NEW DELHI: The Indian government said on Twitter it has received multiple bids for its stake in state-run carrier Air India, the auction for which ended on Monday evening.
“Multiple expressions of interest have been received for strategic disinvestment of Air India. The transaction will now move to the second stage,” according to a tweet from the secretary, Department of Investment and Public Asset Management.
Tata Sons, India’s autos-to-steel conglomerate, is expected to have submitted an initial bid for the loss-making airline, sources aware of the matter said.
A Tata spokesperson declined to comment.
A group of more than 200 Air India employees have also submitted an initial bid for the carrier in partnership with a private financier, Business Standard newspaper reported earlier on Monday.
Prime Minister Narendra Modi’s government in January renewed its push to sell its entire interest in the loss-making airline, which has been kept aloft by a bailout since 2012.
An effort to auction a majority stake almost two years ago drew no bids, forcing the government to ease terms. It has also extended the deadline multiple times this year due to COVID-19 and further eased the terms to attract bidders.
The airline industry around the world has been hammered by a slump in travel due to restrictions aimed at containing the coronavirus.
Tata already operates two airlines in India – full-service carrier Vistara, which is in partnership with Singapore Airlines, and budget airline AirAsia India along with Malaysia’s AirAsia Group.
A successful bidder would win control of Air India’s 4,400 domestic and 1,800 international landing and parking slots at domestic airports, as well as 900 slots at airports overseas.
It would also get 100 percent of the low-cost arm Air India Express and 50 percent of AISATS, which provides cargo and ground handling services at major Indian airports, the bid document showed.
India receives multiple initial bids for state-run carrier Air India
https://arab.news/veg8p
India receives multiple initial bids for state-run carrier Air India
- Prime Minister Narendra Modi’s government in January renewed its push to sell its entire interest in the loss-making airline
- The airline industry around the world has been hammered by a slump in travel
Oil Updates — Brent futures down nearly $2 after US delays decision on direct Iran involvement
SINGAPORE: Brent crude prices pared gains from the previous session and fell nearly $2 on Friday after the White House delayed a decision on US involvement in the Israel-Iran conflict, but they were still poised for a third straight week in the black.
Brent crude futures fell $1.89, or 2.4 percent, to $76.96 a barrel by 5:55 a.m. Saudi time. On a weekly basis, it was up 3.8 percent.
The US West Texas Intermediate crude for July — which did not settle on Thursday as it was a US holiday and expires on Friday — was up 53 cents, or 0.7 percent, to $75.67.
The more liquid WTI for August rose 0.2 percent, or 17 cents to $73.67.
Prices jumped almost 3 percent on Thursday as Israel bombed nuclear targets in Iran, and Iran fired missiles and drones at Israel after hitting an Israeli hospital overnight. The week-old war between Israel and Iran showed no signs of either side backing down.
Brent futures trimmed previous session gains following the White House’s comments that President Donald Trump will decide whether the US will get involved in the Israel-Iran conflict in the next two weeks.
“Oil prices surged amid fears of increased US involvement in Israel’s conflict with Iran. However, the White House press secretary later suggested there was still time for de-escalation,” said Phil Flynn, analyst at the Price Futures Group.
Iran is the third-largest producer among members of the Organization of the Petroleum Exporting Countries, extracting about 3.3 million barrels per day of crude oil.
About 18 million to 21 million bpd of oil and oil products move through the Strait of Hormuz along Iran’s southern coast, and there is widespread concern the fighting could disrupt trade flows in a blow to supplies.
“The ‘two-week deadline’ is a tactic Trump has used in other key decisions. Often these deadlines expire without concrete action, ... which would see the crude oil price remain elevated and potentially build on recent gains,” said Tony Sycamore, analyst at IG.
OPEC+ has proven to be oil markets’ central bank, says Saudi energy minister
RIYADH: OPEC+ has proven to be the “central bank” and regulator of the global oil market, providing much-needed stability, Saudi Arabia’s energy minister said.
Speaking at the annual St. Petersburg International Economic Forum in Russia, Prince Abdulaziz bin Salman praised the alliance’s role in balancing oil markets amid global economic uncertainties.
“I would have to say that OPEC+ had proven to be an instrument that if it wasn’t invented by us and Russia and our colleagues, it should have been invented a long time ago because this is what OPEC+ had achieved in terms of bringing stability to the market and had proven that it is the central bank and the regulator of oil markets,” the energy minister said.
