DOCSLIB.ORG

Bahri Dry Bulk

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Bahri Dry Bulk King Salman bin Abdulaziz Al Saud His Royal Highness Prince Mohammad bin Salman bin Custodian of the Two Holy Mosques, King of the Kingdom of Saudi Arabia Abdulaziz Al Saud Crown Prince and Vice President of the Council of Ministers and Minister of Defense and The Chairman of the Council of Economic and Development Affairs ANNUAL REPORT 2020 Table of Contents About Bahri Governance Vision, Mission and Values 12 Bahri Board of Directors 104 About Bahri 14 Governance Structure 106 Year in Review 18 Board Composition and Member Classification 106 Board Meetings Held During 2020 and 107 Attendance Sheets Board Committees 107 Board of Directors and Board Committees’ 111 Strategic review Compensations and Bonuses For 2020 Interest, Contractual Securities or Rights Issue 113 Geographic Footprint / Where we Operate 22 of the Board Members, Senior Executives and Chairman‘s Message 24 their Relatives on Shares or Debt Instruments Theme of the Year 26 of the Company or its Affiliates During 2020 CEO‘s Message 28 Board Members’ Biographies, Including Current 114 and Previous Board Memberships Inside and CFO Review 30 Outside Saudi Arabia Business Model 34 Executive Management 118 Strategy and Vision 2030 36 Dividend Distribution Policy 121 Key Performance Indicators 38 Procedures Taken by The Board to Inform its 122 Risk Management and Monitoring Policy 40 Members, Including Non-Executives, of Our People 42 Shareholders’ Feedback Concerning the Corporate Communications 44 Company’s Performance Our Commitment to Investors 122 Results of the Annual Audit of the 122 Effectiveness of the Company’s Internal Control Procedures and the Audit Committee’s Opinion on the Sufficiency of the Company’s Internal Control System Sustainability Description of any Deal Between the Company 123 and Related Parties Sustainability at Bahri 48 Details of Compensation and Bonuses Paid to 123 Environmental Protection 52 Five Senior Executives Including the CEO and Responsible Business 56 CFO People and Safety 58 Details of stocks and debt instruments issued 123 Creating Value 61 by each subsidiries Bahri’s Shareholder Register Requests – Dates 124 and Reasons Statutory Payments 124 General Assemblies held in 2020 124 Information Related to any Business or Contract 125 to which the Company is a Party and in which a Director of the Company, a Senior Executive, or Operational review any Person Related to Any of Them Implemented and Unimplemented Corporate 126 Market Overview and Predictions 66 Governance Provisions and Justifications for We all should be Future Plans and Decisions 70 Non-Implementation proud of Bahri’s men Operational Overview (Business Units) 72 “ Bahri Oil 74 and women, who Bahri Logistics 80 Bahri Chemicals 84 Financial statements were able to keep Bahri Dry Bulk 88 Independent Auditor’s Report 130 our ships sailing at Bahri Ship Management 92 Consolidated Statement of Financial Position 134 Bahri Fleet 96 full capacity during Consolidated Statement of Profit or Loss 135 this exceptional Consolidated Statement of Comprehensive 136 Income period, bringing food, Consolidated Statement of Cash Flows 137 Consolidated Statement of Changes in Equity 138 medicine and fuel to Notes to the Consolidated Financial Statements 139 all parts of the globe. 6 7 ANNUAL REPORT 2020 Awards Best Shipping Line Shipping Line of the Year The Maritime Standard The GCC GOV HR Team Ship Owner / Operator Tanker Operator of the The Best Corporate of the Year – Multipurpose Vessel Best Shipping Line of the Year Excellence Award of the Year Award of the Year Award Year Award Treasury Team of the Year At the Global Operator At Seatrade Maritime At the Maritime At the GCC HR Awards At the Maritime Standard At the Maritime Standard At the ACT Middle East Business Outlook At 2nd edition of BHP Awards Middle East, Indian Standard Awards 2020 2020 Awards 2020 Awards 2020 Summit 2020 “GBO” Awards 2020 “MALA” 2020 Awards Subcontinent & Africa 2020 The Employer of Choice Best TMS Implementation Highly At CIPD Middle East At the Corporate Commended Awards 2020 Recognition Awards 8 9 ANNUAL REPORT 2020 About Bahri Vision, Mission and Values 12 About Bahri 14 Year in Review 18 10 11 About Bahri ANNUAL REPORT 2020 Vision, Mission, Values Vision Create value and share prosperity by connecting economies through excellence in global logistics solutions. Mission To be the best service provider, operating to world-class standards. We are relentless in applying responsible business fundamentals. We shall incorporate sustainable capabilities to provide fit-for- purpose solutions for our business partners and stakeholders, based on our values, to achieve mutual benefit. Values Considerate Driven Relentless Transparent. 