Saudi Arabia to ramp up oil production capacity in the next 3 years – energy minister
Saudi Arabia will increase its oil production capacity from 2025 to 2027, before going back to the current level of 12.3 million barrels per day in 2028, the Kingdom’s energy minister has revealed. Speaking at the International Economic Forum in St. Petersburg, Prince Abdulaziz bin Salman said the Organization of the Petroleum Exporting Countries, and its […]
Saudi Arabia seeks mining partnerships with Morocco, eyes industry transformation
Saudi Arabia seeks to leverage Morocco’s mining expertise, as both countries hold significant reserves and produce over 40 percent of the world’s phosphate fertilizer, said a top minister. The Kingdom’s Minister of Industry and Mineral Resources, Bandar Alkhorayef, made this statement during a round table meeting with investors and businessmen in the north African country, […]
Oil and gas industry needs $4.3tn in investments by 2030: IEF
The oil and gas industry will need cumulative investments worth $4.3 trillion from 2025 to 2030 to meet growing demand and maintain market stability, according to an analysis. In its latest report, the International Energy Forum said that the increasing capital expenditure needs are based on an outlook that sees demand for oil rising from […]
Industry leaders call for increased collaboration in various sectors at Vision Golfe 2024
Industry leaders and experts explored opportunities in the field of supply chain and transportation and discussed ways to improve collaboration to achieve goals at the two-day Vision Golfe 2024 in the French capital. The business platform enabled discussions and sharing of knowledge about several industries. The key objective of the event is to promote business […]
Saudi leaders congratulate Claudia Sheinbaum, Mexico’s new president
Saudi leaders congratulated Mexico’s new president on Tuesday, the Saudi Press Agency reported. King Salman, and Crown Prince Mohammed bin Salman sent separate cables of congratulations to Claudia Sheinbaum who won a landslide victory in Sunday’s presidential election to become Mexico’s first woman leader. The king and crown prince expressed their best wishes for her […]
PIF prices inaugural sterling bond offering of $829m
Saudi Arabia’s Public Investment Fund has priced its inaugural sterling bond offering of £650 million ($829.80 million) under its existing Euro Medium-Term Note program. The issuance is part of PIF’s strategy to continually diversify its funding sources. The offering, which was more than six times oversubscribed, includes a £300 million tranche with a 5-year coupon […]
French minister highlights ‘immense potential’ of collaboration between France, Gulf states
Bruno Le Maire, the French minister of economy, finance, and industrial and digital sovereignty, highlighted “the closeness of our ambitions and the immense potential of our collaboration between France and the Gulf states,” during his opening speech at the second edition of Vision Golfe in Paris. Le Maire emphasized three strategic areas to strengthen the […]
Saudi Arabia, Kuwait finalize project to streamline customs procedures
Trade exchange between Saudi Arabia and Kuwait is set to increase further with the completion of their land customs technical connectivity project. The completion of the project was revealed on Monday during the second meeting of the two countries’ coordination council. The announcement is a significant step toward enhancing trade and facilitating the movement of […]
Saudi Arabia’s non-oil private sector growth steady with PMI at 56.4
Saudi Arabia’s private sector non-oil growth remained steady in May, with the Kingdom’s Purchasing Managers’ Index reaching 56.4, a slight decline from 57 in April, official data showed. According to the Riyad Bank Saudi Arabia PMI report by S&P Global, business activity in Saudi Arabia rose at a substantial rate in May, continuing a period […]
Saudi Arabia, Brazil sign defense agreement
Saudi Arabia and Brazil signed on Monday in Riyadh a cooperation agreement in the defense field. The deal was signed during a meeting between Saudi Defense Minister Prince Khalid bin Salman and Brazil’s Vice President and Minister of Development, Industry, Trade and Services Geraldo Alckmin. The meeting discussed bilateral relations and ways of strengthening cooperation […]