Al-Morjan Two Electricity Company has achieved financial close for the SAR 9.69 billion Rabigh 2 IPP Expansion Project in Saudi Arabia. ACWA Power holds a 40 percent equity stake in the 2,313.5 MW gas-fired facility. Debt financing was backed by a syndicate including major Chinese commercial banks.
Brent crude prices rose over 4% to $107.95 per barrel following an attack on Iran's South Pars gas infrastructure and subsequent retaliatory threats against Gulf energy sites. Iranian media confirmed damage at the Asaluyeh refinery, while benchmark crude remained above $100 for four consecutive sessions. Meanwhile, Iraqi pipeline exports partially resumed amid ongoing regional output disruptions and Strait of Hormuz transit constraints.
The Drewry World Container Index reached $4,434 per 40ft container in early October 2026, marking a roughly 154 percent year-on-year increase. Despite an easing of Red Sea routing and a 68 percent rebound in Suez transits, China-to-Gulf shipping rates remained elevated due to disruptions around the Strait of Hormuz. Ocean carrier Maersk has implemented emergency surcharges, constraining capacity between Chinese ports and Gulf hubs like Jebel Ali.
Gulf sovereign wealth funds accounted for 62 percent of the US$10.3 billion attracted by China from state-owned investors in 2024. Capital flows are concentrating in finance, downstream petrochemicals, renewables, logistics, and digital infrastructure amid supportive regulatory reforms.
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