WASHINGTON: Russian ships are prowling around underwater communications cables, causing the US and its allies to worry that the Kremlin might be taking information warfare to new depths.
Is Moscow interested in cutting or tapping the cables? Does it want the West to worry it might? Is there a more innocent explanation? Unsurprisingly, Russia isn’t saying.
But whatever Moscow’s intentions, US and Western officials are increasingly troubled by their rival’s interest in the 400 fiber-optic cables that carry most of world’s calls, emails and texts, as well as $10 trillion worth of daily financial transactions.
“We’ve seen activity in the Russian navy, and particularly undersea in their submarine activity, that we haven’t seen since the 1980s,” Gen. Curtis Scaparrotti, commander of the US European Command, told Congress this month.
Without undersea cables, a bank in Asian countries couldn’t send money to Saudi Arabia to pay for oil. US military leaders would struggle to communicate with troops fighting extremists in Afghanistan and the Middle East. A student in Europe wouldn’t be able to Skype his parents in the US.
All this information is transmitted along tiny glass fibers encased in undersea cables that, in some cases, are little bigger than a garden hose. All told, there are 620,000 miles of fiber-optic cable running under the sea, enough to loop around the earth nearly 25 times.
Most lines are owned by private telecommunications companies, including giants such as Google and Microsoft. Their locations are easily identified on public maps, with swirling lines that look like spaghetti. While cutting one cable might have limited impact, severing several simultaneously or at choke points could cause a major outage.
The Russians “are doing their homework and in the event of a crisis or conflict with them, they might do rotten things to us,” said Michael Kofman, a Russian military expert at nonprofit research group CNA Corp. It is not Moscow’s warships and submarines that are making NATO and US officials uneasy but Russia’s Main Directorate of Deep Sea Research, whose specialized surface ships, submarines, underwater drones and mini-subs conduct reconnaissance, underwater salvage and other work.
One ship run by the directorate is the Yantar, a modest, 354-foot oceanographic vessel that holds a crew of about 60. Most recently the ship was off South America’s coast helping Argentina search for a lost submarine.
Parlamentskaya Gazeta, the Russian parliament’s publication, said last October the Yantar has equipment “designed for deep-sea tracking” and “connecting to top-secret communication cables.”
The publication said that in September 2015, the Yantar was near Kings Bay, Georgia, home to a US submarine base, “collecting information about the equipment on American submarines, including underwater sensors and the unified (US military) information network.” Rossiya, a Russian state TV network, has said the Yantar can not only connect to top-secret cables, but could cut them and “jam underwater sensors with a special system.”
Russia’s Defense Ministry did not respond to a request for comment. There is no hard evidence that the ship is engaged in nefarious activity, said Steffan Watkins, an information technology security consultant in Canada tracking the ship. But he wonders what the ship is doing when it is stopped over critical cables or when its Automatic Identification System tracking transponder isn’t on.
Of the Yantar’s crew, he said: “I don’t think these are the actual guys who are doing any sabotage. I think they’re laying the groundwork for future operations.” Members of Congress are wondering, too. Rep. Joe Courtney, a Connecticut Democrat on a House subcommittee on sea power, said of the Russians: “The mere fact that they are clearly tracking the cables and prowling around the cables shows that they are doing something.”
Democratic Sen. Gary Peters of Michigan, an Armed Services Committee member, said Moscow’s goal appears to be to “disrupt the normal channels of communication and create an environment of misinformation and distrust.”
The Yantar’s movements have previously raised eyebrows. On Oct. 18, 2016, a Syrian telecom company ordered emergency maintenance to repair a cable in the Mediterranean that provides Internet connectivity to several countries, including Syria, Libya and Lebanon. The Yantar arrived in the area the day before the four-day maintenance began. It left two days before the maintenance ended. It is unknown what work it did while there.
Watkins described another episode on Nov. 5, 2016, when a submarine cable linking Arabian Gulf nations experienced outages in Iran. Hours later, the Yantar left Oman and headed to an area about 60 miles west of the Iranian port city of Bushehr, where the cable runs ashore. Connectivity was restored just hours before the Yantar arrived on Nov. 9.
The boat stayed stationary over the site for several more days. Undersea cables have been targets before.
At the beginning of World War I, Britain cut a handful of German underwater communications cables and tapped the rerouted traffic for intelligence. In the Cold War, the US Navy sent American divers deep into the Sea of Okhotsk off the Russian coast to install a device to record Soviet communications, hoping to learn more about the USSR’s submarine-launched nuclear capability.
