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☆ Saudi companies to invest $51 billion under government-backed plan
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +2 min

RIYADH, March 2 (Reuters) - Saudi Arabia has launched 192 billion riyals ($51.2 billion) of investments led by local companies, including oil giant Aramco (2222.SE), SABIC (2010.SE) and Ma'aden (1211.SE), under a government-backed initiative, state news agency SPA reported. Other investments in the telecommunications and logistics will also receive Shareek support. Prince Mohammed had announced 12 trillion riyals of investments that the kingdom is planning by 2030, which include the Shareek programme, 3 trillion riyals from the Public Investment Fund (PIF) and 2 trillion in foreign investment. As part of the plans, officials have also pressed international companies to invest in Saudi Arabia and move their regional headquarters to Riyadh in order to benefit from government contracts. ($1 = 3.7524 riyals)Reporting by Alaa Swilam; Writing by Aziz El Yaakoubi; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

RIYADH/DUBAI, Feb 28 (Reuters) - Saudi Basic Industries Corp (SABIC) (2010.SE), one of the world's biggest petrochemical companies, said on Tuesday its fourth-quarter net profit slumped 94% on lower average sales prices. The company posted a net income of 290 million riyals ($77.28 million) in the three-month period ended Dec. 31, down from 4.97 billion a year earlier. SABIC's shares fell 4% to 88 riyals in early trade in Riyadh following the results. Demand from China, which ended its strict pandemic-related controls in early December, could return in the second quarter or second half of 2023, SABIC's acting Chief Executive Abdulrahman Al-Fageeh said. Net income attributable to shareholders for the year 2022 was 16.53 billion riyals, down 28% from the previous year.

The senior source familiar with Syrian government thinking said that the UAE role in persuading Assad should not be underestimated. A Syrian source close to the Gulf said the UAE had used its "soft power" on Assad and a Turkish official also said the UAE had played a part in persuading him. Moscow has tussled with Western states repeatedly at the Security Council over cross-border aid into Syria, arguing it violates Syria's sovereignty. Other Arab states, including U.S. allies, have also moved to normalise ties with Assad. The UAE official said there was an "urgent need to strengthen the Arab role in Syria".

☆ Saudi Arabia to deposit $1 billion in Yemen's central bank - source
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +2 min

RIYADH, Feb 21 (Reuters) - Saudi Arabia will make a $1 billion deposit in Yemen's Aden-based central bank on Tuesday, a Saudi source told Reuters, as the government there struggles with a weak currency and high fuel and commodity prices. An official announcement is expected later on Tuesday at the closing of a major humanitarian conference hosted by the kingdom's King Salman Humanitarian Aid and Relief Center in Riyadh, the source said. It was not immediately clear whether the $1 billion was part of an existing $3 billion support package pledged last May by Saudi Arabia and the United Arab Emirates for Yemen's economy. In November, the Arab Monetary Fund signed a $1 billion agreement to support Yemen's economic reform programme. On Tuesday, the rial was trading at 1,225 to the U.S. dollar on the black market in Aden, traders said.

☆ OPEC+ decisions not politicised, Saudi energy minister says
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: 1 min

RIYADH, Feb 20 (Reuters) - Decisions by OPEC+ are not politicised and are based on market fundamentals, Saudi Arabian energy minister Prince Abdulaziz bin Salman said on Monday, adding that the alliance of oil producers is sufficiently flexible to adjust policy as needed. Prince Abdulaziz was speaking at a media forum in the capital Riyadh about last October's decision to cut the group's production target by 2 million barrels per day. The group comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia agreed the cuts until the end of 2023. Prince Abdulaziz reiterated in an interview with Energy Aspects last week that the decision was locked in for the rest of the year. Reporting by Aziz El Yaakoubi Editing by Kirsten Donovan and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

Shunned by the West, Assad has been basking in an outpouring of support from Arab states that have normalised ties with him in recent years, notably the United Arab Emirates (UAE). On Tuesday, Saudi Arabia sent its first reported plane of aid to Assad-controlled Aleppo, a notable gesture from a Gulf state still at odds with Syria's president. 'BREAK THE SIEGE'The UAE has pledged $50 million in aid to Syria, without saying in which part of Syria it will be spent. Once a backer of Assad's foes, the UAE has been pressing other Arab states to re-engage with Damascus, according to two Gulf sources, despite opposition from its strategic ally the United States. Tunisia, which cut off ties with Syria a decade ago, has said it will strengthen relations with Damascus since the quake.

