Saudi Arabia, Iraq to Complete Steps for Cooperation in Gas, Renewable Energyhttps://english.aawsat.com/home/article/4009226/saudi-arabia-iraq-complete-steps-cooperation-gas-renewable-energy
Saudi Arabia, Iraq to Complete Steps for Cooperation in Gas, Renewable Energy
Saudi Energy Minister Prince Abdulaziz bin Salman and Iraq’s Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani Al-Sawad meet in Riyadh on Thursday. (SPA)
Saudi Arabia, Iraq to Complete Steps for Cooperation in Gas, Renewable Energy
Saudi Energy Minister Prince Abdulaziz bin Salman and Iraq’s Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani Al-Sawad meet in Riyadh on Thursday. (SPA)
Saudi Arabia and Iraq have agreed to complete work on a number of important joint projects in the fields of gas, petrochemicals, electricity and renewable energy, and to intensify communication between them to discuss more joint opportunities.
This came during a meeting on Thursday between Saudi Energy Minister Prince Abdulaziz bin Salman, and Iraq’s Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani Al-Sawad.
The officials pointed to the progress achieved in the joint electrical interconnection project, emphasizing the importance of accelerating the implementation of the plan and increasing the capacity of the linkage to meet the aspirations of their countries.
A statement said that the officials stressed the need to enhance bilateral cooperation in the fields of electricity and renewable energy, including operating and maintaining electrical networks and stations, and developing renewable energy plant projects.
They also agreed to strengthen cooperation in the area of clean technologies to reduce carbon emissions, within the framework of the Green Middle East initiative, which is based on the carbon circular economy approach and which includes the establishment of a knowledge center and a regional complex for carbon capture, use and storage.
The meeting touched on the importance of exchanging experiences in the field of reducing greenhouse gas and methane emissions, and benefiting from the Kingdom’s experience in the liquid fuel displacement program.
The two sides reviewed the developments in the global oil markets, stressing the importance of working collectively within the framework of the OPEC+ agreement, and underlined their countries’ commitment to the organization’s decision, which extends to the end of 2023.
Saudi Housing Surpasses One Million Contracts as 70% Homeownership Target Nearshttps://english.aawsat.com/business/5283961-saudi-housing-surpasses-one-million-contracts-70-homeownership-target-nears
Saudi Housing Surpasses One Million Contracts as 70% Homeownership Target Nears
Construction work in the 'Shams Al-Diyar' project, part of the housing program in Riyadh (SPA)
Saudi Arabia continues to reshape its real estate sector at a rapid pace, achieving structural advances that have placed quality of life at the heart of urban development. The enabling of nearly 33,000 Saudi families to obtain their first home during the first quarter of 2026 underscores the efficiency of the regulatory framework in advancing the goals of Vision 2030 and moving toward its target of raising homeownership to 70 percent.
This momentum, which lifted the homeownership rate to 66.24 percent by the end of 2025, coincides with the Real Estate Development Fund and the Sakani program surpassing the milestone of one million subsidized contracts, reflecting a profound transformation in the structure of the market and greater integration across its financing and regulatory components.
Integrated Regulatory Environment
In an analysis of first-quarter 2026 figures, Mohammed Al-Rassasmah, spokesperson for the Ministry of Municipalities and Housing, told Asharq Al-Awsat that enabling 32,983 Saudi families to own their first home in just three months reflects the integration of the housing ecosystem across its various components, from developing the regulatory and legislative environment to expanding housing options and providing financing solutions and partnerships with the private sector.
Al-Rassasmah explained that the carefully planned expansion of housing projects and the diversification of real estate products have helped meet the needs of different segments of Saudi families. He pointed to the decisive role played by digital transformation in improving procedural efficiency and accelerating access to suitable housing solutions for beneficiaries.
He noted that this achievement builds on what Minister of Municipalities and Housing Majed Al-Hogail announced at the beginning of this year regarding the homeownership rate among Saudi families exceeding 66.24 percent by the end of 2025, demonstrating the success of the housing system in expanding ownership opportunities across the Kingdom.
Partnership With the Private Sector
Within this development path, Al-Rassasmah said partnerships with the private sector represent one of the key enablers of growth in the housing sector, contributing directly to increased real estate supply and faster development.
He added that real estate developers now offer a diverse range of housing products that meet families' aspirations, while the ministry continues to improve the investment environment and promote competitiveness.
He noted that the sector's transformation is no longer limited to developing individual housing units but now extends to creating integrated urban communities that provide services, facilities, infrastructure, and quality-of-life opportunities. This, he said, enhances the attractiveness of cities and improves the efficiency of long-term economic development.
Headquarters of the Real Estate Development Fund in Riyadh (Fund's website)
Off-Plan Sales Projects
Regarding off-plan sales projects, Al-Rassasmah said they have become one of the most important tools supporting increased housing supply and accelerating real estate development in recent years.
He explained that these projects have enabled the implementation of larger and more diverse developments, providing broader opportunities for ownership.
He stressed that the strict regulatory and oversight framework imposed by the ministry has enhanced the credibility of such projects and protected buyers' rights, increasing confidence in the market and significantly boosting demand. As a result, they have become one of the most reliable pathways supporting first-home ownership.
