SABIC’s Quarterly Net Profits Slumps 94% On Lower Sales Prices
PARIS, France – Petrochemicals firm Saudi Basic Industries Corp (SABIC) said on Tuesday its fourth-quarter net profit slumped 94% on lower average sales prices. SABIC posted a net income of 0.29 billion riyals ($77.28 million) in the three – month period ended Dec. 31, down from 4.97 billion riyals in the year-ago period. Princes across…
Saudi Arabia Pauses Wealth Fund Plan To Acquire Egyptian Bank – Sources
PARIS, France – Saudi Arabia has put a plan by its sovereign wealth fund to acquire the United Bank of Egypt on hold because of a disagreement with the Egyptian authorities over its valuation, two sources familiar with the matter told Reuters. The pause is the most recent stumble in the vast investment programme promised…
Unemployment Among Saudi Citizens Increase To 9.9 In Q3/22
PARIS, France – Unemployment in Saudi Arabia among citizens increased to 9.9% in the third quarter, up 0.2. percentage points from the previous quarter but the overall unemployment rate remained unchanged at 5.9 percent, data released on Thursday showed. The rate of joblessness among citizens fell from 11.3% in the same period last year, however,…
Saudia In Talks With Airbus And Boeing Over Plane Orders
PARIS, France – Saudi Arabian Airlines (Saudia) is in talks with plane makers Airbus SE and Boeing Co on orders for itself and a new carrier the kingdom plans to launch, the state-owned airline’s chief executive said on Tuesday. The talks are for aircraft for both airlines as they have the ”same shareholder”, Ibrahim Koshy…
Saudi Arabia’s SALIC, Brazil’s Minerva Buy Australia Lamb Company For About $260 Mln
PARIS, France – The Saudi Agricultural and Livestock Investment Company (SALIC), owned by the Saudi Public Investment Fund, and Brazilian meatpacker Minerva has acquired the Australian Lamb Company (ALC) for 970 million riyals ($258 million), SALIC said in a statement on Friday. The acquisition was done through Minerva Food Australia, a joint venture established last…
Saudi, China Agree To Strengthen Energy Cooperation – SPA
PARIS, France – Saudi Arabia’s energy minister Prince Abdulaziz bin Salman and the director of China’s National Energy Administration Zhang Jinhua on Friday said they would strengthen their ties in the energy sector, the Saudi state news agency SPA reported. The officials spoke in a teleconference call and stressed the importance of stable long-term supplies…
Saudi Arabia To Invest $3.4 Bln In Vaccine,Biomedical Drugs Sector
PARIS, France – Saudi Arabia’s industry and Mineral Resources said on Friday the country would invest $3.4 billion in the vaccine and biomedical drugs sector, according to state news agency SPA. The Minister Bandar Alkhorayef, who heads the newly – established vaccines and biopharmaceutical industry committee, said the move is part of the kingdom’s push…
Abu Dhabi’s Mubadala And EQT Fund To Buy Sweden’s Envirotainer
PARIS, France – Abu Dhabi state fund Mubadala and a fund managed by European buyout firm EQT have agreed to buy Envirotainer, a Swedish company which leases out cold containers for shipping temperature – sensitive healthcare products. Mubadala and the EQT X fund are buying the company from European buyout firm Cinven and Denmark life…
Dubai Cooling Firm Empower Invited Banks To Pitch For IPO – Sources
DUBAI – Dubai’s Emirates Central Cooling System Cooperation (Empower) has invited investment banks to pitch for roles in its planned initial public offering, which is slated for later this years, two sources with direct knowledge of the matter said. Empower, which is part owned by Dubai Electricity and Water Authority (DEWA), has asked banks to…
Saudi Finance Minister Says No Immediate Plans To Transfer More Funds To PIF
DAVOS, SWITZERLAND – Saudi Arabia’s finance minister said on Monday there were no immediate plans to transfer more funds to the Public Investment Fund (PIF), the sovereign wealth fund at the centre of the kingdom’s plans to diversify its economy away from oil. The PIF manages over $600 billion in assets, a figure that has…
U.S. Approves Potential Sale Of Rocket Launchers To Bahrain – Pentagon
WASHINGTON – The U.S. State Department has approved the potential sale to Bahrain of M270 Multiple Launch Rocket Systems Upgrade and related equipment for an estimated cost of $176 million, the Pentagon said on Thursday. The principal contractor will be Lockheed Martin Corp, the Pentagon’s Defense Security Cooperation Agency said in a news release.
Putin Says Russia Will Switch Gas Sales To Roubles For ‘Unfriendly’ Countries
PARIS, France – Russia plans to switch its gas sales to ‘unfriendly’ countries to roubles, President Vladimir Putin said on Wednesday, responding to a freeze on Russia’s assets by foreign nations over events in Ukraine that he said had destroyed Moscow’s trust. European countries’ dependence on Russia gas and other exports has been thrown into…
ARABIA 5AM NEWS 