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The Truth Behind Saudi Arabia’s Alleged End of Petrodollar Deal with the US

18Jun By NitishNo Comments

USA

The Truth Behind Saudi Arabia’s Alleged End of Petrodollar Deal with the US

In recent weeks, rumors have swirled regarding the purported end of Saudi Arabia's petrodollar deal with the United States. Speculation surrounding this significant economic agreement has sparked debates and uncertainties across global financial markets. Despite the widespread chatter, the situation remains unconfirmed, leaving many to question the validity of these claims. The petrodollar system, established in the June 1974, solidified the US dollar as the primary currency for international oil trades. This arrangement has long been a cornerstone of global economics, shaping geopolitical dynamics and influencing market stability. Any potential shift in this arrangement could have far-reaching implications for both nations involved and the broader international community. While repo...

Huawei Launches Services in Saudi Arabia

5Sep By AnkitaNo Comments

News

Huawei Launches Services in Saudi Arabia

RIYADH, Saudi Arabia , Sept. 5, 2023-- Huawei announced the launch of the Huawei Cloud Riyadh Region at the Huawei Cloud Saudi Arabia Summit 2023. This Region will help promote digital-driven economic growth in the country. The launch of the Huawei Cloud Riyadh Region announced that the Saudi Arabia region will be the focus of Huawei Cloud to serve the Middle East , Central Asia and Africa, providing innovative, reliable, secure and sustainable cloud services. This achievement underscores Huawei CLOUD's unwavering dedication to supporting Saudi Arabia's Vision 2030, aligned with the nation's ambitious goals of technological advancement, leadership, and innovation. Huawei Cloud Saudi Region is located in Riyadh and, through a 3AZ (availability zone) architecture, will provide secure a...

Reliance Retail Raises $1.3 billion from PIF

5Nov By AdityaNo Comments

FUNDING

Reliance Retail Raises $1.3 billion from PIF

New Delhi, Nov 5, 2020: India's richest man Mukesh Ambani led Reliance Retail raises $1.3 billion (Rs 9,555 crore) from the Saudi Arab based Public Investment Fund (PIF). PIF will acquire a 2.04 percent stake in Reliance Retail. This is the second investment by the Saudi Arabian sovereign wealth fund in an Ambani firm. Earlier It had picked up a 2.32 percent stake in Jio Platforms for $1.5 billion (Rs 11,367 crore). The investment values RRVL, the retail arm of Reliance Industries Ltd, at a pre-money equity value of $62 billion (Rs 4.587 lakh crore). "This investment will further strengthen PIF's presence in India's dynamic economy and promising retail market segment," the statement said. "The transaction is in line with PIF's strategy as a leading global investor with a proven...

13Jul By PriyankaNo Comments

MIDDLE EAST

Middle East loses $270 bn oil income amid virus, recession

Dubai, Jul 13, 2020 (AP): The Middle East's energy producers are expected to earn $270 billion less in oil revenue compared to last year as the region's economic heavyweight, Saudi Arabia, sinks deeper into recession amid the coronavirus pandemic, according to the International Monetary Fund's outlook released on Monday. The international lender expects an overall economic contraction of 7.3% in Mideast oil-exporting countries this year due to hits from the coronavirus outbreak and oil market turmoil. The contraction is 2% greater than the IMF's initial projections in mid-April. “We are in a year like no other and therefore developments are very fast and coping with them is challenging for everyone,” Jihad Azour, director of the IMF's Middle East and Central Asia department, told The...

Saudi Arabia triples taxes, Cuts $26B in costs amid pandemic

11May By AnkitaNo Comments

MIDDLE EAST

Saudi Arabia triples taxes, Cuts $26B in costs amid pandemic

Saudi Arabia announced today that it was tripling taxes on basic goods, raising them to 15%, and cutting spending on major projects by around $26 billion as it grapples with blows from the coronavirus pandemic and low oil prices on its economy. Saudi citizens will also lose a bonus cost-of-living allowance that had been in place since 2018, according to the country's finance minister. Despite efforts to diversify the economy, the kingdom continues to rely heavily on oil for revenue. Brent crude now hovers around $30 a barrel, far below the range Saudi Arabia needs to balance its budget. The kingdom has also lost revenue from the suspension of Muslim pilgrimages to the holy cities of Mecca and Medina, which were closed to visitors due to the virus. The new measures are the most dra...

Saudi Aramco Shares Sinks Amid Iran-US tensions

6Jan By AdityaNo Comments

Market

Saudi Aramco Shares Sinks Amid Iran-US tensions

Saudi Aramco shares hit the lowest level since their market debut on Sunday, as Gulf bourses were hit by a panicky sell-off amid Iranian vows of retaliation over the US killing of a top general. All seven bourses in the Gulf Cooperation Council (GCC) states closed in the red, on the first trading day since the death of powerful military commander Qasem Soleimani. All six member states Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates are US allies and lie on the opposite side of the narrow Gulf, making them easy targets for the Islamic republic. Some of the GCC members, notably Kuwait, Qatar and Bahrain, are home to major US military bases while Washington maintains hundreds of troops in Saudi Arabia. Kuwait's Boursa led the slide, shedding 3.7 percent as...

