Page 19 - Saudi Arabia

Saudi fund PIF gives initial price guidance for three-part bond: Report

PIF is the chosen vehicle of Saudi Crown Prince Mohammed bin Salman, Saudi Arabia's de facto ruler, to drive the country's ambitious plan to wean itself off oil as it diversifies Saudi economy

In Davos, Israel's Prez calls ties with Saudi key to ending war in Gaza

Normalising ties between Israel and Saudi Arabia is a key element of ending the war with Hamas and a gamechanger for the entire Middle East, Israeli President Isaac Herzog said Thursday at the World Economic Forum's annual meeting in the Swiss town of Davos. It's still delicate, it's fragile, and it will take a long time, but I think that it is actually an opportunity to move forward in the world and the region towards a better future, Herzog said. It comes days after Saudi Arabia's foreign minister, Prince Faisal bin Farhan, said on a Davos panel that the kingdom agreed regional peace includes peace for Israel. He said Saudi Arabia certainly would recognise Israel as part of a larger political agreement. But that can only happen through peace for the Palestinians, through a Palestinian state, he said. US Secretary Antony Blinken also reiterated in a talk at Davos that a pathway to statehood for Palestinians could help improve Israel's security and its relations with other countrie

Welspun Corp's associate arm EPIC bags Rs 3,000 cr orders in Saudi Arabia

Homegrown Welspun Corp on Thursday said its associate company East Pipes Integrated Company for Industry (EPIC) has received orders worth around Rs 3,000 crore in Saudi Arabia. "Associate company East Pipes Integrated Company for Industry in the Kingdom of Saudi Arabia (KSA) has received cumulative orders exceeding (Saudi Riyal) SAR 1.32 billion (Rs 3,000 crore)," Welspun Corp said in a statement. The new orders include supply of steel pipes to Saline Water Conversion Corporation (SWCC) with value exceeding SAR 1 billion (Rs 2,200 crore) inclusive of value added tax for manufacturing and supply of steel pipes. Another order for manufacturing and supply of steel pipes to Saudi Arabian Oil Co. (Aramco) is worth over SAR 153 million (Rs 339 crore) inclusive value of added tax. The order for double jointing and coating of steel pipes to Aramco has a value exceeding SAR 170 million (Rs 377 crore) inclusive of value added tax. EPIC is Saudi Arabia's leading manufacturer of Helical Subme

IPO-bound Firstcry to expand operations in Saudi; allocate Rs 155 crore

Already a prominent player in the Saudi market, this investment will further strengthen its position

RAF conducted 'targeted strikes' against Houthi rebel sites: UK PM Sunak

Sunak noted that Houthis in recent months have conducted a series of "dangerous and destabilising attacks against commercial shipping in the Red Sea

Saudi Arabia calls for restraint after US-British airstrikes on Yemen

The group has been attacking commercial ships it says are linked to Israel or bound for Israeli ports

A complex region encounters bigotry and prejudice

Robert Kaplan's latest book aims to offer a fresh survey of the 'Greater Middle East', but in doing so, it grossly simplifies complex political issues, reflecting American interests and prejudices

Oil fell by more than 2% as Saudi price cuts counter West Asian worries

Brent crude slid 2.2%, or $1.74, to $77.02 a barrel by 1024 GMT while U.S. West Texas Intermediate crude futures shed 2.3%, or $1.73, to $72.08

India, Saudi Arabia ink Haj agreement with 1,75,025 pilgrim quota for 2024

India and Saudi Arabia on Sunday signed a bilateral agreement under which New Delhi has been allocated a quota of 1,75,025 pilgrims for the annual Haj pilgrimage in 2024. Minority Affairs Minister Smriti Irani accompanied by Minister of State for External Affairs V Muraleedharan signed the Bilateral Haj Agreement 2024 with Saudi Minister of Hajj and Umrah Dr. Tawfiq bin Fawzan in Jeddah. According to an official statement, a total quota of 1,75,025 pilgrims from India has been finalised for Haj 2024 with 1,40,020 seats being reserved for pilgrims to proceed through Haj Committee whereas 35,005 pilgrims would be permitted to proceed through private operators. "Pleased to announce the formalisation of the Bilateral Haj Agreement 2024 between India and Saudi Arabia. I, along with Hon'ble MoS for External Affairs, Shri @MOS_MEA, presided over the signing. Also engaged in productive discussions on matters of mutual interest with @tfrabiah, Saudi Minister of Haj and Umrah Affairs, Irani .

Brics became positive, stable force for good: China on bloc's expansion

China on Tuesday said that the BRICS has become a "positive and stable force for good" in international affairs and its expansion with five more countries showed its bright prospects and expressed its full confidence in the group's future. 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). Playing down President Milei's move to withdraw his country from becoming a member of the BRICS, Chinese Foreign Ministry spokesman Wang Wenbin told a media briefing here that the addition of new members serves common aspiration of emerging markets and developing countries. "Let me make it very clear that we are fully confident in the BRICS' future," Wang said when asked to comment on Milei's ...

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