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Saudi Acwa Power Reports $182.4 Mln Profit in H1

The largest wind turbine in Central Asia that ACWA Power succeeded in installing. (The company's website)
The largest wind turbine in Central Asia that ACWA Power succeeded in installing. (The company's website)
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Saudi Acwa Power Reports $182.4 Mln Profit in H1

The largest wind turbine in Central Asia that ACWA Power succeeded in installing. (The company's website)
The largest wind turbine in Central Asia that ACWA Power succeeded in installing. (The company's website)

Saudi-based Acwa Power has announced robust results for the first half recording a net profit of SAR 684 million ($182.4 million), up 26% over last year.

Financial expenses were higher mainly on account of the new debt issuance for growth and the continuous increase in market rates. This was more than offset by increase in other income and favorable deferred tax movement as against the same period last year.

"The results of the first half of the year are a reflection of our privileged position of having a solid business model, excellent talent and a passion for making a difference," said Marco Arcelli, Chief Executive Officer, ACWA Power.

"This success has driven us to even greater ambitions—to being the world’s best in the three core segments of renewable energy, water, and green fuels—by the end of the decade. Now, our effort, people, and finances will focus on making this dream a reality," he added.

On the results, Chief Financial Officer Abdulhameed Al Muhaidib said: "Acwa Power’s diversified business model continues to present solid future growth with more projects coming online. It is also encouraging to see the progressive operational stability following some unusually extended plant outages of last year."

He also assured, “Our parent cash flow and balance sheet continue to remain healthy to support our immediate and visible growth pipeline.”

Announcing its financial results for the six-month period ending June 30, 2023, Acwa Power said its operating income, before impairment, loss and other expenses, stood at SAR 1.289 billion ($343.7 million).

Higher power generation by plants that experienced extended shutdowns last year continued delivering better performance with mostly stabilized operations.

This, combined with new facilities coming online and beginning to contribute to the Company’s results, led to higher income including from operations and maintenance (O&M) fees.

In addition to two new financial closes—one PV project in Egypt and one Wind project in Uzbekistan— Acwa Power has also seen the successful closure of the $6.3 billion Neom Green Hydrogen Project’s financing, following which the project company, Neom Green Hydrogen Company, issued the final notice to proceed to Air Products, the EPC contractor of the project.

In the same period, the Company has signed three Power Purchase Agreements as part of the Public Investment Fund’s (PIF) renewable pipeline, adding 4.55GW of solar power capacity to its portfolio.

With this, Acwa Power’s total aggregate power capacity of the operational, under construction and advanced development projects, exceeds 50GW, with over 23GW, or 46% of the total, in renewables, which is very close to the Company’s 2030 target of a 50/50 portfolio between renewables and flexible generation.

IN mid-July 2023, the Company fully paid an annual dividend of SAR 606.8 million ($161.8 million) i.e. SAR 0.83 per share for 2022.

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Business

Russia Extends Ban on Diesel Exports Until September 30

Drivers queue at a Rosneft petrol station to refuel their cars in Moscow on August 21, 2026. (AFP)
Drivers queue at a Rosneft petrol station to refuel their cars in Moscow on August 21, 2026. (AFP)
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Russia Extends Ban on Diesel Exports Until September 30

Drivers queue at a Rosneft petrol station to refuel their cars in Moscow on August 21, 2026. (AFP)
Drivers queue at a Rosneft petrol station to refuel their cars in Moscow on August 21, 2026. (AFP)

Russia said on Saturday it had extended a ban on diesel exports until September 30.

The ban also covers exports of marine fuel and gas oils shipped by Russian producers, the government ‌said in a statement.

"These ‌measures have been ‌taken ⁠to stabilize the ⁠domestic fuel market," it said.

Three sources previously told Reuters that Russia would extend the ban as domestic fuel shortages persist, with several refineries still offline ⁠after repeated Ukrainian drone ‌attacks.

Russia ‌introduced the export ban from July ‌8 to July 31 ‌as part of a broader package of measures to support the domestic fuel market, before extending it for ‌fuel producers until August 31.

Russia has also banned exports ⁠of ⁠diesel by non-producers and motor gasoline until January 31, 2027, and jet fuel until the end of November 2026.

Russia is typically the world's second-largest diesel exporter after the US. Exports had already slowed before the ban because of domestic shortages linked to Ukrainian drone attacks.

