Saudi Aramco is assessing damage after a reported fresh strike on its Jizan oil complex near the Yemen border. The extent of damage and impact on production remain unclear, with no group claiming responsibility so far.


Houthis launch missile Salvo on Saudi Arabia, Aramco oil facilities hit

Iranian-backed Houthi rebels in Yemen on Thursday claimed to have hit an Aramco refinery in southern Saudi Arabia with a drone attack and described the strike as successful, reported the group’s affiliated news agency Saba. The Aramco refinery was targeted with two drones, a military source was quoted as saying by Saba.&nbsp;“A military source confirmed that the Yemeni Armed Forces targeted an Aramco refinery in the Jizan region using two drones, achieving a precise hit by the grace of God,” reported Saba, while referring to Houthi forces.&nbsp;In recent weeks, the Houthis have attacked Saudi Arabia and shipping in the Red Sea. The group even killed six people in an attack on a cargo ship in the waterway this week.&nbsp;Also Read: <a href="https://www.wionews.com/world/us-launches-multinational-drone-task-force-with-allies-in-middle-east-1786650707964">US launches multinational drone task force with allies in Middle East&nbsp;</a>&nbsp;<h2>‘Attack response to Saudi violation of Yemeni airspace’</h2>&nbsp;The refinery was attacked in response to the Saudi kingdom’s “violation of Yemeni airspace and sovereignty” in the Sa’dah and Hajjah governorates, the news agency said.&nbsp;The source further warned that the Houthis would respond to any further Saudi military actions against Yemen.&nbsp;The group said it would “respond decisively” to any violation of the country’s sovereignty or any act of aggression targeting the nation, Saba reported.&nbsp;Also Read: <a href="https://www.wionews.com/world/iran-could-prolong-war-until-trump-is-out-of-office-says-irgc-adviser-1786565790697">Iran could ‘prolong war’ until Trump is out of office, says IRGC adviser</a>&nbsp;The years-long truce in Yemen’s civil war between the Houthis and the Saudi-backed, internationally-recognised government appeared to have collapsed in July as fighting between regional allies of the United States and Iran flared again.&nbsp;The Houthis also announced a maritime blockade of Saudi Arabia and hit Saudi tankers in the Red Sea.<h2>Stop supporting Houthi rebels, Britain tells Iran</h2>&nbsp;Britain on Thursday urged Iran to stop backing the Houthi rebels in Yemen, saying Tehran’s support for the group threatens the country’s stability.&nbsp;Also Read: <a href="https://www.wionews.com/world/bangladesh-s-power-crisis-worsens-seeks-help-from-india-as-long-outages-spark-outrage-1786626466299">Bangladesh’s power crisis worsens, seeks help from India as long outages spark outrage</a>&nbsp;“Iran must cease its long-standing support for the Houthis, which threatens Yemen’s stability,” UK Deputy Permanent Representative to the United Nations Kate Foster told the UN Security Council, accusing the Houthis of “reckless … actions” in its attacks on Saudi Arabia and shipping in the Red Sea.“The recent escalation is compounding an already dire humanitarian situation,” she added.&nbsp;&nbsp;

A Houthi source said the Aramco refinery was attacked in response to Saudi Arabia’s violation of Yemeni airspace and sovereignty in the Sa’dah and Hajjah governorates. The source further warned that Houthis would respond to any further Saudi military actions against Yemen.

Iranian-backed Houthi rebels in Yemen on Thursday claimed to have hit an Aramco refinery in southern Saudi Arabia with a drone attack and described the strike as successful, reported the group’s affiliated news agency Saba. The Aramco refinery was targeted with two drones, a military source was quoted as saying by Saba. “A military source confirmed that the Yemeni Armed Forces targeted an Aramco refinery in the Jizan region using two drones, achieving a precise hit by the grace of God,” reported Saba, while referring to Houthi forces. In recent weeks, the Houthis have attacked Saudi Arabia and shipping in the Red Sea. The group even killed six people in an attack on a cargo ship in the waterway this week. Also Read: US launches multinational drone task force with allies in Middle East ‘Attack response to Saudi violation of Yemeni airspace’ The refinery was attacked in response to the Saudi kingdom’s “violation of Yemeni airspace and sovereignty” in the Sa’dah and Hajjah governorates, the news agency said. The source further warned that the Houthis would respond to any further Saudi military actions against Yemen. The group said it would “respond decisively” to any violation of the country’s sovereignty or any act of aggression targeting the nation, Saba reported. Also Read: Iran could ‘prolong war’ until Trump is out of office, says IRGC adviser The years-long truce in Yemen’s civil war between the Houthis and the Saudi-backed, internationally-recognised government appeared to have collapsed in July as fighting between regional allies of the United States and Iran flared again. The Houthis also announced a maritime blockade of Saudi Arabia and hit Saudi tankers in the Red Sea. Stop supporting Houthi rebels, Britain tells Iran Britain on Thursday urged Iran to stop backing the Houthi rebels in Yemen, saying Tehran’s support for the group threatens the country’s stability. Also Read: Bangladesh’s power crisis worsens, seeks help from India as long outages spark outrage “Iran must cease its long-standing support for the Houthis, which threatens Yemen’s stability,” UK Deputy Permanent Representative to the United Nations Kate Foster told the UN Security Council, accusing the Houthis of “reckless … actions” in its attacks on Saudi Arabia and shipping in the Red Sea. “The recent escalation is compounding an already dire humanitarian situation,” she added.

A Houthi source said the Aramco refinery was attacked in response to Saudi Arabia’s violation of Yemeni airspace and sovereignty in the Sa’dah and Hajjah governorates. The source further warned that Houthis would respond to any further Saudi military actions against Yemen.

Houthis attack Aramco refinery in Saudi Arabia’s Jizan region  with drones

The Houthi rebels are expanding their role in the West Asia conflict by targeting Saudi oil tankers and tightening their maritime blockade in the Red Sea. Yemeni authorities accuse the Iran-backed group of copying Tehran's strategy in the Strait of Hormuz, raising fears of a wider regional conflict.

With attacks on energy infrastructure, threats to global shipping, and reports that the Houthis may seek to charge vessels for safe passage, concerns are growing over the security of one of the world's busiest maritime trade routes.

