Saudi Energy hooks UK’s Kraken

Saudi Energy is said to have acquired a minority stake in UK software company Kraken, Sky News reported on Monday, citing people it says are in the know. The transaction, set to be announced in the coming weeks, will see the pair set up a regional JV to roll out Kraken’s operating system across MENA, including accounts here at home. The business was valued in December at USD 8.7 bn.

A massive digital overhaul is at play: The utility giant is set to migrate its roughly 11 mn Saudi customer accounts onto Kraken’s platform. This comes as the Kingdom ramps up its solar and wind capacity, increasing the need for real-time demand management and grid stability.

Kraken provides the software backbone for utilities, handling things like billing, customer management, and smart grid optimization. Its system is licensed to serve over 70 mn customer accounts globally for the likes of E.ON and Tokyo Gas, with an eye on hitting 100 mn customers by next year. A potential IPO in the UK or the US is also in the cards.

Who sits at the cap table: Saudi Energy joins a growing roster of institutional backers in Kraken, alongside New York investment firm D1 Capital, global asset manager Fidelity International, and Ontario Teachers’ Pension Plan, which came in through the company’s recent USD 1 bn raise. Kraken’s corporate parent Octopus Energy holds roughly 13.7% of it following the spin-off, while the UK’s state-backed British Business Bank also holds a minority position.

FinMin closes SAR 16.9 bn April sukuk issuance

The Finance Ministry wrapped up its SAR 16.9 bn local sukuk offering for April 2026, according to a statement from the National Debt Management Center (NDMC) released yesterday. The issuance comes under the government’s Saudi riyal-dominated sukuk program.

The issuance was structured in five tranches: