Business

The Saudi Arabian oil colossus, Aramco, has disclosed its financial outcomes for the past year, with profits amounting to US$121 billion. This figure, although impressive, shows a decline from the company's 2022 record earnings due to a dip in energy prices.According to Aramco, the earnings represent the second highest in the firm's history. This comes at a time when OPEC+...

The Kingdom of Saudi Arabia is set to enhance its energy collaboration with the People's Republic of China. Aramco, the national oil corporation of Saudi Arabia, is assessing prospects for fresh investments in China's refining and petrochemical domains.Aramco's Chief Executive Amin Nasser shared on a recent Sunday that the oil behemoth is keen on exploring additional investment avenues in China,...

Saudi Arabia has set an ambitious goal of welcoming 150 million visitors by the year 2030, aiming to harness its cultural heritage and diverse natural landscapes, from UNESCO-listed sites to the vast Red Sea coast, to attract a worldwide audience.Going beyond merely exhibiting its historical and scenic attractions, the Kingdom is at the forefront of sustainable tourism. Projects like the...

In a strategic move to boost air travel between Saudi Arabia and China, the Saudi Air Connectivity Program (ACP) has teamed up with China Eastern Airlines to introduce a fresh air route bridging the two countries. This initiative is set to take off on April 8th, 2024, with China Eastern Airlines scheduling three weekly direct flights from Shanghai Pudong Airport...

Profits at Saudi Aramco Fall Short of Previous Year's PeakAmid changing conditions in the global energy markets, Saudi Arabia's Aramco reported earning a substantial $121 billion in profit for the last year. This figure, while impressive, represents a decline from the record-breaking $161 billion in profits enjoyed in 2022, attributed to soaring energy prices at the time.The earnings still stand...

Mazadak, a pioneering technology platform, has recently achieved a significant financial boost by securing an investment of SAR 37.5 million (approximately $10 million). This funding round was helmed by Revival Lab alongside a group of family offices, signaling a notable advancement in the modernization of auction experiences within Saudi Arabia. The capital injection is a testament to Mazadak's commitment to...

The Saudi Arabia Railways (SAR) has officially penned a three-year agreement with global sea shipping leader Maersk. This strategic alliance aims to amplify the volume of containers conveyed by SAR trains from King Abdulaziz Port in Dammam to the Riyadh Dry Port, marking a significant leap in transportation and logistics within the kingdom. Bashar Khalid Al-Malik, the CEO of SAR,...

DHARAN — Saudi Aramco has disclosed its annual financial outcomes for the year 2023, registering a commanding net income of $121.3 billion, which comes in as the company's second most profitable year on record.The President and CEO of Aramco, Amin Nasser, pointed out that the company's robust performance, characterized by significant cash flows and profitability, was a result of its...

With an eye towards enhancing the logistics landscape and supporting both existing and emerging businesses, Aramex, a leading player in the global logistics and transportation sector, has established its new regional office in Riyadh, the capital of Saudi Arabia. This move is strategically aligned with the Kingdom's Vision 2030 roadmap, which aims to revolutionize various economic sectors.Othman Aljeda, the Chief...

The Saudi Arabian Oil Company, better known as Aramco, has disclosed its annual financial outcomes for the year 2023, with a declared net income of $121.3 billion, marking it as the company's second-most profitable year to date.These results, as outlined in a company press release, are a testament to Aramco's relentless pursuit of shareholder value creation, bolstered by its operational...

The Saudi Zakat, Tax and Customs Authority (ZATCA) has issued a reminder to entities involved with merchandise subject to the nation's Excise Tax Law. The notice stipulates that tax returns for the months of January and February should be filed by the 15th of March. Failure to comply with this directive could result in a financial penalty, accruing at a...

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...