Houthis Copy Iran’s Strategy? Red Sea Blockade Threatens Global Shipping

A helicopter belonging to Saudi ​oil giant Aramco (2222.SE), opens new tab crashed on Sunday ‌in Ras Tanura on Saudi Arabia's eastern coast on the Gulf, west of the Strait of ​Hormuz, killing 14 nationals, the state ​news agency reported, adding that the ⁠cause was unknown.
Aramco had resumed crude oil loadings ​on Friday at its Ras Tanura terminal ​in the Gulf after they were halted for nearly four months.

Saudi Arabia: Deadly Aramco helicopter crash kills 14, probe underway 

Saudi Arabia’s Aramco , ​the world’s top oil exporter, said ⁠on Tuesday (March 10, 2026) that there would be “catastrophic consequences” for the world’s oil markets if the Iran war continues to disrupt ‌shipping in the Strait of Hormuz.


Aramco Warns of Severe Oil Impact if Strait of Hormuz Shipping Halt Continues |

As the Iran conflict enters its second week, global energy markets are under intense pressure and analysts are warning of further oil price spikes due to potential supply disruptions. Shares of Saudi Arabia’s oil giant, Saudi Aramco, surged on Sunday - marking their biggest rise since April 2023 - as investors reacted to fears that oil flows could be interrupted by the escalating war and supply routes around the Strait of Hormuz. Aramco’s stock climbed as much as 4.9 %, before settling with strong gains, while Brent crude topped $90 per barrel amid broader market volatility.

Iran War Roils Energy Markets: Saudi Aramco Shares Jump the Most Since April 2023

Shares of Saudi Aramco surged after global oil benchmark Brent Crude climbed above $90 per barrel, driven by rising geopolitical tensions and fears of supply disruptions. The rally in oil prices boosted energy stocks across global markets, with investors closely watching developments in the Middle East and their potential impact on crude supply and shipping routes.


Saudi Aramco Shares Jump After Brent's Surge Beyond $90/ Barrel

Saudi Aramco is reportedly preparing to sell up to five gas-fired power plants in a move that could raise as much as $4 billion, according to sources familiar with the matter. The asset sale is part of a broader strategy by the world’s most profitable oil company to free up capital, maintain shareholder payouts, and align with Saudi Arabia’s Vision 2030 economic diversification goals. The potential divestment of these non-core assets, mostly power stations that supply energy to Aramco’s refineries, comes as the company navigates lower oil prices, shrinking profits, and rising fiscal demands from the Saudi government, which owns more than 81 per cent of Aramco. The government relies heavily on Aramco's dividend payouts, royalties, and taxes to fund national megaprojects such as Expo 2030 and the FIFA World Cup 2034.<h2>Strategic capital reallocation</h2>Selling these assets would allow Aramco to reallocate capital toward higher-growth and future-oriented sectors, including carbon capture, green hydrogen, and advanced infrastructure projects. While the company reported a modest dip in net income to $26 billion in Q1 2025, it raised its base dividend to $21.1 billion. However, it withheld a performance-linked dividend, signalling a more cautious approach to cash management amid global energy market volatility.Analysts say the divestment strategy aligns with global energy giants like ExxonMobil and Chevron, which have also shed non-core infrastructure to focus on upstream oil and gas operations. In addition to power plants, Aramco is reportedly exploring the sale of housing compounds, port infrastructure, and pipeline stakes.<h2>BlackRock stake buyback under consideration</h2>In a parallel development, asset manager BlackRock Inc. is in early talks to sell its stake in Aramco’s gas pipeline network back to the Saudi oil giant. BlackRock had led a consortium that acquired a 49 per cent stake in the pipeline leasing rights in a 2021 deal valued at $15.5 billion. A potential buyback would signal Aramco’s continued interest in consolidating control over core energy infrastructure, despite rising debt levels.The company’s CEO, Amin Nasser, said in May that Aramco plans to increase borrowing to fund growth, support dividend stability, and leverage its balance sheet more effectively. The firm has already raised $5 billion through a bond issuance this year, part of a broader return to debt markets after a three-year hiatus.While asset divestments and increased borrowing may raise questions about Aramco’s short-term liquidity pressures, the moves appear designed to balance shareholder interests with long-term investment in national economic transformation. If executed effectively, the strategy could enhance resilience amid a shifting global energy landscape.

The potential divestment of Aramco's non-core assets comes as the company navigates lower oil prices, shrinking profits, and rising fiscal demands from the Saudi government, which owns more than 81 per cent of the company.

Saudi Aramco is reportedly preparing to sell up to five gas-fired power plants in a move that could raise as much as $4 billion, according to sources familiar with the matter. The asset sale is part of a broader strategy by the world’s most profitable oil company to free up capital, maintain shareholder payouts, and align with Saudi Arabia’s Vision 2030 economic diversification goals. The potential divestment of these non-core assets, mostly power stations that supply energy to Aramco’s refineries, comes as the company navigates lower oil prices, shrinking profits, and rising fiscal demands from the Saudi government, which owns more than 81 per cent of Aramco. The government relies heavily on Aramco's dividend payouts, royalties, and taxes to fund national megaprojects such as Expo 2030 and the FIFA World Cup 2034. Strategic capital reallocation Selling these assets would allow Aramco to reallocate capital toward higher-growth and future-oriented sectors, including carbon capture, green hydrogen, and advanced infrastructure projects. While the company reported a modest dip in net income to $26 billion in Q1 2025, it raised its base dividend to $21.1 billion. However, it withheld a performance-linked dividend, signalling a more cautious approach to cash management amid global energy market volatility. Analysts say the divestment strategy aligns with global energy giants like ExxonMobil and Chevron, which have also shed non-core infrastructure to focus on upstream oil and gas operations. In addition to power plants, Aramco is reportedly exploring the sale of housing compounds, port infrastructure, and pipeline stakes. BlackRock stake buyback under consideration In a parallel development, asset manager BlackRock Inc. is in early talks to sell its stake in Aramco’s gas pipeline network back to the Saudi oil giant. BlackRock had led a consortium that acquired a 49 per cent stake in the pipeline leasing rights in a 2021 deal valued at $15.5 billion. A potential buyback would signal Aramco’s continued interest in consolidating control over core energy infrastructure, despite rising debt levels. The company’s CEO, Amin Nasser, said in May that Aramco plans to increase borrowing to fund growth, support dividend stability, and leverage its balance sheet more effectively. The firm has already raised $5 billion through a bond issuance this year, part of a broader return to debt markets after a three-year hiatus. While asset divestments and increased borrowing may raise questions about Aramco’s short-term liquidity pressures, the moves appear designed to balance shareholder interests with long-term investment in national economic transformation. If executed effectively, the strategy could enhance resilience amid a shifting global energy landscape.

