Saudi Arabia pulled out of planned talks with non-OPEC nations including Russia as disagreements about how to share the burden of supply cuts stood in the way of a deal to boost prices just days before a make-or-break meeting in Vienna. OPEC officials were scheduled to meet with non-members including Russia on Monday before a ministerial meeting in Vienna two days later. The meeting was later canceled […]
Updated Nov. 25, 2016 4:59 p.m. ET Saudi Arabian oil officials won’t attend a meeting Monday with their Russian counterparts and others, OPEC officials said, disrupting plans between the world’s two largest petroleum producers to coordinate output cuts meant to elevate slumping crude prices. The move puts renewed focus on the Organization of the Petroleum Exporting Countries to break through an impasse at the 14-nation cartel’s next […]
Saudi Arabia will not attend a meeting with non-Opec producers such as Russia and Kazakhstan on Monday, arguing it is pointless to gather when the 14-member oil cartel has not yet reached a deal itself. Opec ministers are due to meet next week to try and hammer out the details of the first supply cuts since the financial crisis but Iran and Iraq are still presenting potential […]
Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has hired HSBC to advise it on a potential purchase of a stake in ACWA Power, a developer and operator of power and water plants, sources close to the matter said. Riyadh-based ACWA Power has chosen JP Morgan to advise it on the process, the sources, who spoke on condition of anonymity as the information is not […]
Saudi Hollandi Bank on Thursday said it would change its name to Alawwal Bank as part of a new corporate identity that will be rolled out over the next three months. Alawwal, meaning “The First” in Arabic, references the bank’s status as the first bank to launch in the country in 1926. The name change coincides with Royal Bank of Scotland seeking a buyer for its 40 […]
Saudi Arabia’s 30-year bonds are outperforming other Gulf debt during volatility triggered by Donald Trump’s election as US president, a sign of unsatisfied demand for Saudi debt and a good omen for issuance expected from Riyadh next year. The week to Nov. 16 saw the largest outflows from emerging market debt on record, according to Bank of America Merrill Lynch, partly because Trump’s election fuelled expectations of […]
The facility is Hempel’s second largest decorative factory in the world, and the largest in the Middle East Kingdom of Saudi Arabia – 23 November 2016 Hempel Paints, a global supplier of marine, protective and decorative coatings, announced plans to move its entire production in Saudi Arabia to its new plant in Jeddah’s Second Industrial City as part of a strategy aimed at meeting the needs of its […]
Saudi Arabia’s government approved plans on Monday to turn state-owned sports clubs into private companies, part of a drive to promote physical exercise in a society that mostly avoids it. The cabinet endorsed the privatisation of state-owned soccer clubs in the Saudi Professional League and directed the General Sports Authority to facilitate licensing and legal procedures, it said in a statement carried on the state news agency […]
Four suspected al Qaeda members have gone on trial accused of plotting to assassinate the late King Abdullah of Saudi Arabia, newspapers in the kingdom reported on Tuesday. The reports provided no details on the alleged assassination plot or when it may have occurred, but said the defendants were also charged with belonging to an extremist group, communicating with an al Qaeda leader and attempting to recruit […]
Saudi Arabian construction firm Abdullah Abdul Mohsin al-Khodari and Sons said on Tuesday that projects worth 362.2 million riyals ($97 million) had been delayed due to factors ranging from clients’ funding shortages to slow visa issuance. The pace of construction in Saudi Arabia has cooled in the past two years as lower oil prices stall project funding and slow government payments, tightening banking liquidity and squeezing contractors. […]
A two-day ceasefire after nearly two years of war in Yemen expired at midday (0900 GMT) on Monday and would not be renewed, a spokesman for a Saudi-led military coalition told al-Arabiya TV, with each side blaming the other for violations. The 48-hour truce, announced unilaterally by the Saudi coalition on Friday, failed to halt fighting across the country between the Iran-aligned Houthis and Saudi-led forces, which […]
Riyadh, 22 November 2016 Investcorp, a global provider and manager of alternative investment products, today announced that an entity managed by it has invested in a stake in the leading private medical laboratory chain in the GCC, Al Borg Medical Laboratories (“Al Borg” or the “Company”). Established in 1999 in Jeddah, Al Borg has 53 laboratories across eight countries in the GCC and Africa, with a clear […]
Rowan Companies Plc (RDC.N) said it was forming a joint venture with Saudi Arabian state oil giant Saudi Aramco to operate offshore drilling rigs in the country. Rowan said it would provide three jack-up rigs and Saudi Aramco two when the joint venture begins operations in the second quarter of 2017. Both companies would contribute $25 million as working capital, Rowan said in a regulatory filing on […]
A Saudi-led military coalition will start a 48 hour ceasefire in Yemen’s war at 1pm (0900 GMT) on Saturday, the official Saudi Press Agency (SPA) reported. The truce will be extended if Yemen’s Houthi movement shows commitment to it and if the group allows humanitarian aid into areas under siege, the news agency reported. The coalition has been fighting Houthi rebels and forces loyal to former president […]
RIYADH, SAUDI ARABIA : 20 November 2016 Thomson Reuters announced today that it was selected as benchmark administrator and calculation agent for the Saudi Arabian Interbank Offer Rate (SAIBOR). The appointment is part of an agreement with the Saudi Arabian banking industry. The arrangement is authorised by the Saudi Arabian Monetary Authority (SAMA), as part of its regulatory mandate over the banking sector, where this initiative will […]
