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Saudi Arabia issues $5bn bonds to help plug budget gap

Saudi Arabia sold its first Eurobond of the year on Tuesday as tension in the Middle East eased over the US assassination of a top Iranian general. The kingdom issued $5 billion of debt, taking advantage of low borrowing costs globally. It’s seeking to plug part of its growing budget deficit by selling about $32 billion of local currency and ... Read More »

Carlos Sainz wins first Dakar Rally to be held in Saudi Arabia

Veteran Spanish driver Carlos Sainz won the Dakar Rally for the third time on Friday, finishing with a comfortable winning margin in the first running of the event in Saudi Arabia. The 57-year-old crossed the line in the 12th and final stage 6min 21sec ahead of nearest challenger and reigning champion Nasser al-Attiyah of Qatar, who had managed to cut ... Read More »

Oil prices rise ahead of trade deal, likely stock draw

Oil prices edged higher on Tuesday as investors focused on the signing of a preliminary trade deal between the United States and China, the world’s top oil consumers, and on expectations of a drawdown in U.S. crude oil inventories. However, price gains were capped by receding Middle East tensions, with both Tehran and Washington desisting from any further escalation after ... Read More »

Saudi Arabia’s new visa policies boost tourist numbers

RIYADH: Saudi Arabia’s decision to allow US, UK or Schengen visa holders to obtain a visa on arrival in the Kingdom will help to boost the tourism sector and the country’s economy, according to business insiders. However, visitors wishing to access the facility need to have used their UK, US or Schengen visas before entering the Kingdom and the visas ... Read More »

Saudi Arabia gets ready to host the coveted Dakar Rally

Saudi Arabia’s hosting of the Dakar Rally this month is just the latest international sporting event to take place in the kingdom as part of a multi-billion-dollar push to boost its battered global image. In recent months the ultra-conservative kingdom has accelerated investment in sports, mirroring a longstanding strategy adopted by regional powers, the United Arab Emirates and Qatar. Saudi ... Read More »

China’s Saudi Oil Imports Soar to Record High

Chinese imports of Saudi Arabian oil have soared in the first 11 months of this year, pushed up by several massive joint refinery projects. The latest figures have solidified the Middle Eastern country’s position as China’s top oil supplier, as it surpassed Russia earlier this year. Meanwhile oil imports from Venezuela and Iran slumped further amid U.S. sanctions, according to ... Read More »

China’s Imports of Saudi Oil Jumps to Record High in November

China’s imports of crude oil from Saudi Arabia, its largest supplier, reached a record high in November, increasing over 25 percent, compared to same period in 2018. Shipments from Saudi Arabia reached 8.21 million tons last month, or two million barrels per day (bpd), compared to the highest level ever of 1.98 million bpd in October and 1.6 million bpd ... Read More »

Hong Kong drug seizures surge 74 per cent

Hong Kong customs and police seized nearly HK$1.9 billion in drugs in the first 11 months of 2019, a 74 per cent jump over the same period last year, with syndicates thought to be becoming more brazen as they assume the ongoing protests have undermined law enforcement. As the anti-government demonstrations rolled into their seventh month, officials uncovered two record ... Read More »

Saudi Arabia Jumps 72 Global Positions in Trading Across Borders Ranking

RIYADH, Saudi Arabia — Saudi Arabia has been ranked as the world’s top ease of doing business improver by the World Bank Group’s Doing Business 2020 report. The report indicates Saudi Arabia to have jumped 72 global positions in “Trading Across Borders”, an indicator which compares the time and cost of exporting and importing goods. These improvements follow a raft ... Read More »

Apple Loses ‘World’s Most Valuable Company’ Status to Saudi Arabia Overnight

After over a year of on-again, off-again discussion to make Saudi Arabia’s state-controlled oil and gas producer, Aramco, a partially public company (or, in the context of state ownership, a partially privatized one), the oil giant officially debuted on Saudi’s Tadawul stock exchange on Wednesday, listing 1.5% of the company at a total valuation of $1.7 trillion, the largest amount ... Read More »

Saudi Aramco’s shipping arm looks to charter tankers in LNG foray

Saudi Aramco’s shipping arm Bahri has issued an expression of interest (EOI) to charter up to 12 liquefied natural gas (LNG) tankers from 2025, its first foray into the superchilled fuel, industry sources said on Monday. No further details were immediately available and Saudi Aramco declined to comment. EOIs are preliminary enquiries that may or may not turn into full-fledged ... Read More »

Water tech company Xylem pens agreement to boost Saudi water security

Global water technology company Xylem Inc. has signed a memorandum of understanding (MoU) with the Saudi Arabian General Investment Authority to work together to develop and localize advanced water and wastewater products in the kingdom, the two entities announced this week. Representing an investment of $50 million, the agreement will also see the two work to increase Xylem’s footprint of ... Read More »

Pakistan naval ship PNS Alamgir docks at Jeddah Port

JEDDAH — The naval forces of Saudi Arabia and Pakistan maintain excellent cordial relations and both have been engaged in several joint training exercises, Captain Muhammad Akram, Commanding Officer of Pakistan Naval Ship PNS Alamgir, said here on Saturday. He was speaking at a reception dinner in honor of the Saudi naval officers, consuls general, diplomats and Pakistan community representatives ... Read More »

China’s imports of Saudi Arabian crude hit new high

China’s crude imports from Saudi Arabia surged 76% year on year to hit new high of 1.99 million b/d in October, while there were no arrivals from Venezuela in the month, according to the latest data from the General Administration of Customs showed Monday. Saudi Arabia delivered 8.41 million mt of crude oil into China in October, despite the expectation ... Read More »

BNQUEST gets Customs’ approval on duties, taxes

FBNQuest Merchant Bank, the investment banking and asset management business of FBN Holdings Plc, has been approved by the Nigeria Customs Service as the first designated merchant bank in Nigeria authorised for the collection of customs duties and taxes. According to the bank in a statement, the development validates the bank’s reputation for service delivery and efficient processing of international ... Read More »

Saudi Arabia businesses to prioritise CX transformation next year

The study, which was released ahead of the Digital Saudi 2030 event in Riyadh, noted that 96 percent of organisations in the Kingdom will prioritise enhancing customer experiences as part of their digital transformation strategies. In line with Digital Saudi 2030’s theme “Transform or Be Left Behind,” Saudi organisations recognised the need to digitally transform into Intelligent Enterprises. In addition, ... Read More »

The world’s most profitable company is about to go public

Nope. Those two don’t even come close. The answer is Saudi Arabia’s state oil company, Aramco. In 2018, Saudi Aramco made $111 billion dollars in profit. The second-most profitable company, Apple, made $60 billion that year. On November 3, Aramco officially announced its plan to go public for the first time in the company’s 86-year history. Energy historian Ellen R. ... Read More »

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 »