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LEAP 2026: Saudi Energy Signs Deals to Support Digital Infrastructure for Data, AI Centers

Saudi Energy has signed three strategic agreements to support digital infrastructure for data and artificial intelligence (AI) centers in the Kingdom of Saudi Arabia. (SPA)
Saudi Energy has signed three strategic agreements to support digital infrastructure for data and artificial intelligence (AI) centers in the Kingdom of Saudi Arabia. (SPA)
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LEAP 2026: Saudi Energy Signs Deals to Support Digital Infrastructure for Data, AI Centers

Saudi Energy has signed three strategic agreements to support digital infrastructure for data and artificial intelligence (AI) centers in the Kingdom of Saudi Arabia. (SPA)
Saudi Energy has signed three strategic agreements to support digital infrastructure for data and artificial intelligence (AI) centers in the Kingdom of Saudi Arabia. (SPA)

Saudi Energy has signed three strategic agreements to support digital infrastructure for data and artificial intelligence (AI) centers in the Kingdom of Saudi Arabia and meet their growing energy needs.

The agreements help establish reliable and resilient infrastructure capable of keeping pace with the rapid expansion of the digital economy and advanced technologies, said the Saudi Press Agency.

Saudi Energy signed the agreements while participating as a strategic sponsor at LEAP 2026. The agreements build on its role in Saudi Arabia’s energy ecosystem and its efforts to prepare for future growth requirements. They also support partnerships that enable high-impact technology investments and projects in the Kingdom.

The first agreement, signed by National Grid SA and HUMAIN, covers the provision of electricity to the AI data centers project in Riyadh. It will support the project’s electrical infrastructure and meet its future energy requirements.

Saudi Electricity Project Development Company (PDC), a subsidiary of Saudi Energy, also signed a framework agreement with center3 to establish a strategic partnership in future data center and energy infrastructure projects in Saudi Arabia. The partnership aims to support the sector’s expansion and strengthen integration between energy and digital infrastructure.

PDC also signed a memorandum of understanding with Huawei to enhance cooperation on data and AI center projects, digital infrastructure, and related energy solutions. The agreement also provides for the exchange of engineering and technical expertise and the development of future collaboration opportunities.

The three agreements reflect Saudi Energy’s efforts to prepare for tomorrow’s needs by developing energy infrastructure to support the growth of data and AI centers. They also enable the expansion of related projects and investments, helping position the Kingdom to sustain its digital and technological growth.

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Business

LEAP 2026: Healthcare Technology Collaboration to Support University Hospitals and Strengthen Integration

Saudi Arabia’s Tatweer for Educational Technologies (TETCO) and Lean Business Services signed a strategic agreement on Tuesday aimed at developing joint digital solutions to enhance the efficiency of healthcare and education systems. (SPA)
Saudi Arabia’s Tatweer for Educational Technologies (TETCO) and Lean Business Services signed a strategic agreement on Tuesday aimed at developing joint digital solutions to enhance the efficiency of healthcare and education systems. (SPA)
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LEAP 2026: Healthcare Technology Collaboration to Support University Hospitals and Strengthen Integration

Saudi Arabia’s Tatweer for Educational Technologies (TETCO) and Lean Business Services signed a strategic agreement on Tuesday aimed at developing joint digital solutions to enhance the efficiency of healthcare and education systems. (SPA)
Saudi Arabia’s Tatweer for Educational Technologies (TETCO) and Lean Business Services signed a strategic agreement on Tuesday aimed at developing joint digital solutions to enhance the efficiency of healthcare and education systems. (SPA)

Saudi Arabia’s Tatweer for Educational Technologies (TETCO) and Lean Business Services, a company specializing in enabling digital healthcare transformation, signed a strategic agreement on Tuesday aimed at developing joint digital solutions to enhance the efficiency of healthcare and education systems and open new horizons for university hospitals to benefit from advanced technologies.

During the signing ceremony, TETCO CEO Eng. Fahd AlSolaie told the Saudi Press Agency (SPA) that the agreement focuses on integrating both parties' capabilities.

TETCO has extensive experience designing and operating national platforms for the education sector, while Lean specializes in developing digital solutions and automating procedures in the healthcare sector, including systems supporting university hospitals and programs aimed at improving the patient experience.

The collaboration extends the two companies' efforts to leverage national expertise and modern technologies to develop sustainable digital solutions that directly improve service quality. It also supports the goals of Saudi Vision 2030 to develop the education and healthcare sectors and to enable digital transformation in government institutions.

Business

Russia Cuts Expected 2026 Oil Output to 17-Year Low on War Fallout

A general view shows an oil treatment plant in the Yarakta Oil Field, owned by Irkutsk Oil Company (INK), in Irkutsk Region, Russia March 10, 2019. (Reuters)
A general view shows an oil treatment plant in the Yarakta Oil Field, owned by Irkutsk Oil Company (INK), in Irkutsk Region, Russia March 10, 2019. (Reuters)
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Russia Cuts Expected 2026 Oil Output to 17-Year Low on War Fallout

A general view shows an oil treatment plant in the Yarakta Oil Field, owned by Irkutsk Oil Company (INK), in Irkutsk Region, Russia March 10, 2019. (Reuters)
A general view shows an oil treatment plant in the Yarakta Oil Field, owned by Irkutsk Oil Company (INK), in Irkutsk Region, Russia March 10, 2019. (Reuters)

Russia downgraded oil output forecast for this year to a 17-year low and revised fuel exports outlook for 2026 and 2027 due to the war with Ukraine, according to a government draft forecast seen by Reuters.

