Over 40 speed dating in Riyadh Saudi Arabia
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These prices were probably based on the cost to Aramco, not prices on the international markets. The local Saudi price for propane, an important feedstock, especially for high-value advanced chemicals, is defined by a formula based on the price in Japan minus a 30 percent discount to reflect the value of local long-term contracts.
In reality, however, there are no internationally agreed prices for these gases. Each market prices itself in light of the local demand, the cost of exports, and the alternative uses for the gas. While Saudi prices for natural gas feedstocks are low, Saudi production costs are also very low.
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So one can argue that the Saudis are not dumping i. On the other hand, the low natural gas prices allow SABIC and all other users of natural gas in the kingdom to have extremely low production costs. Hence, a consolidation of companies may bring a consolidation of production lines, which would likely result in a rationalization of facilities and personnel.
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In fact, Saudis make up between 85 percent and 90 percent of their employees on the shop floors and in the engineering and management departments. Rationalizing some large production lines could lead to significant layoffs of highly skilled and highly paid Saudis. Aramco is also very strong in research and development, but mainly in the oil upstream. As such, it would appear that a merger will greatly help Aramco expand its research to all the aspects of modern IOCs, including chemicals. A merger would also provide Aramco with an existing, extensive, and successful worldwide marketing organization.
Approximately once a month the manager's son drove Maya and her colleagues to the supermarket, always in the company of his mother or sister. So I told him I wanted to go home. The pyramidal structure of the new Board Administrative Courts stands parallel to the structure of the Judicial Courts. Human Rights Watch was forced to research this subject from outside Saudi Arabia because, as of this writing, the kingdom remains closed to investigators from international human rights organizations. Abdul-Aziz focused gradually on transforming a simple administrative structure into a series of well-defined and well-organized institutions which administered and assisted the executive authority in managing the affairs of an expanding territory. For 4 weeks receive unlimited Premium digital access to the FT's trusted, award-winning business news. Maya, who sewed custom-tailored dresses and gowns with a team of three other skilled Filipinas, worked there from until , and returned again in April
Advanced chemicals require specialized sales efforts. All this takes many years to build. While in government, Al-Falih had announced that Aramco would build a sizable natural gas portfolio in Russia, the United States, and Australia.
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Altogether, these investments aim to turn Aramco into the largest integrated oil and gas major in the world. Aramco could probably raise a large amount of money if it were to sell equity shares to the markets worldwide. It was, however, never very clear how this would happen, since the PIF does not own any Aramco shares. Would the transfer be merely a gift or an acquisition of an ownership interest in the PIF?
It could also open a discussion on transparency. If Aramco is expected to be transparent to be accepted by the world financial markets, the PIF would be required to be transparent as well. It is quite clear to observers of the Saudi state investment scene that the PIF does not want to be transparent. The PIF is under the control of its chairman, MBS, who seeks to direct the type of investments deemed necessary under Vision , a plan that he spearheads and implements without extensive discussions or consensus building. Of course, this puts the burden of financing the transaction on Aramco.
However, the sheer amount needed may make borrowings more difficult as lenders and their regulators—the Federal Reserve of the United States or the Bank of England—may balk at having their financial firms and commercial or investment banks have too big a risk in one country, especially one situated in a highly unstable neighborhood. Aramco and its financial advisers were careful not to commit to use the proceeds of the April bond issue for the purchase of SABIC, even though the markets were expecting it. The PIF can transfer the notes as it deems fit, although Aramco has the right of first refusal.
From a purely financing standpoint, and as is done in most large acquisitions worldwide, it would have made sense for Aramco to issue new shares and exchange them for the SABIC shares owned by the PIF, letting the PIF become a small shareholder of the oil giant. It is also somewhat surprising that the PIF would actually give up its ownership of SABIC, which is undoubtedly its best-known investment, on which it receives dividends of over 20 percent per year of the amount invested.
The leadership has changed and its new leadership seems to emphasize managing what it has rather than continuing to grow. This change may, in part, be explained by the fact that the owner, the PIF, is no longer interested in what it now views as stodgy industries—such as chemicals—and focuses instead on developing its portfolio of advanced, high-tech companies like Tesla or Uber, or high-risk, high return firms like SoftBank, not to mention new projects like the robot city of Neom.
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If the PIF were to borrow money from the world markets to fund its investment programs, it could not get as favorable terms as Aramco. The fact that the PIF is opaque would not satisfy the credit requirements of the large international organizations. The PIF is owned by the state, and like all other state-controlled companies, would not borrow under the guarantee of the Ministry of Finance MOF and thus not be seen as a sovereign risk.
Hence, the lack of transparency would most likely negatively impact any rating it would require for borrowing, resulting in a substantial premium over the terms obtained by the newly transparent cash-flow and asset-rich Aramco. If Aramco were to take a hard-nosed approach to its new investment, as any large energy company would, it could maximize its return on investment by rationalizing the whole of SABIC, not just a few product lines as seen above.
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It could seek to resize the company to fit more exactly within its own goals and vision. It expanded downstream into becoming a large aluminum company in a joint venture with Alcoa and a world-class phosphate-based fertilizer company in a joint venture with SABIC. It uses a great deal of natural gas, sorely needed by Aramco and the kingdom as a whole for power, desalination, and high-value chemicals. However, in an international market saturated with steel, the metals division is not profitable.
Under Vision , mining is one of the main industries to be developed to create jobs. Alba , the aluminum company of Bahrain.
These assets could be sold to the private sector in Saudi Arabia or to international companies. The sale would raise a few billion dollars and save much management time and efforts. It appears that the two bureaucratic factions compromised or at least got an arbitrage from the Saudi leadership in , which consisted of having the PIF receive only 5 percent of the sale of the IPO shares.
