Saudi Aramco completes $2.65bn purchase of Valvoline Inc.’s global products business

Aramco will own the Valvoline brand in connection with its product business (AFP)
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Updated 02 March 2023
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Saudi Aramco completes $2.65bn purchase of Valvoline Inc.’s global products business

Dhahran: Saudi Aramco has completed through a wholly owned subsidiary the acquisition of US company Valvoline Inc.’s global products business for $2.65 billion.

Under the deal, which came after the two companies signed a share purchase agreement announced on Aug. 1, last year, Aramco aims to become one of the most prominent integrated brands in the world in the field of lubricants.

Aramco will own the Valvoline brand in connection with its product business, while Valvoline will own the brand in connection with its retail services business, and the two firms plan to work together to further spread ownership of the Valvoline brand globally.

Headquartered in Lexington, Kentucky, Valvoline Global Operations will continue to be a world leader in automotive and industrial solutions, creating future-ready products and best-in-class services for partners around the globe.

The acquisition is expected to enhance Aramco’s growing presence in the premium brand lubricants market, while opening global horizons to promote the established name and provide a foundation for future growth and integration of its refining, chemicals, and marketing business portfolio.


New Zealand reaches trade deal with Gulf states

Updated 11 sec ago
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New Zealand reaches trade deal with Gulf states

SYDNEY: New Zealand has reached a trade deal with the six-nation Gulf Cooperation Council, which includes Saudi Arabia and the UAE, that Wellington said would open up major opportunities for Kiwi exporters in the Middle East.

The trade pact would remove tariffs for 51 percent of New Zealand’s exports to the region from day one and deliver duty-free access for 99 percent of New Zealand’s exports over 10 years, New Zealand Trade Minister Todd McClay said in a statement late on Thursday.

“Successfully concluding a trade agreement with the GCC has been a long-standing ambition for successive governments for almost two decades,” McClay said in Doha.

The statement did not specify when the trade pact will become effective.

The agreement with the Gulf states comes after New Zealand reached a trade deal with the UAE in September.

Trade between New Zealand and the GCC is worth more than NZ$3 billion ($1.79 billion) annually. The Pacific island nation exported NZ$2.6 billion to the Middle Eastern member countries in the year to June 2024, which included NZ$1.8 billion of dairy, official data showed.


Pakistan’s Punjab seeks US expertise to combat Lahore’s growing smog crisis

Updated 14 min 58 sec ago
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Pakistan’s Punjab seeks US expertise to combat Lahore’s growing smog crisis

  • Maryam Nawaz Sharif discusses the issue with USAID officials, urges bilateral cooperation
  • Punjab CM also seeks collaboration in trade, renewable energy, health care and education

ISLAMABAD: The provincial administration of Punjab expressed interest in leveraging American expertise and technology to address environmental issues on Friday as pollution levels in the eastern city of Lahore has hit dangerous highs in recent weeks.
The idea of collaborating with the United States over the issue came up for discussion during a meeting between Chief Minister Maryam Nawaz Sharif and the officials of the United States Agency for International Development (USAID) amid Lahore’s consistent ranking among the world’s most polluted cities.
The Punjab administration has decided to tackle the issue head-on, rolling out several initiatives aimed at reducing the city’s hazardous smog such as implementing mandatory face masks, suspending outdoor school activities and a ban on fireworks for about three months.
The Punjab government also introduced “green lockdown” earlier this week to bolster these efforts, limiting pollution-heavy activities in the city’s worst-affected areas, though local media reports say the enforcement of these measures remains inconsistent.
The issue of air quality in Lahore was one of the focal points during Sharif’s meeting with the USAID officials at her office, according to a statement from the provincial government.
“During the discussion, matters of mutual interest, strengthening US-Pakistan relations and enhancing cooperation in various fields were addressed,” the statement said.
“Maryam Nawaz Sharif expressed Pakistan’s intent to benefit from the US expertise in green energy and advanced technology to combat climate change and environmental pollution,” it added.
Both sides also agreed to deepen collaboration in other areas, including trade, renewable energy, women’s economic empowerment, health care and education.
Sharif highlighted her government’s initiatives for women’s safety, such as the “panic button” and virtual police stations.
She noted that modern internships are being provided to nurture a skilled workforce within the province.
The chief minister emphasized that Pakistan, particularly under the present government, has made strides toward becoming safer and more peaceful, setting new benchmarks in governance and transparency.
She praised the country’s achievements in combating extremism and militancy, stressing the importance of further enhancing collaboration between Washington and Islamabad in the area.
The discussion also included opportunities to boost investment to meet future demands of the two countries and strengthen connections between their people.


Pakistan says working closely with Saudis to make $2.8 billion investment deals ‘operational’

Updated 18 min 42 sec ago
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Pakistan says working closely with Saudis to make $2.8 billion investment deals ‘operational’

  • The deals between Saudi and Pakistani companies were signed during Saudi investment minister’s visit to Islamabad in October 
  • Saudi Crown Prince Mohammed bin Salman this year reaffirmed commitment to expedite $5 billion investment package for Pakistan

