Video: The battle to list Saudi Aramco
Stock exchanges around the world are limbering up to win the multibillion-dollar listing of Saudi Arabia’s state-owned oil company. Source link
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Saudi
Natural solution: Saudi's renewed plans meet growing energy demands
When it comes to renewable energy in Saudi Arabia, there still remains more than a hint of scepticism. Multi-billion dollar plans have come and gone and the kingdom has made little progress developing renewable energy capabilities to harness its advantageous climatic conditions. In 2010, the King Abdullah Centre for Atomic and Renewable Energy (KA-Care) was established to develop the country’s renewable and nuclear capabilities, as the country […]
Why Saudi Arabia, China and Islamic State are courting the Maldives – South China Morning Post
Saudi King Salman’s stop in the Maldives on his month-long tour of Asia brings into focus how this tiny archipelago – best known for high-end tourism and an existential battle against climate change – has emerged as a key player in a regional struggle for influence. Both Riyadh and Beijing are currying favour with the strategically located 820km-long chain of Indian Ocean atolls, in efforts analysts believe […]
How Saudi women are uniting to inspire new generation
Saudi women from adventurers to inventors are hoping a unique conference in Riyadh on Saturday will highlight their changing role and inspire younger women to push for new opportunities in the ultra-conservative kingdom. The event comes at a time when reforms are slowly changing women’s lives in one of the world’s most gender-segregated countries – where women live under the supervision of a male guardian and cannot […]
Saudi-led coalition air strike kills 22 in Yemen: official
HODEIDAH At least 22 civilians were killed on Friday and dozens wounded when a Saudi-led coalition air strike hit a market in western Yemen causing a fire to break out, a local official said. Missiles launched by fighter jets of the Arab alliance hit a market selling the mild narcotic leaf qat, which is popular among Yemenis, near the Red Sea fishing town of Khoukha. Rescue workers […]
Saudi Arabia's budget deficit forecast to fall to $86bn in 2017
Saudi Arabia’s is set to narrow during 2017 on the back of higher oil prices, discipline in spending and non-oil revenue measures, according to a new research note by Bank of America Merrill Lynch. BofA Merrill Lynch said it sees the 2017 budget deficit at SR316 billion ($85 billion), about 12 percent of the Gulf kingdom’s GDP, compared to a deficit of SR402 billion in 2016, which […]
Wanted man killed in gunfight in Saudi Arabia
A wanted man has been killed in Saudi Arabia’s oil-producing Eastern province after an exchange of gunfire while police were searching a neighbourhood where he was hiding, state news agency SPA reported on Friday. The man, Mustafa Ali Abdullah al-Madad, was wanted by security forces for his involvement in “a number of terror crimes against the citizens and security personnel”. He was killed in the governorate of […]
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Saudi earnings face slow recovery from two-year slump
Saudi Arabian corporate earnings may finally have bottomed out after two years of falls due to low oil prices and the government austerity which followed, with the petrochemicals sector leading signs of recovery. But a sharp rebound is unlikely for companies in the Middle East’s biggest economy as further austerity looms and they are competing for customers who are no longer flush with cash. Analysts say stronger […]
Zain Saudi Arabia announces strong full-year financial results for 2016
Riyadh, 09 March, 2017 Mobile Telecommunication Company Saudi Arabia (Zain Saudi Arabia) announced its financial results for the full financial year ending December 31, 2016. Key Performance Indicators for the 12 months ending 31 Dec 2016: Compared to Full-Year 2015, Zain Saudi Arabia reported: Advertisement Revenues increased by 3% to SAR 6,927 million, Gross profit grew by 11% to SAR 4,401 million. EBITDA also grew by 10% […]
Saudi private sector growth hits 18 month high in February
Saudi Arabia’s non-oil private sector saw a further pick up in growth momentum in February, with business conditions improving at the quickest rate since August 2015, according to a new survey. Data from the Emirates NBD Saudi Arabia Purchasing Managers’ Index (PMI) showed that both output and new orders rose sharply in February, with the rate of expansion in the latter picking up to an 18-month high. […]
New York and London battle for Saudi Aramco IPO