12 13 About Bahri ANNUAL REPORT 2020 About Bahri Logistics Six vessels Bahri, the National Shipping Company of Saudi reliability and safety. Our business activities span the Arabia (NSCSA), was established by Royal Decree purchase, sale and operation of ships and vessels Operating on trade routes M/5 as a public shareholding company on 21 for the transportation of cargo, oil, chemicals, oil Crude oil shipping January 1978, under commercial registration number products and dry bulk, logistical services, cargo between North America, Europe, the Middle East 1010026026 issued in Riyadh, dated 22 October clearance and stowage on board ships and other 46 tankers 1979. Bahri’s capital stood at 393,750,000 shares as means of transportation, storage and all maritime and the Indian subcontinent of 31 December 2020. Today, Bahri is Saudi Arabia’s shipping activities. We conduct our operations • 41 VLCCs operating in the in maritime and aviation- leading shipping company. We are committed to through four different Channels in addition to ship spot market based freight and goods a strategy of continued growth by further building management: crude oil, chemicals, breakbulk and dry transportation. Additionally, • Five Clean Petroleum our customer base in Saudi Arabia and abroad, and bulk transportation as follows: we also serve, operate as a establishing an international reputation for quality, Products (CPP) tankers maritime and aviation agent, a shipping intermediary and charter ships and airplanes via Bahri Bolloré Logistics, a subsidiary 60 percent owned by Bahri Chemicals shipping Operated by National Chemical Carriers Limited Company (NCC), a subsidiary 80 percent owned by Bahri. NCC owns 28 chemical Dry bulk shipping tankers operating as follows: • 18 tankers in the spot market Operated by Bahri Dry Bulk • Five tankers chartered to “Subsidiary 60 percent International Shipping and owned by Bahri” which Transportation Company, a owns 9 dry bulk carriers and subsidiary of Saudi Arabia operating as follows: Basic Industries Company (SABIC) • Four dry bulk carriers in the • Five tankers chartered to spot market Saudi Aramco Trading • Five dry bulk carriers chartered to Arabian Agricultural Services Company (ARASCO). 14 15 About Bahri ANNUAL REPORT 2020 Subsidiaries and Sister Companies Company name Headquarters Main Activity Capital (SAR) Type Ownership National Shipping Based in Houston, Texas, USA, Limited Liability Company of Saudi with its base of operations in Shipping Agency 3,750,000 100% Company Arabia (NSCSA), USA the USA Mideast Ship Based in Dubai, UAE, and Ship technical Limited Liability 306,540 100% Management Ltd. operates around the world management Company National Chemical Based in Riyadh, and operates Petrochemicals Limited Liability 610,000,000 80% Carriers Company around the world Transportation Company Bahri Dry Bulk Based in Riyadh, and operates Dry-Bulk Limited Liability 200,000,000 60% Company around the world Transportation Company Bahri Bollore Based in Riyadh, and operates Mixed Limited Logistics Services 30,000,000 60% Logistics around the world Liability Company Based in Dubai, UAE, and Limited Liability Bahri Bunge Dry Bulk* Dry bulk shipping 18,750,000 36% operates around the world Company Based in Singapore, and LPG Limited Liability Petredec Limited 131,250,000 30.30% operates around the world Transportation Company Based and operates in Ras International Maritime Maritime Mixed Limited AlKhair, Kingdom of Saudi 1,590,750,000 19.9% Industries Industries Liability Company Arabia *Bahri owns an indirect controlling interest in BahriBunge Dry Bulk through Bahri Dry Bulk LLC (BDB). 