Company Insights Saudi Aramco Oil & Gas Saudi Aramco News Oil & Gas Adnoc Drilling and Alpha Dhabi to surpass 3-year $1.5bn target A joint venture between Adnoc Drilling and Alpha Dhabi will surpass its $1.5 billion investment target within the three-year timeframe originally set, and is seeking acquisitions in the US and across Europe. Adnoc Drilling, a subsidiary of Abu Dhabi National Oil Company, and Alpha Dhabi Holding, one of Abu Dhabi’s biggest investment companies, announced the […] February 29, 2024 Industry Aramco invests $6bn to bolster local supply chain Saudi Aramco, the world’s largest oil producer, has signed 40 corporate procurement agreements worth $6 billion to boost its localisation programme. The agreements cover supply of a range of products comprising strategic commodities, such as instrumentation and electrical and drilling equipment. The move will strengthen Aramco’s domestic supply chain ecosystem, providing suppliers with long-term demand […] February 28, 2024 Manufacturing Sabic reports loss of $747m as product prices tumble Petrochemicals major Saudi Basic Industries Corporation (Sabic) reported a net loss of SAR2.8 billion ($747 million) in 2023, as average product sales fell by a fifth. The losses were also driven by the discontinuation of operations at Hadeed, its steel manufacturing subsidiary, which resulted in a loss of around SAR4 billion. In September 2023, Sabic […] February 28, 2024 Oil & Gas Aramco embarks on $10bn expansion of gas network Saudi Arabia’s master gas system, one of the world’s largest hydrocarbon networks, is getting a $10 billion upgrade as the kingdom bolsters its energy infrastructure to support growing domestic gas demand. State oil and gas company Saudi Aramco has selected contractors for engineering, procurement and construction works on 16 of 17 programme packages. The project […] February 27, 2024 Banking and Finance Two of Saudi’s largest listed banks mull $2.7bn dividend Two of the largest listed banks in Saudi Arabia have declared a combined dividend of SAR10 billion ($2.7 billion) for the second half of 2023. The board of Saudi National Bank (SNB), the kingdom’s largest bank by assets, has recommended a dividend of nine percent or SAR5.4 billion for the second half of 2023. Overall, the […] February 26, 2024 Energy Aramco says new gas reserves found in Jafurah field Saudi Aramco has found significant quantities of proven reserves of gas and condensate in the Jafurah unconventional field, said energy minister Prince Abdulaziz bin Salman. The additional confirmed quantities reached 15 trillion standard cubic feet of gas and 2 billion barrels of condensate, state-run Saudi News Agency (SPA) reported, citing the minister. Reserves at Jafurah […] February 25, 2024 Energy Oman’s Rakiza buys 40% of Saudi power company Oman’s state-owned infrastructure investor Rakiza has secured the financial close of its first transaction in Saudi Arabia by acquiring 40 percent of Tihama Power Generation Company. Tihama comprises four combined heat and power plants located at Ras Tanura, Ju’aymah, Shedgum and Uthmaniyah in the kingdom’s eastern province. The four plants produce 1,600 megawatts of electrical […] February 22, 2024 Markets Saudi Arabia prods blue chips to list more shares Saudi Arabia is prodding blue-chip companies on its stock exchange to offer more shares to the public as part of a drive to become a global financial centre. Abdullah Binghannam, deputy head of financing and investment at the kingdom’s Capital Market Authority, told a markets forum in Riyadh on Tuesday that a regulatory framework was […] February 21, 2024 Construction Nakheel’s 3D concrete printing project seen as catalyst Dubai’s first licence for 3D concrete printing in a building project is a catalyst for the technology to become the norm in the construction sector by the end of the decade, experts believe. The licence was issued in December by Dubai’s planning and development department, Trakees, the regulatory body of the Ports, Customs and Free […] February 21, 2024 Markets IPO requests in Saudi Arabia rise by 30% Saudi Arabia’s Capital Market Authority said this week that it had received 56 initial public offering applications, a number well ahead of analysts’ expectations. State oil major Saudi Aramco is also likely to issue a bond this year. CMA chief Mohammed ElKuwaiz told a capital markets forum in Riyadh on February 19 that the applications […] February 20, 2024 Posts navigation Previous 1 … 31 32 33 … 55 Next
