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Int’l Maritime Assembly Highlights Saudi, Gulf Potential

A session from the Saudi Maritime Congress (Asharq Al-Awsat)
A session from the Saudi Maritime Congress (Asharq Al-Awsat)
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Int’l Maritime Assembly Highlights Saudi, Gulf Potential

A session from the Saudi Maritime Congress (Asharq Al-Awsat)
A session from the Saudi Maritime Congress (Asharq Al-Awsat)

The international maritime assembly held in Dammam, Saudi Arabia, over the course of two days, shed light on the immense potential possessed by the maritime shipping and logistics sectors in the Kingdom and Gulf Cooperation Council (GCC) countries.

The “Saudi Maritime Congress,” in its fourth edition, concluded its events on Thursday with the signing of two memoranda of understanding between national and international institutions.

The first MoU was signed between the Saudi-listed National Shipping Company of Saudi Arabia (Bahri) and SAIL, a Saudi Investment Recycling Company (SIRC) subsidiary.

The memorandum of understanding aims to foster cooperation in sustainable maritime shipping, environmental protection, and the enhancement of sustainability practices within the maritime industry.

This collaboration between the two institutions embodies their shared vision to transform the maritime shipping sector into a more sustainable and environmentally friendly industry.

The second MoU was signed between the Saudi Ports Authority (MAWANI) and SIRC to advance maritime sustainability in the Kingdom.
This collaboration, focused on enhancing environmentally responsible practices in the maritime sector, represents a significant milestone in advancing sustainable development and supporting the goals of Saudi Arabia’s “Vision 2030.”

The agreement underscores the commitment of both parties to environmental protection and the promotion of resource efficiency and circular economy principles within the maritime sector.

Abdullah Bin Damithan, CEO & Managing Director of DP World, told Asharq Al-Awsat that investments in the Islamic Port of Jeddah (located in the western part of the Kingdom) have reached approximately $800 million over a 30-year period, with expectations for the project’s completion in the coming year.

The agreement, which was signed in June of the previous year, entails the establishment of a logistics zone spanning 415,000 square meters, capable of accommodating 250,000 standard containers and featuring warehouses covering 100,000 square meters.

This zone will provide advanced and eco-friendly electronic services.

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Business

Saudi Arabia Aims to Boost Polymer-based Manufacturing Industries

Deputy Minister of Industry and Mineral Resources for Industrial Affairs Eng. Khalil bin Salamah. (Asharq Al-Awsat)
Deputy Minister of Industry and Mineral Resources for Industrial Affairs Eng. Khalil bin Salamah. (Asharq Al-Awsat)
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Saudi Arabia Aims to Boost Polymer-based Manufacturing Industries

Deputy Minister of Industry and Mineral Resources for Industrial Affairs Eng. Khalil bin Salamah. (Asharq Al-Awsat)
Deputy Minister of Industry and Mineral Resources for Industrial Affairs Eng. Khalil bin Salamah. (Asharq Al-Awsat)

Deputy Minister of Industry and Mineral Resources for Industrial Affairs Eng. Khalil bin Salamah said Saudi Arabia aims to achieve a fourfold increase of production in polymer-based manufacturing industries by 2035.

Speaking to Asharq Al-Awsat on the sidelines of the Riyadh International Industry Week, which kicked off on Monday, the minister underlined the importance of this objective in providing great opportunities for investors.

The event, which concludes on Friday, was inaugurated by Minister of Industry and Mineral Resources, Bandar Alkhorayef at the Riyadh International Convention and Exhibition Center.

The event features four exhibitions: the Saudi Exhibition for Plastics and Petrochemical Industries, the Saudi Exhibition for Printing and Packaging, the Saudi Exhibition for Smart Logistics Services, and the Saudi Exhibition for Smart Manufacturing.

The event is also an opportunity to discuss fair competition and competitive environment, as well as sustainability and export capabilities. It features a number of activities that aim to support the industry in Saudi Arabia, with the participation of more than 500 companies from 24 different countries.

