Saudi Arabia accounts for about 54 percent of the total assets managed within the investments and partnerships sector of the Arab Energy Fund, which is studying new investment opportunities in the Kingdom and the region, including data centers and associated infrastructure, oil and gas field services, and storage facilities for fuel and petroleum products.
In an interview with Asharq Al-Awsat, on the sidelines of the World Petroleum Conference in Riyadh, Maher Morali, head of investments and partnerships at the Arab Energy Fund, said that the Saudi energy sector is considered one of the most attractive markets in the region, not only due to the size of the market, but also to the structural transformations it is witnessing within the framework of “Vision 2030”, the expansion of industrial and infrastructure investments, and the diversification of energy sources.
He added that the Fund sees promising opportunities in a number of sectors, most notably services related to oil and gas, petrochemical industries, energy infrastructure, logistics and storage services, in addition to sectors related to the transformation of the energy system, including renewable energy, central cooling, water management, and energy efficiency solutions.
Murali explained that the fund focuses on investing in companies and operational platforms capable of expansion, whether through organic growth or acquisitions, to support the building of regional entities based on the Saudi market.
He pointed out that the next stage will provide important opportunities for institutional investors who are able to provide long-term capital, in addition to sectoral expertise and strategic partnerships that support companies’ growth and enhance their competitiveness.
The fund's total assets amounted to about $14 billion by the end of the first half of 2026, recording an annual growth of 16 percent, according to Murali, who indicated that this growth reflects the solidity of the fund's financial position and its ability to continue expanding its financing and investment activities.
Data centers
Regarding investment opportunities related to the expansion of artificial intelligence and data centers, Murali said that the rapid growth in these applications will constitute one of the main drivers for increasing demand for electricity in the coming years, as data centers need large electrical capacities and reliable and continuous supplies, as well as advanced solutions for cooling and energy consumption management.
He explained that this trend is gaining particular importance in Saudi Arabia, with the growing investments in digital infrastructure, artificial intelligence, and cloud computing, pointing out that investment opportunities are not limited to the data centers themselves, but rather include the value chain associated with them, including electricity generation, renewable energy, energy storage and cooling systems, electrical infrastructure, and water management.
He added that investing in data centers and related infrastructure represents one of the Fund's strategic axes in Saudi Arabia and the region, indicating that the Fund is currently studying and developing a number of opportunities in this field, to be announced after completing the necessary procedures and approvals.
New investments
Regarding existing investments and potential deals, Murali explained that the fund continues to strengthen its presence in Saudi Arabia and the region through investments aimed at supporting the growth of companies operating in the energy sector and related sectors, developing infrastructure and enhancing energy security.
He pointed out that the fund announced in early 2026 a major investment in APSCO, which works in supplying aircraft fuel and distributing lubricants, indicating that the deal reflects the fund’s orientation towards companies that have a strong market position and potential for growth and expansion.
He explained that the fund's strategy depends on acquiring influential minority stakes in companies, in partnership with global infrastructure funds, international strategic partners, or local business groups, with a focus on companies that have strong management teams and distinguished operational experiences.
He stressed that the role of the Fund is not limited to providing capital, but extends to supporting the operational capabilities of companies and assisting them in geographical expansion and developing their activities.
Murali stated that the opportunities being studied by the Fund include infrastructure that supports the flexibility and continuity of energy exports, oil and gas field services, and storage facilities for fuel and petroleum products, in addition to energy services in a broad sense.
He added that these opportunities go through various stages of study, evaluation and negotiation, noting that the Fund looks forward to announcing new investments after completing the procedures and obtaining the necessary approvals, according to a selective investment approach that focuses on asset quality and achieving sustainable value in the long term.
The Arab Energy Fund, a multilateral development financial institution, was established in 1974 with the participation of 10 Arab oil-exporting countries. It began its work in 1975 and is headquartered in Riyadh. It works to finance energy sector projects in the Middle East and North Africa region by providing debt financing and equity investment solutions, in addition to advisory services.
The fund was previously known as the Arab Petroleum Investments Company (APICORP), before changing its name and corporate identity to the Arab Energy Fund in 2023.
China's diesel exports jumped last September by 262.3 percent year-on-year, reaching their highest level since February 2023, while exports of refined petroleum products overall rose 39.4 percent, with supplies from the Middle East and Russia declining due to the Iran war and other conflicts.
Chinese customs data showed on Sunday that exports of refined petroleum products, which include diesel, gasoline, jet fuel and marine fuel, rose 19 percent compared to August, to 7.16 million tons, continuing the strong growth recorded in the previous month.
Diesel exports reached 1.85 million tons, an annual increase of 262.3 percent, while gasoline, diesel and jet fuel exports combined rose to 4.41 million tons, an increase of 56 percent from September of last year, exceeding their 2025 monthly average of 3 million tons.
This increase comes after Beijing imposed restrictions on exports of refined products, including diesel, gasoline, and jet fuel, in mid-March, with the aim of protecting domestic supplies in light of the risks associated with developments in the Middle East, before easing the restrictions in mid-July.
