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  • King Salman Announces ‘Sweeping’ Cabinet Reshuffle Affecting Top Domestic, Foreign Policy Posts
     

    King Salman announced on live TV on Thursday a major and sweeping reshuffling of top cabinet positions in Saudi Arabia, the first such change in leadership since June. The royal decree replaces Saudi Arabia’s Foreign Minister Adel Al-Jubeir with former finance minister Ibrahim Al-Assaf. Al-Assaf was detained, then released within weeks of his detention at Riyadh’s Ritz-Carlton […]

     
  • BBC Travel Profiles Asir’s ‘Flower Men’, Natural Beauty as Kingdom Eyes Tourism Push
     

    A recently published story in the BBC highlights the unique culture and natural beauty of the Asir province in Saudi Arabia, whose male inhabitants don colorful and ornate head dresses made of local flowers. The U.K.-based news service traveled to Asir province in the south of the Kingdom, one of the least traveled places in Arabia by Western […]

     
  • Oil Continues Rebound as OPEC, Russia Eye Production Cut Agreement
     

    The price of oil on international indices has rebounded for a second straight trading day after leaders from Saudi Arabia and Russia indicated that production cuts were likely to stabilize oversupplied markets, according to reports. But while sentiment appears to indicate a looming decision to cut production by OPEC members and Russia at a meeting in Vienna, […]

     
  • Saudi Arabia to Host G20 Summit Meetings in 2020
     

    The final communiqué of the G20 summit, which concluded this weekend in Buenos Aires, Argentina, confirmed that Saudi Arabia will host the summit in 2020. Hosting the major event involving the world’s largest economies is an opportunity for the Kingdom to showcase Saudi’s standing as a key player in the G20 and a force for economic stability. Saudi […]

     
  • Donald Trump Affirms Solidarity with Saudi Arabia in Written Statement as Top Senators Vow Further Action
     

    President Donald Trump vowed on Tuesday to remain a ‘steadfast partner’ of Saudi Arabia despite saying that Saudi Crown Prince Mohammed bin Salman may have known about the plan to murder dissident journalist Jamal Khashoggi last month. “This is an unacceptable and horrible crime,” President Trump said in the statement, but added, “our relationship is with […]

     
  • Unemployment Unchanged in Saudi Arabia in Latest Labor Market Report
     

    Unemployment in Saudi Arabia remained unchanged in the latest government estimated figures, according to a recently released report by Jadwa Investment on the Saudi labor market. The latest General Authority for Statistics (GaStat) labor market release for Q2 2018 shows that unemployment rate remained unchanged, at 12.9 percent, for the second consecutive quarter. However, the […]

     
  • Special Economic Zone Created at Riyadh Airport to Attract Investment; New Jazan Project Launched
     

    Saudi Arabia announced the establishment of a special economic zone around Riyadh’s airport to draw more foreign investment, Reuters reports, citing the Saudi Press Agency (SPA). The zone, which will be located in King Khalid International Airport in Riyadh, will “focus on integrated logistics and enjoy special rules and regulations aiming at attracting more multinational companies […]

     
  • Secretary of State Mike Pompeo Visits Saudi Arabia, Meets with King, Crown Prince
     

    US Secretary of State Mike Pompeo held separate talks with King Salman and Crown Prince Mohammed bin Salman on Tuesday in Riyadh as the situation over missing journalist Jamal Khashoggi continues. According to CNN, Pompeo had a short discussion with King Salman before a longer meeting with Crown Prince Mohammed bin Salman. US State Department spokeswoman Heather […]

     
  • IMF Lifts Projections for Economic Growth for Saudi Arabia
     

    In its World Economic Outlook, the International Monetary Fund (IMF) on Tuesday lifted its projections for economic growth in Saudi Arabia, the region’s biggest economy, and its oil-rich neighbors in the Gulf – while also predicting that Iran’s economy will suffer due to renewed US sanctions. The Saudi economy is expected to grow by 2.2 percent […]

     
  • Bloomberg Lands Another Wide-Ranging Sit-Down Interview with Crown Prince Mohammed bin Salman
     

