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  • Aramco pays $21bn dividend despite 2024 profit slip

    Saudi Aramco will distribute a dividend of SAR80 billion ($21.4 billion) for the fourth quarter of 2024 despite full-year net profit falling 12 percent year on year to $106 billion. The company declared a base dividend of $21 billion for the fourth quarter, a 4 percent year-on-year increase, which will be paid in the first quarter of 2025. The performance-linked dividend was $0.2 billion, paid in the first quarter. The oil major expects total dividends to reach more than $85 billion in 2025. Cash flow from operating activities fell 5 percent to $136 billion in 2024 from $143 billion a year ago.

  • Civil Defense warns of precaution amid forecast of rain in most Saudi regions until Friday

    The General Directorate of Civil Defense has issued a weather warning for most regions of Saudi Arabia. Moderate to heavy rain is expected to continue until Friday in the regions of Makkah, Riyadh, Madinah, Tabuk, Hail, Qassim, Eastern Province, Northern Borders, Al-Jouf, Al-Baha, and Asir. The Civil Defense urged all residents to take necessary precautions, avoid areas prone to flash floods such as valleys, and refrain from swimming in them. It also called on the public to stay informed about the latest weather updates through official channels and social media platforms.

  • PIF and Goldman Sachs Asset Management Sign MoU to Partner on Investment in Saudi Arabia, GCC

    PIF and Goldman Sachs Asset Management today announced the signing of a non-binding memorandum of understanding (MoU) for PIF to act as a strategic anchor investor for new private credit and public equity strategies in Saudi Arabia and the wider GCC region. The new investment funds will aim to raise equity capital from international investors, with significant capital allocated for investments in Saudi Arabia. Under the MoU, the private credit strategy will target directly originated senior and junior loans and debt to companies that are domiciled in the GCC region or do most of their business with it. The public equity strategies will focus on investments in publicly listed equity securities of companies that are either listed on the Saudi exchange or have businesses connected to Saudi Arabia.

  • Sonatrach and Saudi Aramco cut March LPG prices by 1-3%

    Saudi Aramco and Algeria's Sonatrach have cut March's official selling prices (OSPs) for liquefied petroleum gas (LPG) by 0.9-3.2% from the previous month because of lower oil prices and weak global LPG demand, traders said on Monday. Aramco's March OSP for propane was cut by $20 to $615 a metric ton while butane prices were dropped by $20 to $605 a ton, the traders said. Propane and butane are types of LPG with different boiling points. LPG is used mainly as fuel for cars and heating as well as a feedstock for other petrochemicals.

  • PwC seeks to mend relations with Saudi Arabia, sources say

    PwC is working with Saudi Arabia and its sovereign wealth fund to mend relations with the kingdom, two people familiar with the matter told Reuters.
    Saudi Arabia's Public Investment Fund (PIF) and the kingdom as a whole are major clients for PwC, with over 2,600 of the consulting firm's global workforce dedicated to projects in the country. The kingdom has suspended activities between the $925 billion fund's holding company and PwC, while its portfolio companies can still engage the consultant, one of the people said. PwC told its employees in a memo on Friday, that the situation with Saudi Arabia related to a "client" matter, and not a regulatory issue, one of the sources told Reuters. Reuters could not establish how much business is at stake. PwC's Middle East activities generated 1.97 billion pounds ($2.5 billion) of revenue in its last set of full-year accounts to 30 June 2024. It did not provide a breakdown for Saudi Arabia.

  • Saudi SRC signs $907mln deal to acquire mortgage portfolio from Saudi National Bank

    The Saudi Real Estate Refinance Company (SRC) has signed a 3.4 billion riyals ($907 million) agreement with Saudi National Bank (SNB) to acquire a mortgage portfolio, in a deal in which the largest bank in the kingdom is able to free up its capital and the mortgage refinance provider drives forward its agenda to infuse liquidity into the system.  SRC, owned by the Public Investment Fund (PIF), the Saudi sovereign wealth fund, is mandated to increase the availability of affordable housing finance options for Saudis. In providing Shariah-compliant refinancing and balance sheet management solutions to primary mortgage financiers, it has been buying up mortgage books from banks and finance companies in recent years. Late last year, it acquired a SAR 1 billion mortgage portfolio from Bidaya Finance. In 2023, the kingdom’s biggest Islamic lender Al Rajhi Bank by mortgage assets and market capitalisation, sold a portfolio of real estate loans to SRC for over SAR 5 billion. For their part, Saudi banks are looking to offload mortgages off their books as liquidity tightens in the banking system with deposits lagging loan growth.

  • Saudi Arabia’s wheat, corn markets to see 5% demand growth in 2025

    Saudi Arabia, one of the key grain markets in the Middle East, is likely to maintain steady domestic growth in 2025, supported by a positive demand outlook, Anis Alam, chief grain procurement officer at Arabian Agricultural Services Company (ARASCO) said in an interview with Platts Jan. 25. The country’s wheat and corn demand is poised to rise at 5% per year, Alam said. “Currently, Saudi Arabia imports around 3.5 million mt of wheat and 5 million mt of corn, which has a growth potential of 5% a year.” Saudi imports wheat, mostly from Europe and Black Sea as domestic wheat production is lower. Alam believes it should be around 500,000-600,000 mt though some statistics show more than 1 million mt. The country’s wheat output is unlikely to increase in the next few years due to water shortage. “I don’t see there is any room for improvement in the production,” he said.

  • Saudi Arabia opens applications for over 10,000 teaching jobs

    Saudi Arabia’s Ministry of Education has opened applications for 10,494 teaching positions for the coming academic year, as part of a nationwide initiative to fill staffing needs across all public education departments. The hiring process, structured under a spatial contracting system, will take place through the Jadarat national employment platform, targeting graduates in specific disciplines required to meet school demands. Applications will open on Friday, March 7, 2025 and close on Wednesday, March 12, 2025 for male applicants.

  • Saudi Monshaat: 67% increase in commercial registrations during Q4 2024

    There has been a 67 percent increase in commercial registrations, bringing the total number to 1.6 million during the fourth quarter of 2024. According to the quarterly SME Monitor Report released by the Small and Medium Enterprises General Authority (Monshaat), the majority of these registrations were concentrated in Riyadh, accounting for 39 percent, followed by Makkah with 17 percent, the Eastern Province 16 percent, Qassim 6 percent, and Asir 5 percent. The remaining 17 percent were distributed across other regions. More than 51,000 individuals have benefited from the Monshaat Academy, 41,076 SMEs accessed the authority’s support centers, and nearly 6,100 beneficiaries used the Mazaya platform

  • Iraq bans Saudi’s MBC over Ramadan series Muawiya due to sectarian concerns

    Iraq's media regulator has banned the broadcast of the historical drama "Muawiya" during the Muslim holy month of Ramadan on the Saudi Arabian television channel MBC Iraq, citing concerns that it could incite sectarian tensions. The Iraqi Media and Communications Commission (CMC) announced the decision on Saturday, stating that it was exercising its legal authority to regulate the country's media sector. "The broadcast of historically controversial content may provoke sectarian debates, which could threaten social harmony and disrupt the fabric of society, particularly during Ramadan," the commission said in a statement.  "Muawiya" explores the life of Umayyad Caliph Muawiya ibn Abi Sufyan, who played a central role in the "First Fitna"—the civil war that followed the assassination of Caliph Uthman ibn Affan in the 7th century. Despite the Iraqi ban, "Muawiya" is set to air during Ramadan on MBC's main channels, ensuring its availability to audiences across the region.