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Kuwait to Buy 500MW of Power Through GCC Interconnection Authority

Kuwaiti Electricity Ministry's acting undersecretary, Haitham Al-Ali, and CEO of the GCC Interconnection Authority, Engineer Ahmed Al-Ebrahim, sign the contracts on Sunday (KUNA)
Kuwaiti Electricity Ministry's acting undersecretary, Haitham Al-Ali, and CEO of the GCC Interconnection Authority, Engineer Ahmed Al-Ebrahim, sign the contracts on Sunday (KUNA)
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Kuwait to Buy 500MW of Power Through GCC Interconnection Authority

Kuwaiti Electricity Ministry's acting undersecretary, Haitham Al-Ali, and CEO of the GCC Interconnection Authority, Engineer Ahmed Al-Ebrahim, sign the contracts on Sunday (KUNA)
Kuwaiti Electricity Ministry's acting undersecretary, Haitham Al-Ali, and CEO of the GCC Interconnection Authority, Engineer Ahmed Al-Ebrahim, sign the contracts on Sunday (KUNA)

Kuwait on Sunday signed contracts to buy 500 megawatts (MW) of electricity through the Gulf Cooperation Council Interconnection Authority (GCCIA) to avoid summer blackouts.
The contracts are for 300 MW from Oman and 200 MW from Qatar, the electricity ministry's acting undersecretary, Haitham Al-Ali, told reporters at the signing event, adding that the contracts would last from June 1 to Aug. 31.
Al-Ali explained that the contracts were signed directly with the Gulf Interconnection Authority, which coordinates these transactions with Oman and Qatar on behalf of Kuwait.
He said this brings technical and economic benefits to Kuwait, especially with the proximity of the offers submitted for energy purchase prices to the cost of production.
The GCC Electricity Interconnection Authority oversees the management of a transmission system that integrates the power grids of all six member countries of the Gulf Cooperation Council.
The CEO of the GCC Interconnection Authority, Engineer Ahmed Al-Ebrahim, said in a similar statement that the energy market is one of the most efficient markets in the region.
He noted that the Gulf Electricity Market enables GCC countries to enter into bilateral agreements through a platform, which is responsible for the settlement and billing system that covers the needs of traders.
El-Ebrahim pointed out that the Ministry and the Gulf Interconnection Authority have agreed on the offers submitted for the supply of electric energy to Kuwait during the coming June so that they can be renewed during the coming July and August according to the conditions and needs of interconnected networks from member states.
The State of Kuwait owns 26.7% of the founding shares of the Gulf Interconnection Authority, a joint stock company registered by GCC member states to create an interconnection of power grids between its members, ensure energy supply to the networks of GCC member states, invest and achieve economic benefits in the areas of energy exchange and to diversify the sources of their energy imports.

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Oil Prices Fall Nearly 5% on US-Iran De-escalation

Oil rigs are pictured in Cabimas, south of Lake Maracaibo, Zulia State, Venezuela, on January 31, 2026. (Photo by Maryorin Mendez / AFP)
Oil rigs are pictured in Cabimas, south of Lake Maracaibo, Zulia State, Venezuela, on January 31, 2026. (Photo by Maryorin Mendez / AFP)
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Oil Prices Fall Nearly 5% on US-Iran De-escalation

Oil rigs are pictured in Cabimas, south of Lake Maracaibo, Zulia State, Venezuela, on January 31, 2026. (Photo by Maryorin Mendez / AFP)
Oil rigs are pictured in Cabimas, south of Lake Maracaibo, Zulia State, Venezuela, on January 31, 2026. (Photo by Maryorin Mendez / AFP)

Oil prices fell nearly 5% on Monday, heading for the steepest single-session decline in more than 6 months, after US President Donald Trump said Iran was "seriously talking" with Washington, signaling de-escalation with an OPEC member.

Brent crude futures were down $3.30, or 4.8%, at $66.02 per barrel at 0528 GMT. US West Texas Intermediate crude fell $3.23, or nearly 5%, to $61.98 per barrel.

Both contracts are ‌dropping sharply from ‌multi-month highs as risks of a ‌military ⁠strike receded after ‌Trump's weekend comments.

He had repeatedly threatened Iran with intervention if it did not agree to a nuclear deal or continued killing protesters. The persistent threats have underpinned oil prices throughout January, said Priyanka Sachdeva, an analyst at Phillip Nova.

