Iraq’s crude oil exports from Basra fields rise 2.3% in April: Ministry of Oil

Iraq’s crude oil exports from Basra fields rise 2.3% in April: Ministry of Oil
Crude oil exports excluding Kurdistan generated a revenue of $10.55 billion in April this year, down 3.3 percent month-on-month as the average price per barrel declined to $104.1 from $108.5 in the previous month.
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Updated 05 May 2022

Iraq’s crude oil exports from Basra fields rise 2.3% in April: Ministry of Oil

Iraq’s crude oil exports from Basra fields rise 2.3% in April: Ministry of Oil
  • Iraq's total crude output including Kurdistan fell to 4.148 million bpd in March 2022 from 4.26 million bpd in February

RIYADH: Iraq's crude oil exports excluding Kurdistan grew 3.9 percent in April to 3.38 million barrels per day (bpd), preliminary data from the country's Ministry of Oil has revealed.

Growth in exports was driven by the 2.3 percent increase in crude volumes exported from the Basra fields. Exports from these fields totaled 3.27 million bpd, and added 72,000 bpd to the total monthly increase of 135,000 bpd. The rest of the monthly increase resulted from Kirkuk oil exported via the port of Ceyhan, which surged 113 percent month-on-month in April, having added an extra 53,000 bpd.

Crude oil exports excluding Kurdistan generated a revenue of $10.55 billion in April this year, down 3.3 percent month-on-month as the average price per barrel declined to $104.1 from $108.5 in the previous month, according to Ministry of Oil data.

Total crude exports excluding Kurdistan have been rising steadily from June 2021 through February 2022, having reflected a growth of 14.6 percent. Exports slipped by 2.1 percent in March 2022.

As for crude exports from the Kurdistan Region, it stood at 0.404 million bpd in February, the most recent data available from the Joint Organisations Data Initiative, also known as JODI, as well as that from the Ministry of Oil, reveal. Exports from the Kurdistan Region were seen rising to 0.470 million bpd in September 2021.

Iraq's total crude output including Kurdistan fell to 4.148 million bpd in March 2022 from 4.26 million bpd in February, according to a most recent monthly report from OPEC.

The country's total production quota including Kurdistan for April 2022 was increased to 4.414 million bpd from 4.37 million bpd allocated for March 2022, a document released during OPEC's Ministerial Meeting on March 31 earlier this year showed.


Saudi non-oil exports in March rose 12.8%: GASTAT

Saudi non-oil exports in March rose 12.8%: GASTAT
Updated 10 sec ago

Saudi non-oil exports in March rose 12.8%: GASTAT

Saudi non-oil exports in March rose 12.8%: GASTAT

Saudi Arabia's non-oil exports including re-exports stood at SR28.2 billion ($7.5 billion) in March, up 12.8 percent from February according to the General Authority of Statistics.

 


Wafa Insurance delisted from Saudi stock exchange after bankruptcy

Wafa Insurance delisted from Saudi stock exchange after bankruptcy
Updated 17 min 28 sec ago

Wafa Insurance delisted from Saudi stock exchange after bankruptcy

Wafa Insurance delisted from Saudi stock exchange after bankruptcy

RIYADH: Saudi Indian Co. for Cooperative Insurance, known as Wafa Insurance, has been delisted from the Saudi stock exchange.

The resolution was issued by the Capital Market Authority after a Riyadh court endorsed the decision to liquidate the firm, according to a CMA disclosure on Tuesday.

Wafa Insurance has been suspended from trading since 2018 due to its failure to abide by regulatory measures of announcing financial results in specified time frames.  

The insurer was unable to settle payments to creditors in accordance with its financial reorganization plan, after which it terminated the restructuring plan and went bankrupt.


World’s largest asset manager BlackRock appoints chairman, CEO for Saudi unit

World’s largest asset manager BlackRock appoints chairman, CEO for Saudi unit
Updated 46 min 34 sec ago

World’s largest asset manager BlackRock appoints chairman, CEO for Saudi unit

World’s largest asset manager BlackRock appoints chairman, CEO for Saudi unit

RIYADH: World’s largest asset management firm BlackRock has appointed a CEO and managing director as well as a board chairman for its business in Saudi Arabia.

Yazeed Almubarak was selected to serve as CEO and managing director of the company, while Suliman Algwaiz will take over as chairman, BlackRock said in a statement.

