DUBAI: Saudi Arabian state oil group Aramco on Tuesday reported a 44.6 percent drop in third-quarter net profit, in line with analysts’ estimates, dented by lower crude oil prices and volumes sold as the coronavirus crisis choked demand.
Weaker refining and chemicals margins have also hit the company’s net profit, which fell to $11.79 billion for the quarter ended Sept. 30 from $21.29 billion riyals last year.
Analysts had expected a net profit of $11.89 billion in the third quarter, according to the mean estimate from three analysts, provided by Refinitiv.
“We saw early signs of a recovery in the third quarter due to improved economic activity, despite the headwinds facing global energy markets,” Saudi Aramco Chief Executive Officer Amin Nasser said in a statement.
The company said it would distribute a dividend of $18.75 billion for the third quarter of this year, in line with its plan to pay a base dividend of $75 billion for 2020.
Saudi Aramco Q3 profit slumps 44.6% as coronavirus pandemic chokes demand
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Saudi Aramco Q3 profit slumps 44.6% as coronavirus pandemic chokes demand
- Weaker refining and chemicals margins have also hit the company’s net profit
- Company said it would distribute a dividend of $18.75 billion for the third quarter of this year
Saudi Arabia to provide $500m in new economic support for Yemen
- Budget, stability, Central Bank of Yemen targeted
RIYADH: Saudi Arabia announced on Friday a new economic support package for Yemen worth $500 million and aimed at bolstering the government’s budget, stabilizing the Central Bank of Yemen, and fostering the development and stability of the Yemeni people.
The latest assistance includes a $300 million deposit into the Central Bank of Yemen to improve economic and financial conditions, alongside $200 million to address the Yemeni budget deficit, the Saudi Press Agency reported.
The latest funding forms part of a larger $1.2 billion initiative through the Saudi Development and Reconstruction Program for Yemen. The program focuses on enhancing food security; supporting wages and operating expenses; and aiding the Yemeni government in implementing its economic reform agenda.
The new support aims to establish economic, financial, and monetary stability in Yemen by strengthening public finances, building government institutional capacity, and enhancing governance and transparency, the SPA added.
The assistance will empower the private sector to drive sustainable economic growth, create job opportunities, and place Yemen’s national economy on a more sustainable path for economic and social development.
Saudi Arabia’s previous economic assistance included deposits in the Central Bank of Yemen, which increased foreign exchange reserves, stabilized the local currency, reduced exchange rates, and stimulated the growth in gross domestic product.
The assistance also lowered fuel and diesel costs, reduced prices of imported food commodities, and supported the import of essential goods, including wheat, rice, milk, cooking oil, and sugar.
In addition, Saudi grants have helped the Yemeni government manage operating expenses, pay salaries, and mitigate the economic crisis by boosting foreign exchange reserves and restoring confidence in Yemen’s financial institutions.
These measures reduced reliance on borrowing to finance budget deficits, enhanced financial system stability, and alleviated inflationary pressures.
Saudi Arabia has also prioritized critical sectors in Yemen through grants and projects implemented by SDRPY, including more than 260 development initiatives across various Yemeni governorates, covering education, health, water, energy, transportation, agriculture, and fisheries.
These projects have improved access to essential services; provided medical treatments for chronic diseases and cancer patients; supported education; and ensured the provision of petroleum derivatives for electricity generation.
Saudi Arabia’s grants for petroleum derivatives have played a vital role in operating 80 power plants across Yemen, boosting energy efficiency and revitalizing productive and service sectors.
Relatives of Bashar Assad arrested as they tried to fly out of Lebanon
- Wife and daughter of Assad's cousin arrested at Beirut airport
BEIRUT: The wife and daughter of one of deposed Syrian president Bashar Assad ‘s cousins were arrested Friday at the Beirut airport, where they attempted to fly out with allegedly forged passports, Lebanese judicial and security officials said. Assad’s uncle departed the day before.
Rasha Khazem, the wife of Duraid Assad — the son of former Syrian Vice President Rifaat Assad, the uncle of Bashar Assad — and their daughter, Shams, were smuggled illegally into Lebanon and were trying to fly to Egypt when they were arrested, according to five Lebanese officials familiar with the case. They were being detained by Lebanese General Security. Rifaat had flown out the day before on his real passport and was not stopped, the officials said.