The potential divestment of Aramco's non-core assets comes as the company navigates lower oil prices, shrinking profits, and rising fiscal demands from the Saudi government, which owns more than 81 per cent of the company.

Aramco eyes $4 billion from stake sales amid fiscal tightening

Saudi Aramco is expanding its investments in China as part of a strategic push to transform more of its crude oil into chemicals. This move is set to include additional investments in chemical plants in China this year and next.

Saudi Aramco targets more chemical plants in China

The Saudi state oil firm's stock has fallen this year. That is in contrast to some major oil-producing companies whose shares have risen to new record highs. Watch in for more details!

Aramco investors miss out on oil stocks rally

Saudi Arabia's sale of shares in oil giant aramco has garnered significant demand, surpassing the stock on offer within hours of its initiation. The deal, anticipated to raise up to $13.1 billion, serves as a pivotal test of international interest in the kingdom's assets. Scheduled to conclude institutional orders by Thursday, pricing of shares will ensue the following day, with trading expected to commence on Riyadh's Saudi exchange the subsequent Sunday.

Solid demand for Aramco's $12 billion stock offer

Oil major Saudi Aramco has finalised the acquisition of a 40% stake in gas & oil Pakistan, marking its entry into Pakistan's downstream fuel sector.

Saudi Aramco's acquisition spree

Saudi Arabia is preparing to launch a major share sale in its state-owned energy giant, Aramco, potentially raising around $10 billion, Reuters reported citing sources familiar with the matter. <o:p></o:p>

This move, anticipated to happen as soon as June, could mark one of the region's largest stock deals in recent years.<o:p></o:p>

The proposed share sale will involve a fully marketed offering on the Riyadh stock exchange, rather than a rapid sale over a few days. <o:p></o:p>

Sources indicated that the final details of the sale are still being finalised and could change.<o:p></o:p>

When approached for comment, an Aramco spokesperson stated, "Decisions about share sales are matters for our shareholders and are not something we are able to comment on." <o:p></o:p>

The Saudi government's communication office did not immediately respond to requests for comments.<o:p></o:p>

Major international banks, including Citigroup, Goldman Sachs, and HSBC, had previously been selected to manage the sale, underlining the global financial community's involvement in this transaction.<o:p></o:p>

This share sale aligns with Saudi Arabia's ambitious Vision 2030 initiative, which aims to diversify the nation's economy and reduce its dependence on oil revenue. <o:p></o:p>

The Saudi government, holding a dominant 90 per cent stake in Aramco, relies heavily on the company's financial contributions as it crosses this economic transformation.<o:p></o:p>

Despite reporting lower earnings in the first quarter due to reduced oil prices and sales volumes, Aramco remains a crucial financial asset for the kingdom. <o:p></o:p>

The company recently announced plans to distribute $31 billion in dividends, indicating its continued profitability and importance to Saudi Arabia's fiscal health.<o:p></o:p>

Since its record-breaking initial public offering in 2019, where Aramco's shares debuted at 32 riyals, the stock has experienced fluctuations, reaching a peak of 38.64 riyals last year. <o:p></o:p>

As of the latest trading session, Aramco shares closed at 29.95 riyals.<o:p></o:p>

This planned share sale represents not only a significant financial manoeuvre but also a step towards achieving the broader objectives of Vision 2030, positioning Saudi Arabia for a more diversified and sustainable economic future.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Saudi Arabia is preparing to launch a major share sale in its state-owned energy giant, Aramco, potentially raising around $10 billion, Reuters reported citing sources familiar with the matter.

Saudi Arabia is preparing to launch a major share sale in its state-owned energy giant, Aramco, potentially raising around $10 billion, Reuters reported citing sources familiar with the matter. This move, anticipated to happen as soon as June, could mark one of the region's largest stock deals in recent years. The proposed share sale will involve a fully marketed offering on the Riyadh stock exchange, rather than a rapid sale over a few days. Sources indicated that the final details of the sale are still being finalised and could change. When approached for comment, an Aramco spokesperson stated, "Decisions about share sales are matters for our shareholders and are not something we are able to comment on." The Saudi government's communication office did not immediately respond to requests for comments. Major international banks, including Citigroup, Goldman Sachs, and HSBC, had previously been selected to manage the sale, underlining the global financial community's involvement in this transaction. This share sale aligns with Saudi Arabia's ambitious Vision 2030 initiative, which aims to diversify the nation's economy and reduce its dependence on oil revenue. The Saudi government, holding a dominant 90 per cent stake in Aramco, relies heavily on the company's financial contributions as it crosses this economic transformation. Despite reporting lower earnings in the first quarter due to reduced oil prices and sales volumes, Aramco remains a crucial financial asset for the kingdom. The company recently announced plans to distribute $31 billion in dividends, indicating its continued profitability and importance to Saudi Arabia's fiscal health. Since its record-breaking initial public offering in 2019, where Aramco's shares debuted at 32 riyals, the stock has experienced fluctuations, reaching a peak of 38.64 riyals last year. As of the latest trading session, Aramco shares closed at 29.95 riyals. This planned share sale represents not only a significant financial manoeuvre but also a step towards achieving the broader objectives of Vision 2030, positioning Saudi Arabia for a more diversified and sustainable economic future. (With inputs from Reuters)

Saudi Arabia eyes multi-billion-dollar Aramco share sale in June

Energy giant Aramco, the world's largest oil producer by volume, is reportedly planning a multi-billion dollar share sale as early as June. This offering could raise up to $10 billion and become one of the Saudi's biggest stock deals.

Aramco sale to fuel Saudi diversification

Aramco raised its dividend despite falling output and oil prices. The $31 billion payout gives a financial boost to Saudi Arabia while its budget deficit continues to grow.

