Saudi minister and US counterpart agree road map for cooperation in energy sector

The Saudi minister of energy, Prince Abdulaziz bin Salman, and the US secretary of energy, Jennifer Granholm, on Wednesday agreed a road map for cooperation between the countries in the sector. (X/ @MoEnergy_Saudi)

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Updated 15 May 2024

Arab News

May 15, 2024 23:44

Saudi minister and US counterpart agree road map for cooperation in energy sector

During meeting in Riyadh, Prince Abdulaziz bin Salman and Jennifer Granholm discuss ways to enhance energy-related collaborations
They also review Kingdom’s efforts to tackle climate change through local and regional initiatives, including the Saudi and the Middle East green initiatives

Updated 15 May 2024

Arab News

May 15, 2024 23:44

RIYADH: The Saudi minister of energy, Prince Abdulaziz bin Salman, and the US secretary of energy, Jennifer Granholm, on Wednesday agreed a road map for cooperation between the countries in the sector.
During a meeting in Riyadh, they also discussed ways in which collaborations might be enhanced in energy-related fields such as carbon management, clean hydrogen, nuclear energy, electricity and renewables, innovation, energy-sector supply chain resilience, and energy efficiency. The two countries signed a Partnership Framework for Advancing Clean Energy in July, 2022.
The officials also reviewed the Kingdom’s efforts to tackle climate change through local and regional initiatives based on a circular carbon economy, including the Saudi and the Middle East green initiatives, the ministry said.
The new road map represents a joint plan for energy cooperation that establishes a timeline and outlines critical projects for collaboration, officials said.
Both sides agreed to engage in various activities to implement the road map, including: exchanges of knowledge on policies related to the joint plans, such as standards and regulatory frameworks; enhancement of joint research and development, especially in the field of new technologies; and the building of human capital through training and exchanges of expertise.

Trump comeback drives gains in US stocks and dollar; Bitcoin roars to record, Treasuries slide

Updated 07 November 2024

Reuters

November 07, 2024 06:40

Trump comeback drives gains in US stocks and dollar; Bitcoin roars to record, Treasuries slide

Trump’s pledges to raise tariffs, cut taxes and slash regulations encouraged investors to dive into a range of assets that looked likely to benefit from such policies
Markets that could suffer under tougher tariffs bore the brunt of the sell-off. Mexican peso slumps while the euro was set for its largest daily drop since 2020

Updated 07 November 2024

Reuters

November 07, 2024 06:40

NEW YORK/LONDON: Donald Trump’s victory in the US presidential election unleashed a massive rally in the dollar, drove stocks to record highs and punished bond prices as expectations of tax cuts and tariffs on imports drove optimism about economic growth while fueling worries about inflation.
US equity indexes soared, with the benchmark S&P 500 up 2.51 percent to a record high and huge gains in areas such as small-cap stocks and banks that are poised to benefit from Trump’s expected lighter regulatory touch.
The dollar hit its highest level in over four months. Bitcoin hit record highs and Treasuries were battered.
“Everywhere you look, there’s the thumbprints of these election results for markets,” said Paul Christopher, head of global investment strategy at the Wells Fargo Investment Institute.
Trump’s pledges to raise tariffs, cut taxes and slash regulations encouraged investors to dive into a range of assets that looked likely to benefit from such policies.
Markets that could suffer under tougher tariffs bore the brunt of the sell-off. The Mexican peso slumped to its lowest level in over two years while the euro was set for its largest daily drop since 2020.
Currency trading was intense. CME Group said by 10 a.m. CT, online trading of the Offshore Chinese Renminbi already had hit $33 billion in notional value, an all-time high. In the same time span, the traded notional value of futures contracts on the Mexican peso was 43 percent above the average daily volume.

Bolstering confidence in “Trump trades,” Republicans won control of the US Senate. Investors were still awaiting results in the House of Representatives, and Republican control would clear the path for Trump’s agenda.
The election could have far-reaching implications for tax and trade policy, as well as US institutions, affecting assets globally.

