Amaala, a new global leading destination for wellness tourism (Reuters)
Funding the second phase of the Red Sea Development Company is being considered through an initial public offering (IPO), asset sales, or tap debt markets, announced CEO John Pagano.
Pagano indicated that the Amaala tourism project may raise up to SR10 billion next year, and he pointed out that the Red Sea project recently closed SR14 billion loans from domestic banks, and proceeds will be used to fund the first phase scheduled for completion by the end of 2023.
The Red Sea project recently announced the completion of its fixed-term loan and credit facility with four Saudi banks that included the Saudi Fransi Bank, Riyad Bank, SABB Bank, and al-Ahli Bank.
Amaala, on the northwestern coast of Saudi Arabia, won’t tap markets until next year, Pagano told Bloomberg, adding that the numbers haven’t yet been finalized, with the amount of debt likely to be in the “range” of SR5-10 billion. The company has awarded more than SR3 billion in contracts.
Meanwhile, recent data revealed a decline in Saudi Arabia's possession of US Treasury bonds for the fourth month in a row, recording the lowest level of ownership in seven months.
Saudi Arabia reduced its holdings of US Treasury bonds to $130.2 billion by the end of March, the lowest level since August 2020.
The recent decline reached 17.7 percent compared to the same month last year, while comparisons indicate a decrease in the level of recent holdings by 4.1 percent during the first quarter of 2021, down $5.6 billion from the fourth quarter of 2020.
With the current level of Sukuk ownership in the US Treasury, Saudi Arabia ranks 14th on the list of investors. Japan tops the list with $1240.3 billion, followed by China with investments of $1100.4 billion, and the UK with $443.2 billion.
In addition, the Public Investment Fund (PIF) increased its US stock holdings to $15.4 billion in the first quarter from nearly $12.8 billion at the end of 2020.
Reuters reported that PIF bought 2.9 million class A shares in SoftBank Group Corp-backed Coupang Inc, equivalent to $141 million, and dissolved its share stake in Suncor Energy, according to a Securities and Exchange Commission filing.
Mideast Oil Exports Rebound to 12.8 Million Barrels Per Dayhttps://english.aawsat.com/business/5323403-mideast-oil-exports-rebound-128-million-barrels-day
Vessels in the Strait of Hormuz near the beach of Bandar Abbas, Iran, September 28, 2026. Amirhosein Khorgooi/ISNA/via WANA (West Asia News Agency) via Reuters
Mideast Oil Exports Rebound to 12.8 Million Barrels Per Day
Vessels in the Strait of Hormuz near the beach of Bandar Abbas, Iran, September 28, 2026. Amirhosein Khorgooi/ISNA/via WANA (West Asia News Agency) via Reuters
Crude oil exports from key Middle East producers rebounded in September to 12.8 million barrels per day, the highest since the US-Israeli war with Iran started in February, data from Kpler showed on Monday, as Saudi Arabia and the United Arab Emirates boosted exports.
The rebound came following a recovery in exports via the Strait of Hormuz, which were set to hit about 7.4 million bpd this month, as Saudi Arabia diverted oil exports from the Red Sea port of Yanbu following attacks that damaged its East-West pipeline, the preliminary data showed.
While exports from the region - which includes Saudi Arabia, the United Arab Emirates, Iraq, Oman, Qatar, Kuwait, Iran - have rebounded, they were still about 6 million bpd down from 18.8 million bpd in February, according to Kpler.
The region's top exporter Saudi Arabia was on track to ship about 5.4 million bpd this month, rebounding from 2.446 million bpd in August, the data showed, according to Reuters.
September shipments from the Ras Tanura port in the Gulf jumped to about 3.6 million bpd, from 929,000 bpd in August, but still lower than the 6.411 million bpd recorded in February, according to the data.
A total of 19 very large crude carriers, carrying 2 million barrels of Saudi oil each, exited the Strait of Hormuz last week, Kpler data showed.
The figures exclude any vessels that might have crossed the strait with their Automatic Identification System transponders turned off to avoid detection.
Before the Iran war started on February 28, the strait typically handled about 125 large commercial vessels per day, including tankers, gas carriers, bulkers and container vessels, accounting for some 20% of the world’s daily crude oil and liquefied natural gas supply.
Syria Central Bank Expects More Than $1 Billion to Establish New Bankshttps://english.aawsat.com/business/5323385-syria-central-bank-expects-more-1-billion-establish-new-banks
Syria Central Bank Expects More Than $1 Billion to Establish New Banks
President Ahmad al-Sharaa issued a decree appointing Nebras Mohammad Wahid Khayyata as first deputy governor of the Central Bank of Syria. (X)
Syria expects more than $1 billion in foreign capital to flow into the country to establish new banks, Central Bank Governor Mohammad Safwat Raslan said, as the bank seeks to encourage investment, protect customers’ rights and open secure money-transfer channels through official institutions.
Raslan told state news agency SANA on Sunday that licensing requirements already exist for both Islamic and conventional banks. Key criteria include applicants’ experience and reputation and the founders’ financial solvency, as well as a requirement for a strategic banking partner to hold at least a 10 percent stake in the new bank.
The timeframe for granting licenses depends on applicants submitting the required documents and meeting the stipulated conditions, he explained. The Central Bank is working to ensure that preliminary licenses are issued within three to four months of receiving all requirements.
