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Saudi Electricity Company: Plans to Enhance Investment Opportunities

Saudi Electricity Company logo
Saudi Electricity Company logo
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Saudi Electricity Company: Plans to Enhance Investment Opportunities

Saudi Electricity Company logo
Saudi Electricity Company logo

In the last few years, in order to achieve the goals and aspirations of Vision 2030, Saudi Electricity Company (SEC) has been implementing a number of plans and projects for the localization of the electric power industries, which aims to transform Saudi Arabia into a promising regional center in this vital area.

This has contributed to an increase in the number of national companies and factories involved in the implementation of electrical projects and an increase in local industries used in the company's projects, compared to international materials and industries, in line with the National Transition Program 2020 (NTP 2020) to support the economy of the country.

Saudi Electricity Company is implementing a number of initiatives and investment opportunities in the electricity sector, rehabilitating local manufacturers and suppliers, as well as attracting foreign companies and factories to transform the Kingdom into a regional center for electrical industry in the Middle East and North Africa .

In further details Asharq Al-Awsat attained, SEC explained that it has a long-term strategy to support local content, factories and national companies and over the past years, it had taken important steps to support this trend.

With regard to the investment opportunities that can be offered by the company to local manufacturers, SEC revealed that it has prepared a booklet containing 100 investment opportunities to manufacture the materials needed. It confirmed that it is one of the first companies in the Kingdom and one with highest national procurement, up to 70 percent.

The Company explained that it developed direct communication channels with national manufacturers to exchange ideas and visions, discuss obstacles and problems that may impede the achievement of these strategic plans and determine the best practical solutions for them through holding specialized forums and periodic meetings with manufacturers and contractors.

It will also provide needed information for economic feasibility study of the materials that the company wishes to provide locally, in addition to publishing online the five-year plan for the company's needs of materials and spare parts, as well as technical specifications of the materials.

In the same context, SEC stressed that it is not possible to proceed with the implementation of its plans to settle the electrical industries in the Kingdom without the participation of national expertise and competencies, stressing that it is working on the implementation of a future strategy to increase employment opportunities for nationals in the field of electrical industries in the Kingdom.

Due to local experiences and capabilities, the Company was able to reach a number of achievements at the local and regional levels, with the Saudization rate reaching 91.1 percent. It indicated that its experience in the electric power industry and its vision for this vital sector is a pioneering experience.

SEC pointed out that Saudi engineers and technicians who lead the operation and management of electrical facilities and stations, proved that the people of this country are able to compete globally in all fields, especially since over 20,000 trained personnel graduated from various training institutes affiliated with it.

"The company's institutes have contributed over 30 years in developing the capabilities of thousands of young Saudis to work inside and outside the company and provide the various activities of the company with their needs," added SEC.

It asserted that employees and trainees’ assessments is done in accordance with the latest specialized programs.

The company succeeded in reducing the length of delivery of electricity to new subscribers to 28 working days, and delivering its services to about half a million subscribers in more than 13.1 thousand cities, villages, and residential communities in all regions of the Kingdom. The total number of subscribers in April 2018 reached more than 9.2 million, while the capacity of the power plants reached more than 54 GW.

The power plants’ efficiency reached 40 percent, which is the level planned to be reached in 2020, which is in line with the company's strategy in adopting technologies to reduce fuel consumption within the Vision 2030.

Saudi Electricity has also made a leap in its consumer services and e-services sector to facilitate all transactions for subscribers through digital channels. Recently, it transformed to electronic bill for all subscribers instead of the paper bill and will issue more than nine million electronic invoices in one day, which is 28 of each month.

In addition, the company started implementing solar projects in a number of power plants, such as Waad al-Shamal Power Plant. It also established several projects such as Saudi Electricity Company for the Development of Projects, and Dawiyat Telecom Company was licensed to use telecommunications services.

In 2017, Saudi Electricity Company ranked 14th worldwide among international power companies, according to Statista, an online statistics, market research and business intelligence portal.

