Saudi Arabia Economy

Saudi Arabia extends $3 billion loan to Pakistan for another year

Saudi Arabia has extended the USD 3 billion debt repayment period with Pakistan for another year after the cash-strapped nation could not pay the debt, the country's central bank has said. The term of the deposit was maturing on Thursday. The State Bank of Pakistan stated that Saudi Arabia had placed the USD 3 billion deposit initially for one year in 2021 and subsequently rolled over it in 2022 and 2023, after the issuance of the royal directives that reflect the continuation of the close relationship between the two brotherly countries, the Express Tribune reported. It was the first extension in a series of debt extensions, which Pakistan would need from now till the end of June next year to avoid at least USD 13 billion more repayments to Saudi Arabia, China and the United Arab Emirates. Another USD 2 billion Saudi cash deposit will be maturing by mid-June next year, which Pakistan will again not pay back and get a rollover, said the Finance Ministry sources. "The Saudi Fund for

Good conditions encourage more Indian women to take jobs in Saudi: Official

Indians represent the second-largest expatriate community in Saudi Arabia and "welcoming conditions" for women are increasing the kingdom's appeal for Indian women seeking meaningful employment here, according to the country's human resources and social development ministry. Official figures show that as of 2024, over 2.4 million Indian workers reside in the kingdom, with 1.64 million in the private sector and 785,000 in domestic work. Bangladesh has the highest number of expat workers at 2.69 million. A spokesperson in the ministry said Indian workers, including women, play a vital role in Saudi Arabia's labour market, comprising a substantial portion of the expatriate workforce. "Comprehensive reforms, expanded workplace support, and investments in skills development create welcoming conditions for women from diverse backgrounds," the spokesperson said. "Improved infrastructure, including women-only transportation and childcare support, further enhances the appeal for Indian wome

Saudi's new initiative aims at stronger bonds with Indian, other expats

Saudi Arabia has launched a new initiative that aims at promoting quality of life and developing stronger bonds between the local society and the Indian and other expatriate communities through cultural promotion. Unveiling the Global Harmony initiative here on Wednesday night, Saudi deputy minister for media Khalid bin Abdulqader Al-Ghamdi, said, This initiative will also showcase the different cultures of the expats and how they are living in harmony. The Global Harmony initiative is a part of Saudi Arabia's Quality of Life programme to attain its 'Vision 2030' objectives. Ambassador of India Suhel Ajaz Khan and top diplomats of many other countries were present on the occasion. After the launch, Al-Ghamdi said Indians living in Saudi Arabia are contributing in a large way to the greater Saudi society. Khan said Indians are the largest expat community in Saudi Arabia with an approximate 2.6 million people. The Indian community is increasing. Last one year itself, the community h

Over 20 mn Indians contributing to our society: Saudi Arabia minister

Al-Ghamdi's statement comes after Saudi Arabia's Ministry of Media launched the 'global harmony' initiative in Riyadh

Saudi Arabia's sovereign wealth fund refinances $15 bn loan with banks

The PIF, as the fund is known, has spent much of the year hunting for new sources of cash as it looks to push ahead with a massive investment plan intended to help diversify the Saudi economy

Saudi Arabia to become world's biggest construction mkt with large inflows

Aimed at overhauling and diversifying the economy, the kingdom is making large investments in infrastructure

Saudi Aramco courts foreign investors with roadshows in US, London

During Aramco's 2019 initial public offering, overseas investors had largely balked at valuation expectations and left the government reliant on local buyers

Saudi's King Salman suffering from fever, undergoes medical exams

Saudi Arabia's 88-year-old King Salman will undergo medical checks on Sunday after suffering from a high temperature and joint pain, state media reported. King Salman will undergo the examinations at the Royal Clinics at Al Salam Palace in Jeddah, the Red Sea port city, the state-run Saudi Press Agency reported. The treating medical team decided to conduct some examinations to diagnose his health condition and to check on his health, the statement said. It did not elaborate further. In April, the monarch entered a hospital for medical checks and was later discharged. King Salman took the throne in 2015. He's since elevated his son, Crown Prince Mohammed bin Salman, to the kingdom's monarch-in-waiting. The crown prince is widely believed to be running the day-to-day affairs of the kingdom.