The officials spoke on condition of anonymity because they were not authorized to discuss the case publicly.
Swiss federal prosecutors in March indicted Rifaat on charges of war crimes and crimes against humanity for allegedly ordering murder and torture more than four decades ago.
Rifaat Assad, the brother of Bashar Assad’s father Hafez Assad, Syria’s former ruler, led the artillery unit that shelled the city of Hama and killed thousands, earning him the nickname the “Butcher of Hama.”
Earlier this year, Rifaat Assad was indicted in Switzerland for war crimes and crimes against humanity in connection with Hama.
Tens of thousands of Syrians are believed to have entered Lebanon illegally on the night of Assad’s fall earlier this month, when insurgent forces entered Damascus.
The Lebanese security and judicial officials said that more than 20 members of the former Syrian Army’s notorious 4th Division, military intelligence officers and others affiliated with Assad’s security forces were arrested earlier in Lebanon. Some of them were arrested when they attempted to sell their weapons.
Lebanon’s public prosecution office also received an Interpol notice requesting the arrest of Jamil Al-Hassan, the former director of Syrian intelligence under Assad. Lebanon’s caretaker Prime Minister Najib Mikati previously told Reuters that Lebanon would cooperate with the Interpol request to arrest Al-Hassan.
Diriyah Season exhibition honors symbols of Saudi resilience
- Imam Turki bin Abdullah’s legacy explored in immersive display for Second Saudi State’s bicentennial anniversary
RIYADH: Diriyah Season’s “Enduring Resilience” exhibition highlights the life of ruler Imam Turki bin Abdullah in celebration of the 200th anniversary of the establishment of the Second Saudi State.
“I enjoyed the exhibition. I honestly think that exhibitions like this are so important because they show Saudi history and the bravery of important people of the past, such as Imam Turki bin Abdullah,” said Maha Al-Aamri, a Saudi visiting the exhibition being held at Diriyah’s Bujairi Terrace with her friends.
Speaking about what stood out to her, she said, “All of it … The storytelling about Al-Ajrab Sword was probably the best part of the exhibition.”
Al-Ajrab Sword is one of the most well-known symbols of the Kingdom’s history, representing the courage, determination, and nobility of Imam Turki in unifying and restoring the sovereignty of the Second Saudi State in 1824 when he entered Riyadh.
HIGHLIGHTS
• Al-Ajrab Sword is one of the most well-known symbols of the Kingdom’s history.
• It represents the courage, determination, and nobility of Imam Turki bin Abdullah in unifying and restoring the sovereignty of the Second Saudi State in 1824.
Through the exhibition, visitors are transported back in time through a guided and immersive journey that explores how Imam Turki established and shaped the Second Saudi State, reclaiming the land and restoring the legacy of his ancestors.
“The experience was very nice and something different to try,” Vindeep Gupta, a computer technician working and living with his family in Riyadh, told Arab News.
“I will just say that I wish it (the exhibition) was bigger, but I like that it captured the struggles and challenges in achieving the victory … The historians did a good job in making the display,” he said.
Among the areas of the exhibition where visitors noticeably spent more time taking pictures and videos was Turki’s Cave.
According to a document published by the Diriyah Gate Development Authority, Imam Turki sought refuge in a cave high atop a rugged mountain, choosing it as his base of operations. The cave, located in Aliyyah, became one of the most well-known in Najd.
Its inaccessibility made it a perfect hideout, strategically situated near several key towns and villages including Al-Kharj, Al-Houtah, Al-Hareeq, Al-Hulwah, and Al-Dalam.
The exhibition, in Arabic with English translation, is open to the public until the end of the year. It offers a deeper understanding of the values of unity, belonging, justice, and loyalty that were exhibited by the imams of the state.
Black limes: a unique staple of Middle Eastern and North African cuisine
- Dried citrus adds zesty kick to dishes
- Originated as a way to preserve fruit in hot climes
RIYADH: Anyone who has not yet dived into the world of black limes is in for a treat. Known in English as dried limes or black lemons, these intriguing ingredients are referred to as noomi basra in Iraq, limoo amani in Iran, and loomi in Saudi Arabia and Oman.
They are a must-have for elevating culinary creations and have graced dishes across the Middle East and North Africa for more than 1,000 years. It’s about time they were brought into every kitchen.
