Saudi Arabia’s King Salman starts a month-long Asian tour on Sunday to build ties with the world’s fastest growing importers of Saudi oil and promote investment opportunities, including the sale of a stake in its giant state firm Saudi Aramco. The octogenarian monarch, who has overseen the launch of an ambitious economic reform plan since his accession two years ago, is expected to visit Malaysia, Indonesia, Japan […]
RIYADH Saudi Arabia’s King Salman starts a month-long Asian tour on Sunday to build ties with the world’s fastest growing importers of Saudi oil and promote investment opportunities, including the sale of a stake in its giant state firm Saudi Aramco. The octogenarian monarch, who has overseen the launch of an ambitious economic reform plan since his accession two years ago, is expected to visit Malaysia, Indonesia, […]
Fotowatio Renewable Ventures (FRV), a developer of large-scale solar power plants and part of Saudi-based Abdul Latif Jameel Energy, has signed a power purchase agreement for the Lilyvale Solar Farm in Queensland, Australia. The deal with Ergon Energy, the Queensland Government-owned electricity retailer, will see Ergon Energy purchase 100 percent of the electricity and all large scale renewable energy certificates (LRECs) generated by FRV’s 100MW Lilyvale Solar […]
Oscar-winning actor Al Pacino is set to visit Saudi Arabia on May 11-12 as part of the General Entertainment Authority schedule for 2017, which aims to boost the kingdom’s entertainment and film sector. The event titled “An Evening with Pacino,” will take place in Riyadh and then Dammam. It will see Pacino share rare backstage stories and inner workings of his personal projects with a live audience […]
A body set up by the Saudi-led coalition to investigate civilian casualties in Yemen said on Thursday a technical fault was responsible for the death of seven people in a 2015 air strike but cleared the alliance of other attacks. Saudi Arabia and its allies in a mostly Gulf Arab military coalition have been bombing the Iran-aligned Houthi movement since they seized much of northern Yemen in […]
Three Egyptian real estate executives said on Thursday that their companies have suspended housing deals with the Saudi Arabian government amid political tensions between the two countries. Four Egyptian real estate companies had signed memorandums of understanding with the Saudi Housing Ministry during King Salman’s April visit to Cairo last year. Since then, political differences have emerged as the two Arab powers have diverged on the conflict […]
DUBAI: Combining the capabilities of the United Arab Emirates (UAE) and Saudi Arabia can create historic opportunities for their peoples and the whole region, said Sheikh Mohammed bin Rashid Al-Maktoum, UAE vice president and prime minister, and ruler of Dubai, WAM reported on Tuesday.He was speaking at a joint retreat on Saadiyat Island, attended by some 150 Emirati and Saudi officials to discuss the best ways to […]
Oil company Saudi Aramco [IPO-ARMO.SE] has selected JPMorgan Chase & Co, Morgan Stanley, and HSBC Holdings Plc as lead underwriters for its planned initial public share offering, the Wall Street Journal reported on Tuesday, citing people familiar with the matter. The listing of Aramco is expected to be the world’s biggest initial public offering and could raise up to $100 billion. The IPO is the centerpiece of […]
|By Arabian Post Staff| Saudi Arabian Oil Co may offer discounted shares of its record breaking IPO to Saudi nationals, Bloomberg reported quoting sources. It said the company has discussed methods to structure the sale so that retail investors in Saudi Arabia can buy shares for less than those buying on international exchanges. Aramco, as the company is known, is considering listing venues in the U.S., U.K. […]
Creditors of Saudi Arabia’s Al Ittefaq Steel Products, the country’s largest private sector steel manufacturer, have provisionally agreed to a 6.2 billion riyals ($1.7 billion) debt restructuring, banking sources told Reuters on Tuesday. The terms of the deal have still not been finalised but banks have reached an agreement in principle to give the company a two year window in which it would only pay interest on […]
Saudi Arabia has invited investors to submit requests to qualify for the first round of its $30-$50 billion National Renewable Energy Programme by March 20, it said on Monday. Saudi Arabia is targetting 9.5 GW of renewable energy by 2023 in line with Vision 2030, an economic reform plan launched last year to diversify the economy beyond oil. The renewable programme involves investment of between $30 billion […]
ABU DHABI // Combining the capabilities of Saudi Arabia and the UAE could create historic opportunities for the region, Sheikh Mohammed bin Rashid said on Tuesday. “Through our integration, solidarity and unity, we can protect our gains, enhance our economies and build a better future for our people,” the Vice President and Ruler of Dubai said at a joint retreat on Abu Dhabi’s Saadiyat Island, attended by […]
By Fergus Jensen | JAKARTA JAKARTA Saudi Arabia’s King Salman will visit Jakarta and Bali on the Indonesian leg of his Asian tour next month, bringing 1,500 people in his entourage including 10 ministers, Indonesian officials said. “This is a very historic visit for us,” Cabinet Secretary Pramono Anung told reporters on Tuesday, adding that the king would be in Indonesia from March 1 to 9. He […]
Jeddah: Feb 22, 2017 King Abdulaziz International Airport received on Tuesday the first flight of the low-cost Malindo Air based in Malysia which obtained recently authorization from the General Authority of Civil Aviation to operate flights between Kuala Lumpur and Jeddah. The first ever flight was received by Hani Al Thunian, CEO of Seherz Aviation, executive agent of Malindo Air in Saudi Arabia, Ameen Duhaithem, president of […]
Saudi Arabia is favouring New York to list state oil giant Saudi Aramco IPO, while also considering London and Toronto for the prospect of floating the firm, the Wall Street Journal reported on Monday. Saudi officials also talked to exchanges in Singapore, Hong Kong, Tokyo and Shanghai but are unlikely to pursue listing in those places, the newspaper said, citing people familiar with the matter. The listing […]