16 17 About Bahri ANNUAL REPORT 2020 Year in Review • Bahri announced the • Bahri achieved ISO 27001 • Bahri took the delivery signing of a 5-year certification following efforts to of its new dry-bulk framework agreement ensure information security. carrier ‘Alanood’ on 31st worth SAR 300m with • Bahri continued full operations • Ministry of Human August, making it the Saudi Arabia’s Presidency with anti-coronavirus measures Resources and Social second newbuild vessel of State Security. in place. Development signed a • Bahri reported record to join the Company’s • Bahri secured 3 honors • Bahri contributed SAR 10m Cooperation Agreement second quarter results with market-leading fleet at The Maritime Standard to Saudi Arabia’s Ministry of with Bahri to nurture CSR 1,569% leap in net profit. during 2020. Awards 2020 for Ship Health (MoH), to support its culture in the Kingdom. • Bahri Logistics delivered • Bahri hosted its annual Owner/Operator of the initiatives to fight against the • Bahri added new dry- the largest cargo of smart Investor Day at the Year, Tanker Operator of spread of the disease in the bulk carrier “Sara” to its meters for the Saudi Bahri Headquarters the Year,
Load more

Recommended publications
  • Saudi Aramco 2020 Results: Full Financials
    Saudi Arabian Oil Company Consolidated financial statements forResilience the year ended December and agility 31, 2020 Annual Report 2020 01 Independent auditor’s report to the shareholders of Saudi Arabian Oil Company Report on the audit of the consolidated financial statements Our opinion In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of Saudi Arabian Oil Company (the “Company”) and its subsidiaries (together the “Group”) as at December 31, 2020, and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards, that are endorsed in the Kingdom of Saudi Arabia, and other standards and pronouncements issued by the Saudi Organization for Certified Public Accountants (SOCPA). What we have audited The Group’s consolidated financial statements comprise: • the consolidated statement of income for the year ended December 31, 2020; • the consolidated statement of comprehensive income for the year ended December 31, 2020; • the consolidated balance sheet as at December 31, 2020; • the consolidated statement of changes in equity for the year ended December 31, 2020; • the consolidated statement of cash flows for the year ended December 31, 2020; and • the notes to the consolidated financial statements, which include significant accounting policies and other explanatory information. Basis for opinion We conducted our audit in accordance with International Standards on Auditing, that are endorsed in the Kingdom of Saudi Arabia. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the consolidated financial statements section of our report.
    [Show full text]
  • Earlier Report on Saudi Arabia's Measures to Combat Money
    MIDDLE EAST & NORTH AFRICA FINANCIAL ACTION TASK FORCE FINANCIAL ACTION TASK FORCE Mutual Evaluation Report Anti-Money Laundering and Combating the Financing of Terrorism Kingdom of Saudi Arabia 25 June 2010 The Kingdom of Saudi Arabia is a member of the Middle East & North Africa Financial Action Task Force (MENAFATF). It is also a member of the Gulf Co-operation Council, which is a member of the Financial Action Task Force (FATF). The Mutual Evaluation of the Kingdom of Saudi Arabia was conducted as a joint exercise between the MENAFATF and the FATF. The Mutual Evaluation Report was considered and adopted by the MENAFATF at its plenary meeting in Yasmine Hammamet, Tunisia on 4 May 2010, and then by the FATF at its plenary in Amsterdam on 25 June 2010, which introduced limited changes to it. © 2010 FATF/OECD. All rights reserved. No reproduction or translation of this publication may be made without prior written permission. Requests for permission to further disseminate, reproduce or translate all or part of this publication should be made to the FATF Secretariat, 2 rue André Pascal 75775 Paris Cedex 16, France (fax +33 1 44 30 61 37 or e-mail: [email protected]) Mutual Evaluation Report of the Kingdom of Saudi Arabia TABLE OF CONTENTS PREFACE INFORMATION AND METHODOLOGY USED FOR THE EVALUATION OF THE KINGDOM OF SAUDI ARABIA .................................................................................................................. 5 EXECUTIVE SUMMARY ............................................................................................................................
