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Alinma Bank net profit surges 74% in quarter

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RIYADH: Alinma Bank has announced the achievement of a net profit of SR542 million during the third quarter of 2017. This represents an improvement over the SR312 million net profit earned for the same period of the previous year, an increase of 74%. It also showed an increase of 11% over the SR488 million earned during the second quarter of ... Read More »

Saudi Aramco says no plans to shelve $2 trillion listing

saudi aramco

RIYADH: Saudi Aramco has dismissed reports that it is considering shelving plans for the world’s biggest ever flotation, with the state-owned oil company saying the $2 trillion listing was on track for next year. Amid concerns about the feasibility of such a huge international listing, the company was favouring a private stake sale to foreign governments, including China, the Financial ... Read More »

SESP, GE signs MOU to provide technical training to youth

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RIYADH: GE signed a Memorandum of Understanding (MOU) with Saudi Electric Services Polytechnic (SESP), a leading center of vocational learning in power utility technical education, to train Saudi youth for professional careers in the power sector. The MOU was signed by Laith Ahamed Al Bassam of SESP and Hisham Al Bahkali of GE at a ceremony held at Saudi Electricity ... Read More »

Saudi Aramco’s London listing alarms governance group

saudi aramco

RIYADH: Saudi Aramco’s minority listing in London has come under fresh fire from a good governance specialist that speaks for some of the most influential investment funds on the stock market. The International Corporate Governance Network, whose members include big institutions such as Legal & General, Aviva Investors and Hermes Investment Management, raised concerns about the implications for the quality ... Read More »

Saudi, UAE to boost cooperation in trade and investments

COOPERATION

RIYADH: The UAE and Saudi Arabia are intensifying cooperation to boost investment and trade with select initiatives identified, top government officials said on Wednesday. Exemptions will be given to Saudi firms investing in Abu Dhabi to boost cooperation between the two countries. The volatility in oil prices and the political situation globally is pushing both countries to diversify their economies ... Read More »

Wages increase in Saudi Arabia during Q2

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RIYADH: The wages of employees in Saudi Arabia edged higher in the second quarter of this year, the latest figures from the General Authority for Statistics showed. The average monthly wages for Saudi employees increased to 9,911 Saudi riyals in the second quarter of the year, from 9,884 Saudi riyals in the first quarter.  However, the unemployment rate among Saudis ... Read More »

Saudi Arabia cuts Nov oil allocations, but exports to rise

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RIYADH: Saudi Arabia has cut crude oil allocations for November by 560,000 barrels per day (bpd), an oil ministry spokesman said on Monday, in line with the kingdom’s commitment to an OPEC-led supply reduction pact. Despite the cut in allocations, from customers’ requests for Saudi crude, the top oil exporter plans to ship slightly above 7 million bpd next month, ... Read More »

Saudi Arabia’s brand valuation soars by 19%

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LONDON: Saudi Arabia’s international brand value has soared by 19 percent, ranking the Kingdom second in the region after the UAE, according to a report released Monday. Research by the London-based business-valuation consultancy Brand Finance found that the Kingdom’s brand value now stands at $575 billion, making it the second most valuable nation brand in the Middle East. Qatar’s brand ... Read More »

Saudi Aramco launches new venture in India

Saudi-Aramco

RIYADH: Saudi Aramco launched a new Indian venture near New Delhi, a government statement said on Sunday, as the global oil exporter looks to tap rising demand and invest in the world’s third-biggest consumer. India’s Oil Minister Dharmendra Pradhan, who jointly inaugurated the local unit with Aramco Chief Executive Amin Nasser, said the move would help pave the way for ... Read More »

Saudi Aramco to prioritize refining, oil trading, LNG in MOUs with Russian companies

saudi aramco

RIYADH: Saudi Aramco is keen to expand its refining sector, trading operations and development of LNG projects with Russian companies, the company’s CEO Amin al-Nasser said Thursday during Saudi King Salman’s landmark visit to Moscow. Saudi Arabia and Russia signed 14 agreements for cooperation on various spheres, including a memorandum of understanding between Saudi Aramco and Russian major petrochemical company ... Read More »

