Saudi Arabia approves biosignature to issue Umrah visa
Saudi Arabia is allowing registration of vital features “biosignature” for those coming from 5 countries to complete the procedures for issuing Umrah visas electronically prior to their arrival in Makkah and Madinah. The Ministry of Hajj and Umrah explained that the registration of “biosignature” currently includes all visitors coming from the UK, Tunisia, Kuwait, Malaysia, […]
Saudi Arabia launches first luxury island destination on NEOM
Saudi Crown Prince and Prime Minister Mohammed bin Salman announced the launch of Sindalah, the first luxury island and yacht club destination, in $500 billion NEOM, state-owned Saudi Press Agency (SPA) reported. The crown prince, who is also the Chairman of the NEOM Company, said Sindalah will be the first luxury island and yacht club […]
Saudi Arabia sets Jan Arab Light prices to Asia at 10-mth low
Saudi Arabia, the world’s top oil exporter, cut the January official selling price (OSP) for its flagship Arab Light crude for Asian buyers to a 10-month low, on concerns over faltering demand and a potential increase in Russian competition. The OSP for January-loading Arab Light to Asia was trimmed by $2.20 a barrel from December […]
Voltas’ unit lands HVAC services contract in Saudi Arabia
Voltas, a premier air conditioning and engineering solutions provider and a projects specialist, said its International Operations Business Group has won a new project in Saudi Arabia to provide heating, ventilation, air conditioning (HVAC) services for the buildings connected to the Jubail 3B Independent Water project. Founded in India in 1954, Voltas Limited is part […]
Saudi Aramco’s Luberef expects to raise up to $1.32bln from IPO
Saudi oil giant Aramco’s base oil subsidiary Luberef expects to raise up to 4.95 billion riyals ($1.32 billion) from its initial public offering, it said, if it prices at the top of a range announced on Sunday. Luberef will sell nearly 30% of the company’s issued share capital, or 50.045 million shares, at between 91 […]
Saudi NWC starts implementing water projects
Saudi Arabia’s National Water Company (NWC) has commenced the implementation of desalinated water distribution system projects in the cities of Dammam, Khobar, Ahsa, and Qatif. The SAR 4.30 billion projects will supply these areas with desalinated water around the clock. The projects include the implementation of more than 316-long transporting and main lines, the construction […]
Aramco’s Luberef unveils price range for IPO on Tadawul
Saudi Aramco Base Oil Company (Luberef) set the price range for its initial public offering (IPO) on the Main Market of the Saudi Exchange (Tadawul) at SAR 91-99 per share. Luberef plans to list 50.04 million shares, representing 29.65% of its issued share capital, according to a bourse filing. Participating entities can apply for a […]
Analysis: Oil revenue surpluses will embolden Saudi’s PIF in 2023
Saudi Arabia’s Public Investment Fund (PIF) is expected to again spend big in 2023 to diversify the kingdom’s hydrocarbon-based economy as a record budget surplus provides the financial firepower to further swell its assets under management. Crown prince Mohammed Bin Salman (MBS) has transformed the PIF since he became chairman in 2015, moving numerous […]
Minerals indispensable for transition to renewable energy, says Saudi’s Al-Mudaifer
Saudi Arabia’s Vice Minister of Industry and Mineral Resources for Mining Affairs Eng. Khalid Saleh Al-Mudaifer stressed that minerals are indispensable to the energy change to renewables. Decarbonization – the net-zero transition – cannot happen without minerals and metals, he pointed out. He noted that this requires us to scale up discoveries and we […]
Longi signs deal with L&T for two major Saudi solar projects
Longi, a leading global solar technology company, has signed an agreement with India’s top engineering and construction conglomerate Larsen & Toubro (L&T) to provide 1,292MW of photovoltaic modules for key solar projects under construction in Saudi Arabia. The agreement covers two Saudi projects for which L&T is the engineering, procurement and construction (EPC) contractor – […]