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JEDDAH: Arab energy companies posted record net profits of over $280 million in 2024 — their highest ever — driven by strong business volumes and strategic initiatives, according to the Arab Energy Organization. 

The achievement reflects the resilience of Arab energy firms amid volatile markets and follows efforts to modernize operations and strengthen coordination across member states, said Secretary-General Jamal Al-Loughani during the opening of the organization’s 54th Annual Coordinating Meeting. 

He stressed the importance of providing necessary support to foster growth, enhance prosperity, and achieve their founding objectives, the Kuwait News Agency, or KUNA, reported. 

“Al-Loughani underscored the need to build on previous meetings and their positive outcomes, moving toward a new phase that opens avenues for cooperation among affiliated companies and with national companies of a similar nature and activity in member states,” KUNA reported. 

The official commended the companies’ efforts, describing them as a catalyst for deeper Arab cooperation.  He highlighted their “pivotal and constructive role” in fostering collaboration and creating opportunities to strengthen the petroleum industry across member states, despite challenges arising from regional and global market conditions. 

Al-Loughani also highlighted the “continuous and constructive” communication maintained between the General Secretariat and the affiliated firms through designated liaison officers, KUNA reported. 

During the meeting, representatives of the organization’s affiliated companies reviewed major activities for 2024 and the first half of 2025, including commercial and technical operations, financial results, human resources activities, and training programs.  

They also presented several plans and projects aimed at enhancing performance, adapting to current market fluctuations, and maximizing revenue. 

The meeting was attended by representatives of the Arab Shipbuilding and Repair Yard Co., or ASRY, the Arab Energy Fund, the Arab Petroleum Services Co., the Arab Drilling and Workover Co., and the Arab Well Logging and Well Services Co. 

The Arab Energy Organization, formerly known as the Organization of Arab Petroleum Exporting Countries, was restructured and renamed in December following a Saudi-led proposal to broaden its mandate beyond oil to cover the wider energy sector. 

����ֱ��’s ACWA Power, a major renewable energy firm and one of the region’s key players, reported a 2024 net profit of SR1.75 billion ($466 million), up 5.7 percent year on year, underscoring the Arab energy sector’s gradual shift toward sustainable growth. 

RIYADH: Global sukuk outstanding crossed $1 trillion by the end of the third quarter of 2025, representing a 15.5 percent year-on-year increase, driven by steady Islamic investor demand and issuers’ diversification needs, said Fitch Ratings. 

In its latest dashboard, the credit rating agency revealed core markets issued about $80 billion of sukuk in the third quarter of 2025, making it the most active third quarter on record. 

The surge occurred despite challenges including new Shariah requirements, geopolitical events in the Middle East, summer holidays, trade war uncertainties, and volatility in interest, foreign exchange, and commodity markets. 

Bashar Al-Natoor, global head of Islamic Finance at Fitch Ratings, said: “Global sukuk issuance is likely to surpass 2024 this year due to lower rates, steady Islamic investor demand and issuers’ funding and diversification needs, with 2026 prospects being promising.” 

He added: “Risks persist from new Shariah requirements, geopolitics and market volatility, but fundamentals are solid.” 

Sukuk, also known as Islamic bonds, are Shariah-compliant debt products that allow investors to gain partial ownership of an issuer’s assets until maturity. 

Al-Natoor noted that 80 percent of Fitch-rated sukuk are investment grade, with no defaults or fallen angels reported in the third quarter. 

The report also highlighted that bond issuance in core markets declined by 17.6 percent compared with the previous quarter. 

Sukuk continues to rise in significance in emerging markets, with a growing share of outstanding debt capital markets in the Gulf Cooperation Council region at 40 percent and across the Association of Southeast Asian Nations at 16 percent. 

The agency further said that sukuk accounted for over 35 percent of total debt capital market issuances in core markets including the GCC, Malaysia, and Indonesia, as well as Turkiye, and Pakistan. 

In a report released in August, the agency said the value of sukuk rated by Fitch Ratings exceeded $210 billion in the first half of 2025, a 16 percent increase from a year earlier, as demand for Shariah-compliant debt continues to accelerate across global markets. 

The US dollar remained the dominant issuance currency, accounting for over 90 percent of rated sukuk, followed by the Malaysian ringgit at 6.2 percent. 

The steady momentum of global sukuk markets underscores the expansion of debt markets in countries like ����ֱ��, where domestic and international investors seek diversification and stable returns. 

����ֱ�� accounted for 18.9 percent of the $250 billion US dollar debt issuance in emerging markets excluding China during the first half of 2025, slightly higher than the 18.5 percent recorded during the first five months of 2024, when total issuance reached $200 billion. 

Fitch said ����ֱ�� was followed by Brazil at 10.6 percent and the UAE at 8.7 percent of total issuances in the period.