New York and London are locked in a frantic race to be the main international listing venue for Saudi Arabia’s initial public offering of its state oil company, emerging as clear frontrunners in what is set to be the world’s biggest ever flotation. Executives from the New York Stock Exchange and London Stock Exchange have held talks with Saudi Aramco, the state group valued at as much […]
For I.P.O., Saudi Oil Company May Have to Give Up Some of Its Secrets
“Talk is cheap, implementation is difficult,” said Fadel Gheit, a senior oil company analyst at Oppenheimer & Company. “They will have to recreate books that never existed.” Photo Khalid A. al-Falih, Saudi Arabia’s energy minister and chairman of Saudi Aramco, speaking at a conference in Houston on Tuesday. Credit Melissa Phillip/Houston Chronicle, via Associated Press As a prize, there are fewer bigger than Saudi Aramco. The Saudis […]
Saudi Arabia pledges big projects to soften austerity hit
Saudi Arabia has promised to launch major development projects towards the end of 2017 to re-energise an economy which has been hit by austerity measures, industry sources told Reuters. Deputy Crown Prince Mohammed bin Salman, the kingdom’s top economic official, made the commitment at a recent meeting with a delegation representing the Saudi private sector, the sources, who spoke on condition of anonymity, said. While they pledged […]
Malaysia says it foiled attack on Arab royalty ahead of Saudi king’s visit – Nasdaq
Reuters (Adds comments from Saudi source) KUALA LUMPUR/DUBAI, March 7 (Reuters) – Malaysia said on Tuesday that suspected militants from Yemen arrested late last month ahead of a visit by Saudi King Salman had been planning an attack on Arab royalty. A senior Malaysian police source said the four suspects belonged to Yemen’sIran-allied Houthi movement, which hails from a Shi’ite Muslim sect and has been […]
Funds expect Saudi Aramco to be valued around $1-1.5trn
Fund managers and institutional investors expect oil giant Saudi Aramco to have a market capitalisation of $1 trillion to $1.5 trillion when it sells shares to the public next year, a survey by regional investment bank EFG Hermes showed on Monday. The valuation of Aramco. the world’s biggest oil firm, has been the focus of intense speculation since the Saudi government last year announced plans to sell […]
Malaysian police say foiled attack on Arab royalty ahead of Saudi King visit
KUALA LUMPUR Malaysia on Tuesday said the seven militants arrested late last month were planning an attack on “Arab royalties” visiting its capital Kuala Lumpur. The arrests were made just days before Saudi Arabia’s King Salman visited Malaysia on Feb. 26. “They were planning to attack Arab royalties during their visit to Kuala Lumpur. We got them in the nick of time,” Inspector General of Police Khalid […]
Saudi Rotana media networks launches three new channels In Indonesia
06 March 2017 In coherence with the Saudi king, Salman Bin Abdel Aziz Al Saoud’s visit to Indonesia, Rotana, one of the region’s biggest media networks has launched three dedicated channels in the Indonesian market. This expansion of the Saudi network is the first in a state considered the biggest Islamic country population wise, launching three new channels in partnership with “Lightning” and available on SMV Free […]
Qatar Airways plans to expand services to Saudi Arabia
Qatar Airways has confirmed plans to launch services to Yanbu and Tabuk in Saudi Arabia with three-weekly flights beginning in May and June respectively. The additional destinations take Qatar Airways’ total network connectivity within the Gulf kingdom to 10 destinations, the airline said in a statement. Qatar Airways Group chief executive Akbar Al Baker said: “We have been steadily growing our presence and services to Saudi Arabia […]
Saudi Arabia leads MENA hotel construction drive
Saudi Arabia has the most hotel rooms under construction in the Middle East and North Africa, according to STR’s January 2017 Pipeline Report. The hospitality analysts said the Gulf kingdom has a total of 36,742 in 85 projects in the pipeline, ahead of the UAE which has 28,898 rooms in 99 projects. The report also said Qatar 8,462 rooms in 34 projects out of a regional total […]
Saudi fund mulls stakes in German tech, finance firms
Saudi Arabia’s main sovereign wealth fund Public Investment Fund (PIF) is looking at taking minority stakes in German technology and financial companies, although any deal is unlikely before 2018, the kingdom’s ambassador to Germany said. Such a move would mirror other Gulf state funds from Dubai, Qatar and Kuwait, which have taken minority stakes in German companies including Daimler, Deutsche Bank and Volkswagen, although Ambassador Awwad Al-Awwad […]
Saudi King Salman embraces "selfie" on tour across Asia
