Feeding AI’s appetite

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Houthis escalate Saudi strikes as mediators seek to avert a US-Iran war

Good morning, ladies and gentlemen. The new month opens with Oracle expanding its data center network in the Kingdom as AI demand grows, though it’s keeping the locations under wraps. That caution comes as Houthi attacks on Saudi Arabia escalate and Gulf leaders push for de-escalation to avert a renewed regional conflict.

On the oil front, Saudi Arabia and its Opec+ partners agreed in principle to keep December output targets steady at today’s meeting. Bigger moves will wait until a year-end capacity review sets the 2027 baselines.

Elsewhere, Acwa Power is making its first big move into the US through a joint venture with EIG. At home, a new debt enforcement law makes dues faster to collect and harder to dodge, while bank lending to public-sector enterprises jumped 21.5% y-o-y to SAR 285.1 bn in September, nearly triple the growth in total credit.

Hush-hush data centers

Oracle is expanding its data center network in the Kingdom as AI uptake accelerates, Cormac Watters, Oracle’s executive VP of applications for EMEA, told The National. The US multinational tech giant’s expansion plan in the Gulf also includes the UAE. Watters also sees prospects in Qatar, Kuwait, and Syria.

Interestingly, the Middle East is the “fastest-growing part” of Oracle’s wider Europe, Middle East, and Africa region. In Saudi Arabia, Oracle has deployed cloud infrastructure regions in Jeddah and Riyadh to support business operations in line with Saudi Vision 2030.

Geopolitics makes Watters reluctant to disclose the locations of Oracle’s data centers in Saudi Arabia. “We don’t want any bad actors to somehow figure it out,” he said. His caution is understandable: an Amazon Web Services (AWS) data center in the UAE and a cloud computing facility in Bahrain were struck earlier this year during a regional conflict in the Middle East. The Bahrain site took more damage than its regional infrastructure was built to handle, AWS said. In the UAE, it has yet to regain access to the data and resources housed in the facility, though it has helped clients get back up and running elsewhere.

The risks are also reshaping client conversations. Everyone now starts with sovereignty, Watters said — where their data will be stored and who holds “the big kill switch.” Routine purchases are on hold, though strategic transformation projects are moving ahead. Some clients are even asking about what Watters called a “digital embassy” — a sovereign cloud that can be moved to another country if its site is threatened while staying under home-country control. That’s already doable, especially for global players like Oracle.

War Watch

The Houthis are escalating attacks on Saudi infrastructure as mediators work to head off a new US-Iran war. The group claimed six new operations on Thursday, including missile strikes on the Ras Tanura and Rabigh refineries and Aramco’s Abqaiq facility, and a missile salvo on Riyadh’s King Khalid International Airport. It also said a drone strike on Dammam’s King Fahd International Airport disrupted air traffic, and that an attack on the headquarters of Saudi mobilized forces in Najran caused casualties.

Saudi launches strikes of its own, Houthis say: Houthi spokesman Yahya Saree said on Friday that Saudi warplanes carried out 93 airstrikes and missile attacks in the past 24 hours, targeting what he called civilian assets in Sanaa, Al Jawf, Taiz, Saada, Marib, Dhamar, Hajjah, Ibb, and Lahj. That brings the total number of Saudi strikes to nearly 3.7k since the escalation began, he said.

Saudi Arabia is blaming the Houthis for attacks on holy cities. The Saudi-led coalition also said it intercepted multiple drones and missiles over Medina and Makkah, as well as Riyadh (in two separate incidents) and the southern, eastern and western regions. The Houthis, however, denied targeting Medina, calling the claims “great lies” that “no one believes anymore,” and saying their operations target Saudi oil facilities and military bases.

Gulf leaders are calling for de-escalation, both publicly and privately, The Washington Post reported, amid separate reports that the US is planning a brief but forceful military operation against Iran after the 3 November midterm elections. A Qatari delegation reportedly visited Tehran on Friday as part of mediation efforts, while the UAE urged all sides to “exercise wisdom and pursue political solutions to contain tensions.” Oman, meanwhile, called on Gulf countries to form a security pact with Iran and Iraq, warning of the “terrible cost” of excluding Tehran.

