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OPEC+ Calls Last-Minute Talks to Prepare for Oil-Cuts Decision - Bloomberg

OPEC+ Calls Last-Minute Talks to Prepare for Oil-Cuts Decision - Bloomberg Saudi Arabia and Russia summoned OPEC+ ministers who oversee their oil production cuts for last-minute talks on Saturday, as the cartel prepares for a decision on whether to delay January’s output increase.A clear majority of OPEC+ watchers expect the group to maintain their supply curbs at current levels for a few months longer due to lingering uncertainty about the strength of demand. However, the decision is by no mean...
Tags: Travel, Iraq, Russia, Nigeria, Opec, Bloomberg, United Arab Emirates, Uae, Organization of Petroleum Exporting Countries, Alexander Novak, Rupert Neil Bumfrey, JMMC, Abdulaziz bin Salman, Bloomberg Saudi Arabia, Joint Ministerial Monitoring Committee, Algeria Kazakhstan Iraq Nigeria


#SaudiArabia Won’t Tap Debt Market Again In 2020, Minister Says - Bloomberg

Saudi Arabia Won’t Tap Debt Market Again In 2020, Minister Says - Bloomberg Saudi Arabia has no plans to tap international debt markets again this year as the kingdom leans on domestic borrowing to cover its budget deficit, Finance Minister Mohammed Al-Jadaan said.“We went to the local market significantly this year, we are likely to go to the market next year,” Al-Jadaan said in an interview with Bloomberg TV on Friday. “There are no plans currently for an international issuance.”The world’s la...
Tags: Travel, Saudi Arabia, Bloomberg, Morgan Stanley, Bloomberg TV, Rupert Neil Bumfrey, Mohammed al Jadaan, Al Jadaan, Bloomberg Saudi Arabia


#SaudiArabia to Review VAT Hike Once Economic Crisis Ends - Bloomberg

Saudi Arabia to Review VAT Hike Once Economic Crisis Ends - Bloomberg Saudi Arabia will review its controversial decision to triple the value-added tax once the current economic crisis is over, its acting media minister said.The VAT hike to 15%, implemented in July, is “like any decision, it will be reviewed once we’re finished with this crisis and things return to normal,” Majid Al-Qasabi said in a televised news conference on Thursday. Al-Qasabi, who also serves as minister of commerce, said h...
Tags: Travel, Saudi Arabia, Rupert Neil Bumfrey, Bloomberg Saudi Arabia, Majid Al Qasabi, Al Qasabi


Middle East, #SaudiArabia News: Minimum Wage Raised for Citizens by 33% - Bloomberg

Middle East, Saudi Arabia News: Minimum Wage Raised for Citizens by 33% - Bloomberg Saudi Arabia will raise its minimum wage for citizens by a third to 4,000 riyals ($1,066), according to a statement by the Ministry of Human Resources and Social Development.The ministry said the decision will be applied five months from Wednesday, without giving an exact date.The higher minimum wage must be paid for a worker to be counted as part of a company’s quota of citizen employees, the ministry said. Work...
Tags: Travel, Workers, Bloomberg, Middle East, Middle East Saudi Arabia, Ministry of Human Resources, Rupert Neil Bumfrey, Bloomberg Saudi Arabia


#Saudi Banks Sign Supply Chain Financing Deal With Government - Bloomberg

Saudi Banks Sign Supply Chain Financing Deal With Government - Bloomberg Saudi Arabia’s Ministry of Finance and three of the kingdom’s largest banks have started a supply chain financing facility that will enable contractors to secure money owed to them faster.The Finance Ministry has partnered with Saudi British Bank, Samba Financial Group and National Commercial Bank, according to a statement. The loans will be available to suppliers to the government that have had invoices approved, but are s...
Tags: Travel, Bloomberg, Finance Ministry, Ministry Of Finance, Rupert Neil Bumfrey, Sabb, National Commercial Bank, Bloomberg Saudi Arabia, David Dew, Saudi British Bank Samba Financial Group


