RIYADH: Saudi Arabia’s point-of-sales spending reached around SR52.76 billion ($14.05 billion) in June, registering a 1.75 percent rise compared to the same month last year, the latest data revealed. Figures from the Saudi Central Bank, known as SAMA, reported that 30 percent of POS spending during this period — amounting to SR15.73 billion — was … Read more
Closing Bell: Saudi main index closes at 11,679 as Middle Eastern stock markets rebound RIYADH: Most stock markets in the Gulf rebounded on Tuesday as comments from US Federal Reserve officials soothed investor nerves following the previous session’s global sell-off on fears of a possible US recession. Saudi Arabia’s Tadawul All Share Index rose on … Read more
RIYADH: Saudi banks’ money supply rose 8 percent in March, as compared to the same month last year, to reach SR2.82 trillion ($753 billion), official data showed. According to the data released by the Saudi Central Bank, also known as SAMA, the increase was mainly fueled by a roughly 21 percent surge in banks’ term and … Read more
RIYADH: Energy giant Saudi Aramco held talks with Chinese Hengli Group Co. to acquire a 10 percent stake in its subsidiary, subject to due diligence and required regulatory clearances. Aramco and Hengli Petrochemical Co. signed a memorandum of understanding for the proposed deal. The agreement supports the former’s strategy to increase its presence in key … Read more
LONDON/SINGAPORE: Shell and Saudi Aramco, which are competing to buy the assets of Temasek-owned liquefied natural gas trading firm Pavilion Energy, are now locked in price negotiations after completing the due diligence process, three sources with knowledge of the matter told Reuters. The potential sale comes a decade after the Singapore state investment firm set up … Read more
RIYADH: Saudi Arabia is offering new exploration licenses for gold, copper, zinc, lead, and silver ores, in a bid to secure both local and international investors to the mining sector. The Ministry of Industry and Mineral Resources has invited bids for six new high-value opportunities, covering a total area of over 940 sq. km, as … Read more
RIYADH: Saudi energy giant Aramco has awarded a $7.7 billion contract for a major expansion of its Fadhili Gas Plant in the Eastern Province. The company announced in a statement that SAMSUNG Engineering Co, GS Engineering & Construction Corp, and Nesma & Partners were the winners of the increment project contract for the gas plant. … Read more
DHAHRAN: Aramco President and CEO Amin H. Nasser today emphasized the need for a new, realistic pathway for the energy transition that includes oil and gas. In a keynote speech at CERAWeek 2024 in Houston, Texas, Mr. Nasser said the current transition strategy “is visibly failing on most fronts as it collides with five hard … Read more
RIYADH: Global economic volatility alongside emerging technologies has not deterred business confidence among CEOs in the Middle East, a recent report revealed. The CEO Global Insights Study for 2024 by Arthur D. Little, survey almost with 300 CEOs from across the world, and discovered positivity from leaders in the region. The report revealed that 61 percent of CEOs in the Middle East are optimistic about economic growth in … Read more
RIYADH: There is an abiding enthusiasm for cricket in Saudi Arabia especially among expatriates from Asian nations already familiar with the game. Relatively new tournaments that have helped boost this enthusiasm include the Indian Premier League, the Pakistan Super League and the Bangladesh Premier League. Fans love watching the game with family and friends at … Read more