Oil & Gas Adnoc Drilling and Alpha Dhabi to surpass 3-year $1.5bn target A joint venture between Adnoc Drilling and Alpha Dhabi will surpass its $1.5 billion investment target within the three-year timeframe originally set, and is seeking acquisitions in the US and across Europe. Adnoc Drilling, a subsidiary of Abu Dhabi National Oil Company, and Alpha Dhabi Holding, one of Abu Dhabi’s biggest investment companies, announced the […] February 29, 2024
Industry Aramco invests $6bn to bolster local supply chain Saudi Aramco, the world’s largest oil producer, has signed 40 corporate procurement agreements worth $6 billion to boost its localisation programme. The agreements cover supply of a range of products comprising strategic commodities, such as instrumentation and electrical and drilling equipment. The move will strengthen Aramco’s domestic supply chain ecosystem, providing suppliers with long-term demand […] February 28, 2024
Manufacturing Sabic reports loss of $747m as product prices tumble Petrochemicals major Saudi Basic Industries Corporation (Sabic) reported a net loss of SAR2.8 billion ($747 million) in 2023, as average product sales fell by a fifth. The losses were also driven by the discontinuation of operations at Hadeed, its steel manufacturing subsidiary, which resulted in a loss of around SAR4 billion. In September 2023, Sabic […] February 28, 2024
Oil & Gas Aramco embarks on $10bn expansion of gas network Saudi Arabia’s master gas system, one of the world’s largest hydrocarbon networks, is getting a $10 billion upgrade as the kingdom bolsters its energy infrastructure to support growing domestic gas demand. State oil and gas company Saudi Aramco has selected contractors for engineering, procurement and construction works on 16 of 17 programme packages. The project […] February 27, 2024
Banking and Finance Two of Saudi’s largest listed banks mull $2.7bn dividend Two of the largest listed banks in Saudi Arabia have declared a combined dividend of SAR10 billion ($2.7 billion) for the second half of 2023. The board of Saudi National Bank (SNB), the kingdom’s largest bank by assets, has recommended a dividend of nine percent or SAR5.4 billion for the second half of 2023. Overall, the […] February 26, 2024
Energy Aramco says new gas reserves found in Jafurah field Saudi Aramco has found significant quantities of proven reserves of gas and condensate in the Jafurah unconventional field, said energy minister Prince Abdulaziz bin Salman. The additional confirmed quantities reached 15 trillion standard cubic feet of gas and 2 billion barrels of condensate, state-run Saudi News Agency (SPA) reported, citing the minister. Reserves at Jafurah […] February 25, 2024
Energy Oman’s Rakiza buys 40% of Saudi power company Oman’s state-owned infrastructure investor Rakiza has secured the financial close of its first transaction in Saudi Arabia by acquiring 40 percent of Tihama Power Generation Company. Tihama comprises four combined heat and power plants located at Ras Tanura, Ju’aymah, Shedgum and Uthmaniyah in the kingdom’s eastern province. The four plants produce 1,600 megawatts of electrical […] February 22, 2024
Markets Saudi Arabia prods blue chips to list more shares Saudi Arabia is prodding blue-chip companies on its stock exchange to offer more shares to the public as part of a drive to become a global financial centre. Abdullah Binghannam, deputy head of financing and investment at the kingdom’s Capital Market Authority, told a markets forum in Riyadh on Tuesday that a regulatory framework was […] February 21, 2024
Construction Nakheel’s 3D concrete printing project seen as catalyst Dubai’s first licence for 3D concrete printing in a building project is a catalyst for the technology to become the norm in the construction sector by the end of the decade, experts believe. The licence was issued in December by Dubai’s planning and development department, Trakees, the regulatory body of the Ports, Customs and Free […] February 21, 2024
Markets IPO requests in Saudi Arabia rise by 30% Saudi Arabia’s Capital Market Authority said this week that it had received 56 initial public offering applications, a number well ahead of analysts’ expectations. State oil major Saudi Aramco is also likely to issue a bond this year. CMA chief Mohammed ElKuwaiz told a capital markets forum in Riyadh on February 19 that the applications […] February 20, 2024
