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Tag: Saudi Arabia

Business

Saudi Arabia, Nigeria ink first labour recruitment agreement

Saudi Arabia and Nigeria have signed their first bilateral agreement on recruiting general workers, establishing a formal labour corridor between Africa’s largest economy and the Middle East’s biggest labour market. The deal marks a strategic shift in how Nigerian workers enter Gulf economies, transitioning from informal migration channels to a regulated, state-backed framework. Signed on […]

Finance

Saudi market opening raises stakes for Nigeria’s capital flows

Saudi Arabia has announced plans to fully open its financial markets to all foreign investors from February 1, a move aimed at attracting overseas capital, boosting liquidity and accelerating the kingdom’s economic diversification agenda. The decision forms part of Saudi Arabia’s Vision 2030 reforms and is expected to reshape global investment flows, strengthen market depth […]

Ban on alcohol in Abuja
featured Policy and Regulations

Saudi Arabia eases alcohol ban for wealthy foreigners

Saudi Arabia, which has banned alcohol for more than 70 years, is reportedly allowing some wealthy foreign residents to purchase whiskey and champagne, according to The New York Times. The store, previously open only to diplomats, has begun selling to non-Muslim foreigners holding “premium residency” permits, as confirmed by five customers who spoke to the […]

Global oil supply hits record high in August - IEA
Oil and Gas

Global oil supply hits record high in August – IEA

Global oil supply climbed to a record high in August as OPEC+ and other producers boosted output, with the prospect of a surplus keeping prices subdued, the International Energy Agency (IEA) reported on Thursday. Eight core members of the OPEC+ alliance, including Saudi Arabia and Russia, have been steadily raising production since April after years […]

Oil production increases to 1.35m barrels/day
News

Saudis raise February crude prices as OPEC+ delays production

Saudi Arabia raised oil prices for Asian buyers next month, signaling potential tighter supply in its largest market after OPEC+ delayed plans to increase production. State oil producer Saudi Aramco set the price for its Arab Light crude grade at a $1.50 per barrel premium to the regional benchmark for February, according to a price […]

News

USA, Saudi Arabia ink deal for joint space exploration, research

The U.S. and Saudi Arabia committed to work together on civilian space research and exploration to improve collaboration between the allies, NASA and the State Department said in a Tuesday statement, according to CNBC. A framework agreement for collaboration in fields such as Earth science, education, and aeronautics was signed by the two nations. The […]

Nigeria, Saudi sign MoU on energy cooperation
featured

Nigeria, Saudi sign MoU on energy cooperation

  Nigeria and Saudi Arabia inked a Memorandum of Understanding to enhance cooperation, information exchange, and technology transfer in the oil sector. According to The PUNCH, the Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, represented the Federal Government, and Prince Abdulaziz bin Salman, the Energy Minister of Saudi Arabia, signed for his country. […]

Saudi Arabia, Russia to limit oil production - Report
Oil and Gas

Saudi Arabia, Russia to limit oil production – Report

According to The Times, Saudi Arabia intends to continue its voluntary reduction of 1 million barrels per day in December 2023, as reported on November 5 by the Saudi Press Agency. This will keep the country’s production level at about 9 million barrels per day. Concurrently, Russia, in remarks made by Deputy Prime Minister Alexander […]

Aramco
Business

Saudi Aramco’s to pay shareholders $20bn Q2 dividend

Saudi Aramco’s to pay shareholders $20bn Q2 dividendAramco’s dividend payment is the highest of any publicly traded firm, with nearly all of it going to the Saudi government. According to BusinessDay, Saudi Aramco, the majority-owned state-owned enterprise in Saudi Arabia, will pay shareholders $19.5 billion in dividends in the second quarter of 2023. This sum is […]

Oil prices surge as Saudi Arabia prepares to cut output
Oil and Gas

Oil prices surge as Saudi Arabia prepares to cut output

Saudi Arabia has announced a significant cut of one million barrels per day in its July production. The decision by the leading oil-producing nation, supported by other OPEC+ members, aims to bolster the floundering prices and restore stability to the market. OPEC+ comprises a coalition of oil-producing countries that collectively account for approximately 40% of […]

Collapsed buildings in Turkey after the earthquake
Business

Earthquake: Turkey’s Central Bank gets $5bn from Saudi

Saudi Arabia announced on Monday that it was depositing $5 billion in the Turkish central bank in an effort to help the country combat inflation and the effects of last month’s earthquake ahead of presidential elections. According to Agence France Presse, this was said in a statement by the Saudi government. The statement revealed that […]

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