Prince Abdulaziz also highlighted the ongoing partnership between Saudi Arabia and Russia through the Saudi-Russian Joint Committee, noting plans for Russian Deputy Prime Minister Alexander Novak to visit the Kingdom later this year with a high-level business delegation.
“I’m looking forward to host Alexander — the co-chair of our joint committee — to Saudi Arabia this year, with the biggest, most sizable business community participation,” he said.
Prince Abdulaziz emphasized that the collaboration seeks to deepen bilateral economic ties and foster diversified investment opportunities.
“We have a lot to showcase that bonding together. It will allow us to have a much more diversified relationship, and we are, as a government, working together to provide the right environment for those who want to invest in Saudi Arabia or in Russia or in any type or form of joint venturing that we should facilitate that and ensure that the investment environment is congenial for it to happen,” he added.
The minister described the energy alliance as a flexible mechanism responsive to changing global conditions, reaffirming Saudi Arabia’s commitment to cooperation with partners to maintain market stability.
Acknowledging the challenges facing Russia, Prince Abdulaziz noted the Kingdom’s support amid external restrictions.
“It’s been a challenging time what Russia is going through, but we have shown a great deal of understanding of the situation, and we’re trying to maneuver with the restrictions that are existing today,” he said.
“That has been the discharge of our leadership willingness to accommodate with this current situation and hopefully helping to support Russia in mitigating these exterior most daunting issues.”
On whether Saudi Arabia and Russia would compensate for any loss of Iranian crude supplies, the minister stressed that such scenarios are hypothetical and that OPEC+ decisions are collective.
“You give me a question that is not evidently seen happening, I don’t have an answer for you. Again, we only react to realities. But if anybody gives a question that is not relating to the reality today, I fail to see where we could predict things and how we would relate to it,” he said.
The minister clarified that OPEC+ consists of 22 member states and is not dominated by Saudi Arabia and Russia alone. A core group of eight countries is tasked with engaging the full membership to ensure coordinated responses to market changes.
“To respond to a hypothetical question by giving a hypothetical answer, which none of us two here have the right to speak on behalf of everybody without knowing their opinion, is too much of an ask,” he added.
He concluded by highlighting OPEC+’s reputation as a reliable and adaptive organization.
“What we know and what Alexander was saying just a while ago is that we have, as OPEC even before, an OPEC+ attending to so many circumstances since its first, it was in sequence, even inception, that we have been a reliable organization, a serious organization, an effective organization, and attentive to circumstances when they prevail,” he said.
Closing Bell: Saudi main index rises to close at 10,610
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 19.58 points, or 0.18 percent, to close at 10,610.71.
The total trading turnover of the benchmark index was SR6.4 billion ($1.7 billion), as 116 of the stocks advanced and 115 retreated.
The Kingdom’s parallel market Nomu lost 28.01 points, or 0.11 percent, to close at 26,175.83. This came as 35 of the listed stocks advanced while 41 retreated.
The MSCI Tadawul Index lost 0.54 points, or 0.04 percent, to close at 1,367.14.
The best-performing stock of the day was Alistithmar AREIC Diversified REIT Fund, whose share price surged 9.97 percent to SR7.50.
Seera Group Holding also recorded strong gains, with its share price rising 7.99 percent to SR23.80, while Banan Real Estate Co. climbed 7.14 percent to close at SR4.50.
Southern Province Cement Co. recorded the most significant drop, falling 5.19 percent to SR27.40. Ataa Educational Co. also saw its stock prices fall 3.43 percent to SR59.10.
Leejam Sports Co. also saw its stock prices decline 3.01 percent to SR116.
On the announcements front, Advance International Communications and Technology said it has completed the conversion of one of its branches into an independent limited liability company under the name Innovation Passage Technology Co.
According to a statement on Tadawul, the move is part of the company’s strategy to restructure its operations by separating the wholesale business sector. The new entity will take over all wholesale functions and operations. The company stated that the transformation is not expected to have a significant financial impact and that any further updates will be announced as they arise.
Alujain Corp. announced that its board of directors has approved the distribution of SR51.9 million in cash dividends for the second quarter of 2025.
A bourse filing revealed that the number of shares eligible for dividends is 69.2 million, with the dividend per share set at SR0.75. The dividend represents 7.5 percent of the share’s par value.
Alujain shares closed the session up 2.74 percent at SR35.
United Cooperative Assurance Co. announced the signing of a memorandum of understanding with Arabia Insurance Cooperative Co. to evaluate a potential merger.
