Saudi Aramco Reports $47 Billion in Earnings; Plans to Buy Reliance Refining Stake

Saudi Arabia’s energy minister Khalid Al Falih announced on Tuesday plans to develop the country's gas resources and extending a grid to UAE, Oman and Kuwait.
In its first-ever half-year earnings report, Saudi Aramco said the company had earned a net income of $46.9 billion in the first half of 2019, a 12 percent decrease from $53 billion in the period a year earlier, when oil prices were higher.

Saudi Arabia

News, analysis, and more

Eid Al-Adha

Muslims mark Eid and final days of hajj in Saudi Arabia

Around 2.5 million pilgrims took part in a symbolic stoning of the devil on Saturday, marking the final days of the hajj pilgrimage in Saudi...



Reliance to sell 20% stake in oil-to-chemicals arm to Saudi Aramco

While terms of the deal are yet to be finalised, Reliance will get roughly $15 billion, including some debt adjustments for the 20% stake, P.M.S....


Yemen Civil War

Yemen Separatists Commit to Aden Cease-Fire Demanded by Saudis

Yemen’s southern separatists are committed to join the cease-fire with the recognized government in Aden as demanded by Saudi Arabia, Southern Transitional Council President Aidarous...


Saudi Aramco

Saudi Aramco’s first-half net income falls 12% to $47 billion

In its earnings report, Aramco partly attributed the decline in net income to a 4% fall in the average realized price of crude oil compared...


Saudi Aramco

Aramco Talks: Not Your Typical Earnings Call

The flurry of disclosures comes in sharp contrast to the recent past. Just a few years ago, very little was known about the Saudi Arabian...


Global Oil Markets

Russia to Leapfrog Saudi in Wealth League as Oil Power Shifts

Russia’s reserves have swelled 45% in the past four years to total $518 billion in June. Saudi Arabia’s are following the opposite trajectory, with reserves...


Import Certification

Understanding Saudi Arabia’s New Import Certification Scheme

SALEEM, the new certification scheme is expected to replace the Saudi Conformity Assessment program. It will operate through SASO’s newly implemented electronic, online service called...



Saudi Arabia’s first cinema chain opens in Jeddah

Saudi Arabia’s first cinema chain opened its doors last week. The 15-screen multiplex by Muvi Cinemas is now open at Jeddah’s Mall of Arabia, run exclusively...


Yemen Civil War

Saudi-led coalition says infighting killed senior Houthi official

A senior Houthi official in Yemen and brother of the movement’s leader was killed because of infighting, the Saudi-led coalition said on Sunday, appearing to...



Abu Dhabi welcomes one of first flights from new Saudi airport

Abu Dhabi International Airport (AUH) has welcomed one of the first international flights from the new King Abdulaziz International Airport (KAIA) in Jeddah. The Saudi Arabian...



Jean Nouvel to design a luxury resort in Al-Ula, Saudi Arabia

jean nouvel, the architect behind the louvre abu dhabi, is to further cement his position in the middle east with the design of a luxury...


Saudi +

Regional and related topics


Afghanistan president rejects foreign interference as US-Taliban talks advance

Speaking after the Eid prayers, Ghani insisted that next month's presidential election is essential so that Afghanistan's leader will have a powerful mandate to decide...



Libya drone strike heightens fears of air war and risk of civilian deaths

At least 45 people were killed and dozens wounded in an airstrike last Sunday that targeted a town hall meeting in south-western Libya. The forces...



Iran’s Spies Are at War With Each Other

The infighting is mainly over which body is better positioned to protect the country—and over which aspects of the country most need protecting....


Oil Markets

Hedge Funds Bet on Oil Rally Just Before Saudis Give It a Boost

Money managers increased by 5.4% their net bets that West Texas Intermediate crude would rally even as futures tumbled in the week ended Aug. 6,...



Africa and the Middle East: keys to prosperity

Today, the median age in Africa is 20. By contrast, the median age in the advanced economies of Europe, the US and Japan is 42. With...



Commentary: SoftBank’s Bid to Build a Solar-Power Empire Founders

Mr. Son said SoftBank’s solar business has been focusing on India and “is still expanding vigorously” at a pace that could eventually make it one...



Kurds and Arabs in Northeast Syria: Power Struggle or Power Sharing?

Assad continues to refuse to make any concessions to the region, although his forces lost control of the north more than seven years ago. Erdogan...


Ancient Scents

Cleopatra May Have Once Smelled Like This Recreated Perfume

For years, the archaeologists headed digs at a site called Tell-El Timai, which in ancient times was known as the city of Thmuis. It was...


Recent Editions