Money & Business - Gulf Insider

2 years ago

127 Firms Move Regional HQs To Saudi Arabia In 1Q 2024, Recording A Giant Leap Of 477%

As many as 127 international companies have relocated their regional headquarters to Saudi Arabia during the first quarter of 2024. These figures showed a giant leap of 477 percent compared to the same period in 2023. This confirms that the local market continues to attract these headquarters looking for most attractive and favorable investment environment in the Kingdom. The efforts of the Saudi Ministry of Investment focused on providing a safe and more competitive investment environment, and working to develop investment systems and procedures with its partners from government agencies, in order to complement the legislative and regulatory structure, as legislation plays a decisive role in enhancing the environment and attracting capital to the Kingdom. Saudi Arabia initiated new tax incentives for multinational companies for moving their regional headquarters that aim to determine the provisions related to the tax incentives granted. These include a 30-year exemption on corporate income tax and withholding tax related to headquarters activities, alongside exclusive discounts and comprehensive support services such as relocation, concierge, facilitation, and professional advice. This initiative marks a pivotal shift in Riyadh’s global economic role, reinforcing Saudi Arabia’s vision to diversify its economy and reduce its dependence on oil. According to a […]

2 years ago

Saudi Arabia And 7 OPEC+ Members Extend Voluntary Production Cuts Until 2025

The OPEC+ countries, which had announced additional voluntary cuts in April 2023 and November 2023, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, held a meeting in person in Riyadh on the sidelines of the 37th OPEC and non-OPEC Ministerial Meeting (ONOMM). The meeting aimed to reinforce the precautionary efforts of OPEC+ countries, supporting the stability and balance of oil markets. In addition to the latest decisions from the 37th ONOMM, the countries decided to extend the additional voluntary cuts of 1.65 million barrels per day, announced in April 2023, until the end of December 2025. Moreover, these countries agreed to extend their additional voluntary cuts of 2.2 million barrels per day, announced in November 2023, until the end of September 2024. The 2.2 million barrels per day cut will then be gradually phased out on a monthly basis until the end of September 2025 to support market stability. This monthly increase can be paused or reversed subject to market conditions. In the spirit of transparency and collaboration, the meeting welcomed the pledges made by Iraq, Russia, and Kazakhstan to achieve full conformity and resubmit their updated compensation schedule to the OPEC Secretariat for […]

2 years ago

Saudi Aramco’s $12 Billion Share Sale Sells Out In Hours

Saudi Aramco’s $12 billion share sale sold out shortly after the deal opened on Sunday, Bloomberg reported. The government had demand for all shares on offer in a few hours after books opened. Books were covered across the price range of SR26.70 to SR29. Last Thursday, the Government of Saudi Arabia and Saudi Aramco announced the launch of a secondary public offering of ordinary shares of Saudi Aramco. The offering includes 1.545 billion shares of the company, representing approximately 0.64% of the company’s issued shares. The offering is open to institutional investors in Saudi Arabia, qualified institutional investors outside Saudi Arabia, and eligible retail investors in Saudi Arabia and other GCC countries. Outside the Kingdom, the offering will comply with Regulation S under the US Securities Act of 1933, as amended. Of the total offer shares, 154.5 million shares, representing 10%, will be allocated to retail investors, provided there is sufficient demand.

2 years ago

Where Are The Largest Oil Reserves?

Russia has reportedly discovered colossal oil reserves in the British territory of Antarctica. According to documents presented to the UK House of Commons Environmental Audit Committee in early May, the discovery was made by Russian research vessels in the Weddell Sea, part of the Antarctic territory claimed by the UK. The reserves discovered are estimated to contain some 511 billion barrels of oil, around 10 times the production of the North Sea over the last 50 years. However, as Statista’s Anna Fleck reports, the exploitation of hydrocarbons in Antarctica is strictly prohibited. Since the signing of the Antarctic Treaty in 1959 (which came into force in 1961), the continent has been reserved for peaceful activities only, and may become “neither the scene nor the object of international disputes”. Antarctica is therefore mainly used for scientific purposes, in particular for research into climate change. The Russian discovery has raised concerns in the scientific community. Klaus Dodds, an Antarctic expert and professor at London’s Royal Holloway College, reportedly told British MPs that Russian research could be “a conscious decision to weaken the standards of seismic research in Antarctica, and ultimately a first step towards future exploitation operations”. As this infographic, based on […]

2 years ago

Saudi Aramco Announce Secondary Public Offering Of Shares On June 2

The Government of Saudi Arabia and Saudi Aramco have announced on Thursday the launch of a secondary public offering of ordinary shares of Saudi Aramco. The offering will commence on Sunday, 2 June 2024. The offering includes 1.545 billion shares of the Company, representing approximately 0.64% of the Company’s issued shares. The price range for these shares is expected to be between SR26.70 and SR29.00 per share. The Government and the Company are restricted from disposing of the Company’s shares for six months following the closing date of the offering, expected to be Tuesday, 11 June 2024, subject to certain exceptions and unless waived by the Joint Global Coordinators. The offering is open to institutional investors in Saudi Arabia, qualified institutional investors outside Saudi Arabia, and eligible retail investors in Saudi Arabia and other GCC countries. Outside the Kingdom, the offering will comply with Regulation S under the US Securities Act of 1933, as amended. Saudi Aramco will hold meetings with institutional investors from Sunday, 2 June to Thursday, 6 June 2024. Of the total offer shares, 154.5 million shares, representing 10%, will be allocated to retail investors, provided there is sufficient demand. Any updates or amendments to the offering […]