ICYMI- A Turkish parliamentary committee approved the defense agreement committing Turkey, Pakistan — which is “cautiously optimistic” about its mediation between Iran and the United States — and Saudi Arabia to treat an armed attack on any of them as an attack on all three as part of the Makkah Joint Defense Agreement signed last August. That comes after Egypt agreed to authorize the “necessary measures” to support the Kingdom.

Keep it steady

Saudi Arabia and other Opec+ countries agreed in principle to keep December oil output targets steady at today’s meeting, Reuters reports, citing three unnamed sources. This is in line with expectations that further policy changes will wait until next year. Before setting the 2027 baselines, Opec+ first has to complete a review of how much oil each member can produce, the sources say. That review, due by year-end, will determine members’ future quotas and how the group phases out its remaining cuts of about 2 mn bbl / d.

GCC exports are recovering, but output is still below quota: GCC countries have been boosting exports, yet most are pumping well under their targets. The regional disruption pushed Gulf producers below their quotas even after Opec+ completed the phased rollback of a 1.65 mn bbl / d supply cut. Regional exports averaged 17.3 mn bbl / d in October, up from 16.4 mn bbl / d in September and 16.9 mn bbl / d in the two months before the war.

Data point

6 mn bbl / d — those were Saudi Arabia’s average crude exports in October, the highest monthly average since the Iran war broke out in late February and up 5.5% from September’s 5.69 mn bbl / d, according to Asharq Business calculations. Meanwhile, Kpler puts September exports at 7.1 mn bbl / d and October at 5.9 mn bbl / d, based on preliminary figures, while Vortexa sees exports holding steady at 6.5-6.6 mn bbl / d in both months.

REMEMBER- Saudi exports have swung sharply this year. They fell to about 2.45 mn bbl / d in August, Kpler data showed, before a drone strike took the East-West pipeline offline in September. The pipeline has since recovered to 5.8 mn bbl / d of its 7 mn bbl / d capacity.

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The big story abroad

Binance covers hack losses: Crypto exchange Binance said it has replaced 90% of the amount stolen following a record USD 6.3 bn hack of its platform, using company money to buy new tokens. The outstanding 10% consists of less liquid tokens, which may take longer to recover. Binance said that it, not its users, will “absorb the financial impact of these stolen funds.” The FBI has blamed the attack on North Korea.

Europe protests continue: The wave of protests across European cities continued over the weekend, driven by the rising costs of living and poor public services, with police still bracing for potential violence after recent looting and riots. Demonstrations swept through Germany, France, Spain, Italy and other countries on Halloween day, following youth-led marches across the continent.

Anthropic may not clinch investment-grade rating: Blackstone told investors in a USD 63 bn chip financing deal that Anthropic is expected to receive a “high” junk credit rating rather than an investment-grade score following its upcoming initial public offering, reversing prior guidance. This shift in credit expectations would complicate the AI startup’s ability to fund its ambitious spending plans, which outline over USD 800 bn for computing infrastructure through 2045.

Public-sector enterprises led Saudi credit growth as consumer signals cooled

Public-sector enterprises are driving Saudi credit growth. Bank lending to them jumped 21.5% y-o-y to SAR 285.1 bn in September, nearly three times the 7.3% rise in total bank credit, which reached SAR 3.5 tn, Sama’s monthly bulletin (pdf) shows. State-linked borrowing is carrying loan growth, while several private-demand signals cooled.

Banks’ government bond holdings climbed to SAR 678.1 bn from SAR 643.1 bn a year earlier, deepening the system’s tilt toward public-sector exposure.

Where the rest sits: Personal loans remain the biggest category at SAR 1.48 tn, ahead of real estate (SAR 435 bn), utilities (SAR 264.3 bn), wholesale and retail trade (SAR 224.3 bn), and manufacturing (SAR 212.9 bn).

Consumer and trade finance looked softer. New residential mortgage lending fell 5.7% m-o-m to SAR 5.5 bn, as contracts slipped to 9.7k from 9.8k; houses took the largest share at SAR 3.8 bn, ahead of apartments (SAR 1.5 bn) and land (SAR 241 mn). Import financing cooled as settled letters of credit for private-sector imports dropped 14.4% m-o-m and 18.2% y-o-y to SAR 12.3 bn, with new LCs down 6.2% m-o-m to SAR 14 bn.

