LUANDA: France and Angola have signed business agreements covering a wide range of economic sectors from oil to hotels, which are potentially worth several hundred million dollars, French officials said.
At the head of a delegation of about 50 French company executives visiting the southern African country, President Francois Hollande hailed “a movement to increase and diversify” bilateral deals.
Hollande cited transport, tourism, the agro-food industry, water supply, renewable energy and urban development as sectors in which France sought to invest, outside the oil industry that dominates Angola’s economy.
Hotel group Accor signed a contract with the local firm AAA to manage 50 Angolan hotels by 2017. AAA, which owns these establishements, ran into financial difficulties in 2013.
Total, the leading foreign oil company operating in Angola, signed two contracts with national firm Sonangol, one to step up direct cooperation in oil production and the other to distribute solar-powered lamps.
Hollande also said that an office of the French Development Agency (AFD) would be opened in Angola to help with investments and simplify visa procedures.
“I shall also ensure that French banks can be present in Angola to make financial transitions easier,” the French leader said.
“I know that the Angolan economy has for several months been suffering from the fall in oil prices, but we are sure that Angola will be ready to meet the challenge,” he added.
On independence from Portugal in 1975, the Angolan liberation battle turned into a devastating civil war that lasted until 2002, at great cost to colonial industry and infrastructure.
The economy remains largely dependent on exports of oil and diamonds and more than 40 percent of the population of 24.4 million is estimated to live below the poverty line.
Other business deals announced included Air France planning to add a third weekly flight between Luanda and Paris.
The BTP Eiffage group agreed to build 104 pedestrian footbridges in a contract worth almost 200 million dollars (180 million euros), and National weather service Meteo France said it would help modernize Angola’s meteorological network over seven years, in a deal worth $60 million for the first phase.
France, Angola sign business deals from oil to hotels
France, Angola sign business deals from oil to hotels
Saudi Aramco discovers 14 new oil, gas fields
RIYADH: Saudi Aramco has made a series of groundbreaking oil and gas discoveries in the Eastern Province and the Empty Quarter, further cementing Saudi Arabia’s position as a global energy leader.
Announced by Energy Minister Prince Abdulaziz bin Salman on Wednesday, the discoveries include six oil fields, two oil reservoirs, two natural gas fields, and four natural gas reservoirs—highlighting the Kingdom’s vast and growing hydrocarbon potential.
In the Eastern Province, the Jabu oil field was identified after very light Arab crude oil flowed at a rate of 800 barrels per day from well Jabu-1.
Another notable find was in the Sayahid field, where very light crude flowed from well Sayahid-2 at a rate of 630 bpd. The Ayfan field also showed promising results, with well Ayfan-2 producing 2,840 bpd of very light crude and approximately 0.44 million standard cubic feet of gas per day.
Further exploration confirmed the Jubaila reservoir in the Berri field, where light crude flowed from well Berri-907 at a rate of 520 bpd, along with 0.2 MMscf of gas daily. Additionally, the Unayzah-A reservoir in the Mazalij field yielded premium light crude from well Mazalij-64 at 1,011 bpd, coupled with 0.92 MMscf of gas per day.
In the Empty Quarter, the Nuwayr field produced medium Arabian crude at 1,800 bpd from well Nuwayr-1, along with 0.55 MMscf of gas daily. The Damdah field, tapped via well Damda-1, showed medium crude flow from the Mishrif-C reservoir at 200 bpd, and very light crude from the Mishrif-D reservoir at 115 bpd. The Qurqas field also produced medium crude at 210 bpd from well Qurqas-1.
Regarding natural gas, notable discoveries were made in the Eastern Province. Gas was found in the Unayzah B/C reservoir of the Ghizlan field, with well Ghizlan-1 yielding 32 MMscf of gas per day and 2,525 barrels of condensate. In the Araam field, well Araam-1 produced 24 MMscf of gas per day along with 3,000 barrels of condensate. Unconventional gas was also discovered in the Qusaiba reservoir of the Mihwaz field, where well Mihwaz-193101 produced 3.5 MMscf per day and 485 barrels of condensate.
In the Empty Quarter, significant natural gas flows were recorded in the Marzouq field, with 9.5 MMscf per day from the Arab-C reservoir and 10 MMscf from the Arab-D reservoir. Additionally, the Upper Jubaila reservoir yielded 1.5 MMscf of gas per day from the same well.
Prince Abdulaziz emphasized the importance of these discoveries, noting their contribution to solidifying Saudi Arabia’s leadership in the global energy sector and enhancing the Kingdom’s hydrocarbon potential.
These findings are expected to drive economic growth, strengthen Saudi Arabia’s ability to meet both domestic and international energy demand efficiently, and support the country’s long-term sustainability goals. They align with the objectives of Vision 2030, which aims to maximize the value of natural resources and ensure global energy security.
