Russia's&nbsp;military&nbsp;export sales have not fallen despite US&nbsp;sanctions, the head of state conglomerate&nbsp;Rostec&nbsp;said on Monday.

Rostec, whose business includes weapons manufacturer Kalashnikov as well as&nbsp;Russian&nbsp;Helicopters and United Aircraft Corporation (UAC), is among&nbsp;Russian&nbsp;firms that have been affected by&nbsp;sanctions&nbsp;imposed on the country over the annexation of Crimea from Ukraine and other factors.

Rosoboronexport, the state agency for&nbsp;exports&nbsp;and imports recorded&nbsp;military&nbsp;sales of $13.7 billion in 2018, slightly higher than the previous year,&nbsp;Rostec&nbsp;head Sergey Chemezov told reporters at the Dubai Airshow.

Sales for 2019 are expected to be like that of 2018 as the company has already recorded over $11 billion currently, he said.

“It is growing, that means our production is of higher quality and reliable.”

Chemezov said Russia would also continue its&nbsp;military&nbsp;cooperation with Saudi Arabia and the United Arab Emirates with several projects underway despite some western countries shunning the two Gulf states because of their role in the Yemen war.

Some countries such as Germany, Norway and others have restricted sale of arms to countries engaged in the Yemen war.

Russia always cooperates only with legitimate governments and has always advocated a diplomatic settlement of the conflict in Yemen. “At the same time, Saudi Arabia is our partner," Chemezov said.

Several projects are underway in cooperation with Saudi Arabia, including plans for a Kalashnikov plant in the Kingdom, he said, declining to give more details as negotiations are not yet completed.

Chemezov said there had been interested from the Middle East for Russia’s single-aisle passenger jet, the MC-21, that would compete with similar jets from Airbus and Boeing.&nbsp;Discussions are ongoing but no contract has been signed with any Middle East buyer, he said, declining to name potential customers.

Currently, there are orders for more than 170 of the planes, mostly from airlines in Russia.

“Regular production” of around 72 aircraft per year is planned. The first deliveries will begin in 2021, he said.

Asked whether an advance payment of $800 million was made by India to Russia relating to the S-400 long-range surface-to-air missile systems, Chemezov said the advance payment was done.&nbsp; “I don’t want to clarify the numbers, negotiations are underway, 2025 is the completion date.”

Russia's military export sales have not fallen despite US sanctions, the head of state conglomerate Rostec said on Monday. Rostec, whose business includes weapons manufacturer Kalashnikov as well as Russian Helicopters and United Aircraft Corporation (UAC), is among Russian firms that have been affected by sanctions imposed on the country over the annexation of Crimea from Ukraine and other factors.

Russia's military export sales have not fallen despite US sanctions, the head of state conglomerate Rostec said on Monday. Rostec, whose business includes weapons manufacturer Kalashnikov as well as Russian Helicopters and United Aircraft Corporation (UAC), is among Russian firms that have been affected by sanctions imposed on the country over the annexation of Crimea from Ukraine and other factors. Rosoboronexport, the state agency for exports and imports recorded military sales of $13.7 billion in 2018, slightly higher than the previous year, Rostec head Sergey Chemezov told reporters at the Dubai Airshow. Sales for 2019 are expected to be like that of 2018 as the company has already recorded over $11 billion currently, he said. “It is growing, that means our production is of higher quality and reliable.” Chemezov said Russia would also continue its military cooperation with Saudi Arabia and the United Arab Emirates with several projects underway despite some western countries shunning the two Gulf states because of their role in the Yemen war. Some countries such as Germany, Norway and others have restricted sale of arms to countries engaged in the Yemen war. Russia always cooperates only with legitimate governments and has always advocated a diplomatic settlement of the conflict in Yemen. “At the same time, Saudi Arabia is our partner," Chemezov said. Several projects are underway in cooperation with Saudi Arabia, including plans for a Kalashnikov plant in the Kingdom, he said, declining to give more details as negotiations are not yet completed. Chemezov said there had been interested from the Middle East for Russia’s single-aisle passenger jet, the MC-21, that would compete with similar jets from Airbus and Boeing. Discussions are ongoing but no contract has been signed with any Middle East buyer, he said, declining to name potential customers. Currently, there are orders for more than 170 of the planes, mostly from airlines in Russia. “Regular production” of around 72 aircraft per year is planned. The first deliveries will begin in 2021, he said. Asked whether an advance payment of $800 million was made by India to Russia relating to the S-400 long-range surface-to-air missile systems, Chemezov said the advance payment was done. “I don’t want to clarify the numbers, negotiations are underway, 2025 is the completion date.”

Russian military exports unaffected by United States sanctions: Rostec CEO

By Sukru Cildir

The relationship between Saudi Arabia and Iran, both oil-rich states in the Middle East, has oscillated from co-operation to conflict throughout history. Alongside a range of factors that shape their rivalry including sectarianism and nationalism has been the politics of oil.

Oil is a strategic international commodity, and its use as a political tool is widespread. Its role in the Saudi-Iranian rivalry can’t be understood without unpicking the international context, and the power structures that govern the way countries interact with each other. At the heart of this is the dominance of the US over this international system.

The dynamics between the US, Iran and Saudi Arabia over oil were laid bare in September 2019, after a series of drone attacks on Saudi oil facilities. The attacks caused the suspension of 5.7m barrels per day (mbpd) of crude oil production, nearly half the Saudi output.

The Houthis, a Yemeni faction, claimed responsibility. However, American and Saudi government officials accused Iran of committing these attacks. In return, the Iranians blamed foreign forces in the region for the insecurity and told the US to leave the area.

While the Saudi-Iranian oil rivalry is ostensibly the business of these two countries, it has always had an international dimension, overshadowed by the US.

After the revolution

The 1979 Iranian revolution marked a turning point for the place oil played within the Saudi-Iranian relationship. Before then, both countries were important allies of the US, a position which brought with it political and economic benefits particularly to their oil industries. But the 1979 Islamic revolution in Iran paved the way for a separation of paths.

While Saudi Arabia remained a staunch ally of the US, Iran adopted a revolutionary and anti-Western foreign policy, which prompted its isolation from an international system that was dominated by the US.

As a result, ever since 1979, the Iranian oil industry has been subject to American pressure, through a range of economic sanctions and embargoes, which has crippled Iranian oil production. Iran has been unable to reach the level of oil production of over six mbpd that it had in the pre-revolution years. Meanwhile, Saudi oil production reached over 12 mbpd in 2018.

This led to the Iranian oil industry being deprived of necessary foreign investment and technology transfer, and it has fallen behind Saudi Aramco, the kingdom’s state-owned oil company, and other regional competitors. Saudi Arabia has largely backed the US policy of isolating and sanctioning Iran, particularly the Iranian oil industry, which has, as I’ve argued elsewhere, contributed to the ongoing tensions in the Saudi-Iranian relationship.

As Saudi Aramaco prepares for an IPO in December that could make it the world’s biggest publicly listed company, Iran is desperate to revitalise its own outmoded oil industry. As Iranian oil minister Bijan Zanganeh admitted in early 2019, many of Iran’s ageing oil facilities are in fact “operating museums”.

The US continues to have such an influence on Middle Eastern oil politics because of the way it has successfully pushed its own international agenda since 1945. After World War II, the US cemented its dominance over an international system built on the basis of liberal and capitalist principles. While the US rewards its allies with economic and political benefits, it punishes its challengers through a range of political and economic measures, not least economic sanctions.

Oil became a strategic international commodity in the post-World War II period, and began to play a pivotal role in the way the US maintained its global dominance. To do this, the US aimed to open up and transnationalise oil-rich economies in the Global South such as Saudi Arabia and Iran, to both promote its national interests and solidify its privileged position within the current system.

Accordingly, the supply of Middle Eastern oil into international markets without disruption – and at a reasonable price – became an essential instrument for maintaining American dominance, even though the US didn’t need to import oil from the Middle East.

A world of US dominance

The political economist Susan Strange provided a theoretical framework back in 1987 to explain the structure of US dominance over the international system through four main dimensions: production, finance, security and knowledge. This is also a useful way to understand how the US shapes the international oil market – and the Saudi-Iranian rivalry.

By 2018, in the wake of a shale boom, the US became the largest oil-producing country in the world by reaching production of 15 mbpd. Financially, oil has been priced and traded in US dollars, in particular since the early 1970s when a series of negotiations and agreements linking the sale of oil to the US dollar were made between Saudi Arabia and the US. This has increased global demand for US dollars, and helped the US deal with its trade deficit and keep its interest rates low. It has also helped the US to monitor the petroleum trade by controlling global bank transfers.

The US also stands as a main security provider to oil-rich Gulf monarchies, with publicly acknowledged military bases in over 12 countries in the Middle East. Additionally, it has a supremacy over global knowledge, most obviously through its continued domination and control of the sector’s technological needs. By leading global innovation and technological development in the shale revolution, for example, and having the highest budget for research and development, the US largely controls global technology transfer. This has also deprived Iran of necessary technology, capital and know-how to modernise its ageing oil industry, constraining production.

Therefore, despite the fact that the Saudi-Iranian oil rivalry seems like a regional issue, the role of American power in a globalised world has been key to shaping this regional political competition over oil.

(Sukru Cildir is PhD Candidate, Lancaster University)

(This article was originally published on The Conversation. Read the <a href="http://theconversation.com/how-saudi-iranian-oil-rivalry-has-been-shaped-by-american-power-124123">original article)</a>

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL) &nbsp;

By Sukru Cildir The relationship between Saudi Arabia and Iran, both oil-rich states in the Middle East, has oscillated from co-operation to conflict throughout history.

