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Saudi Arabia Inaugurates Floating Desalination Plant

The floating desalination water plant self-generates electricity based on advanced technologies to filter and treat seawater (SPA)
The floating desalination water plant self-generates electricity based on advanced technologies to filter and treat seawater (SPA)
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Saudi Arabia Inaugurates Floating Desalination Plant

The floating desalination water plant self-generates electricity based on advanced technologies to filter and treat seawater (SPA)
The floating desalination water plant self-generates electricity based on advanced technologies to filter and treat seawater (SPA)

Saudi Arabia inaugurated the first floating desalination plant near al-Shuqaiq port on the western coast, as part of its water projects to enhance water security in all the Kingdom's regions.

Governor of Jazan Prince Mohammad bin Nasser bin Abdulaziz inaugurated the station in the presence of Minister of Environment, Water and Agriculture Abdul Rahman al-Fadhli, Saline Water Conversion Corporation (SWCC) governor Abdullah al-Abdulkarim.

The plant is an integrated project to generate electricity and supply the grid in the southern cities with energy.

The project is part of the privatization program, where the private sector will do the design, construction, and operation for 25 years.

The station is operating according to reverse osmosis, the leading technology for desalination of brackish water and seawater, and is equipped with a massive farm of solar panels to reduce oil dependency.

Bahri signed an agreement with SWCC to transport desalinated water from three floating stations to desalination tanks in Saudi Arabia for 20 years.

The barges would be transported according to the needs of each region across the Kingdom, ensuring consistently high availability levels and compliance with all applicable international and local codes and standards.

Once operational, each station will have a capacity of 50,000 cu m per day with a total capacity of 150,000 cu m a day.

The project will support the construction of floating water desalination plants to produce clean and safe water daily independently and reliably that supports and preserves marine life.

It will also support the promotion of innovation, the localization of the latest technologies, the empowerment of local content, and the provision of job opportunities for young people.

The project promotes the capabilities of the industrial sector in the country, maximizing its contribution to the total added value and making it more active and competitive.

SWCC seeks to boost its contribution by making a qualitative shift in the local content, encouraging national industries, and maximizing the business sector's contribution to economic development.

Abdulkarim said that SWCC receives unlimited support from the government to advance the most important factors of sustainable development and provide desalinated water.

He indicated that this achievement is within the National Water Strategy and aims to secure water resources under constant follow-up by the Minister of Environment, Water and Agriculture.

The governor stressed that the adopted high-efficiency technologies and increased production capacity would advance growth in the national economy.

For his part, the CEO of Bahri Abdullah al-Dubaikhi stated that this step is a significant achievement in terms of efforts towards business diversification in line with the long-term strategy that supports Vision 2030 to enhance national capabilities.

Dubaikhi stressed that the partnership with SWCC is a qualitative leap in this field at the regional level, noting that the expertise of Bahri will contribute to supporting the project and its implementation following the best international standards.

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Business

Egypt Says Close to Issuing $500 Million Japan Samurai Bond

A minibus moves along a main road underneath new Cairo Monorail track as a train moves above in the Fifth Settlement, a neighborhood of the New Cairo suburb of Cairo, on May 22, 2026. (Photo by Khaled DESOUKI / AFP)
A minibus moves along a main road underneath new Cairo Monorail track as a train moves above in the Fifth Settlement, a neighborhood of the New Cairo suburb of Cairo, on May 22, 2026. (Photo by Khaled DESOUKI / AFP)
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Egypt Says Close to Issuing $500 Million Japan Samurai Bond

A minibus moves along a main road underneath new Cairo Monorail track as a train moves above in the Fifth Settlement, a neighborhood of the New Cairo suburb of Cairo, on May 22, 2026. (Photo by Khaled DESOUKI / AFP)
A minibus moves along a main road underneath new Cairo Monorail track as a train moves above in the Fifth Settlement, a neighborhood of the New Cairo suburb of Cairo, on May 22, 2026. (Photo by Khaled DESOUKI / AFP)

Egypt is finalizing plans for its first yen-denominated bond sale in three years, Foreign Minister Badr Abdelatty told Reuters on a trip to Japan on Thursday.