So, what exactly are black limes? Think of them as the sophisticated cousins of fresh limes. They undergo a transformation process: first, they are packed in salt, and then they bask in the sun until they turn a striking black.
The result is a hard, dried fruit that delivers a remarkable burst of flavor.
When it comes to taste, black limes pack a powerful punch. The flavor is a harmonious blend of sour and slightly sweet, rounded out by a touch of bitterness.
“It was a game-changer to realize that (adding black lime) isn’t just about adding tanginess to a dish — it’s a full-on spice with a smoky aroma and earthy notes that bring out so much flavor,” Shadia Al-Bayat — a home cook from Qatif — told Arab News.
“Beyond that, it’s packed with nostalgia, calling to mind traditional Gulf dishes like seafood, grilled meats, and hearty stews. It’s also the key to the signature hot ‘loomi’ tea, a staple at traditional gatherings and celebrations,” Al-Bayat added.
FASTFACTS
• Black limes are packed in salt and then they bask in the sun until they turn a striking black.
• They add a zesty kick to Saudi dishes; they originated as a way to preserve fruit in hot climate.
This unique profile makes them perfect for enhancing stews, tagines and a variety of other dishes. A black lime added to a cooking pot will instantly elevate any meal.
Cooks can get creative with black limes. They can be used whole or crushed into powder, allowing for versatility.
Imagine a flavorful tagine or a warming soup that gets a delightful kick from a black lime. If preferred, the lime can be removed before serving, but leaving it in adds an appealing touch.
For something refreshing, blend black limes into limonana, a delightful drink that combines lemon and mint, perfect for quenching thirst.
And for something soothing, consider brewing some dried lime tea — a comforting drink that can settle the stomach and provide a sense of warmth.
They also make excellent additions to marinades for meats and fish, giving dishes a fantastic zest.
In Saudi cuisine, loomi is a prized ingredient that adds a distinctive tangy flavor to traditional dishes.
In kabsa, a popular rice dish, black lime is added whole or ground to add acidity and elevate the dish’s depth.
Black limes have a history that dates back centuries. They are believed to have originated in the Middle East and North Africa, where they were a valued ingredient in ancient cooking.
Historically, they were prized not just for their flavor, but also for their ability to preserve food in the warm climate. Over time, dried limes became a staple in various cuisines, with each culture adding its own flair to their use.
Today, they are recognized for their versatility and are celebrated in dishes in many cultures.
Beyond their culinary charm, black limes come with health benefits, too. Packed with vitamin C, calcium and potassium, they are a nutritious addition to any diet.
Black limes are a cultural staple. While they share ties with fresh limes, black limes have a distinct personality, bringing an intriguing bitterness and complexity to dishes.
They can even be spotted in spice blends like baharat, because a little extra flavor never hurt anyone.
Black limes are a unique and flavorful ingredient that can bring depth to cooking and are worth adding to any culinary repertoire to impress the taste buds.
Where We Are Going Today: ‘Yum-A-Sama’ – a sushi spot in Riyadh
- Pricing is reasonable, making it an attractive option for regular orders
Yum-A-Sama has quickly established itself as one of the top sushi spots in Riyadh, operating as a cloud kitchen that consistently delivers fresh treats.
The raw salmon is incredibly delicious, and the tuna is equally impressive. A must-try item on the menu is the torch salmon nigiri. Each dish showcases the freshness of the ingredients, making it a delight for sushi lovers.
In addition to sushi, Yum-A-Sama offers a variety of salad bowls that are generously portioned. Options include crab salad, chicken salad, and a veggie salad bowl for those seeking vegetarian choices. This variety ensures that there’s something for everyone, whether you’re in the mood for sushi or a refreshing salad.
Pricing is reasonable, making it an attractive option for regular orders. I find myself ordering from them twice a week because the quality remains consistent, and the food is always fresh. This reliability is a significant factor in why many customers keep returning.
Yum-A-Sama also features some unique signature dishes that are worth exploring.
Items like the spicy mango sushi, sunset salmon, special crab, samurai fry, and pink tara are just a few of the creative offerings that set this restaurant apart from others in the area.
For convenience, Yum-A-Sama can be easily ordered through popular delivery apps, allowing customers to enjoy their favorite dishes without hassle.
Overall, the combination of quality, variety, and reasonable pricing makes this outlet a go-to choice for those craving delicious sushi in Riyadh.