World Energy Council to Asharq Al-Awsat: Saudi Arabia Plays Major Diplomatic Role

Secretary General of the World Energy Council Dr. Angela Wilkinson speaks to Asharq Al-Awsat in Riyadh. (Asharq Al-Awsat)
Secretary General of the World Energy Council Dr. Angela Wilkinson speaks to Asharq Al-Awsat in Riyadh. (Asharq Al-Awsat)
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World Energy Council to Asharq Al-Awsat: Saudi Arabia Plays Major Diplomatic Role

Secretary General of the World Energy Council Dr. Angela Wilkinson speaks to Asharq Al-Awsat in Riyadh. (Asharq Al-Awsat)
Secretary General of the World Energy Council Dr. Angela Wilkinson speaks to Asharq Al-Awsat in Riyadh. (Asharq Al-Awsat)

Secretary General of the World Energy Council Dr. Angela Wilkinson said Saudi Arabia plays an influential diplomatic role on the global stage, noting that its contribution is often underappreciated.

In remarks to Asharq Al-Awsat on the sidelines of the ninth edition of the Future Investment Initiative (FII) conference in Riyadh, Wilkinson highlighted that the council’s member community in Saudi Arabia is working on several fronts to ensure wider access to reliable and sustainable energy — not only within the Kingdom but also through initiatives such as the Saudi Green Initiative and the Middle East Green Initiative, as well as broader international efforts.

She said she is always pleased to visit the Kingdom and observe the tangible progress being made, while also following Saudi-supported projects in Africa and Southeast Asia that aim to improve living conditions in developing regions.

World Energy Congress

Wilkinson said Riyadh will host the World Energy Congress in October 2026, describing the gathering as an opportunity to reunite a global energy sector increasingly marked by fragmentation and polarization.

She noted that the event will provide a platform to assess the world’s current position amid rapid transformation and explore how countries can embrace new opportunities and advance together.

Her ambition, she added, is to deliver the most successful World Energy Congress in the council’s history and showcase the progress taking place in Saudi Arabia and other parts of the world.

Geopolitical shifts and sustainability

Wilkinson discussed ongoing geopolitical changes in the energy landscape, saying that the introduction of new technologies and the entry of more countries and players have made providing cleaner, more accessible energy for billions of people one of the defining challenges of the century.

She emphasized that energy transitions cannot follow a single universal model, underscoring the need for each nation to balance energy security, affordability, accessibility, and environmental sustainability.

For two decades, the World Energy Council has published the World Energy Trilemma Index, which measures national performance across these areas and supports knowledge-sharing to strengthen policy and management practices.

Winds of change from the Middle East

According to Wilkinson, the Middle East has become a key driver of global energy transformation. While countries such as China and Japan face the pressures of aging populations, the Middle East remains youthful and dynamic, with distinct demographic and climatic conditions that are reshaping energy systems.

She noted that the new frontiers of energy extend beyond digitalization to encompass demographic and environmental dimensions that will define future demand and supply patterns.

Humanizing energy

Wilkinson said the global conversation on energy is shifting toward a deeper understanding of how demand evolves and how societies can adapt to changing needs. She reaffirmed the council’s vision of “Humanizing Energy,” which focuses on cooperation and shared responsibility.

Energy, she stressed, is a collective endeavor that underpins civilization and human progress, and ensuring its equitable and sustainable flow is essential for a prosperous future for all.



Türkiye, Syria Step Up Banking Ties as Lenders Eye Expansion

Türkiye’s Ziraat Bank tower is seen in Sarajevo, Bosnia and Herzegovina, May 16, 2018. (Reuters)
Türkiye’s Ziraat Bank tower is seen in Sarajevo, Bosnia and Herzegovina, May 16, 2018. (Reuters)
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Türkiye, Syria Step Up Banking Ties as Lenders Eye Expansion

Türkiye’s Ziraat Bank tower is seen in Sarajevo, Bosnia and Herzegovina, May 16, 2018. (Reuters)
Türkiye’s Ziraat Bank tower is seen in Sarajevo, Bosnia and Herzegovina, May 16, 2018. (Reuters)

Türkiye and Syria are accelerating cooperation between their central banks, Trade Minister Omer Bolat said on Tuesday, adding that Syria’s central bank governor will meet Turkish banking ‌regulators.

