Saudi Arabia Financial News

syndicated loan as the kingdom seeks to finance its investment plans, Bloomberg News reported on Friday. The kingdom's Ministry of Finance has appointed Industrial & Commercial Bank of China Ltd (ICBC) as coordinator and bookrunner for the long-term senior unsecured loan, the report said citing people familiar with the matter. The 10-year loan is offering an interest rate of 100 basis points over the Secured Overnight Financing Rate — the usual reference rate when borrowing in dollars, the report added. ICBC has invited other banks to participate in the loan and has asked interested parties to respond before mid-October, Bloomberg reported. Saudi Arabia's Ministry of Finance and ICBC did not immediately respond to a Reuters request for comment. Personally spearheaded by Crown Prince Mohammed bin Salman, Saudi Arabia has embarked on an ambitious economic plan. known as Vision 2030 to diversify into sectors such as tourism, develop massive infrastructure projects, and grow the financial and private sectors. Saudi Arabia's sovereign wealth fund, the Public Investment Fund, has been tasked with delivering Vision 2030 targets, which requires billions in investment.

renewable energy (MNRE) R.K. Singh on Friday said that the United Arab Emirates (UAE) has also evinced interest in having grid connectivity with India. On 10 September, India and Saudi Arabia signed a Memorandum of Understanding on cooperation in the field of energy, which also included cooperation in grid connectivity.

Investing.com — Oil prices edged lower Friday, with traders taking profit from the hefty gains seen this week, largely on optimism that the vital Chinese economy is showing signs of improvement.

Investing.com — Oil prices edged lower Friday, with traders taking profit from the hefty gains seen this week, largely on optimism that the vital Chinese economy is showing signs of improvement.

RIYADH, Saudi Arabia—For years, this kingdom’s Islamic clerics waged a war on videogames, banning popular titles such as “Pokémon" for promoting blasphemy, violence and laziness. Now, Saudi Arabia is pouring $40 billion into a bid to become a world leader in a videogame industry beloved by its booming youth population.

Berkeley Earth, which focuses on environmental data science and analysis, said last month was the warmest August since records began to be kept in 1850, with «particularly warm conditions» prevailing in parts of India, Japan, North Atlantic, Eastern Equatorial Pacific, Northern South America, Central America, parts of Africa and the Middle East. The National Oceanic and Atmospheric Administration (NOAA), a US government agency, said on Thursday that 2023 witnessed Earth's hottest August in its 174-year climate record. The sizzling month also marked the northern hemisphere's warmest meteorological summer and the southern hemisphere's warmest meteorological winter on record, the NOAA's National Centres for Environmental Information said. Berkeley Earth said August 2023 exceeded the previous record set in August 2016 by 0.31 degrees Celsius, «a surprisingly large margin, well outside the margin of uncertainty». Its researchers said: «We estimate that 13 per cent of the Earth's surface experienced its locally warmest August average, and 87 per cent of the Earth's surface was significantly warmer when compared to its local average during the period from 1951 to 1980.» In total, they estimated that 65 countries (mostly in the tropics) witnessed their warmest August on record. These countries include Bahrain, Barbados, Brazil, Cambodia, Cameroon, Chad, China, Colombia, Cuba, Iran, Iraq, Japan, Kenya, Mexico, Morocco, Niger, Panama, Peru, the Philippines, Qatar, Russia, Rwanda, Saudi Arabia, Sri Lanka, Sudan, Suriname, Turkiye, Venezuela and Yemen. Some of these countries broke their August records by extraordinary margins.

By Sudarshan Varadhan

Oil prices rose to their highest level in 10 months on Friday, after China cut banks' cash reserve requirements to boost its economic recovery, and on expectations that major global interest rate hike cycles were nearing their end. Brent crude rose 46 cents, or 0.5%, to $94.16 as of 0027 GMT, while the U.S. West Texas Intermediate crude (WTI) was up 0.6% at $90.74.