Foreign-asset buffers slipped: The system’s net foreign assets fell to SAR 1.45 tn in September from SAR 1.52 tn in August, with Sama’s own down to SAR 1.66 tn from SAR 1.74 tn, while commercial banks’ net foreign-asset deficit narrowed to SAR 208.5 bn from SAR 217.3 bn.

ALSO- Broad money supply (M3) edged down 0.2% m-o-m to SAR 3.32 tn by the end of the month, with time and savings deposits (42.7%) narrowly ahead of demand deposits (42.3%). Commercial banks’ total assets rose to SAR 5.26 tn, a 6.7% y-o-y gain.

Acwa Power buys into the US power market as the junior partner in a USD 4 bn vehicle with EIG

Acwa Power is making its first big move into the US, signing a joint-venture agreement with Washington-based investor EIG to build a power-generation and energy-storage platform in the US market. The vehicle — Plenum Power — is targeting a launch with around USD 4 bn in initial equity, the two said in a joint statement. Acwa will take 49% and EIG 51%, Acwa said in a Tadawul filing. This hands the financial sponsor rather than the operating partner the majority stake in the platform.

Acwa and EIG are buying in during a dislocation in US renewables. The two expect US power demand — pushed up by electrification and the rollout of AI data centers — to require significant new generation, storage, and investment, and they read the current pressure on US renewable developers from regulatory change, supply-chain inflation, and higher interest rates as a discount rather than a deterrent. That has opened “an attractive entry point for a new entrant at scale,” EIG CEO R. Blair Thomas said, and both partners expect the squeeze to force consolidation Plenum can buy into alongside developing new capacity.

No capital is committed yet. The agreement sets the framework, with deployment still subject to governance, investment criteria, and case-by-case sign-off.

Acwa’s international expansion has taken it across several new markets this year. Acwa has signed agreements for renewable power generation in Mongolia and Turkey, clean energy investments in Indonesia, a gas turbine power plant in Mauritania, a gas-fired plant in South Africa, and a solar and battery storage facility in the Philippines.

Saudi rewires debt enforcement around assets, deadlines, and registered commercial paper

Saudi’s new debt enforcement law makes dues faster to collect and harder to dodge. The Justice Ministry’s new Enforcement Law — which took effect on Wednesday — and its implementing regulations redefine what counts as an enforceable document, how far a debtor can be pursued, and who can run the process. The ministry frames it as a rebalancing: faster, broader collection tools for creditors, with clearer safeguards for the compliant debtor.

The clock is the biggest shift. Forced execution now begins five working days after a debtor is notified of an enforcement order; posting a sufficient bank guarantee buys another 10. Enforcement reaches current and future funds — including receivables from public entities — and government bodies must act on court orders within three working days. Courts can also levy a daily fine of up to SAR 5k for delayed payment, capped at the value of the debt and cancellable once the debtor pays.

For businesses, registration is the near-term task. Bills of exchange and promissory notes must now be logged on the national electronic platform, Nafith, to carry automatic enforcement power. Notes issued before the switch keep that power for a 12-month grace period, after which registration is mandatory — so any firm sitting on unregistered commercial paper has a year to register it or lose the fast track.

The reach now extends offshore. Debtors are legally bound to declare assets, accounts, and unregistered funds held outside the Kingdom, with cross-border enforcement remaining on a reciprocal basis.

Debtor safeguards expand alongside. Travel bans are no longer automatic — creditors must request them, capped at three years and extendable to six — and are lifted for debts of SAR 50k or less, or once a debtor discloses enough to cover what’s owed. Concealing or smuggling funds, or filing false disclosures, carries up to three years’ imprisonment and fines of up to SAR 1 mn. Asset-tracking, appeals, and travel-ban decisions are handled through the ministry’s electronic systems, and accredited private providers can now take part in enforcement.

Why it matters: The clearer deadlines and wider disclosure make regulatory and financial risk easier to price — predictability that boosts confidence in the investment environment for local and foreign investors weighing exposure to Saudi counterparties.

Even more earnings

Walaa swings to 9M net income despite lower ins. revenue

Walaa Cooperative Ins. posted net income of SAR 22.7 mn in 3Q, up from a SAR 9.7 mn net loss a year earlier, according to a Tadawul filing, as improvement in its ins. business offset a decline in investment returns. The turnaround came despite an 11.6% y-o-y decline in ins. revenue to SAR 773.1 mn.

