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6 Jun 2024

Foreign investors have flocked to saudiaramco’s $12 billion share sale, people familiar with the matter said

This marks a turnaround from the oil giant’s 2019 listing that ended up as a largely local affair. The deal attracted significant interest from foreign investors, according to the people, who declined be identified as the information is private. It wasn’t immediately clear exactly how much demand came from overseas, but those investors put in enough bids to more than fully cover the offering, the people said. Source: Bloomberg

29 Apr 2024

The UAE's ascent.

Do you know that the UAE's stock markets have a larger market capitalization than Brazil's or Spain's? Do you also know that the UAE's IPOs have been 2nd worldwide in raising capital? Source: Ryan Lemand, PhD, Bloomberg

8 Apr 2024

Looks like saudi arabia's balance of payments breakeven oil price (oil price that avoids a current account deficit) is now close to $85 a barrel...

This could explain why there is some scale back from NEOM + the need for oil prices to stay higher for longer... Source: Brad Setser

4 Mar 2024

Saudi Arabia, de facto leader of the Organization for the Petroleum Exporting Countries, will extend its voluntary crude production cut of 1 million barrels per day until the end of the second quarter

-> the state-owned Saudi Press Agency said Sunday, citing a source from the country’s Ministry of Energy. Riyadh’s crude production will be approximately 9 million barrels per day until the end of June, the announcement said..$ Russia will trim its production and export supplies by a combined 471,000 barrels per day until the end of June, Russian Deputy Prime Minister Alexander Novak said Source: CNBC

31 Jan 2024

Saudi Arabia has announced that it will stop pursuing the expansion of its oil production capacity, reversing a key goal in the oil's superpower strategy

Supporters of the energy transition are celebrating, but geopolitics may be more important than what meets the eye. In a nutshell, Saudi Arabia manages together with Russia a very complex political and economic arrangement within the OPEC+ alliance. Riyad and Moscow are coordinating with other producers around the world in order to revive the global oil market, prevent production surplus and keep oil prices higher than non-OPEC producers' policies would. Source: Francesco Sassi

7 Dec 2023

Saudi Arabia said on Tuesday it will offer tax incentives for foreign companies that locate their regional headquarters in the kingdom, including a 30-year exemption for corporate income tax

Link to Khaleej Times article:

30 Nov 2023

Congrats to Saudi Arabia who wins bid for 2030 world fair, beating Italy, S. Korea.

The Saudi Arabian capital of Riyadh won the right to host the Expo 2030 world fair, vote results showed on Tuesday, in another diplomatic victory for a Gulf country after last year's soccer World Cup in Qatar. South Korea's port city of Busan and Rome in Italy were also in the running to host the five-yearly event that attracts millions of visitors and billions of dollars in investment. “Our goal in the Kingdom is to organize the first environmentally friendly exhibition that achieves a zero level of carbon emissions,” Expo blueprint team member Eng. Nouf Bint Majid al-Muneef said. “The Riyadh Expo 2030 site will be powered by clean resources that rely on solar energy, and we are developing high standards for resource efficiencies and detailed strategies to enhance biodiversity, eliminate food waste, and ensure green waste management and recycling.” Source: Reuters, Al Arabiyah

5 Sep 2023

Brent Oil hits $90/bbl for 1st time since Nov as Saudi Arabia extended its unilateral oil production cut by another three months

Source: Bloomberg, Holger

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