Speaking at ‌a business ‌forum, ⁠Bolat said closer ⁠banking ties and the entry of Turkish lenders into Syria could help boost trade and industrial ⁠investment.

State lender Ziraat ‌Bank ‌and private lender Aktifbank ‌are both working to ‌establish a presence in Syria, company officials said separately, with applications submitted ‌and operations expected to begin in the near ⁠term.

Business ⁠leaders at the forum said restoring banking services and resolving customs and logistics issues would be key to increasing bilateral trade.


Türkiye Not Facing Energy Security Problem Amid War but Situation ‘Volatile’

Travelers cross from Iran into Türkiye at the Kapikoy border crossing in eastern Van province, Türkiye, Saturday, April 4, 2026. (AP)
Travelers cross from Iran into Türkiye at the Kapikoy border crossing in eastern Van province, Türkiye, Saturday, April 4, 2026. (AP)
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Türkiye Not Facing Energy Security Problem Amid War but Situation ‘Volatile’

Travelers cross from Iran into Türkiye at the Kapikoy border crossing in eastern Van province, Türkiye, Saturday, April 4, 2026. (AP)
Travelers cross from Iran into Türkiye at the Kapikoy border crossing in eastern Van province, Türkiye, Saturday, April 4, 2026. (AP)

Türkiye is not ‌facing any problems regarding energy supply security due to the Iran war, but the situation is "volatile", Energy Minister Alparslan Bayraktar was quoted as saying by Turkish media on Tuesday.

"We hope the war will not last any longer. But the process is currently under our control," Bayraktar told reporters on Monday evening after a cabinet meeting, broadcaster Haberturk reported.

"There is no problem or difficulty in energy ‌supply security."

Türkiye ‌is a big energy importer which ‌neighbors ⁠Iran and is among ⁠the most exposed emerging market economies to the global energy price jump.

Bayraktar said in late March that Türkiye’s dependence on Middle East oil was at a "manageable" 10% of total supplies and that the country had taken protective diversification steps.

At the ⁠time he said every $1 increase in ‌oil prices adds about $400 million ‌to Türkiye’s energy bill, while there had not been ‌any natural gas supply cuts so far from ‌Iran, Türkiye’s fourth largest supplier last year.

On Monday, Bayraktar told reporters that he had spoken with the Hungarian foreign minister and discussed the issue of protecting the security ‌of the TurkStream pipeline, which carries Russian natural gas to southern Europe through ⁠the ⁠Black Sea and Türkiye.

Explosives were found near the TurkStream pipeline in Serbia at the weekend, prompting Hungarian Prime Minister Viktor Orban to convene an emergency defense council.

Russia and Türkiye formally launched the TurkStream pipeline, which has a capacity of 31.5 billion cubic meters per year, in January 2020. The pipeline allows Moscow to bypass Ukraine as a transit route to Europe.

"The security of the pipeline in the Black Sea and on our side is important," Bayraktar said.


SME Financing Moves to the Core of Saudi Arabia’s Non-Oil Economy

A night view of Riyadh, Saudi Arabia (SPA file)
A night view of Riyadh, Saudi Arabia (SPA file)
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SME Financing Moves to the Core of Saudi Arabia’s Non-Oil Economy

A night view of Riyadh, Saudi Arabia (SPA file)
A night view of Riyadh, Saudi Arabia (SPA file)

In a sign of a deep shift in the structure of financing within Saudi Arabia’s economy, and reflecting the goals of Vision 2030 to diversify the production base, credit facilities extended to micro, small and medium-sized enterprises reached a record high at the end of 2025.

Banks and finance companies injected around SAR 467.7 billion ($124.5 billion) into the sector last year, marking a 33 percent annual increase. The surge highlights the transition of these enterprises from the margins of economic activity to the center, positioning them as a key driver of non-oil growth and job creation.

On a yearly basis, total facilities rose 33 percent from about SAR 351.7 billion ($93.6 billion) in 2024, according to monthly bulletin data from the Saudi Central Bank (SAMA).

The banking sector accounted for the largest share, with facilities provided by banks reaching approximately SAR 446.6 billion, up 34 percent year on year. Finance companies contributed around SAR 21.1 billion, an annual increase of 15.4 percent.