Aramco's $31 bn boon for Saudi budget

Intending to advance its ambitious economic reform agenda, Saudi Arabia has doubled down on its sovereign wealth fund, the Public Investment Fund (PIF). <o:p></o:p>

The kingdom transferred an 8 per cent stake in the oil giant Aramco to PIF, valued at approximately $163.6 billion, according to LSEG data. <o:p></o:p>

Crown Prince Mohammed bin Salman, also known as MBS, highlighted the transfer as part of Saudi Arabia's long-term initiatives to diversify the national economy and expand investment opportunities, aligning with the Vision 2030 plan.<o:p></o:p>

The transfer reinforces PIF's strong financial position and credit rating, as mentioned by the state news agency SPA. <o:p></o:p>

MBS, who chairs PIF, highlighted the move's significance in solidifying the fund's role in driving economic diversification. <o:p></o:p>

Reuters cited Justin Alexander, the director of Khalij Economics and GCC analyst for GlobalSource Partners, who estimated that the transfer would provide PIF with over $9 billion in annual dividend revenue from Aramco.<o:p></o:p>

Crown Prince Mohammed bin Salman's decision aligns with the broader strategy outlined in Saudi Vision 2030, as reported by AP. <o:p></o:p>

The transfer reflects Saudi Arabia's commitment to boosting and diversifying the national economy, showcasing PIF as a central player in driving economic transformation. <o:p></o:p>

PIF Governor Yasir al-Rumayyan announced plans to increase capital deployment to $70 billion annually after 2025.<o:p></o:p>

Aramco clarified in a filing on the Saudi Exchange that the transfer is a private arrangement and would not affecting the company's issued shares, operations, strategy, dividend policy, or governance framework. <o:p></o:p>

Despite this, Aramco has played a crucial role in supporting Saudi Arabia's economic overhaul, with the state now holding 82.186 per cent of the company.<o:p></o:p>

The move indicates the government's plans to invest in economic transformation projects, including the futuristic city NEOM.<o:p></o:p>

PIF's transformation into a global investment vehicle has been fuelled by multi-billion-dollar investments in various sectors, from technology to sports. <o:p></o:p>

The fund, which had approximately $700 billion in assets under management before the recent transfer, aims to grow to $2 trillion by 2030. <o:p></o:p>

The crown prince's proactive approach to investing in megaprojects and diversifying Saudi Arabia's economy is an indication of the nation's shift towards reducing its reliance on oil revenue.<o:p></o:p>

Aramco's profits and global criticisms<o:p></o:p>

Aramco, the world's fourth most valuable firm with a market value of $2 trillion, reported a record $161 billion profit for 2022, making it the highest-ever recorded by a publicly listed company. <o:p></o:p>

However, the profits have faced criticism amid global concerns about climate change. <o:p></o:p>

Activists have raised questions about the environmental impact of burning fossil fuels, even as Aramco announces its 2023 earnings on March 11.<o:p></o:p>

(With inputs from agencies)<o:p></o:p>

Intending to advance its ambitious economic reform agenda, Saudi Arabia has doubled down on its sovereign wealth fund, the Public Investment Fund (PIF). The kingdom transferred an 8 per cent stake in the oil giant Aramco to PIF, valued at approximately $163.

Intending to advance its ambitious economic reform agenda, Saudi Arabia has doubled down on its sovereign wealth fund, the Public Investment Fund (PIF). The kingdom transferred an 8 per cent stake in the oil giant Aramco to PIF, valued at approximately $163.6 billion, according to LSEG data. Crown Prince Mohammed bin Salman, also known as MBS, highlighted the transfer as part of Saudi Arabia's long-term initiatives to diversify the national economy and expand investment opportunities, aligning with the Vision 2030 plan. The transfer reinforces PIF's strong financial position and credit rating, as mentioned by the state news agency SPA. MBS, who chairs PIF, highlighted the move's significance in solidifying the fund's role in driving economic diversification. Reuters cited Justin Alexander, the director of Khalij Economics and GCC analyst for GlobalSource Partners, who estimated that the transfer would provide PIF with over $9 billion in annual dividend revenue from Aramco. Crown Prince Mohammed bin Salman's decision aligns with the broader strategy outlined in Saudi Vision 2030, as reported by AP. The transfer reflects Saudi Arabia's commitment to boosting and diversifying the national economy, showcasing PIF as a central player in driving economic transformation. PIF Governor Yasir al-Rumayyan announced plans to increase capital deployment to $70 billion annually after 2025. Aramco clarified in a filing on the Saudi Exchange that the transfer is a private arrangement and would not affecting the company's issued shares, operations, strategy, dividend policy, or governance framework. Despite this, Aramco has played a crucial role in supporting Saudi Arabia's economic overhaul, with the state now holding 82.186 per cent of the company. The move indicates the government's plans to invest in economic transformation projects, including the futuristic city NEOM. PIF's transformation into a global investment vehicle has been fuelled by multi-billion-dollar investments in various sectors, from technology to sports. The fund, which had approximately $700 billion in assets under management before the recent transfer, aims to grow to $2 trillion by 2030. The crown prince's proactive approach to investing in megaprojects and diversifying Saudi Arabia's economy is an indication of the nation's shift towards reducing its reliance on oil revenue. Aramco's profits and global criticisms Aramco, the world's fourth most valuable firm with a market value of $2 trillion, reported a record $161 billion profit for 2022, making it the highest-ever recorded by a publicly listed company. However, the profits have faced criticism amid global concerns about climate change. Activists have raised questions about the environmental impact of burning fossil fuels, even as Aramco announces its 2023 earnings on March 11. (With inputs from agencies)

Saudi Arabia boosts sovereign wealth fund, transfers 8 pc stake in Aramco worth $163.6 bn

Saudi Arabia's sovereign fund has got a big boost from its state-owned oil firm Aramco. The oil-rich kingdom has transferred an 8% stake in Aramco to the Public Investment Fund or PIF . This comes at a time when the kingdom reorganizes its holdings to boost the sovereign wealth fund.

Kingdom transfers 8% stake in Aramco to public investment fund

Nvidia is now the third most valuable firm in the world, surpassing Saudi Aramco in market value. It is just behind Apple and Microsoft. This marks another milestone for the chipmaker.

