SAUDI ARABIA LAUNCHED A PRICE WAR
IOC and Saudi Arabia agree on 12-year deal for video gaming Esports Olympics
Saudi Arabia and the IOC have struck a 12-year commercial deal to host the first Esports Olympics, aiming to diversify the kingdom's economy away from oil dependency. The announcement was made during the Esports World Cup in Riyadh, part of the Vision 2030 program led by Prince Mohammed bin Salman. The IOC plans to attract young audiences with video gaming Olympics, pending approval at their July meeting in Paris.
India's May oil imports: Russia at record high, Saudi lowest in 10-month
India's oil imports from Russia hit a record high of 2.1 million bpd in May as discounts widened due to lower demand from China. Some European nations avoided Russian oil after the Ukraine invasion, making Russian oil cheaper than similar grades from the Middle East.
How the Gulf became integral part of India's 'extended neighbourhood' under PM Modi
Earlier, the relationship was focused only on energy, trade and Indian expatriates. That relationship has now evolved into a new framework encompassing political relations, investment, and defence and security cooperation.
Pilgrims commence the final rites of Hajj as Muslims celebrate Eid al-Adha
Pilgrims in Saudi Arabia participate in the symbolic stoning of the devil as part of the Hajj pilgrimage, marking the start of Eid al-Adha celebrations at Mount Ararat.
Petrodollar, it's alive & flowing
Reports of demise of the dollar as a reserve currency due to Saudi Arabia potentially pricing oil in other currencies are exaggerated. The 'petrodollar agreement' between the US and Saudi Arabia is not confirmed, possibly not existing since 1974.
Muslims start the Hajj against the backdrop of the destructive Israel-Hamas war
This year's Hajj came against the backdrop of the raging war in the Gaza Strip between Israel and Palestinian militants, which pushed the entire Middle East to the brink of a regional war between Israel and its allies on one side and Iran-backed militant groups on the other. Palestinians in the coastal enclave of Gaza were not able to travel to Mecca for Hajj this year because of the closure of the Rafah crossing in May when Israel extended its ground offensive to the strip's southern city of Rafah on the border with Egypt.
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US and Europe-dominated sports seeing hostile Saudi takeover: THIS sport is next
Saudi Arabia is no more restricted to the oil business ad it has understood another avenue of trade has way too much money lying in store. It is sports we are talking about here and Saudis are investing crazily on United States and Europe dominated sports like golf, soccer and now it is time for a hostile takeover of yet another sport: boxing.
More than 1.5 million foreign Muslims arrive in Mecca for annual Hajj pilgrimage
Muslim pilgrims are flocking to Mecca for the annual Hajj pilgrimage, with over 1.5 million foreign pilgrims already in Saudi Arabia. The event is expected to surpass pre-pandemic levels, with participants from around the world. Pilgrims are performing rituals at the Grand Mosque, preparing for the symbolic stoning of pillars at Mina.
Int’l investors grabbed bulk of share offering: Saudi Aramco
Saudi Aramco's latest offering raised $11.2 billion with international investors acquiring the majority of shares. The Gulf kingdom aims to boost finances for large-scale projects in preparation for a post-oil future.
Over half of Aramco share sale allocated to foreign investors: Sources
Saudi Arabia placed over half of an $11.2 billion share sale in Aramco with foreign investors, two people with knowledge of the matter told Reuters on Saturday. Saudi Arabia has been seeking to lure international investment to pour tens of billions of dollars into projects to diversify away from its reliance on oil. Yet foreign investment has repeatedly missed targets.
Saudia Group keen to offer MRO services for Indian airlines
Saudia Group is focused on increasing flights between Saudi Arabia and India and offering MRO services to Indian carriers. They have already set up a Maintenance, Repair and Overhaul (MRO) facility in Saudi Arabia, which will be fully operational next year. The group aims to boost tourism from India to Saudi Arabia, with expectations of 7.5 million Indian tourists by 2030. This was discussed at the CAPA India Aviation Summit 2024.
Oil prices climb as OPEC+ reassures markets, ECB cuts interest rate
Oil prices rose as OPEC+ members Saudi Arabia and Russia hinted at output adjustments. Brent crude futures reached $80.03 per barrel, and U.S. West Texas Intermediate crude futures hit $75.71. Europe's interest rate cut raised expectations of a similar move in the U.S. Analysts await Chinese commodity trade data for insights into global oil demand.
Aramco sale set to raise at least $11.2 billion for Saudi Arabia
Saudi Aramco's mega stock offering, set to raise $11.2 billion, supports the government's economic transformation. The sale includes Aramco's $124 billion dividend, attracting foreign investors despite challenges in the oil market.
OPEC+ says goodbye to its $100-a-barrel oil quest
The OPEC+ cartel appears to be shifting away from its pursuit of $100-a-barrel oil, announcing a deal to gradually increase production through 2025. This move could lower oil prices and ease global inflation, impacting market dynamics and Saudi Arabia's financial outlook as it seeks to balance grandiose spending plans with declining oil revenues.
Aramco kicks off giant share sale in test of investor appetite
Saudi Arabia is looking to attract more international shareholders after Aramco’s mega IPO five years ago turned out to be largely a local affair. Investors will need to weigh a $124 billion annual dividend payout, one of the world’s heftiest, against shares that are far more expensive than other energy supermajors. Government control and the demand outlook for oil in the face of climate change also present long-term risks.
Saudi Arabia may announce landmark Aramco share sale today: Report
Saudi Arabia may announce a landmark secondary share offering in oil giant Aramco later on Thursday, pending final approval from Crown Prince Mohammed bin Salman, people with knowledge of the matter said.
