عربي English Türkçe اردو فارسى
Logo
Latest News
Business

PIF Secures Record-Breaking $17bn Senior Unsecured Term Loan

An agreement to establish the largest solar photovoltaic plant in the Middle East, in Makkah, west Saudi Arabia (SPA)
An agreement to establish the largest solar photovoltaic plant in the Middle East, in Makkah, west Saudi Arabia (SPA)
TT
TT

PIF Secures Record-Breaking $17bn Senior Unsecured Term Loan

An agreement to establish the largest solar photovoltaic plant in the Middle East, in Makkah, west Saudi Arabia (SPA)
An agreement to establish the largest solar photovoltaic plant in the Middle East, in Makkah, west Saudi Arabia (SPA)

Badeel has announced a partnership to establish the largest solar photovoltaic plant in the region, while Saudi Arabia’s Public Investment Fund (PIF) announced that it has secured a $17 billion seven-year senior unsecured term loan (63.7 billion Saudi riyals).

The loan is the largest-of-its-kind general corporate-purpose loan worldwide.

While the new transaction recorded the support of 25 financial institutions across Europe, America, the Middle East, and Asia, the $11 billion loan of 2018 was supported by 15 financial institutions.

The new loan also aligns well with the PIF’s medium-term capital raising strategy as well as its 2022 Annual Capital Raising Plan.

“It is a significant achievement for PIF, raising a record-sized term facility in the longest tenor ever for a loan of its size that is subscribed to by an unprecedentedly diversified number of lenders. PIF will continue to explore a variety of debt funding sources as it delivers on its strategic objectives,” said the Head of the Global Capital Finance Division at PIF Fahad AlSaif in a statement.

Meanwhile, Badeel and ACWA Power signed an agreement to develop the largest solar photovoltaic plant across the Middle East and North Africa in Makka, in the west of Saudi Arabia.

The 2,060 MW solar photovoltaic plant will be built in Al Shuaibah, Makkah province, and is expected to begin commercial operations by the fourth quarter of 2025.

Badeel will jointly own the project with ACWA Power, with both companies holding a 50 percent equity stake each.

The project will be executed through a newly formed joint company called Shuaibah Two Electrical Energy Co..

In this regard, the Shuaibah Two Electrical Energy Co. signed a power purchase agreement with the Saudi Power Procurement Co..

The project is part of Saudi Arabia’s energy transition strategy, highlighting how a giga-scale development in sustainable energy will play a key role in translating Vision 2030 goals.

Yazeed A. Al-Humied, deputy governor and head of MENA Investments at PIF, said: "This marks a key achievement toward PIF’s commitment to developing 70 percent of Saudi Arabia’s renewable energy by 2030.

“Utilities and renewables are one of PIF’s priority sectors as part of its domestic strategy, which focuses on unlocking the capabilities of promising sectors to enhance Saudi Arabia’s efforts in diversifying revenue sources.”

“Saudi Arabia continues to accelerate its ambitious plans for diversifying its energy mix to include renewable energy. It is a great honor to partner with Badeel and SPPC in developing this milestone project which will set a benchmark for sustainable energy development in the region,” said Mohammad Abunayyan, chairman of ACWA Power.

He said solar power is a key component in unlocking positive economic, environmental, and social outcomes, adding: “We remain committed to developing local capabilities in technology, supply chain, and talent and ensure they are realized to their fullest potential.”

Badeel and ACWA Power will build, own, and operate Al Shuaibah 2 facility and the electricity produced will be sold to SPPC. The project is expected to power 350,000 homes.

Shuaibah 2 is ACWA Power’s sixth solar energy facility in Saudi Arabia, with its portfolio comprising 13 power, water desalination, and green hydrogen plants.

Badeel and ACWA Power are also developing the Sudair Solar PV 1500 MW project; which was the first cornerstone renewable energy project in PIF’s program.

Most Viewed

 
 
Business

What Is China’s Singles’ Day and How Is It Celebrated? 