By Sukru Cildir The relationship between Saudi Arabia and Iran, both oil-rich states in the Middle East, has oscillated from co-operation to conflict throughout history. Alongside a range of factors that shape their rivalry including sectarianism and nationalism has been the politics of oil. Oil is a strategic international commodity, and its use as a political tool is widespread. Its role in the Saudi-Iranian rivalry can’t be understood without unpicking the international context, and the power structures that govern the way countries interact with each other. At the heart of this is the dominance of the US over this international system. The dynamics between the US, Iran and Saudi Arabia over oil were laid bare in September 2019, after a series of drone attacks on Saudi oil facilities. The attacks caused the suspension of 5.7m barrels per day (mbpd) of crude oil production, nearly half the Saudi output. The Houthis, a Yemeni faction, claimed responsibility. However, American and Saudi government officials accused Iran of committing these attacks. In return, the Iranians blamed foreign forces in the region for the insecurity and told the US to leave the area. While the Saudi-Iranian oil rivalry is ostensibly the business of these two countries, it has always had an international dimension, overshadowed by the US. After the revolution The 1979 Iranian revolution marked a turning point for the place oil played within the Saudi-Iranian relationship. Before then, both countries were important allies of the US, a position which brought with it political and economic benefits particularly to their oil industries. But the 1979 Islamic revolution in Iran paved the way for a separation of paths. While Saudi Arabia remained a staunch ally of the US, Iran adopted a revolutionary and anti-Western foreign policy, which prompted its isolation from an international system that was dominated by the US. As a result, ever since 1979, the Iranian oil industry has been subject to American pressure, through a range of economic sanctions and embargoes, which has crippled Iranian oil production. Iran has been unable to reach the level of oil production of over six mbpd that it had in the pre-revolution years. Meanwhile, Saudi oil production reached over 12 mbpd in 2018. This led to the Iranian oil industry being deprived of necessary foreign investment and technology transfer, and it has fallen behind Saudi Aramco, the kingdom’s state-owned oil company, and other regional competitors. Saudi Arabia has largely backed the US policy of isolating and sanctioning Iran, particularly the Iranian oil industry, which has, as I’ve argued elsewhere, contributed to the ongoing tensions in the Saudi-Iranian relationship. As Saudi Aramaco prepares for an IPO in December that could make it the world’s biggest publicly listed company, Iran is desperate to revitalise its own outmoded oil industry. As Iranian oil minister Bijan Zanganeh admitted in early 2019, many of Iran’s ageing oil facilities are in fact “operating museums”. The US continues to have such an influence on Middle Eastern oil politics because of the way it has successfully pushed its own international agenda since 1945. After World War II, the US cemented its dominance over an international system built on the basis of liberal and capitalist principles. While the US rewards its allies with economic and political benefits, it punishes its challengers through a range of political and economic measures, not least economic sanctions. Oil became a strategic international commodity in the post-World War II period, and began to play a pivotal role in the way the US maintained its global dominance. To do this, the US aimed to open up and transnationalise oil-rich economies in the Global South such as Saudi Arabia and Iran, to both promote its national interests and solidify its privileged position within the current system. Accordingly, the supply of Middle Eastern oil into international markets without disruption – and at a reasonable price – became an essential instrument for maintaining American dominance, even though the US didn’t need to import oil from the Middle East. A world of US dominance The political economist Susan Strange provided a theoretical framework back in 1987 to explain the structure of US dominance over the international system through four main dimensions: production, finance, security and knowledge. This is also a useful way to understand how the US shapes the international oil market – and the Saudi-Iranian rivalry. By 2018, in the wake of a shale boom, the US became the largest oil-producing country in the world by reaching production of 15 mbpd. Financially, oil has been priced and traded in US dollars, in particular since the early 1970s when a series of negotiations and agreements linking the sale of oil to the US dollar were made between Saudi Arabia and the US. This has increased global demand for US dollars, and helped the US deal with its trade deficit and keep its interest rates low. It has also helped the US to monitor the petroleum trade by controlling global bank transfers. The US also stands as a main security provider to oil-rich Gulf monarchies, with publicly acknowledged military bases in over 12 countries in the Middle East. Additionally, it has a supremacy over global knowledge, most obviously through its continued domination and control of the sector’s technological needs. By leading global innovation and technological development in the shale revolution, for example, and having the highest budget for research and development, the US largely controls global technology transfer. This has also deprived Iran of necessary technology, capital and know-how to modernise its ageing oil industry, constraining production. Therefore, despite the fact that the Saudi-Iranian oil rivalry seems like a regional issue, the role of American power in a globalised world has been key to shaping this regional political competition over oil. (Sukru Cildir is PhD Candidate, Lancaster University) (This article was originally published on The Conversation. Read the original article) (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

How Saudi-Iranian oil rivalry has been shaped by American power

By Mallika Singh

Amidst Crown Prince Mohammed Bin Salman's efforts to liberalise the conservative Muslim Kingdom, a promotional video published by Saudi Arabia's state security agency categorises feminism, homosexuality, and atheism as extremist ideas.

The verified account of the State Security Presidency tweeted an animated video on the weekend, declaring that "all forms of extremism and perversion are unacceptable". 
&nbsp; 
Takfir was enlisted alongside the ideologies, which is a controversial concept in Islamist discourse, symbolising ex-communication, pronouncing that someone is an unbeliever and no longer Muslim. &nbsp;

"Don't forget that excess of anything at the expense of the homeland is considered extremism," stated the video.

In the Kingdom's efforts to promote tolerance, attract foreigners and foreign investment into the oil-dependent economy, the Crown Prince has pushed for a more moderate approach in his attempts to invoke nationalist sentiment among its countrymen.

Saudi Arabia this year embarked on loosening social restrictions with Riyadh doing away with the guardianship system that prevailed in the country, which stripped women of taking any major decisions about themselves without the consent of the assigned man.

The Kingdom also launched a tourist visa in the country's attempt to take over the presidency of the Group-20 countries next year.

The authorities have also cracked down on dissent, as a large number of women's rights advocates were arrested prior to the uplifting of a ban on women drivers last year, which led to people speculating it was a message that reform can only take place at the government's initiative. &nbsp;

According to Saudi law, groups classified as extremist organisations can be punished with imprisonment.

Homosexuality and atheism are considered to be illegal offences punishable by death in the absolute monarchy, where free media is still an alien concept. &nbsp;

(With inputs from Reuters)

By Mallika Singh Amidst Crown Prince Mohammed Bin Salman's efforts to liberalise the conservative Muslim Kingdom, a promotional video published by Saudi Arabia's state security agency categorises feminism, homosexuality, and atheism as extremist ideas.

By Mallika Singh Amidst Crown Prince Mohammed Bin Salman's efforts to liberalise the conservative Muslim Kingdom, a promotional video published by Saudi Arabia's state security agency categorises feminism, homosexuality, and atheism as extremist ideas. The verified account of the State Security Presidency tweeted an animated video on the weekend, declaring that "all forms of extremism and perversion are unacceptable". Takfir was enlisted alongside the ideologies, which is a controversial concept in Islamist discourse, symbolising ex-communication, pronouncing that someone is an unbeliever and no longer Muslim. "Don't forget that excess of anything at the expense of the homeland is considered extremism," stated the video. In the Kingdom's efforts to promote tolerance, attract foreigners and foreign investment into the oil-dependent economy, the Crown Prince has pushed for a more moderate approach in his attempts to invoke nationalist sentiment among its countrymen. Saudi Arabia this year embarked on loosening social restrictions with Riyadh doing away with the guardianship system that prevailed in the country, which stripped women of taking any major decisions about themselves without the consent of the assigned man. The Kingdom also launched a tourist visa in the country's attempt to take over the presidency of the Group-20 countries next year. The authorities have also cracked down on dissent, as a large number of women's rights advocates were arrested prior to the uplifting of a ban on women drivers last year, which led to people speculating it was a message that reform can only take place at the government's initiative. According to Saudi law, groups classified as extremist organisations can be punished with imprisonment. Homosexuality and atheism are considered to be illegal offences punishable by death in the absolute monarchy, where free media is still an alien concept. (With inputs from Reuters)

Saudi Arabia's State Security categorises feminism, homosexuality, atheism as extremist ideas

Saudi Arabia's state security agency distanced itself on Tuesday from a <a href="https://www.wionews.com/world/saudi-arabias-state-security-categorises-feminism-homosexuality-atheism-as-extremist-ideas-261671">promotional video</a> that categorized feminism, homosexuality and atheism as extremist ideas, blaming it on action by individuals.

The animated clip was posted on Twitter at the weekend by a verified account of the State Security Presidency which reports directly to the king. It has since been removed.

In a statement published by state television, the security agency said the video contained a number of mistakes in defining extremism, and that the individuals who made the video did not do their job properly.

In a separate statement, the state-affiliated Saudi Human Rights Commission said feminism was not a crime and that the kingdom "accords the utmost importance to women's rights."

Neither statement referenced homosexuality and atheism -which have long been illegal and punishable by death in the absolute monarchy.

Crown Prince Mohammed bin Salman has pushed for a more moderate form of Islam and promoted nationalist sentiment under his ambitious reform strategy that aims to open up society and attract foreign investment to diversify the oil-dependent economy.

He has loosened social restrictions and launched a tourist visa and, as Saudi Arabia prepares to take over the presidency of the Group of 20 countries next year, Riyadh has chipped away at a guardianship system that assigns each woman a male relative to approve important decisions throughout their lives.

But the authorities have also cracked down on dissent, arresting scores of critics including clerics, intellectuals and activists.

Nearly a dozen women's rights advocates were detained some weeks before a ban on women driving - which they had campaigned against - was lifted last year. Activists and diplomats speculated that the arrests may have been a message that reform would happen only at the government's initiative.

Saudi Arabia's state security agency distanced itself on Tuesday from a promotional video that categorized feminism, homosexuality and atheism as extremist ideas, blaming it on action by individuals.

Saudi Arabia's state security agency distanced itself on Tuesday from a promotional video that categorized feminism, homosexuality and atheism as extremist ideas, blaming it on action by individuals. The animated clip was posted on Twitter at the weekend by a verified account of the State Security Presidency which reports directly to the king. It has since been removed. In a statement published by state television, the security agency said the video contained a number of mistakes in defining extremism, and that the individuals who made the video did not do their job properly. In a separate statement, the state-affiliated Saudi Human Rights Commission said feminism was not a crime and that the kingdom "accords the utmost importance to women's rights." Neither statement referenced homosexuality and atheism -which have long been illegal and punishable by death in the absolute monarchy. Crown Prince Mohammed bin Salman has pushed for a more moderate form of Islam and promoted nationalist sentiment under his ambitious reform strategy that aims to open up society and attract foreign investment to diversify the oil-dependent economy. He has loosened social restrictions and launched a tourist visa and, as Saudi Arabia prepares to take over the presidency of the Group of 20 countries next year, Riyadh has chipped away at a guardianship system that assigns each woman a male relative to approve important decisions throughout their lives. But the authorities have also cracked down on dissent, arresting scores of critics including clerics, intellectuals and activists. Nearly a dozen women's rights advocates were detained some weeks before a ban on women driving - which they had campaigned against - was lifted last year. Activists and diplomats speculated that the arrests may have been a message that reform would happen only at the government's initiative.

Saudi authorities backtrack on description of feminism as extremism

A <a href="https://www.wionews.com/business-economy/saudi-arabia-kick-starts-ipo-of-worlds-largest-oil-company-259638">Saudi Arabian</a> court has convicted 38 people of terrorism-related crimes, state-run Al Ekhbariya television reported on Tuesday.

The TV channel said they were charged with financing terrorism and with takfir,&nbsp;the Islamist militant practice of labelling followers of other schools of Islam unbelievers. It said one of them "set up a terrorist organisation in prison".

Ekhbariya did not provide the nationalities or names of those convicted, details about when they were arrested or put on trial, nor what sentences were issued by the specialist criminal court in Riyadh, which was set up to try terrorism cases.

Riyadh has come under mounting international scrutiny over its human rights record since the murder of journalist Jamal Khashoggi in October 2018 and the detention of women's rights activists who are still on trial.

In April, the Sunni Muslim-ruled kingdom beheaded 37 men for terrorism crimes. The U.N. human rights chief said most of them were Shi'ites who may not have had fair trials and at least three were minors when sentenced.

In 2017, Saudi Arabia launched a crackdown on dissent, arresting scores of clerics, intellectuals and activists. Some of them have been put on trial for terrorism-related charges.

The kingdom is an absolute monarchy where public protests and political parties are banned.

The Gulf Arab state faced a militant insurgency from 2003 to 2006 in which al Qaeda members staged attacks on residential compounds and government facilities.

