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Aramco CEO: “We should abandon the fantasy of phasing out oil and gas”

Amin Nasser, CEO of Saudi Aramco, has made the remarks at the 2024 CERAWeek being hosted in Houston, Texas this week

Red Sea

Hapag-Lloyd to seek cost cuts in 2024 as Red Sea crisis hits profit margins

Habben Jansen said the Red Sea crisis had rather enforced route changes

Red Sea International

Saudi Arabia’s PIF may take full ownership of Saudia

Saudia is set to mostly focus on Muslim pilgrims making the journey to Saudi Arabia’s holy sites while Riyadh Air will target non-religious traffic, including international transit passengers

eVTOL firm FlyNow targets 2025 e-copter test flights in Saudi, UAE

Small e-copters carrying up to two passengers could be ferrying passengers in the UAE and Saudi Arabia in just a few years, says the CEO of FlyNow

Saudi Manpower Solutions Company gets CMA nod to list IPO on Tadawul

Saudi Manpower Solutions Company gets CMA nod to list IPO on Tadawul

The IPO will offer 120,000,000 shares, representing 30 per cent of SMASCO’s total issued share capital

saudi arabia non-oil activity

Saudi Arabia hits important economic milestone: Non-oil activities at 50% of GDP

The data points to a positive trajectory for the kingdom’s economy, driven by diversification, and growth across multiple sectors

Saudi rain SPA

Saudi Arabia to see rain, thunderstorms on first Ramadan weekend

Light-to-moderate rain is expected in parts of Riyadh region, including the capital, Diriyah, Al-Muzahmiyah, and Al-Hareeq

PIF

PIF world’s fifth largest sovereign wealth fund post Aramco stake transfer

The PIF currently ranks number five globally in terms of sovereign wealth funds by asset size

Eid al fitr 2024

Eid al Fitr 2024: Saudi banks announce 9-day holiday

Financial institutions as well as academic institutions in the kingdom will shut for an extended period to mark Eid al Fitr

Riyadh Air marks first year anniversary. Milestones in numbers

In numbers: Riyadh Air marks first anniversary, see key milestones

Riyadh Air has signed significant agreements so far with aviation, transportation and sport partners, including Saudia, Turkish Airlines, Boeing, GE, CAE, Swiss AS, Lufthansa Systems, Lucid Motors and Atlético de Madrid

saudi arabia - jada fund of funds

PIF-backed Jada commits $266m in its first venture debt investment

This investment aims to bolster the growth of the Venture Debt ecosystem in Saudi Arabia.

Global carbon markets value hit record $949bn in 2023

CarbonCapture raises $80m from Saudi Aramco, others

CarbonCapture builds modular machines that contain material that absorbs carbon dioxide when cooled and releases it when heated

Oil hovers near 3-week high on Middle East tensions

OPEC, IEA oil demand forecasts since 2008: A comparison

OPEC and the IEA, the world’s most closely watched forecasters of oil demand growth, are further apart than they have been for at least 16 years in their views on fuel use

EFG HERMES - gcc economy - sector

EFG Hermes reveals five must watch sectors for 2024

Following the theme of its conference, EFG Hermes highlights opportunities available in frontier emerging markets

Ian Goh talks during LEAP 2024. (Supplied)

Singapore streaming outfit BIGO targets $500m investment in Saudi Arabia

BIGO has a 5-year plan to launch 500 jobs with an investment of $500m in the Kingdom of Saudi Arabia

Salam CEO Ahmed Al-Anqari

Salam CEO Ahmed Al-Anqari on Saudi Arabia’s telecoms opportunities

Salam’s chief executive officer gives us insight into how his company is growing, as well as some of the big announcements that they made at LEAP 2024 in Riyadh

Saudi Arabia’s real GDP contracts 0.8% in 2023

Saudi Arabia’s real GDP shrinks 0.8% in 2023, oil sector weighs

The latest data shows that the economy contracted by 4.3 per cent in Q4 2023 after a 16.2 per cent year-on-year decrease in oil activities

Saudi Aramco eyes more China investments

Aramco sees China demand growing, eyes more investments

The state-owned energy giant has been ramping up its China presence in a string of deals in refining and petrochemicals

ramadan moon

Ramadan 2024 dates announced by Saudi Arabia, UAE

Saudi Arabia has announced the dates for the beginning of the holy month of Ramadan

Aramco

Aramco boosts 2023 dividends 30% with second-highest profit on record

Aramco’s shares were up about 1.7 per cent to SAR32.3 a share, slightly above their 2019 IPO price of SAR32

LNG expansion plans to squeeze out competitors

Saudi Aramco, UAE’s ADNOC in talks to invest in US LNG projects: Reports

Saudi Aramco is in talks to invest in phase 2 of Sempra Infrastructure’s Port Arthur LNG project in Texas

PIF’s Ceer to build $1.3bn EV factory in Saudi Arabia

PIF’s Ceer awards $1.3bn contract for EV factory in Saudi Arabia

The electric carmaker awarded the contract for a production facility spanning more than one million square meters

Saudi Arabia transfers 8% Aramco stake to PIF

Saudi Arabia doubles sovereign fund’s stake in Aramco

The fund has held a 4 per cent stake in Aramco since 2022 and indirectly holds another 4 per cent that was transferred last year to Sanabil

women - law

Celebrating the rise and rise of women arbitrators in Saudi Arabia: An IWD 2024 special

This International Women’s Day, a look at the changing landscape for women in the field of arbitration

Michael Champion, CEO of Tahaluf.

Tahaluf CEO Michael Champion on LEAP 2024’s explosive growth

In this interview, Tahaluf CEO Michael Champion gives us insight into what it takes to host and organise LEAP 2024 in Riyadh

LEAP

Tech investments approach $13bn on Day 2 at LEAP 2024

The Riyadh Exhibition and Convention Centre in Malham witnessed the unveiling of investments aimed at supporting local start-up ecosystems

RED SEA - YEMEN COAST

Tesla to Qatar Energy: How companies are responding to Red Sea tensions

From impacting the cost of freight to the cost of energy, tensions in the Red Sea are having a direct impact on global trade

Zoho CEO Sridhar Vembu

Zoho CEO Sridhar Vembu on big Saudi push, new data centres

Sridhar Vembu speaks to Gulf Business about his company’s launching of two new data centres in Saudi Arabia

Saudi Arabia’s PIF, Bahrain Mumtalakat to boost cooperation, investment

Saudi Arabia’s PIF, Bahrain Mumtalakat to boost cooperation, investment

The agreement aims to expand cooperation between the two parties and enable new and promising investment opportunities in Bahrain

LEAP 2024

LEAP 2024: AWS, IBM, Dell and other tech firms commit massive $11.9bn in investments

The announcement underscores Saudi Arabia’s position as a growing tech powerhouse in the region