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ACWA Power Signs $738 Million Worth Agreements to Finance Water Desalination Project in the Emirates

The headquarters of ACWA Power
The headquarters of ACWA Power
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ACWA Power Signs $738 Million Worth Agreements to Finance Water Desalination Project in the Emirates

The headquarters of ACWA Power
The headquarters of ACWA Power

Saudi Arabia’s ACWA Power announced on Thursday the signing of agreements with a group of local and international banks to secure the funding of the Hassyan Independent Water Producer (IWP) plant in Dubai.
In a statement, the company said it secured SAR 2.76 billion from local and international lenders for a period of 32.5 years.
The banks proving the funding include Standard Chartered, MUFG Bank, Emirates NBD, Korea Development Bank, Commercial Bank of Dubai, Abu Dhabi Commercial Bank, China Construction Bank, Agricultural Bank of China, Arab Petroleum Investments Corporation (APICORP), Sumitomo Mitsui Trust Bank, Industrial and Commercial Bank of China, Boubyan Bank, and Saudi EXIM Bank.
The loan agreements were signed by Hassyan Water Company, which is owned 20.40 percent by ACWA Power.

For its part, the Saudi Export-Import Bank announced that it had signed a financing agreement with ACWA Power worth $75 million to finance the Hassyan complex project.

The bank said, in a post on X, that the aim of the financing was “to enable Saudi content in international projects, in a way that enhances the development of Saudi non-oil exports, and stimulates projects that are compatible with the principles of sustainability.”

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Business

Kuwait Makes Precautionary Cut in Oil Production

The Kuwait Petroleum Corporation (X)
The Kuwait Petroleum Corporation (X)
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Kuwait Makes Precautionary Cut in Oil Production

The Kuwait Petroleum Corporation (X)
The Kuwait Petroleum Corporation (X)

The Kuwait Petroleum Corporation (KPC) said on Saturday it has implemented a precautionary reduction in crude oil production and refining throughput as part of its risk management and business continuity strategy.

The decision came “in light of the ongoing aggression by Iran against the State of Kuwait, including Iranian threats against safe passage of ships through the Strait of Hormuz,” KPC said in a statement.

KPC affirmed the adjustment is strictly precautionary and will be reviewed as the situation develops.

“The corporation remains fully prepared to restore production levels once conditions allow. KPC stresses that all domestic market needs remain fully secured in accordance with established plans,” the statement said.

It added that KPC remains committed to prioritizing employee safety, safeguarding Kuwait's national assets, and promoting stability within global energy markets.

The statement said further updates will be provided as appropriate.

On Friday, West Texas Intermediate (WTI) crude futures climbed more than 10%, pulling closer to Brent as buyers sought available barrels, with Middle Eastern supply constrained by the effective closure of the Strait of Hormuz amid the expanding US-Israeli conflict with Iran.

Brent crude futures were up $5.42, or 6.35%, at $90.83 a barrel, while WTI was up $7.81, or 9.81%, at $89 a barrel.

Kuwait’s reduction in crude oil production will put pressure on crude prices, which analysts said could hit $100 per barrel as the security situation in the Middle East spirals.

Qatar Energy Minister Saad al-Kaabi told the Financial Times in an interview published on Friday that his country expects all Gulf energy producers to shut down exports within weeks if the Iran conflict continues and drives oil to $150 a barrel.

Qatar halted its production of liquefied natural gas on Monday, as Iran continued to strike Gulf countries in retaliation for Israeli and US attacks.

Oil supply equal to about 20% of world demand usually passes through the Strait of Hormuz each day. With the Strait now effectively closed for seven days, that means about 140 million barrels of oil — equal to about 1.4 days of global demand — has been unable to reach the market.

Business

Mawani Adds Hapag-Lloyd’s SE4 Service to Jeddah Islamic Port

Mawani Adds Hapag-Lloyd’s SE4 Service to Jeddah Islamic Port
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Mawani Adds Hapag-Lloyd’s SE4 Service to Jeddah Islamic Port

Mawani Adds Hapag-Lloyd’s SE4 Service to Jeddah Islamic Port

The Saudi Ports Authority (Mawani) announced the addition of Hapag-Lloyd’s SE4 shipping service to Jeddah Islamic Port, a move designed to bolster the Kingdom's maritime competitiveness and global trade connectivity, reported the Saudi Press Agency on Saturday.

This new route links Jeddah to major international hubs, including Tianjin Xingang, Qingdao, Ningbo, and Shanghai in China, as well as Busan in Korea and Tanjung Pelepas in Malaysia.

Boasting a capacity of up to 17,000 TEUs, the service aligns with the National Transport and Logistics Strategy to establish Saudi Arabia as a leading global logistics hub connecting three continents.

Jeddah Islamic Port continues to expand its operational footprint, utilizing its 62 multi-purpose berths and specialized terminals to support a total handling capacity of 130 million tons.

Business

Shipper MSC to Introduce Emergency Fuel Surcharge

A drone image shows an aerial view of MSC Ela registered in Panama (IMO 9282259) leaving Antwerp harbor, near Hansweert, the Netherlands, 04 March 2026. (EPA)
A drone image shows an aerial view of MSC Ela registered in Panama (IMO 9282259) leaving Antwerp harbor, near Hansweert, the Netherlands, 04 March 2026. (EPA)
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Shipper MSC to Introduce Emergency Fuel Surcharge

A drone image shows an aerial view of MSC Ela registered in Panama (IMO 9282259) leaving Antwerp harbor, near Hansweert, the Netherlands, 04 March 2026. (EPA)
A drone image shows an aerial view of MSC Ela registered in Panama (IMO 9282259) leaving Antwerp harbor, near Hansweert, the Netherlands, 04 March 2026. (EPA)

Shipping ‌company MSC said on Saturday it would implement an emergency fuel surcharge to all cargo from the Mediterranean (including West Mediterranean, Adriatic, East Mediterranean, Greece and Türkiye) and Black Sea to the Indian ‌sub-continent, Red ‌Sea and ‌East ⁠Africa, effective March 16.

It said ⁠the surcharge would be $30 per twenty-foot equivalent unit (TEU) from the Mediterranean and Black Sea to the Red Sea ⁠for dry containers, ‌and $50 ‌per TEU for refrigerated containers.

Dry containers ‌from the Mediterranean ‌and Black Sea to East Africa will be charged $60 per TEU, while refrigerated containers will ‌be charged $90 per TEU, the world's largest carrier ⁠of ⁠ocean container cargo said.

MSC will also impose a surcharge of $40 per TEU from the Mediterranean and Black Sea to the Indian sub-continent for dry containers, and $60 per TEU for refrigerated containers.