Saudi ANB acquires stake in UAE’s Cashee
Arab National Bank (ANB) has reached an agreement with Cashee, a UAE-based tech startup that provides banking services, to acquire equity in the latter. The Saudi lender however did not disclose the amount of the share it took over nor its value in its press release. The deal comes in line with ANB’s […]
Saudi carrier Flynas links ancient cities with Al Ula-Cairo flights
In a significant step which connects two ancient cities, AlUla International Airport celebrated the arrival of the first direct flight of leading Saudi low-cost carrier flynas from Egyptian capital Cairo. A special ceremony was held at AlUla airport on October 6 to greet the debut flight in the presence of representatives from flynas, the Royal […]
Saudi Tadawul Group awards $36.8mln project to construction firm
Saudi Tadawul Group Holding Company has awarded a project worth SAR 137.98 million to Construction & Planning Company on 6 October 2022. The project covers the fit-out works on designated floors of the group’s new headquarters (HQ) at King Abdullah Financial District (KAFD) in Riyadh, according to a bourse filing. During the first half […]
Outsized OPEC+ output cut raises global risks: Russell
The reaction to the OPEC+ decision to cut 2 million barrels per day (bpd) from it crude oil production is more instructive than the decision itself. The larger-than-expected reduction is both bullish and bearish for prices, depending on whether you are a buyer or seller, and what time frame you pick. The crude oil market […]
Saudi Arabia does not politicize oil — Al-Jubeir
Saudi Arabia does not politicize oil and the shortage is not related to the fundamentals of crude oil supply and demand, Minister of State for Foreign Affairs Adel Al-Jubeir said on Friday. Speaking to Fox News, Al-Jubeir refuted the idea that Saudi Arabia would do this [oil cut production] to harm the US. […]
Saudi’s Minister of Finance refuses to talk about pre-budget statement
Saudi Arabia’s Minister of Finance Mohammed Al-Jadaan refused to talk about the 2023 pre-budget estimates during a press conference on Monday. Saudi Arabia published its preliminary 2023 pre-budget statement last Friday. The Kingdom estimated public revenue in 2023 budget at SR1,123 trillion, and expenditures at SR1,114 trillion, with an expected surplus of SR9 billion. […]
OPEC+ heads for deep supply cuts, clash with U.S.
VIENNA/LONDON – OPEC+ looks set for deep oil output cuts when it meets on Wednesday, curbing supply in an already tight market despite pressure from the United States and other consuming countries to pump more. The potential OPEC+ cut could spur a recovery in oil prices that have dropped to about $90 from $120 three […]
Saudi: Al Babtain Food unveils final offering price for Nomu listing
Abdulaziz & Mansour Ibrahim Albabtain Company (Al Babtain Food) set the final price of its offering on the Parallel Market (Nomu) of the Saudi Exchange (Tadawul) at SAR 77 per share. Yaqeen Capital, the financial advisor and lead manager for the offering, noted that the firm concluded the book-building process, which was oversubscribed […]
Saudi Arabia agrees ‘memorandum of cooperation’ with Britain in energy sector – SPA
Saudi Arabia’s cabinet agreed on Tuesday on “a memorandum of cooperation” with Britain in the energy sector, Saudi state news agency SPA reported citing a cabinet statement. There were no further details mentioned in the statement. Reuters News
Saudia celebrates 70 years of flying to Bahrain
Saudi Arabian Airlines (Saudia), the national flag carrier of Saudi Arabia, has celebrated 70 years of flying to Bahrain. Saudia launched services to Bahrain International Airport in 1952, and today operates an average of three flights a day to the Saudi cities of Jeddah and Riyadh. Commemorating the platinum anniversary, Saudia operated special flights from […]