Major Saudi-British energy initiative launched in the Kingdom

Dr. Hisham Alhadlaq and Prof. John Loughhead at the start Monday of the Clean Energy and Artificial Intelligence workshop in Riyadh. (AN photo by Hala Tashkandi)
Updated 26 February 2019
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Major Saudi-British energy initiative launched in the Kingdom

  • Estimated $50 billion in renewable energy development projects in the pipeline

RIYADH: A major Saudi-British initiative aimed at advancing clean energy and artificial intelligence technologies is now underway in the Kingdom.

Workshops taking place in the capital Riyadh and the city of Dhahran will mark the first step in the project toward developing a long-term energy program.

The UK Science and Innovation Network, in partnership with the Saudi Ministry of Education’s Research and Development Office (RDO), will be running the workshops over three-days from Feb. 25-27 under the title “Clean Energy and Artificial Intelligence.”

The events follow Saudi Crown Prince Mohammed bin Salman’s visit to the UK last year during which he signed several memorandums of understanding, including one between the Saudi-British Joint Business Council and investors to promote knowledge exchanges in the field of technological investment.

As part of the new plan to push clean energy, Saudi Arabia proposes to invest an estimated $50 billion in renewable energy development projects by 2023 as part of its Vision 2030 reform program. The country also aims to invest in artificial intelligence technologies for smart sustainable energy systems.

Under terms of the agreement, the two countries will have an annual Energy and Industry Dialogue to identify future areas of collaboration.

Collaboration

The keynote address at the opening of the workshops was delivered by Dr. Khalid Alhumaizi, dean of scientific research at King Saud University. Other speakers included Dr. Sahal Abduljawad, the acting rector of King Fahd University of Petroleum and Minerals, Prof. Neil Robertson, chair of molecular materials at The University of Edinburgh, and Dr. Hussam Khunkar, one of the architects of the founding projects of Vision 2030’s renewable energy program.

RDO Director-General Dr. Hisham Alhadlaq thanked delegates for their attendance and said he hoped the workshops would be a success. He also thanked the UK Science and Innovation Network and the Saudi government for their support.

“We feel that this collaboration is going to prove highly beneficial to the advancement of scientific discoveries to both countries,” Alhadlaq told Arab News. 

“Both clean energy and artificial intelligence are booming fields at the moment, and we believe that this partnership will work in everyone’s favor.”

He also encouraged science students in higher education to focus on the opportunities available in these fields in the future.

Prof. John Loughhead, chief scientific adviser at the UK Department for Business, Energy, and Industrial Strategy, representing the UK Science and Innovation Network, also expressed his thanks to the Saudi government, particularly the crown prince and the Ministry of Education.

Loughhead told Arab News that the workshop was “timely” as Saudi Arabia prepared to embark on “a historic transformation of the country’s energy sector.”

He added: “This workshop is another step toward the UK’s strategic partnership to support Saudi Arabia’s Vision 2030 and will strengthen ties between British and Saudi Arabian research institutions.”

Prof. Loughhead also announced the launch of the first UK-Saudi “Women in Science” network. “This network will enhance the links between women working in science, in the UK and in Saudi Arabia, and support the increasing entry of women to the fields of science, technology, engineering, and mathematics.”


Kuwait to boost Islamic finance with sukuk regulation

Updated 05 February 2026
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Kuwait to boost Islamic finance with sukuk regulation

  • The move supports sustainable financing and is part of Kuwait’s efforts to diversify its oil-dependent economy

RIYADH: Kuwait is planning to introduce legislation to regulate the issuance of sukuk, or Islamic bonds, both domestically and internationally, as part of efforts to support more sustainable financing for the oil-rich Gulf nation, Prime Minister Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah said on Wednesday.

Speaking at the World Governments Summit in Dubai, Al-Sabah highlighted that Kuwait is exploring a variety of debt instruments to diversify its economy. The country has been implementing fiscal reforms aimed at stimulating growth and controlling its budget deficit amid persistently low oil prices. Hydrocarbons continue to dominate Kuwait’s revenue stream, accounting for nearly 90 percent of government income in 2024.

The Gulf Cooperation Council’s debt capital market is projected to exceed $1.25 trillion by 2026, driven by project funding and government initiatives, representing a 13.6 percent expansion, according to Fitch Ratings.

The region is expected to remain one of the largest sources of US dollar-denominated debt and sukuk issuance among emerging markets. Fitch also noted that cross-sector economic diversification, refinancing needs, and deficit funding are key factors behind this growth.

“We are about to approve the first legislation regulating issuance of government sukuk locally and internationally, in accordance with Islamic laws,” Al-Sabah said.

“This enables us to deal with financial challenges flexibly and responsibly, and to plan for medium and long-term finances.”

Kuwait returned to global debt markets last year with strong results, raising $11.25 billion through a three-part bond sale — the country’s first US dollar issuance since 2017 — drawing substantial investor demand. In March, a new public debt law raised the borrowing ceiling to 30 billion dinars ($98 billion) from 10 billion dinars, enabling longer-term borrowing.

The Gulf’s debt capital markets, which totaled $1.1 trillion at the end of the third quarter of 2025, have evolved from primarily sovereign funding tools into increasingly sophisticated instruments serving governments, banks, and corporates alike. As diversification efforts accelerate and refinancing cycles intensify, regional issuers have become regular participants in global debt markets, reinforcing the GCC’s role in emerging-market capital flows.

In 2025, GCC countries accounted for 35 percent of all emerging-market US dollar debt issuance, excluding China, with growth in US dollar sukuk issuance notably outpacing conventional bonds. The region’s total outstanding debt capital markets grew more than 14 percent year on year, reaching $1.1 trillion.