ACWA has achieved a decisive step in its portfolio of strategic energy projects in Saudi Arabia, with its subsidiary, Al Marjan Second Electricity Company, announcing the financial closure of the expansion project of the Rabigh Second Electricity Production Plant, with huge financing of approximately 9.69 billion riyals ($2.58 billion), paving the way for the start of the actual implementation phase and achieving the financial impact by 2029.
The company explained that the combined cycle station in the Western Region, with a production capacity of 2,313.5 megawatts, was financed through a contract extending for approximately 34 years that it obtained on October 1, 2026. Aqua owns a 40 percent share of the project, with a limited guarantee limited to its share of reserve liquidity and the reserve account, in addition to the station’s readiness to build a carbon capture unit in the future.
The necessary financing to develop, build, own and operate the gas station was provided through a broad banking alliance that includes local, regional and international lenders, including Alinma Bank, Riyad Bank, First Saudi Bank, Saudi National Bank, Abu Dhabi Commercial Bank, Boubyan Bank, Commercial Bank of Dubai, and HSBC Bank Middle East, in addition to prominent Asian and European banking blocs.
The relevant parties in the project include the Saudi Energy Company and the Saudi National Bank, and it is expected that the financial impact of this financial closure will be reflected in the company’s financial statements starting from the second quarter of 2029.
US President Donald Trump appointed Director of National Intelligence Jay Clayton, responsible for the artificial intelligence file in the US administration, to lead a new working group in the White House tasked with submitting a report within 120 days on the risks and opportunities presented by technology, according to what was reported by the Wall Street Journal.
Clayton, who was appointed Director of National Intelligence in August, told the newspaper that Trump requested the formation of a group that the administration called the “Superintelligence Force,” with the aim of ensuring that the United States remains at the forefront of advanced artificial intelligence, while protecting Americans’ whistleblowers.
“The risks of not finishing first are high,” Clayton added.
The working group will review the risks associated with artificial intelligence, and current government reporting mechanisms for hacks, attacks, and other incidents, in addition to providing recommendations to enhance the federal government’s ability to respond to these risks within the framework of existing powers, according to the team’s charter, the details of which were reported by the newspaper.
The move comes at a time of increasing concerns about the safety of artificial intelligence, after some researchers warned that technology developers believe that artificial intelligence could kill people within a decade. These concerns sparked reactions from Republican and Democratic lawmakers who called for additional action.
Trump has so far taken a conservative stance toward tightening oversight of artificial intelligence, warning that excessive regulation could weaken the United States' ability to compete with China. He said Tuesday that he does not want to cooperate with Chinese President Xi Jinping on setting rules to regulate artificial intelligence technology.
Clayton's appointment marks the second time that Trump has chosen an advisor to oversee decisions related to artificial intelligence across various administration agencies. Venture capital investor David Sachs served in this role at the beginning of Trump's second term.
According to the report, Emil Michael, Scott Cooper, and Federal Trade Commission Chairman Andrew Ferguson will be vice-chairmen of the task force, while its members include Vice President J.D. Vance, Defense Secretary Pete Hegseth, Treasury Secretary Scott Besent, and White House Chief of Staff Susie Wiles.
The team will also include advisors from outside the administration, including Sachs and former Secretary of State Condoleezza Rice, according to the Wall Street Journal.
The International Energy Agency announced on Saturday that member states have so far released 325 million barrels of oil and its derivatives from strategic reserves, out of 400 million they pledged to pump in March, shortly after the outbreak of war in the Middle East.
This comes the day after the G7 countries agreed, in agreement with the International Agency, to immediately release 100 million barrels of diesel fuel and crude oil to ease concerns about global energy supplies resulting from the repercussions of the war.
The G7 did not clarify whether the 100 million barrels included the remaining 75 million from the previous pledge, or whether it would be an addition to it.