More recently, British and American intelligence agencies have eavesdropped on fiber-optic cables, according to documents released by Edward Snowden, a former National Security Agency contractor.
In 2007, Vietnamese authorities confiscated ships carrying miles of fiber-optic cable that thieves salvaged from the sea for profit. The heist disrupted service for several months. And in 2013, Egyptian officials arrested three scuba divers off Alexandria for attempting to cut a cable stretching from France to Singapore. Five years later, questions remain about the attack on a cable responsible for about a third of all Internet traffic between Egypt and Europe. Despite the relatively few publicly known incidents of sabotage, most outages are due to accidents. About 200 cable-related outages take place each year. Most occur when ship anchors snap cables or commercial fishing equipment snags the lines. Others break during tsunamis, earthquakes and other natural disasters. But even accidental cuts can harm US military operations.
In 2008 in Iraq, unmanned US surveillance flights almost came to a halt one day at Balad Air Base not because of enemy mortar attacks or dusty winds but because an anchor had snagged a cable hundreds of miles away from the base, situated in the “Sunni Triangle” northwest of Baghdad. The severed cable had linked controllers based in the US with unmanned aircraft flying intelligence, surveillance and recognizance missions for coalition forces in the skies over Iraq, said Ret. Air Force Col. Dave Lujan, of Hampton, Virginia.
“Say you’re operating a remote-controlled car and, all of a sudden, you can’t control it,” said Lujan, who was deputy commander of the 332nd Expeditionary Operations Group at the base when the little-publicized outage lasted for two to three days. “That’s a big impact,” he said, describing how US pilots had to fly the missions instead.
Mideast undersea cable at heart of security scare as Russian navy floats around
Mideast undersea cable at heart of security scare as Russian navy floats around

Saudi Aramco to tap bond market amid low gearing at around 5%, CEO says

RIYADH: Saudi Aramco will continue tapping bond markets in the future despite maintaining one of the lowest gearing ratios in the energy industry, according to a top official.
In an interview with Bloomberg, Aramco President and CEO Amin Nasser said the oil giant’s gearing ratio, a financial metric that compares a company’s debt to its equity, is currently around 5 percent. That’s significantly lower than the industry average, where many peers operate with levels between 15 and 20 percent.
“Our gearing today is around 5 percent — still one of the lowest gearing, you know. It’s almost half of the average compared to other energy industry players in the market, and we will continue to tap into that additional bond markets in the future,” Nasser said.
He continued: “But we have a low gearing ratio, which still, as you consider it, is very low compared to any players in the markets.”
The low gearing ratio, which reflects strong financial discipline and limited reliance on debt, is part of what enables Aramco to maintain stability amid market fluctuations.
Gearing is commonly used by analysts and investors to assess a company’s financial leverage, with lower ratios often indicating a stronger balance sheet and reduced financial risk.
In the interview, Nasser also reaffirmed the company’s commitment to maintaining high dividends. “We have a strong balance sheet, and our dividend is one of the highest, the highest globally. We’re expecting to pay dividends that go to the majority shareholder and other shareholders, which is the government, of $85.4 billion this year.”
He said the company benefits from having spare capacity, which allows it to bring more barrels to the market. “For every million barrels, that will have a huge impact on our net income. I would say it will give you a $10 cushion for every million barrels that you put into the market.”
Nasser added: “We have today close to 3 million barrels of spare capacity, so other companies do not have that to cushion any drop in prices. For us, we do have that spare capacity that is healthy, strong, and when you put it, it allows you to increase significantly your net income.”
He emphasized the company’s ability to withstand lower oil prices due to its operational efficiency and robust infrastructure.
“We are the lowest cost producer. Our extraction cost is $3, and it still is $3. And with low extraction cost, healthy balance sheet, and our investment that is continuing to be capturing opportunities that we have,” Nasser said.
Closing Bell: Saudi main index closes in red at 10,990

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Thursday, as it shed 62.35 points, or 0.56 percent, to close at 10,990.41.
The total trading turnover of the benchmark index was SR10.20 billion ($2.72 billion), with 169 of the listed stocks advancing and 74 declining.
The Kingdom’s parallel market Nomu also dropped 123.20 points to close at 26,809.75.
The MSCI Tadawul Index declined by 0.70 percent to 1,403.80.
The best-performing stock on the main market was Saudi Reinsurance Co. The firm’s share price soared by 9.31 percent to SR50.50.
The share price of East Pipes Integrated Co. for Industry increased by 7.83 percent to SR124.
Arabian Drilling Co. also saw its stock price edging up by 5.12 percent to SR84.20.
Conversely, the share price of Makkah Construction and Development Co. declined by 5.65 percent to SR96.80.
