RIYADH: Saudi Arabia expects a budget surplus of SR90 billion riyals ($24 billion), Saudi Press Agency reported, citing a cabinet statement. The total revenues for 2022 is estimated at SR1.05 trillion, while the spending is at SR955 billion, the statement said; following a meeting chaired by King Salman. With the Saudi budget statement for the 2022 fiscal … Read more
DUBAI: Saudi Arabia-based asset management firm Sedco Capital has launched an additional offering of its real estate investment trust fund to increase asset value by SR702 million ($187 million), Arab News reported. The offering period will run for five days until December 16, the company said in a statement. The price is set at SR10/unit. Sedco Capital … Read more
A joint military exercise Al-Kassah-III between Pakistan and Saudi Arabia began at King Khalid Military City Hafar Al Batin in Saudi Arabia on Monday, said the Inter-Services Public Relations (ISPR) in its statement. Read more: Saudi military delegation witnesses Pakistan Army’s battle inoculation exercise Commander Northern Area Major General Saleh Bin Ahmed Al Zahrani attended … Read more
RIYADH: Saudi Arabia, the UAE and Kuwait will lead the Middle East with new ‘mega’ petrochemicals projects after a recent slowdown, Arab News quoted the CEO of Arab Petroleum Investments Corp, known as APICORP, told S&P Global Platts. Most of the mega projects have ended and there is a new cycle now, according to Ahmed … Read more
RIYADH: A feasibility study to establish a Saudi-Bahraini multidisciplinary holding company is being prepared with the aim of launching joint investment projects, the Saudi-Bahraini Business Forum has announced. The forum was organised by the Council of Saudi Chambers and the Bahrain Chamber of Industry and Commerce in Manama, on the sidelines of Crown Prince Mohammed … Read more
RIYADH: Saudi Arabia’s Ministry of Energy has signed an agreement with the Singaporean Ministry of Trade and Industry to enhance cooperation in the energy sector, Arab News reported. The memorandum of understanding will promote digital transformation and innovation, renewable energy and hydrogen technologies, and the development of a circular carbon economy, according to the Ministry of Energy’s … Read more
RIYADH: Saudi Arabia’s e-commerce market value increased 60 per cent between 2019 and 2020, and is now forecast to exceed SR50 billion ($13 billion) by 2025, Arab News quoted a new analysis. Boston Consulting Group’s report, prepared jointly with Meta, explains e-commerce’s large growth relative to the traditional retail sector. E-commerce sales in Saudi Arabia have been … Read more
JEDDAH: Shipping costs have increased 700 per cent as a result of the pandemic, according to the CEO of the Saudi National Industrialisation Co, Arab News reported. Container plants in China stopped their production during the pandemic, which led to an increase in the container rental price from $800 to$1,200 to $7,500 to $8,500. The long-term shipping … Read more
DAMASCUS: Syria will host an Arab energy conference in 2024, the country’s energy ministry said, the latest sign that Arab countries are moving to re-engage with the government of Syria’s embattled President Bashar Assad, Arab News reported. The announcement followed a unanimous vote from members of the Organization of Arab Petroleum Exporting Countries during a virtual meeting … Read more
DUBAI: The signing of new investment deals reportedly worth $30 billion between Saudi Arabia and Oman is no doubt a positive development for solidifying cooperation between the member countries of the Gulf Cooperation Council, Arab News reported. Yet the first questions that spring to mind are: Why Oman and why now? From a geopolitical perspective, Saudi Arabia’s … Read more
JEDDAH: While all eyes in Abu Dhabi will be on the headline drama of the title fight between Lewis Hamilton and Max Verstappen this weekend, another world champion will be making his final appearance in a Formula One car. Twenty years after making his F1 debut for Sauber at the 2001 Australian Grand Prix, Finnish … Read more
DUBAI: As more women join Saudi Arabia’s workforce, a multinational company is setting up an “innovation lab” to support digital skills development, Arab News reported. The new platform, created by India’s Tata Consultancy Services, will work with startups and universities to provide participants, particularly women, a chance to “explore and innovate with new technologies.” Women’s participation in … Read more
RIYADH: Amazon on Tuesday launched Alexa in Saudi Arabia offering customers an all-new, localised language experience in an Arabic Khaleeji dialect, Arab News reported. Alexa, the brain that powers the Echo device family, has unique new features built with Saudi customers in mind, new smart home integrations with compatible devices, and nearly 200 Alexa skills. It seeks … Read more
ISLAMABAD: Pakistan on Tuesday condemned the failed ballistic missile attack by the Yemeni Houthi rebels towards Riyadh. “Pakistan strongly condemns the launch of ballistic missile by Houthis towards Riyadh that had been aimed against civilians and civilian infrastructure. The successful interception of the ballistic missile by the Royal Saudi Air Defence prevented loss of innocent … Read more
