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ACWA Power Secures $1.33 Billion for Red Sea Project Utilities

Saudi Acwa Power-generating windmills are pictured in Jbel Sendouq, on the outskirts of Tangier, Morocco, June 29, 2018. (Reuters)
Saudi Acwa Power-generating windmills are pictured in Jbel Sendouq, on the outskirts of Tangier, Morocco, June 29, 2018. (Reuters)
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ACWA Power Secures $1.33 Billion for Red Sea Project Utilities

Saudi Acwa Power-generating windmills are pictured in Jbel Sendouq, on the outskirts of Tangier, Morocco, June 29, 2018. (Reuters)
Saudi Acwa Power-generating windmills are pictured in Jbel Sendouq, on the outskirts of Tangier, Morocco, June 29, 2018. (Reuters)

Saudi Arabian utility developer ACWA Power said on Tuesday it closed an agreement for $1.33 billion (4.9 billion riyals) in senior debt for a multi-utilities project at Saudi Arabia's Red Sea project.

The project is a joint venture, in which ACWA holds a 50 percent stake, with SPIC Huanghe Hydropower Development Company and Saudi Tabreed District Cooling Company.

"In addition, the JV has secured Equity Bridge Loan facilities from Bank AlBilad, Bank Al-Jazira, and Arab National Bank and a Working Capital and VAT Facility for $93.4 million from Al Rajhi Banking and Investment Corporation," ACWA said in a stock exchange filing.

The financing was from Al Rajhi Banking and Investment Corporation, Banque Saudi Fransi, Saudi British Bank, Arab Petroleum Investment Corporation, Standard Chartered Bank, and Riyad Bank.

The facilities will be used to construct, manage, and operate power, desalination, waste-water treatment, solid waste processing, district cooling plants, and communication infrastructure.

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World Bank Establishes Regional Hub for Middle East, North Africa, Afghanistan, and Pakistan in Riyadh 

World Bank Establishes Regional Hub for Middle East, North Africa, Afghanistan, and Pakistan in Riyadh 
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World Bank Establishes Regional Hub for Middle East, North Africa, Afghanistan, and Pakistan in Riyadh 

World Bank Establishes Regional Hub for Middle East, North Africa, Afghanistan, and Pakistan in Riyadh 

The World Bank announced on Monday the opening of a new regional hub in Riyadh, Saudi Arabia, to serve the Middle East, North Africa, Afghanistan, and Pakistan (MENAAP) region. The Riyadh hub will be co-located with the World Bank Group’s Gulf Cooperation Council (GCC) regional office.

The Riyadh Hub brings the World Bank’s leadership closer to country teams, clients and regional partners.

The MENAAP’s regional Vice President and regional practice directors have relocated to Riyadh, marking a new chapter in the World Bank’s operational footprint.

“Riyadh is not only a gateway to the region’s transformation, but also a powerful platform for global knowledge exchange and policy innovation,” said Ousmane Dione, Vice President for the Middle East, North Africa, Afghanistan, and Pakistan.

“It is especially meaningful to mark this relocation on Saudi National Day, a moment that celebrates the Kingdom’s transformation and its growing role as a global convener of development knowledge,” he added.

This milestone aligns with the 50th anniversary of technical cooperation between the World Bank and Saudi Arabia. Over the past five decades, the Bank has supported major reforms in key sectors through advisory services, technical assistance, and capacity development.

Recently, the World Bank Group and Saudi Arabic launched a new global Knowledge Hub (K-Hub) in Riyadh to facilitate regional and global knowledge exchange, joint research, and capacity-building initiatives aimed at advancing global development impact.

