ABU DHABI: Abu Dhabi National Energy Company is nearing a deal to sell some light oil and natural gas-producing assets in Alberta and British Columbia to privately owned Blue Sky Resources Ltd, three sources familiar with the matter told Reuters.
Abu Dhabi National Energy Company, also called TAQA, has reached an agreement on terms of the sale to Blue Sky and the deal is now awaiting approval from the Alberta Energy Board, one of the sources said.
Reuters could not immediately learn the deal value or other terms.
The sources declined to be identified as the information is not public. They cautioned the Alberta regulator could reject the deal.
“If and when any deal is finalized and approved by the relevant authorities, we will make an announcement in line with regulatory requirements,” TAQA told Reuters in an emailed response.
Blue Sky did not respond to a request for comment.
Several global oil majors have rushed to sell Canadian oil sands assets over the last four years over concerns ranging from high production costs and emissions to scarcity of capital.
If finalized, TAQA’s sale of the assets would make it the second large international oil company to trim its holdings in Canada in recent months. Last week, Japanese state-backed oil producer Japan Petroleum Exploration Co. (Japex) announced the sale of its Hangingstone oil sands project on Thursday.
A host of other Middle Eastern oil and gas companies, including Saudi Aramco, have also outlined plans to raise tens of billions of dollars through sales of stakes in energy assets.
The TAQA assets being sold had production of 9,359 barrels of oil equivalent per day as of September 2020, according to marketing materials seen by Reuters. The assets being sold span 547,467 net acres.
Based in Calgary, Alberta, Blue Sky Resources has been making acquisitions around the region since the start of this year. Backed by oil industry veteran Ilyas Chaudhary and his family, the company has completed at least two other acquisitions in the last six months.
Chaudhary previously led an Irvine, California-based oil producer, Saba Petroleum Co, from 1985 until 1998. He later headed Capco Energy Inc, an offshore US Gulf Coast-focused oil driller.
Not much is publicly known about Blue Sky, a tightly held company, and its website says it is “being reconstructed.”
In March, the company purchased oil producing assets in Alberta from Highwood Oil Company Ltd. It had earlier taken over bankrupt company Zargon Oil and Gas Ltd.
Abu Dhabi National Energy Co. nears deal to sell some Canadian assets - sources
https://arab.news/gwdqb
Abu Dhabi National Energy Co. nears deal to sell some Canadian assets - sources
- Deal is awaiting approval of sale to Blue Sky from the Alberta Energy Board
- Several global oil majors have sold Canadian oil sands assets in recent years
Saudi capital market institutions see 29.6% revenue growth in 2024
RIYADH: Capital market institutions in Saudi Arabia posted a strong financial performance in 2024, with revenues surging by 29.6 percent to SR17 billion ($4.5 billion) and profits rising 39.3 percent to SR8.8 billion, according to the Capital Market Authority’s annual report.
The number of licensed institutions expanded to 186, reflecting both increased operational capacity and rising demand for services across the sector.
This solid performance was supported by a series of regulatory reforms introduced by the CMA throughout the year. Key updates included amendments to the Capital Market Institutions Regulations, the Investment Account Instructions, and the Implementing Regulation of the Companies Law for Listed Joint Stock Companies.
The authority also launched new guidelines for the Offering of Real Estate Contributions Certificates, establishing a regulatory framework to facilitate the registration and issuance of these investment instruments.
The report highlights the sector’s alignment with Vision 2030’s Financial Sector Development Program, which aims to strengthen financial institutions’ roles in supporting private sector growth and national economic diversification.
The growth in the number of licensed entities—and their improved financial results—signals a more resilient financial ecosystem capable of backing major national projects and private enterprise.
Investor protection remained a priority. In 2024, the CMA resolved 121 cases, awarding over SR389 million in compensation to 921 affected investors. The average litigation period dropped from 5.5 months in 2023 to 4.4 months, marking a significant improvement in dispute resolution efficiency.
Enforcement activity also intensified, with 171 violators receiving enforceable decisions and 45 enforcement requests actively pursued.
CMA Chairman Mohammed El-Kuwaiz emphasized that the authority’s strategic plan for 2024-26 centers on enhancing the capital market’s ability to finance growth, strengthening institutional governance, and safeguarding investor rights.
He noted that the plan was shaped through stakeholder engagement and a comprehensive market analysis, in line with the broader Vision 2030 agenda.
