Saudi Arabia Financial News

Investing.com-- Oil prices fell from a near 10-month high on Monday, seeing a measure of profit taking after a stellar rally over the past month, although bets on tightening supplies still kept Brent above key levels. 

LuLu Group International Yusuff Ali on Monday said his group is going to set up two large shopping malls in India — Ahmedabad and Chennai. Speaking to ANI, Ali said, «We are going to construct one of the largest shopping malls in Ahmedabad and Chennai and we are opening our shopping mall in Hyderabad end of this month. Also we are going to different states for shopping malls and food processing.» Hyderabad will be the sixth city after Kochi, Thiruvananthapuram, Bengaluru, Lucknow, and Coimbatore where the group has its shopping mall presence. Lulu Group, headquartered in Abu Dhabi, UAE, has been known as a trendsetter in the retail industry in the Middle East and North Africa region.

Saudi Arabia have signed a memorandum of understanding on cooperation and investment in renewable energy, energy efficiency, hydrogen, electricity, and grid interconnection. The pact also includes cooperation on petroleum, natural gas, strategic petroleum reserves and energy security, sources aware of the development said. Circular carbon economy and technologies like carbon capture, utilization and storage also found place in the agreement. The move comes right after the G20 New Delhi declaration, where a consensus was formed on various issues, including an effort for tripling renewable energy capacity by 2030 and phasedown of unabated coal power. India’s National Green Hydrogen Mission aims for at least 5 million metric tonnes of annual production capacity by 2030 through renewable energy sources, whereas Saudi Arabia’s clean hydrogen is likely to be based on low carbon emission technologies. Partnership on localising sourcing material, products and services related to the energy sector, and supply chains and its technologies, were agreed on. The countries will strengthen the cooperation with energy companies, promote digital transformation, innovation, cyber-security, and artificial intelligence in the energy sector. As per India’s green hydrogen mission, the country aims to be an export hub for the fuel.

By Robert Harvey and Natalie Grover

Desert Technologies (DT) an independent solar PV and smart infrastructure holding company and Essar Group have signed a Memorandum of Understanding (MOU) to develop renewable energy solutions for Essar Group’s Green Steel Arabia (GSA) project in the Kingdom of Saudi Arabia (KSA) as well as potential future projects. The MOU was executed between Desert Technologies and Essar Group in the G20 summit on Monday. The companies said, through this partnership, they will develop solutions for renewable energy generation and storage for Essar’s Flat Steel Complex in the KSA which is the first green steel project in the GCC region and will also explore opportunities for other potential projects. “Desert Technologies's MOU with Essar signifies our long-term commitment to meet the growing demand for renewable energy solutions; especially in the KSA. Its solutions in the renewable energy sector, price competitiveness and low Carbon footprint solutions will further boost the growing low CO2 emission steel industry," said Chief Executive Officer of DT Investments, Khaled Sharbatly. Based in Saudi Arabia, and operating in more than 25 countries, Desert Technologies has a proven track record as a PV developer, investor, EPC and O&M contractor, PV solar panel manufacturer, and energy storage systems integrator. Essar is currently looking at investing about $4.5 billion in setting up an integrated steel plant in Ras Al Khair, Saudi Arabia.

RBI's) target range of 2-6 per cent. Official data on retail inflation will be released on Tuesday (September 12). According to the median of estimates by 18 economists in a Mint poll, India’s retail inflation likely eased to 7 per cent in August from July’s 15-month high of 7.44 per cent.

G20 Summit in Delhi was the committment to build a rail-and-port network that will connect India to the Middle-East and the Middle-East to Europe and the US. It has been named the India-Middle East-Europe Economic Corridor (IMEC).

space sector to attract overseas players, a top official said on Monday. Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh said that huge scope is there for Saudi Arabian companies to invest in India in different sectors such as aviation, pharma, bulk drugs, renewable energy, food processing and agrti-tech. «There is tremendous scope for collaboration… such as in artificial intelligence, robotics, cyber security, automation and space, where we are looking to further liberalise our foreign direct investment norms to bring in private sector and foreign investment in our space sector,» Singh said at the India-Saudi Arabia investment forum meet here. Presently FDI in space sector is allowed up to 100 per cent in the area of satellites establishment and operations through government route only. He added that several Saudi Arabian companies have invested in Indian wind and solar energy sectors. «We look forward for collaboratively working with you,» he said, adding there is also tremendous scope for collaboration between Saudi Arabian military industry and make in India campaign, which can enable «us to work» on joint collaboration on defence projects of mutual interest. The secretary sought investments in areas such as bulk drug parks and food processing sector. As India is the home of several agro-tech startups, huge potential is there to increase collaboration, he added. On trade front, he said that the bilateral trade between the two countries has reached USD 52.8 billion in 2022-23.

India-Middle East-Europe Economic Corridor announced on the sidelines of the G20 Leaders' Summit is expected to be a game-changer project and provide a huge boost to global trade, said EEPC. India expects this corridor to be economically more viable than China's flagship Belt and Road Initiative (BRI). TheUS, UAE, Saudi Arabia, European Union (EU), Italy, France and Germany were brought together on the economic corridor agreement on the sidelines of the G20 Summit. The US-backed corridor seeks to connect India with Europe via the Middle East by sea and port.