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Business

Dollar Jumps as Trump Pledges More Iran Strikes

FILE PHOTO: US dollar banknotes are seen in this illustration taken March 24, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: US dollar banknotes are seen in this illustration taken March 24, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
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Dollar Jumps as Trump Pledges More Iran Strikes

FILE PHOTO: US dollar banknotes are seen in this illustration taken March 24, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: US dollar banknotes are seen in this illustration taken March 24, 2026. REUTERS/Dado Ruvic/Illustration/File Photo

The dollar rose sharply on Thursday after US President Donald Trump's address on Iran shattered hopes for a swift end to the conflict, sending investors towards safe-haven assets as oil prices jumped and stocks tumbled.

In a televised speech, Trump vowed more aggressive strikes on Iran in the next two to three weeks, offering no concrete timeline to open the Strait of Hormuz or end a war that has rattled investors and roiled markets, Reuters reported.

Iran's military responded with a warning for the United States and Israel of "more crushing, broader and more destructive" attacks in store.

Investors were quick to sell riskier assets such as stocks and buy the US dollar, pushing the yen, euro and sterling lower.

The dollar index, which measures the greenback against a basket of currencies, climbed 0.68% to 100.24 as the safe-haven trade came back on, putting it on track for its best day since March 18.

Thursday's advance wiped out most of the greenback's declines from the past two days amid earlier optimism about de-escalating the Iran war, putting it on track for another winning week.

Stocks slid and oil prices surged, with Brent crude futures rising almost 8% to $109.10 per barrel, after Trump's address sparked fresh concerns about sustained disruption.

"Trump's comments failed to reassure markets ... markets are starting to realize that the war will probably escalate further from here before de-escalating," said Carol Kong, a currency strategist at Commonwealth Bank of Australia.

"The dollar can definitely increase further from here against all the major currencies" as markets wake up to the fact that the global economy will slow down materially, she added.

Non-dollar currencies extended their falls as oil prices climbed in European trading.

The euro fell 0.66% to $1.1513 and sterling slid 0.88% to $1.319, both giving up some recent gains.

The risk-sensitive Australian dollar, commonly seen as a barometer of global growth expectations, fell 0.95% to $0.6863.

The Japanese yen traded 0.6% weaker at 159.72 per dollar , nearing the psychologically important 160 level that is viewed as the line in the sand for intervention by Japanese authorities.

Trump's comments also sent US Treasury yields higher on growing fears that inflation from higher oil prices would close the door to rate cuts.

That sets the stage for Friday's US non-farm payrolls report. The market is looking for a 60,000 rise in jobs for March, according to the median estimate of economists polled by Reuters.

"Another miss could rattle the markets and crank the volume up on the chorus warning about stagflation," said Kyle Rodda, senior financial market analyst at Capital.com.

"The markets could be extra choppy going into the Easter long weekend."

Business

Iraq’s Oil Hub Slows to a Crawl as Strait of Hormuz Shutdown Strangles Exports

01 April 2026, Iraq, Erbil: Smoke rises from a motor oil depot on the outskirts of Erbil, after it was hit by a drone attack. Photo: Ismael Adnan/dpa
01 April 2026, Iraq, Erbil: Smoke rises from a motor oil depot on the outskirts of Erbil, after it was hit by a drone attack. Photo: Ismael Adnan/dpa
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Iraq’s Oil Hub Slows to a Crawl as Strait of Hormuz Shutdown Strangles Exports

01 April 2026, Iraq, Erbil: Smoke rises from a motor oil depot on the outskirts of Erbil, after it was hit by a drone attack. Photo: Ismael Adnan/dpa
01 April 2026, Iraq, Erbil: Smoke rises from a motor oil depot on the outskirts of Erbil, after it was hit by a drone attack. Photo: Ismael Adnan/dpa

Iraqi oil fields once alive with the buzz of workers are nearly deserted. Ports that pulsed with the churn of cargo have fallen still, the din of commerce replaced by the soft rhythm of waves.

