PROJECT UPDATES: Saudi Aramco shares update on gas, downstream projects
State oil giant Saudi Aramco released an update on its gas and downstream developments in the first quarter 2023 results report. Upstream Hawiyah Gas Plant expansion, part of the Haradh gas increment programme, progressed with its commissioning activities and is expected to be onstream during 2023. The project will provide additional gas processing facilities to […]
Saudi Aramco’s Q1 net profit slips on lower demand and prices
Saudi Aramco posted a year-on-year (YoY) drop in Q1 2023 net profit to $31.9 billion from $39.5 billion as lower demand for oil pressured prices, but said it plans to move ahead with capacity expansion. The profit beat analysts’ mean estimate of $30.84 billion, according to data compiled by Refinitiv’s Eikon. In a regulatory filing […]
Saudi Kingdom Holding invests additional $73mln in American specialty investment firm
Saudi investment firm Kingdom Holding Co. (KHC), which has been on an investment spree in the past few days, has increased its investment by 274.3 million riyals ($73.1 million) in US-based Hercules Capital Inc., a specialty investment company focused on venture lending. The company, owned by Saudi billionaire Prince Alwaleed Bin Talal, said in a […]
Saudi Arabia economy grew 3.9% in Q1 boosted by non-oil activities
Saudi Arabia’s economy grew by 3.9% year-on-year in the first quarter of 2023, according to initial government estimates of real gross domestic product published on Sunday. Non-oil activities grew by 5.8% in the first quarter from a year prior, the General Authority for Statistics said, citing flash estimates, while oil activities grew by 1.3%. Government […]
Saudi’s Kingdom Holding increases stake in UK’s Phoenix Group
Kingdom Holding Company (KHC) announced on Sunday an additional 274.2 million Saudi riyals ($73.10 million) investment in Phoenix Group. The new investment increases Kingdom Holding’s ownership in the UK-based insurance, savings and retirement firm to 5% from 4%, the company said in a statement to the Saudi stock exchange. In July 2022, the investment company, […]
Saudi’s SFDA lifts ban on poultry and eggs from Poland
The Saudi Food and Drug Authority (SFDA) has decided to lift a temporary ban on the import of poultry meat, eggs, and their products and preparations from Poland. SFDA said it made the decision based on the immediate notification report issued by the World Organization for Animal Husbandry, which states that the highly virulent bird […]
Sudan battles rage as Saudi hosts latest truce talks
Gun battles and air strikes on Sunday again flared in Sudan’s capital, which has been rocked by four weeks of fighting despite the latest ceasefire efforts backed by Saudi Arabia and the United States. Multiple truce deals have been declared and quickly violated since fighting erupted between army and paramilitary forces on April 15 in […]
Saudi announces 50 investment opportunities worth over $26.6bln in machinery, equipment sector
Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim AlKhorayef, who is also Chairman of National Industrial Development Center (NIDC), announced that the industry and mining sector is working with relevant authorities to attract 50 investment opportunities worth more than SAR 96 billion in the machinery and equipment sector. The investment opportunities, which […]
Mohammed bin Salman Nonprofit City signs agreement with Le Cordon Bleu
Mohammed bin Salman Nonprofit City signed an agreement with Le Cordon Bleu, one of the world’s leading educational centres in culinary arts and hospitality management. The objective of this partnership is to strengthen cooperation and develop Saudi talents in culinary arts both locally and globally. As part of this agreement, Le Cordon Bleu Arab […]
Saudi material cost trends: Iron falls nearly 10%, cement rises 1% in Q1 2023
The average price of iron in Saudi Arabia declined by 9.65 percent to 3,196.88 Saudi riyals per tonne in the first quarter of 2023 from SAR 3,538.50 per tonne in the year-earlier period, according to the country’s General Authority for Statistics. Iron prices – Q1 2023 v/s Q1 2022 Cabling prices slipped 3.65 percent year-on-year […]