Strong fiscal frameworks position Saudi Arabia to weather oil price swings, says minister
- Minister of economy and planning said Kingdom has built resilient economic structures to adapt to multiple oil price scenarios
- Faisal Alibrahim said the Saudi budgets are no longer driven by oil
RIYADH: Saudi Arabia is well-prepared to handle fluctuations in global oil prices, thanks to its strong fiscal planning frameworks, according to the Kingdom’s Minister of Economy and Planning, Faisal Alibrahim.
Speaking at the Qatar Economic Forum during a panel discussion titled “The Geoeconomics of Growth: Finance & Economy Minister Outlook,” Alibrahim said Saudi Arabia has built resilient economic structures designed to adapt to multiple oil price scenarios.
The comments come as oil-producing nations continue to navigate price volatility amid shifting global demand and energy transition efforts.
“We’re always ready for scenarios, multiple scenarios, and we have the buffers. We have the long-term fiscal planning and medium-term frameworks that help us adjust depending on what scenario actually plays out,” the minister said.
The world’s largest oil exporter is accelerating its economic diversification under the Vision 2030 reform agenda. Non-oil exports surged to a record $137 billion in 2024 — a 113 percent increase since the initiative was launched in 2016.
According to data from the Ministry of Finance, non-oil revenues accounted for 43.1 percent of total government income in the first quarter of 2025, representing a 2.06 percent increase compared to the same period last year.
Alibrahim noted that the Saudi budgets are no longer driven by oil. “Today, they’re driven by our priorities,” he added. “On the energy markets and oil, we’ve always been solving for long-term market stability that guarantees that investments will continue to flow to provide the right kind of supply that the global economy needs, and of course, as part of that is OPEC+ discipline.”
The minister noted that Gulf Cooperation Council countries, including Saudi Arabia, are prioritizing long-term growth over short-term gains. “We’re always thinking about not the next 12 months, but a longer-term horizon, and that’s what most of the GCC countries are doing as well,” he added.
Alibrahim also underscored Saudi Arabia’s commitment to Vision 2030 and beyond, stating that Gulf nations are undergoing similar transformations. “What we’re undertaking in Vision 2030 and beyond Vision 2030 is a long-term, big-picture plan that is all about restructuring the Saudi economy,” he said.
Highlighting the region’s economic progress, the minister pointed out that non-oil economies in the GCC grew by 3.7 percent in 2024 — nearly double the global growth rate. “There’s an acknowledgement that we’ve been for a while operating below our potential,” he said, emphasizing the increasing opportunities from economic restructuring.
On foreign investment, Alibrahim described it as a “long-term game,” with Saudi Arabia targeting FDI inflows worth 5.7 percent of the gross domestic product by 2030. The Kingdom has implemented over 900 reforms to improve its business environment, he noted.
Alibrahim also referenced recent geopolitical developments, including US President Donald Trump’s recent visit to Riyadh — part of a broader push for regional dialogue.
“We saw President Trump in Riyadh last week. We saw the result of dialogue, what it led to, including lifting the sanctions on Syria,” he said, signaling growing momentum for economic reintegration.
On May 13, Trump began his four-day trip to the Middle East, his first major international visit of his second term. His first stop was Saudi Arabia, where he secured a $600 billion investment commitment from the Kingdom. During his speech at the Saudi-US Investment Forum, Trump announced the lifting of US sanctions on Syria following talks with Crown Prince Mohammed bin Salman.
The discussion shifted to Syria’s role in regional stability, with Turkish Finance Minister Mehmet Simsek stating: “Having a stable, peaceful, and prospering Syria on its own is a huge gain for the region.” Qatar’s Finance Minister Ali bin Ahmed Al-Kuwari echoed this sentiment, emphasizing the importance of Syria’s economic recovery for regional prosperity.
Aibrahim also addressed Saudi Arabia’s international engagements, including recent diplomatic efforts with the US and China, stressing the need for stronger global economic ties. “It’s in the interest of both (the US and China) that we remain strong partners,” he said.
Foreign investment in Saudi capital market reaches $58bn amid global ranking gains
- Total foreign ownership in the main market reached SR423 billion
- Kingdom earned international recognition for its capital market performance and reform agenda
RIYADH: Net foreign investments in Saudi Arabia’s capital market rose to SR218 billion ($58.1 billion) in 2024, a 10.1 percent increase over the prior year, highlighting sustained international interest in the Kingdom’s financial system.
Total foreign ownership in the main market reached SR423 billion, accounting for 11 percent of total free float shares, according to the Capital Market Authority’s annual report.
The rise reflects sustained global interest in the Kingdom’s financial markets, which have benefited from a series of regulatory reforms and broader efforts to increase market transparency and accessibility.
As part of Vision 2030, Saudi Arabia is working to diversify its economy and position itself as a regional financial hub, with capital market development seen as a key pillar in that strategy.