On the announcements front, Al Moammar Information Systems Co., also known as MIS, said that it signed a contract valued at SR58.93 million with the Saudi Data and Artificial Intelligence Authority to operate and maintain the National Unified Visa Platform.
In a Tadawul statement, the company stated that the contract is valid for 36 months, with no related parties involved in the deal.
MIS added that the contract is expected to have an impact on the company’s financial results starting from the third quarter of this year.
The share price of MIS rose by 1.66 percent to SR134.80.
Al Kathiri Holding Co. said that its subsidiary, Saraya Al Diyar Investment Co., has entered into a long-term lease agreement valued at SR143.1 million with the Aseer Municipality to build and operate a mixed-use hotel and commercial complex in Abha.
Under the deal, Saraya Al Diyar Investment Co. will establish a four-star hotel with 180 keys, as well as retail and entertainment facilities in the project that spans a total area of 53,000 sq. meters.
The new contract is in line with Al Kathiri Holding’s strategic direction to diversify its investment portfolio and expand into promising, high-impact sectors, aligning with the goals of Saudi Vision 2030, the company said in the statement.
Al Kathiri Holding Co.’s share price was unchanged at SR2.08 by the end of Thursday’s trading.
Saudi Arabia’s Jeddah airport soars to top three in Middle East airport rankings

JEDDAH: King Abdulaziz International Airport has secured third place in the 2024 Airport Connectivity Index for the Middle East, marking a significant milestone in Saudi Arabia’s ascent as a global aviation hub.
The ranking was announced at the Air Connectivity Conference 2025, held in Shanghai, where the Airports Council International Asia-Pacific and Middle East unveiled its annual index.
KAIA followed Dubai International Airport and Qatar’s Hamad International Airport in the regional rankings.
This recognition underscores both KAIA’s growing operational capacity and Saudi Arabia’s broader Vision 2030 goal of transforming the Kingdom into a leading logistics and transportation center. As part of that strategy, Saudi Arabia aims to handle 330 million passengers annually, connect to 250 international destinations, and transport 4.5 million tonnes of cargo by 2030.
Mazen Johar, CEO of Jeddah Airports Co., said the latest ranking reflects the airport’s progress in expanding its air network and enhancing connectivity.
“This milestone demonstrates our commitment to operational excellence and aligns with our strategy to establish KAIA as a pivotal global hub,” he said in a statement to SPA.
Johar noted that the airport’s improved ranking is a result of sustained efforts to boost competitiveness, upgrade infrastructure, and elevate passenger experience in line with national transport goals.
KAIA also held the third spot in the 2023 edition of the index, announced during ACI’s annual assembly in Riyadh.
As part of its long-term development plans, JEDCO is implementing upgrades aligned with the National Transport and Logistics Strategy. These enhancements aim to increase KAIA’s passenger capacity to 114 million annually by the end of the decade.
In 2024, KAIA served 49.1 million passengers — up 14 percent from 2023 — marking the highest annual passenger volume recorded by any airport in the Kingdom. The busiest day was December 31, when over 174,600 passengers passed through the airport. December also set a monthly record, with traffic exceeding 4.7 million passengers.
In the Asia-Pacific rankings, Shanghai Pudong International Airport claimed the top spot, followed by Incheon International Airport in South Korea and Guangzhou Baiyun International Airport. Hong Kong International Airport was recognized as the most improved airport in terms of connectivity across both regions.
Headquartered in Hong Kong with a regional office in Riyadh, ACI Asia-Pacific and Middle East represents airports in some of the world’s fastest-growing aviation markets. The Airport Connectivity Index— developed with PwC in 2023 and refined in its third edition — measures network scale, frequency, destination economic weight, and connection efficiency.
According to ACI, air connectivity in the Middle East grew 28 percent year on year, while Asia-Pacific saw a 13 percent increase, reflecting a 14 percent average growth across both regions. These gains signal a robust post-pandemic recovery and the continued momentum of global air travel.
Saudi EXIM Bank targets African markets with 4 new MoUs

RIYADH: Saudi Arabia is accelerating the expansion of its non-oil exports into African markets, with the Saudi Export-Import Bank securing four new strategic agreements to strengthen trade and investment ties across the continent.
Saudi Export-Import Bank CEO Saad bin Abdulaziz Al-Khalb signed memoranda of understanding with Africa50, the Ghana Export-Import Bank, Blend International Limited, and Guinea’s Ministry of Planning and International Cooperation, the Saudi Press Agency reported.