#SaudiArabia Outlook Cut to Negative by Fitch on Oil, Virus - Bloomberg

Saudi Arabia Outlook Cut to Negative by Fitch on Oil, Virus - Bloomberg Saudi Arabia’s outlook was cut to negative from stable by Fitch Ratings as the coronavirus pandemic and lower oil prices clobber the kingdom’s finances.A negative outlook means the next move on the credit rating may be a downgrade to the lowest level since Fitch began assessing the kingdom in 2004. The sovereign is still at A, its sixth highest rating, and on par with Japan and Iceland, according to a statement on Monday.Fit...
Tags: Travel, Japan, Saudi Arabia, Bloomberg, Iceland, Fitch Ratings, Fitch, Rupert Neil Bumfrey, Moody 's Investors Service, Krisjanis Krustins, Bloomberg Saudi Arabia


Saudis Cut Oil Prices for Asia as Virus Clouds Energy Market - Bloomberg

Saudis Cut Oil Prices for Asia as Virus Clouds Energy Market - Bloomberg Saudi Arabia cut most oil pricing for its customers in Asia and the U.S. as a resurgence in the coronavirus clouds the outlook for energy markets.State producer Saudi Aramco decreased December pricing for shipments of Arab Light crude to Asia, its largest regional market, by 10 cents a barrel to a 50-cent discount to the benchmark.Oil dropped around 10% last week as European nations including Germany and France announced ne...
Tags: Travel, Asia, France, Saudi Arabia, Germany, Russia, Opec, Saudi Aramco, Organization of Petroleum Exporting Countries, Rupert Neil Bumfrey, Mohammad Barkindo, Bloomberg Saudi Arabia


#SaudiArabia Eases Controversial Restrictions on Foreign Workers - Bloomberg

Saudi Arabia Eases Controversial Restrictions on Foreign Workers - Bloomberg Saudi Arabia will remove several key restrictions on foreign workers in an overhaul of the kingdom’s controversial labor policies, part of a plan to attract overseas talent and increase job market mobility.Non-Saudis will no longer need their employer’s permission to change jobs, travel abroad or leave the country permanently, according to Sattam Alharbi, a deputy minister at the Ministry of Human Resources and Social D...
Tags: Travel, Saudi Arabia, Bloomberg, Rupert Neil Bumfrey, Bloomberg Saudi Arabia, Foreign Workers Bloomberg, Sattam Alharbi, Ministry of Human Resources and Social Development, Alharbi


#Saudi Index Drops Most Since May in Final-Hour Slump: Inside EM - Bloomberg

Saudi Index Drops Most Since May in Final-Hour Slump: Inside EM - Bloomberg Saudi Arabia’s Tadawul All Share Index fell the most in five months amid renewed concern about measures to contain the spread of coronavirus.The benchmark index retreated 4.1% to 8,154.59, the lowest level in more than seven weeks. The decline, which led losses among major benchmarks in the Middle East on Sunday, accelerated in the final hour of trading in Riyadh.Large caps Saudi Basic Industries Corp., the chemical mak...
Tags: Travel, Saudi Arabia, Bloomberg, Middle East, Riyadh, Saudi Aramco, SABIC, Saudi Basic Industries Corp, Jabal Omar Development Co, Rupert Neil Bumfrey, Al Rajhi Bank, Bloomberg Saudi Arabia, Ekhbariya TV, Clariant AG Saudi Arabia, Mohammed Al Shemimry, Mohammed Ashemimry Financial Consultants


How #SaudiArabia’s $15.6 Billion Bank Merger Would Stack Up - Bloomberg

How Saudi Arabia’s $15.6 Billion Bank Merger Would Stack Up - Bloomberg:The combination of National Commercial Bank and rival Samba Financial Group would create the third-largest lender in the Gulf Cooperation Council and a national champion to compete with regional players.In what’s set to become the biggest banking takeover this year, Saudi Arabia’s largest lender by assets proposed to pay as much as $15.6 billion to acquire rival Samba.The merged lender would have total assets of about $210 b...
Tags: Travel, Saudi Arabia, Bloomberg, Gulf Cooperation Council, Rupert Neil Bumfrey, Samba Financial Group, National Commercial Bank, Qatar National Bank QPSC, First Abu Dhabi Bank PJSC, Bloomberg Saudi Arabia


