黑料社区

黑料社区鈥檚 ACWA Power launches $3bn renewable projects in Uzbekistan

黑料社区鈥檚 ACWA Power launches $3bn renewable projects in Uzbekistan
Since the partnership began, four major projects worth approximately $3 billion have been successfully implemented. X/@acwapower_en/File
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Updated 18 December 2024

黑料社区鈥檚 ACWA Power launches $3bn renewable projects in Uzbekistan

黑料社区鈥檚 ACWA Power launches $3bn renewable projects in Uzbekistan
  • ACWA Power has been significantly involved in Uzbekistan鈥檚 renewable energy sector in recent years
  • Uzbekistan aims to generate 40 percent of its electricity from renewable sources by 2030

JEDDAH: Saudi utility giant ACWA Power launched three renewable projects in Uzbekistan, including wind, solar, and battery storage, marking a $3 billion investment in the country鈥檚 energy transition.

On Dec. 18, Uzbekistan鈥檚 President Shavkat Mirziyoyev and the Kingdom鈥檚 Minister of Energy, Prince Abdulaziz bin Salman, who joined virtually, inaugurated the projects.

The initiatives include the Bash and Dzhankeldy Wind Power Plants with a total capacity of 1,000 megawatts and a transmission line, the Samarkand 1 and 2 solar projects with 1,000 MW of solar power and a 1,000 MWh battery energy storage system, and the Tashkent BESS Project, which consists of a 500 MWh BESS.

Uzbekistan aims to generate 40 percent of its electricity from renewable sources by 2030, a critical milestone in its broader plan to achieve 20 gigawatts of clean energy capacity by the decade鈥檚 end.

Mohammad Abunayyan, the chairman of ACWA Power鈥檚 board of directors, who also chairs the Saudi-Uzbek Business Council, emphasized the significant progress in his company鈥檚 collaboration with the Uzbek government, highlighting its role as a key strategic investor in the country鈥檚 rapidly growing clean energy sector.

Abunayyan said: 鈥淭oday鈥檚 groundbreaking highlights the multitude of large-scale foreign direct investments and commendable efforts by Uzbekistan to strengthen the potential of the country鈥檚 energy system and capacity. It also paves the way for the commencement of ACWA Power projects that are expected to yield widespread benefits for Uzbekistan鈥檚 key regions and communities.鈥

Prince Abdulaziz commended the robust relationship between the Kingdom and Uzbekistan and said the alliance has nurtured deep collaboration across multiple sectors, with a particular focus on energy, which has brought mutual benefits to both nations, according to a statement from the company.

The Saudi minister also praised the economic cooperation between the two countries, particularly in the context of Saudi Vision 2030 and Uzbekistan Strategy 2030. He stressed their shared goals of economic development, diversification, renewable energy, and sustainable growth, as well as the Kingdom鈥檚 growing investment in Uzbekistan鈥檚 electricity sector amid the country鈥檚 energy transition.

In October, ACWA Power announced it signed a letter of intent with the Asian Infrastructure Investment Bank to secure $150 million for the development of three wind power plants in Uzbekistan, namely the Kungrad 1, 2, and 3 plants in the Karakalpakstan region.

The company, listed on the Saudi Stock Exchange, said in a press release that the financing will support the three facilities, each with a capacity of 500 MW.

The financing term is set at four years and will be backed by an institutional guarantee from ACWA Power.

Uzbekistan is a key foreign market for ACWA Power, which has been significantly involved in the country鈥檚 renewable energy sector in recent years.

The company鈥檚 current portfolio in Uzbekistan includes 11.6 GW of power, with 10.1 GW from renewable sources, along with the country鈥檚 first green hydrogen project, which has an annual capacity of 3,000 tonnes.

Since the partnership began, four major projects worth approximately $3 billion have been successfully implemented, with an ongoing portfolio of initiatives valued at $15 billion, ACWA Power said in the statement.


Foreign currency sukuk issuance projected to reach $80bn in 2025

Foreign currency sukuk issuance projected to reach $80bn in 2025
Updated 09 July 2025

Foreign currency sukuk issuance projected to reach $80bn in 2025

Foreign currency sukuk issuance projected to reach $80bn in 2025
  • Foreign currency sukuk issuances rose 8.94% year on year to $41.4 billion
  • Sustainable sukuk issuance surged 275 in the first half of 2025 to $9.3 billion

RIYADH: The global sukuk market is poised to maintain its strength in 2025, with foreign currency-denominated issuances expected to reach between $70 billion and $80 billion, according to a new report by S&P Global.