RIYADH, Saudi Arabia—American defense giant RTX and a Saudi weapons firm were heading toward a multibillion-dollar deal when it was abruptly called off early this year. The reason, say people familiar with the talks, was RTX’s concerns that its Saudi partner’s companies were pursuing business with sanctioned Chinese and Russian entities. That unease was a deciding factor for an advisory board of retired American military officers to resign from the Saudi company, Scopa Defense, the people said.

₹7,502 per bbl, having swung between ₹7,364 and ₹7,505 per bbl during the session so far, against a previous close of ₹7,338 per barrel. The continuing supply cuts could lift Brent futures above the $100 a barrel threshold before the end of the year, according to analysts at Bank of America. -Earlier this month, oil producers Saudi Arabia and Russia extended their voluntary oil output cuts of a combined 1.3 million barrels per day (bpd) to the end of the year which resulted in a sharp surge in international crude prices - reaching a 10-month high peak.

Investing.com — Oil prices climbed to the year’s highest levels as expectations of growing supply tightness overshadowed concerns over weaker economic growth and rising U.S. inventories.

(Reuters) — Delta Air Lines (NYSE:DAL) on Thursday cut current-quarter forecasts for operating margins and profit, owing to increased fuel expenses amid supply cuts by Russia and Saudi Arabia.

Rising diesel prices are inflating the bills Brett McMahon is getting from the companies that truck in the plywood, rebar and other supplies his concrete-contracting business needs. Asking his clients to renegotiate contracts to ease that pain, he said, has been “hit or miss." “In the private construction world, you’re not going to get a terribly sympathetic ear for that," said McMahon, chief executive of Bethesda, Md.-based Miller & Long. “It’s, ‘Hey, you knew the risks when you signed the deal.’" Diesel, jet and marine fuel prices are soaring, pressuring the construction companies, transportation businesses and farmers that are the biggest users.

As Bitcoin continues its oscillating dance on the charts, it gives subtle hints of a resurgence. The premier cryptocurrency currently trades at $26,244, marking a nearly 1.25% rise on Thursday. 

OPEC reduces 2023 oil demand by 1 lakh bpd to 29 mbpd, Saudi output cut leads to 3 mbpd shortfall Experts see a possibility of crude oil prices rising above the $100 per barrel level because of supply cuts and anticipation of economic recovery in China. "Yes, it is quite possible for the global oil price to breach the $100 mark a barrel. Significant efforts of Saudi Arabia and Russia to curtail oil supply and also extend the schedule of oil supply cuts could lead oil to breach this psychological mark," said G.

By Muyu Xu

By Alex Lawler

G20 summit, India, the US, UAE, Saudi Arabia, France, Germany, Italy and the European Union on Saturday on the sidelines of the G20 Summit in New Delhi signed a Memorandum of Understanding (MoU) to establish the India-Middle East-Europe Economic Corridor (IMEC). The G20 Leaders' two-day summit, held under India's presidency, wrapped up on Sunday.

«Now going forward, our endeavour will be definitely to look at how do we increase our overseas order intake. And as you mentioned, one of the key areas geographically is Middle East and Africa where we are targeting,» says Rajneesh Chopra, VA Tech Wabag.There are some announcements, of course, big ones, India-Middle East in their recent meets. I want to understand from you, from a company standpoint, what kind of revenue potential or what kind of order potential are you expecting on the back of these tie-ups for say water-infra-related orders?See, as you said, the outlook for the water sector per se has been pretty good, both in India as well as overseas. If you particularly talk about VA Tech, I think we are at all-time high order backlog and we have a good mix of India as well as overseas orders. One of the key orders which in recent past you have seen is 400 MLD desalination plant in India and a major breakthrough in Bangladesh for a wastewater treatment plant. Now going forward, our endeavour will be definitely to look at how do we increase our overseas order intake. And as you mentioned, one of the key areas geographically is Middle East and Africa where we are targeting.

By Jamie McGeever

Pakistan have expressed their appreciation for India's recent accomplishment in successfully hosting the G20 summit in New Delhi last week. This gathering of leaders from the world's top 20 nations has garnered admiration from across the border, with one Pakistani resident emphasizing, «India has taken a good step.