The deals were finalized on the sidelines of the African Development Bank Group’s annual meetings, held in Côte d’Ivoire from May 26 to 30.
The newly signed deals come as Saudi exports to Africa surged 20.6 percent year on year to SR7.84 billion ($2.09 billion) in March 2025, reflecting growing trade ties between the Kingdom and the continent.
Al-Khalb said the bank’s participation in the meetings aims to deepen international trade relations and forge partnerships that support Saudi non-oil export growth in African markets.
The SPA report added: “He stated that the memoranda of understanding are an extension of the bank’s efforts to promote trade exchange, stimulate development projects, and enable local exporters to export their services and products to African markets through effective and extended partnerships, contributing to supporting sustainable development goals and enhancing economic integration.”
He also described the gathering as a valuable opportunity to boost economic cooperation and engage with officials from export credit agencies and financial institutions across African countries.
The agreements were signed by Saudi EXIM CEO Saad bin Abdulaziz Al-Khalb, along with Alain Ebobisse, CEO of Africa50; Sylvester Mensah, CEO of the Ghana Export-Import Bank; Ravi Gupta, managing director of Blend International Limited; and Ismail Nabeh, minister of planning and international cooperation of Guinea.
The MoU with Africa50 is aimed at enhancing cooperation in infrastructure projects by partnering with Saudi companies. The agreement with the Ghana Export-Import Bank will focus on exploring cooperation opportunities and enhancing bilateral exports of services and products.
Meanwhile, the MoU with Blend International Limited is aimed at targeting broader trade opportunities and international partnerships. The deal with Guinea’s Ministry of Planning and International Cooperation seeks to bolster development projects and investment in priority sectors, enabling Saudi exports of engineering services and industrial supplies.
Also, on the sidelines of the event, Al-Khalb and his delegation held in-depth discussions with leaders of several international financial institutions, focusing on expanding trade ties and boosting the flow of Saudi non-oil exports into African markets.
Asia’s first Saudi sukuk ETF launched in Hong Kong

RIYADH: Hong Kong has launched Asia’s first exchange-traded fund tracking Saudi sovereign sukuk, marking a major development in financial cooperation between East Asia and the Middle East.
The Premia BOCHK Saudi Arabia Government Sukuk ETF, listed on the Hong Kong Stock Exchange, follows the iBoxx Tadawul Government & Agencies Sukuk Index. It includes both riyal- and US dollar-denominated sukuk issued by the Saudi government and related agencies.
The ETF is traded under stock codes 3478 for the Hong Kong dollar counter and 9478 for the US dollar counter. It has been approved by the Securities and Futures Commission of Hong Kong. It offers quarterly US dollar distributions, with fees capped at 0.35 percent and an expected annual tracking difference of around -2 percent.
The launch coincided with the opening of the Capital Markets Forum, a two-day event hosted by Saudi Tadawul Group and Hong Kong Exchanges and Clearing Ltd., aimed at boosting cross-border investment.
This year’s forum, held under the theme “Powering Connections,” focuses on strengthening economic and capital market ties between the Middle East and East Asia.
The ETF is managed by Premia Partners, with BOCHK Asset Management Ltd. serving as investment adviser.
Speaking at the forum, Mohammed Al-Rumaih, CEO of the Saudi Exchange, said the CMF is becoming “a leading global platform for collaboration and dialogue on the future of capital markets and economic transformation.”
“We aim to strengthen ties with both local and international investors and to reinforce the Saudi capital market’s position as a leading global hub, serving as a bridge between capital markets in the East and West,” Al-Rumaih said.
Bonnie Y. Chan, CEO of Hong Kong Exchanges and Clearing Ltd, said that the partnership with Saudi Tadawul Group underscores the strong ties between the two exchanges.
“This second edition of the forum will serve as a dynamic platform to connect our broad base of investors and issuers, while encouraging deeper dialogue and collaboration among the capital-raising hubs of Mainland China, Hong Kong, and the Middle East,” Chan said.
The forum featured a series of keynote speeches and panel discussions focused on global economic trends, investment strategies, financial innovation, and the integration of sustainability into financial markets.
As part of the event, the Corporate Access Program enabled direct engagement between investors and senior executives from listed companies and capital market institutions across the region, fostering greater transparency and dialogue.
The launch of the ETF, alongside the Capital Markets Forum, reflects Saudi Arabia’s commitment to elevating its capital markets on the global stage. These efforts align with the Kingdom’s Vision 2030 strategy to enhance financial sector integration and attract foreign investment.
At the same time, Hong Kong continues to strengthen its role as a vital conduit for capital flows between East and West, reinforcing its position as a leading international financial hub.