However, as seen above, this can create difficult legal and financial problems. Until now, Aramco relied solely on foreign partners to grow this segment of its activities.
This important issue will, undoubtedly, be studied extensively by Aramco and the MOE, as well as at the highest levels of the Saudi government. Nevertheless, it will create tension within the well-educated, well-paid middle class in the country, which has until now greatly benefitted from the oil and downstream economy. Hence, it would forfeit its vision of becoming like an IOC and would have to limit its growth in worldwide natural gas refining with chemical operations. Global Energy Center. The Global Energy Center promotes energy security by working alongside government, industry, civil society, and public stakeholders to devise pragmatic solutions to the geopolitical, sustainability, and economic challenges of the changing global energy landscape.
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You accept the use of cookies as per our Cookie Policy and Privacy Policy by closing or dismissing this notice, by scrolling this page, by clicking a link or button or by continuing to browse otherwise. Scuba diving , windsurfing , sailing and basketball which is played by both men and women are also popular with the Saudi Arabian national basketball team winning bronze at the Asian Championship. A stadium in Riyadh holds races in the winter. The annual King's Camel Race, begun in , is one of the sport's most important contests and attracts animals and riders from throughout the region.
Falconry , another traditional pursuit, is still practiced. Women's sport is controversial due to the suppression of female participation in sport by conservative Islamic religious authorities, [] however this restriction has eased slightly in recent years. Segregated seating, allowing women to enter, has been developed in three stadiums across major cities.
Saudi Arabia, in its vision for modernization introduced the nation to a number of international sporting events, bringing sports stars to the Kingdom. However, in August , the kingdom's strategy received criticism for appearing as a method of sportswashing soon after Saudi's US based lobbying campaign foreign registration documentations got published online. The strategy is being viewed as a method of sportswashing following the chaos spread across Yemen since 4 years. However, the superstar players Lacey Evans and Natalya were required to cover their arms and legs by wearing bodysuits during the fight, instead of the more revealing gear that they would normally wear.
Saudi Arabia, in December , came under fire for using Western sports to rehabilitate global image tarnished following the continued crackdown on dissidents. Critics accused the kingdom of "sportswashing", as it turned a blind eye to the unending violation of human rights in the country against women, minorities, rights advocates and critics. Only two years after Saudi Arabia signed a contract of 10 years with WWE, an increasing number of wrestlers denied to visit Riyadh. In January , several other WWE superstars casted doubt over visiting Saudi, following the heightened tensions in Middle East due to assassination of Qassem Soleimani.
Formula One announced to hold its race in Saudi Arabia for the next season. It would be the first time the Gulf nation would be hosting an F1 race as one of 23 grand prix in the busiest calendar ever.
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The night race is said to be held on a street circuit in Jeddah. Saudi Arabian cuisine is similar to that of the surrounding countries in the Arabian Peninsula and the wider Arab world, and has influenced and been influenced by Turkish, Indian, Persian, and African food. Islamic dietary laws are enforced: pork is not allowed and other animals are slaughtered in accordance with halal. Flat, unleavened taboon bread is a staple of virtually every meal, as are dates , fresh fruit, yoghurt and hummus. Coffee, served in the Arabic style , is the traditional beverage but tea and various fruit juices are popular as well.
The earliest substantiated evidence of either coffee drinking or knowledge of the coffee tree is from the 15th century, in the Sufi monasteries of Arabia. Women do not have equal rights to men in the kingdom; the U. State Department considers Saudi Arabian government's discrimination against women a "significant problem" in Saudi Arabia and notes that women have few political rights due to the government's discriminatory policies. Under Saudi law, every adult female must have a male relative as her "guardian" wali , [] As of , a woman was required to have permission from her male guardian in order to travel, study, or work.
The order however also stated that it should only be allowed if it does not contradict the Sharia system. According to a leading Saudi feminist and journalist, Wajeha al-Huwaider , "Saudi women are weak, no matter how high their status, even the 'pampered' ones among them, because they have no law to protect them from attack by anyone. Women face discrimination in the courts, where the testimony of one man equals that of two women in family and inheritance law. The average age at first marriage among Saudi females is 25 years in Saudi Arabia, [] with child marriage no longer common.
Obesity is a problem among middle and upper class Saudis who have domestic servants to do traditional work but, until , were forbidden to drive and so are limited in their ability to leave their home. The religious police , known as the mutawa , impose many restrictions on women in public in Saudi Arabia.
Although Saudi Arabia imposes a strict dress code on women throughout the country by using religious police , female anchors working for Al-Arabia news network which is partly owned by Prince Abdulaziz , the son of the late King Fahad , are prohibited from wearing a veil and are encouraged to adopt a Western dress code. A few Saudi women have risen to the top of the medical profession; for example, Dr.
Ghada Al-Mutairi heads a medical research center in California [] and Dr. On 25 September , King Abdullah announced that Saudi women would gain the right to vote and to be candidates in municipal elections, provided that a male guardian grants permission. In August , a law was passed that criminalized domestic violence against women.
In April , bin Salman announced a project to build one of the world's largest cultural, sports and entertainment cities in Al Qidiya, southwest of Riyadh. The square kilometre city will include a safari and a Six Flags theme park. In September , King Salman issued a decree allowing women to drive , lifting the world's only ban on women drivers. As of February , Saudi women can now open their own business, without a male's permission. In March , a law was passed allowing Saudi mothers to retain custody of their children after divorce without having to file any lawsuits.
In April , the first public cinema opened in Saudi Arabia after a ban of 35 years, with plans to have more than 2, screens running by Other domestic reforms include significant regulations restricting the powers of the religious police and establishing a national entertainment authority that has hosted comedy shows, pro wrestling events, and monster truck rallies.