    Bloomberg‘s reporting team in Saudi Arabia landed another wide-ranging sit down interview with Saudi Arabia’s Crown Prince Mohammed bin Salman, revealing the powerful leader’s thinking on many issues from Vision 2030 to the Saudi Aramco IPO and others. Bloomberg’s Senior Executive Editor for Economics, Stephanie Flanders, and five other Bloomberg journalists sat down with the […]

     

MUST-READS

  • Saudi Aramco distributes 60mln free shares worth $528mln

    Saudi Aramco has distributed about 60 million shares valued at SR1.98 billion to Saudi individual investors earlier this week, Okaz/Saudi Gazette has learned from the data released by the Capital Market Company (Tadawul). According to a statement of Tadawul on Monday, Saudi Arabia’s ownership in Saudi Aramco’s shares before May 26 was approximately 98.21 percent of its total shares, equivalent to about 196.42 billion shares, and the state’s stake in the company’s shares declined 0.03 percent to 98.18 percent, valued at 196.36 billion shares. This marks a decrease of 60 million shares in government ownership in the company’s shares, and this was included last Saturday in the portfolios of individual investors.

  • Saudi Aramco raises August propane, butane CP

    Saudi Arabia's state-controlled Saudi Aramco has set its August contract price (CP) for propane at $365/t, up by $5/t from the previous month. The August butane CP was raised by the same margin to $345/t, maintaining the $20/t discount to propane from the previous months of June and July.

  • Aramco to transfer free shares to Saudi investors next week

    Saudi Aramco said on Sunday that the Kingdom’s government has set a date for the transfer of free shares to the investment portfolios of individual Saudi investors.

  • Reliance’s $15 bln stake sale deal with Aramco delayed

    Reliance, operator of the world’s biggest refining complex, last year announced a $15 billion deal with the world’s top oil exporter Aramco as part of the Indian company’s efforts to cut its debts. “Due to unforeseen circumstances in the energy market and the Covid-19 situation, the deal (with Saudi Aramco) has not progressed as per the original timeline,” Mukesh Ambani told shareholders on Wednesday. The Aramco deal was initially expected to be completed by March 2020. Reliance shares fell more than 6% after Ambani’s comment on the Aramco deal. The shares closed down 3.8% at 1,844 rupees each.

  • Aramco Deal Delay Pushes Down Reliance Shares Most Since May

    Reliance Industries Ltd.’s plan to sell a stake in its oil-to-chemicals business to Saudi Aramco has been delayed, pushing down the Indian conglomerate’s shares on the day its chairman announced a $4.5 billion transaction with Google. “Due to unforeseen circumstances in the energy market and the Covid-19 situation, the deal has not progressed as per the original timeline,” Reliance Chairman Mukesh Ambani told shareholders on Wednesday. “Nevertheless, we at Reliance value our over two-decade-long relationship with Saudi Aramco and are committed to a long-term partnership.”

  • Saudi Aramco to publish second-quarter results on August 9

    Saudi Aramco plans to release its second-quarter earnings on August 9 before the Saudi stock exchange Tadawul opens. The company will hold a webcast for the Q2 results on August 10 at 1530 local time (1230 GMT), the company said on Monday.

  • Saudi Aramco says reorganising downstream business to support growth

    State energy giant Saudi Aramco said on Tuesday that it will be reorganising its downstream business to support its global growth strategy, aiming to complete it by the end of this year. The downstream model will be divided into four units: fuels including refining, trading, retail and lubes; chemicals; power; and pipelines, distribution and terminals, Aramco said in a statement.

  • Apple Market Cap Closes In on Saudi Aramco’s as No. 1 in World

    Apple Inc. is getting close to overtaking Saudi Arabia’s state-owned oil company in market valuation, a milestone that would make the technology giant the world’s largest company by that measure. Apple gained as much as 4.2% on Monday for a market capitalization above $1.70 trillion, trailing Saudi Aramco at about $1.78 trillion based on current exchange rates.

  • Formula One comes back to the track with Aramco as sponsors amid new coronavirus lockdown era

    Sunday will see the return of Formula One with the first race of the season since the coronavirus pandemic hit the world and closed the sport down.

  • Saudi Aramco CEO sees oil demand at 90 mil b/d in COVID-19 recovery

    Oil demand has rebounded close to 90 million b/d, partly reversing a slump in consumption caused by the COVID-19 pandemic, Saudi Aramco's president and CEO Amin Nasser has said in the transcript of an interview published on June 30.