Saudi Aramco Appoints New Senior Vice President for Finance

Aramco
Aramco
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Saudi Aramco Appoints New Senior Vice President for Finance

Aramco
Aramco

Saudi Aramco has made new appointments during a meeting of its board of directors, sources told Bloomberg.

They said the board approved for Khalid al-Dabbagh to become senior vice president for finance, taking over from Abdallah al-Saadan, who is now chairman of the Royal Commission for Jubail and Yanbu.

The board also appointed Motassim al-Maashouq to the post of president of treasury, the sources told Bloomberg.

However, it did not say if al-Maashouq will keep his post of vice president of IPO development in Aramco.

The appointed Aramco officials will take over their new positions starting September, the sources said.

The new appointments come at an important stage for Aramco, which said last month that it is looking to buy a stake in petrochemical maker Saudi Basic Industries Corporation (SABIC).

Aramco is weighing tapping the international bond market for the first time to finance the acquisition of SABIC, people familiar with the talks told Bloomberg in July.

The bond is likely to be combined with bank loans, it said.

The move into global capital markets could offer an alternative to an initial public offering, it added.

In another development, Energy Minister Khalid al-Falih said Thursday that Saudi Arabia has a "firm and long-standing policy" that petroleum supplies are not influenced by political considerations.

"The current diplomatic crisis between Saudi Arabia and Canada will not, in any way, impact Saudi Aramco's relations with its customers in Canada," he said in a statement.

Canadian analysts have said that the country imports from Saudi Arabia 75,000-85,000 barrels of oil per day.



Logistics Zones Spread in Saudi Arabia to Consolidate World Trade

Containers are seen at King Abdul Aziz Port, also known as Dammam Port. SPA
Containers are seen at King Abdul Aziz Port, also known as Dammam Port. SPA
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Logistics Zones Spread in Saudi Arabia to Consolidate World Trade

Containers are seen at King Abdul Aziz Port, also known as Dammam Port. SPA
Containers are seen at King Abdul Aziz Port, also known as Dammam Port. SPA

Data has shown a spread of logistics areas in Saudi Arabia, bringing the total number of existing centers to 22 in the past year, a 267% increase compared to the base year 2021, with a total area exceeding 34 million square meters.

This year, several international companies announced the opening of new logistics areas, the latest of which was the opening of Maersk, the Danish international container shipping company, which represents the largest logistics investment in Jeddah port in Western Saudi Arabia valued at 1.3 billion riyals (350 million dollars).

Saudi Arabia also continues its efforts to enhance its transport and logistics services system, planning to reach 59 logistics areas by 2030, to strengthen competitiveness, and support trade and industrial movement.

According to the Warehousing and Logistics Statistics Publication 2023 of the General Authority for Statistics, the Eastern Region had the highest number of logistics centers, with 6 centers covering an area of 6.3 million square meters, followed by Riyadh Region and Makkah Region, each with 5 logistics centers, with a total area of 20 million square meters in Makkah and 4.9 million square meters in Riyadh.

The publication said data indicated that the total quantity of cargo imported and exported via maritime transport reached 308.7 million tons, and the quantity of external cargo via land transport reached 24.9 million tons. The quantity of cargo transported by railway was 14.3 million tons, while the quantity of cargo via air transport, both imported and exported, accounted for 918 thousand tons.

Data also revealed that the total number of warehouses in the Kingdom was 12,451, covering an area of 22.8 million square meters. Riyadh Region had the highest number of warehouses and area, with 6,584 warehouses covering an area of 10.6 million square meters, followed by Makkah Region with 2,224 warehouses, covering an area of 6.5 million square meters.

The number of general warehouse licenses was the highest, totaling 6,923 licenses, which constituted 55.6% of the total licenses. This was followed by humidity-controlled warehouses with 2,115 licenses, accounting for 17% of the total licenses, and refrigerated warehouses with 2,006 licenses, making up 16% of the total licenses.

In 2023, the number of valid licenses for good transport (activities) reached 7,963 licenses, where Riyadh Region had the highest number of active licenses at 1,996.

According to the data for 2023, the total number of sales outlets of postal service exceeded 1,300. The number of cargos reached over 140 million, with an average delivery time of 2.45 days.

As for the total number of customs clearance activity licenses valid for 2023, they amounted to 170 licenses. Customs authority licenses were the highest in the number of licenses valid for 2023, with 57 licenses, followed by air ports licenses with 47 licenses.

Saudi Crown Prince Mohammed bin Salman bin Abdulaziz, who is also Chairman of the Supreme Committee for Transport and Logistics, launched in 2023 the Master Plan for Logistics Centers, which aims to develop the infrastructure of the Kingdom’s logistical sector, diversify the local economy, and enhance Saudi Arabia's status as a leading investment destination and a global logistical hub.