Week 29 – News Update from the Kingdom

Saudi food and beverage giant Almarai has seen a 12% drop in Q2 profits reportedly due to high expenses and financing costs. This development also coincides with the removal of government subsidies and may have been affected by the implementation of VAT. OPEC+ has agreed to extend oil production cuts until the end of Q1…
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Week 28: News Update from the Kingdom

Saudi Aramco recently held talks with a select group of investment banks to discuss potential roles during a restart of preparations for an IPO of Saudi Aramco after it was shelved last year. Princess Reema Bint Bandar has assumed her post as the Saudi ambassador to the US, the first woman in the Kingdom’s history…
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Week 27: News Update from the Kingdom

During the G20 Summit in Osaka, Japan, Crown Prince Mohammed bin Salman last week agreed a deal with Russia’s President Putin to extend the OPEC oil output cut by a further six to nine months. Oil prices jumped by more than 2% in response. In other news, the first commercial flight has departed from the…
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