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Saudi Ma’aden and American Alcoa Sign Share Purchase, Subscription Agreement

Ma’aden headquarters in Riyadh (Asharq Al-Awsat)
Ma’aden headquarters in Riyadh (Asharq Al-Awsat)
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Saudi Ma’aden and American Alcoa Sign Share Purchase, Subscription Agreement

Ma’aden headquarters in Riyadh (Asharq Al-Awsat)
Ma’aden headquarters in Riyadh (Asharq Al-Awsat)

Saudi Arabian Mining Company (Ma’aden) and Alcoa, one of the world’s leading aluminium companies, announced on Sunday a Share Purchase and Subscription Agreement.

The agreement will see Alcoa’s share in both Ma’aden Aluminium Company (MAC) and Ma'aden Bauxite and Alumina Company (MBAC), transfer to Ma’aden, the Saudi company said in a statement.

In exchange, Alcoa will receive cash and newly issued Ma'aden shares, thereby broadening its interest in the Saudi Arabian Mining Company.

Upon completion, this transaction will provide Ma’aden with full ownership and total operational and management control of MAC and MBAC.

In exchange, the statement said Alcoa will receive $150 million and be issued shares representing approximately 2.21% of Ma’aden’s share capital post-transaction.

By transferring from JV partner to shareholder, Alcoa is making a clear statement about its confidence in Ma’aden’s strategy and growth projections, it added.

Bob Wilt, CEO of Ma’aden, said: “Ma’aden formed our joint venture with Alcoa in 2009, as part of our drive to develop a world class aluminium business.”

“Now it’s time for our partnership to evolve. As we continue to grow our aluminium business, streamlining the management structure of this business is an important step forward for Ma’aden as we prepare for greater future growth and continue to build the mining sector as the third pillar of the Saudi economy,” he added.

For his part, Alcoa’s President and CEO, William F. Oplinger expressed confidence that under the new arrangement, that MBAC and MAC are well positioned for success.

“The transaction simplifies our portfolio, enhances visibility in the value of our investment in Saudi Arabia and provides greater financial flexibility to Alcoa, an important part of improving our long-term competitiveness,” he said.

The transaction is subject to regulatory and corporate approvals, in addition to the completion of other closing conditions that are customary for this type of transaction. The transaction is expected to be completed by Q1 2025, Ma’aden said in its statement.

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Business

Cluster2 Company Launches Direct Flights from Muscat to Saudi Arabia's Taif

Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA
Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA
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Cluster2 Company Launches Direct Flights from Muscat to Saudi Arabia's Taif

Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA
Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA

The Cluster2 Company, operator of Taif International Airport, announced the launch of three direct flights per week between Muscat and Taif via Oman Air, starting January 31, SPA reported.

The launch of international flights through the cluster’s airports comes as part of its ongoing commitment to improving the passenger experience and expanding international travel options, while continuing to build strategic partnerships with global airlines to enhance air connectivity in the Kingdom.

Business

Oil Prices Rise as US Ramps up Action against Venezuela Tankers

A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
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Oil Prices Rise as US Ramps up Action against Venezuela Tankers

A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer

Oil prices rose on Monday after the US intercepted ​an oil tanker in international waters off the coast of Venezuela and tensions in Russia's war against Ukraine remained high, with both developments raising fears of supply disruption.

Brent crude futures gained $1.31, or 2.17%, to $61.78 a barrel by 1316 GMT. US West Texas Intermediate crude rose by $1.25, or 2.2%, to $57.77.

Market participants now see a risk of disruption to Venezuelan oil exports because of the US ‌embargo, having previously ‌been complacent in that regard, said ‌UBS ⁠analyst Giovanni ​Staunovo.

Venezuelan crude ‌accounts for about 1% of global supply.

Growing supply from the US and the OPEC+ producer group have largely offset worries over supply disruption elsewhere to keep Brent futures around $65 a barrel in the second half of 2025, though prices have eased in the past month because of oversupply concerns.

Oil prices have been supported by developments off Venezuela while ⁠Russia-Ukraine tensions simmer in the background in an otherwise very bearish market, said June ‌Goh, analyst at Sparta Commodities.

The US Coast ‍Guard is pursuing an oil ‍tanker in international waters near Venezuela in what would be the ‍second such operation over the weekend and the third in less than two weeks if successful, officials told Reuters on Sunday.

A rebound in oil prices has been sparked by US President Donald Trump's announcement of a "total ​and complete" blockade of sanctioned Venezuelan oil tankers and subsequent developments there, followed by reports of a Ukrainian drone strike ⁠on a Russian shadow fleet vessel in the Mediterranean, said IG analyst Tony Sycamore.

The Brent and WTI benchmarks fell by about 1% last week.

US special envoy Steve Witkoff said on Sunday that talks between US, European and Ukrainian officials in Florida over the past three days in an effort to end Russia's war in Ukraine had focused on aligning positions. Those meetings and separate talks with Russian negotiators had been productive, he said.

However, the top foreign policy aide of Russian President Vladimir Putin said that changes made by the Europeans ‌and Ukraine to US proposals had not improved prospects for peace.

Business

GASTAT: Construction Costs in Saudi Arabia Rose 1% in November

The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA
The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA
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GASTAT: Construction Costs in Saudi Arabia Rose 1% in November

The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA
The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA

The Construction Cost Index in Saudi Arabia rose 1% in November 2025 compared with the same month last year, driven by equal 1% increases in both residential and non-residential construction costs, according to data released by the Kingdom’s General Authority for Statistics (GASTAT).

The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025.

The Construction Cost Index bulletin is part of GASTAT’s ongoing efforts to develop statistical products for vital sectors and provide a reliable and effective reference with accurate estimates to support decision-making by contractors, real estate developers, and relevant entities.

These efforts contribute to drawing a clear roadmap for residential and non-residential construction projects in the building and construction sector.