BUSINESS | Saudi Arabia Extends Economic Measures To Mitigate Pandemic Impact: SPA

RIYADH | SAUDI ARABIA – Saudi Arabia extended for an additional period several government initiatives to support the private sector and investors in mitigate the impact of the coronavirus outbreak, state news agency SPA reported on Thursday, citing a decision by King Salman.

BUSINESS NEWS | Gulf Economies To Shrink By 7.6% This Year, IMF Says

RIYADH | SAUDI ARABIA – Gulf Cooperation Council (GCC) countries will see their economies shrink by 7.6% this year, an International Monetary Fund official said on Tuesday, revising downwards April forecast nearly 3%. The six GCC nations are, with varying degree, facing steep economic declines as the slowdown in business activity due to the coronavirus … Continue reading BUSINESS NEWS | Gulf Economies To Shrink By 7.6% This Year, IMF Says

BUSINESS | Saudi Oil EXPORTS Down By $12 billion Year On Year In April

RIYADH | SAUDI ARABIA – The value of Saudi Arabia’s oil exports dropped by 65.4% in April when compared to the same month a year earlier, or a fall of about $12 billion, official data showed on Thursday. Compared to March, total exports – including non-oil exports of goods such as chemicals and plastics – … Continue reading BUSINESS | Saudi Oil EXPORTS Down By $12 billion Year On Year In April

BUSINESS | Saudi Arabian Bank NCB In Merger Talk With Samba: Sources

RIYADH | SAUDI ARABIA – Saudi Arabia’s National Commercial Bank (NCB) and Samba Financial Group are in talks to create a combined entity with almost $214 billion in assets, two sources familiar with the matter told Reuters. Low oil prices and weak economic growth are pushing bank consolidation across the Gulf and in completed the … Continue reading BUSINESS | Saudi Arabian Bank NCB In Merger Talk With Samba: Sources

BUSINESS | Saudi Property Financing Firm Amlak Saud Set Price Range For IPO

RIYADH | SAUDI ARABIA – Saudi Arabian real estate financing firm Amlak International has set the price range for its planned initial public offering (IPO) at between 15 riyals ($4.00) and 17 riyals, it said in a statement on Sunday. The bookbuilding for the offered shares will start on Monday and will last until June … Continue reading BUSINESS | Saudi Property Financing Firm Amlak Saud Set Price Range For IPO

BUSINESS | Saudi Arabia To Launch $4 Billion Tourism Development Fund

RIYADH | SAUDI ARABIA – Saudi Arabia plans to start a tourism development fund with an initial capital investment of $4 billion, the ministry of tourism said on Sunday. The Tourism Development Fund will launch equity and debt investment vehicles to develop the tourism sector in collaboration with private and investment banks, the ministry said … Continue reading BUSINESS | Saudi Arabia To Launch $4 Billion Tourism Development Fund

BUSINESS | Saudi Aramco Completes $69 Billion SABIC Stake Deal, Extends Schedule

RIYADH | SAUDI ARABIA – Saudi Aramco has completed its purchase of  a 70% stake in petrochemicals company Saudi Basic Industries for $69.1 billion and extended the payment period by three years to 2028, providing a cushion against weak oil prices. The deal values Saudi Basic Industries Corp (SABIC) at 123.39 riyals ($32.90) per share, … Continue reading BUSINESS | Saudi Aramco Completes $69 Billion SABIC Stake Deal, Extends Schedule

BUSINESS | Saudi Aramco Buys SABIC Shares On Market As It Completes Acquisition

RIYADH | SAUDI ARABIA – State –owned Saudi Aramco bought 2.1 billion shares of Saudi Basic Industries (SABIC) on the stock market on Sunday as it completed its deal agreed last year to buy 70% of the petrochemical giant, according to sources and market data. Four transactions were executed on the Saudi exchange, known as … Continue reading BUSINESS | Saudi Aramco Buys SABIC Shares On Market As It Completes Acquisition

BUSINESS | Saudi Arabia’s Amlak International Announces Intention To Float

RIYADH | SAUDI ARABIA – Saudi Arabia’s Amlak International for Real Estate Finance will proceed with an initial public offering of 30% of its shares on the Riyadh exchange, it said in a statement. Amlak, a real estate financing company with assets of around 3.1. billion riyals ($826 million), said the final offer price would … Continue reading BUSINESS | Saudi Arabia’s Amlak International Announces Intention To Float

BUSINESS | Saudi Arabia Aims To Boost Investment With New Mining Law

RIYADH | SAUDI ARABIA – Saudi Arabia’s cabinet on Tuesday approved a new mining law that aims to accelerate foreign investment in the sector as part of efforts to diversify its economy away from hydrocarbons. The new law facilitates investor access to financing and supports exploration and geological survey activities, state news agency SPA said, … Continue reading BUSINESS | Saudi Arabia Aims To Boost Investment With New Mining Law