In the first half of 2025, foreign currency sukuk issuances rose 8.94 percent year on year to $41.4 billion, driven by increased activity in the UAE, Bahrain, and Kuwait. 黑料社区 remained a key player, contributing 38.9 percent of the total market volume, as local banks continued to support Vision 2030-related initiatives.

Earlier this year, Fitch Ratings shared a similar outlook, forecasting that 黑料社区 would remain a major driver of US dollar-denominated sukuk and debt issuance in 2025 and 2026. Banks in the Kingdom alone are expected to issue over $30 billion as institutions seek to diversify their funding sources.

The increase in global sukuk issuance came despite external headwinds, including new US tariffs and delayed interest rate cuts. S&P noted that issuers in core Islamic finance markets took advantage of brief periods of market stability to secure funding.

鈥淲e expect performance in the second half of the year to depend on the evolving geopolitical situation in the Middle East. However, since we don鈥檛 expect a full-scale regional war, we think the resilient foreign currency issuance trends observed in the first half will continue,鈥 S&P Global said in the report.

鈥淚t will also be supported by the Fed鈥檚 expected reduction in interest rates. Therefore, we maintained our forecasts for foreign currency-denominated issuances to reach about $70 billion to $80 billion for the full year in 2025,鈥 it added.

Foreign currency sukuk issuance had already climbed to $72.7 billion in 2024, a 29 percent increase from the previous year, supported by significant financing needs in Islamic finance hubs and fiscal pressures due to lower oil prices.

According to S&P, geopolitical tensions are not expected to significantly disrupt issuance this year. Instead, market activity will hinge on the direction of monetary policy, domestic liquidity conditions, and investment trends in key Islamic finance countries.

Local currency issuance

Despite the robust performance of foreign currency sukuk, total sukuk issuance globally fell 15 percent in the first half of 2025 to $101.3 billion. The decline was largely due to a steep drop in local currency sukuk, which fell to $59.8 billion from $81 billion a year earlier. Malaysia, 黑料社区, Qatar, and the UAE all reported weaker domestic issuance.

S&P attributed this to liquidity constraints in some markets and improved fiscal performance in others, reducing the need for domestic borrowing.

鈥淔or example, we have observed a significant drop in local currency issuances in 黑料社区, where banks鈥 liquidity is instead being channeled into financing Vision 2030. The drop was mainly underpinned by lower issuances from the government,鈥 the agency said.

Shariah Standard 62

S&P also pointed to ongoing uncertainty surrounding the implementation of Shariah Standard 62 by the Accounting and Auditing Organization for Islamic Financial Institutions .

In April, AAOIFI announced amendments to the draft standard following industry feedback but did not provide details or a timeline.

The proposed guidelines aim to harmonize key elements of the sukuk structure, including asset backing, ownership transfer, and trading rules.

鈥淭he implementation process following the amendment is also uncertain. This means that it is now very difficult to determine the implications of adopting the new standard on market performance,鈥 S&P noted.

鈥淭he need to issue prior to the adoption of the standard may also abate since issuers and investors no longer perceive the disruption as imminent,鈥 it added.

Fitch Ratings had earlier warned that the standard could significantly reshape the sukuk market and potentially increase fragmentation if adopted in its current form.

Sustainable sukuk

Sustainable sukuk issuance surged 27 percent in the first half of 2025 to $9.3 billion, up from $7.4 billion in the same period last year, according to S&P.

Banks, led by the Islamic Development Bank, accounted for nearly half of the total, followed by corporates from the GCC and Malaysia. These instruments fund environmentally friendly projects such as renewable energy and green infrastructure.

Saudi issuers dominated the market, accounting for over 60 percent of total sustainable sukuk issuance. S&P attributed this to the alignment of Islamic finance with sustainability principles, the central role of the Islamic Development Bank, and strong funding demand from local banks.

In January, Fitch projected that outstanding ESG sukuk globally would exceed $50 billion in 2025, with 黑料社区 playing a leading role.

