Category: Business

The Ministry of Investment will be hosting the Saudi-Japanese round table meeting in Jeddah tomorrow. This meeting will gather several notable attendees, including the Japanese Prime Minister Fumio Kishida, Minister of Investment Eng. Khalid bin Abdulaziz Al-Falih, and representatives from various public and private sectors of both countries.

The main objective of the round table is to strengthen the economic and investment ties between Saudi Arabia and Japan. It aims to explore potential investment opportunities across sectors such as petrochemicals, healthcare, mining, financial services, and logistics.

During the meeting, there will be discussions on significant projects in both countries, as well as the signing of agreements and memorandums of understanding in several sectors of mutual interest. Additionally, private sector institutions from both sides will have dedicated sessions to review areas of cooperation, investment partnerships, and exchange of experiences.

Source: Saudi Press Agency

The Maysan Oil Company held a meeting at the company’s headquarters to discuss plans for drilling, reclamation, and maintaining production in the fields of the governorate.

During the meeting, the current contracts (for the Iraqi Drilling Company) were discussed with the contractor, Sinooc Company, regarding drilling (22) wells within the fourth package, in addition to a contract for the reclamation of (150) wells, and the most prominent obstacles and ways to address them through joint cooperation and holding meetings between the contracting parties, and increasing the percentage of completion within the drilling and reclamation plan for the year (2023) to ensure the continuation and support of the sustainability of production from the Maysan fields, amounting to (300) thousand barrels per day, within the approved work program.

The meeting also discussed the process of attributing and supporting the Iraqi Drilling Company by issuing direct invitations to bids for drilling and completing the planned wells in the Maysan fields (Al-Bazarkan, Al-Fakah, and Abu Gharb) in direct coordination through the Maysan Oil Company.

It was agreed to hold a series of meetings between the Iraqi Drilling Company and the Operational Authority to address a group of technical matters related to the current operations by the drilling rigs belonging to the Iraqi Drilling Company (IDC49.IDC 55), as well as an agreement to continue cooperation and support of the Iraqi Drilling Company in order to improve the level of performance of its cadres and its devices.

Source: National Iraqi News Agency

Oman oil price (September delivery 2023) today reached 81.05 US Dollars, comprising a rise by 1.14 Dollars from the price of yesterday (Wednesday) which stood at 79.91 US Dollars.

The average price of Oman oil (July delivery 2023) has stabilized at 74.94 US Dollars per barrel, thus 8.34 US Dollars per barrel lower than June delivery 2023.

Source: Oman News Agency

Bahrain All Share Index closed at 1,969.97 points marking an increase of 10.39 points above the previous closing.

This increase was due to the raise in the communication service sector, financial sector, industrial sector and material sector.

Bahrain Islamic Index closed at 762.48 points marking an increase of 9.96 points above the previous closing.

Results indicated that 101 equity transactions took place with a volume of 2,870,948 worth BD 551,161.

Investors traded mainly in the financial sector representing 48.02% of the total value of securities traded.

Source: Bahrain News Agency

Oman Chamber of Commerce and Industry (OCCI) organized today the Oman-Syria Business Forum which aims to develop economic relations and boost trade exchange and investments between the Sultanate of Oman and the Syrian Arab Republic.

The event was held under the patronage of Dr. Said Mohammed Al Saqri, Minister of Economy.

In his speech, Al Saqri pointed out that the forum provides several economic opportunities between Oman and Syria. It is also a chance, he added, to explore areas of joint cooperation.

The forum, Al Saqri affirmed, facilitates connecting Omani and Syrian businesspeople through B2B meetings which will be held on the sidelines of the event.

On his turn, Dr. Mohammad Samer Al Khalil, Syria’s Minister of Economy and Foreign Trade said that economic relations between Oman and Syria are historic and continuous. He affirmed that Oman represents an important regional trade centre for re-exporting Syrian products to east African countries, India and China.