Interest rates seen higher
Investors sold US Treasuries, partly on the expectation that higher tariffs would inevitably filter through to consumer prices, but also because Trump’s promises on spending could boost government debt levels. The benchmark 10-year Treasury yield rose as high as 4.48 percent, its highest level in over four months but retreated slightly.
“If he’s able to fully implement his agenda, it means bigger deficits, bigger tax cuts, and also, because of tariffs, higher inflation,” said David Kelly, chief global strategist at JPMorgan Asset Management. “The higher inflation and the bigger deficits should push up long-term interest rates.”
In stocks, shares of Tesla, headed by Trump supporter Elon Musk, jumped 14.75 percent. The small-cap Russell 2000 rose nearly 6 percent, while the S&P 500 banks index jumped 10.68 percent.
Bitcoin surged to a record high, betting on a softer line on cryptocurrency regulation.
“Trump’s win likely means some deregulation, including rolling back banking regulations,” BlackRock Investment Institute said.
Investors started trading early. Retail trading platform Robinhood Markets had its largest-ever overnight trading session since it introduced that option in May 2023. The company said its total volume was 11 times a typical overnight trading session, with investors flocking to securities that pundits believe are likely to benefit from a second Trump presidency, ranging from Coinbase Global and the iShares Bitcoin Trust ETF to companies owned by Trump and his wealthiest fan, Elon Musk.

The results meant markets gained clarity about the presidency faster than in 2020, when Joe Biden was announced the victor some four days after election night.
“This is an economy that’s in good shape as we go into the next Congress and the next administration, and the stock market is reflecting that with the removal of this uncertainty overhang,” said Kurt Reiman, head of fixed income Americas and lead of the ElectionWatch at UBS Wealth Management.
Market attention is turning to the Federal Reserve’s monetary policy decision on Thursday, with Trump’s victory set to potentially put the central bank on a slower and shallower path for interest-rate cuts, should the Republican’s plans juice the economy.
“We now expect just one Fed cut in 2025, with policy on hold until the realized inflation shock from tariffs has passed,” economists at Nomura said in a note.

Topics: US Election 2024 bitcoin

Closing Bell: Saudi main index closes in green at 12,093

Updated 06 November 2024

Nirmal Narayanan

November 06, 2024 16:59

Closing Bell: Saudi main index closes in green at 12,093

Updated 06 November 2024

Nirmal Narayanan

November 06, 2024 16:59

RIYADH: Saudi Arabia’s Tadawul All Share Index gained 78.41 points or 0.65 percent to close at 12,093.35 on Wednesday.

The total trading turnover of the benchmark index was SR7.57 billion ($2.02 billion), with 168 of the listed stocks advancing and 60 declining.

The Kingdom’s parallel market Nomu also gained 22.06 points to close at 28,853.64, while the MSCI Tadawul Index edged up by 11.93 points to 1,519.76.

The best-performing stocks on the benchmark index were Al-Baha Investment and Development Co. and Tourism Enterprise Co., whose share prices surged by 10 percent and 6.32 percent, to SR0.33 and SR1.01, respectively.

The worst performer of the day was Almunajem Foods Co. The firm’s share price edged down by 7.81 percent to SR106.20.

On the announcements front, Arabian Drilling Co. reported a net profit of SR251.24 million in the first nine months of this year, representing a 40.06 percent decline compared to the same period in 2023.

In a Tadawul statement, the company attributed this net income decline to higher net finance expenses, as well as depreciation and amortization costs. Despite the net profit drop, Arabian Drilling Co.’s share prices did not change on Wednesday and remained at SR111.60.

Saudi Arabian Mining Co., also known as Ma’aden, announced that its net profit for the first nine months of this year reached SR2.97 billion, compared to a net loss of SR83.43 million in the same period in 2023.

In a Tadawul statement, the mining firm attributed the rise in profit to higher sales prices and volumes, as well as lower depreciation expenses.

Maaden's share price edged up 4.07 percent to SR56.20.

Saudi Electricity Co. announced that its net profit for the first nine months of this year, after deducting the payments of the Mudaraba coupon, reached SR5.58 billion, marking a 21.3 percent rise compared to the same period in the previous year.

SEC’s nine-month profit rose to SR12.1 billion before Mudaraba coupon payments, up from SR10.3 billion in the same period last year.

SEC’s share price surged by 6.28 percent to SR17.26 on Wednesday.

Saudi Industrial Development Co., which also announced its earnings report, said that it narrowed its net loss to SR20.07 million in the first nine months of this year, compared to a net loss of SR21.8 million in the year-ago period.

SIDC’s share price edged down by 0.71 percent to SR27.90.

Saudi Ground Services Co. reported a net profit of SR231.27 million in the first nine months of this year, representing a 54.33 percent year-on-year rise.

