Equinix launches $1bln cloud computing data centre in Saudi Arabia
DUBAI: Equinix launched a $1 billion cloud computing data centre in Saudi Arabia, it said on Tuesday on the sidelines of LEAP2025 Tech Conference held in Riyadh, Saudi state TV reported. (Reporting by Nayera Abdallah and Jana Choukeir, Editing by Louise Heavens)
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- Arabian Post
Saudi Push Reshapes OPEC+ Oil Production Strategy
Arabian Post Staff -Dubai Prince Abdulaziz bin Salman's tenure as Saudi Arabia's energy minister has marked a decisive shift in OPEC+ dynamics, culminating in a significant production decision that underscores Riyadh's growing influence within the cartel. The latest OPEC+ meeting saw Saudi Arabia successfully advocate for a third consecutive super-sized monthly output increase, a move that has reshaped the alliance's approach to oil supply management despite opposition from key players such as Russia. Since assuming office six years ago, Prince Abdulaziz has positioned Saudi Arabia as a firm leader within OPEC+, emphasising discipline and adherence to agreed production quotas. This approach contrasts with the historically more conciliatory stance the kingdom sometimes took within the cartel. The current strategy reflects a broader ambition to reclaim market share lost to non-compliant members and emerging producers outside the alliance's remit. ADVERTISEMENT The decision to boost output again—by approximately 500,000 barrels per day—signals a willingness to absorb short-term price volatility in favour of longer-term market dominance. Riyadh's strategy appears geared towards punishing those within OPEC+ who have routinely exceeded their quotas, thereby undermining the cartel's collective efforts to control supply and sustain prices. Saudi Arabia's emphasis on stringent compliance aims to reinforce OPEC+ cohesion, even at the risk of dampening crude prices temporarily. Russia's resistance to the output increase highlighted fissures within OPEC+ as Moscow has consistently advocated a more cautious production approach, citing concerns over oversupply and the fragility of global demand recovery. Russia's stance reflects a balancing act between maximising revenue and preserving the alliance's unity. However, Saudi Arabia's assertiveness in pushing the hike through demonstrates Riyadh's readiness to leverage its dominant production capacity and market position to set the cartel's agenda. Global oil markets responded to the output hike by seeing a downward adjustment in prices, reflecting the increased supply entering the market. This shift contrasts with the supply restraint policies of previous years, which had been instrumental in stabilising prices amid fluctuating demand and geopolitical uncertainty. Market analysts note that the Saudi-led increase could signal a new phase in OPEC+ policy, one in which Riyadh is prioritising market share recovery over price support. The broader context of this development involves multiple factors. The energy transition and climate policies worldwide have added pressure on oil producers, particularly those heavily reliant on hydrocarbons. Saudi Arabia's move suggests a pragmatic response to these challenges, aiming to maximise current revenues while investing in diversification strategies such as renewable energy and petrochemicals. The kingdom's position as the de facto swing producer within OPEC+ gives it substantial leverage. Saudi Arabia can modulate output to influence global prices, a power that has been increasingly evident under Prince Abdulaziz's stewardship. The kingdom's vast spare capacity and low production costs enable it to sustain output increases that smaller or higher-cost producers cannot match. ADVERTISEMENT The decision also reflects Saudi Arabia's geopolitical considerations. Energy policy remains a critical tool of regional influence and international diplomacy. By asserting control over OPEC+ production decisions, Riyadh reinforces its leadership role not only within the cartel but also in broader energy markets, which remain pivotal to global economic stability. The internal dynamics of OPEC+ have evolved since the alliance's formation in 2016. Initially established to coordinate between OPEC members and major non-OPEC producers like Russia, the group has faced ongoing challenges balancing competing national interests. Saudi Arabia's push for discipline and market share signals a new era where Riyadh asserts a more centralised command, even if that risks tensions with key allies. The output increase also responds to market signals, including stronger oil demand forecasts and inventory levels that have stabilised. By expanding supply, Saudi Arabia aims to pre-empt supply shortages that could push prices beyond levels palatable to consuming nations and industries. This approach seeks to sustain demand growth by ensuring adequate supply and avoiding disruptive price spikes. Critics argue that the output hike risks destabilising markets by flooding them with excess supply amid uncertainties in global economic growth, inflation, and energy transition timelines. They caution that prolonged lower prices could undermine investment in the oil sector, affecting long-term supply security. However, proponents view Saudi Arabia's move as a necessary recalibration to reinforce market order and assert control over a fragmented supply landscape. The ripple effects of the Saudi-led decision extend beyond OPEC+ members. Non-OPEC producers, including the United States shale industry, watch closely as changes in cartel policy impact global price signals and investment decisions. The output hike could influence the pace and scale of shale production, which remains a significant factor in global supply dynamics. As the alliance navigates these complexities, Saudi Arabia's approach under Prince Abdulaziz bin Salman sets a clear tone of leadership and strategic resolve. The kingdom's readiness to push through output increases despite opposition illustrates its confidence in wielding its production capacity as a geopolitical and economic tool. This assertive posture aligns with Saudi Arabia's broader economic vision, including the ambitious Vision 2030 plan to diversify its economy and reduce dependence on oil revenues. Managing oil production to balance market share and price stability forms a critical part of this strategy, enabling the kingdom to finance diversification projects and maintain fiscal stability.