Meanwhile, Faisal Abdullah Al Rawas, Chairman of the Board of Directors of OCCI indicated that the forum is an opportunity for businesspeople to familiarize with facilities and incentives offered by the two countries.

Al Rawas pointed out that the event focuses on several economic sectors, such as food industries, exporting and importing, construction, manufacturing clothes and cotton products, textiles, tourism, veterinary medicine, fodder and fertilizers, chemicals and plastics industry.

Moreover, the forum comprises two workshops that highlight incentives offered to investors in Oman and Syria, in addition to available investment opportunities in various economic sectors.

Source: Oman News Agency

The Sultanate of Oman production of refineries and petrochemicals recorded an increase by 19.1% till the end of May 2023 compared to the corresponding period in 2022.

Products of liquefied petroleum gas (LPG) and M-91 automobile fuel lead the increase by recording a surge of 1212.3% and 232.1%, respectively, according to preliminary data issued by the National Centre for Statistics and Information (NCSI).

Exports of M-95 automobile fuel until the end of May 2023 declined by 91.8% compared to the same period of 2022 to stand at 226,400 barrels, while Gas oil (diesel) exports went up by 50% to reach 8,912,200 barrels. Aviation fuel oil also increased by 57.6% to reach 2,540,200 barrels.

Production of standard grade petrol (M-91) stood at 7,046,300 barrels comprising a rise by 46.6% till the end of May 2023. Sales of M-91 reached 5,843,100 barrels. Production of M-95 automobile fuel dropped by 29.6% to stand at 4,815,600 barrels. Sales of M-95 also went down to stand at 4,831,000 barrels.

Meanwhile, gas oil (diesel) output increased by 22.5% to 14,566,700 barrels. Sales of diesel stood at 5,799,000 barrels.

Aviation fuel oil production recorded a rise by 57.6% to 4,193,600 barrels. Its sales stood at 1,678,500 barrels.

Moreover, production of Liquefied Petroleum Gas (LPG) increased by 43% to 3,433,300 barrels.

As far as petrochemicals are concerned, benzene production increased by 270.6% to reach 63,000 metric tons. Output of paraxylene stood at 211,800 metric tons, constituting a surge 1168.3%.

Production of polypropylene went up by 28% to stand at 111,200 metric tons.

Further, exports of paraxylene reached 210,200 metric tons and exports of polypropylene went up by 41.3% to record 102,900 metric tons. Exports of benzene reached 66,900 metric tons.

Source: Oman News Agency

The total issuance of Government Treasury Bills amounted RO 65 million. The value of the allotted Treasury bills amounted to RO 37 million, for a maturity period of 28 days. The average accepted price reached RO 99.665 for every RO 100, and the minimum accepted price arrived at RO 99.665 per RO 100.

The average discount rate and the average yield reached 4.36696% and 4.38164%, respectively.

The value of the allotted Treasury bills amounted to RO 28 million, for a maturity period of 91 days. The average accepted price reached RO 98.766 for every RO 100, and the minimum accepted price arrived at RO 98.765 per RO 100. The average discount rate and the average yield reached 4.94999% and 5.01184%, respectively.

The Treasury Bills are short-term highly secured financial instruments issued by the Ministry of Finance, and they provide licensed commercial banks the opportunity to invest their surplus funds. The Central Bank of Oman (CBO) acts as the Issue Manager and provides theadded advantage of ready liquidity through discounting and repurchase facilities (Repo).

The interest rate on the Repo operations with CBO is 5.75% while the discount rate on the Treasury Bills Discounting Facility with CBO is 6.25%.

Furthermore, the Treasury Bills promote the local money market by creating a benchmark yield curve for short-term interest rates. Additionally, the Government may also resort to this instrument whenever felt necessary for financing its recurrent expenditures.

Source: Oman News Agency

Israeli settlers burned Sunday tens of dunums of Palestinian agricultural land in Al-Lubban ash-Sharqiya village, south of Nablus, in the West Bank.