Business

REGA: Saudi Property Market Draws Strong Int’l Investor Interest

A view of the Saudi Luxury Real Estate Show, which opened in the British capital, London (Asharq Al-Awsat)
A view of the Saudi Luxury Real Estate Show, which opened in the British capital, London (Asharq Al-Awsat)
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REGA: Saudi Property Market Draws Strong Int’l Investor Interest

A view of the Saudi Luxury Real Estate Show, which opened in the British capital, London (Asharq Al-Awsat)
A view of the Saudi Luxury Real Estate Show, which opened in the British capital, London (Asharq Al-Awsat)

Saudi Arabia’s property market is entering a new phase of openness to international capital, driven by new rules on real estate ownership by non-Saudis and the designation of geographical zones where they can buy property.

The move advances the Kingdom’s push to establish itself as a global real estate investment destination as interest grows among international investors and investment funds.

Government entities and several property developers are seeking to draw investors to the Saudi market through the inaugural Saudi Luxury Real Estate Show.

Held in strategic partnership with the Real Estate General Authority, or REGA, the event brings together Saudi developers, investors, family offices and industry specialists from Britain and other international markets.

Taiseer Al-Mufarrej, REGA’s official spokesperson, said the authority was participating to raise awareness of the Kingdom’s new real estate framework, particularly the recently approved Law of Real Estate Ownership by Non-Saudis and the geographical zones designated for ownership.

Al-Mufarrej told Asharq Al-Awsat that REGA’s role at the show went beyond explaining the law. The authority was also engaging directly with investors, answering their questions and outlining the process for buyers, investors and real estate brokers through to the completion of transactions involving ownership by non-Saudis.

He said the Saudi Properties portal was the main channel for transactions covered by the law. REGA was using the show to explain the customer journey and how to use the platform, offering those seeking to enter the Saudi market a clearer view of its procedures and opportunities.

International funds show interest

REGA’s participation extended beyond its exhibition pavilion. On the sidelines, the authority organized workshops, panel discussions and roundtables aimed directly at investors, in cooperation with several Saudi government entities and private-sector institutions.

Al-Mufarrej said one roundtable was dedicated to investors from international investment funds and included the Saudi British Business Council. The meeting underscored growing efforts to draw institutional capital into Saudi real estate as the new rules broaden the targeted investor base.

The meetings gave investors a chance to speak directly with officials and raise questions about ownership procedures, available opportunities and the nature of the market, Al-Mufarrej said.

They come as the sector’s regulatory environment undergoes changes aimed at strengthening transparency and making the market more attractive to investors from Saudi Arabia and abroad.

Riyadh and Jeddah — and Makkah and Madinah

Al-Mufarrej said REGA’s participation revealed strong interest in the property ownership law for non-Saudis among investors, visitors and people looking for real estate in the Kingdom.

Interest was not limited to Riyadh and Jeddah. It extended to Makkah and Madinah, which attract particular attention because of their religious importance and the nature of property demand in both cities.

“We saw a very significant increase in awareness among investors, visitors and even people looking for property in the Kingdom,” Al-Mufarrej said.

Inquiries covered the main cities, led by Riyadh and Jeddah, as well as Makkah and Madinah, he added.

The efforts are gaining importance as Saudi Arabia seeks to increase the real estate sector’s contribution to the economy and diversify investment channels, alongside the large-scale projects, urban expansion and population and economic growth reshaping the Kingdom’s cities.

‘A global real estate investment destination’

Al-Mufarrej described the turnout at the show as strong, citing the prominent presence of investors, media outlets and influencers. He said the attendance reflected a shift in how foreign investors viewed the Saudi property market.

“What we witnessed at the show clearly demonstrates that Saudi Arabia has become a global real estate investment destination,” he said.

Investors and property seekers showed strong interest in the Kingdom, whether for investment, ownership or housing, he added.

International interest is rising as Saudi Arabia undertakes a broad overhaul of its real estate regulatory and investment framework.

The focus is shifting from simply offering property opportunities to building a clearer investment environment — from identifying areas open to ownership to explaining the procedures and platforms through which investments are processed.

Al-Mufarrej said the show’s timing alongside those changes had made it a platform for raising awareness of the new rules and engaging directly with investors.

The event came “at exactly the right time” and helped introduce investors to the Kingdom’s property ownership law, he said.