Bin Salameh said such events highlight the volume of investments expected in the Kingdom, and bolster communication between producing firms, such as Aramco, SABIC, Petro Rabigh, Sadara, and resource consuming companies.

The deputy minister went on to say that the event opens a wide scope for new investments, whether equipment manufacturers or investors, who have found that expansion in this field is feasible.

The automobile industry in Saudi Arabia is notably undergoing a major transformation through the production of electric vehicles and the establishment of factories for local manufacturing.

The Kingdom’s automotive industry is expected to grow 12 percent by the end of the decade thanks to Vision 2030 and its ambitious goals in environmentally friendly mobility and autonomous transportation. The industry will benefit from the Kingdom’s strategic location and investment in advanced technologies.

Business

Riyadh Int’l Industry Week Connects 10,000 Leaders Worldwide

Saudi Arabia’s Deputy Minister of Industry and Mineral Resources Khalil bin Salamah speaks at the event. (Asharq Al-Awsat)
Saudi Arabia’s Deputy Minister of Industry and Mineral Resources Khalil bin Salamah speaks at the event. (Asharq Al-Awsat)
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Riyadh Int’l Industry Week Connects 10,000 Leaders Worldwide

Saudi Arabia’s Deputy Minister of Industry and Mineral Resources Khalil bin Salamah speaks at the event. (Asharq Al-Awsat)
Saudi Arabia’s Deputy Minister of Industry and Mineral Resources Khalil bin Salamah speaks at the event. (Asharq Al-Awsat)

Saudi Arabia’s Deputy Minister of Industry and Mineral Resources Khalil bin Salamah highlighted the Kingdom’s strong position in the industry globally, revealing that over 10,000 industrial leaders from around the world gathered at the Riyadh International Industry Week 2024, which kicked off on Monday.

Bin Salamah stressed that Saudi Arabia aims to boost its manufacturing sector, especially in specialized chemicals, which could greatly contribute to the economy by creating more jobs and increasing exports.

He said the strategy includes focusing on 39 priority commodities such as building chemicals and automotive components.

During the event's second day, held at the Riyadh International Convention and Exhibition Center on Tuesday, the deputy minister emphasized Saudi Arabia’s leadership in the petrochemical industry, which plays a crucial role in driving economic growth and supporting related industries, such as automotive and pharmaceuticals.

Bin Salamah added that his ministry is working closely with the Ministry of Energy and other government bodies to strengthen the petrochemical supply chains in Saudi Arabia.

This involves ensuring a steady and competitive supply of petrochemical materials for producing specialized products, boosting growth, and exports in the sector.

They’re also focused on building specialized industrial complexes that link up with raw material sources or demand centers, offering infrastructure and services to specific industrial clusters.

They have various initiatives in place, including product development, promoting local content, and empowering exports.

“We aim to lead private sector investment in manufacturing industries and capitalize on the Kingdom’s rapid growth. Collaboration between basic and advanced companies is key to developing businesses, creating opportunities, and driving targeted transformation,” emphasized Bin Salameh.

“We're currently working on maximizing production capacities by integrating petrochemical supply chains. This involves addressing challenges related to petrochemical materials. We urge all sector companies to join us in tackling challenges and finding solutions,” he explained.

He stressed that Saudi Arabia aims to bolster its industrial base and diversify the economy, with private sector investment being crucial.

Business

Saudi Arabia, Canada Launch New Phase of Cooperation in Education, Knowledge, Capabilities

The Canadian ambassador said his country is working in partnership with Saudi Arabia to strengthen relations in the educational fields. (Asharq Al-Awsat)
The Canadian ambassador said his country is working in partnership with Saudi Arabia to strengthen relations in the educational fields. (Asharq Al-Awsat)
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Saudi Arabia, Canada Launch New Phase of Cooperation in Education, Knowledge, Capabilities

The Canadian ambassador said his country is working in partnership with Saudi Arabia to strengthen relations in the educational fields. (Asharq Al-Awsat)
The Canadian ambassador said his country is working in partnership with Saudi Arabia to strengthen relations in the educational fields. (Asharq Al-Awsat)

Riyadh hosted on Tuesday the first Saudi-Canadian Forum for Educational Partnership, in the presence of Saudi Minister of Education Yousef Al-Benyan and Canadian Ambassador to the Kingdom Jean-Philippe Linteau.

