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OPEC

OPEC+ sticks to small supply hike as EU eyes Russia oil ban

OPEC and its allies rubber-stamped the standard 432,000 barrel-a-day increase for June

Prince Alwaleed

Prince Alwaleed says Musk will be ‘excellent’ for Twitter

Prince Alwaleed, chairman of the board at Kingdom Holding Company, has now agreed to roll over his current investment

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Saudi Arabia’s GDP grows 9.6 per cent in Q1 2022

The growth in GDP was driven by an increase in oil activities by 20.4 per cent, and a rise in non-oil activities by 3.7 per cent

Oil exporters bagging $818bn windfall are cautioned by IMF

The IMF said it expects the bonanza “to improve fiscal and external balances” in a region that includes 13 exporters in total

KFC Operator

Middle East KFC operator picks banks for dual listing

Americana operates restaurants for brands including Baskin Robbins, Costa Coffee and TGI Fridays as well as KFC and Pizza Hut, according to its website

Lucid Motors

Lucid will sell up to 100,000 EVs in deal with Saudi Arabia

Lucid said it would start delivering the vehicles by the second quarter of 2023

Saudi wealth fund weighs stake in Thyssenkrupp’s hydrogen unit

Deliberations are ongoing, and there’s no guarantee PIF will proceed with an investment

AIr Arabia

Air Arabia to resume flights to four cities in Saudi Arabia

The airline will start flying to the four destinations from April 28

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Kaspersky opens new office in Saudi Arabia

Establishing this new office in the kingdom is a milestone in the company’s roadmap to protect over 400 million users

Saudi Arabia’s growth outlook boosted by IMF on oil surge

The kingdom’s economy expanded 6.7 per cent on an annual basis during the fourth quarter of 2021

Standard Chartered closes transition trade facility

StanChart plans to exit seven markets in Africa, Middle East

The markets it plans to exit made up about 1 per cent of total group income in 2021

Ekar launches contactless peer-to-peer carshare in Saudi Arabia

The company’s digital peer-to-peer solution eliminates the requirement for the host and the renter to meet in person

EFG Hermes hires Saud Altassan as CEO for Saudi business

Altassan was the head of investment banking for Bank of America in Saudi Arabia

Joe & The Juice enters Middle East market ahead of IPO, CEO says

The Copenhagen-based chain will open its first stores in Qatar and Dubai next quarter before setting up shop in Saudi Arabia, Kuwait, Bahrain and Oman by the end of the year

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Saudi Arabia, UAE to give $3bn to Yemen in new peace push

Saudi Arabia will also provide $1bn for the purchase of oil products and to support of development projects

Saudi’s Zakat, Tax and Customs Authority launches app to improve taxpayer experience

The ‘Zatca’ app is designed to be more effective in providing fast, reliable and high-quality services

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Saudi Aramco’s Luberef Refinery unit plans $1bn IPO

Luberef would be joining several Aramco subsidiaries already listed on the Saudi stock exchange

Saudi Arabia hikes oil prices further into record territory

More than 60 per cent of Saudi Arabia’s oil shipments go to Asia, with China, Japan, South Korea and India

Saudi’s PIF, stc Group sign agreement to establish new IoT company

The JV agreement is part of PIF’s and stc’s efforts to drive rapid growth of Internet of Things across Saudi Arabia

Saudi Investment

Saudi Arabia makes $5bn deposit in Egypt Central Bank

It is part of the kingdom’s efforts to support Egypt’s economy

Emaar to manage new Armani hotel in Saudi Arabia’s Diriyah development

Armani Hotel Diriyah will include 70 rooms and two restaurants, with its suites featuring their own spa and swimming pool

OPEC says it’s stabilised oil market

The Organization of Petroleum Exporting Countries and its partners have resisted calls to raise output faster

Saudi Arabia’s FDI hit decade-high last year on Aramco deal

Foreign direct investment in 2021 totalled $19.3bn, the most since 2010

OPEC+ still sees no need to change plan despite Ukraine crisis

Brent futures briefly surged to a 13-year peak near $139 a barrel earlier this month

Saudi’s Alpha Pharma and SAP sign deal for digital transformation partnership

SAP’s suite of solutions to deliver initial steps into wider digitalisation strategy

Saudi wealth fund may make major investment in building firms

Talks between Public Investment Fund and the four contractors are at an early stage

E-commerce

Saudi grocer BinDawood buys majority stake in online developer

The deal is expected to close in the second half of the year

Aramco and ACWA Power look to join Saudi carbon trading exchange

The kingdom’s sovereign wealth fund signed non-binding memorandums of understanding with five companies

KFC Operator

Middle East KFC operator starts early talks over listing

Discussions are ongoing, but no advisers have been hired

Biggest Saudi listing since Aramco surges on trading debut

Nahdi’s IPO is the largest listing in the kingdom since Saudi Aramco raised almost $30bn in 2019