The sessions of the World Petroleum Conference, held in Riyadh, shaped the future of the energy system, in light of the acceleration of technical and industrial transformations, and the growing bet on green hydrogen, artificial intelligence, and strategic partnerships. To enhance the efficiency of the sector and the sustainability of its supplies. Discussions about progress in clean energy projects, most notably the “NEOM Green Hydrogen” project, in which the completion rate reached 96 percent, intersected with the challenges of reducing emissions in the transportation sector, which represents about 30 percent of global energy demand, reflecting the expansion of the sector’s agenda from developing energy sources to reshaping the methods of their production and use.
Saudi Aramco announced its intention to increase gas sales by 80 percent by 2030, compared to the levels of 2020 and 2021, revealing the establishment and start of operation of between 6 and 7 gas and liquefied gas facilities during the period from 2025 to 2027.
Carbon removal
Deputy Minister of Transport and Logistics Services, Dr. Rumaih Al-Rumaih, stated in one of the conference sessions that the transport and logistics sectors represent about 30 percent of the global demand for energy, pointing out that decarbonization is a long journey that requires diversifying energy sources, in light of the importance of their availability, reliability, affordability and safety.
Al-Rumaih added that the “Green Saudi Arabia” initiative provides a framework for achieving zero neutrality by 2060, stressing that the transportation sector plays a major role in this framework.
Regarding public transportation and reducing emissions, Al-Rumaih stated that Saudi Arabia is working to implement its commitments by expanding public transportation and reducing emissions in cities, noting that the Riyadh Metro network is 187 kilometers long and includes 85 stations.
Green hydrogen
For his part, the Governor of the National Development Fund, Abdulaziz Al-Arifi, said in his speech during the conference that the “NEOM Green Hydrogen” project received financial and strategic support from the Fund, in cooperation with local banks and a number of other entities and organizations, which contributed to enabling one of the most prominent qualitative projects in the clean energy sector, and enhancing investment opportunities and local content.
In turn, Chairman of the Board of Directors of ACWA Power, Muhammad Abu Nayan, indicated that the percentage of local sources, knowledge and expertise in the new projects amounted to about 90 percent, stressing at the same time the company’s commitment to investment expansion and overcoming field challenges in major global markets such as China.
In the same session, Abdul Karim Al-Ghamdi, Executive Vice President for Gas Affairs at Saudi Aramco, touched on operational readiness and supply chains, noting that a rate of more than 75 percent to 90 percent has been achieved in the localization of resources within the “Iktva” program, which provides high protection for operational operations against any external disturbances, stressing that the national human element and technological integration are the two basic pillars for sustaining the growth of the gas sector and enhancing its future flexibility.
Artificial intelligence
On the other hand, a dialogue session within the 25th edition of the World Petroleum Conference discussed the role of energy in enabling artificial intelligence and the mutual relationship between the two sectors, and the contribution of these technologies to developing decisions and operations, and raising the efficiency of the energy sector.
The speakers explained that developing the energy and electricity system within the framework of “Vision 2030” aims to meet demand and attract investments, including artificial intelligence data centers that need reliable electricity at competitive prices, by anticipating the sectors’ needs and linking them to investors, stressing the importance of integrating infrastructure, data, technologies and human expertise, and taking advantage of the Kingdom’s capabilities to develop solutions and deliver them to global markets.
Smart meters
They reviewed the role of artificial intelligence applications in improving the accuracy of forecasting loads and demand, early detection of network defects, which supports planning and speed of response, in addition to employing smart meter data to monitor consumption, predict the bill, clarify its distribution to devices, and alert to unusual consumption.
They discussed the use of artificial intelligence in oil and gas exploration and development of their resources, especially in drilling operations, by analyzing data in real time and integrating engineering modeling with geological information. To speed up decisions and improve their accuracy, reduce the time between planning and implementation, enhance safety, and support risk assessment and investment decisions.
They stressed that expanding the application of these solutions requires achieving real business value and integrating it into the operational system, ensuring the quality of data and collecting it in a timely manner, qualifying competencies to evaluate the outputs and keeping people in the final decision-making circle, while employing digital tools to reduce risks.
Chinese stocks and Hong Kong stocks fell on Tuesday, as the wave of selling in technology and artificial intelligence companies expanded across Asian markets, pushing the Chinese leading stock index to its lowest levels since August 2025, amid increasing doubts about the sector’s ability to regain its momentum, after the sharp correction it witnessed during the past months.
The losses came at a time when investors are facing simultaneous pressure from the decline in electronic chip stocks globally, the escalation of competition in the artificial intelligence sector, as well as concerns regarding the profit prospects of Chinese companies.
In terms of currencies, the yuan remained close to its highest levels since 2023, despite the strength of the US dollar, in contrast between the stability of the Chinese currency and the pressures on stock markets.
By the mid-session break on Tuesday, the CSI 300 index, which includes the largest companies listed on the Shanghai and Shenzhen stock exchanges, fell by 0.6 percent, recording its weakest levels since August 2025.
The Shanghai Composite Index also fell by 0.3 percent to 3,787.16 points, its lowest level in three months.
Technology stocks witnessed sharp fluctuations, as the Star 50 Index, which tracks advanced technology companies in Shanghai, fell by 3.6 percent during trading, before reducing its losses to 0.7 percent.
The Chainext index of emerging companies fell by 0.1 percent, while the index of Chinese artificial intelligence companies fell by 0.9 percent, recording its lowest level in six months.
The semiconductor index lost 0.5 percent, with the losses of the two indices related to artificial intelligence and electronic chips exceeding 30 percent, compared to their peaks recorded last July.
