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Analysis: China to remain a battle ground for Saudi Aramco, Russian crude suppliers in 2020

The battle for next year’s Chinese demand pie between two major crude oil producers Saudi Arabia and Russia will likely heat up over the coming weeks, with China’s state-run refineries eager to renew 2020 term supply deals with the OPEC kingpin, while independent refiners continue to favor Siberian oil. China has been relying heavily on Saudi Arabia and Russia for ... Read More »

Federal prosecutors charged two former Twitter employees with spying on behalf of Saudi Arabia

Two former employees of Twitter have been charged with spying on more than 6,000 users’ accounts at the request of the Saudi Arabian government, according to a federal criminal complaint unsealed Wednesday. The Justice Department complaint, first reported by The Washington Post, alleges that Ali Alzabarah, a Saudi Arabian citizen, and Ahmad Abouammo, a US citizen, both used their positions ... Read More »

Saudi Arabia announces IPO of world’s most profitable company

London :Saudi Arabia is moving forward with an initial public offering of its huge state oil producer that could shatter records and give investors the chance to own a piece of the world’s most profitable company. Following approval from the country’s regulators, Saudi Aramco on Sunday formally announced its intention to float shares on the Tadawul exchange in Riyadh. Aramco ... Read More »

The Woman Trying to Mend U.S. Relations With Saudi Arabia

On a hot Friday morning in early August, the sound of giggles and whispers permeated the usually uninviting lobby of the Saudi Arabian Embassy in Washington, as some 50 female embassy employees gathered in the ballroom to meet their new boss. Princess Reema bint Bandar Al Saud, Saudi Arabia’s ambassador to the United States, had been in Washington for only ... Read More »

Egyptian engineer on death row in Saudi Arabia

CAIRO — The Egyptian Ministry for Immigration and Egyptian Expatriates Affairs revealed Oct. 9 that it has been in communication with Egypt’s Public Prosecutor Hamada al-Sawy about the case of Egyptian engineer Ali Abul-Qasim, sentenced to death in Saudi Arabia upon the instructions of President Abdel Fattah al-Sisi. According to the statement, published by Shourouk newspaper, Sawy confirmed that his ... Read More »

Saudi Arabia raises oil sales prices to Asia

Saudi Arabia, the world’s biggest crude exporter, raised all pricing for November oil sales to Asia as refining margins rose and the country’s state oil producer pulled out the stops to maintain supply after aerial attacks briefly knocked out half its output last month. State-oil producer Saudi Aramco increased its official selling price for Arab Light crude for November shipment ... Read More »

Red Sea Film Festival: 12 Arab film projects chosen for development

Twelve teams of filmmakers from the Arab world will undergo development workshops and two projects will win half a million dollars each in production funding. The Red Sea International Festival announced that an international committee picked a dozen projects for development at the inaugural Red Sea Lodge out of 120 submissions. The projects include six Saudi teams, as well as ... Read More »

Saudi Customs, port authority and Maersk team up to champion blockchain

Saudi Customs, in partnership with the Ministry of Communications and Information Technology (MCIT), the General Authority of Ports, and shipping giant Maersk, held a press conference to highlight the importance of blockchain technology in the shipping industry, reports Arab News. General Manager of Marketing and Customer Service at Saudi Customs Adel Baraja said the role of Saudi Customs is in ... Read More »

Oil gains on Saudi supply doubts, Mideast tensions

Oil prices rose after President Trump, arriving in New York for the meeting of the United Nations General Assembly, said he intended to seek support for a coalition to confront Iran after the U.S. blamed it for last week’s strike on a Saudi Arabian oil facility. There are also doubts over how fast Saudi Arabia can get back to full ... Read More »

At least two empty oil product tankers diverted from Saudi port

LONDON : At least two refined product tankers that were due to load at Saudi Arabia’s Jubail port in mid to late September have been diverted, data from analytics firm Vortexa showed. The moves come after attacks on Saudi Arabia’s oil infrastructure on Saturday that cut the country’s crude output by more than half and reduced its refinery runs by ... Read More »

