MUST-READS

• Exxon, Chevron Surpass Forecasts as Shale Drilling Lifts Output

  Exxon Mobil Corp. and Chevron Corp. surpassed earnings forecasts as bigger-than-expected oil output from shale fields helped cushion the blow from weakening crude prices. Exxon rose more than 2% and Chevron climbed 1.9% in pre-market stock trading. Exxon’s outsized result also was aided by a $1.14 billion boost from unsettled derivatives and record fuel production at its refineries. Chevron, meanwhile, posted adjusted earnings of $3.45 a share that exceeded the Bloomberg Consensus estimate by 23 cents. The oil explorer also raised its dividend by a higher-than-forecast 8%.

• First Saudi Arabian Grand Prix concert headliners announced

  Turn up the volume because the Saudi Arabian Grand Prix concerts have just been announced and you are going to be happy. The concerts will feature Pharrell Williams and Martin Garrix. Saudi Arabian Grand Prix is racing back into the Red Sea City from Thursday March 7 to Saturday March 9 and will be the second race of the season.

• Events in January will shape Saudi market in 2024

  As the economic outlook cools, Riyadh has tapped the debt markets. At the start of January, the Finance Ministry said it expects to borrow $23bn in 2024. The financing will be used to finance the deficit in the state budget and to pay existing debt that matures. The ministry added that by the end of 2024, it expects the kingdom’s total debt portfolio to reach SR1.115tn, which is about 29 per cent of GDP. That announcement was quickly followed by the issuance of $12bn of bonds under Saudi Arabia’s Global Medium-Term Note Issuance Programme (GMTN). Later in January, the Public Investment Fund (PIF) completed a $5bn bond issuance.

• Saudi Arabia among first to start pavilion build for Expo 2025 Osaka

  Saudi Arabia has begun constructing its pavilion at the Expo 2025 Osaka site on Yumeshima Island, making it among the first nations to do so. The design reflects the Kingdom’s history, culture and current economic transformation. The ceremony on Jan. 31 to announce the construction was attended by government delegates from Japan, and officials from other nations participating in Expo 2025 Osaka. Saudi Arabia’s delegation at the ceremony was led by Othman Almazyad, commissioner-general for the Kingdom’s Expo 2025 Osaka.

• Commentary: Saudi Arabia’s oil production move

  There's no real consensus about why Saudi Arabia ditched plans to raise its max oil pumping capacity — a decision the kingdom has not explained. Some in the energy market's analyst hive-mind see a tacit concession that long-term consumption increases won't match the Saudi's bullish public stance.

• No Saudi citizens harmed, embassy says as student wearing hijab attacked in US school

  Various news reports and some videos circulating on social media showed a headscarf-wearing student being slammed against a locker and then pushed to the ground by a male student. Many called the assault a hate crime, but Queen Bee School District 16 Superintendent, Joseph Williams, told the Chicago Tribune newspaper that investigators have identified the students and there is no indication that the attack was motivated by bigotry. “This is a serious disciplinary incident and we’re handling it as such, but we have no evidence that this was some act of intolerance related to a matter of faith,” Williams said.

• Saudi food industry sees buoyant demand, growth momentum to improve in Q1 2024: Almunajem CEO

  The demand levels in Saudi Arabia’s foods industry are strong and the momentum will likely continue over the coming period due to population growth, tourism, and Hajj and Umrah programs, Thamer Abanumay, CEO of Almunajem Foods Co., told Argaam. However, inflation levels and unstable supply chains weigh on prices, he added. The sector’s growth is forecast to continue through Q1 2024, backed by the seasonal demand in Ramadan.

• Saudi FDI data overhaul to use financial statements not estimates

  Saudi Arabia has begun using data gathered directly from company and investor financial statements to calculate foreign direct investment (FDI) as part of a push to modernize and centralize the kingdom's economic data, a Saudi official told Reuters. Attracting FDI is a pillar of a vast plan by the kingdom's de facto ruler Crown Prince Mohammed bin Salman to boost non-oil gross domestic product, diversify the Saudi economy and cut its reliance on crude oil exports.

• Saudi real estate platform transactions soar to $267m a day, 1m users registered

  Saudi Arabia’s Real Estate Market platform has 1m registered users and averages $1bn ($267m) of transactions a day, according to a report from the Ministry of Justice (MoJ). The MOJ announced this represents a significant growth in the usage of the Real Estate Market platform. The platform has over one million registered users, with the average daily user count surpassing 30,000.

• Saudi aid convoys arrive at Nile River and Northern states in Sudan

  Convoys carrying relief supplies sent by Saudi aid agency KSrelief have arrived at Nile River State and Northern State in Sudan, the Saudi Press Agency reported on Wednesday. The arrival of the convoys at their destinations marks the start of the second phase of a project to support food security in the North African country, officials said. Maj. Gen. Abdul Mahmoud Hammad Hussein, the acting governor of Nile River State, thanked Saudi Arabia for the aid and relief projects it provides, through KSrelief, for the Sudanese people, who are facing a humanitarian crisis.

• 10 of 60192 results<< 1 … 423 424 425 … 6,020 >>