As India handed over the G20 Presidency to Brazil, the member nations have committed to harnessing artificial intelligence (AI) technology in a responsible manner in addition to planning for a future involving crypto assets and central bank digital currencies (CBDC).

Indian Railway Finance Corporation’s market capitalization cross the Rs 1 lakh crore-mark for the first time ever since the company went public in 2021. Shares of the company were locked in the 10% upper circuit on Monday at Rs 84.80 on the National Stock Exchange. At the lifetime high of Rs 84.80, the stock more than trebled in value from its issue price of Rs 26. Year-to-date, the stock has risen a whopping 158%. The government’s increasing focus on boosting infrastructure spending in the country has played a major role in lifting railway and rail-related stocks on Dalal Street. In the Union Budget for 2023-24 (April-March), the government announced an outlay of Rs 2.40 lakh crore for Indian Railways, which is the highest capital outlay for railways and is 9x over FY14 allocation. The ongoing G20 Summit was nothing less than a shot in the arm as the government announced a shipping and rail transportation corridor linking countries across the Middle East, South Asia and Europe on the sidelines of the Summit in New Delhi over the weekend. The announcement of a new corridor will lead to a comprehensive rail and shipping connectivity network linking US, India, Saudi Arabia and Gulf and Arab states, and European Union. The plan aims to integrate railway routes and port linkages, spanning from India to Europe, traversing through the United Arab Emirates, Saudi Arabia, Jordan, and Israel. Not only IRFC, but all other rail-related stocks danced on Dalal Street on the back of this news. Shares of Rail Vikas Nigam rallied more than 9% while Titagarh Wagons rose 5%.

Narendra Modi on Monday said that the India-Saudi Arabia partnership is crucial for the stability, and welfare of the region and world. PM Modi at the India-Saudi Arabia Strategic Partnership Council meeting said, “We are adding a new dimension to our ties in tune with changing times.

Ircon International share price surged 19.3% to touch a 52-week high of ₹159.25 apiece, Rail Vikas Nigam share price jumped 17.6% to hit a 52-week high of ₹191.40 apiece, and Indian Railway Finance Corporation (IRFC)share price rose 10% to touch a 52-week high of ₹84.76 apiece on BSE. According to to Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One, these railways stocks have seen strong traction in the September month as Ircon International stock is up by 38% , Rail Vikas Nigam is up by 41% and IRFC stock is up by 68%, respectively. The momentum is strongly in favours of bulls but post a strong move in just 10 day, the indicators are in overbought.

India, Delhi and Riyadh have explored the possibility of offering artist residencies and holding joint training programmes in cultural domains such as film, culinary arts, and visual arts. The two sides have also discussed mechanisms for preserving intangible cultural heritage and historical sites. These programmes will introduce Indians to Saudi culture and vice versa and will foster mutual understanding and collaboration in various fields, Saudi Minister of Culture Prince Bader bin Abdullah bin Mohammed bin Farhan Al Saud told ET’s Dipanjan Roy Chaudhury in an exclusive interview.Q: The Ministry of Culture’s recent participation in the 4th G20 Culture Ministers' Meeting highlighted the importance of cultural cooperation among nations. In what ways has the Kingdom of Saudi Arabia contributed to the G20 Cultural Track?A: The Kingdom’s contributions to the G20 Cultural Track stem from our belief that culture is fundamental to the human experience, as it both expresses and shapes our humanity.

Narendra Modi on Monday held wide-ranging talks with Saudi Crown Prince Mohammed Bin Salman Bin Abdulaziz Al-Saud, focussing on shoring up bilateral trade and defence ties. Bin Salman is currently on a State visit to India following end of the G20 Summit. Ahead of the talks, the Crown Prince was accorded a ceremonial welcome at the forecourt of the Rashtrapati Bhavan. «I am very glad to be here in India.

G20 summit gave another reason for multibagger railway stocks to fly off the charts and rally up to 15%. PSU rail stock IRCON International, which has already doubled investors' wealth in the last 6 months, rallied up to 15% on Monday to hit a fresh 52-week high at Rs 154.65.IRFC shares zoomed 10% to hit the upper circuit limit at a fresh high of Rs 84.76.

Narendra Modi, and other ministers during the event. “I am very glad to be here in India. I want to congratulate India for the G20 Summit...A lot of announcements have been made that will benefit G20 countries and the world.

Mohammed bin Salman Al Saud is expected to meet Prime Minister Narendra Modi at Hyderabad House today. Ahead of the meeting, the Crown Prince will also be accorded a ceremonial welcome at Rashtrapati Bhawan at 10 am.

Narendra Modi as an agreement signed with the US, the UAE, Saudi Arabia, France, Germany, Italy and the EU Commission, we have hope that such a modern “Silk Route" can get the better of China’s Belt and Road Initiative. For one, the logic here is trade connectivity, not loan entrapment or power projection by anyone.

Hero Electric and Okinawa Autotech. The two were leading the market till 2021. Then there is Greaves Electric Mobility, a subsidiary of Greaves Cotton, a listed entity, and is backed by Saudi Arabian investor Abdul Latif Jameel.

(Reuters) — The United States and Saudi Arabia are in talks to secure metals in Africa needed to help them with their energy transitions, the Wall Street Journal reported on Sunday, citing people with knowledge of the talks.