Saudi Arabia Boosts the PIF Fund With an 8% Aramco Stake Transfer LeapRate

March 07, 2024 BY Simon Mugo

Saudi Arabia Boosts the PIF Fund With an 8% Aramco Stake Transfer

In 2022, the PIF directly acquired a 4% stake in Aramco and another 4% indirectly through Sanabil, a wholly-owned subsidiary of PIF. Reuters' reports suggested that Saudi Arabia might be considering selling additional Aramco shares further to support the financing of its ambitious Vision 2030 program. Aramco's initial public offering, which occurred before the pandemic,…

February 02, 2024 BY Elizabeth Anderson

Possible OPEC+ global oil supply cuts on the table for Q2 2024

The seven members are Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman. Officials, who wished to remain anonymous, indicated that additional limits will be considered in March. With a tempered oil price of around $80 per barrel, the surge in US shale production, and the Red Sea conflict endangering shipments, OPEC+ members find it…

October 24, 2023 BY Elizabeth Anderson

Valuable Capital venturing into Saudi Arabia’s securities market

This allows VCFC to expand into the Saudi Arabian financial sphere and reach a potential six million individual investors. The company also indicated that it is seeking further regulatory approval to provide investment banking, asset management, and mutual funds. During a soft launch between 24 and 26 October at the Future Investment Initiative Forum in…

December 30, 2021 BY Steffy Bogdanova

BNY Mellon expands partnership with SNB Capital in Saudi Arabia

Akash Shah, Chief Growth Officer of BNY Mellon, said: As capital markets shift towards a digital future, we are delighted to further our alliance with SNB Capital by providing a future-ready data analytics solution to help build the leading global capital markets infrastructure in the Kingdom and drive growth. Our collaboration combines the strengths of…

August 29, 2019 BY Valentina Kirilova

Equiti Group teams up with Saudi Arabia’s Riyad Bank for FX liquidity

The Executive MD of Equiti Group, Mohamed Alahmad, just announced that an agreement with Riyad Bank is now in effect to provide FX liquidity to the bank using the Equiti platform. The Group’s UK based entity, Equiti Capital, will provide its trading infrastructure and a 24-hour FX service to the bank. Commenting on this agreement,…

CMA publishes instructions on Issuing Depositary Receipts out of the Kingdom

March 12, 2019 BY Mariela Naydenova

Blockchain to be used in oil quality checks in Saudi Arabia

Blockchain is breaking new barriers, it seems. Saudi Arabia is now testing a blockchain pilot project for the testing of oil quality. The idea is to "track" the oil and gas industry. The announcement comes from Aramco's CTO, Mr. Ahmad Khowaiter. According to Sputnik News, Khowaiter expressed his positive outlook on the project: There are a…

January 29, 2019 BY Mariela Naydenova

Aber - UAE and Saudi Arabia's new cryptocurrency

A new major cryptocurrency is going to go live, after it was made public that the Saudi Arabian Monetary Authority (SAMA) and the United Arab Emirates Central Bank (UAECB) are partnering on the project "Aber". Aber is a cryptocurrency project launched by the two entities to facilitate financial transactions between the two countries through the technology…

March 29, 2018 BY Valentina Kirilova

FTSE Russell promotes Saudi Arabia to Emerging market status

FTSE Russell, the global index, data and analytics provider, informed that it has confirmed that Saudi Arabia will be promoted to Secondary Emerging market status following the March 2018 interim country classification review. FTSE Russell formally reviews country classifications within its FTSE Global Equity Index Series (FTSE GEIS) using a comprehensive, transparent and consistent methodology.…

November 08, 2017 BY LeapRate Staff

Oil surges to two year high after Saudi purge

The following article was written by Reem Aboul Hosn, Research and Market Analyst Officer at CFI Markets Ltd. Saudi Arabia has initiated a broad anti-corruption purge which included dozens of ministers and prominent businessmen in the country, in a call for combating corruption. Prince Alwaleed bin Talal, one of the world’s richest men, as reported…

May 30, 2016 BY LeapRate Staff

Saudi Arabia banks investigated for currency peg speculation products

Numerous news sources including FT.com and Gulf News are reporting that Saudi Arabia's government is investigating several of the country's banks, for creating structured products which allow traders to speculate on the possible end of the currency's US Dollar peg. Several leading international hedge funds, including Bill Ackman's Pershing Square Capital and PointState Capital are reported to…

Tag: saudi arabia