Saudi Arabia Financial News

Saudi Arabia didn't bring their 'A' game to the fore yet were strong enough to ward off a gutsy challenge from India winning their pre-quarterfinal match 2-0 in the men's football competition here on Thursday. There was no doubt about Saudi Arabia's supremacy as forward Mohammed Khalil Marran's opportunistic twin strikes in the 51st and 57th minute ended Sunil Chhetri-led India's campaign at the continental event.

U.S. oil prices soared Wednesday to their highest level in more than a year. Most frackers plan to stay on the sidelines.

Art dealer Stefan Simchowitz has long been treated as persona non grata by the art world’s most important galleries and tastemakers. But you wouldn’t know it while wandering around the 11,000-square-foot Los Angeles warehouses where he stores his collection, one of the biggest private troves in the world. Wrapped paintings and sculptures are wedged, floor-to-ceiling, along aisles that stretch the length of a grocery store.

Exciting news! Mint is now on WhatsApp Channels: Subscribe today by clicking the link and stay updated with the latest financial insights! Click here! The Pakistani senator has emphasized the need to export skilled labor in order to increase the country's foreign remittances. "Only professionals going abroad would increase the country's foreign remittances," the senator said, according to Dawn.

beggars arrested in foreign countries belong to Pakistan, reported Pakistani English-language newspaper The Dawn. " The Senate Standing Committee on Overseas Pakistanis was informed on Wednesday that a growing number of beggars from Pakistan were moving abroad, which has spurred ‘human trafficking’," the report said. Overseas Ministry Secretary Zulfikar Haider disclosed this during a discussion in the Senate panel on the issue of skilled and unskilled labour leaving the country. Haider told the committee that a staggering “90 per cent of beggars” arrested in foreign countries were of Pakistani origin, Dawn reported. Furthermore, it was revealed that many beggars exploit pilgrim visas to gain entry into countries such as Saudi Arabia, Iran, and Iraq. Shockingly, a significant number of pickpockets arrested at holy sites were also identified as Pakistani nationals. Meanwhile, Haider said that Japan has now emerged as a new destination of such visitors, according to Dawn. Moreover, he emphasized Pakistan's historical role in exporting skilled labour and expressed optimism that the country's foreign remittances would increase when professionals went abroad. He further said that Saudi Arabia now preferred skilled labour over untrained individuals, according to Dawn. Hasan also noted that as many as 50,000 engineers in Pakistan were unemployed. «India has reached the moon, while we stumble every day,” the senator added. He also informed that that approximately three million people were in Saudi Arabia, 1.5 million Pakistanis were in the UAE, while 0.2 million were in Qatar.

By Florence Tan and Mohi Narayan

Investing.com-- Oil prices rose sharply in Asian trade on Thursday, with U.S. crude futures hitting an over one-year high on continued signs of tighter supply, while positive data from China also aided sentiment. 

Sufi or Barelvi school of thought are commemorating the birth anniversary of Prophet Muhammad as Eid Milad-un-Nabi, also known as Eid-e-Milad. This celebration takes place during the third month of the Islamic calendar, Rabi’ al-awwal. The start of Rabi’ al-awwal in countries like India, Pakistan, Bangladesh, Sri Lanka, and other parts of the subcontinent is traditionally signaled by the sighting of the crescent moon in October.

Investing.com — Oil prices jumped more than 3% Wednesday, with U.S. crude hitting a 10-month high above $94 a barrel, as traders responded to another weekly drop in crude stockpiles in the United States even as demand for fuels fell amid a seasonal decline in road travel.

Jeremy Podger (left) and Eugene Philalithis (right).

₹5,512.50 crore in October 2020. Earlier this week, RIL's retail arm received the full subscription amount of ₹2,069.50 crore from the global investment firm KKR and has allotted 1.71 crore equity shares. Also read: Reliance Retail in talks with Gulf, Singapore funds on $1.5 billion investment: Report Following the share allotment, KKR's shareholding in RRVL has increased to 1.42% from 1.17%.

Mukesh Ambani’s sprawling retail empire. ADIA is seeking to invest $600 million into the organized retailing business of Asia's richest person, people aware of the developments told ET, at valuations that significantly exceed those during an earlier concluded round three years ago. ADIA is already an investor in Reliance Retail Ventures (RRVL), having bought a 1.2% stake for Rs 5,512.50 crore ($751 million) in October 2020, when the company raised Rs Rs 47,265 crore by selling 10.09% stake to a clutch of bulge-bracket investors that included Saudi PIF, Mubadala, GIC of Singapore, Silverlake, TPG and GA. From the previous bunch of investors, KKR has already made a follow-on investment of Rs 2,069.50 crore at a pre-money equity value of Rs 8.361 lakh crore ($100 billion), making RRVL among the top four companies by implied market capitalization in the country. Thus far, Qatar's $1-billion infusion has been the only fresh investment in the current round of fund raise. The current valuation is almost at a 60% premium to the last financing round three years ago, but is much lower than what most equity analysts perceive the value of the privately held retail business to be.

Investing.com-- Oil prices rose slightly in Asian trade on Wednesday, extending a rebound from the prior session as the prospect of tighter supplies helped markets look past concerns over rising interest rates and their impact on the economy. 

NEW YORK (Reuters) -Donald Trump and his family business were found liable for fraud on Tuesday by a New York judge in state Attorney General Letitia James' civil lawsuit accusing the former U.S. president of illegally inflating his assets and net worth.

By David Lawder

BEIRUT (Reuters) — Lebanon risks being «ostracised» by the international community if its nearly year-long presidential vacuum drags on further, France's special envoy Jean-Yves Le Drian told a local Lebanese newspaper in an interview published on Tuesday.

By Robert Harvey

India will cut the floor price for basmati rice exports in the coming days, sources familiar with the matter said, after millers and traders complained about a sharp drop in overseas sales of the premium aromatic grain. India will lower the basmati floor price to $850 a metric ton, down from $1,200 a ton, to help millers and traders ship out the rice grade, said the sources, who didn't wish to be identified as they are not authorised to talk to media. Last month, India fixed the floor price, or the minimum export price (MEP), for basmati rice shipments at $1,200 a metric ton. Authorities said the MEP was imposed to help New Delhi ensure that non-basmati rice was not exported as basmati rice. In July, India surprised buyers by imposing a ban on the export of widely consumed non-basmati white rice, following a ban on broken rice exports last year. «The decision to lower the basmati MEP would help farmers who were losing money on account of falling exports,» said Prem Garg, president of the Indian Rice Exporters Federation. «The move will also help India retain its pre-eminent position in the global basmati rice market.» Since basmati rice is not widely consumed in India, and the new season crop will start arriving in the market from next month, India would have faced a glut of the superior grade, Garg said. «A large stockpile would have hammered prices and hurt farmers and India's rice sector, so the move to lower the MEP will be quite helpful,» he said. India and Pakistan exclusively grow premium, aromatic basmati rice.

Oil prices are up, and that affects people far and wide

Investing.com — Oil prices stabilized Monday as investors balanced off concerns about a hit to U.S. economic activity following last week’s Federal Reserve meeting with a tight supply outlook.

By Paul Carsten