Page 18 - Saudi Arabia

Saudi Arabia's Aramco hikes dividend 30% to $98 bn despite drop in profit

The profit, down from $161.1 billion in 2022, was still the company's second-highest on record, Aramco said on Sunday as it reported total dividends for the year of $97.8 billion, up 30%

Saudi Arabia transfers another 8% of Aramco shares to sovereign wealth fund

Saudi Arabia's crown prince transferred another 8% of shares in the kingdom's oil giant Saudi Aramco to the country's prominent sovereign wealth fund on Thursday. The shares are worth some $160 billion. Crown Prince Mohammed bin Salman's decision comes as the kingdom is trying to build a series of megaprojects and invest in sports and other fields aggressively abroad to wean the country off of relying solely on oil. The country's sovereign wealth fund known as the Public Investment Fund, or PIF, has been a key element of Mohammed's plans, known as Saudi Vision 2030. The transfer of part of the state's shares in Saudi Aramco is a continuation of Saudi Arabia's long-term initiatives to boost and diversify the national economy and expand investment opportunities in line with Saudi Vision 2030, a statement announcing the deal said. The transfer will also solidify PIF's strong financial position and credit rating. The statement said the kingdom's ownership in Aramco would now be 82.186%

Kalpataru Projects International to lay 800 kms gas pipeline for Aramco

Kalpataru Projects International on Tuesday said it has secured an order from Saudi Arabia's energy major Aramco for laying 800 kilometres of gas pipeline. Kalpataru Projects International Ltd (KPIL) has received the letter of intent (LoI) from Aramco for carrying out engineering, procurement and construction works for three packages of the third expansion phase of the Master Gas System Network (MGS-3) in Saudi Arabia, KPIL said in a statement. The EPC work scope covers laying of over 800 kms of lateral gas pipeline, it said, adding that the value of the project will be confirmed upon contract execution. MGS-3 project aims to expand the existing gas network to supply gas to various industrial consumers. This expansion is expected to enhance Aramco's ability to meet the growing energy demand in Saudi Arabia and replace liquid fuel burning, contributing to Saudi Arabia's drive towards a diverse energy mix. Having roughly two decades of experience in cross-country pipelines, processin

Rajasthan Royals appoints Saudi's NEOM as main partner in a two-year deal

NEOM, being built in the northwestern Tabuk Province of Saudi, is boasted as a sustainably planned urban development initiative. NEOM is aimed at turning into an economic engine for the nation

Opec+ production cuts deepen with extensions from Saudi, other oil giants

Some members of oil cartel OPEC, led by Saudi Arabia, and allied producers like Russia are again deepening their voluntary crude supply cuts. Announcements from several OPEC+ countries extend reductions of some 2.2 million barrels a day, the secretariat for the multinational organisation noted Sunday. Saudi Arabia led the pack by extending its previously-implemented cut of 1 million barrels a day through the end of 2024's second quarter. The extension, which was first shared by the state-owned Saudi Press Agency citing a Energy Ministry source, means the kingdom's crude production will stand at about 9 million barrels a day through the end of June. Also on Sunday, Russia announced an additional voluntary cut of 471,000 barrels per day for the second quarter across a blend of production and exports. Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman will be continuing reductions as well, according to OPEC's secretariat, in smaller amounts. The OPEC+ countries ...

Houthi rebels allegedly fire rocket off ship travelling through Red Sea

A rocket exploded late Tuesday night off the side of a ship travelling through the Red Sea off the coast of Yemen, authorities said, the latest suspected attack to be carried out by Yemen's Houthi rebels. The attack comes as the Houthis continue a series of assaults at sea over Israel's war on Hamas in the Gaza Strip and as the US and its allies launch airstrikes trying to stop them. The British military's United Kingdom Maritime Trade Operations centre, which oversees shipping in the Mideast, reported the attack happened about 110 kilometres off the coast of the Houthi-held port city of Hodeida. The rocket exploded several miles off the bow of the vessel, it said. The crew and vessel are reported to be safe and are proceeding to next port of call, the UKMTO said. The private security firm Ambrey reported that the vessel targeted appeared to be a Marshall Islands-flagged, Greek-owned bulk carrier in the area at the time. Another ship, a Panama-flagged, Emirati-owned chemical tanker

Saudi sovereign wealth fund pitches kingdom as AI hub outside of US

"AI will consume a lot of energy and we are the global leader when it comes to fossil fuel energy and when it comes to renewable energy," he said

Saudi Arabia eyes 7.5 mn Indian visitors by 2030, offers 96-hour free visa

When queried about the Indian market's role in Saudi Arabia, Aldabbagh asserted, 'India is a priority market for Saudi. Last year alone, we welcomed 1.5 million visitors from India

Indian drug firms look for new opportunities in Saudi Arabia pharma market

Indian drug firms sense opportunity to increase presence in $8.9 bn Saudi market

Alibaba looks for partners in West Asia as Beijing deepens Gulf ties

Alibaba is trying to stage a comeback after years of government punishment and strategic missteps that cost the e-commerce operator its place as leader of the country's tech industry

