts said Saudi Arabia’s new achievements align within the country’s efforts to diversify energy sources, boost its global position in exporting renewable and sustainable energy, as well as increasing its use of clean energy, reducing carbon emissions and preserving the environment in line with the goals of Vision 2030.

They stressed that the Kingdom possesses great capabilities in the production and export of renewable energy, such as wind, solar and hydrogen energy, as well as a suitable investment environment. They pointed to the launch of huge projects worth billions of riyals, and strategic plans that will transform Saudi Arabia into one of the most important countries that export all types of renewable energy.

In remarks to Asharq Al-Awsat, former chief advisor to the Saudi Ministry of Energy Dr. Mohammad Srour Al-Sabban said Saudi Arabia has achieved new world records in reducing the cost of producing electricity from wind energy.

He added that this was a very important step within the roadmap of Vision 2030 and its goals to raise the share of electrical production relying on renewable energy to 50 percent.

This approach will save the amount of liquid feedstock used for electric power generation, which will be liberated from oil and directed for export, in addition to reducing the cost of production in wind energy projects, he explained.

Oil expert Dr. Fahad Mohammed bin Jumah told Asharq Al-Awsat that this achievement will contribute greatly to decreasing the costs of electricity production in Saudi Arabia and achieving the Kingdom’s plans to curb the dependence on gas to about 50 percent.

Meanwhile, the forum saw the signing of more than 30 memorandums of understanding in the fields of energy, manufacturing, and financial activities.

Minister of Energy and Minister of Investment Khalid Al-Falih met with Japanese Minister of Economy, Trade and Industry Ken Saito, who said Saudi Arabia is the largest supplier of crude oil to Japan, and one of the most important partners in energy security.



Egypt: Positive Results from Nargis-2 Natural Gas Well in Mediterranean

Egyptian Petroleum Minister inspects the start of drilling operations at the Nargis gas field in the Mediterranean Sea (Ministry of Petroleum)
Egyptian Petroleum Minister inspects the start of drilling operations at the Nargis gas field in the Mediterranean Sea (Ministry of Petroleum)
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Egypt: Positive Results from Nargis-2 Natural Gas Well in Mediterranean

Egyptian Petroleum Minister inspects the start of drilling operations at the Nargis gas field in the Mediterranean Sea (Ministry of Petroleum)
Egyptian Petroleum Minister inspects the start of drilling operations at the Nargis gas field in the Mediterranean Sea (Ministry of Petroleum)

Egypt's Ministry of Petroleum and Mineral Resources and US energy major Chevron announced Saturday positive results from drilling the Nargis-2 natural gas well in the Mediterranean Sea, which began in May in cooperation with Chevron, its partners and the Egyptian Natural Gas Holding Company (EGAS).

In a statement, the ministry said the results support ongoing efforts to appraise the Nargis discovery, made in 2022, and accelerate its commercial development as one of Egypt's undeveloped gas discoveries.

The Nargis-2 appraisal well confirmed the extension of gas-bearing reservoirs previously encountered at Nargis-1 and identified an additional gas-bearing reservoir with favorable characteristics, supporting efforts to assess the area's gas resources and potential development opportunities.

The ministry said drilling operations were designed to evaluate the extent of the Nargis discovery and test deeper geological formations as part of efforts to expand exploration activities and maximize the Mediterranean's promising potential, including high-pressure, high-temperature formations.

The well reached a total depth of more than 5,000 meters, with appraisal results indicating gas-bearing reservoirs containing up to 35 meters of net pay.

According to the statement, these findings provide a positive indication supporting further technical studies to determine the discovery's overall potential and assess development opportunities.

The results align with the ministry's strategy to accelerate the development of undeveloped discoveries, encourage investment partners to intensify exploration activities and convert discovered resources into reserves that can be developed and brought into production, helping increase domestic natural gas output.

Egyptian Minister of Petroleum and Mineral Resources Karim Badawi witnessed the start of drilling operations at Nargis-2 in May aboard the Stena Forth drillship.

At the time, he emphasized the importance of accelerating the appraisal and development of undeveloped gas discoveries and strengthening cooperation with international energy companies to capitalize on Egypt's promising oil and gas resources.

Chevron operates the Nargis Offshore Concession in partnership with Italy's Eni, the UAE's Mubadala and Egypt's Tharwa Petroleum Company.