By enterprise size, growth rates varied. Lending to medium-sized firms rose 18 percent year on year to SAR 220.9 billion. Small enterprises recorded stronger growth of 34 percent, reaching SAR 163.5 billion. Micro-enterprises saw the sharpest increase, with facilities surging 97 percent to SAR 83.3 billion, underscoring a notable expansion in financing to this segment.

Structural shift

The strong growth has been driven by several factors, most notably the clear strategic direction under Vision 2030, which places SMEs at the heart of economic diversification, along with the expanding role of institutions supporting the sector.

Among these is Monsha’at, which has helped improve the business environment and connect enterprises with funding sources, according to economist Hussein Al-Attas.

“This level of facilities is not just a record figure. It reflects a structural shift in the philosophy of financing within the Saudi economy,” Al-Attas told Asharq Al-Awsat.

He identified four main drivers behind the growth: a clear economic vision, a stronger regulatory environment, the expansion of credit guarantee programs, and a shift in how banks view the SME sector.

The Kafalah program has been particularly important, helping reduce lending risks and enabling banks to increase exposure to SMEs. This has coincided with improvements in financial data quality and governance practices, which have strengthened lenders’ confidence in the sector.

Sustainable growth

Al-Attas said the current trend reflects not a temporary expansion in credit but a redefinition of the role of SMEs in the economy, with growth expected to continue over the medium term.

However, he pointed to several challenges that could affect the pace of expansion. These include limited managerial expertise in some firms, the risk of defaults if financing is poorly managed, concentration of lending in specific sectors, and the potential impact of future interest rate increases.

Authorities are aware of these risks. This is reflected in a growing focus on improving governance, strengthening management efficiency, and linking financing more closely to actual operating performance to ensure funds are directed toward sustainable and productive activities.

The importance of this expansion extends beyond the headline figures. It supports a higher contribution of SMEs to non-oil GDP and plays a central role in job creation, given the sector’s labor-intensive nature.

According to Al-Attas, the growth also strengthens economic diversification by supporting the entry of new firms into promising sectors such as technology, industry, and services. It also increases local value added and reduces reliance on imports and large corporations.

Looking ahead, he expects financing growth to continue at a healthy pace over the next three to five years. This outlook is supported by the expansion of digital financing solutions, continued integration between government and banking sectors, and improving market maturity and enterprise quality. Large-scale projects and non-oil expansion are also expected to create new financing opportunities, gradually shifting the focus from the volume of funding to the quality of its economic impact.

Digital transformation

Mohammed Al-Farraj, senior head of asset management at Arbah Capital, said the development reflects alignment between ambitious government policies aimed at raising SMEs’ contribution to GDP to 35 percent and a responsive banking sector that has led the growth and captured the largest share of financing.

He noted that guarantee and incentive programs, as well as the SME Bank, have played a key role in reducing credit risks and boosting banks’ willingness to lend.

Digital transformation and the rise of fintech companies have also marked a turning point by improving access to financing and lowering operating costs. This has created a more flexible and attractive environment for business growth beyond traditional constraints.

Despite these positive indicators, Al-Farraj cautioned that rapid expansion requires strategic vigilance, particularly regarding credit risks and potential defaults amid interest rate volatility and increased competition in sectors such as retail.

He continued that the next phase will require a shift from quantitative growth, focused on expanding financing volumes, to qualitative growth that emphasizes credit quality, project sustainability, and resilience to economic changes.

Alternative financing tools such as venture capital are expected to play a growing role. These tools can ease pressure on bank balance sheets while directing funding toward strategic sectors including technology, tourism, and industry to ensure meaningful value creation in the national economy.

Developments seen in 2026 suggest early returns from this expansion. These include the emergence of a new generation of high-growth firms, increased SME contribution to non-oil exports, and greater use of instruments such as sukuk tailored for SMEs as a cost-effective long-term financing option.

Al-Faraj said SMEs are no longer a peripheral segment but a central driver of innovation and growth in Saudi Arabia’s economy. Sustaining this momentum will require continued regulatory development and more flexible repayment mechanisms to ensure durable growth aligned with long-term economic development goals.