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Saudi Aramco CEO says to sign $50 bln of deals with U.S. companies

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RIYADH: National oil giant Saudi Aramco expects to sign $50 billion of deals with U.S. companies on Saturday, part of a drive to diversify the kingdom’s economy beyond oil exports, Aramco’s chief executive Amin Nasser said. Nasser was speaking to reporters at a conference of scores of senior U.S. and Saudi business executives, coinciding with the visit of U.S. President ... Read More »

Saudi-US trade volume exceeds SR2 Trillion in 10 years

bilateral trade

RIYADH: The Ministry of Commerce and Investment said the volume of trade exchange between the Kingdom and the US in 2016 reached SR142 billion. Of this, the Saudi exports to the US reached SR65.6 billion while American exports reached SR75.8 billion. It added that the Saudi-US volume of trade has exceeded SR2 trillion during the last decade. The balance of ... Read More »

Saudi to sign trade, political deals with US

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RIYADH: Saudi Arabia confirmed on Thursday that it will sign commercial and political deals with the US during President Donald Trump’s visit to Riyadh next week. Arab-Islamic-American Summit, which will be attended by 37 leaders, will focus on combating terrorism, bolstering trade, investment, youth and technology, Xinhua quoted Saudi Foreign Minister Adel Jubeir as saying. At end of the summit, ... Read More »

Saudi crude exports rise to 7.232mn bpd in March

Morocco’s auto industry exports likely to rise to $10b by 2020

RIYADH: Saudi Arabia’s crude oil exports rose by 275,000 barrels per day in March from February, and it built stocks that month despite a fall in crude production, official data showed on Thursday. Opec’s biggest producer exported 7.232mn bpd in March, up from 6.957mn bpd in February, according to data from the Joint Organisations Data Initiative (JODI). It pumped 9.90mn ... Read More »

Lorry drivers carrying 6kg of drugs caught trying to cross into Saudi Arabia

drugs

RIYADH:  Three lorry drivers have been caught with more than 6kg of heroin and amphetamines at a border crossing. Dubai Police were tipped off about the Asian trio’s intent to smuggle drugs across the Al Ghuwaifat border crossing to Saudi Arabia on May 4. Maj Gen Khalil Al Mansouri, the assistant commander-in-chief for the criminal investigation department, said the suspects ... Read More »

Saudi Aramco tightens grip in top oil market with china refinery

A general view shows the Saudi Aramco oil facility in Dammam city, 450 kms east of the Saudi capital Riyadh, 23 November 2007. Sky-rocketing oil prices that are within striking distance of 100 dollars a barrel have flooded the coffers of the six Gulf Cooperation Council (GCC) members -- Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates -- which supply one fifth of world demand. AFP PHOTO/HASSAN AMMAR (Photo credit should read HASSAN AMMAR/AFP/Getty Images)

RIYADH: Saudi Arabian Oil Co. agreed to build a refinery and petrochemical plant in China, deepening ties between world’s biggest oil seller and its largest importer. Saudi Aramco, as the company is known, and state-owned China North Industries Group Corp. signed an agreement Tuesday for an integrated refining and chemical facility in Liaoning’s Panjin, according to a statement from China ... Read More »

Saudi Minister expects expansionary 2018 budget based on savings

Budget

RIYADH: Saudi Arabia’s budget next year will be “expansionary but not significantly” and in line with plans to balance state finances by 2020, Finance Minister Mohammed Al-Jadaan said. “Where the expansion will come is from the efficiency,” Al-Jadaan said in an interview in Jeddah on Tuesday. “So we are working on that — reducing a lot of the fat that ... Read More »

Director General of Saudi Customs receives head of the Egyptian Customs Authority

saudi customs

RIYADH: HE Mr. Ahmed Hagbani , Director General of Saudi Customs HE Mr. Magdi Abdel Aziz , head of the Egyptian Customs Authority received by the General Customs building in Riyadh ‘s interest. The meeting began with a word from His Excellency Mr. Ahmed Hagbani, welcomed His Excellency the President of the Egyptian Customs Authority in his second, and noting ... Read More »

Saudi consumer price deflation deepens in April

deflation

RIYADH: Saudi Arabia’s Central Department of Statistics released the following April consumer price data on Tuesday, showing consumer prices dropping year-on-year for a fourth straight month. In January, inflation turned negative for the first time in over a decade. Food and beverage prices fell 2.6 percent from a year earlier in April, partly because of a strong U.S. dollar, to ... Read More »