#Saudi Fund Offered $1.6 Billion for Ritz Hotel Amid Family Feud - Bloomberg

Saudi Fund Offered $1.6 Billion for Ritz Hotel Amid Family Feud - Bloomberg: Ritz hotel on Piccadily in London on March 11.   Photographer: Chris J. Ratcliffe/Bloomberg Saudi Arabia investment fund Sidra Capital offered 1.3 billion pounds ($1.6 billion) for the luxurious Ritz Hotel in London before it was eventually sold for nearly half of that sum to a private Qatari investor.The bid was revealed Wednesday during a court dispute between two sides of one of the U.K.’s wealthiest fa...
Tags: Travel, London, Barclays, Telegraph, Amanda, Ritz, Frederick, Alistair, Ritz Hotel, Rupert Neil Bumfrey, Frederick Barclay, Chris J Ratcliffe, Bloomberg Saudi Arabia, David Barclay, Ritz Hotel Amid Family Feud Bloomberg, Sidra Capital


Saudi Response to Fiscal Shock Centers on Record Debt Plan

(Bloomberg) -- Saudi Arabia will rely on the biggest debt program since its debut in international bond markets in 2016 to absorb the shock to the budget from collapsing energy prices and cuts in oil output.The kingdom could borrow 220 billion riyals ($58 billion) this year while keeping its drawdown from reserves at up to 120 billion riyals, as originally planned in the budget, Finance Minister Mohammed Al-Jadaan said at a news conference late Wednesday. The government is looking at additional ...
Tags: News, Saudi Arabia, Opec, Bloomberg, Imf, Samba, Finance Ministry, EFG Hermes, Samba Financial Group, Mohamed Abu Basha, Mohammed al Jadaan, Al Jadaan, James Reeve, Bloomberg Saudi Arabia, Bloomberg Economics, Bloomberg Barclays


Saudi Response to Fiscal Shock Takes Shape With Record Debt Plan

(Bloomberg) -- Saudi Arabia will rely on the biggest debt program since its debut in international bond markets in 2016 to absorb the shock to the budget from collapsing energy prices and cuts in oil output.The kingdom could borrow 220 billion riyals ($58 billion) this year while keeping its drawdown from reserves at up to 120 billion riyals, as originally planned in the budget, Finance Minister Mohammed Al-Jadaan said at a news conference late Wednesday. The government is looking at additional ...
Tags: News, Saudi Arabia, Opec, Bloomberg, Imf, Cairo, Finance Ministry, EFG Hermes, Mohamed Abu Basha, Mohammed al Jadaan, Al Jadaan, Bloomberg Saudi Arabia, Bloomberg Economics, Bloomberg Barclays, International Monetary Fund Brent


Aramco Delays Oil Pricing Amid Saudi-Russia Row on Oil Cuts

(Bloomberg) -- Saudi Arabia is delaying the release of its closely-watched monthly oil-pricing list until later this week as the kingdom spars with Russia over a potential meeting of global producers that would aim to halt the collapse in crude.State oil producer Saudi Aramco is now set to announce its official selling prices for May on Thursday, according to people with knowledge of the situation who asked not to be identified because the information is private. The OSPs, as the prices are know...
Tags: News, Saudi Arabia, Russia, Opec, Bloomberg, Donald Trump, Aramco, Saudi Aramco, Persian Gulf, Bloomberg Saudi Arabia


Saudis Start to Unleash Oil Wave Despite U.S. Pressure

(Bloomberg) -- Saudi Arabia has made good on its pledge to ramp up oil exports in April, with a first wave of crude already on its way toward Europe and the U.S., a clear sign the price war remains in full swing.The kingdom has loaded several of the supertankers it hired earlier this month to boost its ability to increase exports, according to ship-tracking data. In addition, Riyadh has used the last few weeks to shuttle large amounts of crude into storage in Egypt, a stepping stone to the Europ...
Tags: Europe, Japan, London, News, Vladimir Putin, Saudi Arabia, China, Russia, Opec, Bloomberg, Egypt, Kremlin, Donald Trump, Trump, Riyadh, Aramco