The kingdom responded by arresting thousands of suspected militants and launching a media campaign to discredit their ideology.

A Saudi Arabian court has convicted 38 people of terrorism-related crimes, state-run Al Ekhbariya television reported on Tuesday. The TV channel said they were charged with financing terrorism and with takfir, the Islamist militant practice of labelling followers of other schools of Islam unbelievers.

A Saudi Arabian court has convicted 38 people of terrorism-related crimes, state-run Al Ekhbariya television reported on Tuesday. The TV channel said they were charged with financing terrorism and with takfir, the Islamist militant practice of labelling followers of other schools of Islam unbelievers. It said one of them "set up a terrorist organisation in prison". Ekhbariya did not provide the nationalities or names of those convicted, details about when they were arrested or put on trial, nor what sentences were issued by the specialist criminal court in Riyadh, which was set up to try terrorism cases. Riyadh has come under mounting international scrutiny over its human rights record since the murder of journalist Jamal Khashoggi in October 2018 and the detention of women's rights activists who are still on trial. In April, the Sunni Muslim-ruled kingdom beheaded 37 men for terrorism crimes. The U.N. human rights chief said most of them were Shi'ites who may not have had fair trials and at least three were minors when sentenced. In 2017, Saudi Arabia launched a crackdown on dissent, arresting scores of clerics, intellectuals and activists. Some of them have been put on trial for terrorism-related charges. The kingdom is an absolute monarchy where public protests and political parties are banned. The Gulf Arab state faced a militant insurgency from 2003 to 2006 in which al Qaeda members staged attacks on residential compounds and government facilities. The kingdom responded by arresting thousands of suspected militants and launching a media campaign to discredit their ideology.

Saudi court convicts 38 people on terrorism-related charges

A Yemeni man stabbed three actors at a performance in the Saudi capital, police said on Tuesday, in the first such attack since the <a href="https://www.wionews.com/world/saudi-arabia-names-new-foreign-minister-in-generational-shift-257936">ultra-conservative kingdom</a> began easing decades-old restrictions on entertainment.

The knife-wielding assailant was arrested after state television footage showed him storming a musical performance in Riyadh's King Abdullah Park by what appeared to be a foreign theatre troupe.

Police said the victims were in stable condition after the attack late Monday, which comes as de facto ruler Crown Prince Mohammed bin Salman pursues sweeping reforms that mark the biggest cultural shakeup in the kingdom's modern history.

"Security forces dealt with a... stabbing attack against two men and a woman from a theatre group during a live performance," a police spokesman was quoted as saying by the official Saudi Press Agency.

Police identified the assailant as a 33-year-old Yemeni expatriate but did not give details of his motive or the nationality of his victims.

The King Abdullah Park is one of the venues hosting the two-month "Riyadh Season", an art and entertainment festival that is part of a broad government push to open up the kingdom to tourists and diversify its economy away from oil.

Prince Mohammed has introduced mixed-gender concerts, re-opened cinemas and lifted a decades-old ban on women drivers as part of a drive to modernise the Muslim kingdom.

In scenes that were unimaginable just two years ago, Saudi Arabia has staged glitzy performances by a host of international artists, from South Korean boy band BTS to pop icon Janet Jackson and rapper 50 Cent.

Last month, the kingdom hosted its first-ever women's wrestling match as it attempts to shrug off its ultra-conservative image.

The knife attack has left many Saudis shocked, with some on social media denouncing it as an act of "terrorism".

"Every instigator against entertainment is a partner in this extremist act," one Twitter user said.

'Collision course'

<a href="https://www.wionews.com/world/saudi-arabia-to-allow-women-to-serve-in-armed-forces-255090">Saudi officials</a> warn that introducing such wide-ranging reforms in a society steeped in conservatism is fraught with peril.

While they are wildly popular among Saudi Arabia's mainly young population, the reforms risk angering arch-conservatives, including hardline clerics and the religious police whose powers have been clipped in recent years.

"The risk of this sort of attack against the recent introduction of public entertainment, which many clerics have been inciting against, is a key reason (the government) has pursued a zero-tolerance policy towards their public attacks against change and reform," Saudi analyst Ali Shihabi said on Twitter.

Earlier this year, human rights campaigners reported the arrest of religious scholar Omar al-Muqbil after he criticised the Saudi General Entertainment Authority for hosting such concerts, saying they were "erasing Saudi society's original identity".

"Liberals and conservatives in the kingdom are on a collision course and that probably worries Saudi leaders the most," Quentin de Pimodan, a Saudi expert at the Greece-based Research Institute for European and American Studies, told AFP.

"After this attack we can expect a sharper crackdown on those opposed to Saudi's entertainment push."

Saudi Arabia has already drawn international censure for its sweeping crackdown on critics, including clerics, intellectuals and women activists.

The kingdom has faced international scrutiny over its human rights record since last year's murder of journalist Jamal Khashoggi by Saudi agents in Istanbul.

Developing the tourism and leisure sector is one of the foundations of Prince Mohammed's Vision 2030 plan to prepare the Arab world's largest economy for the post-oil era.

The General Entertainment Authority has said it plans to pump $64 billion into the sector in the coming decade.

Some Saudis, however, view the push for entertainment as an <a href="https://www.wionews.com/world/saudi-arabia-welcomes-24000-tourists-in-10-days-254557">attempt to blunt public frustration</a> over an economic downturn and high youth unemployment in the petro-state.

A Yemeni man stabbed three actors at a performance in the Saudi capital, police said on Tuesday, in the first such attack since the ultra-conservative kingdom began easing decades-old restrictions on entertainment.

A Yemeni man stabbed three actors at a performance in the Saudi capital, police said on Tuesday, in the first such attack since the ultra-conservative kingdom began easing decades-old restrictions on entertainment. The knife-wielding assailant was arrested after state television footage showed him storming a musical performance in Riyadh's King Abdullah Park by what appeared to be a foreign theatre troupe. Police said the victims were in stable condition after the attack late Monday, which comes as de facto ruler Crown Prince Mohammed bin Salman pursues sweeping reforms that mark the biggest cultural shakeup in the kingdom's modern history. "Security forces dealt with a... stabbing attack against two men and a woman from a theatre group during a live performance," a police spokesman was quoted as saying by the official Saudi Press Agency. Police identified the assailant as a 33-year-old Yemeni expatriate but did not give details of his motive or the nationality of his victims. The King Abdullah Park is one of the venues hosting the two-month "Riyadh Season", an art and entertainment festival that is part of a broad government push to open up the kingdom to tourists and diversify its economy away from oil. Prince Mohammed has introduced mixed-gender concerts, re-opened cinemas and lifted a decades-old ban on women drivers as part of a drive to modernise the Muslim kingdom. In scenes that were unimaginable just two years ago, Saudi Arabia has staged glitzy performances by a host of international artists, from South Korean boy band BTS to pop icon Janet Jackson and rapper 50 Cent. Last month, the kingdom hosted its first-ever women's wrestling match as it attempts to shrug off its ultra-conservative image. The knife attack has left many Saudis shocked, with some on social media denouncing it as an act of "terrorism". "Every instigator against entertainment is a partner in this extremist act," one Twitter user said. 'Collision course' Saudi officials warn that introducing such wide-ranging reforms in a society steeped in conservatism is fraught with peril. While they are wildly popular among Saudi Arabia's mainly young population, the reforms risk angering arch-conservatives, including hardline clerics and the religious police whose powers have been clipped in recent years. "The risk of this sort of attack against the recent introduction of public entertainment, which many clerics have been inciting against, is a key reason (the government) has pursued a zero-tolerance policy towards their public attacks against change and reform," Saudi analyst Ali Shihabi said on Twitter. Earlier this year, human rights campaigners reported the arrest of religious scholar Omar al-Muqbil after he criticised the Saudi General Entertainment Authority for hosting such concerts, saying they were "erasing Saudi society's original identity". "Liberals and conservatives in the kingdom are on a collision course and that probably worries Saudi leaders the most," Quentin de Pimodan, a Saudi expert at the Greece-based Research Institute for European and American Studies, told AFP. "After this attack we can expect a sharper crackdown on those opposed to Saudi's entertainment push." Saudi Arabia has already drawn international censure for its sweeping crackdown on critics, including clerics, intellectuals and women activists. The kingdom has faced international scrutiny over its human rights record since last year's murder of journalist Jamal Khashoggi by Saudi agents in Istanbul. Developing the tourism and leisure sector is one of the foundations of Prince Mohammed's Vision 2030 plan to prepare the Arab world's largest economy for the post-oil era. The General Entertainment Authority has said it plans to pump $64 billion into the sector in the coming decade. Some Saudis, however, view the push for entertainment as an attempt to blunt public frustration over an economic downturn and high youth unemployment in the petro-state.

Three actors stabbed on stage in Saudi capital by Yemeni man amid eased restrictions in country

A man stabbed three performers at a live show in Saudi Arabia's capital and was arrested, state television reported on November , adding that the victims were in stable condition.

Man stabs three performers on stage in Riyadh

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WION Speed News: Watch top national and international news of the morning - November 11th, 2019

Saudi Aramco's much-anticipated initial public offering will begin on November 17.

Saudi Aramco's record IPO starts November 17

Two former <a href="https://www.wionews.com/world/twitter-to-ban-political-ads-worldwide-on-its-platform-258909">Twitter</a> employees and a third man were charged in San Francisco Federal Court Wednesday with spying on Twitter users critical of the Saudi royal family, the US Justice Department announced.

The two Saudis and one US citizen allegedly worked together to unmask the ownership details behind dissident Twitter accounts on behalf of the government in Riyadh and the royal family, the department said.

According to a court filing, they were guided by an unnamed Saudi official who worked for someone prosecutors designated "Royal Family Member-1," which The Washington Post reported was Saudi Crown Prince Mohammed bin Salman.

Those charged were former Twitter employees Ali Alzabarah and Ahmad Abouammo, along with Ahmed Almutairi, a marketing official with ties to the royal family.

"The criminal complaint unsealed today alleges that Saudi agents mined Twitter's internal systems for personal information about known Saudi critics and thousands of other Twitter users," said US Attorney David Anderson.

"US law protects US companies from such an unlawful foreign intrusion. We will not allow US companies or US technology to become tools of foreign repression in violation of US law," he said in a statement.

The lawsuit comes as US-Saudi relations continue to suffer strains over the brutal, Riyadh-sanctioned murder last year of Saudi journalist Jamal Khashoggi, who wrote for, among others, The Washington Post.

A critic of Crown Prince Mohammed, Khashoggi was killed and dismembered inside the Saudi consulate in Istanbul.

According to the Post, US intelligence has concluded that the prince himself was closely linked to the murder.

Targeting regime critics

Abouammo, 41, an American, and Saudi national Alzabarah, 35, were recruited in 2014-2015 to use their positions in Twitter to gain access to private information related to the accounts of critics of Riyadh, the indictment says.

Saudi citizen Almutairi, 30, was a critical go-between who arranged contacts between the two others and the unnamed Saudi official.

The indictment said Almutairi controlled a social media marketing company that did work for a royal charity and members of the royal family, "including Royal Family Member-1."&nbsp;

Abouammo was paid over $300,000 and received a Hublot watch worth more than $20,000 for his work.