In contrast, aviation fuel exports rose 16.7 percent year-on-year to 1.94 million tons in September, while gasoline exports fell 4.1 percent to 620 thousand tons.
Over the first nine months of the year, China's exports of refined petroleum products amounted to 41.4 million tons, a decrease of 3.7 percent compared to the same period last year. Diesel exports increased during the period by 31.6 percent to 6.68 million tons, while aviation fuel exports fell by 11 percent to 13.7 million tons, and gasoline exports fell by 51.9 percent to 3.04 million tons.
On the import side, China's imports of liquefied natural gas decreased 1.4 percent year on year to 5.61 million tons in September, while total imports during the first nine months reached 44.62 million tons, a decline of 5.8 percent from the corresponding period of the previous year.
The Governor of the Saudi Central Bank, Ayman Al-Sayyari, confirmed that the diverse energy infrastructure and logistics networks have enabled the Kingdom to continue oil supplies and regional trade, at a time when the global economy is facing the expanding repercussions of the conflict in the Middle East, extending from energy markets and shipping lanes to inflation, food and finance.
Al-Sayari said, in his speech before the International Monetary and Financial Affairs Committee of the International Monetary Fund, headed by Saudi Finance Minister Mohammed Al-Jadaan, during its meetings in Bangkok, that the Saudi economy continues to adapt to the repercussions of the conflict from a position of strength, supported by prudent policy frameworks and large financial and non-financial margins, in addition to a banking sector that enjoys strong levels of capital and liquidity. He stressed the Kingdom's continued efforts to support economic activity and maintain monetary and financial stability, while maintaining the sustainability of public finances.
Al-Sayyari stressed that energy security is not limited to the availability of supplies, but rather includes the ability to deliver them to markets reliably and at an appropriate cost, calling for continued investment in the various links of the energy chain, from production and refining to storage and diversification of transportation methods, and in all energy sources, including oil and gas, as this is an essential element of global economic and financial stability.
He explained that the initial repercussions of the conflict were concentrated in energy markets and major shipping lanes, before spreading to broader sectors, including trade, transportation, inflation, financing conditions, and investor confidence. He added that the pressures extended from oil and gas to refined petroleum products, especially transportation fuels, fertilizers and basic production inputs, exacerbating the risks of rising prices and putting pressure on food security and production.
He warned that redirecting supplies and withdrawing from stocks contributed to mitigating the immediate impact of the unrest, but reduced the ability to cope with additional outages, noting that continued pressures may weaken global growth prospects in the medium term.
Saudi banking sector
Speaking about the ability of the Saudi economy to confront shocks, Al-Sayyari pointed out that the banking sector enjoys strong capitalization and high liquidity, and that financial safety indicators are still among the strongest in the region. He added that asset quality has improved, and stress tests confirm the banking system's ability to withstand severe shocks.
Al-Sayyari attributed the Kingdom's ability to maintain local stability to decades of prudent economic management, risk management and strategic investment, in addition to the diversification of energy infrastructure and logistics services, which contributed to supporting the continued supply of oil and regional trade, and mitigating the impact of the global energy shock.
He stressed that Saudi Arabia continues to adapt its response to developments in the conflict to support economic activity and maintain monetary and financial stability, while maintaining room to move in the face of any additional developments, without disturbing the sustainability of public finances.
“Vision 2030” and promoting growth
The Governor of the Saudi Central Bank pointed out that “Vision 2030”, as it enters its tenth year, has strengthened the economic foundations of the Kingdom by expanding the non-oil economy, increasing private sector participation, and strengthening institutions and the ability to implement reforms.
He stressed the Kingdom's continued commitment to reforms that raise productivity and expand private investment opportunities, while improving spending efficiency and maintaining financial sustainability. He added that the next phase will witness continued efforts to diversify the economy, deepen financial markets, and develop human capital, in addition to developing infrastructure and institutional capabilities to support sustainable and comprehensive growth.
A call to activate IMF reforms
At the level of international cooperation, Al-Sayyari called on the International Monetary Fund to focus on the actual implementation of the institutional reforms whose review was recently completed, including economic oversight, program design and conditions, financial sector assessments, and the debt sustainability framework for low-income countries.
He stressed the need for the Fund's programs to take into account countries' circumstances, needs, and ability to implement reforms, and for the conditions to focus on the measures necessary for the success of the programs, while strengthening coordination between oversight, financing, and technical assistance. He also stressed the importance of addressing unsustainable debts in an organized and timely manner, and enhancing cooperation among creditors.
Al-Sayyari renewed Saudi Arabia’s support for the technical assistance provided by the Fund, including the Kingdom’s pledge to provide $279 million, in addition to its support for the Fund’s regional office in Riyadh.
The speech also touched on the risks posed by fluctuations in capital flows, the rise in sovereign bond yields, and the growing role of non-banking financial institutions, in addition to the repercussions of artificial intelligence and stable currencies on productivity and financial stability, stressing the importance of developing analysis and oversight to keep pace with these risks.