    [Show full text]
  • The National Shipping Company of Saudi Arabia
    THE NATIONAL SHIPPING COMPANY OF SAUDI ARABIA (A Saudi Joint Stock Company) Consolidated Financial Statements and Independent Auditor’s Report For the year ended 31 December 2019 INDEX PAGE Independent Auditor’s Report 1-4 Consolidated statement of financial position 5 Consolidated statement of profit or loss 6 Consolidated statement of comprehensive income 7 Consolidated statement of cash flows 8 Consolidated statement of changes in equity 9 Notes to the consolidated financial statements 10-49 THE NATIONAL SHIPPING COMPANY OF SAUDI ARABIA (A Saudi Joint Stock Company) Notes to the consolidated financial statements For the year ended 31 December 2019 (In Thousands Saudi Riyals) 1. THE COMPANY, ITS SUBSIDIARIES AND ITS BUSINESS DESCRIPTION The National Shipping Company of Saudi Arabia (the “Company” or “Bahri” or “Parent Company”), a Saudi Joint Stock Company was established under the Royal Decree No. M/5 dated 12 Safar 1398H (corresponding to 21 January 1978), and registered under Commercial Registration No. 1010026026 dated 1 Dhul Hijjah 1399H, (corresponding to 22 October 1979) issued in Riyadh. The Company’s head office located in Olaya district, Olaya Towers (Tower B), Floors (12-15), P.O Box 5101, Riyadh, 1142, Kingdom of Saudi Arabia. The Company and its subsidiaries listed below (the “Group”) are primarily engaged in purchasing, sale and operating of vessels for the transportation of cargo, agencies for maritime shipping companies, cargo clearance and coordination for on vessels’ board transport and storage, and all of the marine transport activities. The Group performs its operations through four distinct segments which are crude oil transportation, chemicals transportation, logistics and dry bulk transportation.
    [Show full text]
  • Saudi Arabia Peer Review Report
    Peer Review of Saudi Arabia Review Report 5 November 2015 Peer Review of Saudi Arabia Review Report Table of Contents Foreword .................................................................................................................................... 3 Abbreviations ............................................................................................................................. 4 Executive summary .................................................................................................................... 5 1. Introduction ..................................................................................................................... 12 2. Macroprudential policy framework ................................................................................ 12 3. Bank resolution ............................................................................................................... 25 4. Deposit insurance ............................................................................................................ 33 Annex 1: Structure of the financial system and recent developments ..................................... 40 Annex 2: Follow-up of other key FSAP recommendations ..................................................... 45 2 Foreword Financial Stability Board (FSB) member jurisdictions have committed, under the FSB Charter and in the FSB Framework for Strengthening Adherence to International Standards1, to undergo periodic peer reviews. To fulfil this responsibility, the FSB has established a regular
    [Show full text]
  • Mena Weekly Monitor
    MENA WEEKLY MONITOR MARCH 14 - MARCH 20, 2021 _______________________________________________________________________Economy WEEK 12 p.2 S&P SEES LONG-LASTING ADVERSE EFFECTS FROM THE 2020 SHOCK ON GCC BANKING SECTORS A new report by Standard & Poor’s on GCC banks was issued this week. S&P sees long-lasting adverse effects from the 2020 shock on GCC economies and banking sectors. CONTACTS Treasury & Capital Markets Also in this issue p.3 Inflation in Saudi Arabia set to rise again over the next few months, as per Capital Economics Bechara Serhal p.3 UAE economy to post 2.5% growth this year after 5.8% contraction, as per the Central Bank (961-1) 977421 p.4 IPOs likely in GCC education sector as investor interest surges, as per Alpen Capital [email protected] p.4 UAE banks' gross assets increase 3% in January Private Banking Toufic Aouad Surveys (961-1) 954922 _________________________________________________________________________ [email protected] p.5 TUNISIA TOPS ARAB MENA COUNTRIES IN FREEDOM IN THE WORLD 2021 INDEX Freedom House, the US-based non-profit research organization, released its latest report titled “Freedom in Corporate Banking the World 2021: Democracy under Siege”, in which Tunisia topped Arab MENA countries and was the only country classified as “Free”. Carol Ayat (961-1) 959675 [email protected] Also in this issue p.6 One in ten UAE workers hasn't had a pay rise in over five years, as per Tiger Recruitment p.6 Islamic Fintech market projected to grow at 21% CAGR to US$ 128 billion by 2025 ________________________________________________________________________Corporate News p.7 SICO BUYS SAUDI-BASED MUSCAT CAPITAL IN US$ 14.4 MILLION SHARE SWAP Sico, one of the leading regional asset managers, brokers and investment banks based in Bahrain, announced that it completed the transaction to acquire a majority stake amounting to 72.7% in the Saudi-based Muscat Capital, an exclusively owned subsidiary of Bank Muscat after obtaining all relevant approvals.