The forecasts, which are expected to be finalized at the end of September and ‌are used in drafting the budget, reduced oil production estimates for 2026-2029 by between 16 million and 20 million tons compared to the previous outlook published in May.

Since the war began in February 2022, the European Union has banned most of Russian oil and fuel imports, an important source of revenue for Moscow.

Along with export bottlenecks, intensifying Ukrainian drone attacks on Russia's oil refineries in the past months have also reduced ⁠fuel production, triggering gasoline shortages across the country.

In its base case scenario, the government expects that Russia's crude oil production — the world's third-largest — will decline by 17.2 million metric tons this year to 494.2 million tons or 9.88 million barrels per day, its lowest since 2009.

Crude production is expected to recover to 500 million tons next year, but it will still be 16 million tons below the previous forecast. Output in 2028 and 2029 is seen rising further, but still remaining below 2025 levels.

Russia's Deputy Prime Minister Alexander Novak, an oil point man of President Vladimir Putin, acknowledged in June that the country's oil production had fallen since the ‌start of ⁠the year, blaming the decline on unplanned maintenance at refineries.

A reduction in fuel output caused by the drone attacks led to an increase of crude oil exports, mainly to China and India.

According to the draft forecast, Russia's crude oil exports could reach 244.7 million tons this year, up from 230.8 million tons in 2025 and 7.5 million tons above the previous outlook.

Crude oil ⁠exports are expected to decline to 232.5 million tons in 2027 and then fall sharply to 216.6 million tons in 2028-2029.

To address domestic market shortages, Russia introduced a ban on diesel exports, in addition to restrictions on overseas sales of gasoline and jet fuel.

As ⁠a result, the Russian government sees fuel exports falling by 27.3 million tons this year to 98.5 million tons, 24.1 million tons below its previous forecast.

While fuel exports are seen rising to 113.1 million tons next year, they ⁠will be almost 13 million tons below the 2025 level and 21 million tons below the previous forecast.

Business

Oil Prices Extend Gains as US and Iran Trade Fresh Strikes

An oil tanker is anchored in Lake Maracaibo in Cabimas, Venezuela, Monday, Aug. 31, 2026. (AP)
An oil tanker is anchored in Lake Maracaibo in Cabimas, Venezuela, Monday, Aug. 31, 2026. (AP)
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Oil Prices Extend Gains as US and Iran Trade Fresh Strikes

An oil tanker is anchored in Lake Maracaibo in Cabimas, Venezuela, Monday, Aug. 31, 2026. (AP)
An oil tanker is anchored in Lake Maracaibo in Cabimas, Venezuela, Monday, Aug. 31, 2026. (AP)

Oil prices rose in early trade on Wednesday, extending the previous session's surge, as concerns over supply disruption intensified after the US and Iran exchanged strikes overnight, dimming hopes for a quick easing of tensions in the Middle East.

Brent crude futures rose 75 cents, or 0.8%, to $95.40 a barrel by 0345 GMT, while US West Texas Intermediate crude futures climbed 44 cents, or 0.5%, to $90.66.

Both contracts soared more than $4 on Tuesday, marking Brent's largest gain since July 24 and WTI's largest since July 23.

The US said it had launched ‌a series ‌of airstrikes against targets in Iran overnight, prompting a response ‌from ⁠Tehran, in the most ⁠serious escalation of the conflict between the two countries in weeks.

The Revolutionary Guard Corps said the US attacks would further restrict traffic through the Strait of Hormuz, a critical waterway that carried about one-fifth of the global oil consumed before the conflict and which Iran has effectively closed to commercial shipping.

"Developments in recent days brought risks to regional oil supplies back into focus...We’ve seen oil flow through the Strait of Hormuz despite the ⁠stalemate between the US and Iran, but rising tensions clearly ‌put crossings at risk," said ING analysts in ‌a client note.

The IRGC also said it had targeted Jordan and Bahrain in response to the American strikes.

Jordan's military said its air defenses intercepted 10 ballistic missiles that entered its airspace, while two US officials said no American casualties had been ‌reported so far from the attacks. Separately, Kuwait said its armed forces were responding to hostile drone activity.

The latest exchange followed ⁠a weekend flare-up ⁠in hostilities, the first since July, and came after attacks on two tankers departing the Strait of Hormuz on Monday, causing further disruptions to oil supplies and forcing traders to seek alternative crude shipments.

"The oil market is no longer pricing just the risk of war; it is increasingly pricing the cost of an unresolved war," said Priyanka Sachdeva, Phillip Nova's head of market insights.

"Until there is clear evidence that negotiations can produce a lasting resolution and that normal oil flows through the Strait are returning, the risk premium in crude is likely to remain elevated."

Meanwhile, in the US, the world's largest oil producer, crude inventories fell by 2.6 million barrels in the week ended August 28, while distillate stocks, which include diesel and heating oil, declined by 265,000 barrels, market sources said, citing data from the American Petroleum Institute.