In a Tadawul statement, the company attributed this rise in net profit to an increase in both domestic and international flight operations, especially during the Hajj and Umrah seasons.

The share price of SGS did not witness any change on Wednesday, and the company closed the trading session at SR52.20.

Topics: Closing Bell Saudi stock market Tadawul All Share Index (TASI)

Saudi real estate to see $48bn in deals at Cityscape Global 2024

Updated 06 November 2024

MOHAMMED AL-KINANI

November 06, 2024 16:57

Saudi real estate to see $48bn in deals at Cityscape Global 2024

Updated 06 November 2024

MOHAMMED AL-KINANI

November 06, 2024 16:57

JEDDAH: Saudi Arabia’s real estate sector is poised for another major boost with an estimated SR180 billion ($48 billion) in deals expected to be signed at Cityscape Global 2024, taking place in Riyadh from Nov. 11-14.

The event will feature a global investment forum with representatives from 22 countries managing over $3.2 trillion in assets, further solidifying Riyadh’s position as a key capital hub.

Over 30,000 housing units from international developers will also be launched, marking a significant entry into the Saudi market.

Cityscape Global 2024, hosted at Riyadh’s Exhibition and Convention Center in Malham, stands as a major platform for innovation and growth. It underscores Saudi Arabia’s ongoing evolution in real estate, driven by Vision 2030, and its commitment to sustainable development in this vital sector.

The event will host nearly 200 international companies from 50 countries, along with 104 local developers and over 70 global real estate investors. This diverse representation will create a unique platform for shaping the future of real estate in the Kingdom. This year’s edition will span a remarkable 120,000 sq. meters — double the size of the previous edition.

Unprecedented growth

The Saudi real estate sector has seen exceptional growth, with local developers increasing from 48 to 104 in just one year and international developers rising from 54 to 69. This expansion is reflected in the sector’s performance in 2024, with over 280,000 real estate transactions worth more than SR636 billion.

According to the 2024 Global Real Estate Transparency Index, Saudi Arabia’s market ranks among the world’s most improved, raising expectations for Cityscape 2024 and attracting more attention to the Kingdom’s burgeoning real estate opportunities.

Championing the growth

Much of this progress is driven by Saudi Arabia’s Minister of Municipalities and Housing Majid Al-Hogail who has been instrumental in strengthening the sector’s regulatory framework.

Under his leadership, the real estate sector now contributes over 12 percent to Saudi Arabia’s non-oil gross domestic product.

Al-Hogail’s vision includes promoting sustainable urban development, enhancing homeownership rates, and creating smart cities through transformative projects like NEOM and The Line.

Cityscape’s role

Cityscape Global 2024 will showcase Saudi Arabia’s real estate advancements, offering an immersive experience for participants. A holographic map of future cities will allow attendees to explore designs, buildings, and street layouts that represent the Kingdom’s vision for sustainable urban development.

With Al-Hogail’s leadership, Cityscape 2024 is poised to pave the way for an innovative and sustainable real estate future in Saudi Arabia.

A global real estate leader

Cityscape Global 2024 is more than just an event; it is a testament to Saudi Arabia’s rapid development and commitment to excellence. As the Kingdom positions itself as a global leader in real estate, Cityscape will drive the sector to new heights, aligned with the country’s Vision 2030 and its pursuit of creating thriving, sustainable communities.

Topics: Real estae

Saudi Aramco slashes December oil prices for Asian buyers

Updated 06 November 2024

Arab News

November 06, 2024 14:42

Saudi Aramco slashes December oil prices for Asian buyers

Updated 06 November 2024

Arab News

November 06, 2024 14:42

RIYADH: Saudi Aramco has reduced its December pricing for Arab Light crude oil for Asian buyers, according to the latest price list released by the state-owned oil giant. The official selling price for Arab Light crude was cut by 50 cents, bringing it to $1.70 per barrel above the regional benchmark.

Similarly, the OSPs for Arab Extra Light and Super Light grades were also reduced by 50 cents per barrel for December, while the OSPs for Arab Medium and Heavy grades saw smaller cuts of 40 cents per barrel.

For North America, Aramco set the December OSP for its flagship Arab Light crude at $3.80 per barrel above the Argus Sour Crude Index. The price differential for Arab Light crude in Western Europe was set at $0.15 above the ICE Brent benchmark, according to an official statement.

