Saudi Arabia Opens Middle East’s Largest Water Desalination Membrane Plant

Prince Saud bin Nayef bin Abdulaziz inaugurates the project at a ceremony in the Eastern Province (Asharq Al-Awsat)
Prince Saud bin Nayef bin Abdulaziz inaugurates the project at a ceremony in the Eastern Province (Asharq Al-Awsat)
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Saudi Arabia Opens Middle East’s Largest Water Desalination Membrane Plant

Prince Saud bin Nayef bin Abdulaziz inaugurates the project at a ceremony in the Eastern Province (Asharq Al-Awsat)
Prince Saud bin Nayef bin Abdulaziz inaugurates the project at a ceremony in the Eastern Province (Asharq Al-Awsat)

Eastern Province Governor Prince Saud bin Nayef bin Abdulaziz on Wednesday inaugurated the Toray Membrane Middle East Factory in Dammam’s Third Industrial City, the largest facility for water desalination membrane technologies in the Middle East.

The ceremony was attended by the Minister of Environment, Water and Agriculture Eng.Abdulrahman Alfadley , President of the Saudi Water Authority (SWA) Eng. Abdullah bin Ibrahim Al-Abdulkarim, CEO of the Local Content and Government Procurement Authority Abdulrahman bin Abdullah Al-Samari, and several senior officials from the public and private sectors.

Prince Saud said the launch of the new factory reflects the government’s strong commitment to localizing advanced industries and strengthening Saudi Arabia’s presence in high-tech sectors.

He added that the project marks a key step toward achieving industrial self-sufficiency and transferring advanced knowledge and technologies to national talent.

He noted that the water and industrial sectors continue to receive substantial attention from the government of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz and Crown Prince and Prime Minister Mohammed bin Salman, through enabling high-value investments and fostering an environment conducive to innovation.

The governor said the Eastern Province, with its advanced infrastructure and strong industrial base, will remain a key driver in achieving Saudi Arabia’s economic and industrial development goals under Vision 2030.

The new factory is a joint venture between Abunayyan Holding and Japan’s Toray Industries, with an investment exceeding 1 billion riyals.

It is Toray’s second plant of its kind outside Japan and has a production capacity of 300,000 membranes annually. The facility will provide more than 175 jobs for Saudis, with a localization rate of 70 %, targeted to reach a minimum of 75 %.

The plant is expected to position the Kingdom as a regional hub for membrane and desalination technologies through six integrated production lines that meet local and Gulf market demand, enhance the competitiveness of national industries, and strengthen Saudi Arabia’s standing as a global source for advanced water technologies.

The project aims to localize the production of reverse osmosis membranes used in water desalination, transfer advanced technologies to support Saudi Arabia’s water and industrial security, and help achieve the objectives of Vision 2030.

It also seeks to boost local content and improve the efficiency of national supply chains by localizing 72 % of manufacturing inputs, cutting supply times by 53 %, and reducing energy consumption by 4 to 5 %. The project is expected to improve the trade balance by more than 135 million riyals annually and contribute around 1.14 billion riyals to the national economy over eight years.

SWA President Al-Abdulkarim said the project represents a leading example of integration between the water and industrial sectors in achieving economic and water sustainability goals.

He added that the factory is a cornerstone in localizing advanced desalination technologies and enhancing the Kingdom’s capacity to lead the global water sector through innovation and development of supporting industries.

For his part, Al-Samari said the factory’s inauguration follows an agreement to localize the reverse osmosis membrane industry signed between his authority, the Saudi Water Authority, and Toray Membrane Middle East.

He noted that the factory is one of the key projects contributing to raising local content in the water and industrial sectors, with a production capacity of 300,000 membranes annually covering all manufacturing stages.

Khaled Abunayyan, Chairman of Toray Membrane Middle East, affirmed the company’s commitment to knowledge transfer and developing local talent through a dedicated research and development unit in cooperation with the Research and Development Center for Advanced Technologies.

The unit aims to design the next generation of membranes that improve energy efficiency, enhance environmental resilience, and extend product lifespan.



Egypt: Positive Results from Nargis-2 Natural Gas Well in Mediterranean

Egyptian Petroleum Minister inspects the start of drilling operations at the Nargis gas field in the Mediterranean Sea (Ministry of Petroleum)
Egyptian Petroleum Minister inspects the start of drilling operations at the Nargis gas field in the Mediterranean Sea (Ministry of Petroleum)
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Egypt: Positive Results from Nargis-2 Natural Gas Well in Mediterranean

Egyptian Petroleum Minister inspects the start of drilling operations at the Nargis gas field in the Mediterranean Sea (Ministry of Petroleum)
Egyptian Petroleum Minister inspects the start of drilling operations at the Nargis gas field in the Mediterranean Sea (Ministry of Petroleum)

Egypt's Ministry of Petroleum and Mineral Resources and US energy major Chevron announced Saturday positive results from drilling the Nargis-2 natural gas well in the Mediterranean Sea, which began in May in cooperation with Chevron, its partners and the Egyptian Natural Gas Holding Company (EGAS).

In a statement, the ministry said the results support ongoing efforts to appraise the Nargis discovery, made in 2022, and accelerate its commercial development as one of Egypt's undeveloped gas discoveries.

The Nargis-2 appraisal well confirmed the extension of gas-bearing reservoirs previously encountered at Nargis-1 and identified an additional gas-bearing reservoir with favorable characteristics, supporting efforts to assess the area's gas resources and potential development opportunities.