The African Development Bank said in December it would partially guarantee Cairo's planned $500 million-equivalent Samurai bonds on the Japanese markets this year.

"We are completing the final ⁠steps," Abdelatty said ⁠on the sidelines of an event in Tokyo, adding that he had been promoting the sale and other investment opportunities while in Japan.

"We had extensive discussions ⁠with our Japanese friends on monetary, fiscal, financial support, especially with regard to budget support and samurai bonds as well."

Egypt's economy has been boosted in recent years by major real estate investments and an $8 billion IMF loan, though the Iran war is piling pressure ⁠on ⁠its finances.

The bond sale would be Egypt's third in the currency, following issuances in 2022 and 2023.

"It will be very important, despite the fact that we've been hit hard with implications of the (Iran) war," Abdelatty said.

Business

Oil Falls as Lebanon and Israel Agree on a Ceasefire

FILE PHOTO: A drone view shows an offshore oil platform in Guanabara Bay in Niteroi, Rio de Janeiro state, Brazil, March 18, 2026. REUTERS/Pilar Olivares/File Photo
FILE PHOTO: A drone view shows an offshore oil platform in Guanabara Bay in Niteroi, Rio de Janeiro state, Brazil, March 18, 2026. REUTERS/Pilar Olivares/File Photo
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Oil Falls as Lebanon and Israel Agree on a Ceasefire

FILE PHOTO: A drone view shows an offshore oil platform in Guanabara Bay in Niteroi, Rio de Janeiro state, Brazil, March 18, 2026. REUTERS/Pilar Olivares/File Photo
FILE PHOTO: A drone view shows an offshore oil platform in Guanabara Bay in Niteroi, Rio de Janeiro state, Brazil, March 18, 2026. REUTERS/Pilar Olivares/File Photo

Oil prices fell on Thursday as a ceasefire deal between Israel and Lebanon boosted hopes for a broader agreement to end the US-Israeli war with Iran that could lead to a reopening of the Strait of Hormuz.

Brent futures were down 87 cents, or 0.89%, at $96.92 a barrel by 0458 GMT, while US West Texas Intermediate crude fell 78 cents, or 0.81%, to $95.24, paring gains from earlier in the week, said Reuters.

Both Brent and WTI rose about 2% on Wednesday after renewed Middle East hostilities including Iranian attacks on Kuwait ‌and US military strikes ‌near the Strait of Hormuz.

Israel and Lebanon ‌said ⁠late on Wednesday ⁠they had agreed to implement a ceasefire, raising hopes for a deal between Washington and Tehran, which has conditioned any agreement in part on an end to fighting between Israel and Lebanon.

US President Donald Trump suggested on Wednesday that there could be progress in negotiations with Iran as soon as this weekend.

Iranian Foreign Minister Abbas Araghchi on Wednesday said Tehran's ⁠contacts with Washington have not been cut ‌off, but no progress has been made ‌in the negotiations, adding both sides were studying the texts that were exchanged.

In ‌the US, the Republican-led House approved a resolution on Wednesday to ‌block Trump from continuing the war against Iran. To take effect, the resolution would need Senate approval and two-thirds majorities in both chambers to override an almost certain Trump veto.

Meanwhile, US crude stockpiles fell by 8 million barrels to ‌433.7 million barrels in the week ended May 29, the Energy Information Administration said on Wednesday. ⁠That was a ⁠much bigger drop than the 4-million-barrel draw analysts had expected in a Reuters poll.

The International Energy Agency warned on Tuesday that global oil inventories could hit critical levels ahead of peak summer demand if stock draws continue at their current pace, despite Chinese crude imports falling by 6 million barrels a day in May compared to March.

“Inventories have provided a cushion for the oil market. However, even if we see an imminent restart of oil flows through the Strait of Hormuz, the recovery will be slow and gradual,” a note from ING said.

“This suggests inventories are likely to continue to tighten into the third quarter, leaving upside risk to prices.”