Alzabarah's payment was not detailed, but the filing said he quickly fled the US with his family in December 2015 after Twitter management confronted him about his unauthorized accessing of user information for some 6,000 Twitter accounts, including accounts of known prominent dissidents and royal family critics.

All three are charged with acting as illegal agents of a foreign government, a charge that can indicate both illegal lobbying and espionage.

Abouammo was also charged with destroying, altering, or falsifying records related to a federal investigation.

"These individuals are charged with targeting and obtaining private data from dissidents and known critics, under the direction and control of the government of Saudi Arabia," said FBI Special Agent John Bennett.

"The FBI will not stand by and allow foreign governments to illegally exploit private user information from US companies."&nbsp;

The Justice Department said Abouammo was arrested on Tuesday in Seattle, Washington, but that both Alzabarah and Almutairi remain at large and are believed to be in Saudi Arabia.&nbsp;

Federal warrants have been issued for the arrest of both.

Two former Twitter employees and a third man were charged in San Francisco Federal Court Wednesday with spying on Twitter users critical of the Saudi royal family, the US Justice Department announced.

Two former Twitter employees and a third man were charged in San Francisco Federal Court Wednesday with spying on Twitter users critical of the Saudi royal family, the US Justice Department announced. The two Saudis and one US citizen allegedly worked together to unmask the ownership details behind dissident Twitter accounts on behalf of the government in Riyadh and the royal family, the department said. According to a court filing, they were guided by an unnamed Saudi official who worked for someone prosecutors designated "Royal Family Member-1," which The Washington Post reported was Saudi Crown Prince Mohammed bin Salman. Those charged were former Twitter employees Ali Alzabarah and Ahmad Abouammo, along with Ahmed Almutairi, a marketing official with ties to the royal family. "The criminal complaint unsealed today alleges that Saudi agents mined Twitter's internal systems for personal information about known Saudi critics and thousands of other Twitter users," said US Attorney David Anderson. "US law protects US companies from such an unlawful foreign intrusion. We will not allow US companies or US technology to become tools of foreign repression in violation of US law," he said in a statement. The lawsuit comes as US-Saudi relations continue to suffer strains over the brutal, Riyadh-sanctioned murder last year of Saudi journalist Jamal Khashoggi, who wrote for, among others, The Washington Post. A critic of Crown Prince Mohammed, Khashoggi was killed and dismembered inside the Saudi consulate in Istanbul. According to the Post, US intelligence has concluded that the prince himself was closely linked to the murder. Targeting regime critics Abouammo, 41, an American, and Saudi national Alzabarah, 35, were recruited in 2014-2015 to use their positions in Twitter to gain access to private information related to the accounts of critics of Riyadh, the indictment says. Saudi citizen Almutairi, 30, was a critical go-between who arranged contacts between the two others and the unnamed Saudi official. The indictment said Almutairi controlled a social media marketing company that did work for a royal charity and members of the royal family, "including Royal Family Member-1." Abouammo was paid over $300,000 and received a Hublot watch worth more than $20,000 for his work. Alzabarah's payment was not detailed, but the filing said he quickly fled the US with his family in December 2015 after Twitter management confronted him about his unauthorized accessing of user information for some 6,000 Twitter accounts, including accounts of known prominent dissidents and royal family critics. All three are charged with acting as illegal agents of a foreign government, a charge that can indicate both illegal lobbying and espionage. Abouammo was also charged with destroying, altering, or falsifying records related to a federal investigation. "These individuals are charged with targeting and obtaining private data from dissidents and known critics, under the direction and control of the government of Saudi Arabia," said FBI Special Agent John Bennett. "The FBI will not stand by and allow foreign governments to illegally exploit private user information from US companies." The Justice Department said Abouammo was arrested on Tuesday in Seattle, Washington, but that both Alzabarah and Almutairi remain at large and are believed to be in Saudi Arabia. Federal warrants have been issued for the arrest of both.

Three charged in US with spying on Twitter users for Saudi Arabia

Saudi Aramco has approached Malaysian state energy company Petronas&nbsp;to participate in Aramco's initial public offering (IPO), Petronas said on Wednesday, as the Middle Eastern oil giant seeks cornerstone investors for the listing.

The Saudi government plans to sell 2 per cent&nbsp;of state-run <a href="http://13.235.153.162/business-economy/saudis-scramble-to-raise-cash-for-aramco-share-sale-260106">Aramco</a>, the world's most profitable company, in a domestic listing on December&nbsp;11, three sources familiar with the matter told Reuters.

The approach comes as Petronas, officially known as Petroliam Nasional Bhd, nears the start of commercial operations at a $27 billion refinery and the petrochemical project built jointly with Aramco in southern Malaysia.

"We have been recently approached by representatives of Saudi Aramco to consider Petronas' participation in its initial public offering exercise," Petronas, the Malaysian government's cash cow, told Reuters.

"However, we will not be providing any further comments on this matter at this time."

Aramco's much-vaunted IPO was delayed as deal advisers said they needed more time to lock in cornerstone or anchor, investors such as sovereign wealth funds. In 2016, state-owned Postal Savings Bank of China&nbsp;sold 77 percent&nbsp;of its $7.4 billion&nbsp;IPO to such backers.

Reuters reported in September that Aramco had approached Abu Dhabi Investment Authority, Singapore's GIC and other sovereign wealth funds to invest in the domestic leg of its listing.

Abu Dhabi's state investor Mubadala Investment Co has also been approached by Aramco's advisers.

Asked about its interest in the Aramco IPO, Malaysian sovereign wealth fund Khazanah Nasional Bhd told Reuters it "does not have any investments in the oil and gas sector".

Saudi Aramco has approached Malaysian state energy company Petronas to participate in Aramco's initial public offering (IPO), Petronas said on Wednesday, as the Middle Eastern oil giant seeks cornerstone investors for the listing.

Saudi Aramco has approached Malaysian state energy company Petronas to participate in Aramco's initial public offering (IPO), Petronas said on Wednesday, as the Middle Eastern oil giant seeks cornerstone investors for the listing. The Saudi government plans to sell 2 per cent of state-run Aramco, the world's most profitable company, in a domestic listing on December 11, three sources familiar with the matter told Reuters. The approach comes as Petronas, officially known as Petroliam Nasional Bhd, nears the start of commercial operations at a $27 billion refinery and the petrochemical project built jointly with Aramco in southern Malaysia. "We have been recently approached by representatives of Saudi Aramco to consider Petronas' participation in its initial public offering exercise," Petronas, the Malaysian government's cash cow, told Reuters. "However, we will not be providing any further comments on this matter at this time." Aramco's much-vaunted IPO was delayed as deal advisers said they needed more time to lock in cornerstone or anchor, investors such as sovereign wealth funds. In 2016, state-owned Postal Savings Bank of China sold 77 percent of its $7.4 billion IPO to such backers. Reuters reported in September that Aramco had approached Abu Dhabi Investment Authority, Singapore's GIC and other sovereign wealth funds to invest in the domestic leg of its listing. Abu Dhabi's state investor Mubadala Investment Co has also been approached by Aramco's advisers. Asked about its interest in the Aramco IPO, Malaysian sovereign wealth fund Khazanah Nasional Bhd told Reuters it "does not have any investments in the oil and gas sector".

Aramco approaches Malaysia's Petronas to participate in IPO

Formula E racer Sam Bird is hardly leaping into the unknown this season after five years in the all-electric series, but the Briton could be jumping into the River Thames come July.

The 32-year-old told reporters on Tuesday, as he looked forward to season six that starts in Saudi Arabia on November&nbsp;22-23, that he was prepared to take the plunge if he won his home London round.

If his Virgin Racing team have to throw him a lifeline, it would not be the first time.

Bird was <a href="https://www.wionews.com/sports/lewis-hamilton-painting-masterpiece-with-sixth-drivers-title-259841">Lewis Hamilton's</a> Mercedes Formula One teammate in 2013,&nbsp;living the dream as a test and reserve driver while also finishing runner-up in the GP2 support series.

And then it ended. Cut loose, he found himself in a single bedroom apartment with the electricity supply cut off and no money to pay the bills.

The Briton remembers calling his parents in tears, telling them he would have to give up and become a personal trainer, before Virgin called to offer a seat in the first all-electric series.

"I owe Formula E everything. It resurrected my career," he said.

Fast forward, and Bird is his country's top electric driver while Hamilton probes ever deeper into the realms of greatness with his sixth Formula One championship.

The contrast between their career paths is not lost on Bird, who is in no risk of being mobbed when he steps out into central London, but he has no doubt his compatriot deserves all the recognition.

"He has to be considered as the greatest ever now, surely?," he said.

"I’ve worked with him and seen what he can do, data-wise. I’ve never said it about any other driver, but he did things where you just think ‘I cannot do that. My skill level will just not allow me to do what he does’.

"I worked with two other incredible drivers at Mercedes but you always felt like you could do it. Given enough time in the car, I felt I could do what they did. But with him sometimes there’s things that you just think, well that’s not achievable."

Hamilton had arrived from McLaren to replace seven times champion Michael Schumacher alongside Nico Rosberg for the start of 2013 and would go on to win five of the next six championships.

As one Briton took off, the other fell to earth with a bump.

"I parted ways with Mercedes and all of a sudden I literally had nothing. I had no money and no income. I didn’t have any money that I’d saved up or anything like that," said Bird.

"My electricity got cut off. I couldn’t afford my council tax bill."

In Formula E, he has found a new life - a race winner in every season so far with a total of eight victories, Bird is third in the winners' list,&nbsp;and third overall in 2017-18.

This season he will be up against a works Mercedes team for the first time, with the German carmaker joining Porsche as debutants.

"I tend not to try and race with emotion. To me it’s just another team that I need to beat in order to be the best," said the Briton.

"It’s great to have them on the grid. But it would be nice to keep them behind me."

Formula E racer Sam Bird is hardly leaping into the unknown this season after five years in the all-electric series, but the Briton could be jumping into the River Thames come July.

