MP: The Govt Has Put In Its Priorities How To Deal With The Budget Deficit And The Implementation Of Government Program Projects

The MP Muhammad Saadoun Al-Saihoud affirmed that the federal government has put in its priorities how to deal with the budget deficit and the completion of government program projects.Al-Saihoud said in a press statement today that: al-Sudani’s governm…

The MP Muhammad Saadoun Al-Saihoud affirmed that the federal government has put in its priorities how to deal with the budget deficit and the completion of government program projects.

Al-Saihoud said in a press statement today that: al-Sudani's government is working according to an organized strategy and prepared programs that contribute to address all problems and obstacles to advance and raise the country to an advanced and developed level in terms of providing services and improving the country’s sectors, and therefore it is able to set up a successful mechanism to finance the budget deficit through internal borrowing, the development fund, revolving balances, and central bank reserves, as well as foreign loans and other outlets.

He added, "The government program is continuing to implement strategic and service projects, including the rehabilitation and maintenance of hospitals, water desalination projects, infrastructure projects, and projects that include the rehabilitation and development of electric power, rehabilitation and maintenance of a number of laboratories, factories, and other projects."

Source: National Iraqi News Agency

Arab Parliament Speaker Condemns Storming of Head of Kuwaiti Military Office Residence in Khartoum

Arab Parliament Speaker Adel bin Abdulrahman Al-Assoumi has strongly condemned the storming and vandalism of the head of the military office residence at the Kuwaiti Embassy in Khartoum, which is a violation of international laws pertaining to the work…

Arab Parliament Speaker Adel bin Abdulrahman Al-Assoumi has strongly condemned the storming and vandalism of the head of the military office residence at the Kuwaiti Embassy in Khartoum, which is a violation of international laws pertaining to the work of diplomatic missions.

Al-Assoumi said in a statement that the repeated incursions and acts of vandalism against diplomatic and consular missions of more than one Arab country during the Sudan crisis makes it incumbent on the Sudanese authorities and all concerned parties to provide security for diplomatic and consular missions.

Source: Saudi Press Agency

Oil Continues To Rise Due To US Plans To Refill The Strategic Reserve

Oil rose for the second day in a row at the beginning of trading, today, as prices received support from the US plans to buy oil for the Strategic Petroleum Reserve.Brent crude futures rose 31 cents, or 0.4 %, to $75.54 a barrel, while US West Texas In…

Oil rose for the second day in a row at the beginning of trading, today, as prices received support from the US plans to buy oil for the Strategic Petroleum Reserve.

Brent crude futures rose 31 cents, or 0.4 %, to $75.54 a barrel, while US West Texas Intermediate crude was $71.38 a barrel, up 27 cents, or 0.4 %.

Both benchmarks rose more than 1 percent yesterday, ending a three-session losing streak.

The US Department of Energy said it would buy three million barrels of crude oil for the Strategic Petroleum Reserve for delivery in August, and requested bids by May 31.

Last week, Brent and West Texas Intermediate crude futures fell for the fourth week in a row due to recession fears in the United States and the risk of it defaulting on government debt in early June for the first time in its history.

The last time futures contracts recorded a similar series of weekly declines was in September 2022.

However, oil prices today received support from supply concerns caused by the wildfires in Canada.

The widespread fires in Alberta, Canada, have forced more than 30,000 people to leave their homes and stopped the production of no less than 319,000 barrels of oil equivalent per day, or 3.7 percent of national production.

Global crude supplies could also contract in the second half of the year, in light of the planning of the OPEC + grouping, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, for additional production cuts.

On the other hand, data from the Energy Information Administration showed that US oil production from the seven largest shale oil basins is expected to rise in June to the highest level ever.

Source: National Iraqi News Agency

Saudi Stock Exchange Main Index Ends Trading Lower at 11206 Points

Saudi Stock Exchange’s main index ended trading lower today, losing 24.18 points to close at 11,206 points.The total value of trading reported was SAR 6.9 billion, while the total number of shares traded was 241 million.The Saudi Parallel Market Index …

Saudi Stock Exchange's main index ended trading lower today, losing 24.18 points to close at 11,206 points.

The total value of trading reported was SAR 6.9 billion, while the total number of shares traded was 241 million.

The Saudi Parallel Market Index (NOMU) ended the day by gaining 116,89 points to close at 20,682.62 points, with a valuation of SAR 59.4 million and an overall tally of more than 450,000 stocks.

