عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Aramco Extends $800 Mn Contracts for Arabian Drilling

A drilling rig belonging to Arabian Drilling (Arabian Drilling's website)
A drilling rig belonging to Arabian Drilling (Arabian Drilling's website)
TT
TT

Saudi Aramco Extends $800 Mn Contracts for Arabian Drilling

A drilling rig belonging to Arabian Drilling (Arabian Drilling's website)
A drilling rig belonging to Arabian Drilling (Arabian Drilling's website)

Saudi Aramco extended several contracts worth close to $800 million with the Arabian Drilling Company (ADC) that were due to expire in 2023.

The contracts have been extended from three to ten years, the company said in a statement.

The company noted that the financial impact of this extension is expected to be reflected in the results of the third quarter of the fiscal year 2023.

The Arabian Drilling, listed on Tadawul, specializes in onshore and offshore drilling activities in the Kingdom.

It announced in July that it had signed long-term contracts with Aramco to provide it with ten new-build land rigs with full crews to conduct drilling and exploration operations within Aramco's unconventional program.

The ADC signed a similar contract with the Saudi oil giant in January for five years to provide it with one offshore drilling platform exceeding SR650 million.

The company's profits grew 36 percent in the first half of this year to reach SR282 million, after it increased by 23 percent in the second quarter to SR140 million.

Most Viewed

 
 
Business

Saudi PIF Invests $200 Million in ETF Bond Fund

The fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). (Asharq Al-Awsat)
The fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). (Asharq Al-Awsat)
TT
TT

Saudi PIF Invests $200 Million in ETF Bond Fund

The fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). (Asharq Al-Awsat)
The fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). (Asharq Al-Awsat)

State Street Global Advisors, a subsidiary of State Street Corporation, announced that Saudi Arabia’s Public Investment Fund (PIF) has invested SAR 750 million ($200 million) in the newly launched SPDR J.P. Morgan Saudi Aggregate Bond ETF.

According to a statement released by the company on Wednesday, this fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). It is listed in both the London Stock Exchange and Germany’s Xetra, offering investors the opportunity to track government and quasi-government bonds denominated in either the Saudi Riyal or the US Dollar, including sukuk (Islamic bonds).

This investment aligns with the objectives of Saudi Vision 2030, representing a significant step toward enhancing the international presence of Saudi Arabia’s financial markets and attracting foreign investments. The fund is available to investors across several European countries, including Austria, Denmark, France, Germany, and Italy.

Commenting on the investment, Yazid Al-Humaid, Deputy Governor and Head of MENA Investments at PIF, said: “The fund continues to create opportunities and enable access to diverse capital markets in the Kingdom. Investing in the first internationally listed Saudi fixed-income ETF underscores PIF’s commitment to deepening Saudi capital markets, attracting investors, and fostering partnerships across global financial centers.”

CEO of State Street Global Advisors Yi-Hsin Hung emphasized that the launch of the fund is a significant milestone in providing innovative opportunities for investors while contributing to Saudi Arabia’s economic growth.