“A number of settlers set fire to tens of dunums planted with agricultural crops and dozens of olive trees,” said Yaqoub Aweys, head of the East Al-Lubban Council, noting that the people, with the help of the civil defense, were able to control the fire.

Aweys called on international and human rights institutions to intervene urgently, to stop the repeated settler attacks on the village and Palestinian property and agricultural lands.

Source: Syrian Arab News Agency

Minister of Petroleum and Mineral Resources, Firas Qaddour discussed Sunday with the Iranian Deputy Oil Minister, wahid Reza Zaidifard, and a number of representatives of Iranian companies, ways to enhance bilateral cooperation between the two countries in the fields of oil, gas and mineral wealth .

During the meeting, the two sides stressed the common desire to enhance bilateral cooperation between the two countries, focusing on investment opportunities available in Syria, and exchanging experiences in these fields.

Qaddour pointed out the importance of the Memorandum of Understanding signed between the two countries in the field of oil to achieve fruitful results.

For his part, the Iranian Deputy Oil Minister expressed his appreciation for the bilateral relations between Syria and Iran, stressing his country’s readiness to provide support and assistance to Syria in the fields of oil, gas and mineral resources and to exchange experiences in these fields.

Source: Syrian Arab News Agency

Formula 1 Organizing Committee announced today the initial calendar for 2024 FIA Formula One World Championship, approved by the World Motor Sport Council, which features 24 races and begins in Bahrain on the 2nd of March and finishes in Abu Dhabi on the 8th of December.

The 4th edition of the Formula 1 Saudi Arabian Grand Prix will be held on the Jeddah Corniche Circuit on March 7-9, 2024, to avoid a potential clash with the start of the holy month of Ramadan.

Several changes have been made to the 2024 FIA Formula One World Championship calendar. The Formula 1 Las Vegas Grand Prix, the Japan Grand Prix, and the Azerbaijan Grand Prix will be held in November, April, and September, respectively, and the date of the Qatar Grand Prix has been changed from October to December.

FIA President Mohammed Ben Sulayem said that the changes to the calendar fall within the federation’s endeavor to make the Formula 1 competition more efficient in terms of environmental sustainability and more accessible to the organizers and the participating teams who travel extensively and devote most of their time to Formula 1 races. He added that the summer break will be extended to three weeks in August, and drivers will get an additional three-week gap between September and October.

For his part, Prince Khalid bin Sultan Al Abdullah Al-Faisal, Chairman of the Saudi Automobile and Motorcycle Federation (SAMF) and the Saudi Motorsport Company (SMC), noted that all eyes are set on Jeddah Corniche Circuit, which will host the 4th edition of Formula 1 Saudi Arabian Grand Prix.

The prince added that the Jeddah Corniche Circuit has always proved to be among the most challenging circuits on the Formula 1 calendar and has witnessed significant thrills and fierce competition during the previous three editions.

Source: Saudi Press Agency

Bahrain All Share Index has closed at 1,959.25 points marking a decrease of 1.36 points below the previous closing .

This decrease was due to the fall in the Financials Sector, Industrials Sector and Real Estate Sector.

Bahrain Islamic Index has closed at 749.57 points marking a decrease of 0.64 points below the previous closing .

Results indicated that 68 equity transactions took place with a volume of 2,402,498 worth BD 366,036.

Investors traded mainly in the Financials Sector representing 61,38% of the total value of securities traded.

Source: Bahrain News Agency

Saudi Stock Exchange main index ended trading higher today, gaining 6.36 points to close at 11597.91 points.

The total value of trading reported was SAR 6 billion, while the total number of shares traded was 281 million.

The Saudi Parallel Market Index (NOMU) ended the day by losing 480.78 points to close at 24149.24 points, with a valuation of SAR 43 million.

Source: Bahrain News Agency