    [Show full text]
  • Exhibits Attached to Arguments on Admissibility, Declaration of Mohammed Abdullah Saleh Al-Asad, and Declaration of Zahra Ahmed Mohamed
    BEFORE THE AFRICAN COMMISSION FOR HUMAN & PEOPLES’ RIGHTS 49th ORDINARY SESSION: APRIL-MAY 2011 COMMUNICATION NO. 383/2010 In the matter between: MOHAMMED ABDULLAH SALEH AL-ASAD and DJIBOUTI EXHIBITS ATTACHED TO ARGUMENTS ON ADMISSIBILITY, DECLARATION OF MOHAMMED ABDULLAH SALEH AL-ASAD, AND DECLARATION OF ZAHRA AHMED MOHAMED EXHIBITS The United Republic of Tanzania Departure Declaration Card, 27 December 2003…….A Center for Human Rights and Global Justice, On the Record: U.S. Disclosures on Rendition, Secret Detention, and Coercive Interrogation (New York: NYU School of Law, 2008)………………………………………………………………………………..B Letter to the Attorney General of Djibouti, 31 March 2009…….….…..…….…….….…C United Nations Human Rights Council, 13th Session, Joint Study on Global Practices in Relation to Secret Detention in the Context of Countering Terrorism, U.N. Doc. A/HRC/13/42 (19 February 2010)………………………………………………………. D Republic v. Director of Immigration Services, ex parte Mohammed al-Asad (Habeas Corpus petition), High Court of Tanzania, 17 June 2004………………………………...E Amnesty International, United States of America: Below the radar- Secret flights to torture and ‘disappearance,’ 5 April 2006……………………………………………….F Prepared Remarks of Treasury Secretary John Snow to Announce Joint U.S. and Saudi Action Against Four Branches of Al-Haramain in the Financial War on Terror, JS-1107, 22 January 2004…………………………………………………………………………..G Henry Lyimo, Guardian (Dar es Salaam), Yemenis, Italians Expelled, 30 December 2003…………………………………………………………………………………...….H Roderick Ndomba, Daily News (Dar es Salaam), Dar Deports 2,367 Aliens, 30 December 2003……...……………………………..………………………………………………….I International Committee of the Red Cross, ICRC Report on the Treatment of Fourteen “High Value Detainees” in CIA Custody, 2007…………………………..……….……...J International Seismological Centre Earthquake Data…………………………………….K U.S.
    [Show full text]
  • Saudi Arabian Oil Company Second Quarter Interim Report for the Three Months and Half Year Ended June 30, 2020
    2020 Saudi Arabian Oil Company Second quarter interim report For the three months and half year ended June 30, 2020 Saudi Arabian Oil Company 1 Second quarter and half year interim report 2020 Aramco at a glance Second quarter 2020 Financial highlights Net income EBIT* Earnings per share Net cash provided by (billion) (billion) (basic and diluted) operating activities (billion) SAR 24.6 SAR 51.2 SAR 0.13 SAR 46.3 $6.6 $13.6 $0.03 $12.3 Capital expenditures Free cash flow* Average realized Gearing* (billion) (billion) crude oil price (%) ($/barrel) SAR 23.4 SAR 22.9 23.4 20.1 $6.2 $6.1 Dividends paid Dividends paid per share ROACE* (billion) (billion) (%) SAR 70.32 SAR 0.35 17.4 $18.75 $0.09 Operational highlights Hydrocarbon production Crude oil production Reliability1 Gross refining capacity (mmboed) (mmbpd) (%) (mmbpd) 12.7 9.3 99.8 6.4 * Non-IFRS measure: refer to Non-IFRS measures reconciliations and definitions section for further details. 1. For Saudi Arabian Oil Company (‘The Company’) only. 2 Saudi Arabian Oil Company Second quarter and half year interim report 2020 Key results CEO’s statement Financial results Aramco President & CEO Amin H. Nasser Second quarter ended June 30 SAR USD* All amounts in millions unless Despite COVID-19 bringing the world to a standstill, Aramco otherwise stated 2020 2019 2020 2019 kept going. We have proven our resilience and reliability, Net income 24,621 92,585 6,565 24,689 setting a record in our business operations, while at the same time ensuring the health and safety of our people.