☆ Saudi bourse has 23 companies waiting to go public, says CMA head
▼ + stars: | 2023-02-12 | by ( Aziz El Yaakoubi | ) www.reuters.com time to read: +1 min

RIYADH, Feb 12 (Reuters) - Saudi Arabia has 23 companies approved to list on the kingdom's stock exchange, the head of the kingdom's Capital Market Authority (CMA) said on Sunday. Companies that secure approval from the CMA have six months to launch their public share sales. "If you look at this in tandem, it gives us an indication that we still have a very, very healthy pipeline," Elkuwaiz said at the Saudi Capital Market Forum. The Saudi stock market had 49 new listings last year, in which companies raised about 40 billion riyals ($10.66 billion), he said, adding that the market watchdog is also planning to create a regulatory framework for dual listings. ($1 = 3.7525 riyals)Reporting by Aziz El Yaakoubi Editing by Frances Kerry and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Egypt's Sisi seeks to tamp down media clash with Saudi Arabia
▼ + stars: | 2023-02-09 | by ( Hatem Maher | ) www.reuters.com time to read: +2 min

Saudi Arabia along with other energy-rich Gulf states has long provided crucial funding to Egypt, upping support after Sisi took power nearly a decade ago, and as an acute financial crisis took hold last year. "The mean, the scoundrels and the nouveau-riche have no right to insult their masters," he wrote, drawing on derogatory stereotypes and claims of historical superiority. Another well-known Saudi commentator, Ali Shihabi, later tweeted: "Egypt is a black hole that will never close unless the govt is able to make material structural reforms." Tawfik's article has been removed from Al Gomhuria's website and replaced by an editorial lauding Egyptian-Saudi relations as "historic and eternal". Additional reporting by Nadine Awadalla and Aziz El Yaakoubi, Writing by Aidan LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Saudi Arabia says tech giants to invest more than $9 billion in kingdom
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +2 min

RIYADH, Feb 6 (Reuters) - Saudi Arabia has attracted more than $9 billion in investments in future technologies, including by U.S. giants Microsoft (MSFT.O) and Oracle Corp (ORCL.N), which are building cloud regions in the kingdom, a government minister said on Monday. Saudi Minister of Communication and Information Technology Abdullah Alswaha said Microsoft will invest $2.1 billion in a global super-scaler cloud, while Oracle has committed $1.5 billion to build a new cloud region in Riyadh. Saudi officials have pressed international companies to invest in the kingdom and move their regional headquarters to Riyadh in order to benefit from government contracts. The minister said China's Huawei (HWT.UL) will also invest $400 million in cloud infrastructure for its services in Saudi Arabia and another cloud region in partnership with oil giant Aramco (2222.SE). An additional $4.5 billion was invested in global and local assets across multiple sectors at the forum, Alswaha added.

Saudi officials have pressed international companies to invest in the kingdom and move their regional headquarters to Riyadh in order to benefit from government contracts. "We are finalising the plans for opening the Riyadh region. He added that Oracle would also expand the capacity of its cloud region in Jeddah, which the company first opened in 2020. The company made the announcement as global tech companies gathered for a major tech conference in the Saudi capital. Though Oracle lags its bigger rivals in the race to corner the cloud computing market, it was among the first large tech companies to open a data centre in Saudi Arabia.

Summary Abraham Accords meant to lead to wider normalisationBut four new Arab partners of Israel now in tough spotHow to deal with rightists without ditching Palestinians? It is expected to be the widest-ranging deal of its kind between Israel and an Arab state. "This is the proof that one can make peace without concessions, without capitulation - but rather, peace, peace, between people who have affection for one another," he said in comments published by the conservative Israel Hayom newspaper. “Arab countries who formed normalisation ties with the state of occupation are required more than ever to revise these agreements,” he told Reuters by phone. Netanyahu has pledged to build on the achievement during his previous term of the Abraham Accords that opened the way for a possible normalisation of relations with other Arab countries.

☆ Japanese firms sign multi-year agreements to buy LNG from Oman, U.S.
▼ + stars: | 2022-12-27 | by ( Yuka Obayashi | ) www.reuters.com time to read: +3 min

Global LNG supply has been tight since Russia invaded Ukraine and cut gas supply flows to Europe, leading European nations to import record amounts of LNG cargoes, straining global supplies and elevating prices. Mitsui and Itochu confirmed signing basic agreements with Oman LNG, but declined to give details. Other Japanese companies were also in talks with Oman LNG about term contracts, a government official told Reuters without naming the firms. If successful, they could take Japan's LNG imports from Oman above 3 million tonnes a year, he added. The agreements with Oman LNG were signed during a visit to Oman by Japanese industry minister Yasutoshi Nishimura.