Aramco declares USD 1.71 trillion valuation of its IPO, Will Sell 1.5 Percent Stake

18Nov By AdityaNo Comments

Market

Aramco declares USD 1.71 trillion valuation of its IPO, Will Sell 1.5 Percent Stake

Saudi Arabia put a value of up to USD 1.71 trillion on energy giant Aramco in what could be the world's biggest IPO, but missed Crown Prince Mohammed bin Salman's initial target of USD 2 trillion. Aramco said it would sell 1.5 percent of the company in a blockbuster initial public offering worth USD 24-25.6 billion, scaling down Saudi Arabia's initial plan to sell up to five percent of the firm. "The base offer size will be 1.5 percent of the company's outstanding shares," the state-owned energy giant said as it began taking bids from investors in a price range of 30-32 Saudi riyals per share (USD 8-8.5). The much-delayed offering, a cornerstone of Prince Mohammed's ambitious plan to diversify the oil-reliant economy, rivals the world's biggest listing -- the USD 25 billion float ...

The reason behind the Drone attack on Aramco? Saudi Family!

16Sep By PriyankaNo Comments

MIDDLE EAST

The reason behind the Drone attack on Aramco? Saudi Family!

The weekend drone attack on one of the world's largest crude oil processing plants that dramatically cut into global oil supplies is the most visible sign yet of how Aramco's stability and security are directly linked to that of its owner the Saudi government and its ruling family. The strikes, which US Secretary blamed on Iran despite staunch denials by Tehran, led to the suspension of more than 5 percent of the world's daily crude oil production, bringing into focus just how vulnerable the company is to Saudi Arabia's conflicts outside the country's borders, particularly with regional rival Iran. That matters greatly because Aramco produces and exports Saudi Arabia's more than 9.5 million barrels of oil per day to consumers around the world, primarily in Asia. It also comes as t...

Saudi Oil Company Aramco Acquires 20% Stake in Reliance Refinery for $75 bn

12Aug By NitishNo Comments

ACQUISITION, MIDDLE EAST

Saudi Oil Company Aramco Acquires 20% Stake in Reliance Refinery for $75 bn

Mukesh Ambani the owner of Reliance group announced that Saudi oil giant Aramco has agreed to take a 20 percent stake in his flagship Reliance Industries' oil refinery and chemical business at an enterprise value of USD 75 billion (around Rs 5,32,466 crore). Making the announcement at Reliance Industries' 42th annual general meeting, he said this would be the biggest foreign investment in the history of the company. As part of the deal, Saudi Aramco will supply 500,000 barrels per day or 25 million tonnes per annum, of crude oil to Reliance's twin refineries at Jamnagar in Gujarat. Saudi Aramco will take 20 percent stake in a proposed special purpose vehicle (SPV) housing the twin refineries of Reliance as well as the firm's petrochemical complex. The Saudi national oil company...

Saudi Arabia committed to Aramco IPO: Saudi Crown Prince

17Jun By PriyankaNo Comments

MIDDLE EAST

Saudi Arabia committed to Aramco IPO: Saudi Crown Prince

AP- Saudi Arabia remains committed to selling shares in national oil conglomerate Aramco through an initial public offering but only at the right time, Crown Prince Mohammed bin Salman has said. "We are committed to the IPO of Saudi Aramco based on appropriate conditions and at the right time," Prince Mohammed told the pan-Arab daily Asharq al-Awsat in an interview published on Sunday. He reiterated his earlier expectations that the IPO of Saudi Aramco "will take place in (late) 2020 or the start of 2021," almost two years later than expected. Saudi Arabia plans to sell up to five percent of the world's largest energy firm and hopes to raise up to USD 100 billion. Prince Mohammed said it was still premature to announce where the IPO will be held, adding that many requirements f...

Bezos accuses Enquirer of ‘blackmail’ over intimate photos

8Feb By AnkitaNo Comments

News

Bezos accuses Enquirer of ‘blackmail’ over intimate photos

Amazon CEO Jeff Bezos on Thursday accused the publisher of the National Enquirer of "blackmail" after it threatened to publish intimate photographs sent by the billionaire to his mistress if he did not cease an investigation into the newspaper's alleged links with Saudi Arabia. It comes after the tabloid last month reported Bezos was in a relationship with former news anchor and entertainment reporter Lauren Sanchez having accessed private text messages. In a post on blogging platform Medium Thursday, Bezos said Enquirer publisher American Media Inc (AMI), led by David Pecker, approached him with a threat to publish the photos if he did not halt an investigation into the motives behind that leak. He added the publication demanded he and security consultant Gavin de Becker, who is ...

Saudi Arabia Releases $200 billion in SoftBank Solar Project

1Oct By Gauri SinghNo Comments

MIDDLE EAST, News

Saudi Arabia Releases $200 billion in SoftBank Solar Project

Saudi Arabia has put on hold an amount of $200 billion under a plan with SoftBank Group Corp. with the purpose of building the largest solar-power-generation project in the world. As of now, nobody is actively working on the project. However, the Saudi kingdom is working up a broader, much more practical strategy to boost renewable energy. This is expected to be announced in late October. The CEO of SoftBank, Masayoshi Son had also announced his plans to invest in creating the world’s biggest solar power project in Saudi Arabia in March. The project visualized by him was expected to have the capacity to produce up to 200 gigawatts (GW) by 2030. However, reaching out to SoftBank was found unsuccessful as the company did not respond to any of the comments.