These movements reveal the magnitude of the shift in investor sentiment towards the sectors that led the previous rise, after high valuations and future profit expectations became the subject of greater scrutiny.
• Fears of continued correction
Shares of CXMT, one of the prominent companies in the Chinese memory chip industry, fell by 5.3 percent, hitting their lowest levels since July, despite reports of progress in memory chip design.
This decline indicates that positive news related to technological development is no longer sufficient to support prices, in light of fears that previous valuations have exceeded the ability of companies to achieve sustainable profit growth.
Analysts at Synolink Securities said that it is difficult to assert that concerns regarding the financial fundamentals of technology companies have been fully reflected in stock prices, even after the recent sharp correction.
They added that the decline in the momentum of artificial intelligence stocks in the United States may make the recovery of their Chinese counterparts more difficult in the near term.
These warnings come at a time when global investors are increasingly questioning the economic returns of huge investments in data centers and artificial intelligence infrastructure.
Although demand for chips and technology-related services continues, markets have become more sensitive to any signs of rising costs or slowing revenue growth.
• Electric cars take an extra hit
The losses were not limited to technology stocks, but also extended to new energy vehicle companies, after China announced its intention to reduce the value-added tax refund on exports starting next April.
The index of new energy vehicle companies declined by 3.2 percent, by the end of morning trading, amid concerns about the impact of the tax amendment on exporters’ profit margins.
This development comes at a time when Chinese auto companies are facing intense price competition in the domestic market, in addition to increasing trade restrictions in foreign markets.
Reducing export-related tax benefits may increase pressure on companies that rely on international sales to offset slowing domestic demand.
The decision also coincides with an agreement reached by China and the European Union to put a ceiling on imports of Chinese hybrid cars, which adds a new challenge to the foreign expansion plans of some companies.
• Hong Kong and Asian markets decline
The selling wave extended to the Hong Kong Stock Exchange, where the Hang Seng Index fell by 0.4 percent to 24,176.05 points during morning trading, while the Technology Index fell by 1.5 percent.
Other Asian markets suffered more severe losses, with growing concerns about the sustainability of the previous rise in artificial intelligence stocks, and escalating competition between companies operating in the sector.
During the period monitored by the report, the Japanese Nikkei index fell by 2.20 percent, while the South Korean Kospi index fell by more than 6 percent.
These moves illustrate the extent of interconnectedness between Asian technology markets, especially since Japan, South Korea, and China play major roles in the supply chains of semiconductors, manufacturing equipment, and electronic components.
As shares of US chip companies declined, pressure quickly moved to Asian markets, which became more dependent on expectations of global spending on artificial intelligence.
• The yuan maintains its stability in the currency market
The yuan's performance seemed more stable than stocks, after it maintained, during the previous session, levels close to its highest price in about three and a half years.
The yuan was trading near 6.6920 to the dollar, despite the strength of the US currency and declining expectations of interest rate cuts in the United States.
This cohesion reflects the difference in factors affecting the exchange market from those that move stock prices, as the yuan benefits from the strength of Chinese exports and investors’ expectations regarding the stability of monetary policy.
However, the continued strength of the dollar and the widening gap in yields between China and the United States may limit the ability of the Chinese currency to achieve additional gains.
In contrast, a stable yuan may help alleviate some of the pressures associated with capital flows, at a time when Chinese stocks are experiencing an extended correction.
Tuesday's developments indicate that Chinese markets are going through a phase of re-evaluation of the technology sector's prospects, coinciding with changing policies affecting automobile exports.
Although artificial intelligence and electric vehicles remain important drivers of Chinese industrial growth, investors are becoming more focused on profitability, valuations and business risks.
The path of stocks during the coming period will remain linked to the performance of chip companies globally, the ability of Chinese companies to transform their technological investments into sustainable profits, in addition to developments in the dollar and economic policies in Beijing.
On Tuesday, Wells Fargo Bank announced an increase in its profits in the third quarter, supported by the growth of the loan portfolio and an increase in net interest income.
The fourth-largest US bank by assets recorded net profits of $5.95 billion, equivalent to $1.87 per share, during the three months ending September 30, compared to $5.59 billion, or $1.66 per share, in the same period last year.
The bank's net interest income, which represents the difference between income generated from loans and interest paid on deposits, rose 5 percent to $12.52 billion during the quarter.
The bank was able to invest a large share of its balance sheet in lending, after the Federal Reserve raised the asset ceiling imposed on it under regulatory restrictions that lasted for years, which allowed it a wider scope to compete in the loan market.
Wells Fargo relied on credit cards and auto loans to strengthen its retail loan portfolio, benefiting from the continued strength of consumer spending.
The US economy continues to show relative strength, supported by large business investments related to artificial intelligence, resilient consumer spending, and relative stability in the labor market.
“Despite the economic uncertainty and mixed consumer sentiment, our data shows that our individual and corporate clients are doing well,” the bank’s CEO, Charlie Scharf, said in a statement.
American banks also benefited from reinvesting outstanding assets in investment instruments with higher returns, which contributed to enhancing their profit margins.
Despite expectations of banks achieving strong profits, the sector's stocks have been under selling pressure recently, with investors becoming more cautious about the possibility of the Federal Reserve continuing to raise interest rates, and the resulting slowdown in economic activity.
Wells Fargo shares fell by 1.5 percent in pre-market trading, after recording a decline of more than 10 percent since the beginning of the year until the close of Monday’s session.
Although analysts expect high bond yields to support the bank's net interest income in the near term, high financing costs may limit the pace of economic growth.