A courier sorts packages for delivery on Singles Day or '11.11' Global Shopping Festival, in Beijing, China, 11 November 2025. (EPA)
A courier sorts packages for delivery on Singles Day or '11.11' Global Shopping Festival, in Beijing, China, 11 November 2025. (EPA)
TT
TT

What Is China’s Singles’ Day and How Is It Celebrated? 

A courier sorts packages for delivery on Singles Day or '11.11' Global Shopping Festival, in Beijing, China, 11 November 2025. (EPA)
A courier sorts packages for delivery on Singles Day or '11.11' Global Shopping Festival, in Beijing, China, 11 November 2025. (EPA)

Black Friday? No. Cyber Monday? Nope. Prime Day? Absolutely not. The world's biggest shopping event happens in China each year - and is called Singles' Day.

Originally a holiday to celebrate being single, as a counter to Valentine's Day, the event has grown into a weeks-long online shopping festival that this year began on October 9 and runs through November 11 - making it the longest Singles' Day sales period ever.

WHEN DID THE IDEA OF SINGLES' DAY ORIGINATE?

The idea for Singles' Day originated at China's Nanjing University back in 1993 and was originally called "Bachelor's Day." On the day, single people treat themselves with gifts and presents, while also organizing social gatherings and parties.

HOW MUCH DO CONSUMERS SPEND?

Last year, the total value of goods sold during the shopping bonanza - also known as "Double 11" - totaled 1.44 trillion yuan ($202 billion), according to data provider Syntun.

That is almost five times the $41.1 billion US shoppers spent last year during Cyber Week, the period from Black Friday to Cyber Monday, per data from Adobe Analytics.

Cyber Monday immediately follows Black Friday, which falls on the day after the US Thanksgiving Day holiday, the busiest shopping day of the year in the United States.

But growth has been harder to come by for major e-commerce players in China, which have extended their Singles' Day sales period and leaned heavily on subsidies and coupons to entice spending. Last year's sales growth rate of 27% was largely attributed to a longer overall festival period.

This year Alibaba Group pledged 50 billion yuan in subsidies for its 88VIP members over the Singles' Day period. The event has, in recent years, lost some of its novelty with the rise of other shopping festivals in China, including the midyear "618" sales which is the country's second-largest, and has also lengthened to a weeks-long event.

WHAT MAJOR BRANDS AND PRODUCTS ARE SHOPPERS BUYING?

While Alibaba started "Double 11" in 2009 to win over online shoppers with discounts and promotions, China's major e-commerce platforms now all take part in it. JD.com joined in 2012 and PDD Holdings-owned Pinduoduo has also become a significant player, offering low-cost products in competition with Alibaba-owned Tmall and Taobao platforms.

Last year, categories covered by a national 150 billion yuan household-appliance-subsidy scheme outperformed. With a higher comparison base this year, those categories are expected to decline.

Nomura analysts forecast in October that home appliance sales will fall 20% in the fourth quarter in China. Instant retail - one-hour delivery of online orders - is also a focus this year.

Alibaba and JD.com have poured billions into subsidies throughout 2025 to attract shoppers to rapid-delivery channels, which have been growing faster than e-commerce overall.

WHICH OTHER COMPANIES HOPE TO BENEFIT?

Many global companies, from apparel maker Nike to cosmetics firm Estee Lauder and consumer goods giant Procter & Gamble, have a big presence on Chinese e-commerce platforms such as Tmall and JD.com.

Aggressive discounting has been a hallmark of Chinese shopping festivals since pandemic restrictions ended in China in late 2022, though consumption overall has remained sluggish as people save more in the face of macroeconomic challenges and a prolonged property crisis.

According to Alibaba, 35 brands, including Nike, L'Oreal and local firms Anta and Proya, sold more than 100 million yuan of merchandise in the first hour of the sale this year.

At a press conference a few days into its Singles' Day sales period, JD.com said it would list over 100,000 "hit" products at its lowest prices of the year and sell 50,000 pairs of thermal Long Johns at 2 yuan each, shipping included.