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NetActuate Expands European Reach with Dublin Infrastructure Hub
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UAE stock markets report steady gains in May despite global volatility
1 June 2025 19:12 A. SREENIVASA REDDY (ABU DHABI)The UAE equity markets closed May 2025 on a positive note, with both the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) recording gains, despite volatility in global markets, according to the monthly market report from Kamco combined market capitalisation of the two bourses rose as investors gained confidence from steady earnings, increased liquidity, and sector-specific momentum. The report highlights that both exchanges remained among the more resilient performers in the GCC during the month.'Equity markets in the GCC region remained volatile during May replicating the trend in the broader global financial markets. Almost all markets in the region witnessed gains during the month, but a 5.8% decline in the TASI (Saudi index) dragged the MSCI GCC index into the red with a decline of 2.6% during the month,' Kamco Invest ADX General Index registered a monthly gain of 1.6%. The index closed at 9,685.1 points in May, bringing its year-to-date performance for 2025 to 2.8%.According to Kamco Invest: 'Sectoral performance on the exchange was evenly split, with five out of 10 sector indices registering declines, while the remaining five recorded gains.'The overall gain in the FTSE ADX General Index was driven by advances in the Energy, Financial, Real Estate, and Utilities Indices. The Energy Index posted the steepest gain, climbing 4.4%, as two out of the four constituent companies recorded share price increases, led by a 7.7% rise in ADNOC Distribution's share price during the month. The Utilities Index followed closely with a gain of 3.8%, supported by a 3.8% share price increase in its sole constituent company, Abu Dhabi National Energy Co, during terms of monthly stock performance, Presight AI led the gainers' chart for May-2025 with a substantial 32.5% increase in its share price. It was followed by Phoenix Group and Sudatel, which recorded gains of 18.4% and 15.9%, respectively. On the decliners' side, Al Wathba National Insurance Company registered the sharpest fall, with a 24.8% drop in its share price during May, followed by Insurance House Co. and United Arab Bank, which posted declines of 13.1% and 10.7%, activity on the exchange was robust but subdued during May. Total volume of shares traded declined by 8.1%, reaching 6.9 billion shares, compared to 7.6 billion shares in April. Conversely, the total value of traded shares rose by 18.2%, amounting to Dh30.6 billion in May, up from Dh25.9 billion in the previous month. ADNOC Gas topped the most active stocks by volume with 1.4 billion shares traded, followed by Multiply Group and Phoenix Group, which recorded trading volumes of 1 billion shares and 499.5 million shares, respectively. In terms of value traded, ADNOC Gas also led with Dh4.6 billion worth of shares changing hands, followed by International Holdings Company and Al Dar Properties, with traded values of Dh 4.56 billion and Dh2.8 billion, DFM General Index recorded its second consecutive monthly gain in May, rising by 3.3% to close the month at 5,480.5 points. This increase brought the index's year-to-date performance for 2025 to 6.2%.Sectoral performance was entirely positive, with all eight sector indices posting gains during the month. The Materials Index posted the steepest gain at 9.1%, followed by the Industrial Index, which advanced 6.2%. The Financial Index improved by 4.4% in May, mainly supported by double-digit gains in several key companies within the sector, including Dubai Insurance Co (+24.8%) and Naeem Investment Holding (+14.8%). Meanwhile, the Real Estate Index — the largest weighted index among the DFM indices — registered a marginal uptick of 0.1% during the month. Slight share price increases in companies such as Tecom (+1.6%) and Emaar Properties (+0.4%) contributed to the overall marginal improvement of the Real Estate Index. The Utilities Index rose by 0.8% with a 1.9% increase in the share price of DEWA helped offset a 5.0% decline in Empower and a 1.1% drop in to Bloomberg's monthly stock performance data, Amlak Finance led the list of top gainers in May with a notable 30.2% surge in its share price. It was followed by Dubai Insurance and Naeem Investment, which recorded gains of 24.8% and 14.8%, respectively. Trading activity on the exchange was mixed in May. The total volume of shares traded declined by 3.6%, reaching 4.5 billion shares compared to 4.7 billion shares in April. In contrast, the total value of shares traded rose by 17.5% to Dh 15.1 billion in May against Dh12.8 billion in April. DEWA topped the monthly trading volume chart, with 994.1 million traded shares followed by Salik and Talabat at 465.7 million and 397.4 million shares, respectively. In terms of trading value, Emaar Properties led with Dh 3.1 billion worth of shares traded, followed by DEWA and Salik at Dh 2.7 billion and Dh 2.6 billion, respectively.