The total value of ESG-focused sukuk climbed 23 percent year on year to $45.2 billion in 2024, according to Fitch.

In February, 黑料社区 also raised 鈧2.25 billion ($2.36 billion) through a euro-denominated bond offering under its Global Medium-Term Note Program, including its first green tranche.


Saudi chocolate industry expands as Riyadh leads in manufacturing registrations

Saudi chocolate industry expands as Riyadh leads in manufacturing registrations
Updated 09 July 2025

Saudi chocolate industry expands as Riyadh leads in manufacturing registrations

Saudi chocolate industry expands as Riyadh leads in manufacturing registrations
  • Riyadh region topped the list with 1,490 active commercial registrations
  • Saudi chocolate market projects to reach $1.53 billion by end of decade

JEDDAH: 黑料社区鈥檚 cocoa and chocolate manufacturing sector is seeing growing entrepreneurial interest, with the number of active commercial registrations reaching 3,532 by the end of June.

A report by the Ministry of Commerce revealed that the Riyadh region topped the list with 1,490 active commercial registrations, followed by the Makkah region with 909 and the Eastern Province with 416. Al-Qassim and Madinah ranked fourth and fifth with 213 and 149 filings, respectively.

The chocolate manufacturing landscape in the Kingdom has evolved considerably, establishing itself as the largest producer among Gulf Cooperation Council countries, according to a release by Mordor Intelligence, a market research firm specializing in data-driven industry insights.

鈥淭he industry has shown remarkable progress in adopting advanced manufacturing technologies and sustainable practices, particularly in response to increasing consumer demand for premium chocolate products,鈥 the release highlighted.

The analysis, published in May, indicates that 黑料社区 had over 1,000 chocolate-producing facilities in 2023, with Riyadh accounting for around 35 percent of these production sites.

It also notes that the country鈥檚 chocolate market is segmented by confectionery variants 鈥 dark, milk, and white chocolate 鈥 and by distribution channels, including convenience stores, online retail, supermarkets, and others.

The report highlighted that this strong manufacturing base enables the country to produce around 50 percent of its chocolate domestically, thereby reducing reliance on imports while maintaining high-quality standards.

The firm estimates the Saudi chocolate market size at $1.23 billion in 2025 and projects it to reach $1.53 billion by the end of the decade, growing at a compound annual growth rate of 4.5 percent during the forecast period from 2025 to 2030.

鈥淭he 黑料社区 chocolate market is experiencing significant transformation driven by changing consumer demographics and preferences. With over half the population under 25 years old as of 2023, the market is heavily influenced by younger consumers who are increasingly health-conscious yet maintain strong chocolate consumption patterns,鈥 the Mordor Intelligence study stated.

It added that this demographic shift has led to interesting consumption patterns, with 鈥渟tudies showing that two-thirds of Saudi children consume chocolate twice daily in 2023.鈥

The firm believes that consumer spending patterns in the Kingdom鈥檚 chocolate market reflect the country鈥檚 growing affluence and changing preferences.

鈥淚n 2023, the annual chocolate expenditure per person in 黑料社区 reached $41, significantly higher than the Middle Eastern average of $4. This high per capita spending is particularly noteworthy given that over 66 percent of consumers in 黑料社区 claimed they were willing to pay more for quality products in 2022,鈥 the analysis said.

The study noted that the trend toward premiumization has prompted chocolate manufacturers in the Kingdom to introduce more sophisticated product lines and innovative flavor combinations.

According to Mordor Intelligence鈥檚 global chocolate market analysis, the industry is experiencing a notable shift in consumption patterns, particularly in established markets where sophisticated consumer preferences are driving product innovation.

鈥淓urope stands as a testament to this trend, processing 35 percent of the world鈥檚 cacao and accounting for 45 percent of global chocolate consumption in 2022. Switzerland leads this consumption pattern with an impressive chocolate consumption per capita of 11 kg in 2022, setting benchmarks for premium chocolate consumption globally,鈥 the firm said in its release.

It added that this high consumption rate has encouraged manufacturers to expand their premium product lines and experiment with new flavors and formulations.

The company further reported that global chocolate demand is rising, driven by increased per capita consumption and a strong gifting culture. It added that Europe leads consumption, accounting for nearly 48 percent of the market, with the UK and Switzerland having the highest per capita rates.