DUBAI, Dec 21 (Reuters) - Iran's foreign minister said on Wednesday he spoke with his Saudi counterpart on the sidelines of a conference in Jordan the previous day, the highest-level encounter reported between officials from the rival states since they cut ties in 2016. The Middle East's leading Shi'ite and Sunni Muslim powers, Saudi Arabia and Iran have been on opposing sides of conflicts across the region including in Syria and Yemen. Iranian Foreign Minister Hossein Amirabdollahian, tweeting in Arabic, on Wednesday listed his Saudi counterpart, Prince Faisal bin Farhan Al Saud, as one of several foreign ministers with whom he had the chance to hold "friendly talks" on the sidelines of the Jordan conference. "My Saudi counterpart assured me of his country's willingness to continue the dialogue with Iran," Amirabdollahian wrote. The Saudi foreign ministry did not immediately respond to a request for comment.

☆ Qatar's 2022 World Cup ends with modest ceremony, titans clash
▼ + stars: | 2022-12-18 | by ( Andrew Mills | ) www.reuters.com time to read: +4 min

After 63 matches, the World Cup in Qatar comes to a close with reigning champions France taking on Argentina in a showpiece final with both teams looking to add a third star to their crest. France's Mbappe and Argentina's Messi, both playing for the Qatari-owned club, are also a reminder of Qatar's influence on global soccer beyond the FIFA World Cup organisation. CONTROVERSYQatar's hosting of the 2022 World Cup, which has been marred by controversy, was part of a carefully built strategy by the tiny but rich state to bolster its global influence. "There is the Workers Support and Insurance Fund that will be looking into any matters relating to unfortunate deaths. And that will continue beyond the World Cup," Thawadi said.

☆ Saudi energy minister sees no clear results yet from Russia price cap
▼ + stars: | 2022-12-11 | by ( Aziz El Yaakoubi | ) www.reuters.com time to read: +3 min

[1/2] Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman Al-Saud speaks at the Future Investment Initiative conference, in Riyadh, Saudi Arabia, October 25, 2022. "These tools were created for political purposes and it is not clear yet whether they can achieve these political purposes," he said, referring to the price cap. The OPEC+ alliance decision to cut production by 2 million barrels per day on Oct. 5 was proven to be the correct one when recent developments are taken into consideration, he said. Prince Abdulaziz said the alliance would continue to focus on market stability in the year ahead. He also said he insisted that every OPEC+ alliance member take part in decision-making.

☆ Saudi Arabia wants ties with both China and U.S., says foreign minister
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: 1 min

RIYADH, Dec 9 (Reuters) - Saudi Arabia's foreign minister said on Thursday after a China-Arab summit hosted by Riyadh that the kingdom wants to cooperate with both the United States and China - economic rivals - and that while competition was good, polarisation was not. Prince Faisal bin Farhan Al Saud, asked in a news conference about Washington's denial of Saudi mediation efforts in a Russia-U.S. prisoner swap - said he was aware of Crown Prince Mohammed bin Salman's "personal mediation efforts" to release U.S. basketball star Brittney Griner. Reporting by Maha El Dahan and Aziz El Yaakoubi; Editing by Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.

Leaders of Arab League states spanning the Gulf, Levant and Africa began arriving in Riyadh on Thursday when Xi received a lavish reception by Prince Mohammed and signed a China-Saudi partnership pact with King Salman, demonstrating deepening ties. Oil giant Saudi Arabia is a top supplier to China and the joint statement reaffirmed the importance of global market stability and energy collaboration, while striving to boost non-oil trade and enhance cooperation in peaceful nuclear power. Xi invited King Salman to visit China, Saudi state television reported. Diplomats said the Chinese delegation would sign agreements and memoranda of understanding with several states in addition to Saudi Arabia, which inked an MOU with Huawei on cloud computing and building high-tech complexes in Saudi cities. The Chinese tech giant has participated in building 5G networks in most Gulf states despite U.S. concerns over a possible security risk in using its technology.

It stood in stark contrast to the low-key welcome extended in July to U.S. President Joe Biden, with whom ties have been strained by Saudi energy policy and the 2018 murder of Jamal Khashoggi that had overshadowed the awkward visit. In an op-ed published in Saudi media, Xi said he was on a "pioneering trip" to "open a new era of China's relations with the Arab world, the Arab countries of the Gulf, and Saudi Arabia". [1/6] Saudi Crown Prince Mohammed Bin Salman welcomes Chinese President Xi Jinping in Riyadh, Saudi Arabia December 8, 2022. Chinese and Saudi firms also signed 34 deals for investment in green energy, information technology, cloud services, transport, construction and other sectors, state news agency SPA reported. While Saudi Arabia was an important U.S. ally, she noted, "in recent years, it has upheld its strategic autonomy, resisted the pressure of the United States".