The forum aims to strengthen cooperation and partnerships between educational institutions in the two countries. It witnessed the participation of around 180 experts and stakeholders in the fields of education, health and industry.

Al-Benyan underlined the importance of education in achieving the goals of Saudi Arabia’s Vision 2030, especially in terms of qualifying students to compete globally. He noted that the forum reflected the commitment of Saudi Arabia and Canada to develop the existing strategic partnership between them.

The minister touched on his recent visit to Canada and pointed to many existing opportunities for cooperation in the fields of general and higher education, early childhood programs, teacher development, in addition to medical, technical and vocational training programs.

He stressed the importance of boosting cooperation between the two countries in research and development in priority areas in line with Vision 2030.

In remarks to Asharq Al-Awsat, Linteau said Canada is a committed partner in supporting the Kingdom’s move towards a knowledge-based economy as described in the goals of Vision 2030.

He added that the forum will serve as a platform for dialogue, communication and cooperation in the fields of joint research, technical training, capacity building, student and faculty exchange, curriculum development and opening external centers.

The ambassador said his country is working in partnership with Saudi Arabia to strengthen relations in education due to the importance of this sector in developing human capital and supporting innovation to achieve a prosperous future for the two countries.

The forum aims to explore the most important areas of educational cooperation, such as: information technology, tourism, health care, clean energy, mining, and agriculture, he went on to say.

Business

Saudi Arabia Kicks Off Largest Entertainment Events

Officials are seen at the opening of the exhibitions at the Riyadh Front Exhibition and Conference Center. (Asharq Al-Awsat)
Officials are seen at the opening of the exhibitions at the Riyadh Front Exhibition and Conference Center. (Asharq Al-Awsat)
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Saudi Arabia Kicks Off Largest Entertainment Events

Officials are seen at the opening of the exhibitions at the Riyadh Front Exhibition and Conference Center. (Asharq Al-Awsat)
Officials are seen at the opening of the exhibitions at the Riyadh Front Exhibition and Conference Center. (Asharq Al-Awsat)

Saudi Arabia’s Riyadh witnessed on Tuesday the launch of its largest entertainment gathering with the opening of two highly anticipated events - the Saudi Entertainment and Amusement (SEA) Expo, and the Saudi Light and Sound (SLS) Expo.

Over three exciting days, attendees will experience interactive displays, cutting-edge technology, and insights into the future of entertainment. The expos feature local and international experts, government officials, and industry specialists.

Mohannad Al-Abbad, Deputy CEO of Investment and Business Development at the General Entertainment Authority, inaugurated the exhibitions, followed by tours for VIP guests.

Speaking to Asharq Al-Awsat, Majed Aleid, Director of the Entertainment Sector at the Ministry of Investment, noted the Kingdom’s significant progress in the entertainment sector, highlighting its role in boosting quality of life.

The events offer valuable insights and experiences, aiming to enhance cooperation, innovation, and communication among investors, creators, and industry experts globally. They bring fresh ideas and projects to enrich the entertainment scene, he added.

Sarkis Kahwajian from DMG Events, which is organizing this year’s edition of the expos, stressed that this year’s agenda is the most diverse yet, showcasing the latest products and developments in Saudi entertainment.

Saudi Invest, part of the Ministry of Investment, will sign an agreement with Nowaar Entertainment on experiential events and content development.

Dallah Al-Baraka, a multinational company, will partner with Europa-Park, a renowned German amusement park, to offer consulting services, training programs, and equipment sales to support the sector’s growth aligned with Saudi Vision 2030.