2 years ago

Despite Warnings, Biden Admin Finalizes Rule That Could Cripple Many Offshore Oil Companies

In June 2023, the Bureau of Ocean Energy Management proposed a rule that would require stricter financial assurance standards for oil companies operating in the Outer Continental Shelf. This costly rule became final on April 15, 2024, but in the 10 months since its initial proposal, BOEM did nothing to alleviate concerns for smaller companies that comprise of 76 percent of oil and gas operators in the Gulf. As a result, many of these companies could be forced out of business by extreme and unnecessary costs from this rule. The situation threatens an estimated 36,000 jobs, more than $570 million in federal government royalties, and $9.9 billion from our GDP. Records obtained via the Freedom of Information Act show private meetings between Interior officials and representatives of the major oil companies as they cooperated on this rule. If you think that’s strange, you’re not alone. President Biden made clear in his campaign that he wanted to end oil and gas production on public lands. It’s baffling that Big Oil – among the administration’s most, if not the most, maligned businesses – would stand on the same side with environmental groups such as the Sierra Club who praised the rule. But […]

2 years ago

‘It’s Like American Prices’: Lebanon’s Cost Of Living Soars As Dollar Replaces Pound

Stylish young workers sip their coffee in the leafy courtyard, quietly toiling on their latest projects, while groups of young people chat quietly so as not to disturb the studious ambience. This scene could easily take place in a trendy co-working cafe in New York. The menu and, most definitely, the prices reflect those of western capitals. An avocado halloumi toast costs $8, a matcha bowl is $8 while an iced latte coffee is $4. But this is not Brooklyn; this is Mar Mikhael, a popular street in Beirut, Lebanon’s capital. “It’s like American prices,” a foreigner sighs while reading the menu, slowly coming to the realisation that Lebanon, a country embroiled in a steep economic crisis, where 44 per cent of the population lives in poverty is not a cheap country. Lebanon – a lower-middle income country according to the World Bank, which reclassified the small Mediterranean nation down from upper middle-income status in July 2022 – has been seized by a dollar frenzy, as the country initiated a de facto dollarisation of its economy over a year ago. Now, most shops, restaurants and service providers are asking customers to pay in US currency due to the depreciation of the Lebanese pound – and […]

2 years ago

Aluminum Prices Hit Two-Year High On Smelter Output Limits In China

Aluminum prices in London reached their highest in two years as the industrial metals rebound theme continued, driven by a combination of supply constraints and the prospect of increased demand in China and the US. The latest driver for the silvery-white, lightweight metal, used in everything from vehicles to aircraft to window frames to soda cans, comes as China, the world’s top producer, signaled overnight aggressive emission-cutting targets for smelters, in return, tighter metal capacity. In a further boost for the bulls, China’s State Council pledged to strengthen capacity limits in industries from steel to alumina in a work plan for energy conservation and carbon reduction in 2024-25. The move to constrain additional supply comes at a time when the transition to greener energy is boosting demand for copper and aluminum. The country will strictly control new capacity for copper smelters and alumina output, and take a reasonable approach in allocating fresh capacity for silicon, lithium and magnesium, the government said late Wednesday. The government also reiterated strict implementation of the “aluminum swap scheme,” or the requirement for any new smelter to be matched by closure of an existing one. New capacity for aluminum, alumina, polysilicon and lithium batteries must meet advanced levels of energy efficiency, it added. –Bloomberg Click here […]

2 years ago

The $150,000 Housekeeper: Wage Inflation Kicks Into Second Gear

The mass wealth migration to Florida from New York and other high-tax states has created record demand for household staff in elite Florida enclaves–especially Palm Beach. Demand for butlers (now called ‘hospitality managers’ or ‘estate managers’) as well as nannies, chefs, drivers and personal security has surged, according to staffing agencies. It’s the shortage of housekeepers, however, that has created the biggest mess for wealthy homeowners. Many of the wealthy emigres to Florida bought big homes and now need people to clean them. Hotels, resorts and businesses are also vying for cleaning staff. The result: Typical pay for housekeepers has rocketed from about $25 an hour in 2020 to $45 or $50 an hour today, according to some agencies. Bidding wars between wealthy homeowners have become common. Staffing agencies are posting ‘Help Wanted’ ads all over the web and throughout West Palm Beach. Clients are growing frustrated. “At first they’re in shock, and they say, ‘No way I’m paying that,’” Berube said. “It’s even uncomfortable for me to give them the numbers. But when they try to hire someone for less, with less experience, they almost always come back to us and say, ‘I learned my lesson. We are willing […]

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Search Here

127 Firms Move Regional HQs To Saudi Arabia In 1Q 2024, Recording A Giant Leap Of 477%

Saudi Arabia And 7 OPEC+ Members Extend Voluntary Production Cuts Until 2025

Saudi Aramco’s $12 Billion Share Sale Sells Out In Hours

Where Are The Largest Oil Reserves?

Saudi Aramco Announce Secondary Public Offering Of Shares On June 2

Despite Warnings, Biden Admin Finalizes Rule That Could Cripple Many Offshore Oil Companies

‘It’s Like American Prices’: Lebanon’s Cost Of Living Soars As Dollar Replaces Pound

Aluminum Prices Hit Two-Year High On Smelter Output Limits In China

The $150,000 Housekeeper: Wage Inflation Kicks Into Second Gear

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