Saudi Arabia Financial News

Joe Biden and his allies intend to unveil a proposal on Saturday that outlines a shipping route linking India to the Middle East and potentially extending to Europe. This development could have a significant impact on global trade and is set to be announced during the Group of 20 summit. As reported by AP, the suggested agreement for a shipping and railway transport corridor would encompass the United States, India, Saudi Arabia, the United Arab Emirates, the European Union, and additional G20 nations, as confirmed by Jon Finer, the deputy national security adviser to the president.

Narendra Modi, to Saudi Arabia in October 2019 during which the two countries established the Strategic Partnership Council," according to a press release by the Ministry of External Affairs. MBS is expected to meet with the President of India and will also hold a bilateral meeting with Prime Minister Narendra Modi. “They will review the progress made under the two Ministerial Committees of the Strategic Partnership Council i.e.

With global oil prices surging to $90 a barrel and expected to remain high and volatile in the future, their impact is bound to be serious for countries like India which imports 88% of its requirements. All of this is a recipe for costlier imports and build-up of inflation in the economy if global oil prices “pass-through” leads to higher domestic prices. If this indeed happens, this would straightaway translate into a 42 basis points increase in retail inflation that is currently ruling at 7.4%. But it is highly unlikely due to political compulsions to insulate the urban middle class from rising fuel prices ahead of forthcoming assembly and national elections. Recently, the government lowered the price of a gas cylinder by 18%.

market capitalisation on prospects of winning a nearly $4-billion order from Saudi Aramco. This deal win is seen helping the engineering major clock in an over 20% growth in its order inflows in FY24, as against a guidance of 15%. Among the leading gainers on the Nifty 50, the shares closed nearly 2% higher at ₹2,901.60 on Friday. The order win from Saudi Aramco is reportedly for the second expansion phase of its Jafurah unconventional gas production project, and will be executed by L&T Energy Hydrocarbon.

Sheikh Hasina held a wide-ranging dialogue on Friday to strengthen cross-border connectivity across sectors, including commerce. «Had productive deliberations with PM Sheikh Hasina. The progress in India-Bangladesh relations in the last 9 years has been very gladdening,» Modi tweeted after the nearly hour-long meeting with Hasina, as part of the bilateral a day ahead of the G20 summit in Delhi.

Investing.com — The S&P 500 was flat Friday, despite a rise energy and tech, but remained on course to end the week in the red as fears that the Fed may have to persist with higher for longer rates weighed on sentiment.

airport. According to media reports, the G20 leaders will be treated to an exquisite Indian vegetarian platter with delicacies from across the country.

macroeconomic uncertainty. 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 earlier this week. Brent crude futures were up 53 cents to $90.45 a barrel, while US West Texas Intermediate crude (WTI) futures were up 39 cents at $87.26 a barrel, according to news agency Reuters.

Saudi Arabia has ramped up its economic diversification efforts driven by its ambitious Vision 2030. 

G20 Summit dinner on Saturday evening. The government clarification came in the wake of reports that around 500 leading businessmen had been invited for the event at the ‘brand-new $300-million venue in the shape of a conch shell’. “This claim is misleading.

Joe Biden is en route to the G20 conference in New Delhi, India, where he is scheduled to hold discussions with Indian Prime Minister Narendra Modi and possibly meet with Saudi Crown Prince Mohammed bin Salman. The proposed multinational infrastructure deal holds significant strategic importance.

Ant Group, the owner of the world’s largest mobile payment platform, Alipay, revealed its new sub-brand under the name ZAN. The brand will focus on blockchain development and services for both institutional and individual Web3 developers. 

By Yousef Saba and Rachna Uppal

₹2,927.95 in morning trade on BSE on Friday. The stock opened at ₹2,885.05 against the previous close of ₹2,847.05 and rose 2.8 per cent to its one-year high. The market capitalisation of the stock rose over ₹4 lakh crore mark on the BSE.

Belt and Road infrastructure initiative, which the US perceives as a cover for China-led regional development and military expansion. Chinese President Xi Jinping has opted not to attend the summit, with Premier Li Qiang representing the nation instead.

startups and funds said they avoided investment from the country over moral concerns. Some companies continue to steer clear of the kingdom, while human-rights groups say itsrecord on treatment of government dissidents remains aserious problem. But Saudi funding became more in demand last year when other money began to get tight.

Manmohan Singh and HD Deve Gowda have also been invited to the G20 Summit dinner, according to ANI news agency report. The national capital is all decked up magnificently to hold the G20 Summit on September 9 and 10. Meanwhile dignitaries from across the world have started arriving in Delhi to participate in the mega event.

Investing.com-- Consolidation in oil markets continued in Asian trade on Friday, with prices falling further below 10-month peaks as a mix of profit taking, strength in the dollar and fears of an economic slowdown in major consumers weighed. 

By Yuka Obayashi

G20 members late Thursday agreed to make an effort towards the “phasedown of unabated coal power”, staying with the text of the Bali declaration on the issue. This was decided at the Sherpa-level deliberations that aim to finalise the text for the Leaders’ Declaration. India’s proposal to expand it to “phase-down of fossil fuel” ran into stiff opposition from Saudi Arabia and Russia, people aware of the deliberations told ET. The “phasedown of coal power”, agreed on in earlier declarations, is in the context of energy efficiency and in line with national circumstances, and does not impinge on India’s energy security, the people said. The cue was taken from the Bali declaration where the phrase “phasedown of unabated coal power” found agreement among all members. The language has also been used earlier in the UNFCCC Glasgow Climate Pact and the Sharm el-Sheikh Implementation Plan. Unabated coal power is generally understood to mean coal power without carbon capture utilisation and storage. There was no mention of a phasedown of coal power at the outcome of the G20 Energy Transition ministerial meeting in July, a prelude to the leaders’ summit.

Ronaldo to get TikTok Ballon d’Or? Just kidding, there is no such award. But when a TikTok post featuring a goal by Cristiano Ronaldo on August 6 gathered 44.3 million views, some users rushed to the social media platform saying that this award should be given to the Portuguese player. A user called @opamilerinayo wrote, “Their goat strikes again.