BUSINESS | Saudi Information Security Firm Elm To Aquire Tabadul

Saudi information security company Elm is to acquire digital services company Tabadul from Saudi Arabia’s sovereign wealth fund, Elm said in a statement on Sunday. The Public Investment Fund (PIF) also owns Elm and was considering an initial public offering of the information security company, sources told Reuters in May. The value of the deal, … Continue reading BUSINESS | Saudi Information Security Firm Elm To Aquire Tabadul

BUSINESS NEWS | Saudi Aramco’s Profit Plunges 73.4%, Sees Signs Of Oil Market Recovery

MILAN | ITALY – Saudi state oil group Aramco on Sunday reported a 73.4% fall in second-quarter net profit, a steeper drop than analysts had forecast, and said it expected capital expenditure for 2020 to be at the lower end of a $25 billion to $30 billion range. The world’s biggest oil exporter said the … Continue reading BUSINESS NEWS | Saudi Aramco’s Profit Plunges 73.4%, Sees Signs Of Oil Market Recovery

ECONOMY | Saudi Arabia Posts $29 Billion Deficit In Second Quarter As Oil Revenues Slump

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

ECONOMY | Saudi Arabia To Widen Scope Of Privatisation, Finance Minister Says

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

ECONOMY | Saudi Wealth Fund PIF Has Ample Liquidity: Finance Minister

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

ECONOMY | Gulf Economies Seen Shrinking Sharply In 2020, To Pick Up In 2021: Reuters Poll

DUBAI – Economic activity in the Gulf will contract sharply this year before recovering in 2021, hit by the double shock of the coronavirus pandemic and an oil price crash, a quarterly Reuters poll showed on Tuesday. Analysts in the July 7-20 poll see a deep economic contraction in the hydrocarbon – producing region this … Continue reading ECONOMY | Gulf Economies Seen Shrinking Sharply In 2020, To Pick Up In 2021: Reuters Poll

BUSINESS |Saudi Real Estate Refinance Co Sign 3 Billion Riyals Deal With Pension Agency

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

BUSINESS NEWS | IMF Did Not Recommend Saudi Arabia VAT Tripling, Official Says

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

BUSINESS NEWS | Saudi Unemployment Falls In First Quarter, But Before Coronavirus Impact

RIYADH | SAUDI ARABIA – Unemployment among citizens in the first quarter fell below 12% for the first time in four years, official figures released on Tuesday showed, but they did not capture the impact of the coronavirus crisis. Unemployment fell to 11.8%  from 12% the previous quarter, the General Authority for Statistics said. ‘Data … Continue reading BUSINESS NEWS | Saudi Unemployment Falls In First Quarter, But Before Coronavirus Impact