Formula E racer Sam Bird is hardly leaping into the unknown this season after five years in the all-electric series, but the Briton could be jumping into the River Thames come July. The 32-year-old told reporters on Tuesday, as he looked forward to season six that starts in Saudi Arabia on November 22-23, that he was prepared to take the plunge if he won his home London round. If his Virgin Racing team have to throw him a lifeline, it would not be the first time. Bird was Lewis Hamilton's Mercedes Formula One teammate in 2013, living the dream as a test and reserve driver while also finishing runner-up in the GP2 support series. And then it ended. Cut loose, he found himself in a single bedroom apartment with the electricity supply cut off and no money to pay the bills. The Briton remembers calling his parents in tears, telling them he would have to give up and become a personal trainer, before Virgin called to offer a seat in the first all-electric series. "I owe Formula E everything. It resurrected my career," he said. Fast forward, and Bird is his country's top electric driver while Hamilton probes ever deeper into the realms of greatness with his sixth Formula One championship. The contrast between their career paths is not lost on Bird, who is in no risk of being mobbed when he steps out into central London, but he has no doubt his compatriot deserves all the recognition. "He has to be considered as the greatest ever now, surely?," he said. "I’ve worked with him and seen what he can do, data-wise. I’ve never said it about any other driver, but he did things where you just think ‘I cannot do that. My skill level will just not allow me to do what he does’. "I worked with two other incredible drivers at Mercedes but you always felt like you could do it. Given enough time in the car, I felt I could do what they did. But with him sometimes there’s things that you just think, well that’s not achievable." Hamilton had arrived from McLaren to replace seven times champion Michael Schumacher alongside Nico Rosberg for the start of 2013 and would go on to win five of the next six championships. As one Briton took off, the other fell to earth with a bump. "I parted ways with Mercedes and all of a sudden I literally had nothing. I had no money and no income. I didn’t have any money that I’d saved up or anything like that," said Bird. "My electricity got cut off. I couldn’t afford my council tax bill." In Formula E, he has found a new life - a race winner in every season so far with a total of eight victories, Bird is third in the winners' list, and third overall in 2017-18. This season he will be up against a works Mercedes team for the first time, with the German carmaker joining Porsche as debutants. "I tend not to try and race with emotion. To me it’s just another team that I need to beat in order to be the best," said the Briton. "It’s great to have them on the grid. But it would be nice to keep them behind me."

Sam Bird ready to take the plunge as Formula E turns six

Yemen's Saudi-backed government and southern separatists signed an agreement on Tuesday (November 5) to end a power struggle in the south of Yemen that Saudi Arabia's crown prince hailed as a step towards a wider political solution to end the multi-faceted conflict.

Yemen government, separatists sign deal to end power struggle in south

As the trouble mounts for NSO, the Israeli firm at the centre of the WhatsApp snoopgate, an exiled Saudi Arabia satirist has filed a lawsuit against the Gulf kingdom.

As the trouble mounts for NSO, the Israeli firm at the centre of the WhatsApp snoopgate, an exiled Saudi Arabia satirist has filed a lawsuit against the Gulf kingdom. Ghanem Humood al-Masarir al-Dosari accused the Saudi authorities of surveillance with the help of Pegasus spyware acquired from the NSO group. NSO’s Pegasus software has allegedly been used by Saudi Arabia and other governments to target journalists, human rights campaigners and political activists. Al-Masarir who runs a YouTube channel where he airs his views against the Saudi regime has filed the suit in the UK where he has been living since 2003. He has alleged that Saudi regime infected his mobile phone with spyware which allowed them to access his microphone and camera to hear and record his activities. The Saudi satirist has brought a claim for personal injuries resulting from the misuse of private information and harassment about the spyware. He is also bringing a claim relating to an attack he suffered on August 31, 2018 which he believes was directed by the Saudi regime. Cyber experts who examined al-Masarir phone said that had been sent malicious texts containing links that looked like they were from reputable courier companies but, when clicked, led to domains associated with the pegasus spyware and NSO infrastructure. NSO is the Israeli cyber intelligence firm in the centre of the controversy over WhatsApp snooping of journalists, activists and diplomats including those in India.

Exiled satirist sues Saudi Arabia govt for surveillance using NSO's Pegasus spyware 

From tapping lenders to selling personal assets, Saudis are scrambling to raise cash to invest in <a href="https://www.wionews.com/business-economy/saudi-regulator-approves-aramco-share-offering-259594">Aramco</a> stocks after the oil giant announced its blockbuster market debut even as it offered few listing details.

After years of delay and false starts, the state-owned company said on Sunday it plans to sell an unspecified number of shares on the Riyadh stock exchange, but no date was set and the firm's valuation remains shrouded in mystery.

But retail investors in Saudi Arabia still appear to be salivating at the prospect of owning a piece of the world's most profitable company, seen as the kingdom's crown jewel, amid calls to make the initial public offering (IPO) a success.

"Some (Saudis) have started to sell other stocks in preparation to buy Aramco (shares)," said Ibrahim Ahmed, a Saudi energy industry analyst who is also considering investing his savings.

"People look at it as a sound investment. (But) I'm aware that it is a long-term investment that is good to have in a portfolio and not some kind of lottery ticket."

The IPO, billed by the company as a "historic milestone", forms the lynchpin of Crown Prince Mohammed bin Salman's ambitious plan to transform the petro-state by generating much-needed cash to fund mega projects and non-oil industries.

The government has reportedly pressed wealthy Saudi business families and institutions to invest in the IPO, and many nationalists have labelled it a patriotic duty.

Fahad Hashemi, portfolio manager at the Riyadh-based Middle East Financial Investment Co, told AFP his firm had a "strong intention" to participate despite the lack of listing information.

Saudi Arabia has sought to ease lending restrictions for ordinary citizens to buy a stake in the company, a strategy deemed risky by observers.&nbsp;

Eid al-Shamri, chief executive of investment bank Ithraa Capital, said some Saudis were considering selling their homes or borrowing money to purchase shares.

"This is definitely a serious event that will be recorded in the history of Saudi Arabia," Shamri told Bloomberg News.

"A lot of people are talking about it. But what is the extent of people's participation? We are tightening our belts."

'Unique investment'

<a href="https://www.wionews.com/business-economy/saudi-aramco-to-keep-46-million-barrels-of-oil-in-indian-storage-report-258774">Aramco</a> said its final offer price and the number of shares to be sold "will be determined at the end of the book-building period".

In a 21-page document released by the company, the company called the IPO&nbsp; a "unique investment proposition".

Aramco chief executive Amin Nasser said the company was committed to offer shareholders "long-term value creation".

To promote participation by all sections of Saudi society, divorced women or widows with minors will be eligible to receive bonus shares, local media reported.

But amid scant information about the listing, it is difficult to determine the payoff.

It is unclear whether Aramco will get the $2 trillion valuations Prince Mohammed had hoped for, with investment research firm Bernstein estimating that a "fair value range" for the company is between $1.2 and $1.5 trillion.

There are also reports the firm is struggling to get institutional investors on board amid a bearish outlook for the energy sector and questions over the company's transparency and governance.

Norway's sovereign wealth fund, the largest in the world, has said it does not plan to invest in Aramco, a Norwegian official told AFP.

Investors are also concerned about geopolitical risks weighing on the stock.

The news of the listing comes just weeks after crippling attacks on the heart of Aramco's facilities briefly halved its output amid a spike in tensions with Iran.

But the company, a cash cow that catapulted the kingdom to become the Arab world's biggest economy, holds enormous appeal for local retail investors.

"I do think there is significant local demand among retail investors, though large family businesses might be more sceptical," said Steffen Hertog, an associate professor at the London School of Economics.

"Aramco will be a blue-chip company producing fairly reliable dividends."

Its 2018 net profit of $111.1 billion is higher than the combined profits of Apple, Google and Exxon Mobil.

"We are excited and fascinated by the IPO," said analyst Ahmed.&nbsp;

"We always looked at the company as a semi-national company. To see it float on the stock exchange is a new era for us."

From tapping lenders to selling personal assets, Saudis are scrambling to raise cash to invest in Aramco stocks after the oil giant announced its blockbuster market debut even as it offered few listing details.

From tapping lenders to selling personal assets, Saudis are scrambling to raise cash to invest in Aramco stocks after the oil giant announced its blockbuster market debut even as it offered few listing details. After years of delay and false starts, the state-owned company said on Sunday it plans to sell an unspecified number of shares on the Riyadh stock exchange, but no date was set and the firm's valuation remains shrouded in mystery. But retail investors in Saudi Arabia still appear to be salivating at the prospect of owning a piece of the world's most profitable company, seen as the kingdom's crown jewel, amid calls to make the initial public offering (IPO) a success. "Some (Saudis) have started to sell other stocks in preparation to buy Aramco (shares)," said Ibrahim Ahmed, a Saudi energy industry analyst who is also considering investing his savings. "People look at it as a sound investment. (But) I'm aware that it is a long-term investment that is good to have in a portfolio and not some kind of lottery ticket." The IPO, billed by the company as a "historic milestone", forms the lynchpin of Crown Prince Mohammed bin Salman's ambitious plan to transform the petro-state by generating much-needed cash to fund mega projects and non-oil industries. The government has reportedly pressed wealthy Saudi business families and institutions to invest in the IPO, and many nationalists have labelled it a patriotic duty. Fahad Hashemi, portfolio manager at the Riyadh-based Middle East Financial Investment Co, told AFP his firm had a "strong intention" to participate despite the lack of listing information. Saudi Arabia has sought to ease lending restrictions for ordinary citizens to buy a stake in the company, a strategy deemed risky by observers. Eid al-Shamri, chief executive of investment bank Ithraa Capital, said some Saudis were considering selling their homes or borrowing money to purchase shares. "This is definitely a serious event that will be recorded in the history of Saudi Arabia," Shamri told Bloomberg News. "A lot of people are talking about it. But what is the extent of people's participation? We are tightening our belts." 'Unique investment' Aramco said its final offer price and the number of shares to be sold "will be determined at the end of the book-building period". In a 21-page document released by the company, the company called the IPO a "unique investment proposition". Aramco chief executive Amin Nasser said the company was committed to offer shareholders "long-term value creation". To promote participation by all sections of Saudi society, divorced women or widows with minors will be eligible to receive bonus shares, local media reported. But amid scant information about the listing, it is difficult to determine the payoff. It is unclear whether Aramco will get the $2 trillion valuations Prince Mohammed had hoped for, with investment research firm Bernstein estimating that a "fair value range" for the company is between $1.2 and $1.5 trillion. There are also reports the firm is struggling to get institutional investors on board amid a bearish outlook for the energy sector and questions over the company's transparency and governance. Norway's sovereign wealth fund, the largest in the world, has said it does not plan to invest in Aramco, a Norwegian official told AFP. Investors are also concerned about geopolitical risks weighing on the stock. The news of the listing comes just weeks after crippling attacks on the heart of Aramco's facilities briefly halved its output amid a spike in tensions with Iran. But the company, a cash cow that catapulted the kingdom to become the Arab world's biggest economy, holds enormous appeal for local retail investors. "I do think there is significant local demand among retail investors, though large family businesses might be more sceptical," said Steffen Hertog, an associate professor at the London School of Economics. "Aramco will be a blue-chip company producing fairly reliable dividends." Its 2018 net profit of $111.1 billion is higher than the combined profits of Apple, Google and Exxon Mobil. "We are excited and fascinated by the IPO," said analyst Ahmed. "We always looked at the company as a semi-national company. To see it float on the stock exchange is a new era for us."

Saudis scramble to raise cash for Aramco share sale

Security forces killed a protester and wounded 91 others in Baghdad on Saturday, security and medical sources said, as tens of thousands of&nbsp;Iraqis gathered in mass anti-government protests in the capital and&nbsp;blocked&nbsp;roads&nbsp;leading to a major&nbsp;port.

Protesters&nbsp;have been congregating in the capital's central Tahrir Square for weeks,&nbsp;demanding the fall of the political elite in the <a href="https://www.wionews.com/videos/iraq-protests-continue-biggest-protest-since-saddams-fall-259414">biggest wave</a> of mass demonstrations since the fall of Saddam Hussein.

Protests have accelerated dramatically in recent days, drawing huge crowds from across sectarian and ethnic divides.