Former Trump advisor Kushner defends business dealings with Saudi Arabia

Jared Kushner, Donald Trump's former White House advisor and his son-in-law, defended on Tuesday his business dealings after leaving government with the Saudi crown prince who was implicated in the 2018 killing of Washington Post columnist Jamal Khashoggi. Kushner worked on a wide range of issues and policies in the Trump administration, including Middle East peace efforts, and developed a relationship with Saudi Arabia's Crown Prince Mohammed bin Salman, who has overseen social and economic reforms and a far-reaching crackdown on dissent in the kingdom. After Kushner left the White House, he started a private equity firm that received a reported USD 2 billion investment from the sovereign wealth fund controlled by Prince Mohammed, drawing scrutiny from Democrats. Kushner, speaking at a summit in Miami on Tuesday sponsored by media company Axios, said he followed every law and ethics rule. He dismissed the idea of there being any concerns about the appearance of a conflict of intere

India, Saudi Arabia conduct first joint military exercise 'SADA TANSEEQ'

The validation phase of 'SADA TANSEEQ', the first joint military exercise between the Indian Army and the Royal Saudi Land Force was completed at the Mahajan Field Firing Ranges on Thursday, according to an official statement. The 12-day exercise from January 29 to February 9 was aimed at achieving interoperability between the two forces and acquaint each other with operational procedures and combat drills under the UN mandate, it said. The Indian contingent of the 20th Battalion of The Brigade of Guards Regiment and the Saudi Arabian contingent comprising a group of 45 soldiers participated in the exercise conducted in two phases. The first phase focused on combat conditioning and tactical training. The second culminated in physical exercises and validation. Both contingents jointly took part in the validation phase which included the creation of a temporary operating base, the establishment of an intelligence, surveillance and reconnaissance grid and a mobile vehicle check post an

No Israeli ties unless Gaza 'aggression' halted, says Saudi Arabia

Saudi Arabia has resumed talks with the US about forging closer defense ties after a pause following the start of the Israel-Hamas war, people familiar with the discussions said in late January

Yemen appoints Ahmed Awad bin Mubarak as country's new Prime Minister

In a surprise move, Ahmed Awad bin Mubarak, Yemen's foreign minister, has been appointed as the country's new Prime Minister, according to Al Jazeera

Blinken meets Saudi crown prince amid heightened West Asia tensions

Blinken is also set to visit Egypt, Qatar and Israel this week and push to advance the Egyptian- and Qatari-mediated conversations with Hamas to achieve a hostage deal

PGA Tour strikes $3 billion deal with Fenway-led investment group

The deal was unanimously approved by the PGA Tour board, which includes six players - Tiger Woods, Patrick Cantlay, Adam Scott, Jordan Spieth, Webb Simpson and Peter Malnati

Aramco says it will not increase maximum daily production on state orders

Saudi Arabia's oil giant Saudi Aramco said on Tuesday it will not try to increase its maximum daily oil production to 13 million barrels a day after receiving an order from the country's Energy Ministry. The firm, known formally as the Saudi Arabian Oil Co., said it would maintain its maximum output at 12 million barrels a day. It did not give a reason for the decision. However, crude oil prices globally have fallen over recent months as demand has been soft. Benchmark Brent crude traded Tuesday around USD 81 a barrel. Aramco reported earning USD 161 billion last year, claiming the highest-ever recorded annual profit by a publicly listed company and drawing immediate criticism from activists worried about climate change.

Lionel Messi and Inter Miami in Saudi Arabia on their pre season tour

Inter Miami played six preseason matches last season. Most were behind closed doors with few people watching, all took place in Florida and the biggest news probably came when some fans prematurely set off fireworks and got ejected from the exhibition-season opener. It's wildly different this season. Such is life in Lionel Messi's world. The soccer icon and Inter Miami have a two-game tour of Saudi Arabia this week, the first match on Monday against Al-Hilal and the second match coming Thursday against Al Nassr one where Messi may share the pitch again with longtime rival and fellow great Cristiano Ronaldo, assuming the Portugal star has recovered enough from a calf injury to play. The club already has played two exhibitions this year one in El Salvador, one at Dallas' Cotton Bowl and has matches in Hong Kong and Japan still to come after the Saudi swing is complete. It's basically an around-the-world, big-crowd, big-money, bright-spotlight batch of preseason games for Inter Mia

Opec+ unlikely to decide oil policy on February 1, will wait several weeks

Oil prices have found support from more positive sentiment about demand this week and rising geopolitical tensions from attacks by the Iran-aligned Houthi group on Red Sea shipping

Won't recognise Israel without path to Palestinian state: Saudi official

Saudi Arabia's foreign minister says the kingdom will not normalise relations with Israel or contribute to Gaza's reconstruction without a credible pathway to a Palestinian state. Prince Faisal bin Farhan's remarks in an interview with CNN broadcast late Sunday were some of the most direct yet from Saudi officials. It puts them at odds with Israeli Prime Minister Benjamin Netanyahu, who has rejected Palestinian statehood and described plans for open-ended military control over Gaza. The dispute over Gaza's future coming as the war still rages with no end in sight pits the United States and its Arab allies against Israel and poses a major obstacle to any plans for postwar governance or reconstruction in Gaza. Before the October 7 Hamas attack that triggered the war, the US had been trying to broker a landmark agreement in which Saudi Arabia would normalise relations with Israel in exchange for US security guarantees, aid in establishing a civilian nuclear programme in the kingdom,