Saudi Arabia Financial News

Mint on the impact of climate change in the Asia Pacific region. India accounts for most of the economic and human losses in South Asia region.

Saudi Arabia. The facility is strategically located at Al Jubail, off the Dammam-Abu Hadriyah Highway. L&T Valves is one of the largest suppliers of on-off valves to Saudi Arabia, the company said in a statement.

services platform Urban Company has clocked its maiden profit before tax (PBT) for the month of April this year, cofounder and chief executive Abhiraj Singh Bhal, said in a post on X, earlier known as Twitter, on Monday.

Mint’s Plain Facts section brings out an update on key global economic data to thread together the biggest developments in the world that are worth paying attention to. The accompanying analysis and charts explain how each story is creating ripples on the global stage, where it is headed in the coming weeks, and whether it can impact India. This time, we explain how monetary policies have diverged around the world and why the debt situation has become a reminder of the Napoleonic Wars.

When Iran shot off rockets at Israel, analysts across the world waited with bated breath in anticipation of an oil-price spike. Some expected crude oil to cross $100 per barrel within days and hurt a global economy already reeling from supply chain bottlenecks. The ‘First Oil Shock’ of 1973 was recalled, when an Arab oil embargo disrupted Western economies.

national oil goliath has a central position in the world’s oil markets. Its market value of $2trn, five times that of the second-biggest oil firm, ExxonMobil, is predicated on bountiful reserves of crude and a peerless ability to tap them cheaply and, as oil goes, cleanly. So the Saudi energy ministry stunned many industry-watchers in January by suspending the firm’s plans to expand oil-production capacity from 12m to 13m barrels per day (b/d).

stocks has come despite worsening fundamentals, while India is delivering solid profits, Citigroup Inc. strategists wrote, downgrading China and upgrading India in emerging market allocation. “China’s recent rally has occurred despite weakening fundamentals; we downgrade to neutral,” strategists including David Groman and Beata Manthey wrote in a note dated May 10. It upgraded India to overweight on strong earnings momentum and projected growth.

government authorities used lethal force on people living on the land where a futuristic eco-city, 'The Line', is going to be built. The futuristic eco-city which is mostly populated by the Huwaitat tribe, has in recent times seen mass arrests and administrative crackdowns for not complying with eviction orders by the authorities, according to a Fox News report.

Mint. In light of the general elections in 2024, the company undertook a similar approach during FY24, as it focused on achieving the maximum output during the first nine months. It had secured around 75% of its order inflow for FY24 during the first three quarters, Raman said.

Tiger Woods will be the lone player on a five-member subcommittee that will be involved in negotiations with the Public Investment Fund, part of a busy day of governance as the PGA Tour tries to strike a deal with Saudi backers of LIV Golf. Woods was appointed to the PGA Tour board in August, making him the sixth player-director and the only one whose board term has no limits. The tour said Woods will be part of the «transaction subcommittee» on the board of PGA Tour Enterprises that will handle day-to-day negotiations as PIF seeks to become a minority investor. Also on the subcommittee are PGA Tour Commissioner Jay Monahan, board chairman Joe Gorder, John W. Henry of Fenway Sports Group and Joe Ogilvie, a former tour player appointed as a director liaison in March.

ANI. Kausar Jahan further noted that as many as 16,500 pilgrims will leave for Haj pilgrimage this year from the Delhi embarkation point.

Gulf Cooperation Council (GCC) has announced a new unified tourist visa called "GCC Grand Tours," allowing travelers to visit all six Gulf countries and stay for over 30 days. This initiative, unveiled by the United Arab Emirates Minister of Economy, Abdulla bin Touq Al Marri, at the Arabian Travel Mar ket (ATM), aims to boost tourism and make travel across the GCC region more convenient. The Gulf Cooperation Council, also called the Cooperation Council for the Arab States of the Gulf, includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. The GCC Grand Tours visa is designed to attract a higher number of tourists by simplifying the process of visiting multiple countries in the region, similar to the European Union's Schengen visa. This new unified visa is expected to significantly contribute to the growth of the tourism sector in the Gulf and increase the number of hotel guests, ultimately establishing the region as a leading destination for regional and international tourists.

Saudi Aramco, an oil colossus, is planning to splurge. Microsoft is likely to spend more. The comparison with the famously capex-happy energy industry is apt not just because of the sums involved.

Investment Forum (TIIF) last week witnessed huge interests from global investors including from the Gulf leading to signing of agreements worth $26.6 billion.

iMobile Pay, and marks a significant shift from the previous requirement for NRIs to register an Indian mobile number for similar transactions. Sidharatha Mishra, Head of Digital Channels and Partnerships at ICICI Bank, commented on the launch, “We are delighted to partner with NPCI to launch the UPI facility on international mobile numbers through iMobile Pay. With this facility, our NRI customers residing in 10 countries do not need to switch to an Indian mobile number to pay using UPI.

Brent, WTI shed 6% as oil heads for steepest weekly drop in 3 months: What's cooling down the commodity? During the previous week, both futures contracts experienced their most substantial weekly decline in three months. Brent witnessed a decline of over 7%, while WTI saw a decrease of 6.8%.

Stocks made small gains in holiday-thinned trading as traders turned their attention to a line-up of central bank speeches this week. 

Oil futures edged up on Monday after Saudi Arabia hiked June crude prices for most regions and as the prospect of a Gaza ceasefire deal appeared slim, renewing fears the Israel-Hamas conflict could still widen in the key oil producing region. Brent crude futures climbed 28 cents, or 0.3%, to $83.24 a barrel at 0119 GMT, while U.S. West Texas Intermediate crude futures were at $78.40 a barrel, up 29 cents, or 0.4%.

Saudi Arabia posted a budget deficit Saudi Arabia posts budget deficit of $3.30 billion in first quarter of Saudi Arabia posts budget deficit of $3.30 billion in first quarter of 12.387 billion riyals ($3.30 billion) in the first quarter of 2024, the finance ministry said on Sunday, after lower oil revenues and increased spending weighed on the economy. The kingdom needs to spend hundreds of billions of dollars to fund giga-projects aimed at weaning the economy off oil and to boost tourism and the private sector.

ballistic missile defences facing their first complex, high-stakes combat scenarios in Israel, the Red Sea and Ukraine will encourage militaries globally to invest in the pricey systems, experts say — and intensify missile arms races. Iran launched as many as 120 intermediate-range ballistic missiles at Israel on April 13, U.S. and Israeli officials say. U.S. SM-3 and Israeli Arrow interceptors destroyed nearly all of them, leaving drones and smaller threats to the Iron Dome system. In previous months, interceptors fired from U.S. Navy destroyers stopped Houthi anti-ship ballistic missiles, while in Ukraine, U.S.-made MIM-104 Patriot batteries have shot down advanced Russian Iskander and Khinzal missiles.

NephroPlus, India's largest dialysis chain, said it has raised $103 million (₹860 crore) in a Series F funding round from Quadria Capital through a mix of fresh capital infusion and a secondary sale aimed at driving expansion plans within India and targeted markets overseas. The primary component is ₹100 crore. Quadria will become a minority shareholder post the latest round of funding which valued NephroPlus at more than ₹2,000 crore. Quadria will have a slightly higher stake than Bahrain-based Investcorp, which was the largest shareholder in the company prior to the latest round at 35-40%.