Saudi Arabia’s economic reforms gain traction

ECONOMIC REFORMS

RIYADH: Saudi Arabia’s bold reforms programme under Vision 2030 is moving in the right direction and is supported by a strong governance and monitoring system, according to a staff discussion paper from the International Monetary Fund (IMF). “The reform plans aim to transform the Saudi economy by diversifying it away from oil, giving a larger role to the private sector, ... Read More »

Saudi Arabia expects to cut barley imports to 8 mln t this season

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RIYADH: Saudi Arabia, one of the world’s largest importers of barley, expects to reduce imports of the grain to 8 million tonnes this marketing season from 9.1 million tonnes in the previous season, the head of the country’s main state grain buying agency said. The decline is due to Saudi Arabia’s efforts to partially substitute domestic consumption of barley with ... Read More »

Saudi Aramco to acquire 50% stake in Petronas polymers project

saudi aramco

RIYADH: Saudi Aramco is paying around $900 million (€765 million) to acquire a 50% stake in the Petronas Chemicals Group (PCG) polymers project within the Petronas Pengerang Integrated Complex, Aramco announced 2 Oct. The transaction for the project currently under construction in the southern Malaysian state of Johor near Singapore is expected to close on 15 March 2018. Read More »

Saudi non-oil sector sees sharp expansion in Sept

non oil sector

RIYADH: Saudi Arabia’s non-oil private sector witnessed sharp expansions in output in September and new orders were key contributors towards the most recent improvement in operating conditions, according to the latest PMI survey from Emirates NBD. At the same time, input price inflation continued to soften in the latest survey. Moreover, firms generally reduced their output charges to increase competitiveness. ... Read More »

Saudi unemployment 12.8% in 2Q 2017

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RIYADH: Saudi unemployment in the second quarter of 2017 stood at 12.8 percent, according to the General Authority for Statistics. The unemployment rate was 7.4 percent for men and 33.1 percent for women. The rate for the total population, including non-Saudis, was 6 percent — 3.3 percent for men and 22.9 percent for women. The total number of employees was ... Read More »

King Abdullah Port accepts first liquid bulk shipments

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RIYADH: King Abdullah Port has announced the arrival of its first liquid bulk shipments of fresh pasteurized milk for Almarai, the largest dairy company in the region. According to the shipping company, the milk shipment, which arrived from the Port of Moerdijk in Netherlands and weighs 265 tons, is the first of its kind to dock at Saudi ports, constituting ... Read More »

Saudi Arabia picks BNP Paribas for $7.2 bln desalination plant sale

bnp paribas

RIYADH: Saudi Arabia’sSaline Water Conversion Corporation (SWCC) has hired BNP Paribas to advise it on the sale of its $7.2 billion Ras Al Khair desalination plant, a source close to the matter said on Thursday. The desalination and power plant is one a number of state assets that the government is selling as part of a privatisation drive to reduce ... Read More »

Saudi Arabia’s SAGO seeks 540,000 tons of barley in tender

barley

RIYADH: Saudi Arabia has issued an international tender to purchase 540,000 tonnes of barley, main state grain buyer the Saudi Grains Organization (SAGO) said on Thursday.  The deadline for receiving offers is Sept. 29, SAGO said in a statement. The tender seeks barley for delivery during November and December in nine individual consignments of 60,000 tonnes, Ahmed Al Fares, governor ... Read More »

Saudi Arabia extends VAT registration deadline for small businesses

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RIYADH: Saudi Arabia has extended the deadline for value-added-tax registration by one additional year for small businesses, the General Authority of Zakat and Tax said on its new VAT-dedicated website. Businesses whose annual taxable supplies of goods and services do not exceed one million Saudi riyals ($266,659) will be exempt from the requirement to register by December 20th 2017. They ... Read More »

Saudi finance minister tells bond investors Aramco IPO to go ahead in 2018

A general view shows the Saudi Aramco oi

RIYADH: Saudi Finance Minister Mohammed al-Jadaan told bond investors during a presentation on Monday that the initial public offering (IPO) of Saudi state oil giant Aramco will proceed as planned in 2018, sources familiar with the matter told Reuters. Aramco has previously said the listing remained “on track” after a report that the oil company was preparing contingency plans for ... Read More »