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 2020; the Saudi cabinet have stated that the move will ‘contribute to the stability of oil markets’. In other news, the UAE have begun a drawdown of their troops in Yemen, agreed upon with the Saudis who look to secure Yemeni Red Sea ports during this period.
To read about this and more of this week’s news from the Kingdom of Saudi Arabia, click here.
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