RIYADH: Saudi Arabia signed deals with Oman valued at $30 billion, state media said on Tuesday, as Crown Prince Mohammed bin Salman began a tour of Gulf Arab countries, including former rival Qatar. Saudi and Omani companies “signed 13 memoranda of understanding worth $30 billion”, the official Saudi Press Agency reported. The MoUs between the … Read more
RIYADH: Saudi Aramco signed a $15.5 billion lease and leaseback deal involving its gas pipeline network with a consortium led by BlackRock Real Assets and Hassana Investment Co, Arab News quoted a statement, as saying. Considered to be one of the largest energy infrastructure deals, it represents Aramco’s asset optimization program and is the second such infrastructure … Read more
RIYADH: Omani companies, which are fully-owned by the Investment Authority, have signed 13 memoranda of understanding with their Saudi counterparts in different sectors, Arab News quoted Oman’s state TV, as reporting. The Oman-based OQ Group, a global energy provided, signed three MoUs. The first one was signed with Saudi ACWA Power and Air Products in … Read more
ISLAMABAD: Saudi Arabia has allowed the Pakistan International Airlines (PIA) to operate increased number of flights to the kingdom. The PIA spokesman, in a press release, said that the national flag carrier would now operate 48 flights in a week between different destinations of the two countries. He said eight flights each would be operated … Read more
KARACHI: The rupee recovered 29 paisas against the dollar on Monday after a deposit of $3 billion to the State Bank of Pakistan (SBP) by Saudi Development Fund (SDF), dealers said. The exchange rate ended at Rs176.48 against the dollar from last Friday’s closing of Rs176.77, which was a historic low of the local unit, … Read more
JEDDAH: Lewis Hamilton kept his hopes of an eighth world championship title alive with a thrilling victory in a dramatic and at times chaotic Saudi Arabian Grand Prix on Sunday. The result left the seven-time champion level on 369.5 points with title rival Max Verstappen ahead of the final race in Abu Dhabi next weekend. Hamilton was behind … Read more
KARACHI: Large import bill and a significant decline in the foreign exchange reserves may further destabilise the rupee next week, dealers said. The higher import bill and a decline in the forex reserves have deteriorated the value of the local unit to the historic low of Rs176.77 against the dollar on December 3, 2021. The … Read more
LONDON: Oil rose for the second day on Friday after Opec+ said it would meet again to review output if the Omicron Covid-19 variant impacts demand, Arab News reported. Prices were still headed for the sixth week of declines on concern a steady increase in supply from the Organization for Petroleum Exporting Countries and its allies including … Read more
RIYADH: Saudi Arabia will start implementing the mandatory application of the first phase of e-invoicing ‘fatoorah’ on Saturday, December 4, Argaam reported. An e-invoice, according to regulations, is a tax invoice that is issued electronically by each taxpayer subject to value-added tax in the kingdom. The first phase requirements consist of ensuring that there is a technical … Read more
RIYADH: Riyadh-based fintech startup Lamaa has secured a $5.5m investment from Saudi Aramco’s entrepreneurship arm Wa’ed and Raed Ventures Arab News reported. The deal represents one of the largest seed funding rounds in Saudi Arabia. Lamaa provides financing solutions, such as supply chain finance and Buy Now Pay Later schemes, for small and medium enterprises. Wa’ed and … Read more
Saudi Arabia and Taiwan-based Foxconn Technology Group are looking to form an electric vehicles joint venture, in a move that could boost the kingdom’s effort to diversify its economy. The parties aim to sign the deal by the end of 2021, but plans are still subject to change, Bloomberg reported. The majority stakeholder of the joint venture … Read more
Saudi Arabia’s smart city NEOM has hosted its first UK roadshow event in London to promote investment opportunities. It was attended by over 250 leaders from the country’s business, financial, environmental and political circles, Launched by Saudi’s ambassador to the UK, the Discover NEOM event included presentations, panels and an exhibition of NEOM in film … Read more
Top oil exporter Saudi Arabia may raise crude prices for Asia in January; following large gains in the Middle East spot market last month, but weak refining margins and an oil reserves release by consumers may cap gains, Reuters quoted trade sources, as saying. The January official selling price (OSP) for flagship Arab Light crude … Read more
RIYADH, Dec. 1 (Xinhua) — Saudi Arabia announced on Wednesday the detection of its first case of the COVID-19 Omicron variant, the Saudi Press Agency reported. The variant was detected for an inbound citizen coming from a North African country, the Saudi Health Ministry said, adding that the infected one was quarantined and those close … Read more