Underwriting did most of the lifting: The company’s ins. service result improved to SAR 34.6 mn from a loss of SAR 27.3 mn in 3Q 2025, driven primarily by lower medical ins. losses, a return to profitability in its motor ins. business, and stronger results in other property and casualty lines.

Investment losses kept a lid on the quarter: Walaa posted a net investment loss of SAR 2.8 mn, compared with SAR 31.1 mn in investment income a year earlier, after booking SAR 26.3 mn in unrealized losses on equity investments. The hit was partly cushioned by a more than fourfold increase in other income to SAR 13.8 mn, mainly driven by Walaa’s Aspire subsidiary, while other operating expenses increased 49.2% to SAR 15.4 mn.

The 9M picture tells a similar story: Walaa swung to net income of SAR 65.8 mn from a net loss of SAR 127 mn in the same period last year, with its ins. segment results improving to an SAR 49 mn gain from a loss of SAR 127.8 mn. Net investment income also rose 27.4% to SAR 60.2 mn, while other income increased to SAR 22 mn from SAR 7.3 mn. The top line remained under pressure, with ins. revenue falling 11.4% to SAR 2.08 bn.

Saptco picks up speed

Saudi Public Transportation Company (Saptco) reported net income attributable to shareholders of SAR 10.4 mn in 3Q, up 380.8% y-o-y, while revenue rose 30.8% to SAR 476.9 mn, according to a Tadawul filing. Higher transportation activity drove the increase in sales, while lower selling and distribution expenses and improved contributions from associates supported profitability. Margins remained stronger than last year, with gross income more than tripling y-o-y to SAR 124 mn, while operating income rose 113.3% to SAR 78 mn in 3Q.

Nine-month income jumped more than sixfold, with attributable net income surging 520.7% y-o-y to SAR 81.5 mn and revenue rising 13.8% to SAR 1.38 bn. The improvement was also driven by increased transportation operations, lower selling and distribution expenses, higher other revenue and finance income, and stronger contributions from associates and joint ventures.

Saptco is continuing to chip away at its accumulated losses, down to SAR 191.7 mn at the end of September from SAR 202.1 mn at the end of June, which the company attributed to 3Q net income. Accumulated losses now represent 15.3% of the company’s SAR 1.25 bn share capital.

Patient volumes drive Care’s growth

National Medical Care Co.’s (Care) net income grew 5.9% y-o-y to SAR 87 mn in 3Q, according to a Tadawul disclosure, as higher patient volumes supported a 14.4% increase in revenue to SAR 471.6 mn. The stronger activity, alongside an improved payer mix, helped gross income climb 18.5% and lifted gross margin to 38.1% from 36.7% a year earlier.

Higher operating expenses limited the flow-through to the bottom line, rising 26.8% y-o-y and outpacing revenue growth as Care continued to expand its operations. Net income margin narrowed to 18.5% from 19.9%.

The 9M picture is mixed: The quarter marks an improvement from the margin pressure seen earlier this year, but net income was still down 5.7% y-o-y to SAR 233.5 mn during the period, even as revenue rose 10.1% to SAR 1.32 bn. Higher staff costs and spending on meds and consumables pushed costs of revenue up 12.1%, while operating expenses rose 17.8% as the company expanded operations. Higher finance costs and zakat charges added further pressure, leaving the 9M gross margin at 35.8%, below last year’s 37.0%. Growth was recorded across the hospital network, led by Al Malaz.

Riyadh Cables’ product mix boosts margins

Saudi cable maker Riyadh Cables Group posted a 15.5% y-o-y increase in net income attributable to shareholders to SAR 325.1 mn in 3Q, according to a Tadawul filing. Revenue also climbed 18.2% to SAR 3.23 bn, which the company attributed to higher commodity prices.

Operating income outpaced both revenue and gross income in 3Q. It rose 20.6% y-o-y to SAR 401.8 mn, against revenue growth of 18.2% and gross income growth of 13.9% to SAR 508.2 mn. The company said product mix drove the increase in net income. The filing doesn’t say which products moved, or why gross income grew more slowly than revenue.