    [Show full text]
  • Energy to the World: the Story of Saudi Aramco Volume 2
    ENERGY TO THE WORLD: TO ENERGY ENERGY TO THE WORLD: THE STORY OF SAUDI ARAMCO OF SAUDI THE STORY THE STORY OF SAUDI ARAMCO VOLUME 2 VOLUME 2 VOLUME www.saudiaramco.com J ENERGY TO THE WORLD : VOLUME ONE TITLE K VOLUME TWO Energy to the World The Story of Saudi Aramco II ENERGY TO THE WORLD : VOLUME ONE VOLUME TWO Energy to the World The Story of Saudi Aramco Supertankers load crude oil at Ras Tanura Sea Island Terminal in 2003. Contents Copyright First Edition Volume One Volume Two © 2011 by Aramco Services Company Printed in 2011 Preface xi Illustration: Saudi Arabia viii ISBN All rights reserved. No part of this book Illustration: Saudi Arabia xiv 1 National Resources 1 978-1-882771-23-0 may be reproduced, stored in a retrieval system or transmitted in any form or 1 Prospects 1 2 Boom Time 27 Library of Congress by any means, electronic, mechanical, 2 Negotiations 33 3 Transformation 67 Control Number photocopying, recording or otherwise, 200922694 without the written permission of 3 Reading the Rocks 59 4 Rising to the Challenge 99 Aramco Services Company, except by 4 The War Years 93 5 Achieving the Vision 131 Written by a reviewer, who may quote a brief Scott McMurray passage for review. 5 Expansion 123 Appendix 168 6 Growing Pains 153 A. Upstream 170 Produced by The History Factory 7 Balancing Act 189 B. Downstream 184 Chantilly, Virginia, USA List of Abbreviations 215 C. Operations Data 194 Project Coordinators Notes on Sources 216 Company Leadership 204 Theodore J. Brockish, Kyle L.
    [Show full text]
  • THE REPORT Saudi Arabia 2020
    THE REPORT Saudi Arabia 2020 ECONOMY ICT JEDDAH INDUSTRY UTILITIES CAPITAL MARKETS ENERGY BANKING ENTERTAINMENT TRANSPORT EDUCATION INTERVIEWS www.oxfordbusinessgroup.com SPECIAL EDITION KIICO 0 4 3 8 1 5 2 1 9 1 8 7 9 CONTENTS SAUDI ARABIA 2020 5 49 Privatisation push: Dedicated framework ISBN 978-1-912518-52-4 supports a more cooperative approach between Editor-in-Chief: Oliver Cornock the government and investors Regional Editor, Middle East: Billy 51 Interview: Anas Alfaris, President, King Abdulaziz FitzHerbert City for Science and Technology Editorial Managers: Alban Serin, Eduardo Brandi, Carlos Ortega 52 Interview: Saad bin Othman Al Kasabi, Governor, Saudi Standards, Metrology and Quality Group Managing Editor: Laura Nelson Chief Sub-Editor: Tim Owens Organisation Deputy Chief Sub-Editors: Jennifer 53 Regional leader: The Kingdom is set to play a key Ma, Kayla Moser Senior Sub-Editor: Dominic Mealy role in strengthening global cooperation and Senior Sub-Editor, Digital: John Gray coordination Writer and Editor, Digital: Alex Pichaloff 55 Tax liabilities: Impacts of the trend towards Sub-Editors: Kevin Mataraci, Teresa lower corporate tax rates on developed and Meoni, Morgan Soares-Astbury, Lizzie Staying on course developing economies Waymouth Analysts: Lloyd Belton, Jade Currie, Page 41 TRADE & INVESTMENT Tom Hill, Andy Peters, Charles Phillips Real GDP grew by 0.3% in 2019, down from 2.2% 58 Global partnerships: Government support for Head of Research: Susan Manoğlu Editorial Researchers: Kasia Kuğay, in 2018. While this is a muted performance by economic diversification is set to substantially Beatriz Trigueros historical standards, some areas of the econ- increase opportunities for investment Group Creative Director: Yonca Ergin omy showed great promise: non-oil GDP ex- 62 Improved inflows: New initiatives are enhancing Art Editors: Catherine Celeste, Zahra panded by 3.3% during the year, and non-oil the appeal of the Kingdom to international Rashid Junior Graphic Associate: Babylynne private sector growth hit 3.8%, a five-year high.