Saudi Arabia plans Aramco share sale as soon as June, sources say
Saudi Arabia is planning a multi-billion-dollar share sale in energy giant Aramco as soon as June in what would be one of the region's biggest stock deals, two people familiar with the matter said. The offering could raise around $10 billion, one of the people said. The preparations are ongoing and the details could still change, the sources said, who were speaking on condition of anonymity because the matter is private.
What is OPEC+ and how does it affect oil prices?
OPEC+, a coalition of OPEC and its allies, is set to meet on June 2 to discuss their joint oil production policy. OPEC was founded in 1960 by Iraq, Iran, Kuwait, Saudi Arabia, and Venezuela to coordinate petroleum policies and secure fair prices. It now includes 12 countries, mainly from the Middle East and Africa, accounting for about 30% of the world's oil. OPEC+ crude output represents about 41% of global oil production and aims to regulate the supply of oil to the global market.
Believe it or not: Even in Saudi Arabia, renewable power is cheaper than fossil fuels
Saudi Arabia has signed deals to purchase electricity from two large-scale wind farms at record-low prices, cheaper than natural gas plants. The kingdom aims to shift rapidly to a larger share of renewables in the power grid, with the goal of generating half of its power from clean sources by 2030. The projects, developed by Japan's Marubeni Corp, benefit from state backing and favorable wind conditions in the country, making them more cost-effective than fossil fuel alternatives. The country's move towards renewable energy is part of Crown Prince Mohammed Bin Salman's efforts to diversify the economy away from oil dependence.
Saudi King Salman’s health, Iran President Raisi’s death spur succession bets
The death of Iranian President Ebrahim Raisi has not significantly altered the regime's trajectory, with little hope for political reform or reduced hostility towards the US and its allies, according to Western officials. The focus has shifted to succession planning, especially given the aging Supreme Leader Ayatollah Ali Khamenei. However, Iran's detente with Saudi Arabia is expected to continue, as is its support for regional proxies. In Saudi Arabia, Crown Prince Mohammed bin Salman's ascension to the throne is expected to maintain continuity in oil policy and regional relations.
Saudi Arabia's national carrier orders more than 100 new Airbus jets as it ramps up tourism push
Saudia said it is increasing flights and seat capacity across its existing 100-plus destinations to meet the country's goal of attracting more than 150 million tourists by 2030. In February, Airbus reported healthy results for its commercial aircraft business in its latest annual earnings report and set a target of 800 commercial aircraft deliveries, 67 more than in 2023.
Meet Seera: Saudi Arabia's all-women psychedelic rock band that is challenging conservatism with music
Seera, an all-women psychedelic rock band in Saudi Arabia, is breaking cultural barriers and redefining artistic expression in a traditionally conservative society. Led by vocalist Nora, their recent performance in Riyadh symbolized a significant shift in Saudi Arabia's cultural landscape. Fusing traditional Arabic melodies with modern psychedelia, Seera's music reflects newfound freedoms for women. Their journey mirrors the country's evolving attitudes, inspired by reforms under King Salman and Crown Prince Mohammed bin Salman.
Saudi Arabia’s 88-year-old King Salman diagnosed with lung infection
Saudi Arabia’s 88-year-old King Salman is undergoing antibiotic treatment for a lung infection. Crown Prince Mohammed bin Salman postponed his Japan trip due to the king’s health concerns. The crown prince manages daily affairs and has been engaging in significant diplomatic efforts, including discussions with the US and meetings with regional leaders.
Saudi crown prince, US national security adviser meet on Gaza, bilateral deal
The de facto Saudi leader and President Joe Biden's top security aide also discussed the need to find a "credible track for bringing about the two-state solution" for Israel and the Palestinians, stop the war against Hamas militants in Gaza and facilitate the entry of humanitarian aid, the statement said.
How might a US-Saudi civil nuclear deal work?
White House National Security Adviser Jake Sullivan to visit Saudi Arabia to discuss a civil nuclear cooperation agreement, key for U.S.-Saudi relations and Israeli-Saudi reconciliation under Section 123 of the U.S. Atomic Energy Act of 1954.
Vedanta to raise upto Rs 8,500 crore; announces first FY25 interim dividend of Rs 11 per share
This will amount to a total payout of Rs 4,089 crore. May 25 has been fixed as the record date for payment of dividend. The announcements were made after market hours and the stock had ended at Rs 433.60 on the NSE — down by Rs 3.80 or 0.87% over Wednesday’s closing price. The company board has also approved setting up of a continuous cast copper rod plant in Saudi Arabia.
Unified GCC visa: Middle East’s multi-nation travel permit to be rolled out this year
The Saudi Tourism Authority has said the imminent introduction of the Unified GCC visa, permitting travellers to explore all six Gulf nations for more than 30 days, is scheduled for implementation by year's end. This initiative, introduced by the UAE Minister of Economy at the Arabian Travel Market, seeks to stimulate tourism and streamline travel throughout the GCC region. Comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates, the Gulf Cooperation Council is actively participating in this endeavour.
Oil nudges higher after Saudi Arabia hikes prices
Brent crude futures climbed 28 cents, or 0.3%, to $83.24 a barrel at 0119 GMT, while U.S. West Texas Intermediate crude futures were at $78.40 a barrel, up 29 cents, or 0.4%.
Oil nudges higher after Saudi Arabia hikes prices
Oil prices rose slightly as Saudi Arabia increased its June crude prices for key regions and the possibility of a Gaza ceasefire diminished, raising concerns about the Israel-Hamas conflict impacting the oil-producing region. Brent crude futures rose to $83.24 a barrel, and U.S. West Texas Intermediate crude futures reached $78.40 a barrel. Saudi Arabia's move to raise prices suggests strong demand expectations for the summer. Despite easing geopolitical tensions, last week saw the largest weekly decline in oil prices in three months due to weak U.S. jobs data and Fed rate cut speculation.
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