Saudi Arabia Financial News

Looking into the rate of crypto adoption and the share of cryptocurrency owners in 56 countries as of February 2024, Nigeria and Turkey lead the pack, according to data from Statista.

US sanctions crimped trade with Russia and forced processors to look elsewhere for supply. State-owned Bharat Petroleum Corp. and Indian Oil Corp., along with top private refiner Reliance Industries Ltd., have purchased about 7 million barrels of April-loading US crude so far this month, said traders who asked not to be identified.

SINGAPORE (Reuters) -Oil prices dipped on Tuesday due in part to the prospect of rising supply from Russia, slower-than-expected downstream demand in sectors such as jet fuel, and cautious trading ahead of the Fed's decision on U.S. interest rates.

Investing.com-- Oil prices hovered near a 4-½ month high in Asian trade on Tuesday as softer exports from Iraq and Saudi Arabia furthered the notion of tighter markets this year, although sentiment remained on edge before a Federal Reserve meeting. 

By Arathy Somasekhar

The commodity trading industry reaped its second-best year ever in terms of profits, banking over $100 billion and building up a mountain of cash to spend on assets and breaking into new markets.

NEW DELHI : Russia remained the top supplier of oil to India in January, accounting for nearly a third of the crude brought into the country, according to data from the commerce ministry. At $4.47 billion, the value of the crude oil supply from Russia jumped 41% year-on-year. Sequentially, crude imports from that country increased 14% from $3.92 billion in December 2023, the data showed.

Saudi Arabia is considering transferring ownership of national carrier Saudia to the sovereign wealth fund, the Public Investment Fund, two sources familiar with the matter said. The transfer would include other assets owned by Saudia, one of the Middle East's oldest airlines, including its low cost unit, Flyadeal, the sources said.

Investing.com – Saudi Arabia stocks were higher after the close on Sunday, as gains in the Energy & Utilities, Building & Construction and Real Estate Development sectors led shares higher.

Sunil Chhetri, India’s football captain, once told this paper. In that context, the next three months will be crucial for Indian football. India are scheduled to face Afghanistan (twice), Kuwait and Qatar in the FIFA World Cup 2026 qualifiers. The top two teams from the group will qualify for the third qualifying round. If India could make it for the first time in history, the Blue Tigers will have the opportunity of playing five of Asia’s best teams twice within a one-year time frame. Ten games against quality teams could completely redefine the growth curve of Indian football. “Every football player wants to get as close to the World Cup as he possibly can. In our case this is our best opportunity. We have never made it to the third round and we know this will open up 10 more games for us and we can then play each game as a final,” India’s goalkeeper Gurpreet Singh Sandhu said.

oil markets have been largely quiescent. In fact, however, a new phase is beginning—one in which oil demand, not supply, will be the primary influence on energy markets. This shift will bring with it profound geopolitical consequences.

2.2 million barrels per day (bpd) till mid-2024. Saudi Arabia will extend its voluntary cut of one million bpd in June, leaving its output at around nine million bpd, much below its capacity of 12 million bpd.

IPL 2024 matches will be broadcast live in MENA countries such as United Arab Emirates (UAE), Qatar, Saudi Arabia, and nations. Mumbai Indians (MI), Chennai Super Kings (CSK), Kolkata Knight Riders (KKR), Gujarat Titans (GT), Rajasthan Royals (RR), Punjab Kings, Royal Challengers Bangalore (RCB), Lucknow Super Giants (LSG), Sunrisers Hyderabad (SRH), and Delhi Capitals will feature in this year's tournament.

Saudi Aramco (TADAWUL:2222) closed out 2023 with an impressive profit of $121.3 billion, securing the top spot globally for profits among publicly listed companies.

With the Nvidia (NASDAQ:NVDA) stock price continuing to climb, analysts are adjusting their targets for the shares.

Visa application volumes from Mumbai in 2023 registered a 30 per cent year-on-year growth, according to a report by VFS Global, closing in further to the pre-pandemic levels. When compared to the pre-pandemic numbers, visa application volumes from Mumbai reached 90 per cent of the 2019 levels. The demand pattern in Mumbai was in line with the overall growth trend registered in India, which saw a 16 per cent year-on-year in visa applications in 2023. In comparison to the pre-pandemic numbers, visa application volumes from India reached 93 per cent of the 2019 levels.

Infibeam Avenues informed the exchanges today that it has entered into a payment processing partnership with Saudi Arabia’s Saudi Awwal BankThe company also said that it has secured a eMSP Payment technical service provider approval from SAMA (Saudi Payments), in its exchange filing.Infibeam Avenues said its international subsidiary Infibeam Avenues Saudi Arabia has received a PTSP Certification from the SAMA (Saudi Payments) to operate as a Payment Processor (PTSP - Payment Technical Service Provider) in the Kingdom of Saudi Arabia (KSA), in its exchange filing.Post-certification, the company’s flagship payment brand, CCAvenue, will establish itself as a payment gateway (PTSP) player for digital transactions in the Saudi Arabian market.The company’s CCAvenue payment gateway solution has already done data localisation and hosting within the Kingdom of Saudi Arabia (KSA) as well as secured PTSP processing approval from the authorities.Sensex Today Live : Barring a few, most of the sectoral indices were in the green. Among the losers were Metal (down 0.66%), Pharma (down 0.54%), Health (down 0.57%), and Oil & Gas (down 0.52%).Sensex Today Live : The broader market had finally shaken off two days on its losing streak, with the indices opening in the green.

With no end to fighting in sight, Palestinians in Gaza have begun fasting for the holy month of Ramadan as hunger worsens across the strip and pressure grows on Israel over the growing humanitarian crisis

Ramadan, states in India are making modifications to school schedules to accommodate students attending Urdu and other minority language schools, Times of India reported. The Directorate of Urdu and Other Minority Language Schools in Karnataka has issued a circular altering the timings for Urdu primary and high schools, the report said. During Ramadan, these schools will operate from 8:00 am to 12:45 pm.

Barrons Roundtable discusses the price of oil and the demand for natural gas.

Ramadan 2024 in India: The crescent moon of Ramadan 2024 is expected to be sighted in India on Monday, March 1, which means the fasting for the holy month will begin on Tuesday, March 12. The timetable informing Ramadan 2024 fasting, Sehri, and Iftar timings comes in handy as it helps in the observance of prayers to the almighty. The Ramadan 2024 moon was sighted in Saudi Arabia on Sunday, March 10, and usually the crescent moon is sighted in Asian countries including India, a day after Saudi Arabia and the UAE.