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Daily Update — October 28, 2026

Saudi Arabia's Renewables Future; Global Data Center Build-outs; and UK Private Capital Deployment Rush

Today is Wednesday, October 28, 2026, and here’s your curated selection of Essential Intelligence on global markets from S&P Global. Subscribe to be notified of each new Daily Update.

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Energy Expansion

The future of renewable energy in Saudi Arabia

Saudi Arabia is emerging as a leading renewables destination for investors and technology providers as it reduces reliance on oil-fired power generation under the Vision 2030 strategy. While the country is often linked to rich oil and gas reserves, policy-driven tenders and abundant natural resources have made it an attractive market.

 

Saudi Arabia has continued to deploy renewables projects, with more than 50 gigawatts of grid-connected solar photovoltaic, 9 GW of wind and 11 GW of battery energy storage system deployed or in development as of September, according to the S&P Global Institute. Beyond power generation, the country is also positioning itself to become a global supplier of renewable hydrogen.

Artificial Intelligence

Listen: AI Data Centers: What Gets Built—and Where

 

AI model training, which demands substantial computing power and bandwidth, is driving data center construction worldwide. Global data center investment is projected to rise to $370.1 billion globally in 2026 from $132.6 billion in 2023, according to this episode of S&P Global Market Intelligence’s “The Decisive” podcast.

 

Host Kristen Hallam spoke with Jeannine Cataldi, associate director of global construction at S&P Global Market Intelligence, to discuss regional building trends and the extent that data center development is tied to AI. They also explored where data center build-outs will take place, how construction will proceed and what constraints developers will face.

Private Markets

UK private equity dealmaking climbs as investors push for capital deployment


Private equity dealmaking in the UK has picked up as investors face mounting pressure to deploy accumulated capital. Total deal value in the country reached $49.66 billion in the first nine months of 2026, surpassing the full-year 2025 total of $31.03 billion, according to S&P Global Market Intelligence data.

 

"There is obviously record levels of dry powder in the private equity market that needed to be deployed,” according to Ken Barry, head of Europe private equity at White & Case. “Many of them haven't been deploying quickly enough in the last couple of years, partly because the quality of assets hasn't necessarily been there or the macro environment wasn't ripe for transacting."

In case you missed it

  • Spain's four largest banks are forecast to report strong third-quarter lending and fee income, driven by the country’s solid economic growth and higher interest rates.
  • The US waiver on Russian crude has reduced uncertainty for Indian and Chinese refiners, but they may still want to seek alternative supply options in case the waiver is reversed, according to S&P Global Energy CERA.
  • The European distress ratio rose to 7.7% in September from 7.6% in August, with the utilities industry recording the highest monthly increase in credit pricing stress, according to S&P Global Ratings.

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