Saudi Arabia

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Saudi Arabia, the world's top oil exporter, raised July crude oil prices for Asian buyers to higher-than-expected levels amid concerns about tight supply and expectations of strong demand in summer, Reuters reported. The official selling price (OSP) for July-loading Arab Light to Asia was hiked by $2.1 a barrel from June to $6.5 a barrel over Oman/Dubai quotes, just off an all-time-high recorded in May. That was much higher than most market forecasts for an increase around $1.5. Only one respondent of six in a Reuters poll had predicted a jump of $2.
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Saudi Arabia's economy grew by 9.6% in the first quarter of 2022, compared to a year earlier, according to flash government estimates on Sunday, as a recovery in the oil sector drove the strongest growth in more than a decade, Reuters reported. During the first quarter, oil activity in Saudi Arabia increased by 20.4% and non-oil activity by 3.7%, the estimates showed.
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Saudi Arabia's consumer price index rose 2% in March from a year earlier on the back of rising transport and food costs, increasing for the seventh consecutive month, government data showed on Thursday, Reuters reported. Food and beverages rose 3% compared to a year earlier, driven by a 2.4% rise in meat prices and 9.4% in vegetable prices, the General Authority for Statistics said in a statement.
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An exodus of foreign workers from Saudi Arabia started to reverse after a year and a half as the economy recovers from the pandemic and oil prices rally, Bloomberg News reported. The private sector added more than 250,000 jobs for non-Saudis, according to fourth-quarter data released on Wednesday by the kingdom’s General Authority for Statistics. Citizens also benefited, with more than 83,000 jobs added for Saudis in the private sector and nearly 24,000 in government. Unemployment among nationals dropped to 11%, the lowest level since 2009.
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Mexican Foreign Minister Marcelo Ebrard and his Saudi Arabian counterpart on Wednesday agreed to strengthen bilateral economic relations on the first day of the diplomat's 10-day tour of the Middle East and India, Mexico's government said, Reuters reported. Ebrard and Saudi Foreign Minister Prince Faisal bin Farhan Al Saud discussed investing in tourism and innovation, highlighting the need for a direct air route between Mexico and Saudi Arabia, the foreign ministry said in a statement.

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Saudi Arabia boosted its revenue forecast for next year, with higher oil prices and production volumes poised to deliver the first budget surplus in eight years and the fastest economic growth since 2011, Bloomberg News reported. It’s a sharp turnaround after energy market turmoil and the pandemic combined to crater the kingdom’s nascent economic recovery from the last oil price rout.
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Saudi Arabia reached an agreement with one of the world’s biggest bond clearing systems to settle transactions in its debt market, Bloomberg News reported. The deal between the kingdom’s Securities Depository Center Company, known as Edaa, and Brussels-based Euroclear Bank will give foreign investors access to the sukuk and bond market within the Saudi Exchange. Under the terms of an agreement signed at the Future Investment Initiative conference in Riyadh, the link is expected to become operational in March 2022, according to a statement on Wednesday.
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A Saudi court on Sunday issued a final order on the restructuring of the Algosaibi family’s conglomerate AHAB, putting a formal end to one of Saudi Arabia’s largest and longest debt disputes, Reuters reported. AHAB filed for a financial restructuring in 2019 under the framework of Saudi Arabia’s bankruptcy law, introduced the previous year to make the kingdom more investor-friendly. The Dammam commercial court on Sunday issued the final ratification order for the AHAB restructuring, which is now unappealable, Simon Charlton, chief restructuring officer at AHAB, told Reuters.
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BNP Paribas SA and Citigroup Inc. are among global banks that are finally set to see some of their loans be at least partially repaid after getting caught up in one of Saudi Arabia’s biggest corporate defaults, Bloomberg News reported.In the first major test for the kingdom’s new bankruptcy law, Ahmad Hamad Algosaibi & Brothers Co., which has been locked in legal battles and negotiations with creditors over $7.5 billion of debt since 2009, had its proposal to restructure the obligations ratified by a Saudi court, Simon Charlton, Algosaibi’s chief restructuring officer said.
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