Week 34 – News Update from the Kingdom

A drone attack launched by Yemen’s Houthi group on an oilfield in the Eastern Region of Saudi Arabia on Saturday caused a fire at a gas plant but had no impact on oil production, state-run oil company Saudi Aramco said. The remote Shaybah field produces around one million barrels per day, just under 10 percent…
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Week 33 – News Update from the Kingdom

A statement released by the Saudi state-owned energy giant Aramco reveals that the first half net income for 2019 had dropped to $46.9 billion, compared to $53.0 billion for the same period last year. The drop in income has been attributed to lower crude oil prices. Saudi Crown Prince MbS continues to insist on a…
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Week 32 – News Update from the Kingdom

Women in Saudi Arabia have now been given the right to travel abroad without a male guardian’s permission. A royal decree issued on Friday through the Kingdom’s official weekly Um al-Qura gazette stated that passports should be given to any citizen that applies for it, and that anyone over the age of 21 does not…
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DSEI 2019 – Who, When and Where!

Once again, the AEI team will be attending the Defence and Security Equipment International (DSEI) conference at the ExCeL London from the 10th-13th of September 2019. The exhibition will attract over 1,600 exhibitors and 35,000 attendees during the four-day conference. For the third time, our CEO, Stuart D’Souza and Senior Consultant, Freddie Blackman will be…
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Week 31 – News Update from the Kingdom

Saudi Aramco is expected to complete the expansion of an oil pipeline that runs east-west across the country in September, lowering the Kingdom’s reliance on the Hormuz Strait. With a previous capacity of 5 million barrels the expansion will allow for an extra two million barrels a day to cross the Kingdom, bypassing Hormuz. In…
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Week 30 – News Update from the Kingdom

Lockheed Martin has been awarded a $1.48 billion contract modification to supply THAAD interceptor support items to the Kingdom of Saudi Arabia. Originally reported in 2017, the arms sale included 44 THAAD launchers, missiles and related equipment. The U.S. House of Representatives backed resolutions on Wednesday to block the sale of precision-guided munitions to KSA…
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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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Week 26: News Update from the Kingdom

The long-anticipated acquisition of AEC by the Public Investment Fund has now completed and was marked by a signing ceremony in London. It appears that 100% of the shares have been acquired by the PIF from BAE Systems and their partners, who have owned AEC for over a decade. This is the first major acquisition…
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