Over the next three days, the SEA Expo will showcase new products from various companies.

Speakers from top industry players like Six Flags Qiddiya, SEVEN, Cruise Saudi, and government bodies will discuss topics including the future of Saudi entertainment, local-global brand connections, food and beverages, amusement parks, sustainability, and workforce retention.

At the SLS Expo, visitors can explore lighting, sound, live events, theater tech, and augmented reality.

Business

Saudi Arabia’s flynas Signs Interline Partnership to Open up More Travel Choices via Dubai 

Emirates and Saudi Arabia’s flynas sign an expanded two-way interline partnership with plans to open up connections and more travel choices for flynas customers via Dubai. (SPA)
Emirates and Saudi Arabia’s flynas sign an expanded two-way interline partnership with plans to open up connections and more travel choices for flynas customers via Dubai. (SPA)
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Saudi Arabia’s flynas Signs Interline Partnership to Open up More Travel Choices via Dubai 

Emirates and Saudi Arabia’s flynas sign an expanded two-way interline partnership with plans to open up connections and more travel choices for flynas customers via Dubai. (SPA)
Emirates and Saudi Arabia’s flynas sign an expanded two-way interline partnership with plans to open up connections and more travel choices for flynas customers via Dubai. (SPA)

Emirates and Saudi Arabia’s flynas signed on Tuesday an expanded two-way interline partnership on the sidelines of the Arabian Travel Market (ATM), with plans to open up connections and more travel choices for flynas customers via Dubai.

The agreement was signed by Emirates’ Deputy President and Chief Commercial Officer Adnan Kazim and flynas Group CEO & Managing Director Bander Almohanna.

Emirates’ current interline with flynas provides its customers with enhanced connectivity via its four gateways: Riyadh, Jeddah, Madinah and Dammam, to over 15 domestic points in Saudi Arabia. It also includes the convenience of single ticket itineraries with onwards booking and baggage transfers.

With the expansion of the interline to a bilateral arrangement, flynas customers can connect across any of Emirates’ gateways in the Kingdom to a select roster of onward destinations on the airline’s network in the Far East, West Asia & Indian Ocean and Europe, via Dubai.

“We are quite pleased to offer more choices to our customers through Emirates' wide network. Once the expanded interline partnership is activated, customers will be able to book their travel on the flynas website, through online travel agencies as well as with local travel agents,” said Almohanna.

For his part, Kazim said: “The existing flynas links provide our customers with an array of possibilities to travel smoothly across the Kingdom of Saudi Arabia, in particular to business hubs and emerging leisure and cultural destinations.”

“Connecting our networks solidifies our commitment to offering travelers in Saudi Arabia access to even more destinations and helping them benefit from unique travel options. The expansion of our interline agreement demonstrates our commitment to Saudi Arabia, and this is only the beginning,” he added.

“We look forward to exploring more opportunities to widen the scope of our partnership in the future.”

Attending the signing were Emirates Airline & Group Chairman and Chief Executive Sheikh Ahmed bin Saeed Al Maktoum, flynas Chairman Ayed Al Jeaid, and other senior representatives from both airlines.

Business

Saudi Minister of Commerce Holds Meetings to Strengthen Economic Partnership with Malaysia

Saudi Minister of Commerce Dr. Majid Al-Qasabi held talks in Kuala Lumpur on Tuesday with Malaysian ministers with the aim of strengthening the economic partnership. (SPA)
Saudi Minister of Commerce Dr. Majid Al-Qasabi held talks in Kuala Lumpur on Tuesday with Malaysian ministers with the aim of strengthening the economic partnership. (SPA)
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Saudi Minister of Commerce Holds Meetings to Strengthen Economic Partnership with Malaysia

Saudi Minister of Commerce Dr. Majid Al-Qasabi held talks in Kuala Lumpur on Tuesday with Malaysian ministers with the aim of strengthening the economic partnership. (SPA)
Saudi Minister of Commerce Dr. Majid Al-Qasabi held talks in Kuala Lumpur on Tuesday with Malaysian ministers with the aim of strengthening the economic partnership. (SPA)

Saudi Minister of Commerce Dr. Majid Al-Qasabi held talks in Kuala Lumpur on Tuesday with Malaysian ministers with the aim of strengthening the economic partnership.