Saudi Arabia records 89% growth in licensed tourism hospitality facilities
RIYADH: Saudi Arabia’s tourism sector saw significant growth in 2024, with the number of licensed hospitality facilities increasing by 89 percent to 4,425 across various regions of the Kingdom.
In a post on X, the Ministry of Tourism’s official spokesperson Mohammed Al-Rasasimah described the surge as “remarkable,” adding that it reflects efforts “to support the sector’s growth and enhance its investment attractiveness.”
He added that the expansion comes amid a significant boom in the Kingdom’s tourism sector, driven by an influx of travelers and the ministry’s commitment to fostering a world-class hospitality environment.
The ministry reported in March that the number of licensed hospitality facilities in Makkah reached 1,030 by the end of 2024, marking an 80 percent rise compared to the previous year.
This increase positions the province as the leader in the Kingdom for the highest number of licensed facilities and rooms, underscoring the region’s dedication to enhancing visitor experiences, the Saudi Press Agency reported.
This move also reinforces the ministry’s dedication to protecting the rights of visitors and Umrah pilgrims using hospitality services in Makkah as part of its ongoing efforts to improve service quality.
“The ministry’s inspection teams conduct regular monitoring and inspection visits throughout the year to ensure that all facilities comply with licensing requirements, detect violations, and impose fines under the Tourism Law and Regulations of Tourist Accommodation Facilities,” SPA said.
Saudi Arabia’s hospitality sector is growing beyond Makkah. By the end of the third quarter of 2024, the total number of licensed hospitality facilities across the Kingdom surpassed 3,950, a 99 percent increase from the third quarter of 2023. Licensed rooms climbed to 443,000, a 107 percent jump from the 214,000 recorded a year earlier.
According to CoStar, a global real estate data provider, Makkah and Madinah have 17,646 and 20,079 rooms, respectively, in various stages of development in 2025.
This comes as Saudi Arabia recorded 30 million inbound tourists in 2024, up from 27.4 million in 2023, government data revealed. The Kingdom aims to attract 150 million visitors annually by 2030, with plans to raise the tourism sector’s gross domestic product contribution from 6 percent to 10 percent.
Saudi Arabia’s aggressive expansion in hospitality and tourism underscores its ambition to position itself as a global travel hub, catering to religious and leisure visitors.
Closing Bell: Saudi Arabia’s benchmark index closes in red at 11,096
RIYADH: Saudi Arabia’s Tadawul All Share Index concluded Wednesday’s trading session at 11,096.65 points, marking a decrease of 206.11 points, or 1.82 percent.
The total trading turnover of the benchmark index was SR6.83 billion ($1.82 billion), as 23 stocks advanced, while 225 retreated.
The MSCI Tadawul Index also declined by 23.02 points, or 1.61 percent, to close at 1,409.46.
The Kingdom’s parallel market, Nomu, reported a decrease as well, declining by 103.58 points, or 0.36 percent, to close at 28,369.89 points. This comes as 24 of the listed stocks advanced, while 57 retreated.
The index’s top performer, Raoom Trading Co., saw a 3.56 percent increase in its share price to close at SR168.80.
Other top performers included Al-Rajhi Co. for Cooperative Insurance, which saw a 2.86 percent increase to reach SR129.60, while Saudi Paper Manufacturing Co.’s share price rose by 2.74 percent to SR60.
Almoosa Health Co. also recorded a positive trajectory, with share prices rising 2.49 percent to reach SR140. Saudia Dairy and Foodstuff Co. also witnessed positive gains, with a 1.55 percent increase, reaching SR301.60.
Bank Albilad led losses on the main index, falling 6.39 percent to SR32.25, followed by Sadr Logistics Co., which dropped 6.08 percent to SR2.78. Kingdom Holding Co. also registered a notable fall of 5.87 percent, closing at SR7.86.
Other significant decliners included Sustained Infrastructure Holding Co., down 5.85 percent, and Derayah Financial Co., which lost 5.83 percent.
On the parallel market Nomu, Balady Poultry Co. was the top gainer, with its share price surging by 13.79 percent to SR330.
Other top gainers in the parallel market included Tam Development Co., which jumped 8.55 percent to SR165.00, and Balsm Alofoq Medical Co., which rose 8.19 percent to SR77.90.
Digital Research Co. and Al-Razi Medical Co. were the other top gainers on the parallel market.
Knowledge Net Co. was the biggest decliner on Nomu, with its share price falling 10.98 percent to SR30. Naas Petrol Factory Co. and Mulkia Investment Co. also posted steep losses, dropping 9.09 percent to SR60 and 8.89 percent to SR41, respectively.
