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Saudi Arabia to Regain India’s Top Oil Supplier Spot After Reliance Deal

Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed/Files

New Delhi: Saudi Arabian Oil Co (Aramco) buying a 20 percent stake in Reliance Industries’ oil-to-chemical business will help it regain the position of being the biggest supplier of oil to the world’s fastest-growing oil market. Saudi Arabia, which traditionally has been India’s top oil source, lost the slot to Iraq during the last two financial years. This will change ... Read More »

Saudi Arabia said to clinch $100m Joshua-Ruiz Jr rematch


Saudi Arabia has reportedly secured hosting rights for the Anthony Joshua vs Andy Ruiz Jr boxing event after offering up to $100 million. The UK’s Telegraph reported that the rematch – which will see Joshua face Ruiz for the IBF, WBA and WBO titles in Riyadh – will take place on December 7. The newspaper also reported that an offer ... Read More »

Saudi Arabia’s business gauge slowed to 5-month low in July


Riyadh: A measure of activity in Saudi Arabia’s non-oil private sector dropped in July for the first time this year, hitting a five-month low in a sign that economic growth was losing momentum at the start of the third quarter. The IHS Markit Purchasing Managers’ Index fell to 56.6 after reaching a 19-month high of 57.4 in June. Export orders ... Read More »

Saudi Arabia lifts travel restrictions on women


Saudi Arabia has allowed adult women to travel without permission and granted them more control over family matters, further eroding a heavily criticised male guardianship system at a time of heightened scrutiny over its human rights record. A series of royal decrees published by the official gazette on Friday stipulated that a Saudi passport should be issued to any citizen ... Read More »

China Feasts on Record Saudi Crude Imports After Sanctions Hit Iran


China has tapped Saudi Arabia for a record volume of crude as the world’s biggest exporter plugs a shortage from sanctions-hit Iran. Asia’s biggest buyer shipped 7.72 million metric tons of crude, or 1.89 million barrels a day, from Saudi Arabia last month, according to data from China’s General Administration of Customs. Shipments from the OPEC producer made up almost ... Read More »

Saudi Arabia Crown Prince’s $500B city aims for futuristic ‘Jetsons’

Saudi Crown Prince Mohammed bin Salman attends the Future Investment Initiative (FII) conference in the Saudi capital Riyadh on October 23, 2018. - Saudi Arabia is hosting the key investment summit overshadowed by the killing of critic Jamal Khashoggi that has prompted a wave of policymakers and corporate giants to withdraw. (Photo by FAYEZ NURELDINE / AFP)        (Photo credit should read FAYEZ NURELDINE/AFP/Getty Images)

Crown Prince of Saudi Arabia Prince Mohammad bin Salman Al Saud on the challenges of planning the technological advances used in the design of a new city. It’s a $500 billionOpens a New Window. project that has plans for amenities you’d see out of a ‘Jetsons’ episode. According to documents reviewed by the Wall Street JournalOpens a New Window., Saudi ... Read More »

Saudi Arabia Boosts Vision 2030 with Hyperloop


Virgin Hyperloop One has announced a development partnership with Saudi Arabia’s Economic City Authority (ECA) to conduct a study to build the world’s longest test and certification hyperloop track, as well as a research center and manufacturing facility north of Jeddah. According to a statement, the announcement took place at Virgin Hyperloop One’s Los Angeles headquarters during a visit from ... Read More »

Saudi Arabia Lets Iranian Tanker Sail Home


Saudi Arabia released an Iranian oil tanker on July 21 from the Jeddah port after the vessel underwent repairs, Iranian Transport Minister Mohammad Eslami told state news agency IRNA. The ship had been docked in Saudi Arabia since early May after suffering “engine failure and loss of control,” the Iranian Oil Ministry’s SHANA news agency reported as cited by the ... Read More »

Saudi Arabia approves 24-hour trading for retail, restaurants


The cabinet decision ‘doesn’t include carrying out commercial activities during prayers and it doesn’t touch any previous decision related to prayer times,’ said Khalid Al-Degaither, a deputy at the ministry implementing the change Saudi Arabia said it will allow some businesses to stay open 24 hours a day, an announcement that triggered puzzlement over whether it was ending rules that ... Read More »

Investors in Saudi markets cautious as a $20bn wave crests


Investors are starting to tune out the noise of the billions of dollars that flowed into Saudi bonds and stocks in the first half of the year after the kingdom’s upgrade to emerging-market status. While the Saudi government has accelerated the pace of deregulating its capital markets, concerns about the economy’s reliance on oil and escalating tensions in the Arabian ... Read More »

Saudi Arabia moves to secure Yemen Red Sea ports after UAE drawdown


DUBAI/ADEN : Saudi Arabia’s military in Yemen has moved in to secure two strategic Red Sea ports and the Bab al-Mandeb Strait after its leading ally the United Arab Emirates substantially reduced its presence there, four sources familiar with the matter said. The UAE has drawn down its numbers in some parts of Yemen, where it had set up large ... Read More »

