Latest news with #FedericoMaccioni
Zawya
a day ago
- Business
- Zawya
Saudi Arabia's Dar AlMajed plans to list 30% stake via IPO
Saudi Arabia's Dar AlMajed Real Estate Company is planning to list a 30% stake on the Gulf country's main bourse through an initial public offering, it said on Tuesday, as more firms in the kingdom pursue a public listing. The company is offering 90 million shares to investors and the final price for the offering will be determined through a book-building period running from July 29 to August 4, it said in a statement. The company has appointed Saudi Fransi Capital (BSF Capital) as financial advisor for the IPO. (Reporting by Federico Maccioni, editing by Emelia Sithole-Matarise)
Yahoo
04-07-2025
- Business
- Yahoo
Exclusive-Saudi Aramco considers power assets sale to raise billions, sources say
By Federico Maccioni and Yousef Saba DUBAI (Reuters) -Saudi oil giant Aramco is looking to sell up to five gas-fired power plants, three sources with knowledge of the matter told Reuters, part of a broader effort to free up funds that could generate tens of billions of dollars. The potential sale of four or five gas-fired plants that power refineries could alone raise around $4 billion as the Saudi government pushes Aramco to increase profits and payouts to the state, two of the sources said. Aramco, the world's most profitable company and the main source of Saudi state income, has been looking to sell some assets, improve efficiency and cut costs, Reuters has reported. The company will also slash dividend payouts by nearly a third this year as lower oil prices hit its income. The state, which directly owns 81.5% of Aramco, is heavily reliant on the payouts, which include royalties and taxes. Besides the sale of the gas-fired plants, the company could divest assets such as housing compounds and pipelines, two of the sources said. Port infrastructure assets could also be up for sale, one of them and a third person said. Aramco declined to comment on the potential asset sales and had no immediate comment on the amount of money the fundraising drive could yield. The Saudi government communications office did not respond to Reuters requests for comment. Reuters could not determine a timeline for the sale. The three sources spoke on condition of anonymity because the process is private. Local businesses like Saudi utility firms could be interested buyers, one of the people said. Aramco fully or partly owned 18 power plants and related infrastructure locally supplying energy to its gas plants and refineries, according to its 2024 financial report. Other power plants are expected to come onstream soon. The Tanajib Gas Plant project is expected to start operations this year. The potential asset sales by Aramco coincide with Saudi Arabia Crown Prince Mohammed bin Salman's planned massive domestic projects to diversify the economy from oil while facing pressure from tumbling crude prices. Oil receipts made up 62% of state revenues last year with the Saudi budget showing a deficit of more than $30 billion in 2024 despite a $199 billion windfall from Aramco. Aramco sold $5 billion of bonds in May and signalled more borrowing. The country is pouring hundreds of billions of dollars into projects including showpiece events like the Expo 2030 world fair and soccer's FIFA World Cup 2034. Aramco is also seeking to raise funds for infrastructure by bringing in investors, Reuters reported in May. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
04-07-2025
- Business
- Yahoo
Exclusive-Saudi Aramco considers power assets sale to raise billions, sources say
By Federico Maccioni and Yousef Saba DUBAI (Reuters) -Saudi oil giant Aramco is looking to sell up to five gas-fired power plants, three sources with knowledge of the matter told Reuters, part of a broader effort to free up funds that could generate tens of billions of dollars. The potential sale of four or five gas-fired plants that power refineries could alone raise around $4 billion as the Saudi government pushes Aramco to increase profits and payouts to the state, two of the sources said. Aramco, the world's most profitable company and the main source of Saudi state income, has been looking to sell some assets, improve efficiency and cut costs, Reuters has reported. The company will also slash dividend payouts by nearly a third this year as lower oil prices hit its income. The state, which directly owns 81.5% of Aramco, is heavily reliant on the payouts, which include royalties and taxes. Besides the sale of the gas-fired plants, the company could divest assets such as housing compounds and pipelines, two of the sources said. Port infrastructure assets could also be up for sale, one of them and a third person said. Aramco declined to comment on the potential asset sales and had no immediate comment on the amount of money the fundraising drive could yield. The Saudi government communications office did not respond to Reuters requests for comment. Reuters could not