By Kanupriya Kapoor | JAKARTA JAKARTA Saudi Arabia’s King Salman has embraced the “selfie”, taking part in a number of light-hearted self-shot pictures and videos during his tour of Asia that contrast with the pomp and formality of most of the octogenarian monarch’s trips abroad. In the first days of a lengthy regional tour, the king has appeared with top-ranking officials in Indonesia and Malaysia in pictures […]
MidEast fund managers turn bullish on Saudi stocks
Middle East fund managers have turned more bullish towards Saudi Arabian equities on hopes that corporate earnings may finally have bottomed out after a slide due to low oil prices, a monthly Reuters poll found. The poll of 13 leading fund managers, conducted over the past week, also found they had become very bearish on Qatari and Egyptian shares. The poll found 62 percent of managers expect […]
Austerity? Not on This Saudi Itinerary
Photo King Salman of Saudi Arabia, center, arriving at the presidential palace in Bogor, Indonesia, on Wednesday. Credit Achmad Ibrahim/Agence France-Presse — Getty Images LONDON — You could call it bling diplomacy. As part of a monthlong tour in Asia to promote economic ties, King Salman of Saudi Arabia arrived in Indonesia on Wednesday to great fanfare, accompanied, the news media said, by a retinue with a […]
Saudi king arrives in Indonesia under tight security
Saudi Arabia’s King Salman on Wednesday landed at a military airbase in the capital of Indonesia, the world’s largest Muslim-majority country, to kick off the longest leg of a month-long trip across Asia. The visit is the first by a Saudi monarch in nearly five decades and will see the two nations sign a pact to combat terrorism, according to the Saudi envoy to Indonesia. Secular Indonesia […]
Cast of Hundreds to Accompany Saudi King for Indonesia Visit – Voice of America
King Salman’s extravagant travel arrangements have captured the public imagination ahead of the Saudi monarch’s high-profile visit to Indonesia beginning Wednesday, but billions of dollars in oil and other investment deals are also at stake. The trade deals could be worth as much as $25 billion, including a $6 billion project between the two nation’s oil companies, according to Indonesian officials who briefed reporters on the scheduled […]
Zain Saudi Arabia and Ericsson signs an MoU to develop cloud and data center solution for IT cloud enterprise services
Riyadh – Barcelona | 27 February 2017 Zain Saudi Arabia and Ericsson signed a Memorandum of understanding to collaborate in enabling next generation hyperscale data centers based on the latest technology available with the highest degree of automation in orchestration and management. The MoU was signed by Mr. Peter Kaliaropoulos , CEO of Zain Saudi Arabia and Ali Eid, Head of Ericsson Kingdom of Saudi Arabia, Jordan […]
Saudi Arabia mulls raising fuel prices by 30% from July
Saudi Arabia may increase its domestic gasoline prices by 30 percent from July, industry sources said, part of a reform plan by the world’s top oil exporter to align its fuel prices with global benchmark levels. In December 2015 the kingdom raised the price of 95 octane gasoline to 0.90 riyal ($0.24) per litre from 0.60 riyal. However, that still kept Saudi Arabia among the countries with […]
Malaysia rolls out red carpet as Saudi king kicks off Asia tour
By Joseph Sipalan and Noah Browning | KUALA LUMPUR/DUBAI KUALA LUMPUR/DUBAI Malaysia welcomed Saudi Arabia’s King Salman on Sunday for the start of a rare, month-long Asian tour, where the monarch will build ties and seek to draw more investments to the oil-rich gulf nation. The visit is the first by a Saudi king to Malaysia in more than a decade, as the Arab nation courts Asian […]
Saudi Arabia said to appoint new ambassador to Iraq
Saudi Arabia’s Foreign Minister Adel Al-Jubeir told Iraqi officials in Baghdad on Saturday that the kingdom plans to appoint a new ambassador, an Iraqi foreign ministry official said. Iraq last year asked Saudi Arabia to replace its ambassador, Thamer al-Sabhan, after his comments about Iranian involvement in Iraqi affairs and alleged persecution of Sunni Muslims angered local Shi’ite Muslim politicians and militia leaders. Jubeir’s visit to Baghdad […]
Saudi economy forecast to continue slowdown in 2017
Saudi Arabia’s economy is forecast to continue slowing this year, dragged down by negative growth in the oil sector, according to Jadwa Investment. Its latest report said growth in the oil sector will turn negative due to the kingdom’s compliance with OPEC production cuts, while non-oil sector growth should rebound but “remain subdued” during 2017. Jadwa forecast that growth in the non-oil private sector will accelerate from […]
