Author: Steven Sahiounie

Oman’s new Duqm oil refinery shipped out its first diesel cargo on Tuesday amid trial runs at the complex, the latest facility in the Middle East to commence operations, according to several trade sources and ship tracking data. New refining capacity in the Middle East is being ramped up to capture strong profits from sales of refined products driven by tight supply and low inventories globally. The 230,000 barrel-per-day Duqm refinery – a 50:50 joint venture between Oman’s OQ Group and Kuwait Petroleum International – began trial runs in the middle of this year, three trade sources said. Earlier this…

Private credit lender Blue Owl Capital Inc. is formalizing plans to open an office and hire a team in Dubai to focus on capital raising, according to a person with knowledge of the matter. The move is a stepping stone toward a broader Middle Eastern presence, said the person, who asked not to be identified as the details are private. The plans come on the heels of a $1 billion commitment from Abu Dhabi wealth fund Mubadala Investment Co. to Blue Owl’s technology lending strategy. It’s the latest in a series of private credit investments from the region, which is…

The extension of supply cuts by Saudi Arabia and Russia to the end of 2023 will lock in a substantial market deficit through the fourth quarter, the International Energy Agency (IEA) said on Wednesday, as it stuck by its estimates for demand growth this year and next.OPEC and its allies, known as OPEC+, began limiting supplies in 2022 to bolster the market. This month, oil benchmark Brent breached $90 a barrel for the first time this year after Saudi Arabia and Russia extended their combined 1.3 million barrels per day (bpd) cuts until the end of 2023. Output curbs by…

Egypt plans to establish an integrated industrial compound to produce flat steel with investments worth $1 billion, the cabinet said in a statement on Wednesday.The compound, with a flat steel production capacity of 1.8 million metric tons per year, would target global exports while also serving the local market. The project has been approved by the General Authority for Suez Canal Economic Zone and will be established in cooperation with an international company, the cabinet added, without identifying the company. Source: Al Arabiya

RIYADH: In a bid to boost Saudi Arabia’s water infrastructure, Alkhorayef Water and Power Technologies Co. will build and operate pipelines to Madinah and Makkah. This comes after AWPT signed a build-operate-transfer agreement with Saudi Water Partnership Co. for the Rayis-Rabigh independent water transmission pipeline project. The project will have a transmission capacity of 500,000 cubic meters per day and a length of 150 km with the aim of transferring drinkable water to the two holy cities. The project is set to be completed within 30 months of construction with commercial operations expected to begin in the second quarter of 2026,…

WASHINGTON: Consumer inflation in the US picked up in August for a second straight month, according to government data released Wednesday, putting the heat on policymakers as they work to lower prices, Agence France Presse reported. The consumer price index, a key inflation gauge, jumped 3.7 percent from a year ago, picking up pace from July’s 3.2 percent figure, said the Labor Department, but a measurement stripping out volatile segments cooled. All eyes are on the report, which is expected to have a bearing on the US central bank’s interest rate decision released next week. The Federal Reserve has lifted the…

RIYADH: Despite less favorable operating conditions, banks in the Gulf Cooperation Council region are expected to maintain their resilience thanks to ongoing economic diversification efforts, according to a report by S&P Global. The credit rating agency believes the combination of higher interest rates and production cuts by the Organization of the Petroleum Exporting Countries is expected to restrain near-term growth prospects for the major GCC economies. Nevertheless, non-oil growth is anticipated to help the region’s economies, such as Saudi Arabia and the UAE, in maintaining their growth trajectory. “Despite a slight deterioration in asset quality indicators and an increase in…

RIYADH: The historic city of AlUla in Saudi Arabia is set to play host to a Marriott International Autograph Collection property. AlUla Development Co., wholly owned by the Public Investment Fund, has inked an agreement with Marriott International to launch a 250-room hotel in the heart of AlUla. The property will be situated adjacent to the AlUla Museum and opposite the Farmer’s Market, covering an area of 22,635 sq. meters. Scheduled to open its doors in 2025, the Autograph Collection hotel will not only offer rooms but also feature suites and an array of recreational and entertainment amenities. These include four dining establishments, a spa,…

RIYADH: Saudi Arabia’s ports witnessed an annual surge of 4.79 percent in cargo operations in August 2023, recording a total of 721,629 containers, according to official figures. The Saudi Ports Authority, also known as Mawani, attributed the growth to ongoing development efforts aimed at improving operational and logistical performance. In August 2023, the number of exported containers climbed by 5.98 percent to 218,051 containers, up from 205,740 containers in the same month a year ago. Additionally, the number of imported containers climbed by 1.91 percent, reaching 226,738 containers. Transshipment containers increased 6.29 percent yearly to 276,840 in August 2023, up…

LONDON: Saudi Arabia’s debt capital market is set to be redeveloped in a bid to help the Kingdom’s business acquire funding, the chairman of the Capital Markets Authority has confirmed. Speaking at the EFG Hermes Saudi Forum in London, Mohammed El-Kuwaiz insisted that any changes to the Saudi financial system need to occur gradually to ensure economic stability, but said the aim was to make the Kingdom as competitive on the global stage as possible. Reflecting on reforms already undertaken, El-Kuwaiz singled out recent changes to the Zakat laws in the asset management industry, which he argued had made the sector more attractive to foreign investors. The senior financial figure…