Closing Bell: Saudi main index slips to 11,294

Closing Bell: Saudi main index slips to 11,294
Updated 09 July 2025

Closing Bell: Saudi main index slips to 11,294

Closing Bell: Saudi main index slips to 11,294
  • Parallel market Nomu edged down by 119.05 points to close at 27,343.79
  • MSCI Tadawul Index declined by 0.35% to 1,449.23

RIYADH: 黑料社区鈥檚 Tadawul All Share Index slipped on Tuesday, shedding 51.39 points, or 0.45 percent, to close at 11,294.07. 

The total trading turnover on the benchmark index reached SR5.32 billion ($1.42 billion), with 65 stocks advancing and 187 declining. 

The Kingdom鈥檚 parallel market Nomu also edged down by 119.05 points to close at 27,343.79, while the MSCI Tadawul Index declined by 0.35 percent to 1,449.23. 

The best-performing stock on the main market was Arabian Centers Co., also known as Cenomi Centers, with its share price rising 7.60 percent to SR21.10. 

Arabian Drilling Co. also gained 5.66 percent to close at SR88.60, while Tourism Enterprise Co. climbed 5.49 percent to SR0.96. 

BAAN Holding Group Co. shares slipped 4.35 percent to SR2.42, ranking among the weaker performers of the day. 

On the announcement front, Alinma Bank launched a US dollar-denominated sukuk under its Trust Certificate Issuance Program, with the offering opening and closing on July 8, according to a Tadawul filing. 

The sukuk, which has a five-year maturity, requires a minimum subscription of $200,000, with increments in multiples of $1,000.

The bank noted that the sukuk will be listed on the International Securities Market of the London Stock Exchange, and issued in reliance on Regulation S under the US Securities Act of 1933. 

Following the announcement, Alinma Bank鈥檚 share price declined 0.74 percent to SR27. 

Meanwhile, Riyad Bank announced it had completed the issuance of US dollar-denominated Tier 2 trust certificates under its International Trust Certificate Issuance Program, with a total value of SR1.2 billion. 

According to a Tadawul statement, the bank issued 6,250 certificates, each with a nominal value of $200,000. These certificates will also be listed on the London Stock Exchange鈥檚 International Securities Market. 

Riyad Bank鈥檚 share price edged down 0.07 percent to close at SR28.88. 


黑料社区, Kuwait forge AI partnership to advance governance, innovation鈥

黑料社区, Kuwait forge AI partnership to advance governance, innovation鈥
Updated 09 July 2025

黑料社区, Kuwait forge AI partnership to advance governance, innovation鈥

黑料社区, Kuwait forge AI partnership to advance governance, innovation鈥
  • Deal aims to enhance cooperation on AI governance standards
  • Partnership highlights both associations鈥 commitment to supporting regional initiatives

JEDDAH: 黑料社区 and Kuwait have taken a significant step toward strengthening regional collaboration on artificial intelligence governance and innovation by forming a strategic partnership focused on advancing standards, research, and responsible development in the Artificial Intelligence of Things.

The Kingdom鈥檚 Artificial Intelligence Governance Association, which operates under the technical supervision of the Saudi Data and Artificial Intelligence Authority, has signed a memorandum of understanding with Kuwait鈥檚 Association of Artificial Intelligence of Things.

The agreement is aimed at enhancing cooperation on AI governance standards, promoting knowledge exchange, supporting scientific research, and driving innovation in the emerging AIoT sector.

A report by Boston Consulting Group published in April highlighted the Gulf region鈥檚 strategic prioritization of AI, noting that all GCC nations have launched national strategies to foster economic diversification and digital transformation.

The memorandum was signed by AIGA Chairwoman Dhabia bint Ahmed Al-Buainain and Sheikh Mohammed bin Ahmed Al-Sabah.

In a post on X, Al-Buainain said: 鈥淭he agreement stems from a shared vision to enhance regional cooperation in artificial intelligence and its governance, and to build strategic partnerships that advance responsible and innovative AI policies and applications across the Gulf states.鈥

According to the BCG report, the UAE and 黑料社区 are leading in infrastructure development and adoption, while Oman and Kuwait are working to expand their capabilities through global partnerships. However, the study pointed out that despite significant state-led investments, challenges remain in private sector funding, research output, and talent development, which hinder the region's ability to fully harness AI鈥檚 potential.