Aramco produces five grades of crude oil: Super Light, Arab Light, Arab Extra Light, Arab Medium, and Arab Heavy.

These grades are distinguished by their density: Super Light has a density of more than 40, Arab Extra Light ranges between 36 and 40, Arab Light between 32 and 36, Arab Medium between 29 and 32, and Arab Heavy has a density of less than 29.

The global oil market has been under pressure in recent days, with crude oil prices falling 2.5 percent on Wednesday, ending a five-day winning streak.

This decline was largely attributed to a stronger US dollar, as early reports suggested that Donald Trump is edging closer to securing a second term in the White House. A stronger dollar tends to exert downward pressure on oil and other commodities, making them more expensive for buyers using other currencies.

As a result, Brent crude oil futures dropped to $73.64 per barrel, marking a 2.5 percent decrease from the previous close of $75.53. Similarly, West Texas Intermediate crude futures fell to around $70.22 per barrel, down 2.45 percent from the prior close of $71.99.

Crude oil prices have been subject to significant fluctuations recently, influenced by several key factors. These include OPEC+’s decision to delay its December production plans for the second time, rising tensions in the Middle East, expectations surrounding the upcoming US Federal Reserve policy meeting, and early signs of economic improvement in China, the world’s largest crude importer.

Topics: Aramco

Saudi Tadawul Group eyes M&As to strengthen capital markets: Bloomberg

Updated 06 November 2024

Nadin Hassan

November 06, 2024 13:43

Saudi Tadawul Group eyes M&As to strengthen capital markets: Bloomberg

Updated 06 November 2024

Nadin Hassan

November 06, 2024 13:43

RIYADH: Saudi stock exchange operator Tadawul Group is ramping up plans for mergers and acquisitions to expand the Kingdom’s capital markets amidst a wave of local listings, a senior executive said.

In an interview with Bloomberg in London, Chief Strategy Officer at Saudi Tadawul Group Lee Hodgkinson highlighted that the firm is targeting “digestible” and “strategically relevant acquisitions,” though he did not elaborate on specific targets.

“Mergers and acquisitions will be more integral to our future strategy than in the past,” Hodgkinson said.

The Saudi bourse has seen an influx of companies listing in recent years. This aligns with the Kingdom’s Vision 2030 initiative led by Crown Prince Mohammed bin Salman, which aims to deepen capital markets and reduce reliance on oil.

This year alone, stock sales on Tadawul have raised $15.6 billion, including a significant offering from energy giant Saudi Aramco, Bloomberg reported.

While Hodgkinson did not dismiss potential acquisitions of other stock exchanges down the line, he emphasized that Tadawul’s immediate focus is on diversifying its revenue streams.

Earlier this year, the firm acquired a stake in the Dubai Mercantile Exchange’s parent company for $28.5 million, marking a strategic move into the commodities market.

Looking ahead, Tadawul is exploring various post-trade services, including stock lending and collateral management, alongside developing data services like market indices.

According to Hodgkinson, the team will “exercise a great deal of discipline” on value and possible synergies while evaluating purchase possibilities. He added that M&A activity is intended to support the group’s organic growth strategy.

In August, Bloomberg reported that the Saudi Tadawul Group is intensifying its focus on attracting Asian investors to boost liquidity and trading activity in the region’s largest market.

This push comes as foreign ownership in Saudi capital markets has grown significantly, reaching SR401 billion by the end of 2023, a record high.

Net foreign investments rose by 7.7 percent from the previous year to SR198 billion ($52.77 billion), highlighting the success of the Qualified Foreign Investor program, first introduced in 2015 to open up the Saudi market to global backers.

According to Bloomberg, the Tadawul Group has identified Asia as a key area of focus, aiming to strengthen ties with major Asian markets to diversify the Kingdom’s investment sources.

In the interview, Hodgkinson highlighted that the group sees immense investment potential from markets like China and India.

Tadawul also plans to expand beyond equities into debt markets, commodities, and advanced post-trading services to position itself as a competitive international market player.

Increased mergers, acquisitions, and partnerships are anticipated as the company pursues these goals.

Topics: Saudi Tadawul Group Tadawul Group

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Saudi real estate to see $48bn in deals at Cityscape Global 2024

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Saudi minister and US counterpart agree road map for cooperation in energy sector

Saudi minister and US counterpart agree road map for cooperation in energy sector

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