Nvidia leaps Aramco to be in top 3 list, claims another milestone

Saudi Aramco buys a portion of fuel retailer gas & oil Pakistan Ltd. That marks its entry into the South Asian country.

Saudi Aramco enters Pakistan | World Business Watch

The United States&nbsp;reportedly forced a Saudi-backed fund to disinvest from a major Artificial Intelligence (AI) chip startup backed by OpenAI co-founder Sam Altman.

Rain Neuromorphics, a startup designing chips&nbsp;had raised $25 million last year from a Saudi Aramco-backed venture capital firm Prosperity7.

The startup aims to design chips that mirror how the brain works and serve companies that employ AI-powered tools.

The move to compel Prosperity7 to exit the US AI firm came after an intervention by the Committee on Foreign Investment in the United States.

<h2>Move taken on national security grounds</h2>

According to Bloomberg, the Saudi fund was informed last year about the Committee’s decision, a move which came in the backdrop of concerns regarding national security.

"CFIUS is committed to taking all necessary actions within its authority to safeguard U.S. national security. Consistent with law and practice, CFIUS does not publicly comment on transactions that it may or may not be reviewing," the US watchdog said in a statement.

CFIUS is an inter-agency committee which reviews foreign investments in US businesses and real estate that implicate national security concerns, Reuters reported.

<h2>USA aims to regulate global AI</h2>

The move to cut off Rain AI’s links to Saudi Arabia highlights the USA’s intentions to regulate and shape the global spread and development of advanced technologies, to maintain an edge over rivals like China.

Watch:&nbsp;OpenAI's CEO Shake-Up

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Given this, the US expanded restrictions on the export of advanced AI chips, products of companies like Nvidia and Advanced Micro Devices, to include certain West Asian countries.

<h2>China accessing USA’s tech through West Asia</h2>

In October this year, concerns were raised that China was accessing advanced US AI tech through nations like Saudi Arabia.

China’s collaboration with the Saudis has deepened over the past years in the field of AI. Western officials have expressed long-standing anxieties regarding the increasing technology transfer between their traditional allies in the Gulf and China.

<a href="https://www.wionews.com/business-economy/as-altman-crisis-draws-to-a-close-microsoft-gets-observer-seat-at-openai-664795">Also read:&nbsp;As Altman crisis draws to a close, Microsoft gets observer seat at OpenAI board</a>

The West’s message for the West Asian nations is simple: If you want unhindered access to the US chip technology, you will have to limit AI cooperation with the communist country.

(With inputs from agencies)

The United States reportedly forced a Saudi-backed fund to disinvest from a major Artificial Intelligence (AI) chip startup backed by OpenAI co-founder Sam Altman.

The United States reportedly forced a Saudi-backed fund to disinvest from a major Artificial Intelligence (AI) chip startup backed by OpenAI co-founder Sam Altman. Rain Neuromorphics, a startup designing chips had raised $25 million last year from a Saudi Aramco-backed venture capital firm Prosperity7. The startup aims to design chips that mirror how the brain works and serve companies that employ AI-powered tools. The move to compel Prosperity7 to exit the US AI firm came after an intervention by the Committee on Foreign Investment in the United States. Move taken on national security grounds According to Bloomberg, the Saudi fund was informed last year about the Committee’s decision, a move which came in the backdrop of concerns regarding national security. "CFIUS is committed to taking all necessary actions within its authority to safeguard U.S. national security. Consistent with law and practice, CFIUS does not publicly comment on transactions that it may or may not be reviewing," the US watchdog said in a statement. CFIUS is an inter-agency committee which reviews foreign investments in US businesses and real estate that implicate national security concerns, Reuters reported. USA aims to regulate global AI The move to cut off Rain AI’s links to Saudi Arabia highlights the USA’s intentions to regulate and shape the global spread and development of advanced technologies, to maintain an edge over rivals like China. Watch: OpenAI's CEO Shake-Up × Given this, the US expanded restrictions on the export of advanced AI chips, products of companies like Nvidia and Advanced Micro Devices, to include certain West Asian countries. China accessing USA’s tech through West Asia In October this year, concerns were raised that China was accessing advanced US AI tech through nations like Saudi Arabia. China’s collaboration with the Saudis has deepened over the past years in the field of AI. Western officials have expressed long-standing anxieties regarding the increasing technology transfer between their traditional allies in the Gulf and China. Also read: As Altman crisis draws to a close, Microsoft gets observer seat at OpenAI board The West’s message for the West Asian nations is simple: If you want unhindered access to the US chip technology, you will have to limit AI cooperation with the communist country. (With inputs from agencies)

US forces Saudi-backed fund to exit Sam Altman’s AI startup amid tech-transfer concerns

Saudi Arabia's premier oil company, Aramco, has recorded a dramatic 39&nbsp;per cent drop in profits for the second quarter, ending on June 30.&nbsp;

In its recent report, Aramco revealed a net profit of $30.07 billion in the second quarter, marking a sharp drop of about 39&nbsp;per cent compared to the profit of $48.4 billion in the second quarter of 2022.&nbsp;

The decline has been attributed to lower crude oil prices and weakening margins in the refining and chemicals sectors. Aramco's plummeting profits align with broader industry trends, reflecting the ongoing turbulence in the oil sector.

Amin H. Nasser, President &amp; CEO of Aramco, highlighted during an earnings call, "Despite prevailing global market volatility and economic uncertainties, the events of the first half of this year reaffirm our belief in the crucial need for continued investment in our industry. This investment is vital not only to ensure stable market supplies but also to facilitate a seamless transition towards cleaner energy."

This downward trend resonates across the financial performance of other energy giants like BP, ExxonMobil, Shell, and TotalEnergies, all grappling with diminished earnings due to the weight of weakened oil prices.

However, a survey sponsored by Aramco revealed that the second-quarter profit slightly exceeded expert predictions. A report submitted to the Saudi stock exchange, Tadawul, attributed the significant profit decline to the combination of reduced crude oil prices and weakening margins in the refining and chemicals sectors.

Meanwhile, Aramco has announced a second-quarter dividend of $18.8 billion, scheduled to be disbursed in the third quarter of 2022. Additionally, in alignment with the company's 2021 Annual Report, Aramco distributed bonus shares to shareholders in Q2 2022 at a rate of one share for every ten shares owned.