Global Equity Funds Attract Inflows for 5th Consecutive Week

NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP
NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP
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Global Equity Funds Attract Inflows for 5th Consecutive Week

NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP
NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP

Global equity funds attracted inflows for a fifth consecutive week in the week through October 21, as easing Treasury yields and strong early corporate earnings lifted investor sentiment.

Global equity funds drew net inflows of $28.16 billion during the week, compared with $19.88 billion in the previous week, LSEG Lipper data showed.

The benchmark 10-year US Treasury yield fell about 15 basis points last week and dropped below the psychologically significant 5% level this week, Reuters reported.

Fund investors were encouraged by better-than-expected corporate earnings so far this reporting season.

Of the nearly 18% of MSCI All Country World Index constituents that have ⁠reported earnings to date, ⁠about 73% have exceeded the average analyst estimate, according to LSEG data.

The MSCI World Index, however, fell 1.31% on Thursday after Meta reported strong results on Wednesday but unveiled plans to issue non-voting stock, reviving concerns about its growing capital commitments.

NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP

By region, Asian equity funds attracted $11.53 billion, their largest weekly ⁠inflow since at least December 2022. Investors also added $9.14 billion to European equity funds and $5.07 billion to US equity funds.

Among sectoral funds, technology attracted $5.05 billion, reversing net sales of $4.77 billion in the previous week. Investors also bought $1.83 billion in healthcare sector funds but sold a notable $1.29 billion in consumer discretionary sector funds.

Global bond funds remained popular for a fifth consecutive week, attracting net inflows of $9.44 billion.

Swiss franc-denominated bond funds drew $6.8 billion, their largest weekly inflow since at least November 2024. ⁠Investors also added ⁠a significant $2.78 billion to short-term bond funds, while pulling $1.68 billion from high-yield bond funds and $550 million from government bond funds.

Money market funds attracted weekly net inflows of $15.86 billion, following net outflows of $47.51 billion the previous week.

Among commodities, gold and other precious metals funds attracted net inflows of $1.29 billion, marking their fifth week of net purchases in the past six weeks. Investors also added $41.5 million to energy funds.

Data covering 29,174 emerging market funds showed that investors bought $6.28 billion worth of equity funds — the largest weekly net purchase since August 5. However, they withdrew a marginal $48.72 million from bond funds.


UK Pledges More Funding to Guard Against AI Risks

FILE PHOTO: The words "AI Artificial Intelligence", a keyboard, and a robotics hand in this illustration taken October 19, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: The words "AI Artificial Intelligence", a keyboard, and a robotics hand in this illustration taken October 19, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
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UK Pledges More Funding to Guard Against AI Risks

FILE PHOTO: The words "AI Artificial Intelligence", a keyboard, and a robotics hand in this illustration taken October 19, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: The words "AI Artificial Intelligence", a keyboard, and a robotics hand in this illustration taken October 19, 2026. REUTERS/Dado Ruvic/Illustration/File Photo

The UK government on Saturday outlined plans to expand funding for artificial intelligence safety amid growing concerns over the cyber risks posed by the increasingly advanced technology.

"The economic opportunities from AI will only be realized if our critical infrastructure, public services and businesses are resilient to cyber, biological and emerging AI-enabled threats," the government said in a statement ahead of its annual budget update on Wednesday.

Concerns about AI safety have escalated in recent months after models developed by OpenAI and Anthropic were involved in security incidents during testing, piling pressure on governments to regulate the technology and protect against threats.

As part of a package of AI-related measures in the budget, the government will invest an additional £120 million ($161 million) in Britain's AI Security Institute, which tests the most powerful AI models before they are released.

According to AFP, it will also invest £100 million to establish a national AI Biosecurity Lab, which will use AI to detect and track biological threats.

"As AI becomes more powerful, Britain must have the capabilities to protect its people and shape its own future," said AI minister Kanishka Narayan.

"That means staying ahead of emerging threats, from cyberattacks to biological risks, while building more of the critical technology our security depends on," he added.

The plans include investment in AI tools to identify cyber vulnerabilities across critical infrastructure.

Governments and companies around the world shut down websites Thursday as they raced to protect themselves from hacks after AI models uncovered critical flaws in a widely used programming language called PHP.

Cybersecurity experts fear state-of-the-art AI technology could be used to hack banks, hospitals and government systems.

Last month it emerged that a rogue OpenAI model bypassed safeguards during training and hacked an Australian government health statistics website.