☆ Saudi Arabia signs MoU with China's Huawei -statement
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: 1 min

CAIRO, Dec 8 (Reuters) - Saudi Arabia signed a memorandum of understanding with China's Huawei Technologies (HWT.UL) on Thursday on cloud computing and building high-tech complexes in Saudi cities, the government communication office said in a statement. The MoU was signed during the Chinese president's visit to Saudi Arabia which Beijing said marked its biggest diplomatic initiative in the Arab world. Reporting by Aziz El Yaakoubi; writing by Yomna Ehab; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

RIYADH, Dec 7 (Reuters) - Saudi Arabia expects to post a second consecutive budget surplus in 2023, though down 84% from this year as an uncertain global economic outlook and lower crude prices look set to weigh on the top oil exporter's revenues. Spending is slightly lower than 1.132 trillion riyals this year. Revenues are expected at 1.13 trillion riyals, down from 1.234 trillion riyals in 2022 as oil prices are seen falling from this year's high levels. Public debt is seen falling 3.5% to 951 billion riyals next year, or 24.6% of GDP. Government reserves at the Saudi Central Bank are estimated to reach 399 billion riyals at the end of next year, the finance ministry said.

The meeting between the global economic powerhouse and Gulf energy giant comes as Saudi ties with Washington are strained by U.S. criticism of Riyadh's human rights record and Saudi support for oil output curbs before the November midterm elections. China, the world's biggest energy consumer, is a major trade partner of Gulf oil and gas producers. Saudi Arabia is its top oil supplier and state-run Saudi Aramco has annual supply deals with half a dozen Chinese refiners. While economic ties remain anchored by energy interests, bilateral ties have expanded under the Gulf's infrastructure and technology push, part of diversification plans that have gained importance as the world turns away from fossil fuels. Saudi Arabia and its Gulf allies have said they would continue to expand partnerships to serve economic and security interests, despite U.S. reservations about their ties with both Russia and China.

☆ Saudi Arabia approves 2023 budget, surplus seen shrinking - Saudi media
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: 1 min

RIYADH, Dec 7 (Reuters) - Saudi Arabia approved on Wednesday a 1.114 trillion-riyal ($296 billion) budget for 2023 expected to post a surplus of 16 billion riyals, Saudi media outlets reported. Saudi Arabia expects revenues of 1.13 trillion riyals next year, Saudi-owned Al Arabiya TV reported. Total revenues are forecast at 1.234 trillion riyals for 2022, while spending is 1.132 trillion riyals, meaning a surplus of 102 billion riyals, or 2.6% of GDP. GDP growth is forecast to slow to 3.1% in 2023 from 8.5% this year, an upwards revision of half a percentage point from a preliminary budget forecast. ($1 = 3.7600 riyals)Reporting by Aziz El Yaakoubi, Rachna Uppal, Nadine Awadalla, Alaa Swilam and Yousef Saba; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

☆ Saudi Arabia will soon make $5 bln deposit with Turkey -Saudi finance minister
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +1 min

RIYADH, Dec 8 (Reuters) - Saudi Arabia will place a $5 billion deposit at Turkey's central bank "within days," the kingdom's finance minister, Mohammed al-Jadaan, said on Wednesday. The decision was taken between us and Turkey," he told reporters, saying discussions were on remaining details and the deposit could happen "within days." "There is great improvement in our relationship with Turkey and we aspire for investment opportunities in Turkey and other countries," he said. A Saudi finance ministry spokesman told Reuters on Nov. 22 that the two states were in "final discussion" on the deposit. The momentum of talks between the countries' central banks comes after Ankara and Riyadh's joint effort to mend ties that were ruptured after the murder of Saudi journalist Jamal Khashoggi in 2018 at the kingdom's Istanbul consulate.

☆ China's Xi to visit Saudi Arabia, attend Chinese-Saudi summit- SPA
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: 1 min

DUBAI, Dec 6 (Reuters) - China's President Xi Jinping will be in Saudi Arabia from Dec. 7 to Dec. 9 on an official visit to the kingdom and to attend a Chinese-Saudi summit, state news agency SPA said on Tuesday. Reporting by Aziz El Yaakoubi Writing by Riham Alkousaa; Editing by Frank Jack DanielOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: Saudi prince seeks Mideast leadership, independence with Xi's visit
▼ + stars: | 2022-12-04 | by ( Aziz El Yaakoubi | ) www.reuters.com time to read: +7 min

The Saudi government did not respond to requests for comment on Xi's visit and its agenda. It is China's top oil supplier, although fellow OPEC+ producer Russia has increased its Chinese market share with lower-priced fuel. The Chinese delegation is expected to sign dozens of agreements with Saudi Arabia and other Arab states covering energy, security and investments, diplomats have told Reuters. U.S. officials have declined to comment when asked about Saudi-China bilateral relations ahead of Xi's visit. "The relationships with China pale versus those with the United States in terms of both complexity and intimacy," he said.

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