The officials included Minister of Entrepreneurship Development, Minister of Entrepreneur Development and Cooperatives Ion Benedick, Minister of Agriculture and Food Security Mohamad Sabu, and Minister of Works Alexander Nanta Linggi.

Saudi Deputy Minister of Commerce and CEO of the National Competitiveness Center Dr. Iman bint Habas Al-Mutairi and Saudi Ambassador to Malaysia Musaed bin Ibrahim Al-Saleem were also present at the meeting.

Discussions focused on Malaysia's experience in supporting small and medium enterprises, as well as cooperation in training, knowledge transfer, innovation, and sustainability.

The meeting was part of a working visit by a Saudi delegation that included 30 officials from the public and private sectors. The visit aimed to boost bilateral trade in products and services and increase the economic partnership between Saudi Arabia and Malaysia. The delegation also participated in the launch event of the Saudi-Malaysian Business Council.

On the first day of the visit, Dr. Al-Qasabi discussed the facilities provided to businesses in both countries with Malaysian officials. He highlighted the Kingdom's efforts to become a global center for trade and logistics services.

Discussions also covered cooperation in building capabilities in innovation, emerging technologies, research programs, and e-commerce.

Additionally, meetings with the Malaysian business sector focused on reforms and legislation related to the business environment, facilities, and advantages that encourage economic activities in the Kingdom and promising opportunities for bilateral partnerships between the two countries' business sectors.

The delegation included senior officials from Saudi government agencies, including the ministries of trade, investment, education, industry and mineral resources, environment, water and agriculture, rural municipal affairs and housing, the Saudi Standards, Metrology and Quality Organization, and the General Authority for Small and Medium Enterprises "Monsha'at".

It also included officials from the Saudi Data and Intelligence Authority, Saudi Export Development Authority, National Competitiveness Center, Saudi Center for Economic Business, and Federation of Saudi Chambers, which was represented by several businessmen of national companies from the business sector.

Business

Standard & Poor's Expects Saudi Real GDP to Grow by 2.2% in 2024, 5% in 2025

S&P said the banking system in Saudi Arabia remains in good shape (Reuters)
S&P said the banking system in Saudi Arabia remains in good shape (Reuters)
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Standard & Poor's Expects Saudi Real GDP to Grow by 2.2% in 2024, 5% in 2025

S&P said the banking system in Saudi Arabia remains in good shape (Reuters)
S&P said the banking system in Saudi Arabia remains in good shape (Reuters)