The investment firm also appointed Tarek Mahmoud as chairman of alternative investments in Europe, the Middle East, and Africa, and Ahmed Talhaoui as head of EMEA fixed income strategy.

 “I am delighted that BlackRock is taking this next step in the growth of our Saudi business,” said Stephen Cohen, head of EMEA at BlackRock.

“The appointment of two such experienced professionals in Saudi Arabia underscores BlackRock’s commitment to the Kingdom and the opportunity that we see for our business there,” he added.


Saudi Arabia to witness ‘a golden era of hospitality’ in next 10 years

Turab Saleem said Saudi Arabia, Dubai and Qatar are putting the region on the international global tourism map. (AN photo)
Turab Saleem said Saudi Arabia, Dubai and Qatar are putting the region on the international global tourism map. (AN photo)
Updated 25 May 2022

Saudi Arabia to witness ‘a golden era of hospitality’ in next 10 years

Turab Saleem said Saudi Arabia, Dubai and Qatar are putting the region on the international global tourism map. (AN photo)
  • Saudi Arabia, Dubai and Qatar are putting the region on the international global tourism map more strongly and forcefully

RIYADH: The next 10 years will be a golden era for Saudi hospitality as the country has laid down the foundation of transformation in the sector, according to a top official of Knight Frank in the Middle East and North Africa.

“You can call the coming 10 years of Saudi Arabia the golden era of its hospitality. It will not happen again in the coming years and years to come. It will lay the foundation for hospitality in the long term,” Turab Saleem, head of hospitality, tourism and leisure consultancy at Knight Frank in the Middle East and North Africa, told Arab News in an exclusive interview on the sidelines of the Future Hospitality Summit in Riyadh.

MENA affirms top spot on global tourism map

Saleem added that the entire Middle East and North Africa region is becoming a tourism hotbed, as each country is flowering its own tourism plan to elevate the industry.

“Saudi Arabia, Dubai and Qatar are putting the region on the international global tourism map more strongly and forcefully. You got half-a-million keys under development within Egypt, UAE and KSA. Where else is this happening?” asked Saleem.

The advent of Saudi cuisine

Saleem predicted that Riyadh would soon become one of the top five food destinations globally and added that the flavors of the Saudi capital would mesmerize the world.

“Riyadh will be among the top five-six destination in the world. It is going to emerge from Riyadh and is happening. Three or four very talented chefs and entities are doing it, and one or two are ahead of others. I can’t share the name, though,” pointed out Saleem.

He further added: “It’s a matter of a few months. Soon, you will see some great Saudi cuisines launched from Riyadh that will reach out to London, New York, and other international destinations.”

Saleem lauded the Kingdom’s lofty ambitions to attract 100 million tourists by the end of this decade as part of its Vision 2030 blueprint.

“It’s a very ambitious target. We will reach it. Even if we reach it partially, it’s still a big success. Let the world know we are at par with them,” said Saleem.

 


Elaf Group to launch new hospitality brand Joudyan next month

Elaf is a leading hospitality player.
Elaf is a leading hospitality player.
Updated 25 May 2022

Elaf Group to launch new hospitality brand Joudyan next month

Elaf is a leading hospitality player.
  • The company currently has nine hotels and plans to double this number in the next three to five years and triple the number in the next 10 years

RIYADH: Elaf Group, one of the leading hospitality players in the region, plans to launch a new hotel brand called Joudyan.
“We will be launching Joudyan, our first outside Makkah and Madinah,” Adel Ezzat, CEO of Elaf Group, told Arab News on the sidelines of the Future Hospitality Forum in Riyadh.

Adel Ezzat, CEO of Elaf Group

He added that the new brand would be launched in Riyadh, Dammam and other tourism hotspots such as Jeddah and AlUla.

FASTFACTS

• The company currently has nine hotels and plans to double this number in the next three to five years and triple the number in the next 10 years.

• Elaf hotels are a mix of five- and four-star hotels that offer a unique experience of the local feel of the Kingdom to the visitors.

The company currently has nine hotels and plans to double this number in the next three to five years and triple the number in the next 10 years.
Elaf hotels are a mix of five- and four-star hotels that offer a unique experience of the local feel of the Kingdom to the visitors.
“We are a local brand, yet we have maintained international standards with local concepts, which is bringing to the visitors the real meaning of Saudi hospitality,” said Ezzat.
The company is also planning to expand across the Gulf Cooperation Council and the Middle East regions while setting its eyes on the European market.