In a country where the use of magic is a crime punishable by beheading, it’s not every day that young Saudis wander down the street dressed as the Hulk or Doctor Doom. But for three days over the weekend, some 20,000 Saudis decked out in costumes and face paint queued to get into Saudi Arabia’s first-ever Comic Con, where robots, video games and giant anime figures filled […]
Stock markets in the Middle East were mixed in modest trading volumes on Sunday with Saudi Arabia and Qatar outperforming because of support from the banking sector, while Egypt fell as the currency hit a three-month high. Two-thirds of the 12 listed banks on Saudi Arabia’s bourse gained, lifting the index 0.1 percent. Alawwal Bank added 2.7 percent, with most activity occurring in the last hour of […]
Saudi Arabia officials and executives of around 14 companies plan to embark on a marketing tour of Singapore and Hong Kong next month to attract Asian investors in the $430 billion stock exchange, banking sources told Reuters on Thursday. The HSBC Saudi Arabia Investment Forum will include stops in Singapore on March 1-2 and Hong Kong on March 3, the sources said. The trip reflects the rising […]
A Saudi train derailed near the eastern city of Dammam on Friday, injuring 18 people, after flooding from heavy rains caused the rail line to erode, the Saudi Railways Organization said in a statement. The 193 passengers and 6 crew members were transferred to another train and taken to Dammam after the incident occurred at about 1:00 am, it said, adding that all injuries were minor. Repair […]
Saudi Arabia has broken up four ISIL cells suspected of providing shelter to wanted militants and recruiting fighters, the Interior Ministry said on Thursday, according to Saudi state television. Automatic weapons were seized from the four cells, which comprised 15 Saudis, two Yemenis and a Sudanese man, the ministry’s statement said. Security forces also seized more than 2 million riyals ($530,000) in cash. Among those helped to […]
The Premier League’s most high-profile referee Mark Clattenburg is quitting to take up a position in Saudi Arabia, the Professional Game Match Officials Limited (PGMOL) said on Thursday. “The PGMOL would like to wish Mark Clattenburg well as he prepares for his move to the Saudi Arabian Football Federation,” it said in a statement. British media reported that Clattenburg will replace Howard Webb, another former Premier League […]
Saudi Arabia is to host its first ever Comic Con as the Gulf kingdom aims to expand its offering of entertainment events. Supported by the recently-formed General Entertainment Authority, Comic Con will take place in Jeddah later this week. The authority is a government-sanctioned body borne out of Saudi Arabia’s Vision 2030 program and will partner with both government bodies and the private sector to grow the […]
Saudi Arabia’s Capital Market Authority (CMA) said on Monday that it had approved public offerings for two companies on its bourse dedicated to small and medium-sized businesses. Roya Real Estate Investment Company will offer 20 percent of itself in its share sale, equivalent to 8.6 million shares, with Thob Al-Aseel Company offering 20 percent of itself in its share sale, equivalent to 1.0 million shares, the CMA […]
Top OPEC oil producer Saudi Arabia made a large cut in its crude output in January to support prices and lessen a glut, helping boost compliance with the group’s supply-reduction deal to a record high of more than 90 percent. The Organization of the Petroleum Exporting Countries is curbing its output by about 1.2 million barrels per day (bpd) from Jan. 1. Russia and 10 other non-OPEC […]
Saudi Arabia’s relations with the United States are “historic and strategic”, Crown Prince Mohammed bin Nayef said on the occasion of the visit of CIA director Mike Pompeo to Riyadh. This is the first reported visit by a senior Trump administration appointee to the kingdom. “Our relationship with the United States is historic and strategic, any attempts to undermine that will falter,” Prince Mohammed said, according to […]
A Saudi soldier has died from injuries sustained in a landmine explosion on Thursday while on duty, according to the Saudi Press Agency. Corporal Younes Mohammed Ali Abu Rasain, a border guard operating in the Jazan region on the Saudi-Yemen border, was declared dead on arrival at hospital, said a spokesman at Saudi’s Ministry of Interior. Saudi Arabia and its Gulf Arab allies have carried out thousands […]
Trumps Vision of a Militarized America President Trump wont, of course, be starting from scratch in his urge to further elevate the military in foreign and domestic affairs. Hes building on a process thats already well under way, explains William D. Hartung. Erdogan: A Classic Case Of How Power Corrupts Turkish President uses every lever […]
Saudi Finance Minister Mohammed al-Jadaan said a government efficiency office created last year to review state projects has saved the kingdom 80 billion riyals ($21 billion) on costs, according to the ministry’s official Twitter account. Jadaan expects increased savings this year and in future years to have a positive impact on the kingdom’s finances and the ministry has set up a mechanism to reimburse contractors within 60 […]
Saudi Aramco is likely to list its shares simultaneously on more than one exchange but this is still under evaluation, Energy Minister Khalid al-Falih said on Thursday. Asked by reporters if Aramco would list first on the Saudi bourse and then on another exchange abroad, Falih said: “It will probably be done concurrently, but we have not announced. We are evaluating. All our options are open.” The […]
Saudi Arabia will invite international and domestic companies to bid for renewable energy projects in April, the energy minister said on Wednesday, adding that he expected to award the deals in September. Energy Minister Khalid al-Falih, speaking at a news conference in Riyadh said the projects would include two new solar and wind power plants with a capacity to produce 700 megawatts of power. The projects are […]