Long-Term Strategic Vision
The ministry's spokesperson also stressed that the ministry approaches housing demand from a long-term strategic perspective focused on increasing supply and improving the efficiency of the real estate market through empowering developers, developing land and master plans, stimulating investment flows, and expanding housing projects in areas experiencing high demand.
He explained that increasing supply and diversifying housing options contribute positively to market balance and help provide more suitable solutions for beneficiaries, alongside the ministry's ongoing efforts to enhance transparency, develop real estate indicators, and improve market efficiency to ensure it remains attractive and stable.
Al-Rassasmah concluded by describing mortgage finance as one of the key pillars behind the rise in homeownership rates in recent years through the provision of diverse and accessible financing solutions that have strengthened the purchasing power of Saudi families.
He noted that 23,222 families benefited from housing support services during the first quarter of this year alone, and added that cooperation among the housing ecosystem, financing institutions, and the Real Estate Development Fund helped push the number of subsidized contracts beyond 1.02 million by the end of last March.
According to Al-Rassasmah, the transformation currently taking place in the sector reflects a comprehensive structural shift that supports the sustainability of the real estate market and enhances citizens' quality of life in line with national ambitions.
Iraq Cancels $764 million Baghdad Airport Project over Corruption Concernshttps://english.aawsat.com/business/5283941-iraq-cancels-764-million-baghdad-airport-project-over-corruption-concerns
Iraq Cancels $764 million Baghdad Airport Project over Corruption Concerns
Ali al-Zaidi has decided to cancel the Baghdad International Airport development project - File photo/Reuters
Iraqi Prime Minister Ali al-Zaidi has decided to cancel the Baghdad International Airport development project after corruption suspicions were raised, Iraqi state media reported on Sunday, citing a government source.
The project involves a $764 million contract awarded last year to a consortium of Luxembourg-based Corporacion America Airports (CAAP) and Iraqi real estate firm Amwaj International, aimed at upgrading and expanding the capital’s main airport, Reuters reported.
Two government sources speaking on condition of anonymity due to the sensitivity of the matter told Reuters that officials raised concerns about potential irregularities over the tendering process and contract terms.
The move follows a drive against corruption which has meant growing scrutiny within government institutions.
The airport upgrade had been presented as a key infrastructure project to modernize Iraq’s aviation sector and increase capacity at Baghdad International Airport, which has suffered from years of underinvestment.
SpaceX CEO Elon Musk, displayed on a screen remotely from SpaceX headquarters in Starbase, Texas, speaks before the launch of SpaceX's initial public offering (IPO) at the Nasdaq MarketSite in New York on June 12, 2026. (Photo by TIMOTHY A. CLARY / AFP)
SpaceX CEO Elon Musk, displayed on a screen remotely from SpaceX headquarters in Starbase, Texas, speaks before the launch of SpaceX's initial public offering (IPO) at the Nasdaq MarketSite in New York on June 12, 2026. (Photo by TIMOTHY A. CLARY / AFP)
SpaceX shares began trading on Nasdaq at a market value of $1.78 trillion, turning Gulf capital's role from market speculation into a documented fact.
Last-minute disclosures and the IPO prospectus revealed a striking economic reality: sovereign wealth funds and investors from Gulf Cooperation Council countries were not peripheral participants.
They were the backbone of the largest fundraising exercise in financial market history. This $75 billion deal made the Gulf a historic partner in shaping the future of space and artificial intelligence.
Global hedge funds saw their orders sharply cut after demand topped $250 billion. But Britain’s Financial Times, citing people familiar with the order book, reported that sovereign funds and family offices were given priority. SpaceX placed Gulf funds at the front of its list of strategic subscribers.
According to the newspaper, the official Gulf allocation put the region among the biggest subscribers.
Saudi Arabia’s Public Investment Fund, the Qatar Investment Authority and the Kuwait Investment Authority each received final allocations worth more than $1 billion. Those figures approached the scale of the $5 billion stake sought by US asset management giant BlackRock.
The rush was also driven by “fast-entry” rules approved by global index providers such as Nasdaq and FTSE Russell.
These rules allow shares to be added to major indexes, including the Nasdaq 100, within five to 15 trading days. For funds, securing stock from the first book became a preemptive fight.
The rise of the Kingdom’s stake
The case of Prince Alwaleed bin Talal and Kingdom Holding Co. offers the clearest example of how Gulf investors booked historic paper gains through long-standing strategic ties with Elon Musk.
It also gave practical meaning to Musk’s 2024 pledge, when he wrote on his platform: “Loyalty deserves loyalty,” promising priority to long-term investors.
The relationship began in 2011, when Prince Alwaleed invested $300 million in Twitter, now X. When Musk acquired the platform in 2022, Kingdom Holding and its chairman, Prince Alwaleed bin Talal, made a decisive call: they rolled over the stake instead of cashing out.
Later, as Musk merged X with his artificial intelligence startup xAI and then folded the combined entity under SpaceX, that historic holding was converted into direct equity in the rocket and satellite communications company, according to IPO documents.