The first nine months show a wider gap between revenue and gross income. Net income rose 11.9% to SAR 913.9 mn as revenue increased 12.5% to SAR 8.93 bn, which Riyadh Cables attributed to higher commodity prices and larger volumes sold. Gross income grew a more modest 4.7%, while operating income rose 12.8%. The company again attributed the increase in net income to product mix.

Pakistan offers Saudi firms tax-free oil storage

Parking Saudi crude in Pakistan?

Saudi oil firms may soon get a tax-free place to store oil in Pakistan. Petroleum Minister Ali Pervaiz Malik told Saudi Arabia’s ambassador that Islamabad has approved a tax-neutral bonded policy — benchmarked against Fujairah and Singapore — that would let Saudi companies hold commercial crude reserves in Pakistan with no local tax, hedging transit risk through Hormuz and Bab Al Mandab and easing access into Asian markets, according to a press release. Malik also pitched Pakistan’s refinery upgrade program and a planned storage and refining complex at Hub, Balochistan, as opportunities for Saudi investment.

IN CONTEXT- The Kingdom has been exploring several similar overseas locations to store its crude. Last week, it was in talks with the Philippines to add it to its crude storage network, and Aramco signed an MoU to store Saudi crude in Singapore’s Jurong Rock Caverns starting in 2027, which would become Aramco’s third storage site in Asia after Japan and South Korea.

Arabian Contracting Services buys some time

Outdoor-advertising firm Arabian Contracting Services has rescheduled nearly SAR 1.8 bn of short-term bank debt into medium- and longer-term facilities with Saudi Awwal Bank (SAB), Banque Saudi Fransi (BSF) and Alrajhi Bank, roughly half of its SAR 3.52 bn in credit facilities, according to a Tadawul filing. SAB and Alrajhi stretched 12-month lines out to seven years, each with a one-year grace period and quarterly repayments after; BSF pushed a 360-day facility to 15 months. The company also secured an additional SAR 300 mn (USD 80 mn) facility from SAB.

The rationale: The rescheduling allows Arabian Contracting Services to spread repayments over a longer period that better aligns with its cash flows and the timelines of its long-term projects, while rolling multiple loans into one agreement with each bank. That should take some pressure off near-term repayments and give the company more breathing room to manage its cashflow.

Gulf sovereign funds could start paying tax on UK property from 2029

The UK will start taxing sovereign wealth funds on their British property from 1 January 2029, ending a long-standing exemption that Gulf investors have used to build large real estate portfolios in London, the Financial Times reports. Sovereign investors will pay tax on rental income from UK property they hold directly and on gains when they sell it, similar to other non-resident investors, according to the government’s consultation paper (pdf). London expects the change to raise about GBP 690 mn a year by FY 2029/30.

Most of what sovereigns earn in the UK beyond property stays taxfree, including interest on UK bonds and deposits, dividends from UK shares, and the earnings of the London offices many Gulf funds use to manage their global portfolios. State-run pension funds also get an extra break and won’t pay tax on gains when they sell UK property.

Why it matters for the Gulf: Sovereign funds such as the Qatar Investment Authority (QIA) have significant investments in London, and UAE sovereign money has poured into build-to-rent housing. The QIA owns Harrods and Chelsea Barracks, has stakes in the Savoy Hotel, the Shard, the Olympic Village, and the HSBC tower, and it took over Canary Wharf Group with Brookfield in a GBP 2.6 bn transaction in 2015. The Abu Dhabi Investment Authority has a GBP 2.2 bn partnership with Greystar to build rental housing in London and nearby commuter towns. And Saudi Arabia’s Public Investment Fund bought a stake in Selfridges, including its property portfolio. Not all of these holdings will be caught, though. The tax targets property sovereigns hold directly, and assets held through UK companies already pay corporation tax.

London is offering ways to soften the blow: Sovereigns will be able to move their buildings into real estate investment trusts (REITs), which pay no tax themselves and pass rental income to owners. A sovereign that owns a REIT through a dedicated UK company will pay a flat 15% on that income, less than the full corporation tax it would owe on property held directly. A stamp duty exemption running from 2028 until at least the end of 2030 will let sovereigns move property into the new structures without a tax bill. Property they already own will also be revalued as of 1 January 2029, so they’ll only pay tax on gains made after that date.

