Page 21 - Saudi Arabia

Saudi oil giant Aramco reports $30 bn in Q2 profits, down nearly 40%

Saudi state-run oil giant Aramco said Monday that it made $30 billion in profit in the second quarter, a nearly 40% decline from the same period the previous year that it attributed to lower oil prices. Total sales stood at just over 400 billion riyals (about $106 billion), down from 562 billion riyals ($150 billion in the second quarter of 2022. In an earnings report filed with the Saudi stock exchange, Aramco said the decrease mainly reflected the impact of lower crude oil prices and weakening refining and chemicals margins. The company reported net income of 112.8 billion Saudi riyals ($30 billion) compared to 181.6 billion riyals ($48 billion) in the second quarter of 2022, a decline of 37.8% Aramco nevertheless raised its dividend paid out to investors to 110.18 billion riyals ($29.38 billion), compared to $18.8 billion in the second quarter of 2022. The performance-based dividend is partly based on the company's record earnings last year, it said. Our strong results reflect o

Saudi Arabia city of future Neom plans to grow crops in the desert

Apart from meeting the needs of the new city, the goal is eventually to turn the fledgling facilities into a regional food hub

NSA Ajit Doval in Jeddah for two-day conference on Ukraine crisis

National Security Advisor Ajit Doval on Saturday joined his counterparts from several countries on the first day of a two-day conference in the Saudi Arabian city of Jeddah that is aimed at finding ways for a peaceful resolution to the Ukraine conflict. The conference, hosted by Saudi Crown Prince Mohammed Bin Salman, is being attended by top security officials of around 40 countries. However, Russia has not been invited to it, according to diplomatic sources. US National Security Advisor Jake Sullivan and China's Special Envoy for Eurasian Affairs Li Hui are among those attending the deliberations. External Affairs Ministry Spokesperson Arindam Bagchi said on Thursday that India's participation in the meeting would be in consonance with its long-standing position that dialogue and diplomacy are the ways forward to resolve the Ukraine crisis. Doval arrived in Jeddah on Saturday morning. Ahead of the high-level conference, Saudi Arabia said it is aimed at Riyadh's attempt to contri

NSA Ajit Doval in Jeddah for Saudi Arabia hosted Ukraine peace talks

Doval was welcomed at the Jeddah Airport by Indian Ambassador to Saudi Arabia, Suhel Khan and Consul General Mohammed Shahid Alam

Ukraine and its allies to woo the Global South at Saudi Arabia meeting

Zelenskiy would like the Jeddah meeting to pave the way for a summit of leaders backing the 10-point "peace formula" he released last year

Arabia extends cut of 1 mn barrel of oil a day through Sept, to boost price

Saudi Arabia said Thursday it will extend its unilateral production cut of 1 million barrels of oil a day through the end of September in its effort to boost flagging energy prices. The Saudi cut of 1 million barrels per day, which began in July, comes as the other OPEC+ producers have agreed to extend earlier production cuts through next year. The kingdom announced the extension in a statement on the state-run Saudi Press Agency. The move was widely expected by analysts. Benchmark Brent crude traded Thursday over $80 a barrel.

Saudi Arabia to host Ukrainian peace talks in August, India invited

Those taking part in the summit will include Ukraine, as well as Brazil, India, South Africa and several other countries

Saudi Arabia to build Pakistan's largest oil refinery at $10 billion

The complex shall have various components such as marine infrastructure, petrochemical complex, storage for crude oil and refines utilities

Football transfers: Riyad Mahrez leaves Manchester City for Saudi's Al-Ahli

Riyad Mahrez is the latest Premier League player to head to Saudi Arabia after signing with Al-Ahli. The Algeria international was a key player in Leicester's shocking title win in 2016 and then won the league four more times with Manchester City. He leaves after a season in which City won the Premier League, FA Cup and Champions League. I've made a lifetime of wonderful memories and the manner of our Premier League title wins and the battles we've had with Liverpool and, last year, Arsenal, underlined our collective desire and mentality to be the best, Mahrez said in a statement on City's website. Mahrez scored 15 goals in 47 games in his final season with City but no longer started some of the biggest matches. He was an unused substitute in both the Champions League and FA Cup finals. At Al-Ahli, he will join Roberto Firmino, who was formerly one of City's rivals at Liverpool, and former Chelsea goalkeeper Edouard Mendy. Al-Ahli is also set to sign one of Europe's highest-rated

Mbappe transfer news: Why PSG forward not willing to meet Al Hilal?

Kylian Mbappe is not interested in meeting with Al Hilal representatives given he has already agreed to move to Spanish club Real Madrid

Expat Salaries in Saudi Arabia are highest in world, says ECA survey

A fresh study by consultancy ECA International has discovered that expat salaries are the highest in this Middle Eastern nation

Is Mbappe going to Saudi Arabia? Al Hilal offers 300 million euros to PSG

In recent reports by top media outlets in Europe Saudi Arbaia's Al Hilal club has already offered 300 Million Euros to French Club Paris Saint Germain to sign Kylin Mbappe

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