Page 21 - Saudi Arabia

Erdogan visits Gulf Arab states, seeks funds for floundering economy

Turkish President Recep Tayyip Erdogan travelled to Saudi Arabia on Monday in a three-stop tour of Persian Gulf states to seek trade and investment opportunities for Turkiye's floundering economy. Erdogan arrived in Jeddah accompanied by an entourage of some 200 businesspeople, according to the Foreign Economic Relations Board of Turkiye. He met Crown Prince Mohammed bin Salman at Al Salam Palace, shaking hands and attending a welcoming ceremony where he expressed his happiness with this visit, the state-run Saudi Press Agency reported early Tuesday. Business forums have been arranged in Saudi Arabia, Qatar and the United Arab Emirates during Erdogan's three-day trip. We are hoping to improve our relations and cooperation in many fields. We will focus on joint investment and commercial initiatives to be realized in the upcoming period, Erdogan told reporters in Istanbul before leaving. The visit comes as Turks are hit with sales and fuel tax hikes that Finance Minister Mehmet Simse

Saudi crude oil cuts throw last year's standout economy into slow lane

The slashing of supply will be a drag on the world's biggest oil exporter

Saudi Arabia and Russia are cutting oil supply again in bid to boost prices

Russia will reduce its oil exports by 500,000 bpd in August; Saudi said it would extend its cut of 1 mbpd till August

Rebel Foods enters Saudi, aims to build $100 mn food delivery biz in 3 yrs

Home-grown food-tech company Rebel Foods, with brands like Faasos and Behrouz Biryani, on Monday announced its foray in Saudi Arabia and said it aims to become a USD 100 million food delivery business over the next three years. This foray is in partnership with Dubai-headquartered KitchenPark and dynamic Saudi entrepreneur, Fahad Al Hokair-founded Kitch, it added. The company launched two cloud kitchens in Riyadh located in Sulaymaniyah and Qurtoba which will offer Rebel's signature brands such as The Messy Burger, Oven Story Pizzas, Fricken' Fried Chicken and The 500 Calorie Project, the company said in a statement. This will be closely followed by the launch of Behrouz Biryani, Faasos and Mandarin Oak, which are Rebel's popular brands in the Indian and Chinese cuisine markets in the Middle East. "The Middle East or the MENA market is a key region for Rebel Foods and we are investing significantly to build our cloud kitchen network and to strengthen our brands," Rebel Foods CEO -

Hajj pilgrimage starts in Saudi Arabia, with 2 mn expected after Covid

Some 2 million Muslim pilgrims officially began the annual Hajj pilgrimage on Monday, making their way out of Mecca after circling Islam's holiest site, the Kaaba, and converging on a vast tent camp in the nearby desert for a day and night of prayer. One of the largest religious gatherings in the world has returned to full capacity this year for the first time since the onset of the coronavirus pandemic three years ago. The pilgrimage is one of the five pillars of Islam, and all Muslims are required to make the five-day Hajj at least once in their lives if they are physically and financially able to do it. For pilgrims, it is a deeply moving spiritual experience that absolves sins, brings them closer to God and unites the world's more than 1.8 billion Muslims. Some spend years saving up money and waiting for a permit to embark on the journey. The rituals during Hajj largely commemorate the Quran's accounts of Ibrahim, his son Ismail and Ismail's mother Hajar. Pilgrims have been do

1.5 mn foreign pilgrims arrives in Saudi Arabia for annual Hajj pilgrimage

Muslim pilgrims streamed into the holy city of Mecca on Friday ahead of the start of Hajj next week, as the annual pilgrimage returns to its monumental scale after three years of heavy restrictions because of the coronavirus pandemic. Saudi officials say close to 1.5 million foreign pilgrims have arrived in the country so far, the vast majority by air. More are expected, and hundreds of thousands of Saudis and others living in Saudi Arabia will also join them when the pilgrimage officially begins on Monday. Saudi officials have said they expect the number of pilgrims to reach pre-pandemic levels. In 2019, more than 2.4 million Muslims made the pilgrimage. On Friday, pilgrims thronged the Grand Mosque in Mecca to attend weekly communal prayers. Many then did a ritual circuit walking seven times around the Kaaba, the cube-shaped structure inside the Grand Mosque that is Islam's holiest site. On Thursday night, the vast marble court around the Kaaba was packed with the faithful, wal