Further enhancing its financial approach, Aramco is poised to initiate performance-linked dividends, with a projected payout of $9.87 billion anticipated for the third quarter. This will be based on the&nbsp;full-year 2022 and first-half 2023 performance results.

The oil giant has&nbsp;also been taking steps to accelerate the development of lower-carbon solutions in the energy industry. On June 27, Aramco inaugurated the Aramco Research Center at the King Abdullah University of Science and Technology, which uses artificial intelligence and machine learning to develop innovative ways to enable a Circular Carbon Economy.

"But while there is a very real and present need to safeguard the security of energy supplies, climate goals remain critical, which is why Aramco is working to increase production from multiple energy sources, including oil and gas, renewables, and blue hydrogen," said CEO Nasser.

(With inputs from agencies)

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Saudi Arabia's premier oil company, Aramco, has recorded a dramatic 39 per cent drop in profits for the second quarter, ending on June 30. In its recent report, Aramco revealed a net profit of $30.

Saudi Arabia's premier oil company, Aramco, has recorded a dramatic 39 per cent drop in profits for the second quarter, ending on June 30. In its recent report, Aramco revealed a net profit of $30.07 billion in the second quarter, marking a sharp drop of about 39 per cent compared to the profit of $48.4 billion in the second quarter of 2022. The decline has been attributed to lower crude oil prices and weakening margins in the refining and chemicals sectors. Aramco's plummeting profits align with broader industry trends, reflecting the ongoing turbulence in the oil sector. Amin H. Nasser, President & CEO of Aramco, highlighted during an earnings call, "Despite prevailing global market volatility and economic uncertainties, the events of the first half of this year reaffirm our belief in the crucial need for continued investment in our industry. This investment is vital not only to ensure stable market supplies but also to facilitate a seamless transition towards cleaner energy." This downward trend resonates across the financial performance of other energy giants like BP, ExxonMobil, Shell, and TotalEnergies, all grappling with diminished earnings due to the weight of weakened oil prices. However, a survey sponsored by Aramco revealed that the second-quarter profit slightly exceeded expert predictions. A report submitted to the Saudi stock exchange, Tadawul, attributed the significant profit decline to the combination of reduced crude oil prices and weakening margins in the refining and chemicals sectors. Meanwhile, Aramco has announced a second-quarter dividend of $18.8 billion, scheduled to be disbursed in the third quarter of 2022. Additionally, in alignment with the company's 2021 Annual Report, Aramco distributed bonus shares to shareholders in Q2 2022 at a rate of one share for every ten shares owned. Further enhancing its financial approach, Aramco is poised to initiate performance-linked dividends, with a projected payout of $9.87 billion anticipated for the third quarter. This will be based on the full-year 2022 and first-half 2023 performance results. The oil giant has also been taking steps to accelerate the development of lower-carbon solutions in the energy industry. On June 27, Aramco inaugurated the Aramco Research Center at the King Abdullah University of Science and Technology, which uses artificial intelligence and machine learning to develop innovative ways to enable a Circular Carbon Economy. "But while there is a very real and present need to safeguard the security of energy supplies, climate goals remain critical, which is why Aramco is working to increase production from multiple energy sources, including oil and gas, renewables, and blue hydrogen," said CEO Nasser. (With inputs from agencies) WATCH WION LIVE HERE

Saudi Aramco profits plunge 39% amid oil price tussle

Saudi Aramco's plans for the mega IPO of its energy-trading business have been postponed, as the state-controlled oil giant slows down preparations. The IPO, expected to be one of the world's largest, is now likely to be delayed until next year unless market conditions improve. The company earnings took a hit, with a 19% decline attributed to falling oil prices. The company reported a net income of $31.9 billion, down from $39.5 billion the previous year.

Saudi Aramco's mega IPO plan postponed

Apple may have briefly been overtaken by Saudi Aramco as the world's most valuable company before clawing back to that position. But Aramco seems like a more attractive stock for shareholder returns and the reason for that is dividends!

Saudi Aramco's dividends to jump to $20 bn

The Saudi Arabian oil company Aramco on Sunday announced its full-year 2022 financial results, reporting a record net income of $161.1 billion.&nbsp;

This is its highest annual profit as a listed company. Aramco also declared a fourth-quarter dividend of $19.5 billion, to be paid in the first quarter of 2023.

The results were underpinned by stronger crude oil prices, higher volumes sold and improved margins for refined products. The company in its statement said that it continues to strengthen its oil and gas production capacity to meet anticipated future demand.

Also Read | <a href="https://www.wionews.com/india-news/1993-mumbai-blasts-30-years-on-a-scar-on-indian-city-that-still-cuts-deep-570949">1993 Mumbai blasts: 30 years on, scar of terror on Indian megacity still cuts deep</a>

Oil prices fluctuated significantly in 2022 against the backdrop of rising geopolitical concerns over the conflict in Ukraine.&nbsp;Aramco President &amp; CEO Amin H. Nasser said&nbsp;the company "delivered record financial performance in 2022, as oil prices strengthened due to increased demand around the world."

“Given that we anticipate oil and gas will remain essential for the foreseeable future, the risks of underinvestment in our industry are real — including contributing to higher energy prices," Aramco's chief executive added.&nbsp;

Aramco is also focusing on lower-carbon energy solutions with the launch of a $1.5 billion Sustainability Fund.&nbsp;Nasser said that the aim is not only on expanding oil, gas and chemicals production, but also investing in new lower-carbon technologies with the potential to achieve additional emission reductions, in the company's own operations and for end users of their products.

In order to maintain the market, the OPEC+ alliance, led by Saudi Arabia, decided last year to reduce supply by 2 million bpd from November until the end of 2023.

Also Read | <a href="https://www.wionews.com/videos/indian-prime-minister-narendra-modi-to-visit-us-in-june-engagement-with-india-to-counter-china-571114">Indian Prime Minister Narendra Modi to visit U.S. in June; engagement with India to counter China</a>

Although the United States and other Western nations harshly criticised the move, market dynamics since then have revealed that the cuts were smart given that oil prices are now hovering around $80 per barrel after reaching highs of over $100 in 2022. 
 