As reported by the Saudi Press Agency, the agreement marks AIGA鈥檚 first international memorandum of understanding, underscoring its intention to play a broader regional role in the responsible governance of advanced technologies.

The partnership highlights both associations鈥 commitment to supporting regional initiatives, strengthening governance frameworks, and fostering the exchange of expertise. It also aligns with national and regional objectives to develop knowledge-based economies fueled by emerging technologies.

In a statement, AIGA described the memorandum as a strategic move to deepen regional cooperation in AI governance. The signing ceremony was attended by senior officials from both organizations, along with representatives from SDAIA and AIGA.

Sheikh Mohammed bin Ahmed Al-Sabah, chairman of AAIOT, welcomed the agreement and described it as a 鈥減romising opportunity to exchange experiences and develop joint projects that serve the interests of our communities.鈥

He also emphasized that the deal supports efforts in both countries to advance AI capabilities according to the highest ethical and organizational standards.

AIGA underscored the importance of the memorandum, stating: 鈥淭his agreement is particularly significant as it is the first international memorandum of understanding signed by the Artificial Intelligence Governance Association outside the Kingdom, representing a step toward expanding cooperation in the field of governance of responsible advanced technologies.鈥

The association added that the partnership aims to create new avenues for collaboration in setting AI governance standards, promoting research, and encouraging innovation in AIoT 鈥 all contributing to a more sustainable and ethically driven technological future.


Qatar鈥檚 international reserves rise 3.5% in June, topping $70bn鈥

Qatar鈥檚 international reserves rise 3.5% in June, topping $70bn鈥
Updated 08 July 2025

Qatar鈥檚 international reserves rise 3.5% in June, topping $70bn鈥

Qatar鈥檚 international reserves rise 3.5% in June, topping $70bn鈥
  • Official reserve assets rose to 199.65 billion riyals
  • Gold holdings rose to 44.5 billion riyals

RIYADH: Qatar鈥檚 international reserves and foreign currency liquidity climbed 3.51 percent year on year in June to reach 258.88 billion Qatari riyals ($70.9 billion), according to data released by the Qatar Central Bank.

The reserves also edged up 0.29 percent from May, adding 744 million riyals during the month. The increase reflects the resilience of Qatar鈥檚 monetary framework amid global economic uncertainty.

Official reserve assets 鈥 which make up the core of the central bank鈥檚 holdings 鈥 rose to 199.65 billion riyals in June, marking a 4.46 percent annual increase and a 0.47 percent rise from the previous month.

The uptick was driven by higher gold reserves, stronger balances with foreign banks, and an improved reserve position with the International Monetary Fund.

Gold holdings rose to 44.5 billion riyals in June, slightly up from 44.3 billion in May. Special Drawing Rights deposits inched up to 5.26 billion riyals, while Qatar鈥檚 IMF reserve position grew by 81 million to 5.25 billion riyals.

Foreign bank balances jumped by 1.33 billion riyals to 17.75 billion, although the central bank鈥檚 holdings of foreign bonds and treasury bills dipped to 132.14 billion riyals, down 763 million from the month before.

In the wider Gulf region, 黑料社区 and Kuwait reported relatively stable reserve positions.

The Saudi Central Bank posted official reserves of SR1.716 trillion ($457.7 billion) in June, slightly down from SR1.721 trillion in May but up from SR1.647 trillion in April. The total includes SR1.620 trillion in foreign currency reserves and SR81.33 billion in SDRs. The IMF reserve position stood at SR13.28 billion, while gold holdings remained unchanged at SR1.62 billion.

Kuwait鈥檚 reserves totaled 14.106 billion dinars ($46 billion) in May, compared to 14.633 billion dinars in April, according to the Central Bank of Kuwait. Foreign currency and deposits abroad accounted for 12.49 billion dinars, with SDR holdings at 1.33 billion. Gold reserves remained steady at 31.7 million dinars.

Qatar鈥檚 total international reserves comprise official reserve assets 鈥 including foreign bonds, deposits, gold, SDRs, and IMF balances 鈥 as well as other liquid foreign currency holdings.