S&P Global Ratings expected the real GDP of Saudi Arabia to grow by 2.2% in 2024, and by 5% in 2025.
In its latest report seen by the Arab World Press, the rating agency said the surge in the non-oil sector will contribute an increasing share of this growth, mainly due to government-led investments in Vision 2030 projects.
On the other hand, S&P projected that banks and capital markets will contribute a significant amount in Vision 2030, which requires around $1 trillion in investment over several years.
The report stated that part of this investment will also come from the government and the Public Investment Fund (PIF).
S&P Global Ratings said it believes that investments in Vision 2030 will inevitably increase leverage in Saudi Arabia’s private sector and the broader economy. However, it noted that the pace and extent of the increase in leverage in the corporate sector remain uncertain.
The agency said lending growth in Saudi Arabia’s banking system over the past five years was primarily due to an increase in mortgages. It then attributed this reason to the lack of a material increase in publicly listed corporate debt.
Moreover, S&P said companies in Saudi Arabia have been cautious about committing to large capital expenditures due to high-interest rates.
And even though listed companies’ leverage remains manageable, S&P expected that debt is building up in the private sector among unlisted entities, and therefore would support strong corporate growth.
The agency added that the structure of corporate balance sheet debt is changing, with a growing contribution from international debt versus domestic debt.
The S&P report also showed that higher private-sector leverage in Saudi Arabia’s banking landscape could create imbalances and pose asset-quality problems in the future. However, the banking system remains in good shape, with strong overall asset-quality indicators and capitalization, it affirmed.
The report also expected banks’ good profitability and conservative dividend payouts to continue supporting their capitalization over the next one-to-two years.
In addition to raising debt, the agency said Saudi Arabia’s companies have been active in raising new equity through initial public offerings (IPOs) in 2022 and 2023.
It noted that until May 2, 13 private companies have announced potential listings on Saudi Arabia’s main market and parallel market (Nomu). In addition to strong internal cash flow generation, this will help contain the buildup of corporate debt.
Meanwhile, debt buildup in the Saudi economy will remain in focus, S&P said. It expected its growth to be gradual and concentrated with companies in the PIF portfolio.
The rating agency also noted that Saudi Arabia still faces some risks including higher-for-longer interest rates and geopolitical risks, which could mean higher spreads for the weakest companies.

 

Business

Riyadh Witnesses Launch of 1st European Chamber of Commerce

The European Chamber of Commerce in Saudi Arabia, led by Lorcan Tyrrell, will officially launch in Riyadh on Wednesday. SPA
The European Chamber of Commerce in Saudi Arabia, led by Lorcan Tyrrell, will officially launch in Riyadh on Wednesday. SPA
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Riyadh Witnesses Launch of 1st European Chamber of Commerce

The European Chamber of Commerce in Saudi Arabia, led by Lorcan Tyrrell, will officially launch in Riyadh on Wednesday. SPA
The European Chamber of Commerce in Saudi Arabia, led by Lorcan Tyrrell, will officially launch in Riyadh on Wednesday. SPA

The European Chamber of Commerce in the Kingdom of Saudi Arabia (ECCKSA) will officially launch in Riyadh on Wednesday. The chamber aims to strengthen economic, investment, and trade ties between the European Union, Saudi Arabia, and the Gulf states.

Before the launch, ECCKSA Chairman Lorcan Tyrrell highlighted that the Chamber’s formation followed over a year of collaborative efforts with EU and Saudi officials.

Q: When will the work of the European-Saudi Chamber of Commerce officially begin? Is there a specific commercial, investment or economic project with which the Chamber’s work will be launched?
Work has been ongoing by the EU Delegation and Founding Group Members for over 12 months. Following a very proactive dialogue with European and Saudi Government Officials, we are now in a position to open our organization to Members. Our Founding Group Members have been volunteering in their capacity to see us reach this part of the journey and are now transitioned to the First Board of the First European Chamber of Commerce in GCC.
There are emerging priorities that we may focus on in our sectoral committees. However, there is a unique opportunity for our new members to shape the voice and priorities of the Chamber of Commerce with Governements and Policy makers in both KSA and Europe. Two areas of focus just at the moment include the Green Transition Programme to help utilize best sustainability processes and green energy solutions as well as Women in Leadership which are active programmes within the EU-GCC dialogue.
Q: What facilities will the chamber provide to the business sector on both sides?
We will focus on three key priorities. Our primary focus will be on business positioning. Highlighting the key priorities for policy makers to focus on through position papers for example. This will be supported through advocacy and working group engagement with Ministries and Enterprise Agencies. Our secondary focus shall be around facilitating members to join the Chamber and to provide events for networking and publications to support the members businesses. All of this will then be supported through our tertiary priority which is to link back to EU and KSA to remove barriers to accessing the market. This may for example include helpdesks to help companies navigate the right channels to doing business in Saudi.
It should be highlighted as part of these priorities that we will also be opening bi-lateral communications into Europe for Saudi businesses to share their knowledge in services and goods and grow the trade channel in both directions.
Q: What are the most prominent challenges that the Chamber will work to find solutions for? 
Facilitate dialogue between the stakeholders that have enabled this initiative and the Members / Businesses that will join.
Seek opportunities to increase localization and for Saudi businesses to prosper through European Businesses being present in KSA.
Remove existing obstacles to trade in areas that our members currently experience and share good innovative solutions that businesses have found to be positive.
Q: Will the Chamber have any role in launching a free trade zone in the region?
This is not something that we are currently involved in. We will meet the various Ministries of Government to ensure we listen and prioritize key initiatives. This will be reflected through our Members and the European Government.
Q: What are your expectations for an increase in the growth rate of trade and investment during the year 2024?
We expect that a European Chamber of Commerce will focus on the sectoral opportunities within KSA. So for example if we look at Energy we will focus on how we can join the Energy and Utilities sector together with a unified voice and increase opportunities to prosper and trade more. This is equally the case on how KSA is perhaps in a position to export energy solutions to Europe that are not part of the oil industry such as green hydrogen fuels.
 

