China’s crude oil imports from Russia reached a record high in 2024, rising 1% from 2023, while shipments from Saudi Arabia fell 9%, according to data released Monday. Refiners prioritized reduced Russian supplies to cushion weak margins. Data from the General Administration of Customs showed that China imported 108.5 million metric tons of crude from … Read more
Saudi Mining Minister Bandar Al-Khorayef said that the mining company Manara Metals is considering investing in the Pakistani Reko Diq mine. The Saudi Development Fund (SDF) can contribute more than $100 million to mining infrastructure in Pakistan. “Part of what we are looking at is how we can also help Pakistan with some infrastructure,” Al … Read more
Strong demand continued to drive growth in Saudi Arabia’s non-oil business sector in December, although the pace was slightly slower than in November, according to a survey released on Sunday. Riyad Bank Saudi Arabia’s seasonally adjusted Purchasing Managers’ Index (PMI) fell to 58.4 in December, down from a 17-month high of 59.0 in November. Despite … Read more
Petroleum Minister Mosaddeq Malik said discussions with Saudi Arabia regarding the sale of shares in the Reko Diq mine are progressing positively, with the deal expected to be completed soon. Speaking about reports about the federal cabinet approving the sale of a 15% stake, Malik denied the allegations and termed them untrue. He added: “The … Read more
ISLAMABAD: The Federal Cabinet has approved the sale of a 15% stake in the Reko Diq project to Saudi Arabia for $540 million under the Intergovernmental Commercial Transactions Act. According to industry sources, the Federal Cabinet has now allowed the Saudi government to acquire the shares through a direct deal, and the move is seen … Read more
Riyadh: Saudi Arabia’s annual inflation rate continued to slowly accelerate, reaching 2% in November compared to 1.9% in October, according to government data released on Sunday, again driven by rising housing rents. The General Authority for Statistics said that housing rents rose by 10.8% during the month of November, with apartment rental prices rising by … Read more
Government data showed on Sunday that the Saudi economy grew by 2.8% in the third quarter compared to the same period a year ago, supported by an increase in non-oil activity. The growth rate was consistent with the preliminary data announced in October. Non-oil output rose by 4.3% in the quarter compared to last year, … Read more
Prominent Afghan director Roya Sadat, whose latest film “Sima Song” is participating in the Red Sea Film Festival in Saudi Arabia, denounced being denied entry to the Kingdom to screen the film, despite obtaining a Saudi visa. Sadat in an email to diverse, She said that she was scheduled to travel to Jeddah, the Saudi … Read more
Saudi Arabia is hosting the 2024 Indian Premier League (IPL) players’ auction in Jeddah, marking the kingdom’s first major foray into cricket. The two-day event is expected to see franchise teams spend upwards of Rs 600 crore ($71 million), adding to the Indian Premier League’s reputation as one of the most lucrative shows in sports. … Read more
An outlet of the Saudi food chain Al Baik is shown in this undated photo. —Facebook/Byclover Information Minister Atallah Tarar announced on Saturday that the famous fast food chain Al Baik in Saudi Arabia is preparing to enter the Pakistani market soon. “Saudi investments are growing. The agreements (between the two countries) have now exceeded … Read more