Phone sales are expected to be strong this year, given recent launches of Apple's iPhone 17 series and Xiaomi's 17 series in September.

Within the first two hours, sales of iPhone on Apple's Tmall store exceeded the full-day total for the same period last year, according to Alibaba, which did not disclose specific figures.

Business

Lukoil Declares Force Majeure at Iraqi Oilfield Following Western Sanctions  

A Lukoil company sign at the Filanovskogo oil platform in the Caspian Sea, Russia, October 16, 2018. (Reuters) 
A Lukoil company sign at the Filanovskogo oil platform in the Caspian Sea, Russia, October 16, 2018. (Reuters) 
TT
TT

Lukoil Declares Force Majeure at Iraqi Oilfield Following Western Sanctions  

A Lukoil company sign at the Filanovskogo oil platform in the Caspian Sea, Russia, October 16, 2018. (Reuters) 
A Lukoil company sign at the Filanovskogo oil platform in the Caspian Sea, Russia, October 16, 2018. (Reuters) 

Russian oil major Lukoil has declared force majeure at Iraq’s giant West Qurna-2 oilfield, four sources with knowledge of the matter told Reuters on Monday, after Western sanctions on the Russian oil major hampered its operations.

The United States and Britain imposed sanctions on Lukoil - Russia’s second-largest oil company - last month and Iraq has since halted all cash and crude payments to the company, three of the sources said.

Lukoil sent an official letter to Iraq’s oil ministry last Tuesday saying there are force majeure conditions preventing it from continuing normal operations at the West Qurna-2 field, the four sources said.

If the reasons behind the force majeure are not resolved within six months, Lukoil will shut production and exit the project entirely, a senior Iraqi oil industry official said.

Reuters reported last week that Iraq’s state oil firm SOMO canceled loadings of three crude oil cargoes from Lukoil’s equity production at the West Qurna-2 field over the sanctions.

Business

Senate Approves Bill to End the Shutdown, Sending it to the House

WASHINGTON, DC - NOVEMBER 09: The US Capitol is seen on the 40th day of a government shutdown on November 9, 2025 in Washington, DC. Anna Rose Layden/Getty Images/AFP
WASHINGTON, DC - NOVEMBER 09: The US Capitol is seen on the 40th day of a government shutdown on November 9, 2025 in Washington, DC. Anna Rose Layden/Getty Images/AFP
TT
TT

Senate Approves Bill to End the Shutdown, Sending it to the House

WASHINGTON, DC - NOVEMBER 09: The US Capitol is seen on the 40th day of a government shutdown on November 9, 2025 in Washington, DC. Anna Rose Layden/Getty Images/AFP
WASHINGTON, DC - NOVEMBER 09: The US Capitol is seen on the 40th day of a government shutdown on November 9, 2025 in Washington, DC. Anna Rose Layden/Getty Images/AFP

The Senate passed legislation Monday to reopen the government, bringing the longest shutdown in history closer to an end as a small group of Democrats ratified a deal with Republicans despite searing criticism from within their party.

The 41-day shutdown could last a few more days as members of the House, which has been on recess since mid-September, return to Washington to vote on the legislation. President Donald Trump has signaled support for the bill, saying Monday that “we’re going to be opening up our country very quickly.”

The final Senate vote, 60-40, broke a grueling stalemate that lasted more than six weeks as Democrats demanded that Republicans negotiate with them to extend health care tax credits that expire Jan. 1. The Republicans never did, and five moderate Democrats eventually switched their votes as federal food aid was delayed, airport delays worsened and hundreds of thousands of federal workers continued to go unpaid.

House Speaker Mike Johnson urged lawmakers to start returning to Washington “right now" given shutdown-related travel delays, but an official notice issued after the Senate vote said the earliest the House will vote is Wednesday afternoon, reported The Associated Press said.

“It appears our long national nightmare is finally coming to an end," said Johnson, who has kept the House out of session since mid-September, when the House passed a bill to continue government funding.