"The recent pullback has also been reinforced by renewed strength in the US dollar, which ⁠typically makes dollar-denominated oil more expensive for non-US buyers, further weighing on prices," Sachdeva ‌said.

On Saturday Trump told reporters Iran ‍was "seriously talking," hours after Tehran's top ‍security official Ali Larijani said arrangements for negotiations were underway.

Trump's ‍comments, along with reports that the naval forces of Iran's Revolutionary Guards have no plans for live-fire exercises in the Strait of Hormuz, are signs of de-escalation, said IG market analyst Tony Sycamore.

"The crude oil market is interpreting this as an encouraging step back from confrontation, easing the geopolitical risk premium built ⁠into the price during last week's rally and prompting a bout of profit-taking," he said.

At a meeting on Sunday, OPEC+ agreed to keep its oil output unchanged for March. In November the grouping had frozen further planned increases for January through March 2026 because of seasonally weaker consumption.

"Geopolitical risks mask a fundamentally bearish oil market," Capital Economics said in a note on January 30.

"The historical example of last year's 12-day war (between Israel and Iran), and a well-supplied oil market, will still bear down ‌on Brent crude prices by end-2026."

Business

Saudi Stock Market Opens Its Doors to Direct Foreign Investment

Traders watch a screen at the Saudi stock market. (Reuters)
Traders watch a screen at the Saudi stock market. (Reuters)
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Saudi Stock Market Opens Its Doors to Direct Foreign Investment

Traders watch a screen at the Saudi stock market. (Reuters)
Traders watch a screen at the Saudi stock market. (Reuters)

When trading opened on this Sunday, Saudi Arabia’s stock exchange marked more than the start of a routine session. The day signaled a pivotal shift in the Kingdom’s financial history, as the market formally opened to direct foreign investment, positioning it as a destination for global capital and one of the most consequential milestones in Saudi Arabia’s economic transformation.

With the removal of long-standing restrictions and pre-qualification requirements, the Saudi market is moving beyond its earlier status as an ambitious emerging exchange. It is now seeking to stand shoulder to shoulder with advanced global markets, backed by a robust regulatory framework and an increasingly confident investor base.

Analysts say the reforms could pave the way for deeper liquidity, broader participation, and an eventual climb toward the 17,000-point level for the benchmark index.

Market specialists view the move as reinforcing Saudi Arabia’s appeal as an international investment hub and as a vote of confidence in the market’s regulatory maturity and capacity to absorb large capital inflows.

Expectations are that the changes will help attract long-term, strategic foreign investors, raise trading activity, and enhance market depth. Optimistic forecasts point to gains over the next two years, driven by anticipated interest in sectors such as banking, petrochemicals, and technology.

Sweeping regulatory reform

The decision by the Capital Market Authority in January to abolish the Qualified Foreign Investor regime and dismantle the framework governing swap agreements marked a fundamental regulatory overhaul rather than a technical adjustment.

The new rules allow non-resident foreign investors to access the main market directly, removing historic barriers and simplifying the process of opening and operating investment accounts.

Regulators say the reforms are aimed at attracting long-term capital that supports not only liquidity, but also higher standards of governance and transparency in line with global best practices.

The changes are part of a broader strategy to make the Saudi market more accessible to international investors, including Gulf Cooperation Council (GCC) residents and individuals with prior ties to the region.

Market gains ahead of the shift

The market has already reacted positively. Hamad Al-Olayan, chief executive of Villa Capital, told Asharq Al-Awsat that the benchmark index gained nearly 1,000 points in January alone, following the announcement of the regulatory changes.

“This rally comes ahead of foreign participation,” Al-Olayan said, noting that many listed companies had seen their share prices decline over the past two years. “Current investors are unlikely to sell strong stocks at these low levels, and recent sessions have seen concentrated buying in companies with solid balance sheets and promising outlooks.”

Key sectors in focus

Al-Olayan described the Saudi market as the strongest in the region, citing a stream of positive assessments from global banks and advisory firms, as well as optimistic growth projections for the Saudi economy in 2026.

He said the market continues to be anchored by two core sectors: banking, which plays the leading role, and petrochemicals, which remain attractive despite near-term challenges. Recent asset sales by SABIC in Europe and the United States—transactions that drew foreign investors—underscore sustained international confidence in Saudi companies.