The timing is awkward: Officials are already worried that relations with the UAE could suffer over the penalty Manchester City may face for breaking Premier League financial rules. The previous Conservative government dropped a similar plan in 2023 for fear of putting off foreign investors. The UK’s independent budget watchdog has called the revenue forecast highly uncertain, partly because it’s unclear how sovereigns will restructure to reduce the bill.

What’s next: The consultation closes on 20 January 2027. Draft legislation will follow, with final rules due in the 2027/28 Finance Bill.

TASI	9,921	-1.0% (YTD: -5.4%)
MSCI Tadawul 30	1,340	-1.1% (YTD: -3.4%)
NomuC	21,474	+0.9% (YTD: -7.8%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.25% repo	3.75% reverse repo
EGX30	49,596	+0.6% (YTD: +18.6%)
ADX	9,466	-0.1% (YTD: -5.3%)
DFM	5,771	-0.8% (YTD: -4.6%)
S&P 500	7,580	-1.8% (YTD: +10.7%)
FTSE 100	10,730	+0.1% (YTD: +8.0%)
Euro Stoxx 50	6,131	-1.2% (YTD: +5.8%)
Brent crude	USD 113.43	+2.4%
Natural gas (Nymex)	USD 2.90	-1.8%
Gold	USD 3,899	-3.3%
BTC	USD 77,506	+0.2% (YTD: -11.5%)
Sukuk/bond market index	891.80	+0.2% (YTD: -3.0%)
S&P MENA bond & sukuk	148.90	-2.1% (YTD: -2.0%)
VIX (Fear gauge)	19.42	+12.9% (YTD: +29.9%)

THE CLOSING BELL: TADAWUL-

The TASI fell 1% last Thursday on turnover of SAR 4 bn. The index is down 5.4% YTD.

In the green: Gulf General Cooperative Ins. (+10%), Saudi Industrial Investment (+5.2%), and Consolidated Grunenfelder Saady Holding (+4.6%).

In the red: Saudi Printing and Packaging (-7.6%), Mefic Reit Fund (-6.9%), and AFG International (-6.5%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.9% last Thursday on turnover of SAR 25 mn. The index is down 7.8% YTD.

In the green: Multi Business Group (+21.3%), Lana Medical (+14.7%), and Arabian Plastic Industrial (+13.7%).

In the red: Arabica Star (-15.7%), Mulkia Investment (-8.5%), and Qomel (-6.7%).

CALENDAR

NOVEMBER

11-12 November (Wednesday-Thursday): Aluminum Arabia, The Arena, Riyadh.

16-19 November (Monday-Thursday): Cityscape Global, Riyadh Exhibition and Convention Centre (Malham), Riyadh.

29 November-1 December (Sunday-Tuesday): The UN Trade and Development Global Supply Chain Forum, Riyadh.

29 November-1 December (Sunday-Tuesday): The Global Logistics Forum, King Abdulaziz International Convention Centre, Riyadh.

Signposted to happen sometime in 2026:

2H: Sabic’s USD 6.4 bn Fujian project in China to start production;
November: The Esports Nations Cup, Riyadh;
The World Economic Forum’s Global Collaboration and Growth Meeting, Jeddah;

DECEMBER

14-16 December (Monday-Wednesday): The Innovation Driven Water Sustainability Conference (IDWS 2026), Jeddah

2027

JANUARY

12-14 January (Tuesday-Thursday): The Future Minerals Forum (FMF), Riyadh.

FEBRUARY

1-3 February (Monday-Wednesday): Energy Regulators Regional Association annual conference, Riyadh.

MARCH

21-25 March (Sunday-Thursday):The World Water Forum, Riyadh.

22–24 March (Monday-Wednesday): Capital Markets Forum, Four Seasons Hotel, Riyadh

APRIL

26-29 April (Monday-Thursday): World Energy Congress, Riyadh.

JUNE

1-3 June (Tuesday-Thursday): The Saudi Entertainment and Amusement Expo, Riyadh Front Exhibition and Conference Center.

Signposted to happen sometime in 2027:

The Ocean Race finishes in Amaala on the Red Sea;
Riyadh-Kudmi transmission line to be completed;
Aero Middle East and Sand & Fun takes place in Thumamah Airport, Riyadh.

Signposted to happen sometime in 2Q 2027:

The Hail Region Water Networks Project is expected to be completed.

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