Author: Business Dunes

RIYADH: Saudi Aramco has raised its official selling price for its flagship Arab Light crude oil destined for Asia in August, the company confirmed in an official statement on Sunday. The state-owned company raised the price of its benchmark oil to $2.20 per barrel above the average of Oman and Dubai crude prices. The August price for Arab Light crude oil has risen by $1 per barrel from July, reaching its highest level since April, when it was priced $3.50 above the Oman/Dubai average. Saudi Aramco prices its crude oil across five density-based grades: Super Light (greater than 40), Arab…

RIYADH: Startups across the Middle East and North Africa kicked off the second quarter of 2025 with a wave of funding rounds, acquisitions, and strategic mergers. The activity reflects continued investor confidence in sectors ranging from fintech and food tech to health tech and Software-as-a-Service.    Saudi Arabia and the UAE led the charge, underscoring their growing prominence as hubs for regional startup innovation.  Fintech startup Erad, based in the Kingdom, has raised $16 million in a pre-series A funding round with participation from Y Combinator, Nuwa Capital, and Khwarizmi Ventures, as well as Aljazira Capital, VentureSouq, Oraseya Capital, and Joa…

RIYADH: Amid a record-breaking surge in venture funding and a wave of regulatory reforms, Saudi Arabia is drawing global attention for its ambitious push to build a vibrant startup economy.  The Kingdom’s entrepreneurial landscape is being reshaped thanks to the work of Saudi Venture Capital, a subsidiary of the National Development Fund, and incubation support from the Small and Medium Enterprises General Authority, known as Monsha’at.   With government capital underwriting much of the early momentum, the challenge now lies in translating that support into private-sector-driven sustainability, with some market observers cautioning against confusing rapid growth with long-term sustainability. 

BENGALURU: Abu Dhabi index closed higher on Friday, supported by an increase in oil prices after the EU introduced new sanctions against Russia, while the Dubai index declined after investors moved to book profit on last five sessions’ gains. Abu Dhabi’s benchmark index recorded gains for the fourth session with the index finishing 0.2 percent higher, led by a 1.7 percent jump in Emirates Telecom Group, while its biggest lender First Abu Dhabi Bank added 0.5 percent.                   Dubai’s main index meanwhile fell 0.2 percent, ending a five-day winning streak after reaching…

MSCI Tadawul 30 Index gained 0.27% to finish at 1,408.88 Parallel market Nomu slipped 0.30% to close at 27,080.02   RIYADH: Saudi Arabia’s Tadawul All Share Index closed higher on Monday, rising 16.46 points, or 0.15 percent, to end the session at 10,981.17. The total trading value on the main market reached SR4.3 billion ($1.1 billion), with 95 stocks advancing and 148 declining.    The MSCI Tadawul 30 Index also rallied, adding 3.86 points, or 0.27 percent, to finish at 1,408.88.  The Kingdom’s parallel market Nomu slipped 82.58 points, or 0.30 percent, to close at 27,080.02. Of the listed stocks,…

MILAN AND LUXEMBOURG, July 24, 2025 – Offshore energy services rivals Saipem and Subsea7 have signed a binding merger agreement to combine into a new company named Saipem7, the companies announced on Thursday. Based on end-2024 financial results, the merged company will have approximately EUR 21 billion in revenues and more than EUR 2 billion in EBITDA, and will command a backlog of around EUR 43 billion as of the end of Q1 2025. Annual free cash flow is expected to exceed EUR 800 million. The merger will be carried out through the absorption of Subsea7 into Saipem. The combined company will remain…

Sheikh Ahmad Duaij Al Sabah, chairman of the Commercial Bank of Kuwait (Al-Tijari), talks to The Business dunes about supporting key energy and infrastructure developments and the positive impact of Kuwait’s new public debt law. Al-Tijari is a Kuwaiti bank that provides financial, banking and investment services to corporate and retail customers.How would you assess the performance of Al-Tijari and Kuwait’s financial sector in the past year?2024 was a record-breaking year for Al-Tijari, with the highest profits and revenues in the bank’s history. Our Q1 2025 results confirm continued strength. This achievement stems from our focus on our core business…

Eisa Abdulrahman Al Maraghi, CEO of Kuwait Foreign Petroleum Exploration Company (KUFPEC), talks to The Energy Year about investment plans to triple the company’s portfolio and banking on gas and LNG to gain international competitiveness. As Kuwait’s international upstream company, KUFPEC engages in oil and gas exploration and production globally. Can you provide an update on the changes that have been made to KUFPEC’s international portfolio?One of our strategic priorities is streamlining our portfolio to improve profitability. We started in 2020, and in the past year, we have exited non-core and underperforming assets, including the divestment of our production assets…

Luis Arizaga, a partner at Exus Renewables, talks to The Energy Year about the outlook for the renewable energy space in Mexico, factors that set the company apart from the competition and its joint venture with Glencore. Exus Renewables is a global independent power producer focused on the development and asset management of renewable energy assets. What outlook do you have for the renewable energy space in Mexico?Firstly, the administration’s declaration that it will open the way for 46% private investment in the country’s electricity sector tells us nothing. This is nothing new as it is just a reaffirmation of…

Cenomi Retail, one of Saudi Arabia’s largest retail brand partners, said on Monday that its founding shareholders have signed a share purchase agreement with UAE-based Al-Futtaim Group to acquire a 49.95 per cent stake in the company for over SAR2.5bn ($666m). The transaction will see Al-Futtaim purchase shares priced at SAR44 each from selling shareholders Fawaz Abdulaziz Alhokair, Abdul Majeed Abdulaziz Alhokair, Salman Abdulaziz Alhokair, Saudi FAS Holding Company, and FAS Real Estate Company.   As part of the agreement, Cenomi Retail and Al-Futtaim are negotiating a shareholder loan agreement under which Al-Futtaim will provide no less than SAR1.3bn in funding upon…