Raslan dismissed concerns about financial risks, noting that the law allows foreign investors to retain 60 percent of their paid-in capital in foreign currency. Investors’ rights to profits and their transfer are also protected, he added, pointing to the removal of all restrictions on buying, selling or transferring foreign currency.
On regulatory risks, Raslan stressed that the Central Bank issues its regulatory and supervisory decisions in accordance with international risk and accounting standards, meaning investors should find no difference between standards applied in Syria and those in their home countries.
The Central Bank is also encouraging international money-transfer providers to enter the Syrian market through Syrian financial institutions to create secure transfer channels for Syrians and foreigners and protect their rights and interests.
Daily and monthly transfer limits will be determined by agreements between Syrian financial institutions and banks or service providers abroad, according to the official.
Separately, President Ahmad al-Sharaa issued Decree No. 176 of 2026 appointing Nebras Mohammad Wahid Khayyata as first deputy governor of the Central Bank of Syria. The decree also repealed any provisions conflicting with its terms.
Riyadh to Host Global Energy Leaders for Talks on Markets, Supplyhttps://english.aawsat.com/business/5323382-riyadh-host-global-energy-leaders-talks-markets-supply
Riyadh to Host Global Energy Leaders for Talks on Markets, Supply
The Saudi Energy Minister during the opening ceremony of the 24th World Petroleum Congress in Calgary, Canada, in 2023 (Reuters)
Saudi Arabia will bring together some of the world’s most influential energy leaders in Riyadh from Oct. 11-15 for high-level talks on energy security, oil and gas markets, investment and the technologies reshaping the global energy industry.
At the heart of Riyadh Energy Week will be the 25th WPC Energy Congress, hosted by Saudi Arabia for the first time in the event’s nearly 90-year history. Held under the theme “Pathways to an Energy Future for All,” the congress will feature more than 30 ministerial, strategic and leadership sessions spanning global energy markets, investment and financing, artificial intelligence, critical minerals, carbon management, natural gas and the future energy mix.
The congress will run from Oct. 11-15 at the Riyadh Front Exhibition & Conference Center, with its official opening ceremony on Oct. 12. Organizers expect more than 25,000 participants, including 100 ministers, 500 CEOs and around 800 speakers, as well as representatives from about 1,000 companies. The exhibition will cover more than 50,000 square meters.
Riyadh Energy Week will also include an International Energy Forum ministerial meeting, Clean Energy Ministerial and Mission Innovation events, along with other sessions bringing together governments, international organizations and companies from across the energy value chain.
The Saudi Energy Minister upon his arrival to participate in the World Petroleum Congress in Calgary, Canada in 2023 (Reuters)
Global Government and Industry Leaders
Saudi Energy Minister Prince Abdulaziz bin Salman will formally open the congress on Oct. 12 alongside WPC Energy President Pedro Miras.
The executive program will include Saudi Economy and Planning Minister Faisal Alibrahim and Investment Minister Fahad Abduljalil Al-Saif, as well as Egyptian Petroleum and Mineral Resources Minister Karim Badawi, OPEC Secretary General Haitham Al Ghais, World Energy Council Secretary General and CEO Angela Wilkinson and International Energy Forum Secretary General Jassim Al Shirawi.
Leading industry speakers include ExxonMobil Chairman and CEO Darren Woods, TotalEnergies Chairman and CEO Patrick Pouyanne, Shell CEO Wael Sawan, BP CEO Meg O’Neill, Baker Hughes Chairman and CEO Lorenzo Simonelli, Siemens Energy CEO Christian Bruch, SLB CEO Olivier Le Peuch and ConocoPhillips President and CEO Andy O’Brien.
Prominent energy-market analysts will also participate, including S&P Global Vice Chairman Daniel Yergin, RBC Capital Markets’ Helima Croft, Carlyle senior adviser Jeffrey Currie, Energy Aspects founder and Director of Market Intelligence Amrita Sen and Rapidan Energy Group founder and President Bob McNally.
Energy Security and Markets
Energy security and global oil and gas markets will be among the congress’s main themes, with ministerial sessions bringing together representatives of producing and consuming countries to discuss market developments and the future of supply.
The agenda extends beyond oil and gas, with discussions on forces reshaping the industry, including AI and digitalization, critical minerals, energy-project financing, carbon management and renewables.
AI and digital transformation will feature prominently, with companies including Aramco, Siemens Energy, SLB, Hitachi Energy, Microsoft and Samsung E&A discussing the impact of digital technologies on energy operations, productivity and efficiency.
The discussions come as AI moves from experimental uses toward applications in operations, maintenance, data analysis and process optimization, while also driving increased demand for electricity and infrastructure to support expanding data centers.
A panel discussion at the 24th World Petroleum Congress in Calgary Canada in 2023
Saudi Arabia’s Economic and Energy Transformation
The congress will hold a ministerial session titled “Vision 2030: Economic Transformation and Global Competitiveness,” focusing on Saudi Arabia’s economic transformation and its growing role in the global energy system.
The agenda covers critical minerals and supply chains, carbon capture, utilization and storage, carbon markets, renewable energy and hydrogen, broadening the discussion from security of conventional fuel supplies to the technology, infrastructure and materials required for the future energy system.
The congress will also feature a technical program with more than 30 research and technical forums across five areas: primary energy supply, infrastructure, fuels and molecules, energy technologies and industry leadership.
Riyadh Energy Week will include specialized programs on the circular carbon economy, women in energy, young professionals, social responsibility, AI and digital transformation, as well as an Energy Hackathon and knowledge-sharing and networking events.
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