The Kingdom also earned international recognition for its capital market performance and reform agenda.
In the 2024 World Competitiveness Yearbook issued by the International Institute for Management Development, Saudi Arabia ranked first among G20 nations in four capital market indicators.
“The Kingdom ranked first in the Capital Market Index, Stock Market Capitalization Index, Shareholders’ Rights Index, and Venture Capital Index. Overall, Saudi Arabia saw improvements in 8 out of the 12 capital market related indicators included in the report,” the report stated.
One of the 13 Vision Realization Programs under Saudi Arabia’s Vision 2030 is the Financial Sector Development Program, which aims to deepen and enhance the financial industry.
The program focuses on making the sector more open, transparent, and appealing to both domestic and international investors, directly supporting efforts to increase foreign participation in the Kingdom’s capital markets.
CMA Chairman Mohammed El-Kuwaiz said the report reflects the significant transformation underway in the capital market and emphasized its strengthened global position.
He noted that the strategic plan for 2024–2026 is aimed at deepening the market, enhancing liquidity, broadening the investor base, and improving competitiveness — all of which support the goals of Saudi Vision 2030.
Qatar’s QIA plans to at least double annual US investments over next decade
DOHA: Qatar’s sovereign wealth fund is planning to at least double its annual US investments in the next decade, its CEO said on Tuesday, after the fund has already pledged to invest $500 billion in the US economy over the next 10 years.
President Donald Trump visited Doha last week during his high-profile Gulf tour that focused on major business deals and leveraged rehabilitated relations with a key US ally for investment commitments.
He signed agreements with Qatar’s Emir Sheikh Tamim bin Hamad Al-Thani that the White House said would generate an economic exchange worth at least $1.2 trillion, and included a $96 billion sale to Qatar Airways. But it did not offer a comprehensive breakdown.
When asked how the fund’s annual investment into the US would change since previous years, CEO Mohammed Al-Sowaidi said: “It increased the pace for sure. So I think some years probably increased by double, some years probably buying more than double what we’ve been doing for the past five to six years.”
Saudi capital market hits record $266.6bn in AUM amid fund growth
- Growth accompanied by 47% surge in number of subscribers in public and private funds
- CMA approved 2024–2026 strategic plan, aligning with evolving economic developments
RIYADH: Saudi Arabia’s capital market saw its total assets under management value crossing SR1 trillion ($266.6 billion) in 2024, a 20.9 percent increase from the previous year, a new report showed.
According to the Capital Market Authority’s annual report, this growth was accompanied by a 47 percent surge in the number of subscribers in public and private funds, which rose to over 1.72 million by year-end. The total number of investment funds reached 1,549, continuing the upward trajectory of capital market activity.
This comes as the CMA continues market reforms aimed at improving liquidity, expanding investor access, and strengthening overall performance — part of broader efforts to support Vision 2030 and increase the market’s contribution to the economy.
In a press release, the CMA stated: “The year 2024 also witnessed growth in public offerings and equity registrations, with the CMA approving 60 applications, an increase of 36.4 percent compared to 2023.”
These included 40 applications in the parallel market and 16 in the main market.
A total of 44 listings were completed during the year, reinforcing the vibrancy of Saudi Arabia’s IPO landscape.
Saudi Arabia continued to dominate regional capital markets in the first quarter of 2025, accounting for 12 of the 14 initial public offerings across the Middle East and North Africa, according to EY’s latest report released earlier this month.
The Kingdom’s listings — five on the Tadawul Main Market and seven on Nomu — contributed to a 106 percent year-on-year increase in regional IPO proceeds, which reached $2.1 billion. EY also noted that Saudi Arabia leads the IPO pipeline, with 17 companies already approved by the CMA.
The sukuk and debt instruments market also recorded significant expansion, with the total value of listed instruments reaching SR663.5 billion last year, up from SR549.8 billion in 2023 — a growth rate of 20.6 percent, CMA’s annual report highlighted.
The market regulator attributed this to the largest set of regulatory enhancements since the market’s inception, which included easing entry requirements and expanding the pool of qualified investors.
In the release, CMA Chairman Mohammed El-Kuwaiz noted that the authority approved its 2024–2026 strategic plan, aligning with evolving economic developments.
“The plan includes nine objectives distributed across three strategic pillars: the first focuses on activating the capital market’s role in financing and investment; the second on empowering the capital market ecosystem; and the third on protecting investor rights,” the release added.
The plan was developed through a comprehensive sectoral analysis and consultation with stakeholders, aligned with Vision 2030 objectives.