Saudi Arabia sees 48% surge in new business registrations in Q1 2025
RIYADH: Business registrations in Saudi Arabia saw a 48 percent year-on-year increase during the first quarter of 2025, with 154,638 commercial records issued, according to official data.
The Ministry of Commerce, which issued the data, explained that a commercial registration certificate legally verifies a business’s official status within the Kingdom. These records are mandatory for all businesses operating in Saudi Arabia, as they are required to open a bank account, hire employees, sign contracts, and carry out other business activities.
The data also revealed that 71 percent of the total commercial records issued were concentrated in three key regions: Riyadh, Makkah, and the Eastern Province.
This surge in registrations aligns with recent reforms to Saudi Arabia’s business registration system. Notably, the introduction of the new Commercial Register Law and Trade Names Law has streamlined the process.
One of the key changes is the abolition of subsidiary registers, meaning that a single commercial register now suffices for all businesses. Furthermore, businesses no longer need to specify the city of registration, as a single registration is valid nationwide.
The newly released ministry report stated: “Promising sectors represent key opportunities outlined by Saudi Vision 2030 for both local and foreign businesses. In this newsletter, we highlight critical sectors that directly contribute to the country’s gross domestic product, including technology, tourism, entertainment, research and development, and more.”
The report further emphasized: “These sectors offer businesses significant opportunities to grow and expand partnerships.”
Additionally, the bulletin revealed that 45 percent of the total commercial records issued to institutions are owned by women.
E-commerce
The bulletin also reported a 6 percent year-on-year surge in e-commerce registrations in the first quarter of the year, as a total of 41,322 permits were issued between January and March.
Riyadh took the lead in registrations with 17,092, followed by Makkah at 10,412 and the Eastern Province at 6,534. Madinah followed as it allocated 1,939 permits, and Qassim issued 1,342.
Cloud computing registrations
Saudi Arabia’s cloud computing registrations saw a 33 percent year-on-year increase in the first quarter of 2025.
Cloud computing refers to the on-demand availability of system resources, specifically data storage, without direct active management by the user.
The government bulletin reported the issuance of as many as 3,278 cloud computing permits between January and March.
This surge underscores the Kingdom’s aim to make the region a hub for technology by 2030.
It also correlates with the Saudi government’s proactive approach to implementing digital technologies, driving economic diversification, and boosting innovation.
As per the ministry report, Riyadh took the lead in registrations with 2,065, followed by Makkah at 622 and the Eastern Province at 352. Madinah came next as it allocated 73 permits, and Asir issued 38.
Virtual and AR technologies
The analysis also indicated that Saudi Arabia’s virtual and augmented reality technologies witnessed a 39 percent year-on-year rise in the first three months of 2025, as 8,218 permits were issued between January and March.
Riyadh took the lead in registrations with 5,060, followed by Makkah at 1,637 and the Eastern Province at 837. Madinah came next as it allocated 245 permits, and Qassim issued 112.
Pakistan stocks remain under pressure on uncertainty over US tariffs
- Benchmark KSE-100 index experienced significant intraday pressure on Wednesday, plunging as much as 2,640 points during the session
- Global markets took a pummeling on Wednesday as President Donald Trump’s eye-watering 104% tariffs on China came into effect
ISLAMABAD: Pakistan’s benchmark KSE-100 index experienced significant intraday pressure on Wednesday, shedding as much as 2,640 points during the session before settling at 114,153 points on uncertainty over US tariff measures.
Global markets took a pummeling on Wednesday as President Donald Trump’s eye-watering 104% tariffs on China came into effect, and a savage selloff in US bonds sparked fears that foreign funds were fleeing US assets.
This week has brought crisis-era volatility to markets, wiping off trillions of dollars in value from stocks and hitting commodities and emerging markets with force.
“The Pakistan Stock Exchange remained under significant pressure today, as mounting uncertainty over potential US tariff measures reverberated across global financial markets,” Pakistani brokerage house Topline Securities said in its daily market review.
“In line with the negative trend witnessed in international equities, the local bourse experienced heightened volatility throughout the session.”
After plunging as much as 2,640 points during intraday trading on Wednesday, some recovery was seen in the latter half of the day and the index closed at 114,153 points, marking a net decline of 1,379 points or 1.19%.
On Tuesday, Pakistan stocks had closed at 118,938, gaining 623 points (0.54%), a day after the exchange fell to an intraday low of 8,687 points, the largest intraday point-wise drop in PSX history.
Major stock indexes plunged on Monday after Trump announced tariffs on goods imported from the rest of the world, saying a 10% tariff on all nations and much higher rates of up to 50% on individual countries will boost the US economy and protect jobs.
The Trump administration has also imposed a 29% tariff on Pakistan.