Business

Kuwait's Oil Production Capacity Reaches 3.2 million Barrels a Day

Rising stock graph and 3D printed oil barrels miniature are seen in this illustration taken June 23, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
Rising stock graph and 3D printed oil barrels miniature are seen in this illustration taken June 23, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
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Kuwait's Oil Production Capacity Reaches 3.2 million Barrels a Day

Rising stock graph and 3D printed oil barrels miniature are seen in this illustration taken June 23, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
Rising stock graph and 3D printed oil barrels miniature are seen in this illustration taken June 23, 2025. REUTERS/Dado Ruvic/Illustration/File Photo

Kuwait's crude oil production capacity stands at 3.2 million barrels per day, oil minister Tariq Al-Roumi said in an interview with the Kuwaiti newspaper Al Qabas.

This marks the highest level in more than a decade, according to multiple reports, after capacity peaked at 3.3 million bpd in 2010 before declining to below 3 million bpd.

Under the OPEC+ agreement, Kuwait plans to raise its oil production to 2.559 million bpd from October, Al-Roumi told Al Qabas.

Eight OPEC+ members agreed on September 7 to raise output by 137,000 bpd in October, continuing the group's policy since April of gradually increasing production following years of cuts aimed at supporting the oil market.

OPEC+ based its decision on market developments, Al-Roumi said, noting that "accordingly, the decision to increase production can be paused or reversed."

"This ensures flexibility in decision-making", especially as meetings are held monthly, he said, noting this allows for a faster response to market conditions, Reuters reported.

The minister said he was optimistic about achieving balance in the oil market, adding that the OPEC+ decision to raise output has positively affected supply-demand dynamics since it took effect in April.

The International Energy Agency expects consumption to grow by 740,000 bpd in 2025 and by an additional 700,000 bpd in 2026.

OPEC, meanwhile, sees demand this year growing by 1.3 million bpd, with an additional 1.4 million bpd next year, one of the widest gaps ever between the two outlooks.

Al-Roumi said that global oil demand is rebounding, as crude inventories have fallen below the five-year average.

Business

Oil Prices Little Changed as Russia, Mideast Concerns Offset by Oversupply Worry

A view shows oil pump jacks outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer/File Photo
A view shows oil pump jacks outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer/File Photo
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Oil Prices Little Changed as Russia, Mideast Concerns Offset by Oversupply Worry

A view shows oil pump jacks outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer/File Photo
A view shows oil pump jacks outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer/File Photo

Oil prices were little changed on Monday as concerns over Russia and the Middle East were countered by oversupply jitters.

Brent crude oil futures, which have traded between around $65.50 and $69 a barrel since early August, dipped 12 cents, or 0.2%, to $66.56 a barrel by 1000 GMT while the US West Texas Intermediate crude contract for October was at $62.65 a barrel, down 3 cents, or 0.1%.

The October WTI contract expires on Monday and the more active November contract fell 18 cents, or 0.3%, to $62.22 a barrel, Reuters reported.

Polish and allied aircraft were deployed early on Saturday to ensure the safety of Polish airspace after Russia launched airstrikes targeting western Ukraine near the border with Poland, armed forces of the NATO-member country said.

The deployment came after three Russian military jets violated NATO Estonia's airspace for 12 minutes on Friday.

In the Middle East, four Western nations recognised a Palestinian state, prompting a furious response from Israel and adding to jitters in the key oil-producing region.

Brent and WTI settled down more than 1% on Friday to mark a slight decline last week as worries about large supplies and declining demand weighed on sentiment.

"The setup for the oil market is that global oil demand is set to taper off from Q3 to Q4 and again to Q1-26. At the same time production by OPEC+ is on a rising path," said SEB analysts.

"The big question is of course if China will stockpile the increasing surplus or whether the oil price will be pushed lower into the 50ies. We believe the latter."

Iraq, OPEC's second-largest producer, has increased oil exports under an OPEC+ agreement, state oil marketer SOMO said on Sunday.

SOMO expects September's average exports to range from 3.4 million to 3.45 million bpd.

Iraq has also given preliminary approval to a plan to resume pipeline oil exports from its semi-autonomous Kurdistan region through Türkiye following delays to a hoped-for restart, sources familiar with the talks told Reuters.