The ministry said drilling operations were designed to evaluate the extent of the Nargis discovery and test deeper geological formations as part of efforts to expand exploration activities and maximize the Mediterranean's promising potential, including high-pressure, high-temperature formations.

The well reached a total depth of more than 5,000 meters, with appraisal results indicating gas-bearing reservoirs containing up to 35 meters of net pay.

According to the statement, these findings provide a positive indication supporting further technical studies to determine the discovery's overall potential and assess development opportunities.

The results align with the ministry's strategy to accelerate the development of undeveloped discoveries, encourage investment partners to intensify exploration activities and convert discovered resources into reserves that can be developed and brought into production, helping increase domestic natural gas output.

Egyptian Minister of Petroleum and Mineral Resources Karim Badawi witnessed the start of drilling operations at Nargis-2 in May aboard the Stena Forth drillship.

At the time, he emphasized the importance of accelerating the appraisal and development of undeveloped gas discoveries and strengthening cooperation with international energy companies to capitalize on Egypt's promising oil and gas resources.

Chevron operates the Nargis Offshore Concession in partnership with Italy's Eni, the UAE's Mubadala and Egypt's Tharwa Petroleum Company.


Global Equity Funds Attract Inflows for 5th Consecutive Week

NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP
NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP
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Global Equity Funds Attract Inflows for 5th Consecutive Week

NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP
NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP

Global equity funds attracted inflows for a fifth consecutive week in the week through October 21, as easing Treasury yields and strong early corporate earnings lifted investor sentiment.

Global equity funds drew net inflows of $28.16 billion during the week, compared with $19.88 billion in the previous week, LSEG Lipper data showed.

The benchmark 10-year US Treasury yield fell about 15 basis points last week and dropped below the psychologically significant 5% level this week, Reuters reported.

Fund investors were encouraged by better-than-expected corporate earnings so far this reporting season.

Of the nearly 18% of MSCI All Country World Index constituents that have ⁠reported earnings to date, ⁠about 73% have exceeded the average analyst estimate, according to LSEG data.

The MSCI World Index, however, fell 1.31% on Thursday after Meta reported strong results on Wednesday but unveiled plans to issue non-voting stock, reviving concerns about its growing capital commitments.

NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP

By region, Asian equity funds attracted $11.53 billion, their largest weekly ⁠inflow since at least December 2022. Investors also added $9.14 billion to European equity funds and $5.07 billion to US equity funds.

Among sectoral funds, technology attracted $5.05 billion, reversing net sales of $4.77 billion in the previous week. Investors also bought $1.83 billion in healthcare sector funds but sold a notable $1.29 billion in consumer discretionary sector funds.

Global bond funds remained popular for a fifth consecutive week, attracting net inflows of $9.44 billion.

Swiss franc-denominated bond funds drew $6.8 billion, their largest weekly inflow since at least November 2024. ⁠Investors also added ⁠a significant $2.78 billion to short-term bond funds, while pulling $1.68 billion from high-yield bond funds and $550 million from government bond funds.

Money market funds attracted weekly net inflows of $15.86 billion, following net outflows of $47.51 billion the previous week.

Among commodities, gold and other precious metals funds attracted net inflows of $1.29 billion, marking their fifth week of net purchases in the past six weeks. Investors also added $41.5 million to energy funds.

Data covering 29,174 emerging market funds showed that investors bought $6.28 billion worth of equity funds — the largest weekly net purchase since August 5. However, they withdrew a marginal $48.72 million from bond funds.


UK Pledges More Funding to Guard Against AI Risks

FILE PHOTO: The words "AI Artificial Intelligence", a keyboard, and a robotics hand in this illustration taken October 19, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: The words "AI Artificial Intelligence", a keyboard, and a robotics hand in this illustration taken October 19, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
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UK Pledges More Funding to Guard Against AI Risks

FILE PHOTO: The words "AI Artificial Intelligence", a keyboard, and a robotics hand in this illustration taken October 19, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: The words "AI Artificial Intelligence", a keyboard, and a robotics hand in this illustration taken October 19, 2026. REUTERS/Dado Ruvic/Illustration/File Photo

The UK government on Saturday outlined plans to expand funding for artificial intelligence safety amid growing concerns over the cyber risks posed by the increasingly advanced technology.

"The economic opportunities from AI will only be realized if our critical infrastructure, public services and businesses are resilient to cyber, biological and emerging AI-enabled threats," the government said in a statement ahead of its annual budget update on Wednesday.

Concerns about AI safety have escalated in recent months after models developed by OpenAI and Anthropic were involved in security incidents during testing, piling pressure on governments to regulate the technology and protect against threats.

As part of a package of AI-related measures in the budget, the government will invest an additional £120 million ($161 million) in Britain's AI Security Institute, which tests the most powerful AI models before they are released.

According to AFP, it will also invest £100 million to establish a national AI Biosecurity Lab, which will use AI to detect and track biological threats.

"As AI becomes more powerful, Britain must have the capabilities to protect its people and shape its own future," said AI minister Kanishka Narayan.

"That means staying ahead of emerging threats, from cyberattacks to biological risks, while building more of the critical technology our security depends on," he added.

The plans include investment in AI tools to identify cyber vulnerabilities across critical infrastructure.

Governments and companies around the world shut down websites Thursday as they raced to protect themselves from hacks after AI models uncovered critical flaws in a widely used programming language called PHP.

Cybersecurity experts fear state-of-the-art AI technology could be used to hack banks, hospitals and government systems.

Last month it emerged that a rogue OpenAI model bypassed safeguards during training and hacked an Australian government health statistics website.