Nearly 1.5 mn foreign pilgrims arrive in Saudi so far for Hajj pilgrimage

Saudi officials say close to 1.5 million foreign pilgrims have arrived in the country so far for the annual Hajj pilgrimage, the vast majority by air. This year's pilgrimage will be the first without the restrictions imposed during the coronavirus pandemic, starting in 2020. More pilgrims are expected to arrive before the start of the Hajj on Monday. The Hajj is one of the five pillars of Islam, and all Muslims are required to undertake it at least once in their lives if they are physically and financially able. It is one of the world's largest religious gatherings. The Saudi media ministry Thursday that more than 1.49 million foreign pilgrims had arrived through its international ports up to Wednesday, with 1.43 million travelling by air. Saudi officials have said they expect the number of pilgrims in 2023 to reach pre-pandemic levels. In 2019, more than 2.4 million Muslims made the pilgrimage.

Sudanese warring factions agree to new 72-hour cease-fire: Joint Statement

Saudi Arabia and the US have announced in a joint statement that Sudan's two warring factions have agreed on a new 72-hour cease-fire

Saudi prince MBS warned US of economic pain amid oil feud last year: Report

After Biden said it would impose penalties on Saudi Arabia for slashing oil production, MBS allegedly said he would not deal with the US anymore

Oil prices edge higher as Saudi Arabia cut outweighs bearish backdrop

The unexpected build in fuel inventories raised concerns over consumption by the world's top oil user, especially as travel demand grew during the Memorial Day weekend

Golf-crazy Saudi wealth manager orchestrated the shock PGA-LIV truce

The transaction will create a global golf superpower and bring to an end all outstanding litigation between the two sides

Saudi Arabia is slashing oil supply, higher gas prices for US drivers

Saudi Arabia will reduce how much oil it sends to the global economy, taking a unilateral step to prop up the sagging price of crude after two previous cuts to supply by major producing countries in the OPEC+ alliance failed to push oil higher. The Saudi cut of 1 million barrels per day, to start in July, comes as the other OPEC+ producers agreed in a meeting in Vienna to extend earlier production cuts through next year. Calling the reduction a lollipop, Saudi Energy Minister Abdulaziz bin Salman said at a news conference that we wanted to ice the cake. He said the cut could be extended and that the group will do whatever is necessary to bring stability to this market. The new cut would likely push up oil prices in the short term, but the impact after that would depend on whether Saudi Arabia decides to extend it, said Jorge Leon, senior vice president of oil markets research at Rystad Energy. The move provides a price floor because the Saudis can play with the voluntary cut as mu

PGA Tour, Europe to merge with Saudi Arabia and end LIV litigation

The most disruptive year in golf ended Tuesday when the PGA Tour and European tour agreed to a merger with Saudi Arabia's golf interests, creating a commercial operation designed to unify professional golf around the world. As part of the deal, the sides are dropping all lawsuits involving LIV Golf against each other effective immediately. Still to be determined is how players like Brooks Koepka and Dustin Johnson, who defected to Saudi-funded LIV Golf for nine-figure bonuses, can rejoin the PGA Tour after this year. Also unclear was what form the LIV Golf League would take in 2024. Commissioner Jay Monahan said in a memo to players that a thorough evaluation would determine how to integrate team golf into the game. The agreement combines the Public Investment Fund's golf-related commercial businesses and rights including LIV Golf with those of the PGA and European tours. The new entity has not been named. They were going down their path, we were going down ours, and after a lot

Saudi oil output cuts unlikely to lift prices to high $80s-low $90s: Citi

Prices are expected to be range-bound, the analysts added, with Brent averaging $81 a barrel through the year

Crude Oil falls as economic fears overshadow Saudi Arabia's output cut

LONDON (Reuters) -Oil prices tumbled more than $1 a barrel on Tuesday, after a strong rally in the previous session as worries about global economic growth outweighed Saudi Arabia's pledge to deepen output cuts.

