NEWS IN REAL TIME
RIYADH | SAUDI ARABIA – A consortium led by Saudi Arabia’s Investment Fund has withdrawn a proposed take – over of Newcastle United, the English Premier League football club. A statement from the investment group, which also included U.K. investor Amanda Staveley’s PCP Capital and the family business of British entrepreneur Reuben Brothers said the … Continue reading SPORTS NEWS | Saudi-Led Consortium Pulls Out Of Newcastle United Takeover Bid
RIYADH | SAUDI ARABIA – Saudi Arabia posted a deficit of 109.2 billion riyals ($29.12 billion) in the second quarter this year as low oil prices hurt revenues, a finance ministry report published on Tuesday showed. The coronavirus crisis has hurt the non-oil sectors of the world’s largest oil exporter this year, adding to the … Continue reading ECONOMY | Saudi Arabia Posts $29 Billion Deficit In Second Quarter As Oil Revenues Slump
RIYADH | SAUDI ARABIA – Saudi Arabia will look to sell assets in sectors that were not previously considered for privatization, such as healthcare and education, the country’s finance minister said on Wednesday. Speaking at a Bloomberg event, Mohammed al-Jadaan said privatisations will likely generate north of $50 billion in the next four to five … Continue reading ECONOMY | Saudi Arabia To Widen Scope Of Privatisation, Finance Minister Says
RIYADH | SAUDI ARABIA – Saudi Arabia’s finance minister said on Wednesday that the kingdom’s sovereign wealth fund, the Public Investment Fund (PIF) has ample liquidity in the local market. He added that the PIF would allot via secondary offerings part of their local holdings to make sure they ‘recycle mature investments’ and invest in … Continue reading ECONOMY | Saudi Wealth Fund PIF Has Ample Liquidity: Finance Minister
RIYADH | SAUDI ARABIA – Saudi Real Estate Refinance Co (SRC), the Saudi equivalent of U.S. mortgage finance business Fannie Mae, said on Sunday it has agreed to buy a mortgage portfolio worth over 3 billion riyals ($799.8 million) from the Saudi Public Pension Agency (PPA). ‘The deal provides liquidity to the real estate financing … Continue reading BUSINESS |Saudi Real Estate Refinance Co Sign 3 Billion Riyals Deal With Pension Agency
The International Monetary Fund did not recommend the decision taken by Saudi Arabia to triple value-added tax this month, an official said, cautioning against increasing consumption taxes in the Middle East amid the coronavirus – driven downturn. Saudi Arabia tripled VAT this month to 15% as it seeks to bolster state finances badly hurt by … Continue reading BUSINESS NEWS | IMF Did Not Recommend Saudi Arabia VAT Tripling, Official Says
RIYADH | SAUDI ARABIA – State energy giant Saudi Aramco said on Tuesday that it will be reorganizing its downstream business to support its global growth strategy, aiming to complete it by the end of this year. The downstream model will be divided into four units: fuels including refining, trading, retail and lubes; chemicals; power; … Continue reading BUSINESS NEWS | Saudi Aramco Says Reorganizing Downstream Business To Support Growth
The logo of mobile phone network Vodafone is displayed on the screen of a smartphone. (Photo by Dominic Lipinski/PA Images via Getty Images) RIYADH | SAUDI ARABIA – Saudi Arabia’s largest telecoms operator Saudi Telecom CO said on Sunday it would need another two months to complete the purchase of Vodafone Group’s 55% stake in … Continue reading BUSINESS | Saudi Telecom Extends Vodafone Egypt Stake Purchase For Second Time
BUCHAREST | ROMANIA – The Kremlin said on Thursday Russia currently had no plans to hold talks with Saudi Arabia ahead of joint OPEC+ ministerial monitoring committee due to be held next week.
RIYADH | SAUDI ARABIA – Saudi Arabia said on Wednesday it had complete the first batch of its flour milling sector privatization, according to a statement by the state grain buyer and privatization centre. The long-awaited flour mills sale was one of the first privatisations the kingdom planned as part of a wide-reaching overhaul of … Continue reading BUSINESS NEWS | Saudi Arabia Completes First Phase Of State Mills Privatisation