The growing presence of international investors reflects a broader shift in the Saudi market. Real estate opportunities are no longer tied solely to domestic demand.

The Kingdom is seeking to position the sector as a channel for international investment, drawing on regulatory reforms, large-scale projects and the transformation of Saudi cities under the goals of Saudi Vision 2030.

 

Business

Trump Announces Deal for Huge US Stake in Venezuelan Oil Reserves

View of an oil tanker at the Maracaibo Lake in Maracaibo, Venezuela, on March 9, 2026. Margioni BERMÚDEZ / AFP
View of an oil tanker at the Maracaibo Lake in Maracaibo, Venezuela, on March 9, 2026. Margioni BERMÚDEZ / AFP
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Trump Announces Deal for Huge US Stake in Venezuelan Oil Reserves

View of an oil tanker at the Maracaibo Lake in Maracaibo, Venezuela, on March 9, 2026. Margioni BERMÚDEZ / AFP
View of an oil tanker at the Maracaibo Lake in Maracaibo, Venezuela, on March 9, 2026. Margioni BERMÚDEZ / AFP

President Donald Trump said Friday his administration has reached a huge oil deal with Venezuela that gives the United States majority control of 65 billion barrels of proven petroleum reserves.

The deal -- which Trump proclaimed as "the biggest oil deal in world history" -- will bring nearly $100 billion in private investment to Venezuela, US and Venezuelan officials said.

Venezuela has the world's largest proven oil reserves. Its government has operated under intense pressure and close scrutiny from the Trump administration since the US ousted and captured long time ruler Nicolas Maduro in January, said AFP.

Washington allowed his vice president, Delcy Rodriguez, to stay on and serve as interim leader so long as she toes the US line.

Trump has made no secret of his desire to secure Venezuelan oil for the US, and in his post announcing the deal on his Truth Social platform, he said it will more than double US oil reserves.

Interim leader Rodriguez confirmed what she called a "historic agreement" that would "have a significant impact on the rebirth of our nation."

Writing on social media, she hailed potential investment of "more than $100 billion and more than $209 billion in tax revenue for the State."

Trump said Secretary of State Marco Rubio and Defense Secretary Pete Hegseth had reached the deal with Rodriguez "through a partnership with private business."

"This Transaction will greatly strengthen the already growing relationship between Venezuela and the United States!" Trump wrote.

- Many questions remain -

Rubio said the deal demonstrated how "President Trump's bold foreign policy is driving America First wins: securing stable reserves and low-cost oil in our Hemisphere and lowering gas prices here at home."

"For the Venezuelan people, this deal will bring nearly $100 billion in private investment, support thousands of high-paying jobs, and drive the reconstruction of Venezuela's economy," Rubio wrote on X, without providing further details.

Jorge Pinon, a senior researcher at the Energy Institute at the University of Texas at Austin, said the agreement was unconventional and many questions remained about how the oil assets would be transferred, "not to a private enterprise, but to another country."

"We don't know how the transfer would take place," he said. "Is it a sale? Is it a title transfer? Is it only transferred once the reserves are actually produced?"

The news site Axios had reported Thursday that the two countries were in talks on a dozen productive oil fields with 90 billion barrels of proven reserves -- about a third of Venezuela's total proven reserves of 300 billion barrels.

In return for a US ownership stake, private companies, including American firms, would develop the fields and return more oil revenue to Venezuela, according to Axios.

Axios also said the deal would more than double US oil reserves at a time when the US strategic petroleum reserve is at a 40-year low.

High gasoline prices for Americans is a major political issue for Trump, whose approval ratings have fallen ahead of November's midterm elections after launching a war on Iran that has disrupted global oil supplies.

The Trump administration has been urging US companies to invest in Venezuela, but they remain wary due to dilapidated infrastructure and past appropriation of assets of foreign investors by the government in Caracas.

Chevron, the only US oil company that was still operating in Venezuela when Maduro was ousted, said in July that it had raised its daily crude production to 280,000 barrels and plans to increase output by 50 percent by the end of 2028.

John Kilduff, energy expert at Again Capital, said the biggest problem for companies to operate in Venezuela is "the safety and security of your investment."

He said if the US is now going to control or own the oil fields, the goal would be "to establish a sort of state zone where US companies can go in, operate, and not be impacted, and hopefully eliminate the political risk that otherwise goes with investing in Venezuela."