Saudi Arabia sees 115% increases in oil revenues in Q1 2017

INCREASES

RIYADH: Saudi Arabia’s budget deficit fell by 71 percent in the first quarter of this year, Finance Minister Mohammed Al-Jadaan said on Thursday, after the Kingdom made sweeping spending cuts. The deficit dropped to SR26 billion ($6.93 billion) in the first three months while compared to the same period last year following the cuts made as a result of the ... Read More »

LG Electronics revenues up 9.7% in Q1

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RIYADH: LG Electronics (LG), a leading global technology company, has posted a revenue of $12.70 billion for the first quarter (Q1) of this year, an increase of 9.7 per cent from the same period last year. LG nearly doubled its operating income to $798.3 million with the Home Appliance & Air Solutions Company posting its highest quarterly operating income in ... Read More »

Unprecedented growth in Saudi tourism sector

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RIYADH: The Saudi tourism and national heritage sector is witnessing unprecedented growth thanks to the support and care of King Salman, said Prince Sultan bin Salman bin Abdulaziz, president of the Saudi Commission for Tourism and National Heritage (SCTH). The king issued a directive to support the sector by passing resolutions and allocating budgets that contribute to its development and ... Read More »

Saudi Customs organizes a workshop on the application list functionality mechanism

saudi customs

RIYADH: General Customs Authority held on Wednesday 14 th / 8/1438 AH workshop entitled “Application of the list of job performance mechanism” with the participation of specialists from the employees of the Ministry of Trade and Investment and the Ministry of Communications and Information Technology , and with the participation of specialists from the employees of the General Customs Department ... Read More »

Saudi Customs will hold two workshops within the project’s strategic transformation program with participation of private sector

saudi customs

RIYADH: General Customs Department recently held two workshops in the cities of Jeddah and Dammam , with the participation of customs partners in the work of customs from the private sector. The aim of the workshops axes to show customs plans in the strategic shift to serve the business sector in the field of import and export and take advantage ... Read More »

Saudi’s Savola Q1 profit tumbles on lower sales, lower margins

PROFIT

RIYADH: Savola Group, Saudi Arabia’s largest food products company, reported a 96 percent fall in first-quarter net profit on Thursday, as a result of lower sales and lower margins in the retail sector. Net profit in the three months to March 31 was 4.8 million riyals ($1.3 million), compared with 119.4 million riyals in the same period a year earlier, ... Read More »

Saudi Arabia’s budget deficit drops 71% in Q1

budget dificit

RIYADH: Saudi Arabia’s Finance Minister Mohammed Al-Jadaan has announced the kingdom’s first quarter budget performance on Thursday, saying the ministry has seen a SAR 144 billion in revenues and increase by 72 percent from last year’s figures. The minister also announced the first quarter’s expenses reached SAR 170 billion. Al-Jadaan confirmed that the Saudi budget deficit fell by 71 percent ... Read More »

Saudi Shoura approves study on reduction of time between calls to prayer

saudi shura

JEDDAH: The Shoura Council has approved a proposal calling on the Ministry of Islamic Affairs to reduce the period of time between the first (Adhan) and second (Iqama) calls to prayer to five minutes for mosques that are either inside malls/shopping centers or close to them, according to Al-Madina newspaper. The proposal was previously filed by Council member Ata Al-Subaiti, ... Read More »

Saudi stocks get boost from Jarir’s 1Q results

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RIYADH: Shares of companies that beat quarterly earnings estimates outperformed on Tuesday with electronics and bookstore retailer Jarir helping lift the mood on Saudi Arabia’s exchange. Shares of Jarir surged 6 percent to SR141 ($37.6) in the heaviest volumes in two weeks after it reported a 26.5 percent rise in first-quarter net profit, beating analysts’ forecasts. The company’s board also ... Read More »

Mission coconut milk contains more than 39 thousand vintage box

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RIYADH: Customs witnessed Batha foiled an attempt to smuggle a large amount of alcohol was (39.192) Thirty-nine thousand one hundred and ninety-two box, found hidden within the consignment received for Customs boxes of a “coconut milk”. The detailed Director General of Customs Batha Abdul Rahman we hinted said: presented to the Customs Mission is a “coconut milk” mounted on one ... Read More »

Saudi-Egyptian business ties set to strengthen

mexicotradeties

RIYADH: After several months of reported tensions between the two countries, it seems that Saudi Arabia and Egypt are overcoming their differences meaning their ties are back on the right track. President Sisi’s visit to Saudi Arabia last month and prior to that, his meeting with King Salman on the side-lines of the Arab League summit in Jordan on March ... Read More »