    [Show full text]
  • You Must Read the Following Notice Before Continuing
    IMPORTANT NOTICE NOT FOR DISTRIBUTION TO ANY U.S. PERSON OR TO ANY PERSON OR ADDRESS IN THE UNITED STATES IMPORTANT: You must read the following notice before continuing. The following notice applies to the attached prospectus following this page (the Prospectus), whether received by email, accessed from an internet page or otherwise received as a result of electronic communication, and you are therefore advised to read this notice carefully before reading, accessing or making any other use of the Prospectus. In reading, accessing or making any other use of the Prospectus, you agree to be bound by the following terms and conditions and each of the restrictions set out in the Prospectus, including any modifications made to them from time to time, each time you receive any information from Saudi Electricity Global SUKUK Company 5 (the Issuer) or Saudi Electricity Company (SEC) as a result of such access. RESTRICTIONS: NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY THE CERTIFICATES IN ANY JURISDICTION. ANY CERTIFICATE TO BE ISSUED HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE SECURITIES ACT), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION. THE CERTIFICATES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED DIRECTLY OR INDIRECTLY WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT), EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE OR LOCAL SECURITIES LAWS.
    [Show full text]
  • 1 Overview of Saudi–Iranian Relations 1
    Notes 1 Overview of Saudi–Iranian Relations 1. Saudi Arabia and Iran share at least three joint oilfields, each known by its Persian or Arabic name, respectively: Esfandiar/Al Louloua, Foroozan/Marjan, and Farzad/Hasbah. Arash/Al Dorrah is shared between Iran, Kuwait, and Saudi Arabia. The three states have yet to reach an agreement over the demarca- tion of the maritime boundary in the northern Persian Gulf that affects the field. Iran’s share of the Esfandiar and Foroozan fields has dropped to levels that make their further development uneconomic, in part due to Saudi ability to extract faster from the fields. Saudi Arabia and Iran signed an agreement to develop the Farzad/Hasbah A gas field in January 2012, and were scheduled to sign a second agreement to develop the Farzad B gas field and Arash/Al Dorrah oilfield, pend- ing the removal of international sanctions against Iran. In 2014, they contested their respective shares in the Arash/Al Dorrah. 2 . British administration in the Persian Gulf began in 1622, when the British fleet helped the Persian Safavid king, Shah Abbas, expel the Portuguese from Hormuz island. The period of the British Residency of the Persian Gulf as an official colonial subdivision extended from 1763 to 1971. 3 . Interview with Abdulaziz Sager, chairman of Gulf Research Center, Riyadh, November 30, 2011. 4 . Alinaqi Alikhani, yad dasht ha-yi asaddollah alam , jeld shesh, 1355–1356 [The Diaries of Alam], vol. 6, 1975–1976 (tehran: entesharat maziar va moin, 1377), pp. 324–325; 464. When the shah insists that the United States should under- stand that it cannot make Iran “a slave [puppet] government,” Alam informs him that the Americans have tried to make contact with different groups in Iranian society—alluding to dissidents.
    [Show full text]
  • Saudi Arabian Monetary Agency
    Kingdom of Saudi Arabia Saudi Arabian Monetary Agency Forty Sixth Annual Report The Latest Economic Developments 1431H (2010G) Research and Statistics Department SAUDI ARABIAN MONETARY AGENCY (SAMA) BOARD OF DIRECTORS 1. H.E. The Governor, Dr. Muhammad Al-Jasser Chairman 2. H.E. The Vice Governor, Dr. Abdulrahman Abdullah Al-Hamidy Vice Chairman 3. H.E. Mr. Abdulaziz Bin Zaid Al-Quraishi 4. H.E. Mr. Muhammad Obaid Bin Sa’eed Bin Zagar 5. H.E. Mr. Abdulaziz Bin Muhammad Al-Athel Saudi Arabian Monetary Agency — 46th Annual Report FOREWORD It gives me pleasure to present, in the name of the Board of Directors, the Forty-Sixth Annual Report of the Saudi Arabian Monetary Agency, which reviews latest developments witnessed by the Saudi economy during fiscal year 1430/31H (2009) and the first quarter of fiscal year 1431/32H (2010). The Report covers various areas of the domestic economy, including monetary developments, banking activity, capital market, prices, public finance, national accounts, foreign trade and balance of payments in addition to other productive sectors such as oil, industry, electricity, agriculture, water, transport, telecommunications and others. The Report also provides an overview of latest global economic and financial developments. The Report mainly relies on official data obtained from ministries, Government departments and public sector enterprises, in addition to a host of data issued by SAMA itself. I would like to thank all ministries and entities, whose names are indicated in the tables of the Report, for their cooperation in making available valuable information and data for the preparation of this Report. The Report gives full description of SAMA's functions such as conducting monetary policy and supervising commercial banks and cooperative insurance activity.
    [Show full text]