Saudi Arabia and Hyundai Heavy Industries to set up marine engines plant in the kingdom


Saudi Arabia and Hyundai Heavy Industries plan to set up the Middle East’s first marine engine manufacturing plant in the kingdom to develop its nascent industries sector and diversify the economy away from oil. Oil giant Saudi Aramco, Saudi Arabian Industrial Investments Company (Dussur) and South Korea’s Hyundai will enter a joint venture to set up the facility in the ... Read More »

Tech firms, industrial Reits to ride on M&A wave sweeping Singapore: DBS


SINGAPORE – Mergers and acquisitions (M&A) and privatisations are heating up in Singapore, with 14 companies being taken private or bought out to date this year. In a report identifying more possible deals in the space, DBS Group Research analyst Ling Lee Keng said on Tuesday (July 2) that this number is “much higher” than the whole of last year, ... Read More »

Iran Accuses Saudi Arabia Of Holding Happiness Hostage In Tanker Tussle


In the waters off a busy port along Saudi Arabia’s Red Sea coast, a tussle between two of the Middle East’s big beasts is quietly playing out, with an Iranian oil tanker called Happiness I at the centre of it. On April 30, the tanker was sailing through the Red Sea carrying an estimated 1 million barrels of fuel oil. ... Read More »

Canada export agency lifts “closed” status on Saudi Arabia-related business


Canada’s export credit agency has lifted a “closed” status on Saudi Arabia-related activity after almost a year of frosty relations between the two countries, citing improved business conditions in the kingdom. The move by Export Development Canada (EDC) on Tuesday paves the way for the state-owned enterprise to resume support for exporters and investors in Saudi Arabia. The EDC changed ... Read More »

Saudi Prince’s Cultural Revolution Comes to Scotland


In the Scottish Highlands, where rugged mountains collide with the Atlantic, Lewis Gibson reaches into a bucket of brown pellets and scatters a handful into the gray salt water of Loch Leven. Under the surface, there’s a flurry of activity as thousands of salmon jostle for a snack. “They can feed better on an overcast day rather than a bright ... Read More »

Saudi Customs adopts blockchain solution


As part of its Vision for the future, the Kingdom of Saudi Arabia has been forthcoming in the adoption of technology to advance its processes. One such instance is the recent integration of FASAH, its national platform that connects government and private entities involved in cross border trade, and TradeLens, Maerks and IBM’s blockchain-enabled global shipping solution. The integration, overseen ... Read More »

Saudi Arabia signs $8.3bn economic pact with South Korea


Saudi Arabia and South Korea have signed an $8.3bn economic cooperation pact during Crown Prince Mohammed bin Salman’s visit to Seoul. The pact was signed by the Crown Prince on Wednesday as part of his first visit to the South Korean capital, which also included talks with President Moon Jae-in –- aimed at strengthening bilateral ties between the two governments. ... Read More »

Saudi Arabia relaxes ownership limits for foreign investors

Visitors stand and watch stock movements displayed on large video screens inside the Saudi Stock Exchange, also known as the Tadawul All Share Index in Riyadh, Saudi Arabia, on Monday, Nov.28, 2016. The Tadawul All Share Index advanced 26 percent since Saudi Arabias record-breaking bond sale last month, the most in the world during that period. Photographer: Simon Dawson/Bloomberg via Getty Images

Saudi Arabia has relaxed a 49 per cent limit for foreign strategic investors in shares of listed companies, aiming to attract billions of dollars of foreign funds as the kingdom opens up the region’s largest bourse to a more diverse investor base. The country has introduced a raft of reforms in recent years to make its stock market, the region’s ... Read More »

Russia leads as top crude supplier to China, overtakes Saudi

Oil pumps in operation at an oilfield near central Los Angeles on February 02, 2011.  World oil prices recently rallied close to $100 per barrel, as traders absorbed impressive fourth-quarter US economic growth and fretted over worsening political turmoil in Egypt. Most other commodity markets also won support this week from news that the US economic recovery picked up speed in the last three months of 2010, stoking hopes of strengthening demand for raw materials. The US economy grew at its fastest clip in five years in 2010, the Commerce Department reported, as the country bounced back from recession and fears of a double-dip recession ebbed.                                        AFP PHOTO/Mark RALSTON (Photo credit should read MARK RALSTON/AFP/Getty Images)

Russia became the largest crude oil supplier to China in May, supported by robust demand from private refiners and alongside a fall in supplies from Iran. Imports from Russia came in at 6.36 million tonnes in May, or 1.50 million barrels per day (bpd), data from the General Administration of Customs showed on Tuesday. On a barrels per day basis, ... Read More »