Virus Onslaught Deepens Gulf Disquiet Over Saudi Oil-Price War

(Bloomberg) -- Saudi Arabia’s oil-price war with fellow exporting giant Russia bewildered the kingdom’s Gulf allies, unexpectedly shattering their fiscal defenses just when they’re most needed to combat the coronavirus.The United Arab Emirates and Kuwait, along with smaller neighbors, want a return to talks among the OPEC+ cabal of oil powers but the central protagonists, including Crown Prince Mohammed bin Salman, are digging in.As the pandemic shuts down major chunks of the global economy, tha...
Tags: News, Congress, Washington Post, Washington, Saudi Arabia, White House, Iraq, Russia, Opec, Bloomberg, Iran, Vienna, Middle East, United Arab Emirates, Dubai, Moscow


Saudis Escalate Price War With Huge Output Hike, Russia Follows

(Bloomberg) -- Saudi Arabia escalated its oil price war with Russia on Tuesday, as its state-owned company pledged to supply a record 12.3 million barrels a day next month, a massive increase to flood the market.The supply hike -- more than 25% higher than last month’s production -- puts Aramco above its maximum sustainable capacity, indicating that the kingdom is even tapping its strategic inventories to dump as much crude, on the market as quickly as possible.Moscow responded within minutes, w...
Tags: Texas, London, News, Saudi Arabia, White House, Iraq, Russia, Nigeria, Opec, Bloomberg, United Arab Emirates, Dubai, Moscow, Kremlin, Abu Dhabi, Riyadh


Saudi Arabia’s Economy Can Ill Afford Oil-Price War It Began

(Bloomberg) -- Saudi Arabia’s Crown Prince Mohammed bin Salman has just started an oil-price war. Winning it will come at a cost he might not be ready to pay for long.If oil prices fail to recover and stay at less than half the level Saudi Arabia needs to balance its budget, the economy -- and the crown prince’s big ambitions to reform it -- may be among the biggest victims. The energy sector accounts for about 80% of the kingdom’s exports and two-thirds of its fiscal revenue.Should Brent crude ...
Tags: News, Saudi Arabia, Russia, Opec, Bloomberg, Middle East, Dubai, London School Of Economics, Gulf, Saudi Aramco, Mohammed bin Salman, Malik, Steffen Hertog, Abu Dhabi Commercial Bank, Monica Malik, Arqaam Capital


Saudi Arabia’s Economy Can Ill Afford Oil-Price War It Started

(Bloomberg) -- Saudi Arabia’s Crown Prince Mohammed bin Salman has just started an oil-price war. Winning it will come at a cost he might not be ready to pay for long.If oil prices fail to recover and stay at less than half the level Saudi Arabia needs to balance its budget, the economy -- and the crown prince’s big ambitions to reform it -- may be among the biggest victims. The energy sector accounts for about 80% of the kingdom’s exports and two-thirds of its fiscal revenue.Should Brent crude ...
Tags: News, Saudi Arabia, Russia, Opec, Bloomberg, Middle East, Dubai, London School Of Economics, Gulf, Saudi Aramco, Mohammed bin Salman, Malik, Steffen Hertog, Abu Dhabi Commercial Bank, Monica Malik, Arqaam Capital


Saudi Arabia Says OPEC+ Focus on Oil Cuts Undeterred by Unrest

(Bloomberg) -- Saudi Arabia’s Energy Minister said that OPEC and its allies remain focused on using production cuts to reduce oil inventories to normal levels, undeterred by the flare up of political tensions in the Middle East.Oil prices have erased all of this year’s rally, which saw Brent crude surge to a three-month high of almost $72 a barrel as Washington and Tehran faced off after the U.S. assassination of a top Iranian general. Crude retreated again as the countries backed away from full...
Tags: London, News, Washington, Iraq, Opec, Bloomberg, Dubai, Brent, Tehran, Strait Of Hormuz, Salman, Grant Smith, Persian Gulf, Dammam, Abdulaziz bin Salman, Saudi Energy


