Saudi Arabia's state-owned oil giant, Aramco (TADAWUL:2222), has announced the discovery of 14 new oil and natural gas fields and reservoirs located in the Eastern Province and the Rub' al Khali, or the Empty Quarter. The announcement, reported by the Saudi Press Agency (SPA), represents a significant development for the country's energy sector and reinforces its global influence as a leading oil producer.
Recently, alarming trends have emerged in the oil market, driven by changes in Saudi Arabia's pricing policy and a deteriorating global economic outlook. This has led to a significant drop in oil prices, raising concerns among experts and analysts.
Recently, it was announced that the sovereign wealth fund of Saudi Arabia plans to invest approximately $100 million in the Malaysian airline AirAsia. This news has captured the attention of industry experts as well as analysts monitoring the development of the aviation and international tourism markets.
This week, Saudi Aramco $2222.SR, the world’s largest oil company, made a pivotal decision regarding its dividend payments amounting to an impressive $124 billion. This decision carries significant implications for the financial health of Saudi Arabia, which is currently facing economic challenges.
Umm Al Qura for Development & Construction Co. has announced plans to raise up to $523 million through an initial public offering (IPO) in Riyadh. This initiative coincides with Saudi Arabia's efforts to diversify its economy and reduce its reliance on oil.
The American startup Groq, specializing in semiconductor production, announced on Monday that it has received commitments amounting to $1.5 billion from Saudi Arabia. This funding is intended to expand its supply of advanced artificial intelligence chips to the country.
Amid rising global interest in technology, Saudi Arabia has announced an ambitious investment initiative worth $14.9 billion in the artificial intelligence sector. This announcement was made at a tech conference in Riyadh, where the country's Minister of Communications and Information Technology, Abdullah bin Amer Al-Swaha, emphasized the importance of the partnership with leading global tech firms.