They have been comparatively peaceful by day, becoming more violent after dark as police use tear gas and rubber bullets to battle self-proclaimed "revolutionary" youths. More than 250 people were killed in October.

Clashes have focused on the ramparts to the Republic Bridge leading across the Tigris to the heavily fortified Green Zone of government buildings, where the&nbsp;protesters&nbsp;say out-of-touch leaders are holed up in their walled-off bastion of privilege.

Security forces on Saturday erected concrete walls on one of Baghdad's main streets which leads into Tahrir Square in an attempt to reduce the turnout but a spontaneous protest in which crowds surrounded soldiers driving bulldozers forced them to take the structures down.

"Take it down, take it down," they chanted.

The protests, driven by discontent over economic hardship and corruption, have broken nearly two years of relative stability in Iraq.

Despite the country's oil wealth, many live in poverty with limited access to clean water, electricity, health care or education. The government of Prime Minister Adel Abdul Mahdi, in office for a year, has found no response to the protests.

Thousands of&nbsp;protesters&nbsp;were&nbsp;blocking all&nbsp;roads&nbsp;leading to Iraq's main Gulf&nbsp;port&nbsp;Umm Qasr near the oil-rich city of Basra, after security forces used live rounds and tear gas overnight.

Operations at the&nbsp;port, which receives the vast bulk of Iraq's imports of grain, vegetable oils and sugar, have been at a complete standstill since Wednesday.

Excessive force&nbsp;

On Friday, both the teachers' and lawyers' unions said they would extend&nbsp;strikes they declared last week. Schools had been due to reopen on Sunday after a week of cancelled classes.

Many see the political class as subservient to one or another of Baghdad's main allies, the United States and Iran, who use Iraq as a proxy in a struggle for regional influence.

"We don't want anyone interfering in our affairs, not Saudi Arabia, not Turkey, not Iran, not America. It's our country, our&nbsp;demands are clear," said protester Ahmed Abu Mariam.

The root cause of grievances is the sectarian power-sharing system of governance introduced in Iraq after 2003.

"We want an&nbsp;end&nbsp;to sectarian power-sharing, jobs should not be doled out based on whether you are Sunni or Shi'ite. We want all these parties gone and replaced with a presidential system," said 22-year-old law student Abdulrahman Saad who has been camped out in Tahrir Square for nine days.

Iraq's official rights watchdog, the&nbsp;Iraqi&nbsp;High Commission for Human Rights, said authorities were violating human rights and using excessive force against&nbsp;protesters&nbsp;by firing rubber bullets and tear gas canisters, which have killed scores after striking them directly in the head and chest.

A government committee investigating violence from October&nbsp;1-7 itself found that 149 civilians were killed because security forces used excessive force and live fire to quell protests.

Security forces killed a protester and wounded 91 others in Baghdad on Saturday, security and medical sources said, as tens of thousands of Iraqis gathered in mass anti-government protests in the capital and blocked roads leading to a major port.

Security forces killed a protester and wounded 91 others in Baghdad on Saturday, security and medical sources said, as tens of thousands of Iraqis gathered in mass anti-government protests in the capital and blocked roads leading to a major port. Protesters have been congregating in the capital's central Tahrir Square for weeks, demanding the fall of the political elite in the biggest wave of mass demonstrations since the fall of Saddam Hussein. Protests have accelerated dramatically in recent days, drawing huge crowds from across sectarian and ethnic divides. They have been comparatively peaceful by day, becoming more violent after dark as police use tear gas and rubber bullets to battle self-proclaimed "revolutionary" youths. More than 250 people were killed in October. Clashes have focused on the ramparts to the Republic Bridge leading across the Tigris to the heavily fortified Green Zone of government buildings, where the protesters say out-of-touch leaders are holed up in their walled-off bastion of privilege. Security forces on Saturday erected concrete walls on one of Baghdad's main streets which leads into Tahrir Square in an attempt to reduce the turnout but a spontaneous protest in which crowds surrounded soldiers driving bulldozers forced them to take the structures down. "Take it down, take it down," they chanted. The protests, driven by discontent over economic hardship and corruption, have broken nearly two years of relative stability in Iraq. Despite the country's oil wealth, many live in poverty with limited access to clean water, electricity, health care or education. The government of Prime Minister Adel Abdul Mahdi, in office for a year, has found no response to the protests. Thousands of protesters were blocking all roads leading to Iraq's main Gulf port Umm Qasr near the oil-rich city of Basra, after security forces used live rounds and tear gas overnight. Operations at the port, which receives the vast bulk of Iraq's imports of grain, vegetable oils and sugar, have been at a complete standstill since Wednesday. Excessive force On Friday, both the teachers' and lawyers' unions said they would extend strikes they declared last week. Schools had been due to reopen on Sunday after a week of cancelled classes. Many see the political class as subservient to one or another of Baghdad's main allies, the United States and Iran, who use Iraq as a proxy in a struggle for regional influence. "We don't want anyone interfering in our affairs, not Saudi Arabia, not Turkey, not Iran, not America. It's our country, our demands are clear," said protester Ahmed Abu Mariam. The root cause of grievances is the sectarian power-sharing system of governance introduced in Iraq after 2003. "We want an end to sectarian power-sharing, jobs should not be doled out based on whether you are Sunni or Shi'ite. We want all these parties gone and replaced with a presidential system," said 22-year-old law student Abdulrahman Saad who has been camped out in Tahrir Square for nine days. Iraq's official rights watchdog, the Iraqi High Commission for Human Rights, said authorities were violating human rights and using excessive force against protesters by firing rubber bullets and tear gas canisters, which have killed scores after striking them directly in the head and chest. A government committee investigating violence from October 1-7 itself found that 149 civilians were killed because security forces used excessive force and live fire to quell protests.

Protesters block roads to Iraqi port, demand end to 'foreign meddling'

All that you need to know about Saudi Aramco, the oil colossus

Saudi Arabia's state oil company kick-started its initial public offering (IPO) on Sunday, announcing its intention to list on the domestic bourse as the kingdom seeks to diversify and create the world's most valuable listed company.

Saudi Arabia's state oil company kick-started its initial public offering (IPO) on Sunday, announcing its intention to list on the domestic bourse as the kingdom seeks to diversify and create the world's most valuable listed company. Aramco did not give a time frame or say how much of the company it would sell, but sources have told Reuters the oil company could offer 1%-2% of its shares on the local bourse, raising as much $20 billion-$40 billion. Aramco said the IPO would be split into two tranches: one each for institutional and individual investors. The percentage of shares to be sold and the purchase price would be determined after the book-building period, it added in a statement. Confirmation of the share sale in Saudi Arabian Oil Co, or Aramco, as the oil giant is usually known, comes about seven weeks after crippling attacks on its oil facilities, underlining Saudi Arabia's determination to push on with the listing regardless. The IPO of the world's most profitable company is designed to turbocharge Crown Prince Mohammed bin Salman's economic reform agenda by raising billions to diversify the kingdom, whose dependency on oil was highlighted by the production impact of the Sept. 14 attacks. Aramco said in Sunday's statement that it posted a net income of $68 billion during the nine-month period ending on September 30. Revenues and other income related to sales for the same period amounted to $244 billion, it added. Aramco plans to release the IPO prospectus on Nov. 10, Saudi-owned news channel Al-Arabiya said on Sunday, citing sources. Aramco said the Saudi market regulator, which approved its application to list on Sunday, had issued an exemption for non-resident institutional foreign investors to subscribe. Saudi nationals would be eligible to receive bonus shares. The listing announcement had been expected on Oct. 20 but was delayed after advisers said they needed more time to lock in cornerstone investors, three sources told Reuters. To help get the deal done, Saudi Arabia is relying on easy credit for retail investors and hefty contributions from rich locals. Valuation challenge Although Prince Mohammed put a $2 trillion valuation on the company in early 2016, bankers and company insiders say Aramco's value is closer to $1.5 trillion. A growing movement to fight climate change and embrace new "green" technologies have put some fund managers, particularly in Europe and the United States, off the oil and gas sector. At a valuation of $1.5 trillion, Aramco would still be worth at least 50% more than the world's most valuable companies, Microsoft and Apple, which each have a market capitalisation of about $1 trillion. But a 1% sale would 'only' raise around $15 billion for Saudi coffers, less than the $25 billion generated by Chinese e-commerce giant Alibaba in its record-breaking IPO in 2014. It would rank Aramco as the 11th biggest IPO of all time, Refinitiv data show. A sale of 2% of Aramco shares at a $1.5 trillion valuation would make it the biggest IPO of all time, beating Alibaba's. The prospect of the world's largest oil company selling a piece of itself has had Wall Street on tenterhooks since Prince Mohammed flagged it three years ago. Initial hopes for a blockbuster international listing of about 5% were dashed when the share sale was halted last year amid debate over where to list Aramco overseas. Aramco said the IPO timetable was delayed because it began a process to acquire a 70% stake in petrochemicals maker Saudi Basic Industries Corp. IPO preparations were revived over the summer after Aramco attracted huge interest in its first international bond sale, seen as a pre-IPO relationship-building exercise with investors. The bond sale forced the secretive company to reveal its finances for the first time, including net income of $111 billion, over a third bigger than the combined net income of the five super majors Exxon Mobil, Royal Dutch/Shell, BP, Chevron and Total. Oil majors have been raising payouts to shareholders to counter rising pressure from climate activism. Aramco said on Sunday it intended to declare aggregate ordinary cash dividends of at least $75 billion in 2020. At a valuation of $1.5 trillion, this would mean a dividend yield of 5%, below those offered by competitors such as Exxon Mobil Corp and Royal Dutch Shell. Shell's dividend yield is over 6% and Exxon's over 5%, according to Refinitiv data. The September attacks on Aramco's largest oil plant, which shut off about 5% of global supply, raised questions about the vulnerability of Aramco's oil fields, plants and exports amid deepening regional tensions. Aramco hired nine banks as joint global coordinators to lead the IPO, including JPMorgan, Morgan Stanley and Saudi Arabia's National Commercial Bank. It added a number of banks as bookrunners.

Saudi Arabia kick-starts IPO of world's largest oil company

In this segment of WION, watch WION's exclusive report from Riyadh.

WION travels to Saudi Aramco's Khurais & Abqaiq facilities

Saudi Commerce Minister Majid bin Abdullah Al Qasabi speaking to WION's diplomatic correspondent Sidhant Sibal in Riyadh said India as an investment destination and added, Indian friends and bothers have been a forklift to the Saudi economy.

