Business

The energy powerhouse Saudi Aramco has witnessed a substantial drop in earnings, following a period of reduced production and a downturn in oil prices during the year 2023.The company's profits took a 25% hit, falling to $121 billion, after experiencing a historically profitable year in 2022.Despite the decline, these figures represent the second-largest profits in the company's history.With an eye...

Saudi Aramco, the world's leading oil producer, has declared a substantial dividend increase to nearly $100 billion, marking its second-most profitable year on record, despite facing lower oil prices and mandated production reductions.The oil behemoth, which is predominantly state-owned, reported a net income of $121 billion for the last year, a significant decrease from the $161 billion peak in 2022...

Emirati shipping powerhouse Aramex has expanded its global footprint by establishing a new regional base in Saudi Arabia's capital, Riyadh. This strategic initiative is part of a broader move by international firms to capitalize on the Kingdom's burgeoning role as a pivotal business nexus.The official launch of Aramex's Riyadh office underscores the firm's dedication to fostering growth in the regional...

Saudi Arabia's oil colossus, Aramco, disclosed a profit of $121 billion for the past year, marking a decline from its record-breaking performance in 2022. The company attributed the slump to a combination of softer crude oil prices, reduced sales volumes, and tighter margins in the refining and chemicals sectors. This financial update was released in a statement to the Riyadh...

The Saudi oil behemoth Aramco disclosed its financial earnings, revealing a $121 billion profit for the past year. Although these numbers didn't reach the historic highs of the previous year, they still represent the company's second-best performance to date. As the OPEC+ nations persist in their strategy of limiting oil production, they aim to bolster the global prices of energy...

The Saudi Arabian Oil Company, commonly known as Saudi Aramco, is a titan of the oil and gas industry, headquartered in Saudi Arabia. It operates across two primary segments: Upstream and Downstream. The Upstream segment is engaged in oil and gas exploration, development, and production, including the extraction of crude oil, condensate, natural gas, and natural gas liquids (NGLs).In contrast,...

DUBAI – In a recent financial disclosure, Saudi Arabia's oil colossus Aramco has declared a profit of $121 billion for the past year. Although this figure represents a decrease from the previous year's record-breaking profit due to diminished energy prices, it still stands as the second-highest earning in the company's history.This downturn in earnings occurs as the OPEC+ group, which...

In a recent announcement, the Saudi Arabian energy conglomerate Aramco declared a significant profit of $121 billion for the previous year. Although this figure falls short of the $161 billion record profit reported in 2022, it stands as the second-highest in the company's history. The decline is attributed to the combination of reduced energy prices and decreased sales volume, alongside...

The Saudi Arabian Oil Co., also known as Aramco, disclosed net earnings of $121.3 billion for the fiscal year 2023. This figure stands as the company's second most substantial net income recorded to date. Aramco's ability to adapt operationally, its dependability, and the efficiency of its production processes have been instrumental in its sustained pledge to enrich shareholder value, as...

The emblem of Aramco, also known as the Saudi Arabian Oil Group, a key player in the petroleum and natural gas domain, was showcased during the second day of the 24th World Petroleum Congress held at Stampede Park's Big 4 Building on September 18, 2023, in Calgary, Canada.In the face of economic challenges, Saudi Arabia's oil colossus Aramco has reported...

A global logistics powerhouse, Aramex, has recently fortified its operations within Saudi Arabia by launching a new regional headquarters in Riyadh. This expansion is a strategic move to advance the logistics sector in line with the Kingdom's ambitious Vision 2030 blueprint. The establishment of this new office is expected to not only bolster Aramex's service delivery to emerging and current...

In a significant shift within the business media landscape, numerous multinational companies have adhered to Saudi Arabia's directive to establish regional headquarters within the kingdom, a condition for securing government contracts. However, notable banking institutions are yet to take the plunge.Major corporations including PepsiCo, Boeing, PwC, and Unilever have responded positively to the mandate, securing regional headquarters licenses. In contrast,...

Saudi Arabia is poised to receive a new influx of private investment into its domestic football clubs as part of its strategy to invite investor participation.The nation's Vice Minister of Sport, Bader Alkadi, hinted at a forthcoming wave of privatization during an event in Jeddah. Alkadi emphasized the importance of transforming sports investment into a sustainable and profitable venture, with...

WAVZ for Digital Transformation, an esteemed Egyptian enterprise specializing in digital solutions, has taken a proactive stance in supporting Egypt's aspirations for digital service exports by actively engaging in the third edition of LEAP. This pivotal tech assembly, based in Riyadh, Saudi Arabia, unites industry professionals to explore technological advancements and address humanity's pressing challenges through innovation.At the Chamber of...

Riyadh, the capital of Saudi Arabia, recently became a beacon for entrepreneurship as it hosted LEAP 2024, a premier startup and technology event that showcased an upswing in investment activities for burgeoning businesses.Announcements at the event revealed an array of new venture capital funds poised to invigorate sectors throughout Saudi Arabia and the wider Middle East and North Africa (MENA)...