(With inputs from agencies) 
 
&nbsp;

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The Saudi Arabian oil company Aramco on Sunday announced its full-year 2022 financial results, reporting a record net income of $161.1 billion. This is its highest annual profit as a listed company.

The Saudi Arabian oil company Aramco on Sunday announced its full-year 2022 financial results, reporting a record net income of $161.1 billion. This is its highest annual profit as a listed company. Aramco also declared a fourth-quarter dividend of $19.5 billion, to be paid in the first quarter of 2023. The results were underpinned by stronger crude oil prices, higher volumes sold and improved margins for refined products. The company in its statement said that it continues to strengthen its oil and gas production capacity to meet anticipated future demand. Also Read | 1993 Mumbai blasts: 30 years on, scar of terror on Indian megacity still cuts deep Oil prices fluctuated significantly in 2022 against the backdrop of rising geopolitical concerns over the conflict in Ukraine. Aramco President & CEO Amin H. Nasser said the company "delivered record financial performance in 2022, as oil prices strengthened due to increased demand around the world." “Given that we anticipate oil and gas will remain essential for the foreseeable future, the risks of underinvestment in our industry are real — including contributing to higher energy prices," Aramco's chief executive added. Aramco is also focusing on lower-carbon energy solutions with the launch of a $1.5 billion Sustainability Fund. Nasser said that the aim is not only on expanding oil, gas and chemicals production, but also investing in new lower-carbon technologies with the potential to achieve additional emission reductions, in the company's own operations and for end users of their products. In order to maintain the market, the OPEC+ alliance, led by Saudi Arabia, decided last year to reduce supply by 2 million bpd from November until the end of 2023. Also Read | Indian Prime Minister Narendra Modi to visit U.S. in June; engagement with India to counter China Although the United States and other Western nations harshly criticised the move, market dynamics since then have revealed that the cuts were smart given that oil prices are now hovering around $80 per barrel after reaching highs of over $100 in 2022. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Saudi oil giant Aramco's annual profit soars to record high in 2022

The Capital Market Authority said on Thursday that Saudi Arabia's stock market regulator has given the go-ahead for Luberef, a base oil subsidiary of the world's largest oil company Aramco, to conduct an IPO.

Investors will be able to purchase 50.045 million shares, or 29.656% of the share capital, of Saudi Aramco Base Oil Company (Luberef), formerly known as Saudi Aramco Lubricating Oil Refining Co.&nbsp;

The Saudi investment bank Jadwa Investment controls 30% of Luberef, with Aramco owning 70% of it.

The region has emerged as a bright light in an overall down year for equities markets, riding high on robust oil prices and amid a flurry of state-led flotations in Saudi Arabia, Abu Dhabi, and Dubai.

According to statistics from Refinitiv, Gulf issuers have raised over $16 billion in IPOs this year, or almost half of the total proceeds from IPOs in Europe, the Middle East, and Africa.

The energy trading division of Aramco also intends to go public.

In order to wean the economy off of oil, develop new sectors, and generate employment, the kingdom's privatisation initiative is a pillar of its Vision 2030 economic strategy.

The biggest IPO ever was Saudi Aramco's record listing on Riyadh's Tadawul market in late 2019. The listing's profits were later increased to total $29.4 billion.

(With inputs from agencies)

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The Capital Market Authority said on Thursday that Saudi Arabia's stock market regulator has given the go-ahead for Luberef, a base oil subsidiary of the world's largest oil company Aramco, to conduct an IPO.

The Capital Market Authority said on Thursday that Saudi Arabia's stock market regulator has given the go-ahead for Luberef, a base oil subsidiary of the world's largest oil company Aramco, to conduct an IPO. Investors will be able to purchase 50.045 million shares, or 29.656% of the share capital, of Saudi Aramco Base Oil Company (Luberef), formerly known as Saudi Aramco Lubricating Oil Refining Co. The Saudi investment bank Jadwa Investment controls 30% of Luberef, with Aramco owning 70% of it. The region has emerged as a bright light in an overall down year for equities markets, riding high on robust oil prices and amid a flurry of state-led flotations in Saudi Arabia, Abu Dhabi, and Dubai. According to statistics from Refinitiv, Gulf issuers have raised over $16 billion in IPOs this year, or almost half of the total proceeds from IPOs in Europe, the Middle East, and Africa. The energy trading division of Aramco also intends to go public. In order to wean the economy off of oil, develop new sectors, and generate employment, the kingdom's privatisation initiative is a pillar of its Vision 2030 economic strategy. The biggest IPO ever was Saudi Aramco's record listing on Riyadh's Tadawul market in late 2019. The listing's profits were later increased to total $29.4 billion. (With inputs from agencies) WATCH WION LIVE HERE:

Saudi Aramco's Luberef gets regulator nod for initial public offering

Saudi Arabia's state-owned oil giant Aramco has decided to raise prices for the US market again. Molly Gambhir tells you more about the intensifying battle over oil supplies.

Gravitas: Saudi Arabia hikes oil prices for US buyers

After Russia's war in Ukraine and a post-pandemic surge in demand sent crude prices soaring, oil giant Saudi Aramco unveiled record profits of $48.4 billion in the second quarter of 2022.

Aramco president and CEO Amin H. Nasser said "While global market volatility and economic uncertainty remain, events during the first half of this year support our view that ongoing investment in our industry is essential."

He added that Aramco stands ready to raise crude oil output to its maximum capacity of 12 million BPD if requested to do so by the Saudi Arabian government.

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Following the $39.5 billion profit for Q1, net income leapt 90 per cent year-on-year for the world's biggest oil producer.

According to Bloomberg, Aramco's massive Q2 windfall was the biggest quarterly adjusted profit of any listed company worldwide.

Following a dramatic strike in Jeddah that sent smoke billowing during a Formula One practice session in March, Aramco recovered quickly.

Generating $29.4 billion in the world's biggest initial public offering, Aramco floated 1.7 per cent of its shares on the Saudi bourse in December 2019.

Aramco is the world's second most valuable company after Apple with a market valuation of $2.4 trillion.

Aramco, which is the leading source of income for the conservative kingdom and is a "crown jewel", has pledged to reach "operational net zero (carbon) emissions" by 2050.