Saudi Commerce Minister Majid bin Abdullah Al Qasabi speaking to WION's diplomatic correspondent Sidhant Sibal in Riyadh said India as an investment destination and added, Indian friends and bothers have been a forklift to the Saudi economy. They are the largest workforce force of Saudi Arabia and constitute 22 per cent of our manpower resource. Edited excerpts: WION: Saudi Arabia has plans to invest $100 bn in India. Can you provide us with the break up? Majid bin Abdullah Al Qasabi: As you know, it takes two to tango. Both leaders have a great relation, understanding and friendship. We value the Indian people, appreciate the efforts taken in the last 60 years. Indian friends and bothers have been a forklift to the Saudi economy. They are the largest workforce force of Saudi Arabia and constitute 22 per cent of our manpower resource. They are disciplined and highly committed people. So India is an important trading partner to Saudi Arabia and we support India in the energy supply of oil. It is a win-win situation and we see we can do more with India. We can leverage the advantage India has in innovation, high-tech, and entrepreneurship. Regarding the opportunities, we started with Aramco, it has decided to build a refinery and it is a huge investment. It's a commitment and we are waiting for the government of India to choose the land. We have understood as the PM said that a new regional government has been chosen, so he expects in a very short time the land will be decided. So the ball is now in India's court. It's a beginning with $35 billion investment. We have decided, for every stream identified, there will be a champion from both parties. A council has been created by both the leaders and this council which is supported and headed by both leaders will accelerate the achievement. WION: How do u see the visit of Indian PM Modi? Majid bin Abdullah Al Qasabi: The visit was very successful. It's extremely successful because first, we have learnt so much more about India through such communication. It is through such meetings we learn and understand each other. As we said earlier, communication, communication and communication because if we don't communicate, we misunderstand each other, we miss-perceive each other and misjudge others. We are guilty of being absent and being silent. WION: How do you see India as an investment destination vis-a-vis Pakistan? Majid bin Abdullah Al Qasabi: I don't think we should compare India with Pakistan. As countries India and Pakistan have potential. Pakistan is a great country and has a distinctive competence. Saudi Arabia looks at all interests and values its relationship with Pakistan as well as India.

India is important trading partner, says Saudi commerce minister  

In this exclusive report of WION from directly from the defence ministry of Saudi Arabia, look the drones which were used to attack the Saudi Aramco refineries. Watch the complete video to find out more.

Drones which were used in Saudi Aramco refineries attack | WION Ground Report

WION Exclusively speaks to Saudi Arabia's Commerce Minister. Watch video to know more.

WION Exclusively speaks to Saudi Arabia's Commerce Minister

'India, Saudi summit level meet in every 2 years' says Indian envoy to Saudi Arabia. Watch video to know more.

'India, Saudi summit level meet in every 2 years' says Indian envoy to Saudi Arabia

The demand for Kashmiri Apples on the rise in Riyadh, Saudi Arabia.

WION Exclusive: The taste of Kashmir in Saudi Arabia

Saudi Deputy Information minister Dr Khalid AlGhamdi told WION's diplomatic correspondent Sidhant Sibal that <a href="https://www.wionews.com/india-news/pm-modi-arrives-in-delhi-after-concluding-2-day-visit-to-saudi-arabia-258715">PM Modi's presence</a> at the Future Investment Initiative shows the growing ties between India and Saudi Arabia. PM Modi addressed the 3rd Future Investment Initiative in Riyadh on Tuesday wherein he talked about the reforms taken by his government to make India a major investment destination. Here is the transcript of the interview.&nbsp;

WION: What's the aim of Future Investment Initiative for Saudi Arabia?

AlGhamdi: The forum's idea is to diversify the economic resources of the kingdom from oil to other resources and this is the 3rd version of this. We attracted investments in all the areas. This is meant to be a forum where all those interested in investment internationally come for investment. It is an opportunity to communicate and connect with people. We have many prime ministers and presidents. We are honoured to have the prime minister of India here.&nbsp;

WION: Your thoughts on PM Modi's address at the forum

AlGhamdi: We see this as a great opportunity to enforce and emphasise the already strong relationship between India and Saudi Arabia. In fact, our crown prince visited Saudi Arabia a couple of months ago and they have discussed many opportunities for investment in India. India is a strategic partner in many areas including energy and other areas that mutually interest both the countries and the businessmen.&nbsp;

WION: How do see India's role in the region and the world?

AlGhamdi: India is one of the biggest countries in the world in terms of people. They are rich in human resource, they are rich in natural resources and they are rich in terms of intellectuals. Cooperating with India is very strategic and important for us. We hope our relationship will strengthen furthermore. Being in the same continent, being in Asia, we have discussed so many opportunities especially energy, we hope to pursue. We hope for more.

WION: Saudi Arabia will be hosting the G20 next year, India will be hosting at its 75th anniversary. How can both countries share the experience?

AlGhamdi: I think, in terms of G20, there are practices and countries can mutually benefit from there experiences. Saudi Arabia will host it and we will be sharing our experience with India as well as with other countries. We hope this will help us and help India represent the strategic importance of both countries and reflect it in hosting the summit. &nbsp;

Saudi Deputy Information minister Dr Khalid AlGhamdi told WION's diplomatic correspondent Sidhant Sibal that PM Modi's presence at the Future Investment Initiative shows the growing ties between India and Saudi Arabia.

Saudi Deputy Information minister Dr Khalid AlGhamdi told WION's diplomatic correspondent Sidhant Sibal that PM Modi's presence at the Future Investment Initiative shows the growing ties between India and Saudi Arabia. PM Modi addressed the 3rd Future Investment Initiative in Riyadh on Tuesday wherein he talked about the reforms taken by his government to make India a major investment destination. Here is the transcript of the interview. WION: What's the aim of Future Investment Initiative for Saudi Arabia? AlGhamdi: The forum's idea is to diversify the economic resources of the kingdom from oil to other resources and this is the 3rd version of this. We attracted investments in all the areas. This is meant to be a forum where all those interested in investment internationally come for investment. It is an opportunity to communicate and connect with people. We have many prime ministers and presidents. We are honoured to have the prime minister of India here. WION: Your thoughts on PM Modi's address at the forum AlGhamdi: We see this as a great opportunity to enforce and emphasise the already strong relationship between India and Saudi Arabia. In fact, our crown prince visited Saudi Arabia a couple of months ago and they have discussed many opportunities for investment in India. India is a strategic partner in many areas including energy and other areas that mutually interest both the countries and the businessmen. WION: How do see India's role in the region and the world? AlGhamdi: India is one of the biggest countries in the world in terms of people. They are rich in human resource, they are rich in natural resources and they are rich in terms of intellectuals. Cooperating with India is very strategic and important for us. We hope our relationship will strengthen furthermore. Being in the same continent, being in Asia, we have discussed so many opportunities especially energy, we hope to pursue. We hope for more. WION: Saudi Arabia will be hosting the G20 next year, India will be hosting at its 75th anniversary. How can both countries share the experience? AlGhamdi: I think, in terms of G20, there are practices and countries can mutually benefit from there experiences. Saudi Arabia will host it and we will be sharing our experience with India as well as with other countries. We hope this will help us and help India represent the strategic importance of both countries and reflect it in hosting the summit.

Honoured to have PM Modi at investment summit: Saudi minister to WION

Prime Minister Narendra Modi on Wednesday arrived in Delhi, after concluding his two-day visit to Saudi Arabia where he delivered the keynote address of the Future Investment Initiative (FII) and held talks with Crown Prince Mohammed bin Salman in Saudi Arabia.

During the visit, Modi held talks with Saudi King Salman bin Abdulaziz Al-Saud and condemned terrorism in all its forms and manifestations and appreciated the close cooperation on security matters between the two countries.

A total of 12 agreements and MoUs were signed between the two countries in key sectors including defence industries collaboration, renewable energy, security cooperation and civil aviation.

Modi held "fruitful discussions" with the Crown Prince on "adding greater dynamism and depth to the bilateral strategic partnership", according to MEA.

At the FII Forum, also dubbed as the 'Davos in the Desert', the Prime Minister spoke about the goal of achieving $5 trillion dollar economy and highlighted several initiatives taken by his government to make India more business-friendly to investors.

The FII has been hosted by Riyadh since 2017 to project the Kingdom as a potential investment hub in the region.

He also spoke about regional and global issues and said that his country aims to invest $100 billion in refining, pipelines and gas terminals by 2024.

The Prime Minister held talks with Saudi Foreign Minister Prince Faisal bin Farhan Al Saud, Energy Minister Prince Abdulaziz bin Salman Al Saud, Labour and Social Development Minister Ahmad bin Sulaiman Alrajhi and Environment and Agriculture Minister Abdulrahman bin Abdulmohsen Al Fadley.

Modi's visit to Saudi Arabia came amid heightened tensions between India and Pakistan following New Delhi's decision in August to revoke Article 370 of the Constitution that granted special status to Jammu and Kashmir.

Islamabad has unilaterally downgraded bilateral ties and has been attempting to internationalise the Kashmir issue but to no avail.&nbsp; 
&nbsp;

Prime Minister Narendra Modi on Wednesday arrived in Delhi, after concluding his two-day visit to Saudi Arabia where he delivered the keynote address of the Future Investment Initiative (FII) and held talks with Crown Prince Mohammed bin Salman in Saudi Arabia.

Prime Minister Narendra Modi on Wednesday arrived in Delhi, after concluding his two-day visit to Saudi Arabia where he delivered the keynote address of the Future Investment Initiative (FII) and held talks with Crown Prince Mohammed bin Salman in Saudi Arabia. During the visit, Modi held talks with Saudi King Salman bin Abdulaziz Al-Saud and condemned terrorism in all its forms and manifestations and appreciated the close cooperation on security matters between the two countries. A total of 12 agreements and MoUs were signed between the two countries in key sectors including defence industries collaboration, renewable energy, security cooperation and civil aviation. Modi held "fruitful discussions" with the Crown Prince on "adding greater dynamism and depth to the bilateral strategic partnership", according to MEA. At the FII Forum, also dubbed as the 'Davos in the Desert', the Prime Minister spoke about the goal of achieving $5 trillion dollar economy and highlighted several initiatives taken by his government to make India more business-friendly to investors. The FII has been hosted by Riyadh since 2017 to project the Kingdom as a potential investment hub in the region. He also spoke about regional and global issues and said that his country aims to invest $100 billion in refining, pipelines and gas terminals by 2024. The Prime Minister held talks with Saudi Foreign Minister Prince Faisal bin Farhan Al Saud, Energy Minister Prince Abdulaziz bin Salman Al Saud, Labour and Social Development Minister Ahmad bin Sulaiman Alrajhi and Environment and Agriculture Minister Abdulrahman bin Abdulmohsen Al Fadley. Modi's visit to Saudi Arabia came amid heightened tensions between India and Pakistan following New Delhi's decision in August to revoke Article 370 of the Constitution that granted special status to Jammu and Kashmir. Islamabad has unilaterally downgraded bilateral ties and has been attempting to internationalise the Kashmir issue but to no avail.

PM Modi arrives in Delhi after concluding 2-day visit to Saudi Arabia

The two leaders expressed satisfaction on bilateral relations saying that India-Saudi Arabia Strategic Partnership Council will further strengthen partnership in all area including in defence, politics and people to people contact.

PM Modi in Saudi Arabia: Key Highlights

Saudi Arabia wants to forge strong ties with India. This is a relationship rooted in the realm of political and economic realities.&nbsp;

Truth be told, strong ties will benefit both sides. India needs oil. What about the Saudis? Why has Riyadh prioritised Delhi?

What is the strategic significance? On WION Edit, we will explore these questions. First, let's tell you what India has been up to. Diversifying sources of energy.

