Saudi-Korean investment tour launches to introduce opportunities in transport, logistics
The “Saudi-Korean” tour to introduce investment opportunities in transport and logistics launched on Tuesday in Seoul, the capital of the Republic of Korea in the presence of Minister of Transport and Logistics Services Eng. Saleh bin Nasser bin Ali Al-Jasser and South Korean Minister of Land, Infrastructure and Transport Won Hee-ryong. Al-Jasser affirmed that at […]
Saudi Railway Company says number of passengers on its trains doubled during Q1
The Saudi Railway Company (SAR) announced that the total number of passengers on the Kingdom’s rail network has reached 2,221,225 during the first quarter of 2023, indicating an increased rate of 104% compared to the same period last year. In its report on operational results and achievements, the SAR revealed that the number of journeys […]
Saudi Aramco to supply full oil volumes to some Asian refiners in June – sources
Saudi Aramco has told at least five customers in North Asia they will receive full nominated volumes of crude oil in June, several sources with knowledge of the matter said on Wednesday. Saudi Arabia, the world’s top oil exporter, cut its official selling prices for all crude grades to Asia for June-loading cargoes amid the […]
Olam Agri’s Singapore-Saudi $1bln dual listing may launch as early as June – sources
Agri-food giant Olam Group aims to launch in June the dual initial public offering (IPO) of its agricultural unit that could raise up to $1 billion in Singapore and Saudi Arabia, two sources with knowledge of the matter said. The IPO, the first of such a dual listing in the world, is subject to regulatory […]
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 […]