Momentum has also been building around the Saudi Arabian Mining Company (Maaden), supported by rising global prices for gold, silver, and other metals. Al-Olayan noted that international investors increasingly favor companies with strategic assets, including Saudi Aramco and Maaden.

Toward advanced-market status

Mohamed Hamdy Omar, chief executive of G World, described the move as “a historic step that strengthens the Saudi market’s position as an emerging exchange steadily progressing toward developed-market status.”

He said the decision reflects strong regulatory and economic confidence and builds on earlier reforms following the market’s inclusion in major global indices.

Omar expects foreign inflows to build gradually from the second half of 2026, with clearer effects on trading volumes and prices emerging in 2027.

While short-term volatility linked to portfolio rebalancing is possible, he stressed that the medium- and long-term outlook remains firmly positive.

Key figures

Despite market volatility in 2025 driven by geopolitical tensions, global economic uncertainty, and oil price swings, foreign ownership in Saudi equities climbed to SAR 590 billion ($157.3 billion) by the end of the third quarter of the year, up from SAR 498 billion ($132.8 billion) a year earlier.

Total trading value reached SAR 1.30 trillion ($346.7 billion) in 2025, underscoring the market’s resilience and growing international appeal.

Business

Egypt Eyes Role for Its Companies in Angola’s Lobito Development Corridor

The Egyptian president during his meeting with his Angolan counterpart in Guinea last July (Egyptian Presidency).
The Egyptian president during his meeting with his Angolan counterpart in Guinea last July (Egyptian Presidency).
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Egypt Eyes Role for Its Companies in Angola’s Lobito Development Corridor

The Egyptian president during his meeting with his Angolan counterpart in Guinea last July (Egyptian Presidency).
The Egyptian president during his meeting with his Angolan counterpart in Guinea last July (Egyptian Presidency).

Cairo is seeking a role for Egyptian companies in projects to be implemented under Angola’s Lobito Development Corridor, while also coordinating to convene the next edition of the Egyptian–Angolan Business Forum at the earliest opportunity.

The move came during a phone call on Saturday between Egypt’s Minister of Foreign Affairs, Badr Abdelatty, and his Angolan counterpart, Tete António, in which the two ministers discussed ways to support and strengthen bilateral relations and coordinate positions on issues of mutual interest.

Abdelatty praised the “growing momentum in Egyptian–Angolan relations and the shared commitment to enhancing political understanding and consultation to push these ties to broader horizons.”

He stressed the importance of building on the outcomes of the Joint Committee meeting held in Angola last December, in a way that advances bilateral relations across political, economic, and investment fields. He also reiterated Egypt’s interest in cooperation in regional connectivity and transport, infrastructure, renewable energy, and the pharmaceutical industry.

The Egyptian foreign minister visited Angola’s capital, Luanda, last December, where he inaugurated the Egyptian–Angolan Business Forum on the sidelines of the first session of the Joint Committee between the two countries.

At the time, he said the forum reflected the strength of relations between Egypt and Angola and the shared political will of both leaderships to elevate economic cooperation into a cornerstone of the bilateral partnership. He underscored the need to boost trade volumes and mutual investments and to capitalize on available potential and opportunities.

Trade between Egypt and Angola rose in 2024 to $34.2 million, up from $21.3 million in 2023, according to figures released by Egypt’s Central Agency for Public Mobilization and Statistics (CAPMAS) in April 2025.

CAPMAS said in a report that Egyptian exports to Angola reached $34.1 million in 2024, compared with $21.3 million in 2023, while Egyptian imports from Angola amounted to $73,000 in 2024, up from $21,000 a year earlier.

Dr. Naglaa Marei, professor of political science and an expert on African affairs, stressed the importance of coordination between Egypt and Angola ahead of the upcoming African Union Summit, noting that the continent faces multiple challenges.

These include instability in the Horn of Africa and the Red Sea region against the backdrop of the Sudanese crisis, tensions between Ethiopia and Eritrea over access to the Red Sea, and the renewed violence and conflict in Ethiopia’s Tigray region.

Speaking to Asharq Al-Awsat, Marei said Egyptian–Angolan relations have recently seen numerous official visits and bilateral meetings, as well as the convening of the Joint Committee last December — developments that have contributed to advancing political, economic, and investment cooperation between the two countries.