According to a Tadawul filing, both parties will conduct technical, financial, tax, legal, and actuarial due diligence, and will enter into non-binding discussions regarding the terms and conditions of the proposed transaction.
United Cooperative Assurance shares closed at SR6.70, up 0.75 percent.
Saudi Arabia’s PIF launches company to build and run Expo 2030
- New firm to turn site into multicultural hub post-event
RIYADH: Saudi Arabia’s Public Investment Fund has launched Expo 2030 Riyadh Co., a wholly owned entity tasked with developing, managing, and operating the infrastructure and programming for the Kingdom’s first World Expo.
During its development phases, the project is projected to contribute $64 billion to Saudi Arabia’s gross domestic product and generate around 171,000 direct and indirect jobs. Once operational, it is expected to add $5.6 billion to the national economy.
According to an official release on Thursday, the newly established company will play a pivotal role not only in executing the large-scale event but also in preserving its long-term legacy.
Known as ERC, the company will fast-track operations to meet its ambitious mandate. It plans to collaborate with both local and international private sector partners to deliver on construction, cultural programming, and event management goals.
“ERC benefits from PIF’s diverse local and global ecosystem and the establishment of the company aligns with PIF’s local real estate strategy, which drives economic transformation and diversification, advancing urban innovation and enhancing quality of life, driven by the ambitious goals of Saudi Vision 2030,” said Saad Al-proud, head of PIF’s Local Real Estate Investment Division.
Covering an expansive 6 million sq. m, the Expo 2030 site will be one of the largest World Expo venues ever built. Strategically located north of Riyadh near the upcoming King Salman International Airport, it will offer direct access to major city landmarks.
Set to run from Oct. 1, 2030 to March 31, 2031, Expo 2030 Riyadh is expected to draw over 40 million visits. Following the event, ERC aims to repurpose the gated expo area into a “global village” — a multicultural destination featuring retail, food and beverages, and premium residential offerings, all aligned with the Kingdom’s push toward sustainable tourism and innovation.
Participating nations will have the opportunity to construct permanent pavilions, enabling a lasting impact beyond the event itself and encouraging long-term investment and business ties.
PIF emphasized that the initiative reflects its broader strategy to drive economic diversification while securing sustainable financial returns.
The fund remains at the forefront of delivering Saudi Arabia’s transformative giga-projects and real estate ventures, reshaping the national landscape and bolstering the Kingdom’s global positioning.
Riyadh secured the rights to host Expo 2030 in November 2024, winning the international vote in the first round — further solidifying its reputation as a fast-evolving capital that blends connectivity, sustainability, and high quality of life at scale.
Syria completes first global SWIFT transfer since war
DAMASCUS: Syrian Arab Republic has carried out its first international bank transaction via the SWIFT system since the outbreak of its 14-year civil war, its central bank governor said on Thursday, a milestone in the country’s push to reintegrate into the global financial system.
Abdelkader Husriyeh told Reuters in Damascus that a direct commercial transaction had been carried out from a Syrian to an Italian bank on Sunday, and that transactions with US banks could begin within weeks.
“The door is now open to more such transactions,” he said.
Syrian banks were largely cut off from the world during the civil war after a crackdown by Bashar Assad on anti-government protests in 2011 led Western states to impose sanctions, including on Syria’s central bank.
Assad was ousted as president in a lightning offensive by rebels last year and Syria has since taken steps to re-establish international ties, culminating in a May meeting between interim President Ahmed Al-Sharaa and US President Donald Trump in Riyadh.
The US then significantly eased its sanctions and some in Congress are pushing for them to be totally repealed. Europe has announced the end of its economic sanctions regime.
Syria needs to make transfers with Western financial institutions in order to bring in huge sums for reconstruction and to kickstart a war-ravaged economy that has left nine out of 10 people poor, according to the UN.
Husriyeh chaired a high-level virtual meeting on Wednesday bringing together Syrian banks, several US banks and US officials, including Washington's Syria envoy Thomas Barrack.
The aim of the meeting was to accelerate the reconnection of Syria’s banking system to the global financial system and Husriyeh extended a formal invitation to US banks to re-establish correspondent banking ties.
“We have two clear targets: have US banks set up representative offices in Syria and have transactions resume between Syrian and American banks. I think the latter can happen in a matter of weeks,” Husriyeh told Reuters.
Among the banks invited to Wednesday’s conference were JP Morgan, Morgan Stanley and Citibank, though it was not immediately clear who attended.