Business

IMF Praises Saudi Economy’s Resilience

The Saudi capital, Riyadh (Reuters)
The Saudi capital, Riyadh (Reuters)
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IMF Praises Saudi Economy’s Resilience

The Saudi capital, Riyadh (Reuters)
The Saudi capital, Riyadh (Reuters)

The International Monetary Fund (IMF) affirmed that the Saudi economy has demonstrated high resilience in the face of regional geopolitical tensions that have obstructed navigation in the Strait of Hormuz.

The Fund praised the Kingdom's ability to contain the fallout from the navigation disruption through a swift logistical response, which involved redirecting oil shipments towards the East-West pipeline and Red Sea ports, leveraging the legacy of its Vision 2030 structural reforms.

“The Saudi economy is demonstrating agility and resilience, supported by robust and diversified infrastructure and the authorities’ concerted efforts to redirect shipments and ease logistical bottlenecks,” mission head Azim Sadikov said on Wednesday in the IMF's latest Article IV mission report following a visit to the Kingdom from April 28 to May 13.

“A prompt rerouting of oil through the East-West pipeline and Red Sea ports, combined with Aramco’s overseas inventories, has helped limit the drop in oil deliveries," it said.

"Saudi Arabia's strong fundamentals—low government debt, ample reserves, and a large sovereign wealth fund—provide important buffers,” the report added.

“Assuming maritime shipments through the Strait of Hormuz normalize in the coming months, a recovery could take hold, with growth this year notably lower but holding up at about 2 percent. Non-oil activity would be supported by domestic demand, underpinned by stable public employment, government spending, and the steady execution of private and public capital projects. Average inflation is projected to increase to about 2.3 percent as higher shipping and insurance costs add upward pressure on prices. Higher oil prices are expected to offset volume losses, generating a windfall that would reduce the current account and fiscal deficits in 2026.”

In its April 2026 World Economic Outlook, the IMF projected Saudi Arabia’s real GDP growth at 3.1% for 2026, 1.4 percentage points lower than a January estimate. It had said that the Kingdom was expected to be less severely affected by the war.

In the Outlook, the IMF also upgraded Saudi Arabia's 2027 GDP growth forecast to 4.5%, a 0.9% increase from previous projections. This upward revision reflected anticipated normalizations in energy output and logistics.

In Wednesday’s report, the IMF said given the Saudi economy’s resilience, “the mission considers that a modest reduction in the non-oil primary deficit in 2026 remains appropriate, with spending reprioritization as the first line of action to accommodate any fiscal response to the conflict.”

The report lauded Saudi Arabia's strong fundamentals—low government debt, ample reserves, and a large sovereign wealth fund— that provide important buffers.

It said that should the shock prove more prolonged, Saudi Arabia has the space to loosen the fiscal stance to cushion the economy, with support to affected businesses and households that should be temporary, targeted, and transparent.

As the economy normalizes, an ambitious medium-term fiscal consolidation anchored on non-oil revenue mobilization and spending rationalization is needed, it said.

On the banking sector, the IMF said: “The peg to the US dollar provides a credible monetary policy anchor and helps underpin financial stability, particularly in the current environment of heightened uncertainty.”

“The banking sector is well-positioned to weather the shock, supported by strong capital and liquidity buffers,” it added.

The mission welcomed the efforts of the Saudi Central Bank (SAMA) to step up the monitoring of liquidity, credit conditions, and asset quality. It also supported “SAMA's decision to proceed with the implementation of the 100 basis points countercyclical capital buffer, its proactive approach to containing risks from FX borrowing, and continued progress in strengthening its resolution and emergency liquidity assistance frameworks.”

The report added: “Ten years since its launch, Vision 2030 reforms have helped strengthen institutions and improve policymaking, boosting economic performance and reducing dependence on oil.”

“Sustaining the reform momentum to remove remaining impediments to diversification and to expand the role of the private sector will be key to maintaining strong growth prospects for the medium term,” it said.

In this regard, the IMF lauded PIF's recalibrated 2026–30 strategy, with its shift toward more selective capital allocation and greater private-sector crowding-in.

The report called for “improving the business environment, deepening capital markets, supporting small and medium enterprises, aligning education with labor market needs, strengthening governance, and scaling AI adoption while mitigating associated risks.”