Saudi Crown Prince Muhammad bin Salman's visit to Pakistan postponed

Saudi Crown Prince Muhammad bin Salman's much-anticipated visit to Pakistan has been deferred for unspecified reasons, a report said on Saturday. He was earlier expected to arrive in Islamabad on May 19 on a two-day visit, Geo News reported. Commenting on the visit of the Saudi crown prince, Foreign Office Spokesperson Mumtaz Zehra Baloch on Friday clarified that details of the visit will be made public as soon as a schedule is worked out between Islamabad and Riyadh. Baloch was confident that the visit would take place soon and surely be valuable as the people of Pakistan were anxiously waiting for the leader from the brotherly country. The high-level visit was likely to take place after the recent diplomatic and trade-related engagements between Pakistan and Saudi Arabia following Prime Minister Shehbaz Sharif's visit to the Kingdom in March. The expected visit of the top dignitary, which has now been delayed, possesses vital importance to cash-strapped Pakistan eyeing big ...

Saudi Aramco maintains $31 bn dividend despite lower net income in Q1

The Saudi government, which directly holds about 82.2 per cent of Aramco, relies heavily on the company's payouts, which also include royalties and taxes

Saudi Arabia's Aramco hikes dividend 30% to $98 bn despite drop in profit

The profit, down from $161.1 billion in 2022, was still the company's second-highest on record, Aramco said on Sunday as it reported total dividends for the year of $97.8 billion, up 30%

Saudi sovereign wealth fund pitches kingdom as AI hub outside of US

"AI will consume a lot of energy and we are the global leader when it comes to fossil fuel energy and when it comes to renewable energy," he said

India, Saudi Arabia conduct first joint military exercise 'SADA TANSEEQ'

The validation phase of 'SADA TANSEEQ', the first joint military exercise between the Indian Army and the Royal Saudi Land Force was completed at the Mahajan Field Firing Ranges on Thursday, according to an official statement. The 12-day exercise from January 29 to February 9 was aimed at achieving interoperability between the two forces and acquaint each other with operational procedures and combat drills under the UN mandate, it said. The Indian contingent of the 20th Battalion of The Brigade of Guards Regiment and the Saudi Arabian contingent comprising a group of 45 soldiers participated in the exercise conducted in two phases. The first phase focused on combat conditioning and tactical training. The second culminated in physical exercises and validation. Both contingents jointly took part in the validation phase which included the creation of a temporary operating base, the establishment of an intelligence, surveillance and reconnaissance grid and a mobile vehicle check post an

Saudi fund PIF gives initial price guidance for three-part bond: Report

PIF is the chosen vehicle of Saudi Crown Prince Mohammed bin Salman, Saudi Arabia's de facto ruler, to drive the country's ambitious plan to wean itself off oil as it diversifies Saudi economy

Welspun Corp's associate arm EPIC bags Rs 3,000 cr orders in Saudi Arabia

Homegrown Welspun Corp on Thursday said its associate company East Pipes Integrated Company for Industry (EPIC) has received orders worth around Rs 3,000 crore in Saudi Arabia. "Associate company East Pipes Integrated Company for Industry in the Kingdom of Saudi Arabia (KSA) has received cumulative orders exceeding (Saudi Riyal) SAR 1.32 billion (Rs 3,000 crore)," Welspun Corp said in a statement. The new orders include supply of steel pipes to Saline Water Conversion Corporation (SWCC) with value exceeding SAR 1 billion (Rs 2,200 crore) inclusive of value added tax for manufacturing and supply of steel pipes. Another order for manufacturing and supply of steel pipes to Saudi Arabian Oil Co. (Aramco) is worth over SAR 153 million (Rs 339 crore) inclusive value of added tax. The order for double jointing and coating of steel pipes to Aramco has a value exceeding SAR 170 million (Rs 377 crore) inclusive of value added tax. EPIC is Saudi Arabia's leading manufacturer of Helical Subme

Saudi Arabia's fund outpaces Singapore's GIC with $31.6 billion splurge

Overall, sovereign wealth funds controlled by the hydrocarbon-rich governments of Abu Dhabi, Saudi Arabia and Qatar took five spots on a list of the top 10 most active funds last year

Saudi Arabia's economy suffers biggest contraction since 2020 on oil cuts

Gross domestic product shrunk 4.5% in the third quarter compared to a year earlier, driven by a 17% drop in the oil economy

Saudi Arabia's economy joins trillion-dollar club on its 93rd National Day

The report expected that the Saudi economy and the private sector to continue their strong performance

Pakistan gets Saudi Arabia's green signal for provision of $2 billion

Pakistan has received the nod for funding to the tune of $2 billion from Saudi Arabia

Saudi Arabia prince, rebuked by West, faces dilemma over Russia and China

Saudi Arabia and UAE, which are among just a handful of producers with spare capacity, have snubbed Western calls for more crude.