分类： business

Commonwealth Fusion Systems (CFS), a Massachusetts-based fusion energy startup, has successfully raised $863 million (Dh3.17 billion) in its Series B2 funding round, marking one of the largest deep tech clean energy investments outside the AI sector. The funding round attracted a diverse array of strategic investors, including tech giants like Google and NVIDIA, as well as major international banks and energy companies from Japan, Korea, Europe, and the UAE. This significant financial boost underscores the growing global interest in energy innovation, particularly at the intersection of AI and clean energy. CFS, a spin-off from MIT, is currently constructing its Sparc facility in Devens, Massachusetts, with supply chain partners from over 30 countries. The project, which is 70% complete, aims to demonstrate net energy gain—producing more power than it consumes—within the next two years. CFS’s approach combines proven Tokamak science with cutting-edge high-field magnets, which are now being mass-produced and installed in the Sparc facility. Fusion energy, which replicates the reaction powering stars, promises a future of abundant, clean, and dispatchable power. It offers energy independence by decoupling power generation from natural resources, making it ideal for urban centers and regions with limited land. CFS Co-Founder and CEO Bob Mumgaard highlighted the relevance of fusion energy to AI, which demands constant, high-volume energy. ‘AI is the fastest-growing energy consumer. Fusion pairs well with its needs—technically and philosophically,’ he said. Mumgaard also praised the UAE for its strategic vision and execution in energy infrastructure, from nuclear power to AI-driven innovation. ‘Energy is prosperity, and prosperity is change. The UAE understands this deeply and is well-positioned to lead the energy transition,’ he noted. With Sparc nearing completion and commercial fusion power on the horizon, CFS is not just chasing scientific milestones—it’s building the future of energy. The next step involves selling electricity from fusion, turning science fiction into reality.

A consortium led by Aljomaih Energy and Water, in collaboration with Buhur Investment Company and Nesma Group, has successfully achieved financial closure for the Jubail–Buraydah Independent Water Transmission Pipeline Project. The project, valued at SAR 8.5 billion ($2.26 billion), marks a significant milestone in Saudi Arabia’s efforts to enhance its water infrastructure. The financial close follows the signing of the Water Transmission Agreement between the project company, Stream Water Transmission Company, and the Saudi Water Partnership Company (SWPC). The ownership structure of the project is divided among Aljomaih Energy and Water (45%), Buhur Investment Company (35%), and Nesma Group (20%). The project, which will link the Eastern Province with the Qassim Region, is the Kingdom’s first independent water transmission initiative and features reverse pumping capabilities. Financing was secured through a consortium of prominent local and regional lenders, including Al Rajhi Bank, National Infrastructure Fund, and Abu Dhabi Commercial Bank, among others. The financing structure is entirely based on Islamic principles, a unique feature for projects of this scale. The Jubail–Buraydah project will transmit 650,000 cubic meters of desalinated water daily, supported by a storage capacity of 1,634,500 cubic meters, and will span 587 kilometers. Developed under a Build, Own, Operate, and Transfer (BOOT) model, the project has a 35-year concession period, with construction expected to be completed by 2029. Once operational, the project will serve over two million beneficiaries, providing a reliable and sustainable water source with an availability rate of up to 98%. The initiative aligns with Saudi Arabia’s National Water Strategy 2030 and Vision 2030 objectives, emphasizing long-term water security and infrastructure resilience. Key stakeholders, including Ibrahim Aljomaih, Eng. Adnan Buhuligah, and Faisal Alturki, highlighted the project’s strategic importance and the consortium’s commitment to innovation, sustainability, and local content development.

At the APEC CEO Summit held in Gyeongju, South Korea, leaders and business executives underscored the critical importance of fostering deeper partnerships to enhance trade, investment, and sustainable growth across the Asia-Pacific region. The event, attended by prominent figures from various nations, focused on addressing challenges such as supply chain resilience, digital trust, and regional cooperation. Thailand’s Prime Minister Anutin Charnvirakul emphasized the need for global collaboration to combat online scams and cybercrime, while Vietnam’s President Luong Cuong stressed the significance of maintaining a stable environment to facilitate free trade and investment. Thani bin Ahmed Al Zeyoudi, the UAE’s Minister of Foreign Trade, highlighted the nation’s commitment to openness as a cornerstone of its economic growth, advocating for increased global trade amidst rising protectionism. Eric Ebenstein, TikTok’s Senior Director of Public Policy, discussed the pivotal role of trust in the digital ecosystem, citing the economic impact of content creation, particularly the global influence of South Korean culture. He shared an example of a viral TikTok post about gimbap (seaweed rolls) that led to a nationwide sellout in the U.S. Other speakers, including Chang In-hwa, Chairman and CEO of Posco Group, called for multilateral partnerships to build resilient and green supply chains. Posco’s joint venture with Australia’s Hancock Prospecting, Japan’s Marubeni Corp, and China Steel Corporation was highlighted as a model of regional collaboration. Garry Korte, CEO of Hancock Prospecting, emphasized the high level of trust generated through such partnerships, while Paul Grimes, CEO of the Australian Trade and Investment Commission, described supply chains as the ‘lifeblood of modern economies,’ underscoring the need for sustainability and resilience. Masayuki Omoto, CEO of Marubeni, echoed the call for public-private partnerships to address global challenges effectively.

The recent summit between Chinese President Xi Jinping and US President Donald Trump has led to significant trade concessions, sparking widespread celebration among Chinese media and commentators. Washington agreed to halve the 20% fentanyl-related tariff and extend the suspension of the 24% reciprocal tariffs by a full year, rather than the initially anticipated 90 days. This decision came after the two leaders met in South Korea on Thursday morning, marking a pivotal moment in the ongoing trade negotiations between the two economic giants. Chinese analysts hailed the compromises as substantial, particularly given the backdrop of the tariff war that began in 2018. Despite a de-escalation agreement in May, Chinese exporters still faced an average tariff rate of 55%, including a 20% fentanyl-related tariff, a 10% reciprocal tariff, and a 25% tariff from the 2018 trade war. The new concessions are expected to save Chinese exporters $43.5 billion annually, providing a much-needed boost to China’s export economy, which saw a 16.9% year-on-year decline in the first nine months of this year. The trade truce also highlighted China’s strategic use of its rare-earth dominance, with the US recognizing the critical role China plays in global rare-earth refining. This leverage has allowed Beijing to secure time for supply chain reforms and industrial upgrades. Meanwhile, the one-year tariff suspension has reignited optimism across China’s manufacturing hubs, with business leaders viewing it as a lifeline for stabilizing production and securing global orders. The US, facing its own industrial challenges, has softened its stance, acknowledging the need for cooperation. However, analysts caution that the US policy of suppressing China’s technological development remains unchanged. The truce also includes agreements to postpone new sanctions rules and reciprocal port fees, further easing trade tensions. As both nations navigate this fragile truce, the focus remains on leveraging the coming year to strengthen economic resilience and deepen bilateral cooperation.

In a strategic shift, major oil companies are now drilling in East Texas, not for oil, but for lithium and other rare earth elements essential for advanced manufacturing. Chevron, Halliburton, and Exxon are leading the charge, with significant projects announced in 2025. The Smackover Formation, a massive brine deposit, has been identified as the most lithium-rich site in North America, sparking a rush of investment and development.