A month after the war in Iran started, workers at ports and oil fields in the province of Basra, where almost all of Iraq's crude is produced and exported, have grown accustomed to rockets streaking across the sky, aimed at US air bases and other strategic facilities, The Associated Press said.

The war, which began with US-Israeli strikes, is dealing a heavy blow to Iraq's economy. Iraq relies on oil revenues for roughly 90% of its budget, and most of its oil is exported through the Strait of Hormuz, the narrow mouth of the Arabian Gulf where Iran has effectively stopped cargo traffic during the conflict. The war also has led to a sharp reduction in the volume of imported goods reaching southern Iraq's ports, while attacks have halted traffic at the border it shares with Iran.

Unlike other countries in the Middle East touched by the war, Iraq hosts both entrenched Iran-aligned forces and significant US interests, leaving it exposed to attacks from both sides. Since the war started, oil production in southern Iraq, where Basra is located, has fallen by more than 70% and the volume of imported goods reaching the country's ports has been cut in half. Drone and missile attacks have targeted American companies and military bases. Iran's allied Iraqi militias also have struck oil fields and energy infrastructure. Many foreign workers have left.

The Iraqi government should have enough funds to get through mid-May without new oil sales, according to experts, but then it will have to borrow money.

“After that, the government would resort to issuing bonds,” said Ahmed Tabaqchali, an expert in Iraq’s economy. “But not without consequences.”

Oil production suspended

Across southern Iraq, the closure of the Strait of Hormuz has prompted oil fields to scale back production and focus on domestic needs, while oil prices around the globe have risen. Basra’s Zubair oil field, once producing around 400,000 barrels per day, has seen output drop to roughly 250,000, officials said.

Iran has offered assurances that Iraqi crude can safely transit the strait, said Bassem Abdul Karim, the head of the state-run Basra Oil Company, which oversees production in the province. However, because Iraq lacks its own tanker fleet and depends on chartered vessels, shipments ultimately hinge on whether tanker owners are willing to accept the heightened risks of making the journey. Most are not.

At a degassing station in Zubair, where crude is processed, production has also slowed dramatically. “It’s quiet now because of the reductions,” said chief engineer Ammar Hashim. “Of course we are worried.”

The downturn in Zubair reflects a broader decline in Basra. Output has dropped from 3.1 million barrels per day to roughly 900,000 across the province, according to Abdul Karim.

“Exports are currently completely halted. At the moment, we are considering alternative loading areas, but none are fully operational,” he told The Associated Press.

That morning, a drone crashed in the Majnoon oil field north of Basra without detonating. A security official said it's an increasingly common occurrence, adding that the drone was likely headed toward US bases in Kuwait. Production at the field has been suspended due to the frequency of these events. The official spoke on condition of anonymity because he was not permitted to speak to news media.

Hundreds of employees from American, British, Italian, French and other international oil companies have left Iraq due to the war. The departures accelerated after a March 6 drone strike hit the Burjisiya complex in Basra, a key logistics hub for Iraq’s oil industry used by numerous companies. The attack targeted US oil services company KBR, striking its chemical storage facility.

Another drone struck the British-Petroleum operated Rumaila oil field, prompting some foreign workers there to leave, said Abdul Karim. The field is still operating, he said. On Wednesday, multiple drones attacked a fuel warehouse linked to BP in northern Iraq.

Efforts to reroute Iraq's oil face major constraints: The country doesn't have the capacity to boost exports via its northern pipeline, and trucking through Jordan and Syria is costly and inefficient, said Abdul Karim.

Shipping lanes closed Umm Qasr, Iraq’s primary deep-water port, was once so noisy with imported cargo that it could give you a headache, workers there said.

Now, with the Strait of Hormuz closed, large mother ships bringing shipments to Iraq can no longer get to the port. Instead, they dock in the United Arab Emirates, where the cargo is carried by trucks and then smaller ships to get to Umm Qasr, a costly workaround.

The port’s jetties are running well below their former capacity, with volumes halved by the war, according to port director Mohammed Tahir Fadhil.

