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UAE’s Masdar Signs Strategic Agreement with Iraq to Develop PV Projects

Officials at the virtual signing ceremony. (Asharq Al-Awsat)
Officials at the virtual signing ceremony. (Asharq Al-Awsat)
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UAE’s Masdar Signs Strategic Agreement with Iraq to Develop PV Projects

Officials at the virtual signing ceremony. (Asharq Al-Awsat)
Officials at the virtual signing ceremony. (Asharq Al-Awsat)

Masdar, a subsidiary of Mubadala Investment Company and one of the world’s leading renewable energy companies, announced that it signed a strategic agreement with Iraq to develop solar photovoltaic (PV) projects in the country with a minimum total capacity of two gigawatts.

Heads of Agreement were signed at a virtual ceremony by Iraq’s Minister of Electricity Majid Hantosh, President of Iraq’s National Investment Commission Suha al-Najar and Masdar CEO Mohamed Jameel al-Ramahi.

The ceremony took place in the presence of Iraqi Minister of Oil Ihsan Abdul Jabbar Ismail, UAE Minister of Energy Suhail al-Mazroui and UAE Minister of State for Foreign Trade Dr. Thani al-Zeyoudi.

“The government seeks to increase and enhance the national production of clean energy,” said Ismail.

Iraq targets 20 to 25 percent of energy coming from renewable sources, rather than fossil fuels, equivalent to 10 to 12 GW, he explained.

“This agreement with Masdar, a global leader in renewable energy, is a major step in the development of the clean energy investment sector and the exploitation of solar energy in Iraq.”

Mazroui stressed the UAE’s commitment to working with Iraq to develop sustainable energy resources.

“This initiative also highlights the importance of public and private sector partnerships in finding affordable solutions.”

“Masdar has been a pioneer in developing clean energy projects, and it is now active in more than 30 countries around the world, with a total value of more than $20 billion and a production capacity exceeding 11 gigawatts.”

Masdar will certainly leverage the expertise it has built up through these projects to support Iraq on its clean energy journey, he added.

Zeyoudi pointed out that the cooperation between Masdar and Iraq’ government will add significant value to the Emirati and Iraqi partnerships in addressing the challenges posed by climate change and keeping pace with the growing demand for energy.

It will also contribute to supporting Iraqi efforts aimed at implementing quality projects to produce 10 gigawatts of solar energy by 2025.

Commenting on the agreement, Najar said it is one of the largest renewable photovoltaic solar projects in the Middle East and falls within Iraq’ vision and its sustainable transition plan 2021-2030.

“This agreement will define the path for the development of clean energy solutions that will drive growth in Iraq and help the government meet its climate goals,” said Ramahi.

The UAE shares Iraq’s commitment to diversify energy sources and accelerate the transition to clean energy sources, he added.

Iraq, the second-largest oil producer in the Organization of Petroleum Exporting Countries (OPEC), is looking to increase the rate of renewables in its total power production capacity by the end of this decade.

It aims to address supply issues and meet climate objectives. Iraq, which this year ratified the Paris Agreement on climate change, enjoys some of the region’s most attractive solar irradiation levels.

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Business

Iraq Says Oil Output, Exports Can Recover within a Week Once Hormuz Crisis Ends

A tanker, left, and a car carrier are anchored at sea in the Gulf of Oman near the Strait of Hormuz, as seen from the coast near Khor Fakkan, United Arab Emirates, Friday, May 1, 2026.(AP)
A tanker, left, and a car carrier are anchored at sea in the Gulf of Oman near the Strait of Hormuz, as seen from the coast near Khor Fakkan, United Arab Emirates, Friday, May 1, 2026.(AP)
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Iraq Says Oil Output, Exports Can Recover within a Week Once Hormuz Crisis Ends

A tanker, left, and a car carrier are anchored at sea in the Gulf of Oman near the Strait of Hormuz, as seen from the coast near Khor Fakkan, United Arab Emirates, Friday, May 1, 2026.(AP)
A tanker, left, and a car carrier are anchored at sea in the Gulf of Oman near the Strait of Hormuz, as seen from the coast near Khor Fakkan, United Arab Emirates, Friday, May 1, 2026.(AP)

‌Iraq can restore oil output and exports to normal levels within seven days of the end of the crisis ‌over the ‌Strait of ‌Hormuz, Deputy ⁠Oil Minister Basim Mohammed ⁠said on Saturday.

He said production currently stood at 1.5 ⁠million barrels per day, ‌with ‌about 200,000 ‌bpd exported via ‌Ceyhan, while two tankers had been prepared and two ‌more were expected depending on security ⁠conditions ⁠in the strait, which Tehran has largely closed during the US-Israeli war against Iran.

Business

Saudi Arabia Ranks Second Globally in Data Center Market Attractiveness

A view of the Riyadh skyline, the Saudi capital (Royal Commission for Riyadh City)
A view of the Riyadh skyline, the Saudi capital (Royal Commission for Riyadh City)
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Saudi Arabia Ranks Second Globally in Data Center Market Attractiveness

A view of the Riyadh skyline, the Saudi capital (Royal Commission for Riyadh City)
A view of the Riyadh skyline, the Saudi capital (Royal Commission for Riyadh City)

Saudi Arabia has ranked second globally, after the United States, among the most attractive markets for data centers—an achievement that reflects the Kingdom’s growing position in digital infrastructure and its rapid expansion in a market increasingly driven by artificial intelligence and cloud computing.