Source: Saudi Press Agency

Saudi Deputy Minister of Industry Receives Paraguay’s Trade Minister

Deputy Minister of Industry and Mineral Resources Osama bin Abdulaziz Al-Zamil received here today Minister of Industry and Commerce of the Republic of Paraguay, Luis Alberto Castiglioni.The meeting discussed enhancing means of cooperation between Saud…

Deputy Minister of Industry and Mineral Resources Osama bin Abdulaziz Al-Zamil received here today Minister of Industry and Commerce of the Republic of Paraguay, Luis Alberto Castiglioni.

The meeting discussed enhancing means of cooperation between Saudi Arabia and Paraguay.

The two sides discussed encouraging investment and exploiting the available opportunities in the industrial and mining sectors and reviewed the chances of enhancing trade and boosting non-oil exports.

Source: Saudi Press Agency

Ma’aden Signs Master Clauses Agreement with Ivanhoe Electric to Acquire 9.9% of Shares, to Establish JV in Saudi Arabia

The Saudi Arabian Mining Company (Ma’aden) has announced the signing of a master clauses agreement to buy 9.9% of the shares of Ivanhoe Electric Inc. and to establish a 50/50 exploration joint venture (JV) in the Kingdom to contribute to conducting one…

The Saudi Arabian Mining Company (Ma’aden) has announced the signing of a master clauses agreement to buy 9.9% of the shares of Ivanhoe Electric Inc. and to establish a 50/50 exploration joint venture (JV) in the Kingdom to contribute to conducting one of the largest exploration programs in the world.

This joint agreement will grant Ma’aden the rights to use Ivanhoe’s Typhoon TM geophysical surveying technology, which will in turn accelerate the exploration of mineral sites in the Kingdom, valued at $1.3 trillion in minerals.

This step will contribute to strengthening the Saudi Vision 2030, which places mining as a third pillar of the Saudi economy. It is also considered a key supporter of Ma’aden’s ambitious strategy, which aims to boost its growth by 10 folds by 2040 and to exploit the mineral resources in the Kingdom.

Ma'aden and Ivanhoe Electric will conduct exploration operations on an area estimated at 48,500 square kilometers of licensed sites in the Kingdom, an area larger than the size of Denmark. The exploration operations target to discover new minerals, such as copper, nickel, gold, silver, and other strategic minerals.

Ma'aden will be able to employ Typhoon technology, which is a revolution in geophysical surveys and 3D data processing (CGI).

As part of the agreement, Ma’aden will acquire approximately 10.2 million common shares in Ivanhoe Electric, representing 9.9% of the company, for $126.5 million with a top-up option to maintain its 9.9% ownership. Out of this amount, $66 million will be allocated and invested to establish the exploration JV in the Kingdom as well as finance its exploration activities and programs. In addition to the acquisition of three new-generation Typhoon machines, Ma'aden will also be granted the right to appoint a candidate to the board of directors of Ivanhoe Electric.

The establishment of the JV and the acquisition of 9.9% of the shares of Ivanhoe Electric will only be executed after certain conditions are met.

Commenting on the occasion, Ma’aden CEO Robert Wilt said: “Ma’aden is working on one of the largest mining exploration programs in the world in partnership with Ivanhoe Electric and this agreement is an important breakthrough to explore the potential mineral resources in the Kingdom”.

“Therefore, we need to carry out survey and exploration activities in faster and smarter ways, and cover more ground to meet our long-term growth objectives, which will be enabled by the Typhoon technology,” said Ma’aden CEO.

Wilt noted that Typhoon technology would contribute to accelerating Ma’aden exploration efforts by six times and reducing the risks associated with them, adding that it will lead the Kingdom to be a significant global hub for mining exploration.

“This is going to help put us on track to meet our 10x growth targets and fast track development of the Kingdom’s mineral riches,” Wilt said.

For his part, Ivanhoe Electric’s Executive Chairman Robert Friedland expressed his excitement to finalize transaction terms with Ma’aden and begin the important work of minerals exploration in the Kingdom of Saudi Arabia, and work with Ma'aden on the largest exploration program to be conducted using the highly powerful and disruptive Typhoon TM geophysical surveying system.

Ivanhoe Electric’s Executive Chairman indicated that through the Typhoon technology, the Computational Geosciences’ machine-based learning software and the combined talents of the highly experienced team, would have all the tools necessary to conduct a transformational exploration program for electric and precious metals in the Kingdom.

Source: Saudi Press Agency