Saudi Arabia's National Transformation Program (NTP) has surpassed its foundational objectives, significantly contributing to the nation's prosperity and the realization of Vision 2030. This far-reaching economic reform initiative, inaugurated in 2016 under the guidance of Crown Prince Mohammed Bin Salman, was designed to diversify the economy, enhance the business climate, and foster employment, thereby ensuring the long-term well-being of citizens,...

Hong Kong's burgeoning startups and investment entities perceived the Leap technology conference held in Riyadh from Monday to Wednesday as a prime occasion for establishing a foothold in the Saudi Arabian market. This territory is currently experiencing significant investment as it strives to rival the United Arab Emirates (UAE) in becoming the leading force in the regional market.The Saudi Arabian...

In a landmark week for Saudi tourism at ITB Berlin, the sector celebrated a record-breaking year with the arrival of over 100 million tourists in 2023, alongside securing significant trade partnerships that promise to propel the industry to new heights. The Saudi Tourism Authority (STA) has been instrumental in these achievements, ensuring the continued expansion and success of the sector....

Renowned international law firm White & Case LLP recently received top honors at the EMEA Finance Middle East Banking Awards 2023, securing the title of "Best Law Firm" in both the Middle East and Saudi Arabia. The award ceremony took place in the bustling city of Dubai on the 6th of March. The event, which celebrated its 16th anniversary, is...

The Saudi Air Connectivity Program (ACP) has joined forces with China Southern Airlines to introduce a new air route that will link Beijing directly to Riyadh, set to commence operations in April 2024. This service will include two flights every week between Beijing Daxing International Airport (PKX) and King Khalid International Airport (RUH). Furthermore, starting from June 2024, passengers will...

On March 8, 2024, at the prestigious World Water-Tech Innovation Summit in London, Dr. Abdulaziz Al-Malik, Saudi Deputy Minister of Environment, Water, and Agriculture for Research and Innovation, engaged with top-tier companies in the water industry. Accompanied by delegates from the Saline Water Conversion Corporation and the National Centre for Water Efficiency and Rationalization, they examined future collaborative prospects, pioneering...

In a significant advancement for energy collaboration, Kazakhstan played host to a key signing event in the presence of its President, Kassym-Jomart Kemeluly. The dignitaries, Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz, and Kazakh Minister of Energy Almasadam Satkaliyev, ratified an executive program that will serve as a framework for cooperation under an earlier memorandum of understanding...

The National Development Fund (NDF) has officially partnered with the World Economic Forum (WEF), aiming to join the ranks of the forum's influential members. This collaboration was formalized with a contract signed at the NDF's main office by Khalid bin Ibrahim Shareef, the NDF's Chief of Staff, and Alexandre Raffoul, the WEF's Head of Global Partner Development and member of...

The business landscape in the United Arab Emirates is witnessing a significant development as Saudi Arabia's Crown Prince has authorized the transfer of an additional 8% stake in the national oil behemoth, Saudi Aramco, to the nation's principal sovereign wealth fund. Valued at approximately $160 billion, this move is part of a broader strategy to diversify the kingdom's economy beyond...

Saudi Arabia has made a significant move by allocating a stake worth $163 billion from its national oil company, Aramco, to the country's sovereign wealth fund, known as the Public Investment Fund (PIF). This action is part of a strategic effort to amplify the fund's capacity to support initiatives aimed at rejuvenating the nation's economy.This latest allocation represents an 8...

In a significant move by Saudi Arabia, an 8% stake in the state oil company, Aramco, was transferred to the nation's Public Investment Fund (PIF), marking a strategic repositioning of assets designed to strengthen the sovereign wealth fund. This transfer comes in anticipation of a potential public offering in Aramco and is valued at approximately $163.6 billion, based on Aramco's...

Red Sea Global (RSG), the developer renowned for its regenerative tourism projects, has joined forces with the esteemed Four Seasons brand to announce the unveiling of a sumptuous wellness resort and an exclusive collection of Private Residences at Triple Bay AMAALA. This venture is set to enhance the allure of Saudi Arabia’s northwestern coastal region as a burgeoning hub for...

The Saudi capital, Riyadh, has recently hosted the 3rd iteration of the International Conference spearheaded by the Saudi Center for Commercial Arbitration (SCCA24). This significant gathering saw the presence of Eng. Waleed bin AbdulKarim El-Khereiji, the Vice Minister of Foreign Affairs, among other notable participants.The primary objective of this conference was to delve into the burgeoning realm of alternative dispute...

The Saudi Ports Authority, Mawani, has introduced a groundbreaking initiative, the Port Community System (PCS), under the integrated logistics program 'Logisti'. This ambitious project is set to offer over 250 electronic services at Mawani's Saudi ports, positioning the Kingdom squarely on the international logistics service map.Omar Hariri, the President of Mawani, announced that the PCS demonstrates the authority's commitment to...

In a strategic move that aligns with Saudi Arabia's Vision 2030, Zain Group has expanded its digital footprint by officially inaugurating ZainTECH's operations in Riyadh. ZainTECH, the integrated digital solutions arm of Zain Group, is now poised to offer a comprehensive suite of ICT transformational solutions to both the enterprise and government sectors in the region.The unveiling of ZainTECH's Riyadh...