Saudi Arabia forbids transfer of funds to Mohammed Ali Al-Amoudi & Co

The Saudi Arabian Monetary Authority has announced a reversal of a 1999 decision to allow funds to be transferred in and out of the kingdom to Mohammed Ali Al-Amoudi & Co because of violations of anti-money laundering laws and other crimes, SAMA has announced. In a statement, SAMA said that the decision is based on the firm’s “violations of anti-money ... Read More »

Saudi Arabia inks Nokia deal for software R&D project

The Saudi Ministry of Communications and Information Technology (MCIT) has entered into an agreement with tech giant Nokia to launch a research and development unit to create software in Saudi Arabia. The cooperation aims to establish a Nokia software development unit and Bell Labs research unit in Saudi Arabia. In addition, it envisages the establishment of a maintenance centre for ... Read More »

Saudi Arabia allows Turkish trucks to pass after 2 weeks

Saudi Arabia on Sept. 2 allowed 73 Turkish trucks to pass to the Duba port after holding them at the customs for two weeks without any justification, the truck drivers told Anadolu Agency. They had started to exit the Duba port located on the Red Sea coast not at once but at certain time intervals, added the truck drivers. On ... Read More »

S. Arabia holding Turkish trucks at customs for 12 days

Saudi authorities have been holding 73 Turkish trucks at the customs border for almost two weeks without any justification, Turkish truck drivers caught in the economic vice told Anadolu Agency on Thursday. On Aug. 17 the trucks reached the Port of Duba in northwestern Saudi Arabia, which opens up to the Red Sea, after leaving Iskenderun on Turkey’s Mediterranean coast, ... Read More »

Bankers head to Saudi Arabia to compete for world’s biggest IPO

Global banks will this week start making their case on why they should be hired for what’s set to be the world’s biggest initial public offering, according to people with knowledge of the matter. Dealmakers representing advisory firms from around the world will from Tuesday travel to Saudi Aramco’s headquarters in Dhahran in the kingdom’s Eastern Province to compete for ... Read More »

Saudi Arabia sells SAR2.3bn in sukuk monthly issuance

Saudi Arabia sold SAR2.3bn ($613m) in sukuk, or Islamic bonds, in its local monthly issue for July, the Finance Ministry said on Thursday. The debt sale was split into three tranches of SAR1.4bn due in 2024, SAR258m due in 2028 and SAR588m maturing in 2034. Read More »

EU reports 106% rise in the number of Saudi asylum applications in 2019

The number of Saudi Arabian nationals applying for asylum in the European Union (EU) increased 106 percent year-on-year in the first six months of 2019, according to official figures released last week. The latest data from the European Asylum Support Office (EASO) showed that 101 Saudis applied for asylum in the EU during the first half of this year, compared ... Read More »

Saudi Arabia to Regain India’s Top Oil Supplier Spot After Reliance Deal

New Delhi: Saudi Arabian Oil Co (Aramco) buying a 20 percent stake in Reliance Industries’ oil-to-chemical business will help it regain the position of being the biggest supplier of oil to the world’s fastest-growing oil market. Saudi Arabia, which traditionally has been India’s top oil source, lost the slot to Iraq during the last two financial years. This will change ... Read More »

Saudi Arabia said to clinch $100m Joshua-Ruiz Jr rematch

Saudi Arabia has reportedly secured hosting rights for the Anthony Joshua vs Andy Ruiz Jr boxing event after offering up to $100 million. The UK’s Telegraph reported that the rematch – which will see Joshua face Ruiz for the IBF, WBA and WBO titles in Riyadh – will take place on December 7. The newspaper also reported that an offer ... Read More »

Saudi Arabia’s business gauge slowed to 5-month low in July

Riyadh: A measure of activity in Saudi Arabia’s non-oil private sector dropped in July for the first time this year, hitting a five-month low in a sign that economic growth was losing momentum at the start of the third quarter. The IHS Markit Purchasing Managers’ Index fell to 56.6 after reaching a 19-month high of 57.4 in June. Export orders ... Read More »