determine a timeline for the sale. The three sources spoke on condition of anonymity because the process is private. Local businesses like Saudi utility firms could be interested buyers, one of the people said. Aramco fully or partly owned 18 power plants and related infrastructure locally supplying energy to its gas plants and refineries, according to its 2024 financial report. Other power plants are expected to come onstream soon. The Tanajib Gas Plant project is expected to start operations this year. The potential asset sales by Aramco coincide with Saudi Arabia Crown Prince Mohammed bin Salman's planned massive domestic projects to diversify the economy from oil while facing pressure from tumbling crude prices. Oil receipts made up 62% of state revenues last year with the Saudi budget showing a deficit of more than $30 billion in 2024 despite a $199 billion windfall from Aramco. Aramco sold $5 billion of bonds in May and signalled more borrowing. The country is pouring hundreds of billions of dollars into projects including showpiece events like the Expo 2030 world fair and soccer's FIFA World Cup 2034. Aramco is also seeking to raise funds for infrastructure by bringing in investors, Reuters reported in May. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Zawya
30-06-2025
- Business
- Zawya
Saudi wealth fund net profit tumbles 60% in 2024
Saudi Arabia's sovereign wealth fund's net profit slumped 60% from a year earlier to 25.8 billion riyals ($6.9 billion) in 2024, it reported on Monday, hurt by high interest rates and inflation as well as impairments on some projects. The Public Investment Fund said in a statement that impairments primarily related to changes to operational plans and increases in budgeted costs. The fund, which has more than $1 trillion in assets under management, reported net profit of 64.4 billion riyals for 2023 in its consolidated statement on Monday. Its comprehensive income statement showed that the 138.1 billion riyals reported for 2023 in July last year had swung to a loss of 140 billion riyals this year. A comprehensive income statement includes items such as unrealised gains and losses as well as the change in value of some of a company's assets. Total assets in 2024 rose 18% to 4.321 trillion riyals from 3.664 trillion riyals a year earlier, the fund said. The PIF is steering Saudi Arabia's ambitious economic agenda aimed at weaning the Gulf country's economy off oil. ($1 = 3.7502 riyals) (Reporting by Federico Maccioni and Hadeel Al Sayegh; Editing by Emelia Sithole-Matarise)
Daily Maverick
17-06-2025
- General
- Daily Maverick
Two oil tankers collide and catch fire near Strait of Hormuz
By Maha El Dahan and Stine Jacobsen With Iran and Israel firing missiles at each other since Friday, interference has disrupted navigation systems near the vital sea route between Iran and Oman which handles about a fifth of the world's oil. The United Arab Emirates coast guard said it had evacuated 24 people from one of the ships, Adalynn, to Khor Fakkan port after the crash 24 nautical miles off its eastern coast. Personnel on the second tanker, the Front Eagle, were reported safe with no pollution seen after a fire on its deck, according to its owner, the Oslo-listed company Frontline The Front Eagle was loaded with 2 million barrels of Iraqi crude oil and was en route to Zhoushan in China, according to monitoring service The Adalynn, a Suezmax-class tanker owned by India-based Global Shipping Holding Ltd, had no cargo and was sailing towards the Suez Canal in Egypt, the monitoring service said. said on X that the Front Eagle was moving southbound at a speed of 13.1 knots when it 'executed a starboard (right) turn, resulting in a collision with the port quarter (aft port side)' of the Adalynn, which was proceeding southeast at 4.8 knots. The Strait of Hormuz links the Gulf to the northwest with the Gulf of Oman to the southeast and the Arabian Sea beyond. Between the start of 2022 and last month, roughly 17.8 million to 20.8 million barrels of crude, condensate and fuels flowed through daily, according to data from Vortexa. The multinational, U.S.-led Combined Maritime Force's JMIC information centre said in an advisory this week that it had received reports of electronic interference stemming from the vicinity of Iran's Port of Bandar Abbas (in Iran) and other areas in the Gulf region. Tehran has in the past threatened to close the strait to traffic in retaliation for Western pressure. Iran has not commented about Tuesday's collision or reports of electronic interference. There was no immediate response to a Reuters request for comment from the Emirati foreign ministry or Khor Fakkan container terminal early on Tuesday. (Reporting by Yomna Ehab and Enas Alashray in Cairo, Maha El Dahan in Dubai and Stine B. Jacobsen in Copenhagen; additional reporting by Jonathan Saul in London; Writing by Federico Maccioni; Writing by Federico Maccioni; Editing by Neil Fullick, William Maclean and Andrew Cawthorne)