 
(With inputs from agencies)

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After Russia's war in Ukraine and a post-pandemic surge in demand sent crude prices soaring, oil giant Saudi Aramco unveiled record profits of $48.4 billion in the second quarter of 2022.

After Russia's war in Ukraine and a post-pandemic surge in demand sent crude prices soaring, oil giant Saudi Aramco unveiled record profits of $48.4 billion in the second quarter of 2022. Aramco president and CEO Amin H. Nasser said "While global market volatility and economic uncertainty remain, events during the first half of this year support our view that ongoing investment in our industry is essential." He added that Aramco stands ready to raise crude oil output to its maximum capacity of 12 million BPD if requested to do so by the Saudi Arabian government. × Following the $39.5 billion profit for Q1, net income leapt 90 per cent year-on-year for the world's biggest oil producer. According to Bloomberg, Aramco's massive Q2 windfall was the biggest quarterly adjusted profit of any listed company worldwide. Following a dramatic strike in Jeddah that sent smoke billowing during a Formula One practice session in March, Aramco recovered quickly. Generating $29.4 billion in the world's biggest initial public offering, Aramco floated 1.7 per cent of its shares on the Saudi bourse in December 2019. Aramco is the world's second most valuable company after Apple with a market valuation of $2.4 trillion. Aramco, which is the leading source of income for the conservative kingdom and is a "crown jewel", has pledged to reach "operational net zero (carbon) emissions" by 2050. (With inputs from agencies) Watch WION's live TV here: ×

Saudi Aramco unveils record profits amid soaring crude prices

Well, Saudi Aramco has overtaken Apple as the world's most valuable company. On Wednesday, the Saudi Arabian oil company's market capitalization was $2.426 trillion, slightly higher than Apple's $2.415 trillion.

Oil giant Saudi Aramco dethrones Apple as World's most valuable company

Oil has propelled Saudi Arabia's growth rate near 10 per cent in its first quarter with the kingdom reporting its fastest economic growth rate in a decade.

After publishing its initial estimates online, Saudi's statistics authority said, "Oil activities led the real Gross Domestic Product (GDP) of Saudi Arabia to achieve the highest growth rate in [the] last 10 years."&nbsp;

It added that while the quarter was "still incomplete" it saw a growth of 20.4 per cent year-on-year and an expansion of 3.7 per cent in the non-oil sector.

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Riyadh, which is the world's biggest oil exporter, has resisted entreaties made by the United States to raise output as Washington wants to rein in the surge in oil prices since Russia's invasion of Ukraine.

Saudi Foreign Ministry has told the state-run Saudi Press Agency, “it will not bear any responsibility for any shortage in oil supplies to global markets in light of the attacks on its oil facilities.”

Referring to the attacks by Houthi rebels, it said that in order to deter attacks that jeopardise “the kingdom’s production capability and its ability to fulfill its commitments, the international community must assume its responsibility to preserve energy supplies.”

<a href="https://www.wionews.com/business-economy/saudi-aramco-says-annual-profit-more-than-doubled-in-2021-plans-to-ramp-up-investment-to-boost-production-464333">Also read |&nbsp;Saudi Aramco says annual profit more than doubled in 2021; plans to ramp up investment to boost production</a>

Last week, the International Monetary Fund said that Saudi Arabia's GDP is expected to grow by 7.6 per cent in 2022.

Stressing their commitment to the OPEC+ oil alliance, Saudi Arabia and the United Arab Emirates have underscored their independence from long-term ally Washington after it refused to supply them with weapons to defend itself.

Highlighting Saudi Arabia's high oil independence, ratings agency Fitch said that it accounts for more than 60 per cent of total budget revenues and that the kingdom would record a budget surplus in 2022 for the first time since 2013.&nbsp;

(With inputs from agencies)

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&nbsp;

Oil has propelled Saudi Arabia's growth rate near 10 per cent in its first quarter with the kingdom reporting its fastest economic growth rate in a decade. After publishing its initial estimates online, Saudi's statistics authority said, "Oil activities led the real Gross Domestic Product (GDP) of Saudi Arabia to achieve the highest growth rate in [the] last 10 years.

Oil has propelled Saudi Arabia's growth rate near 10 per cent in its first quarter with the kingdom reporting its fastest economic growth rate in a decade. After publishing its initial estimates online, Saudi's statistics authority said, "Oil activities led the real Gross Domestic Product (GDP) of Saudi Arabia to achieve the highest growth rate in [the] last 10 years." It added that while the quarter was "still incomplete" it saw a growth of 20.4 per cent year-on-year and an expansion of 3.7 per cent in the non-oil sector. Riyadh, which is the world's biggest oil exporter, has resisted entreaties made by the United States to raise output as Washington wants to rein in the surge in oil prices since Russia's invasion of Ukraine. Saudi Foreign Ministry has told the state-run Saudi Press Agency, “it will not bear any responsibility for any shortage in oil supplies to global markets in light of the attacks on its oil facilities.” Referring to the attacks by Houthi rebels, it said that in order to deter attacks that jeopardise “the kingdom’s production capability and its ability to fulfill its commitments, the international community must assume its responsibility to preserve energy supplies.” Also read | Saudi Aramco says annual profit more than doubled in 2021; plans to ramp up investment to boost production Last week, the International Monetary Fund said that Saudi Arabia's GDP is expected to grow by 7.6 per cent in 2022. Stressing their commitment to the OPEC+ oil alliance, Saudi Arabia and the United Arab Emirates have underscored their independence from long-term ally Washington after it refused to supply them with weapons to defend itself. Highlighting Saudi Arabia's high oil independence, ratings agency Fitch said that it accounts for more than 60 per cent of total budget revenues and that the kingdom would record a budget surplus in 2022 for the first time since 2013. (With inputs from agencies) Watch WION's live TV here:

Saudi Arabia reports its fastest economic growth rate in a decade

Saudi Arabia has recorded the fastest growth rate in 10 years. The global oil demand amid the ongoing Russian invasion of Ukraine has propelled growth.

Saudi Arabia records fastest growth rate in 10 years as oil propels growth

Amid the ongoing Russian invasion of Ukraine, and a hike in oil prices across the globe, Saudi Aramco's profits have also soared. It is now hiking oil investments.

Saudi Arabia hikes oil investments after profits soar due to rise in global oil prices

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