|By Arabian Post Staff| Donald Trump may not go the full course on his threat to stop imports of crude oil from Saudi Arabia, which he had threatened during the election campaign, analysts say. “We protect countries, and take tremendous monetary hits protecting countries,” Trump said in an interview cited by Reuters. “We lose, monetarily, everywhere. And yet, without us, Saudi Arabia wouldn’t exist for very long.” Trump […]
1979: A threatening revolution Saudi Arabia, a young country pieced together only in the 1930s, has built its legitimacy on religion. By promoting its stewardship of the holy sites at Mecca and Medina, it could justify its royal family’s grip on power. Continue reading the main story Iran’s revolution, in 1979, threatened that legitimacy. Iranians toppled their authoritarian government, installing Islamists who claimed to represent “a revolution […]
Saudi Arabia’s energy minister thinks OPEC will reach a deal to cut oil output and said a production ceiling of 32.5 million barrels a day would speed the balancing of supply and demand. The group is near a consensus on capping production for at least six months, said his Algerian counterpart. “I am still optimistic that the agreement reached in Algiers to put a ceiling to production […]
Saudi Energy Minister Khalid Al Falih said on Thursday he was optimistic that OPEC would formalise a preliminary oil output deal reached in Algeria in September. “I’m still optimistic that the consensus reached in Algeria for capping production will translate, God willing, into caps on states’ levels and fair and balanced cuts among countries,” he told Saudi-owned Al-Arabiya TV. Falih said he believed the market was on […]
Saudi Arabia’s King Salman is to appoint 75 new members to the kingdom’s highest consultative body, the Shoura Council, according to a report. The Saudi Gazette, quoting a local Arabic-language newspaper, said that at least 15 of the new members will be women. The appointments are expected to be made on 2 December, when the current council’s term ends. The newspaper reported that 19 members of the […]
Saudi Arabia’s Public Investment Fund (PIF), its main sovereign wealth fund, said on Thursday it had filled key posts as part of plans to expand investment capacity and help reduce the kingdom’s dependence on oil income. Under economic reform plans announced early this year, the government has said it aims eventually to expand the PIF, founded in 1971 to finance development projects in the country, from $160 […]
Swiss International enters Riyadh with Swiss International Royal Hotel and Swiss Spirit Hotel & Suites Metropolitan Baar (CH)/ Ras Al Khaimah (UAE)/ Riyadh (Saudi Arabia), November 17, 2016 – Gearing up to boost its presence in Saudi Arabia, Swiss International proudly announces the arrival of its first 2 hotels in Riyadh. The chain will be entering the capital city with Swiss International Royal Hotel and Swiss Spirit […]
Saudi Arabia’s central bank expects gross domestic product to grow 1.8 percent this year, faster than the 1.2 percent forecast by the International Monetary Fund, the bank said in its annual report, released on Monday. The non-oil sector is expected to expand 2.5 percent and the oil sector, 1.2 percent, the central bank said. At a news conference, central bank governor Ahmed Al Kholifey said that the […]
|By Arabian Post Staff|Saudi Arabia’s sovereign wealth fund is considering selling stakes in local companies to raise funds for international expansion, Bloomberg reported quoting people with knowledge of the matter. The Public Investment Fund — with about $100 billion worth of shares in listed local companies including Saudi Basic Industries Corp. and Saudi Telecom Co. — is reviewing the stakes as it seeks to diversify its assets, […]
|By Arabian Post Staff|Saudi Arabia’s sovereign wealth fund is considering selling stakes in local companies to raise funds for international expansion, Bloomberg reported quoting people with knowledge of the matter. The Public Investment Fund — with about $100 billion worth of shares in listed local companies including Saudi Basic Industries Corp. and Saudi Telecom Co. — is reviewing the stakes as it seeks to diversify its assets, […]
With oil prices forecast to remain depressed and the Yemen war still raging, Riyadh is more reliant on the success of its Vision 2030 Source link
Leading Dubai businessman Mohamed Alabbar and Saudi Arabia’s Public Investment Fund (PIF) are teaming up to launch a Middle Eastern e-commerce platform. Investors are initially contributing $1 billion to the project, which will be 50 percent owned by the Saudi sovereign wealth fund, Alabbar told a news conference. The other 50 percent will be owned by Alabbar and other regional investors. Noon.com will launch operations in Saudi […]
Saudi Arabia’s government has set aside 100 billion riyals ($26.7 billion) to pay debts that it owes to private sector companies after payment delays that have lasted months, Reuters reported citing an official document. To help curb a huge budget deficit caused by low oil prices, the government of the world’s largest oil exporter has slashed spending and reduced or suspended payments that it owes to construction firms, […]
Saudi Arabian stocks extended their winning streak to six days, entering a bull market as investors bet the government’s belated payments to contractors would help spur more gains. The Tadawul All Share Index added 2.3 percent to the highest level since July, taking its rally this week to 7.7 percent. The gauge has advanced more than 20 percent since a recent low on Oct. 3, crossing the […]
|By Arabian Post Staff| Saudi Arabia’s $17.5 billion debut sovereign bond issue had a most successful start, with investor orders reaching $67 billion, according to reports. The huge response has meant that the oil kingdom is in a position to borrow more cheaply than was originally expected. According to Financial Times, the order book was also sufficiently large to enable the country to raise the amount it […]
