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  • Saudi Arabia drops 2.9 per cent in its Industrial Production Index in May

    Saudi Arabia's Industrial Production Index (IPI) experienced a 2.9 per cent year-on-year decline in May this year, according to data released by the General Authority for Statistics (GASTAT). The index dropped to 106.30 points, based on the 2021 base year, down from 109.45 points in May 2023. This decrease was primarily driven by a downturn in mining and quarrying activity, which constitutes 61.4 per cent of the index, according to a report by Saudi financial news portal Argaam.com.

  • Saudi Arabia Nets $12.35 Billion From Aramco Share Offering

    The final proceeds for Saudi Arabia from the secondary sale of shares in its oil giant Aramco came in at $12.35 billion after the exercising of an over-allotment option, boosting the Kingdom’s total gain from the sale by $1 billion. Saudi Aramco sold last month a 0.64% stake in a secondary offering. Aramco priced 1.545 billion shares on offer in its latest share sale at $7.27 (27.25 Saudi riyals) apiece, based on the results of the book-building process. That was a discount of 6% compared to the closing price of Aramco’s shares on the Saudi stock exchange, Tadawul, on the day before the secondary offering was announced at the end of May. This sale raised $11.2 billion for the Kingdom of Saudi Arabia.

  • Expat remittances from Saudi rise 12% to $3.4bn

    Expat remittance from Saudi Arabia jumped by 12 percent year on year to SAR12.6 billion ($3.4 billion) in May, according to the Saudi Central Bank (Sama). Remittances rose 11 percent month on month, or SAR1.3 billion, in May, the central bank said. Globally, remittances to low- and middle-income countries grew by an estimated 3.8 percent in 2023, reaching $669 billion, the World Bank said in its December 2023 report. It is forecasting a global increase of 2 percent for 2024.

  • Critical Metals, Obeikan partner to build lithium hydroxide processing plant in Saudi Arabia

    The 50/50 JV will be geared towards developing, constructing and operating the plant for the conversion of lithium spodumene concentrate from Critical Metals’ Wolfsberg project in Austria, which, according to Critical Metals CEO Tony Sage, is set to become the EU’s only battery-grade lithium mine by 2027.

  • Saudi law graduates to benefit from specialist skills program

    Outstanding Saudi law graduates will be receive intensive practical training from a team of specialist advisers as part of a second Future Adviser Program announced on Tuesday by the Center of Legal Studies and Research. The 12-month program aims to qualify young legal talents, and develop their skills in legal and regulatory consultation, as well as legislative drafting. Applicants for the program must be Saudi nationals, recent graduates from the years 2023-2024, and hold a bachelor’s degree in law with an academic GPA of no less than 3.75/5 or 2.75/4 or its equivalent.

  • As Boeing struggles, Airbus inks 4-aircraft deal with Saudi Arabia

    Saudi Arabia signed a deal with Airbus for an additional four of its A330 Multi Role Tanker Transport (MRTT) on Wednesday in a sign that the French aerospace giant is gaining ground in the Gulf as its US rival, Boeing, struggles. The kingdom ordered four more of Airbus’ A330 Multi Role Tanker Transport aircraft for the Royal Saudi Air Force. The aircraft is used for air-to-air refueling, as well as transport purposes. The aircraft will enter into service in 2027, Airbus said in a statement. The official Saudi Press Agency reported that the order constitutes the kingdom’s third contract for the A330, but did not specify how many of the aircraft are currently in use in the country. Read more: https://www.al-monitor.com/originals/2024/07/boeing-struggles-airbus-inks-4-aircraft-deal-saudi-arabia#ixzz8ffxYbhgt

  • Saudi Arabia’s Neo Space Group Appoints Martijn Blanken as New CEO

    NSG is a wholly owned company of Saudi Arabia’s Public Investment Fund, the nation’s sovereign wealth fund. NSG will focus on pursuing strategic and commercially feasible space sector opportunities. It will also invest in the most promising new space technology startups and entrepreneurs both in Saudi Arabia and globally. NSG is fully aligned with Saudi Arabia’s Vision 2030 and plans to create a global commercial space communications leader.

  • Syria’s national airline resumes Saudi flights after 12 years

    Syria's national airline resumed regular services to Saudi Arabia after a 12-year suspension on Wednesday as the first flight arrived in Riyadh. The move, announced by Syrian Airlines and confirmed to AFP by Syria's ambassador to Saudi Arabia, continues a slow rapprochement between the two governments who restored diplomatic relations last year. Ambassador Ayman Soussan said a Syrian Airlines plane carrying 170 passengers touched down in the Saudi capital, marking the resumption of a regular route.

  • Saudi Aramco Sells $6 Billion of Bonds Amid Fierce Demand

    Saudi Aramco pulled in more than $31 billion of orders for its $6 billion bond sale, its first dollar-debt offering in three years. Bids peaked above $11 billion for both the oil giant’s 10- and 30-year notes, according to a person with knowledge of the matter. Aramco also sold 40-year bonds in the deal that priced Wednesday.

  • Saudi rig suspensions slow Middle East offshore growth prospects

    Maritime Strategies International (MSI) has scaled back its projection for jackup drilling demand in the Middle East Gulf region, following Saudi Aramco’s decision to suspend contracts for over 20 jackups. The analyst now expects growth in the region of 1%, down from its previous estimate of 4%, mainly supported by activity in Qatar and the UAE to fulfill their respective oil and gas production targets.