saudiarabia
To stabilize its economy, Pakistan has secured an agreement with China, Saudi Arabia, and the UAE to roll over $12 billion in debt for one year. This financial lifeline coincides with the anticipated approval of a $7 billion bailout package from the International Monetary Fund (IMF), slated for later this month. The combined efforts aim to provide Pakistan with the necessary financial buffer to navigate its economic challenges. The IMF Executive Board is scheduled to meet on August 28 to approve the $7 billion Extended Fund Facility for Pakistan. Finance Minister Muhammad Aurangzeb confirmed t...
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Saudi Aramco has agreed to purchase a 22.5% stake in the petrochemical joint venture Petro Rabigh from Japan’s Sumitomo Chemical for $702 million, as announced in a joint statement on Wednesday. Aramco and Tokyo-headquartered Sumitomo Chemical currently own 37.5% of shares in Petro Rabigh, which was listed on the Saudi Exchange in 2008. Upon completion of the transaction, which is priced at SAR7 per share, Aramco will become Petro Rabigh’s largest shareholder with an equity stake of approximately 60%, while Sumitomo Chemical will retain an equity stake of 15%. Deal to help Aramco’s downstream ...
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WrestleMania, the iconic American wrestling event, might be coming to London’s Wembley Stadium in 2027. Mayor Sadiq Khan has hinted at this possibility as part of his strategy to attract more world-class sporting events to the capital. This move could position London as a global sporting hub, drawing fans from across the world and showcasing the city’s capacity to host large-scale international events. Talks held at city hall to explore possibilitiesIn a bid to enhance London’s reputation as a global sporting destination, Mayor Khan held discussions with WWE (World Wrestling Entertainment) Pre...
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Saudi Arabia has won the rights to hold the first ever Olympic eSports Games in 2025. The announcement came as part of a 12 year long agreement between Saudi Arabia and the International Olympic Committee (IOC). The arab country has been working on changing its international image, which always takes a hit due to the country’s track record of human rights abuses. In addition to that, it is also trying to keep its youth busy, giving them a platform that will give them more exposure to the outside world. The 12 year agreement means that both parties are interested in holding this event regularly...
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Saudi Arabia has announced the discovery of seven significant oil and gas deposits in the Kingdom’s Eastern Province and the Empty Quarter, marking a substantial boost to the nation’s energy reserves. The announcement was made by Prince Abdulaziz bin Salman, the country’s energy minister, as reported by the Saudi Press Agency (SPA) on Monday. Details of the new discoveriesAccording to the SPA report, Saudi Aramco, the state-owned oil giant, has identified “two unconventional oil fields, a reservoir of light Arabian oil, two natural gas fields, and two natural gas reservoirs.” These discoveries...
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