When the AP visited, just one cargo ship from the U.A.E. had docked.

The threat to shipping lanes escalated after Iran destroyed two tankers on March 11 in Iraqi waters, the Marshall Islands-flagged Safesea Vishnu and the Malta-flagged Zefyros.

“Today, our only gateway for goods is the United Arab Emirates,” said Farhan Fartousi, director of the Iraqi Ports Company.

Trade disrupted

On Sunday morning, Haidar Abdul-Samad, deputy director of Basra’s Shalamcha border crossing with Iran, was on the phone with an Iranian official, complaining about electricity cuts that had halted trade, urging a quick resolution. The power cuts followed an airstrike that hit the Iranian side of the crossing.

Such disruptions, local officials say, have become routine.

Before the war, the crossing saw constant movement, reflecting strong familial and commercial ties between Iranians and Iraqis in the area. It is also a key transit point for traders and pilgrims heading to Shiite holy sites in central Iraq.

That morning, trucks were backed up for miles.

“Priority is given to food supplies to prevent price increases,” Abdul-Samad said. “Passenger movement is not at the same level as before; activity has declined due to the war in Iran.”

Once electricity was restored, 30-year-old Iranian trader Atefa Al-Fatlawi arrived with her husband and young son. She buys goods at lower prices in Basra to sell back home.

“We are scared because of the bombings,” she said. “Shalamcha was targeted. Today, there were no transport vehicles at the garage because of the attack.”

Business

Gold Prices Retreat as Trump Threatens Further Attacks on Iran

An Indian woman displays a gold jewelry piece at a jewelry store in Bangalore (AFP)
An Indian woman displays a gold jewelry piece at a jewelry store in Bangalore (AFP)
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Gold Prices Retreat as Trump Threatens Further Attacks on Iran

An Indian woman displays a gold jewelry piece at a jewelry store in Bangalore (AFP)
An Indian woman displays a gold jewelry piece at a jewelry store in Bangalore (AFP)

Gold retreated from two-week highs on Thursday after US President Donald Trump said that Washington would continue its military campaign in Iran in the coming weeks, pushing crude prices sharply higher and dampening hopes of interest rate cuts.

Spot gold was down 2% at $4,664.39 per ounce, as of 0439 GMT, snapping a four-day winning streak, while US ‌gold futures slid 2.5% ‌to $4,691.10.

The pullback followed bullion's climb to ‌its ⁠highest level since March ⁠19, prior to Trump's remarks, said Reuters.

In a prime-time address to the nation late on Wednesday, Trump said the United States would carry out aggressive strikes on Iran over the next two to three weeks and was nearing "completion of its main strategic objectives" in the conflict.

"Gold is pulling back after two superb days, as ⁠President Trump was quite bellicose in his tone, referring ‌to aggressive plans over the coming ‌weeks... it suggests the optimism of the last few days was exuberant ‌and there will be some retracement ahead of the long ‌weekend," independent metals trader Tai Wong said.

Markets reacted swiftly: the 10-year US Treasury yield and the dollar index both advanced, pressuring dollar-denominated gold.

Meanwhile, Brent crude surged more than 6% after Trump indicated continued targeting of Iran's energy ‌infrastructure, raising supply concerns.

Gold had already been under pressure, dropping 11% in March, its worst monthly performance ⁠since 2008, ⁠following the outbreak of the Iran conflict on February 28. The surge in oil prices has fueled inflation concerns, complicating the Federal Reserve's monetary policy outlook.

Expectations for U.S. rate cuts remain low through most of 2026. Bets for a December reduction have fallen to just 12%, down from around 25% before Trump's latest comments.

While gold typically benefits during periods of inflationary pressure and geopolitical tension, higher interest rates reduce its appeal by increasing the opportunity cost of holding the non-yielding asset.

In other metals, spot silver fell 4.6% to $71.67, platinum dropped 2.5% to $1,914.61 and palladium shed 1.4% to $1,451.92.