PM Narendra Modi's government is credited for boosting India's ability to do this through multiple engagements. After US sanctions on Iran and Venezuela, India needed to secure its energy interests.&nbsp;

And Saudi Arabia was quick to fill the gaps. Right now, India imports 83 per cent of its oil needs and Saudi Arabia is the second-biggest supplier

So technically, access to Indian markets is a huge economic benefit for a country like Saudi Arabia - whose economy is fueled by oil. But that's not the only draw for Riyadh.

It is looking at the long term and India's growing clout. Here are some points to note:

Going forward, Saudi Arabia wants to rely less on its oil reserves. In March 2018, the Kingdom announced the largest renewables project ever, a solar push worth over 200 billion dollars.

That project failed to take off and was eventually. But Saudi Arabia has not given up its goal to move away from oil dependence. Recently, Riyadh tripled its renewable energy target. The focus is wind and solar energy, projects have been tendered.

So why does Saudi Arabia want to move away from oil? Because depending on oil is dangerous.

First, fluctuating prices hurt the Saudi economy. A drop in oil prices puts them under fiscal pressure. Two, as the world transitions towards clean and renewable energy, countries like Saudi Arabia will be hit hard.

So what can the Kingdom do? Shift to renewable energy. Insulate the economy from oil price shocks and as a buffer, establish ties with countries that import oil-- i.e. India.

Yes, countries will aggressively push for climate action in the coming years. But that doesn't imply a total ban on fossil fuel. At least for the next few decades.

And countries like India and China will have more energy needs as their economies expand. So Saudi Arabia will find no better importers than India and China during this transition period. Besides, India will be perfectly placed to help Saudi Arabia through the clean energy transition.

The solar market in India is robust and ever-growing, the synergies are also in India's favour.

Besides, Saudi investments in India are strategic. The return from Indian markets is one of the best in the world. And the economy is pegged to grow further in the coming decades.

This is the grand plan, Saudi investments in India are strategic and a win-win proposition for both. This relationship is no more about remittances or immediate gains. India is one of the biggest games in town and Saudi Arabia only knows it too well. 
 
(Disclaimer: WION Edit is the channel's take on the big events of the world) 
&nbsp;

Saudi Arabia wants to forge strong ties with India. This is a relationship rooted in the realm of political and economic realities. Truth be told, strong ties will benefit both sides.

Saudi Arabia wants to forge strong ties with India. This is a relationship rooted in the realm of political and economic realities. Truth be told, strong ties will benefit both sides. India needs oil. What about the Saudis? Why has Riyadh prioritised Delhi? What is the strategic significance? On WION Edit, we will explore these questions. First, let's tell you what India has been up to. Diversifying sources of energy. PM Narendra Modi's government is credited for boosting India's ability to do this through multiple engagements. After US sanctions on Iran and Venezuela, India needed to secure its energy interests. And Saudi Arabia was quick to fill the gaps. Right now, India imports 83 per cent of its oil needs and Saudi Arabia is the second-biggest supplier So technically, access to Indian markets is a huge economic benefit for a country like Saudi Arabia - whose economy is fueled by oil. But that's not the only draw for Riyadh. It is looking at the long term and India's growing clout. Here are some points to note: Going forward, Saudi Arabia wants to rely less on its oil reserves. In March 2018, the Kingdom announced the largest renewables project ever, a solar push worth over 200 billion dollars. That project failed to take off and was eventually. But Saudi Arabia has not given up its goal to move away from oil dependence. Recently, Riyadh tripled its renewable energy target. The focus is wind and solar energy, projects have been tendered. So why does Saudi Arabia want to move away from oil? Because depending on oil is dangerous. First, fluctuating prices hurt the Saudi economy. A drop in oil prices puts them under fiscal pressure. Two, as the world transitions towards clean and renewable energy, countries like Saudi Arabia will be hit hard. So what can the Kingdom do? Shift to renewable energy. Insulate the economy from oil price shocks and as a buffer, establish ties with countries that import oil-- i.e. India. Yes, countries will aggressively push for climate action in the coming years. But that doesn't imply a total ban on fossil fuel. At least for the next few decades. And countries like India and China will have more energy needs as their economies expand. So Saudi Arabia will find no better importers than India and China during this transition period. Besides, India will be perfectly placed to help Saudi Arabia through the clean energy transition. The solar market in India is robust and ever-growing, the synergies are also in India's favour. Besides, Saudi investments in India are strategic. The return from Indian markets is one of the best in the world. And the economy is pegged to grow further in the coming decades. This is the grand plan, Saudi investments in India are strategic and a win-win proposition for both. This relationship is no more about remittances or immediate gains. India is one of the biggest games in town and Saudi Arabia only knows it too well. (Disclaimer: WION Edit is the channel's take on the big events of the world)

Strong ties will benefit both India and Saudi Arabia

India will lease a quarter of its strategic petroleum reserve in Padur to Saudi Aramco to store about 4.6 million barrels of oil, a government official said on Wednesday, as New Delhi seeks global investment in its expanding energy infrastructure.

Global oil producers are eager to gain a foothold in India, where fuel demand is expected to keep rising as the country's economy grows.

Indian Strategic Petroleum Reserves Ltd, a government company charged with building oil storage, signed a memorandum of understanding with the Saudi state firm for its participation in the 2.5-million-tonne facility in Karnataka state.

"Aramco has signed an MoU for only one compartment," said HPS Ahuja, chief executive of the Indian company.

The Padur storage facility has four equal-sized compartments.

So far, Abu Dhabi National Oil Co is the only foreign company storing oil in India's strategic reserves, at Mangalore, also in Karnataka. Last year it signed a preliminary agreement to use half of the Padur reserve.

Ahuja said Aramco would have to keep some of the 4.6 million barrels for India's strategic needs, but could sell the rest to Indian refiners.

India, which relies on imports for about 80% of its oil needs, has underground emergency storage in three locations to protect against any supply disruption. The reserves can hold 36.87 million barrels.

India will lease a quarter of its strategic petroleum reserve in Padur to Saudi Aramco to store about 4.6 million barrels of oil, a government official said on Wednesday, as New Delhi seeks global investment in its expanding energy infrastructure.

India will lease a quarter of its strategic petroleum reserve in Padur to Saudi Aramco to store about 4.6 million barrels of oil, a government official said on Wednesday, as New Delhi seeks global investment in its expanding energy infrastructure. Global oil producers are eager to gain a foothold in India, where fuel demand is expected to keep rising as the country's economy grows. Indian Strategic Petroleum Reserves Ltd, a government company charged with building oil storage, signed a memorandum of understanding with the Saudi state firm for its participation in the 2.5-million-tonne facility in Karnataka state. "Aramco has signed an MoU for only one compartment," said HPS Ahuja, chief executive of the Indian company. The Padur storage facility has four equal-sized compartments. So far, Abu Dhabi National Oil Co is the only foreign company storing oil in India's strategic reserves, at Mangalore, also in Karnataka. Last year it signed a preliminary agreement to use half of the Padur reserve. Ahuja said Aramco would have to keep some of the 4.6 million barrels for India's strategic needs, but could sell the rest to Indian refiners. India, which relies on imports for about 80% of its oil needs, has underground emergency storage in three locations to protect against any supply disruption. The reserves can hold 36.87 million barrels.

Saudi Aramco to keep 4.6 million barrels of oil in Indian storage: Report

The timing of the highly anticipated stock market debut of Saudi energy <a href="https://www.wionews.com/world/saudi-arabia-restores-full-oil-output-after-attacks-focused-on-aramco-ipo-253556">colossus Aramco </a>will be dictated by de facto ruler Crown Prince Mohammed bin Salman, the kingdom's energy minister said Wednesday.

Aramco was expected to launch the first part of a two-stage IPO earlier in October, but the process has been delayed, reportedly due to the prince's dissatisfaction with the valuation of the firm, which had been hoped to reach $2 trillion.

The long-awaited initial public offering will now happen on December 11 on the Riyadh stock market, Saudi-owned Al-Arabiya television said on Tuesday.

Aramco did not confirm the report and Energy Minister Prince Abdulaziz bin Salman side-stepped the details when he spoke at a major investment conference in Riyadh where the listing has been a topic of discussion.

"I hate this time around to disappoint the media, because I'm not going to talk about OPEC or what we should do, and I'm not going to talk about the IPO," he said to laughs from the audience of policy-makers and top executives.

"It's going to come soon... but it will come at the right time with the right approach, and definitely with the right decision. And it will be a Saudi decision first and foremost, specifically Prince Mohammed's decision," he added.

Prince Abdulaziz is the half-brother of the crown prince, whose ambitious reform plans for the kingdom's economy largely rest on the anticipated $100 billion windfalls from the Aramco listing.

After an initial listing on the domestic stock exchange, Aramco is believed to be planning to sell the rest of a planned tranche of five per cent of the firm on an international bourse.

"The Saudis' current objective is to raise $100 billion through the IPO process, even if that means ultimately selling up to 10 per cent of the company to outside investors," Energy Intelligence said in a report this week.

It cited sources as saying they expect the Saudis to settle on a valuation of $1.6 trillion to $1.7 trillion for the firm.

The timing of the highly anticipated stock market debut of Saudi energy colossus Aramco will be dictated by de facto ruler Crown Prince Mohammed bin Salman, the kingdom's energy minister said Wednesday.

The timing of the highly anticipated stock market debut of Saudi energy colossus Aramco will be dictated by de facto ruler Crown Prince Mohammed bin Salman, the kingdom's energy minister said Wednesday. Aramco was expected to launch the first part of a two-stage IPO earlier in October, but the process has been delayed, reportedly due to the prince's dissatisfaction with the valuation of the firm, which had been hoped to reach $2 trillion. The long-awaited initial public offering will now happen on December 11 on the Riyadh stock market, Saudi-owned Al-Arabiya television said on Tuesday. Aramco did not confirm the report and Energy Minister Prince Abdulaziz bin Salman side-stepped the details when he spoke at a major investment conference in Riyadh where the listing has been a topic of discussion. "I hate this time around to disappoint the media, because I'm not going to talk about OPEC or what we should do, and I'm not going to talk about the IPO," he said to laughs from the audience of policy-makers and top executives. "It's going to come soon... but it will come at the right time with the right approach, and definitely with the right decision. And it will be a Saudi decision first and foremost, specifically Prince Mohammed's decision," he added. Prince Abdulaziz is the half-brother of the crown prince, whose ambitious reform plans for the kingdom's economy largely rest on the anticipated $100 billion windfalls from the Aramco listing. After an initial listing on the domestic stock exchange, Aramco is believed to be planning to sell the rest of a planned tranche of five per cent of the firm on an international bourse. "The Saudis' current objective is to raise $100 billion through the IPO process, even if that means ultimately selling up to 10 per cent of the company to outside investors," Energy Intelligence said in a report this week. It cited sources as saying they expect the Saudis to settle on a valuation of $1.6 trillion to $1.7 trillion for the firm.

Aramco IPO will be Saudi crown prince's decision: Energy minister

PM Modi arrives at Saudi Arabia; All eyes on Modi-MBS bilateral. Watch video to know more.

PM Modi arrives at Saudi Arabia; All eyes on Modi-MBS bilateral

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