The result was a dramatic paper gain. Kingdom Holding said in a separate official filing to the Saudi stock exchange that the estimated value of its joint stake with Prince Alwaleed had risen to more than $10.6 billion, based on the final IPO price of $135 a share.
The effect was not confined to the company’s books. The valuation quickly moved into the market, sparking a rally that sent Kingdom Holding shares on Saudi Arabia’s Tadawul exchange to their highest level in a decade.
Bret Johnsen (C), SpaceX Chief Financial Officer, and Gwynne Shotwell (center R), SpaceX President and Chief Operating Officer, celebrate as they ring the opening bell at the Nasdaq MarketSite to celebrate the launch of SpaceX's initial public offering (IPO) in New York on June 12, 2026. (Photo by TIMOTHY A. CLARY / AFP)
The AI equation
The gains tell only part of the story. Published operating data and SpaceX’s combined deals show Gulf investors have shifted the rules of the traditional investment game.
Regional capital is no longer silent money waiting for dividends. It has become a strategic force, demanding the localization of advanced technology and the construction of computing and artificial intelligence infrastructure on Arab soil. The goal is knowledge transfer and digital sovereignty, not merely returns captured in Silicon Valley.
HUMAIN enters the picture
That strategy is clearest in the moves of Saudi Arabia’s HUMAIN, a company wholly owned by the Public Investment Fund and focused on providing comprehensive artificial intelligence capabilities globally.
According to the company’s official statement, HUMAIN invested $3 billion in xAI’s Series E funding round. The investment came just before SpaceX’s larger acquisition and merger in early February.
Under that transaction, HUMAIN’s stake was converted into declared, direct equity in the parent company, SpaceX, making it a significant minority shareholder with strategic weight.
The statement shows the partnership was not improvised. It followed a broad agreement signed in November 2025 during the US-Saudi Investment Forum.
Under the agreement, HUMAIN and xAI committed to jointly developing next-generation artificial intelligence infrastructure and data centers with more than 500 megawatts of computing capacity, while localizing and deploying advanced Grok models in Saudi Arabia.
At the time, HUMAIN Chief Executive Tareq Amin said the investment showed the company’s ability to deploy major capital behind exceptional technology platforms that combine technical excellence with long-term vision.
He said the merger of xAI with SpaceX’s vast infrastructure created a unique platform for accelerated growth and long-term investment value across four areas: next-generation technology centers, hyperscale cloud, advanced models and transformative AI solutions.
The United Arab Emirates built its own technology alliance along similar lines. Abu Dhabi secured a strategic seat through its specialized technology arm, MGX, in Musk's merged entities, in cooperation with G42.
At the same time, it moved ahead with a large data center complex in Abu Dhabi, supported by parallel strategic partnerships, including a $15.2 billion investment commitment from Microsoft for Khazna, the group’s data center company.
NEW YORK, NEW YORK - JUNE 12: SpaceX employees celebrate the market close of the SpaceX initial public offering (IPO) at the Nasdaq Marketsite on June 12, 2026, in New York City. Spencer Platt/Getty Images/AFP
Financial engineering and the space bet
Official data cited by Britain’s Financial Times set out the spending plan for the IPO proceeds. SpaceX will immediately use $20 billion of the gross proceeds to repay a bridge loan the group drew in March.
The loan covered debt tied to the integration of Musk’s artificial intelligence and social media businesses, xAI and X, under SpaceX’s financial umbrella.
The remaining liquidity, backed significantly by cash flows and Gulf billions from the top of the order book, will fund the next stage of growth.
At the center of those plans is a project Musk disclosed to the head of JPMorgan during the IPO roadshow and which the British newspaper reported: building artificial intelligence data centers in outer space.
The plan involves launching giant satellites with 70-meter wingspans as a strategic solution to the limits of Earth's electricity resources.
Steel-like confidence
The scale of the Gulf position has drawn attention on Wall Street because SpaceX’s current numbers defy traditional market equations.
The company went public with a financial commitment that included repaying a $20 billion loan before the offering to cover obligations from the merged xAI and X businesses under SpaceX’s unified structure.
Its valuation was even more striking: 92 times annual revenue of $19 billion. In simple terms, standard market practice usually ties large-company valuations to current revenue. SpaceX’s market value therefore places it in a rare position among the world’s largest technology groups relative to the size of its existing business.
Even so, banking circles described the approach of Gulf sovereign wealth funds and family offices as a strategic vision that looked past conventional market concerns. Investment managers told the Financial Times they had offered Gulf clients financial hedging options as a standard precaution when trading began. All rejected hedging outright.
That stance reflects a more mature regional investment mindset. Gulf investors are no longer relying only on immediate readings and short-term indicators. They are trying to seize future monopolistic opportunities.
That view draws on forecasts by Goldman Sachs, the lead IPO manager, which predicted a 100-fold jump in SpaceX’s artificial intelligence revenue to $322 billion by 2030, allowing it to dominate a targeted global market worth $28.5 trillion.
In the end, SpaceX’s historic IPO showed that the region’s funds have become strategic partners with the power to impose operational conditions, localize future technology and shape a new financial geopolitical landscape stretching from the deserts of the Middle East to outer space.
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