Saudi Arabia Financial News

By Natalie Grover

BRICS Leaders’ Summit is set to be held from 22 August to 24 August, with leaders from Brazil, South Africa, India and China expected to meet in Johannesburg. Mint looks at what is the agenda. – Leaders of the BRICS nations, minus Russian president Vladimir Putin, will meet in later this month in South Africa for the 15th Summit.

Saudi Arabia's annual inflation rate eased for a second consecutive month to 2.3% in July from 2.7% in June, government data showed on Tuesday. The rise in prices was mainly driven by an 8.6% jump for housing, water, electricity, gas and other fuels and a 1.4% increase in food and beverages, the General Authority for Statistics said.

New Delhi: The union ministry of finance has increased the windfall tax on sale of locally produced crude oil to ₹7,100 per tonne. For the past two weeks, the windfall tax on domestically produced crude oil was ₹4,250 per tonne. The increase would come into effect from 15 August.

Investing.com — Nvidia's graphics processing units are in high demand as Saudi Arabia and the United Arab Emirates snapped up thousands of its chips to build artificial intelligence software, the Financial Times reported Monday, citing unnamed sources.  

Saudi Pro League has taken the spotlight in this summer's transfer window, luring several prominent players from Europe's top football clubs. The move of Sadio Mane from Bayern Munich to Al Nassr garnered attention, reshaping the league where football legend Cristiano Ronaldo now showcases his skills.

Investing.com — The oil rally is beginning to feel heavy.

Pakistan President Arif Alvi on Monday appealed to political leaders to shun their differences and antagonism as the cash-strapped country celebrated its 76th Independence Day. Addressing a flag hoisting ceremony held at the Convention Centre here, the president also expressed his gratitude to friendly countries like China, Saudi Arabia, the United Arab Emirates, Iran and Turkiye for supporting Pakistan during its economic woes. He expressed confidence that Pakistan could become a developed country in a few years.

By Florence Tan and Mohi Narayan

Public Investment Fund (PIF), according to insiders who spoke to the agency. LiveMint could not independently verify the report. “If we reach an agreement with him in the coming hours, we would start negotiating with PSG immediately.

Investing.com-- Oil prices fell slightly on Monday, coming under pressure from a stronger dollar amid signs of resurgent U.S. inflation, while concerns over slowing Chinese growth also dented sentiment.

Saudi government has issued new local currency Islamic bonds worth around 35.9 billion riyals ($9.57 billion) after buying back some of its existing sukuk worth over 35.7 billion riyals, the National Debt Management Center said on Sunday. The Sukuk that were redeemed early were set to mature in 2024, 2025 and 2026.

By Dan Williams

By Echo Wang and Anirban Sen

SoftBank Group Corp is in talks to acquire the 25% stake in Arm Ltd it does not directly own from Vision Fund 1 (VF1), a $100 billion investment fund it raised in 2017, according to people familiar with the matter, potentially delivering a win for investors who have waited years for strong returns. The discussions come as Softbank is preparing to list the chip designer on Nasdaq next month at a valuation of $60 billion to $70 billion. If the negotiations lead to a deal, the Japanese tech investor would be delivering a major, immediate windfall to VF1 investors, including Saudi Arabia's Public Investment Fund and Abu Dhabi's Mubadala.

«Vessels are being advised to transit as far away from Iranian territorial waters as possible» to minimise the risk of seizure, US Fifth Fleet spokesperson Commander Tim Hawkins told AFP. The International Maritime Security Construct (IMSC), led by Washington, is «notifying regional mariners of appropriate precautions to minimize the risk of seizure based on current regional tensions, which we seek to de-escalate,» he added. The alliance, established in 2019, is made up of 11 countries, including the United States, Great Britain, Saudi Arabia and the United Arab Emirates. Its mission, according to its website, is to «provide reassurance to merchant shipping in the Middle East region». The United Kingdom Maritime Trade Operations (UKMTO) agency said late Saturday in a statement that it had been «made aware of an increased threat within the vicinity of Strait Of Hormuz», through which one-third of the world's oil transported by sea passes.

Paris Saint-Germain's (PSG) Kylian Mbappe has stepped back onto the training field with the first-team squad, indicating his openness to extend his contract. The latest reports from Footmercato suggest that this change of heart is influenced by the prospect of Neymar's departure and the arrival of Mbappe's close companion Ousmane Dembele at Parc des Princes.

Neymar's potential move to Al-Hilal is making headlines, as the Saudi club reportedly offered the FC Barcelona target an enticing proposal. According to insider Fabrizio Romano, this «huge bid» has brought the Brazilian superstar one step closer to departing Paris Saint-Germain (PSG) and venturing into a new chapter with Al-Hilal.

The world’s largest oil producing group says demand is steady and will get better through 2024. But the biggest exporter within the cartel is so afraid of lower prices for crude that it has to artificially suppress supply with draconian production cuts.

Oil prices edged higher on Friday after the International Energy Agency forecast record global demand and tightening supplies, propelling prices to the seventh straight week of gains, the longest such streak since 2022. Brent crude futures rose 41 cents, or 0.5%, to settle $86.81 a barrel, while U.S. West Texas Intermediate (WTI) crude futures gained 37 cents, or 0.5%, to settle at $83.19.

(Reuters) -Singapore's Olam Group said on Friday it is targeting the IPO of its agricultural unit by the first half of 2024, and the commodity trader reported an 88.8% fall in first-half profit on lower crop yield from its almond orchards in Australia.