How the stalemate ended

After weeks of negotiations, a group of three former governors — New Hampshire Sen. Jeanne Shaheen, New Hampshire Sen. Maggie Hassan and Independent Sen. Angus King of Maine — agreed to vote to advance three bipartisan annual spending bills and extend the rest of government funding until late January. Republicans promised to hold a vote to extend the health care subsidies by mid-December, but there was no guarantee of success.

Shaheen said Monday that “this was the option on the table” after Republicans had refused to budge.

“We had reached a point where I think a number of us believed that the shutdown had been very effective in raising the concern about health care," she said, and the promise for a future vote “gives us an opportunity to continue to address that going forward."

The legislation includes a reversal of the mass firings of federal workers by the Trump administration since the shutdown began on Oct. 1. It also protects federal workers against further layoffs through January and guarantees they are paid once the shutdown is over.

In addition to Shaheen, King and Hassan, Democratic Sen. Tim Kaine of Virginia, home to tens of thousands of federal workers, also voted Sunday in favor of moving forward on the agreement. Illinois Sen. Dick Durbin, the No. 2 Democrat, Pennsylvania Sen. John Fetterman and Nevada Sens. Catherine Cortez Masto and Jacky Rosen also voted yes. All other Democrats, including Senate Democratic leader Chuck Schumer of New York, voted against it.

The moderates had expected a larger number of Democrats to vote with them as 10 to 12 Democratic senators had been part of the negotiations. But in the end, only five switched their votes — the exact number that Republicans needed. King, Cortez Masto and Fetterman had already been voting to open the government since Oct. 1.

Many Democrats call the vote a “mistake” Schumer, who received blowback from his party in March when he voted to keep the government open, said he could not “in good faith” support it after meeting with his caucus for more than two hours on Sunday.

“We will not give up the fight,” Schumer said, adding that Democrats have now “sounded the alarm” on health care.

Independent Sen. Bernie Sanders of Vermont, who caucuses with the Democrats, said giving up the fight was a “horrific mistake.” Sen. Chris Murphy, D-Conn., agreed, saying that voters who overwhelmingly supported Democrats in last week's elections were urging them to "hold firm.”

House Democrats swiftly criticized the Senate.

Texas Rep. Greg Casar, the chairman of the Congressional Progressive Caucus, said a deal that doesn’t reduce health care costs is a “betrayal” of millions of Americans who are counting on Democrats to fight.

Others gave Schumer a nod of support. House Democratic leader Hakeem Jeffries had criticized Schumer in March after his vote to keep the government open. But he praised the Senate Democratic leader on Monday and expressed support for his leadership throughout the shutdown.

“The American people know we are on the right side of this fight,” Jeffries said Monday, pointing to Tuesday's election results.

Health care debate ahead

It’s unclear whether the two parties would be able to find any common ground on the health care subsidies before a promised December vote in the Senate. House Speaker Mike Johnson, R-La., has said he will not commit to bringing it up in his chamber.

On Monday, Johnson said House Republicans have always been open to voting to reform what he called the “unaffordable care act” but again did not say if they would vote on the subsidies.

Some Republicans have said they are open to extending the COVID-19-era tax credits as premiums could skyrocket for millions of people, but they also want new limits on who can receive the subsidies. Some argue that the tax dollars for the plans should be routed through individuals.

Senate Appropriations Committee Chairwoman Susan Collins said Monday that she's supportive of extending the tax credits with changes, like new income caps. Some Democrats have signaled they could be open to that idea.

“We do need to act by the end of the year, and that is exactly what the majority leader has promised,” Collins said.

Other Republicans, including Trump, have used the debate to renew their yearslong criticism of the law and called for it to be scrapped or overhauled.

In a possible preview, the Senate voted 47-53 along party lines Monday not to extend the subsidies for a year. Majority Republicans allowed the vote as part of a separate deal with Democrats to speed up votes and send the legislation to the House.