Page 15 - Saudi Arabia

India turns to Saudi as purchases of Russian crude oil fall in December

Indian Oil Corp, which was set to get the Sokol oil, had to withdraw from its inventory and buy from the Middle East to make up the shortfall, sources told Reuters last month

Brics expansion: Five nations including UAE, Saudi get full membership

The BRICS bloc of top emerging economies, including India, Russia and China, has announced induction of five full members into it as part of an attempt to expand its strategic heft against the backdrop of Western dominance in world affairs. As Moscow assumed the presidency of BRICS, Russian President Vladimir Putin said on Monday that the grouping has become a 10-nation body now with Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates joining it as new members. In August, the top BRICS leaders at the grouping's summit in Johannesburg approved a proposal to admit six countries, including Argentina, into the bloc with effect from January 1. However, Argentina's new President Javier Milei last week announced withdrawing his country from becoming a member of the BRICS (Brazil-Russia-India-China-South Africa). "Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates joined BRICS as new full members which is a strong indication of the growing authority of the ...

Saudi fund outpaces Singapore's GIC with $31.6 billion splurge: Global SWF

That was higher than the $20.7 bn it invested the previous year, an increase that contrasts with a wider trend - globally state-owned investors deployed $124.7 bn, about a fifth less than prior year

Saudi Arabia's fund outpaces Singapore's GIC with $31.6 billion splurge

Overall, sovereign wealth funds controlled by the hydrocarbon-rich governments of Abu Dhabi, Saudi Arabia and Qatar took five spots on a list of the top 10 most active funds last year

Brics to grow as Saudi, Iran, UAE, Egypt, Ethiopia join ranks on Jan 1

Current members Brazil, Russia, India, China and South Africa in August invited six other nations to become part of their group, pairing some of the planet's largest energy producers

US allies reluctant on Red Sea task force to counter Houthi rebel attacks

Two of America's European allies who were listed as contributors to Operation Prosperity Guardian - Italy and Spain - issued statements appearing to distance themselves from the maritime force

L&T wins upward of Rs 5,000 cr order for Saudi Arabia's Amaala project

AMAALA is an ultra-luxury destination situated in the Prince Mohammed bin Salman Natural Reserve along Saudi Arabia's northwestern coast

L&T Construction bags contract for AMAALA project in Saudi Arabia

Larsen & Toubro (L&T) on Wednesday said its construction arm has bagged a contract to establish various systems related to green energy generation and utilities for an ultra-luxury tourism destination in Saudi Arabia. "The construction arm of Larsen & Toubro has been chosen as the turnkey engineering, procurement and construction (EPC) contractor....for the AMAALA project in the Red Sea region, Saudi Arabia," the company said in a filing to BSE. AMAALA is an ultra-luxury destination set in the Prince Mohammed bin Salman Natural Reserve along Saudi Arabia's northwestern coast. Spanning 4,155 square kilometer, the project features pristine landscape and diverse natural ecosystems, coupled with unique and intriguing heritage and local culture. "The award of this prestigious contract stands testimony to the synergistic strength of diverse offerings of L&T Construction in providing innovative solutions to customers keen on sustainable, clean and reliable electricity and ...

Saudi cabinet approves contracting rules for firms not based there

The decision comes just days before Saudi Arabia's January 2024 deadline for companies to move their regional headquarters to the kingdom or risk losing money in government contracts

Modi speaks to Saudi Crown Prince, exchange views on situation in West Asia

Prime Minister Narendra Modi spoke to Crown Prince and Prime Minister of Saudi Arabia Mohammed bin Salman bin Abdulaziz Al Saud and shared concerns regarding terrorism, violence, the loss of civilian lives and the situation in West Asia. The leaders also reviewed progress in the bilateral Strategic Partnership in follow-up to the State visit of the Crown Prince to India in September 2023 and discussed the forward-looking bilateral partnership agenda for the future, a PMO statement said on Tuesday. Modi reiterated India's long-standing and principled position on the Israel-Palestine issue and called for continued humanitarian aid for the affected population, it said. Modi said on X, "Held a good conversation with my Brother HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud on the future of Strategic Partnership between India and Saudi Arabia." "We exchanged views on the West Asia situation and shared concerns regarding terrorism, violence and the loss of civilian lives," he said

Spanish govt to buy Telefonica stake worth as much as $2.2 billion

Sepi, Spain's investment vehicle, will buy as much as 10 per cent of Telefonica's shares - a stake that may total more than €2 billion - in an effort to provide "greater shareholder stability"

Saudi Arabia emerges as top destination for skilled workers: Govt to LS

The data showed that 13,944 skilled candidates got jobs in Saudi Arabia, followed by Qatar (3646), United Arab Emirates (2832) and the United Kingdom (1248)

NSDC inks MoU with Saudi govt to protect rights of Indian skilled labourers

The National Skill Development Corporation (NSDC) has signed a Memorandum of Understanding (MoU) with the government of Saudi Arabia to protect the rights of skilled labourers from India. "Skilled labourers in India can register themselves at NSDC... after which we will come to know where they are going, for which work and with whom they will be working," NSDC CEO Ved Mani Tiwari said. The registration process will be free of cost, he said, adding that skilled labourers from all categories, including AC mechanics, and car painters, can register themselves on NSDC. "Skill India Mission was launched by Prime Minister Narendra Modi. Currently, we are working with 13 countries and in the coming days we are going to open 30 skill international centres," he said. It is not true that all agents through whom people go to Saudi Arabia from India are bad, and if people want to go via agents, they may do so, but they have to register at NSDC, he said, adding that the documentation will be don