Business

Aramco Reports 14% Decline in First-quarter Net Income to $27.3 Billion

Aramco President & CEO Amin H. Nasser. Reuters file photo
Aramco President & CEO Amin H. Nasser. Reuters file photo
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Aramco Reports 14% Decline in First-quarter Net Income to $27.3 Billion

Aramco President & CEO Amin H. Nasser. Reuters file photo
Aramco President & CEO Amin H. Nasser. Reuters file photo

Saudi Aramco reported on Tuesday a 14% decline in net income to $27.3 billion in the three months to March 31, down from $31.9 billion a year earlier, according to a company earnings statement.

The company declared base dividend payouts for the first quarter totaling $20.3 billion and a performance-linked dividend distribution of $10.8 billion to be paid in the second quarter.

It said it expects total dividends of $124.3 billion to be declared in 2024, of those $43.1 billion in performance-linked dividends.

“Our first-quarter performance reflects the resilience and strength of Aramco, reinforcing our position as a leading supplier of energy to economies, to industries and to people worldwide,” said Aramco President & CEO Amin H. Nasser.

“We also continue to execute our long-term strategy, and in the first quarter made significant progress on expanding our gas business and growing our globally-integrated downstream value chain, while maintaining our focus on consistently delivering value for our shareholders.”

He expected Aramco’s “portfolio to continue to evolve as we aim to contribute to an energy transition that offers solutions to climate challenges, but at the same time recognizes the need for affordable, reliable, and flexible energy supplies.”

Business

UAE, New Zealand to Launch Talks for Free Trade Deal

The United Arab Emirates and New Zealand will begin negotiations over a free trade agreement. WAM
The United Arab Emirates and New Zealand will begin negotiations over a free trade agreement. WAM
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UAE, New Zealand to Launch Talks for Free Trade Deal

The United Arab Emirates and New Zealand will begin negotiations over a free trade agreement. WAM
The United Arab Emirates and New Zealand will begin negotiations over a free trade agreement. WAM

The United Arab Emirates and New Zealand will begin negotiations over a free trade agreement, which will boost trade and investment ties between the two nations.

New Zealand’s Minister for Trade Todd McClay met his UAE counterpart to announce the start of talks on a Comprehensive Economic Partnership Agreement, according to a statement on Tuesday.

UAE Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi said that a Comprehensive Economic Partnership Agreement will open up a range of opportunities for both countries, “with the UAE offering direct access to new markets for New Zealand’s exports, particularly in food and agricultural products, while our services exporters and investors will be able to explore a range of high-value sectors. We are both eager to get started.”

"The UAE is an important bilateral partner for New Zealand, and today’s launch of negotiations is an exciting step towards growing our significant trade and economic relationship," said McClay.

The UAE is New Zealand's largest trade partner in the Middle East and exports hit NZ$1.02 billion ($613 million) in the year to September 2023, up 17% from the year before, according to New Zealand foreign ministry data.