According to a Bloomberg analysis, Saudi Arabia secured second place globally in data center market attractiveness. The analysis also indicated that power availability and land enablement together account for 58% of market attractiveness for data center projects. At the same time, 22.8 gigawatts of new capacity are currently under development worldwide and are expected to come online within the next three years, increasing the value of markets capable of absorbing this growth at scale and with speed, SPA reported.

This progress builds on the rapid expansion of the data center sector in the Kingdom, where operational capacity increased from 68 megawatts in 2021 to 440 megawatts in 2025—representing nearly sixfold growth over four years. This reflects the accelerated development of digital infrastructure and the growing attractiveness of the Saudi market in this critical sector.

The sector continued its growth in the first quarter of 2026, with capacity rising to 467 megawatts—an increase of more than 6% since the beginning of the year—highlighting the sustained expansion of a market that has become a key driver of digital infrastructure and the data-driven economy powered by cloud computing and artificial intelligence.

According to SPA, today, Saudi Arabia hosts more than 60 data centers across multiple regions, reflecting the expansion of the market, the strengthening of its operational base, and its ability to meet the growing demand for digital services, cloud computing, and AI applications. This growth is further supported by the Kingdom’s geographic depth, which provides developers and operators with greater flexibility in site distribution and phased expansion, in addition to its strategic location linking Asia, Europe, and Africa—enabling access to broad markets from a single hub.

Commenting on this progress, head of the Artificial Intelligence Enablement Office at the Ministry of Communications and Information Technology Eng. Bassam Al-Bassam stated: “This reflects the Kingdom’s growing position in the data center sector and confirms that the progress achieved in digital infrastructure, power availability, development speed, and operational readiness has positioned Saudi Arabia among the most capable markets in attracting high-quality investments in this sector.”

He added that this progress strengthens the confidence of global investors in the Saudi market and supports the Kingdom’s positioning as a global hub for digital infrastructure and artificial intelligence.

This achievement gains further significance as Saudi Arabia ranked first globally in the Digital Readiness Framework 2025, scoring 94 out of 100 in the “very high” category, ahead of Finland, Germany, the United Kingdom, Norway, and France. This reflects the maturity of the regulatory environment, digital governance, and institutional efficiency—factors that are increasingly critical in a sector that depends on regulatory clarity, operational reliability, and speed of execution.

This position is further reinforced by an advanced digital ecosystem, including 99% internet penetration, fiber coverage reaching 5.8 million homes, and a technology market exceeding SAR199 billion in 2025. In addition, local internet traffic through the Saudi Internet Exchange surpassed 2.462 terabits per second in the same year, enhancing the readiness and reliability of the digital environment supporting data center operations.

This achievement underscores that Saudi Arabia is not only keeping pace with growing demand for digital infrastructure but is also advancing in building the foundational capabilities required for the next phase of the digital economy. As global pressures on power and land intensify in traditional markets, Saudi Arabia is emerging as a destination that combines capacity, readiness, flexibility, and scalability—further strengthening its position as a rising global hub in the data center race.

Business

China Rejects US Sanctions on Five Oil Refineries

Independent small Chinese refineries purchase 90% of Iranian oil shipments (Reuters).
Independent small Chinese refineries purchase 90% of Iranian oil shipments (Reuters).
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China Rejects US Sanctions on Five Oil Refineries

Independent small Chinese refineries purchase 90% of Iranian oil shipments (Reuters).
Independent small Chinese refineries purchase 90% of Iranian oil shipments (Reuters).

China will not comply with US sanctions against five firms targeted for purchasing Iranian oil, Beijing's commerce ministry said on Saturday.

China is a key customer for Iranian oil, mainly through independent "teapot" refineries that rely on discounted crude from Iran.

The United States, seeking to choke off revenue to Tehran, has ramped up sanctions on such refineries.

The commerce ministry's injunction, relating to sanctions announced separately since last year, states that the US measures "shall not be recognized, implemented, or complied with".

The sanctions "improperly prohibit or restrict Chinese enterprises from conducting normal economic, trade and related activities with third countries... and violate international law and the basic norms governing international relations," the ministry said in a statement.

"The Chinese government has consistently opposed unilateral sanctions lacking UN authorization and a basis in international law."

The injunction applies to three companies in Shandong province -- Shandong Jincheng Petrochemical Group, Shandong Shouguang Luqing Petrochemical and Shandong Shengxing Chemical -- and two others based elsewhere in China, Hengli Petrochemical (Dalian) Refinery and Hebei Xinhai Chemical Group.

Washington imposed on Friday sanctions on yet another Chinese firm which it said had imported "tens of millions of barrels" of Iranian crude oil, generating billions of dollars in revenue for Tehran.

The firm, Qingdao Haiye Oil Terminal Co., Ltd., was not mentioned in the commerce ministry's injunction.