Saudi National Bank’s third-quarter profit up 18.7%
Saudi National Bank, the kingdom’s biggest lender, said on Sunday its net profit in the third quarter rose 18.7% from the same period year before on higher operating income and lower net impairments for expected credit losses. SNB posted net profit of 4.725 billion riyals ($1.26 billion) in the quarter, up from 3.98 billion riyals […]
Saudi Arabia, China to work together to maintain oil market stability
Saudi and Chinese officials confirmed their willingness to work together to support stability in the international oil market. Prince Abdulaziz Bin Salman, Saudi Arabia’s Minister of Energy, held an online meeting with Zhang Jianhua, National Energy Administrator of the People’s Republic of China. During the video call, both sides confirmed that they […]
Turkey says not right for U.S. to pressure Saudi Arabia over oil output
Turkish Foreign Minister Mevlut Cavusoglu said on Friday it was not right for the United States to pressure Saudi Arabia after OPEC+ oil producers announced production cuts despite U.S. objections. “We see that a country has threatened Saudi Arabia, especially recently. This bullying is not correct,” Cavusoglu said at a news conference in southern Turkey. […]
Egypt to host 2nd edition of Saudi Green Initiative Forum
Saudi Crown Prince Mohammed bin Salman announced the second edition of the Middle East Green Initiative (MGI) Summit and the Saudi Green Initiative (SGI) Forum will be held in Egypt’s Sharm El-Sheikh in November, Al-Arabiya News reported on October 20th. MGI Summit will take place on November 7th and the SGI Forum will be held […]
Saudi IT firm Al Moammar wins NEOM contract worth $15mln
Saudi Arabia’s Al Moammar Information Systems Co. has won a contract from NEOM for a total of 58.18 million riyals ($15 million). In a regulatory filing on Tadawul on Tuesday, the company said it will provide services related to research collaborations that will be aligned with NOEM’s stated aims in the field of emergent technology, cognitive […]
Saudi Sipchem’s Q3 profit plunges as product prices fall, feedstock costs rise
Saudi-listed Sahara International Petroleum Co (Sipchem) has announced falling year-on-year and quarter-on-quarter profits after sales prices of its products fell while feedstock prices increased. The company announced a third quarter net profit of SAR 774.4 million ( $206.5 million) compared with SAR 1.029 billion, a decrease of 25.74%. It said the decrease was due to […]
Aster Pharmacy enters Saudi Arabia; to set up 250 plus pharmacies
Aster DM Healthcare, one of the largest integrated healthcare providers, is expanding its footprint in Saudi Arabia, aiming to set up 250 pharmacies over a period of five years. Through a joint venture agreement with Al Hokair Holding Group, both partners will work towards bringing Aster Pharmacy’s in-house quality care products to serve […]
e& subsidiary, ADQ complete Starzplay Arabia acquisition
e& subsidiary E-Vision and holding company ADQ have completed their acquisition of 57% of Starzplay Arabia, with E-Vision committing to pay up to $130 million for the video on demand service. A statement to Abu Dhabi Securities Exchange (ADX) from e& said the acquisition is in line with its strategy to scale up the entertainment […]
Saudi Aramco to establish two offshore fabrication yards in alliance with global partners
Saudi Aramco, in collaboration with international partners, is establishing two offshore fabrication yards that aim to deliver a more than 200 percent increase in Saudi Arabia’s offshore fabrication capacity. The new yards are being constructed in Ras Al Khair in collaboration with National Petroleum Construction Company (NPCC) and McDermott International. They are expected to […]
Saudi, Russian agriculture ministers discuss food security
Minister of Environment, Water, and Agriculture (MEWA) Abdulrahman Al-Fadhli received in his office here on Monday the Russian Minister of Agriculture Dr. Dmitry Patrushev. The two ministers reviewed areas of cooperation of common interest, especially in the agricultural field and food security. The meeting was attended by the Saudi Grains Organization, Governor Eng. Ahmed […]