Saudi Arabia Says ‘Very Keen’ to Avoid Regional Escalation

(Bloomberg) -- Saudi Arabia’s foreign minister hopes all actors involved in the recent Middle East flare-up take steps to avoid escalation.“We are very keen that the situation in the region doesn’t escalate any further,” Prince Faisal bin Farhan said at a press conference in Riyadh Monday. “It’s certainly a very dangerous moment and we have to be conscious of the risks and dangers not just to the region but to wider global security.”Read: Iran Warns Those Who Supported Soleimani Killing ‘Will Pa...
Tags: News, Saudi Arabia, Iran, Middle East, Baghdad, Riyadh, FAISAL, Bloomberg Saudi Arabia, Vivian Nereim, Shaji Mathew, Faisal bin Farhan, Abbas Al Lawati Claudia MaedlerFor


Saudi Plan to Wean Off Oil Sees Success Even as Economy Stalls

(Bloomberg) -- Saudi Arabia’s economy shrank 0.5% in the third quarter, a contraction that was broadly expected even as the kingdom’s goal of weaning itself off crude began to pay off with solid growth in non-oil sectors.The overall economy was weighed down by shrinkage of 6.4% in the country’s oil sector, according to data released Tuesday by the General Authority for Statistics. Overall growth for 2019 is expected to accelerate to a modest 0.4%, according to the latest government estimates, be...
Tags: News, Dubai, Mohammed bin Salman, Riad Hamade, Mohammed al Jadaan, Bloomberg Saudi Arabia, Abeer Abu Omar, Michael Gunn Amy TeibelFor, General Authority for Statistics Overall


Saudi Unemployment Falls to 3-Year Low While Expat Exodus Slows

(Bloomberg) -- Saudi Arabia’s citizen unemployment rate fell to the lowest in more than three years as the kingdom’s non-oil economy recovers.Joblessness slipped to 12% in the third quarter from 12.3% in the previous three months, according to data published Sunday by the official General Authority for Statistics. The quarterly data showed improvements across the board, with more Saudis working in both the public and private sectors and unemployment dropping for men and women.But the private sec...
Tags: News, Saudi Arabia, Riyadh, General Authority, Alaa Shahine, Bloomberg Saudi Arabia, Vivian Nereim, Abeer Abu Omar, Sarah Algethami, Paul Abelsky Claudia MaedlerFor


Massive solar power project will be 100 times larger than any in the world

The world's biggest solar power project is coming to Saudi Arabia.  And it comes with a high price tag: around $200 billion. The venture, a partnership between Saudi Arabia and Japanese tech giant SoftBank, was revealed Tuesday, according to Bloomberg. SEE ALSO: Tesla's bringing Powerwall batteries to 50,000 homes in Australia Expected to be completed by 2030, the project will reach a colossal capacity of 200 gigawatts, SoftBank Chief Executive Masayoshi Son told reporters.  At 200 GW,...
Tags: New York, Science, Australia, Saudi Arabia, China, Softbank, Bloomberg, Son, Gw, Mohammed bin Salman, Masayoshi Son, Powerwall, Mohammed bin Salman al Saud, Bloomberg Saudi Arabia, Crown Prince of Saudi Arabia, Solar Choice Bulli Creek PV Plant


Iraq and Iran Boost Oil Exports in Sales Battle With Saudis - Bloomberg

Iraq and Iran Boost Oil Exports in Sales Battle With Saudis - Bloomberg:"Iraq and Iran boosted crude exports in September, taking advantage of a slower pace of shipments from rival Saudi Arabia to win buyers in key markets like China and the U.S.Iraq shipped 3.98 million barrels of crude a day, the highest since December, while Iran’s exports rose to 2.28 million barrels a day, the most since February, according to ship-tracking data compiled by Bloomberg. Saudi Arabia’s exports were 6.68 millio...
Tags: Travel, Saudi Arabia, China, Iraq, Iran, Rupert Neil Bumfrey, Bloomberg Saudi Arabia