Saudi Arabia raises July flagship crude price for Asia to 6-month high

The official selling price (OSP) for July-loading Arab Light to Asia was increased by 45 cents a barrel from June to $3.00 a barrel over Oman/Dubai quotes

S Arabia welcomes Venezuelan leader, reaching out to yet another US foe

Saudi Arabia has welcomed Venzuelan President Nicolas Maduro on an official visit, reaching out to yet another U.S. foe as the oil-rich kingdom engages in a flurry of diplomacy. Maduro arrived late Sunday in the Red Sea city of Jeddah, where he was greeted by Saudi officials, according to the state-run Saudi Press Agency. It did not give a reason for the visit or elaborate on his schedule, but Saudi Arabia is hosting an international conference on combating extremism later this week in the capital, Riyadh. The gathering will be co-chaired by U.S. Secretary of State Antony Blinken. Saudi Arabia has been a close U.S. ally for decades, but relations have been strained in recent years. Over the last few months, the kingdom has restored relations with Iran's theocracy and Syria's President Bashar Assad both seen as pariahs in the West. Last month, the Saudis welcomed Ukraine's President Volodymyr Zelenskyy, a close Western ally, to an Arab League summit. But days later, they hosted a .

Saudi Arabia cuts oil output by 1 mn barrel per day to boost sagging prices

Saudi Arabia said Sunday that it will reduce how much oil it sends to the global economy, taking a unilateral step to support the sagging cost of crude after two earlier production cuts by members of the OPEC+ alliance of major oil-producing countries failed to push prices higher. The announcement of the Saudi cuts of 1 million barrels per day, which will start in July, followed a meeting of the alliance at OPEC headquarters in Vienna. The rest of the OPEC+ producers agreed to extend earlier cuts in supply through the end of 2024. This is a grand day for us, because the quality of the agreement is unprecedented, Saudi Energy Minister Abdulaziz bin Salman said in a news conference, adding that the new set of production targets are much more transparent and much more fair. The slump in oil prices has helped U.S. drivers fill their tanks more cheaply and given consumers worldwide some relief from inflation. That the Saudis felt another cut was necessary underlines the uncertain outlook

Synergy between start-up ecosystems of India, Saudi Arabia: Prince Al-Saud

Prince Fahad Bin Mansour Al-Saud of Saudi Arabia on Sunday said there are lots of synergies between the start up ecosystems of India and his nation, which can open up several opportunities. Talking to PTI on the sidelines of G20-StartUp20 Engagement Group meeting, which culminated here during the day, Al-Saud said all the participating countries should work towards implementing the recommendations made during the meeting. Delegates from more than 15 countries participated in the the meeting that started on Saturday. "Saudi Arabia and India are the fastest growing economies in the G20 and in the world. There are lots of synergies between the start up ecosystems of the two countries and we can find several opportunities, Al-Saud said. Saudi Arabia had just received a delegation of 20 entrepreneurs from India and it was assured of all possible help for tie-ups, he said, adding that this was his first visit to the country to explore such opportunities. Al-Saud said he would be back in

US, Saudi Arabia urge Sudan's warring parties to agree to a new cease-fire

Saudi Arabia and the United States urged Sudan's warring parties in a statement on Sunday to agree to and effectively implement a new cease-fire amid renewed fighting in the northeastern African nation. Sudan descended into chaos after fighting broke out in mid-April between the military, led by Gen. Abdel-Fattah Burhan, and the paramilitary Rapid Support Forces, commanded by Gen. Mohammed Hamdan Dagalo. For weeks, Saudi Arabia and the United States have been mediating between the warring parties. On May 21, both countries successfully brokered a temporary cease-fire agreement to help with the delivery of much-needed humanitarian aid to the war-torn country. Their efforts, however, were dealt a blow when the military announced on Wednesday it would no longer participate in the cease-fire talks held in the Saudi coastal city of Jeddah. Following the military's decision, the US and Saudi Arabia said they were suspending the talks as a result of repeated serious violations of the ...