Saudi registrants for COP28 included undeclared oil company employees

At least 15 people who registered for Saudi Arabia's delegation to the COP28 climate conference in Dubai appear to be undeclared employees of the Saudi state oil company, according to research by an environmental nonprofit. Saudi Arabia, the world's second-biggest oil producer, was one of the main countries opposing an aggressive commitment to phase out fossil fuels at the United Nations-led summit. Saudi Arabia and other large oil-producing nations have traditionally held sway in nixing potential agreements on reducing oil, gas and coal, which when burned cause climate change. This year, however, negotiators went into extra time before approving an agreement that calls for a transition away from fossil fuels for the first time, though critics say it is filled with loopholes. New rules for this year's talks required registrants to disclose their affiliation, a move aimed at improving transparency. Activists have long questioned the presence of fossil fuel producers at the talks, ..

Saudi minister inaugurates first global labour market conference in Riyadh

Minister of Human Resources and Social Development (MHRSD) of Saudi Arabia Ahmad bin Sulaiman Al-Rajhi inaugurated the first Global Labor Market Conference (GLMC) at the King Abdulaziz International Convention Centre here on Wednesday. The opening ceremony, presided over by Al-Rajhi, saw over 6,000 participants and attendees from over 40 countries, including ministers of Saudi Arabia, policymakers, leaders of multinational organisations, heads of business, academics, and representatives of labour. In his opening address, Al-Rajhi highlighted Saudi Arabia's role in pioneering efforts that bolster international labour markets, allowing them to keep pace with frequent changes. Dynamics of the labour market today are altogether different from those in the past, including an increased demand for skills required by future jobs, new professions, and the changing nature of the global workforce. Al-Rajhi shared statistics on the ongoing labour market dynamics, both related to emerging ...

Saudi Arabia steps up efforts to welcome 7.5 mn Indian travellers by 2030

Saudi Arabia has stepped up its effort to attract tourists from India and is eyeing to welcome 7.5 million travellers from the country by 2030, Saudi Tourism Authority Trade Markets Director, India and the Subcontinent, Meshaal Qureshi said on Wednesday. India is the third biggest source of tourists in the Asia-Pacific (APAC) region. "India is Saudi's third biggest source market in the APAC region, with 1.18 million visits in 2023 alone so far, while more than 1.88 million expats from India live and work in Saudi," Qureshi said while addressing Nusuk roadshow. "We are pleased to see increasing demand for travel from India to Saudi for spiritual and leisure purposes especially as we aim to welcome 7.5 million Indian travellers by 2030," he said. In 2022, Saudi Arabia saw one million Indian visitors who were the highest spenders among all its source markets globally due to the Visit Friends and Relatives (VFR) segment, he said. Qureshi said with collaboration and innovation, Saudi .

Russian President Vladimir Putin visits Saudi Arabia, UAE amid COP28

Russian President Vladimir Putin began a trip on Wednesday to Saudi Arabia and the United Arab Emirates, hoping to shore up support in the Mideast from two major oil producers allied to the US as his war on Ukraine grinds on. Putin landed in Abu Dhabi, the capital of the Emirates, a federation of seven sheikhdoms now hosting the United Nations' COP28 climate talks. It marked his first trip to the region from before the coronavirus pandemic and the war and as he faces an arrest warrant from the International Criminal Court over the war in Ukraine. Neither Saudi Arabia nor the UAE has signed the ICC founding treaty, meaning they don't face any obligation to detain Putin over the warrant accusing him of being personally responsible for the abductions of children from Ukraine during his war on the country. Putin skipped a summit in South Africa over concerns he could be arrested on arrival there. Sheikh Abdullah bin Zayed Al Nahyan, the UAE's foreign minister, met a smiling Putin after

Centre committed to making Haj inclusive, accessible: Smriti Irani

Minority Affairs Minister Smriti Irani on Tuesday held talks with Saudi Arabia's Minister of Haj and Umrah Tawfiq bin Fawzan Al-Rabiah as both countries vowed to work together to make the Haj process as convenient and as seamless as possible with best provision of services for pilgrims. Irani asserted that the government is committed to making Haj inclusive and accessible towards all segments of society. She made the remarks in a press statement with Tawfiq bin Fawzan Al-Rabiah alongside her. "We today held productive discussions on how to further deepen our engagements and especially our cooperation for Haj. Both nations have agreed to continue to work together to make the Haj process as convenient and as seamless as possible with best provision of services for all Haj pilgrims," Irani said. "We are deeply appreciative of the help that we have received from the Kingdom of Saudi Arabia for extending special help and cooperation for the smooth conduct of Haj not only every year, but

Opec+ ministers meet to discuss additional oil output cuts for next year

The size of potential additional cuts have not been decided yet, but two delegates said they ranged from 1 million to 2 million barrels per day (bpd) for the first quarter of 2024

Explained: Why Opec+ members find it hard to agree oil production quotas

OPEC+ negotiations over production quotas have often been difficult in the past. Oil production tends to vary month by month, making it difficult to fix on a permanent production target.