ISLAMABAD: Pakistani information minister Attaullah Tarar said on Friday Islamabad was working closely with Riyadh to make “operational” $2.8 billion in investment deals signed last month, saying Prime Minister Shehbaz Sharif had discussed the investments with Saudi Crown Prince Mohammed bin Salman during a recent visit to Riyadh.
Saudi Minister for Investment Khalid bin Abdulaziz Al-Falih said on Wednesday 27 agreements and memorandums of understanding (MoUs) worth $2.2 billion that had been signed between Saudi and Pakistani businesses in October had been enhanced to $2.8 billion. The business-to-business deals, now enhanced to 34, were signed on Oct. 10 during Al-Falih’s visit to Islamabad with a delegation of top investors and entrepreneurs from the Kingdom. 
“The [Pakistani] prime minister met the Saudi crown prince in a great atmosphere,” Tarar told reporters. “And so more agreements have been signed and we discussed taking them forward, making them operational, work has already started on five [agreements].
“Talks on that also happened and we reaffirmed the commitment that we will enhance Saudi-Pakistan ties and expand investment and trade.”
Tarar said the $600 million additional investment from Riyadh was a “big step” and involved sectors such as energy, minerals, trade, livestock, human resource and IT.
Speaking about Sharif’s visit to Doha after Riyadh, Tarar said Qatar would invest $3 billion in Pakistan:
“In Qatar, [Prime Minister Shehbaz Sharif] has met a business delegation as well as the Qatari PM and emir of Qatar. Agreement has been made in expanding economic cooperation and relations in the field of culture. Discussions happened to further investment and trade also. I think this $3 billion investment will really boost Pakistan’s economy.”
Sharif’s visits to Doha and Riyadh took place at a time when Islamabad is seeking to strengthen trade and investment ties with friendly nations. Riyadh in particular has promised a $5 billion investment package that cash-strapped Pakistan desperately needs to shore up its dwindling foreign reserves and fight a chronic balance of payment crisis.
In 2022, the Qatar Investment Authority said it aimed to invest $3 billion in Pakistan. Doha has also shown interest in airport management partnership and the Roosevelt Hotel in New York’s Manhattan owned by the Pakistan International Airlines. 
During a visit to Qatar in 2022, Sharif, then in his first term as PM, invited QIA, Qatar’s $450 billion sovereign wealth fund, to invest in Pakistan’s energy and aviation sectors. He had previously mentioned renewable energy, food security, industrial and infrastructure development, tourism and hospitality, among sectors of interest.


UK schools see rise in white poppy interest to show Gaza solidarity

Updated 01 November 2024
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UK schools see rise in white poppy interest to show Gaza solidarity

  • Britons wear red poppies in November to remember fallen servicemen, women
  • White poppy makes distinction of also remembering civilian casualties of war

London: Schools in the UK are ordering large numbers of white poppies for children to show solidarity with the people of Gaza, the Daily Telegraph reported.

The UK celebrates Remembrance Sunday every November to reflect on the sacrifices made by men and women who have served the country, with red poppies traditionally worn to commemorate the dead and raise money for veterans and their families.

The white poppy has gained popularity in recent years as an alternative, having first been worn in 1933 by those wishing to promote peace rather than celebrate war, and to remember civilians as well as combatants.

The Peace Pledge Union, the organization that distributes white poppies, said it received increased orders from schools this year, with teachers citing the war in Gaza as a key reason for children wanting to wear them. Demand went up 27 percent since the start of the war in October last year, it added.

“It is heartening that a growing number of young people are turning to the white poppy, for the light it sheds on today’s conflicts,” said Geoff Tibbs, a project manager at the PPU.

“Many are alienated by the mainstream tradition of Remembrance Day, as it fails to acknowledge civilians and people of other nationalities affected by wars today.”

Schools that offer white poppies to pupils also tend to offer red ones, which are provided by a military charity, the Royal British Legion.

An RBL spokesman told the Telegraph: “The RBL defends the right to wear different poppies. The RBL’s red poppy honours all those who have sacrificed their lives to protect the freedoms we enjoy today; including the freedom to wear the poppy of your choice.”


Call of Duty: Black Ops 6 debuts in MENA from the heart of Abu Dhabi

Updated 01 November 2024
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Call of Duty: Black Ops 6 debuts in MENA from the heart of Abu Dhabi

Last week, Abu Dhabi, the capital of the UAE, witnessed the highly anticipated launch of Call of Duty: Black Ops 6, the latest installment of the world’s most popular first-person shooter series.

The celebratory event, hosted by Activision Blizzard in collaboration with Abu Dhabi Gaming, brought together regional influencers and content creators for a thrilling two-day experience. 

The launch included a unique opportunity for 14 of the biggest regional influencers to test their skills on Oct. 24 at Abu Dhabi’s iconic Yas Marina Circuit, where they drove Formula 3000 cars, capturing the adrenaline-fueled excitement of the game and winning limited edition Call of Duty: Black Ops 6 helmets. 

On Oct. 25, the event continued with a 6v6 showdown in Black Ops 6, complemented by a captivating drone show that illuminated the Abu Dhabi skyline with iconic elements from the game and Abu Dhabi Gaming logo, marking a memorable moment for the gaming community across the Middle East.

These events confirm Activision Blizzard’s commitment to the Middle East and Africa region, showcasing its strong support for content creators and delivering exciting, immersive experiences tailored to the local gamers through its globally renowned franchise.

Abu Dhabi Gaming, a government-led initiative, drives Abu Dhabi’s vision of becoming a global gaming hub by fostering talent, innovation, and industry growth. Bringing together government bodies, commercial partners, and content creators, the initiative supports a thriving ecosystem poised to showcase regional content on the world stage. The launch of Black Ops 6 exemplifies Abu Dhabi Gaming’s commitment to elevating Abu Dhabi’s role in the gaming industry.

Call of Duty: Black Ops 6 is now available on Xbox One/ Xbox Series X|S, PlayStation 4|5, Battle.net, Steam, Game Pass Console and Game Pass PC.