DOCSLIB.ORG

2014/06/10Bahri's Prospectus

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
2014/06/10Bahri's Prospectus PROSPECTUS The National Shipping Company of Saudi Arabia A Saudi Joint Stock Company with Commercial Registration No. 1010026026 dated 01/12/1399H (corresponding to 22/10/1979G) Relating to the proposed merger of the fleets and operations of The National Shipping Company of Saudi Arabia and Vela International Marine Limited. The National Shipping Company of Saudi Arabia ("Bahri" or the "Company") was established by Royal Decree No. M/5 dated 12/02/1398H (corresponding to 22/01/1978G) as a Joint Stock Company in Saudi Arabia with commercial registration number 1010026026 dated 01/12/1399H (corresponding to 22/10/1979G) and an initial share capital of SAR 500,000,000, consisting of 5,000,000 shares with a nominal value of SAR 100 per share. On 10/08/1402H (corresponding to 02/06/1982G), the share capital of the Company was increased to SAR 2,000,000,000, consisting of 20,000,000 shares with a nominal value of SAR 100 per share. On 29/01/1419H (corresponding to 25/05/1998G), the share capital of the Company was divided into 40,000,000 shares with the value of SAR 50 per share. Pursuant to Resolution No. 40 of the Council of Ministers dated 27/02/1427H (corresponding to 27/03/2006G), the nominal value per share was reduced from SAR 50 per share to SAR 10 per share and accordingly the number of shares in the Company increased from 40,000,000 shares with the value of SAR 50 per share to 200,000,000 shares with the value of SAR 10 per share. On 12/03/1427H (corresponding to 10/04/2006G), the share capital of the Company was increased through the capitalisa- tion of retained earnings to SAR 2,250,000,000, consisting of 225,000,000 shares with a nominal value of SAR 10 per share. Last, on 04/11/1427H (corresponding to 25/11/2006G), the share capital of the Company was increased through a rights issue to SAR 3,150,000,000, consisting of 315,000,000 Shares with a nominal value of SAR 10 per share. As at the date of this prospectus (the "Prospectus"), the share capital of the Company is SAR 3,150,000,000 consisting of 315,000,000 shares with a nominal value of SAR 10 each (each a "Share" and collectively, the "Shares"), all of which are fully paid. The Company and Vela International Marine Limited ("Vela"), a wholly-owned subsidiary of the Saudi Arabian Oil Company ("Saudi Aramco"), entered into a business and asset purchase agreement dated 19/12/1433H (corresponding to 4/11/2012G) as amended ( the "BAPA") relating to the merger of Vela's entire fleet of vessels (comprising 14 double-hull very large crude carriers (or VLCC), a single-hull floating storage VLCC, one Aframax tanker and four product tankers (together, the "Vela Vessels"), along with certain assets relating to such Vela Vessels including vessel IT systems, historical equipment and maintenance data and certain books and records (together with the Vela Vessels, the "Target Assets") and operations related to these vessels with the Company, as well as the entry by the Company into a contract of affreightment (the "Contract of Affreightment") and a time charter agreement (the "Time Charter Agreement", together with the Contract of Affreight- ment, the "Shipping Agreements") with certain subsidiaries of Saudi Aramco (together with Saudi Aramco, the "Saudi Aramco Group") (the "Transaction"). Under the terms of the Transaction, the Company will have exclusivity in relation to the carriage of all VLCC-sized Crude Oil cargoes sold on a Delivered Basis by members of the Saudi Aramco Group which are shipped from certain locations that Saudi Aramco uses to ship Crude Oil in accordance with the terms of the Contract of Affreight- ment. The Contract of Affreightment is a long-term arrangement with Bolanter Corporation N.V. ("Bolanter"), a wholly-owned subsidiary of Saudi Aramco. As such, the Contract of Affreightment has an initial term of 10 years, terminable by either party giving not less than five years' notice at any time after the fifth anniversary of the agreement becoming effective (which will be the date that the first Vela VLCC is delivered to the Company pursuant to the BAPA). Under the terms of the Time Charter Agreement, Saudi Aramco Products Trading Company ("SAPTC"), a wholly-owned subsidiary of Saudi Aramco, will hire the four product tankers, the Aframax tanker and the floating storage VLCC (forming part of the Target Assets) from the Company for a minimum period of five years (or, in the case of the floating storage VLCC, until 31 December 2016 as further explained in Section 12.1.2.3 "Summary of the principal terms of the Time-Charter Agreement"). In addition, Vela's vessel-based personnel and a number of shore-based personnel will transfer to the Company or its subsidiaries. Under the terms of the Transaction, the Company will pay a total consideration of an amount equal to SAR 4,875,000,000 (equivalent to US$1,300,000,000) to Vela. This will be satisfied by the Company (i) issuing 78,750,000 new Shares to be adjusted, in certain circumstances, to ensure that such shares represent 20 per cent. of the issued share capital of the Company on a fully diluted basis, as further explained in Section 1.2 "The Transaction" (the "Adjustment") (the "Consideration Shares") at an agreed price of SAR 22.25 per new Share to Saudi Aramco Development Company ("SADC"), a wholly-owned subsidiary of Saudi Aramco, with an aggregate value equal to SAR 1,752,187,500 (equiva- lent to US$467,250,000) and (ii) making a cash payment to Vela of an amount equal to SAR 3,122,812,500 (equivalent to US$832,750,000) (the "Cash Considera- tion"). Following approval from the Capital Market Authority of Saudi Arabia (the "CMA" or the "Authority") in relation to the publication of this Prospectus and the receipt of the relevant approvals from the Ministry of Commerce and Industry (the "MOCI"), the Company will hold an extraordinary general assembly meeting ("Transaction EGM") to approve, amongst other things, (i) an increase in the Company's share capital from SAR 3,150,000,000 to SAR 3,937,500,000 subject to the Adjustment through the issuance of the Consideration Shares (the "Capital Increase"); (ii) the Transaction; and (iii) certain amendments to the Company's By-Laws. Following careful and thorough consideration of the terms of the Transaction and the Transaction EGM Resolution, the Board of Directors by meeting number 7/12, held on 29/11/1433H (corresponding to 15/10/2012G) unanimously authorised the Chairman and CEO of the Company to finalise and approve the Transaction and sign all documents relating to the Transaction. Based on this authorisation from the Board, the Chairman and CEO signed the Transaction Agreements on 19/12/1433H (corresponding to 4/11/2012G). All the members of the Board believe that the Transaction is in the best interests of the Company and the shareholders of the Company (the "Shareholders") as a whole and should contribute to the Company's future success by improving the commercial and financial position of the Company and fulfilling its strategy of growth with the potential of long-term value creation for the Shareholders. Accordingly, the Board unanimously recommends that all Shareholders vote in favour of the Transaction EGM Resolution to be proposed at the Transaction EGM to approve the Transaction (which are described further in Section 1.15 "Extraordinary General Meeting"). The Company has one class of shares. Each holder of Shares (a "Shareholder") with at least 10 Shares has the right to attend and vote at a general assembly (the "General Assembly"). No Shareholder benefits from any preferential voting rights. An application has been made to the CMA for the admission of the Consideration Shares to the Official List, all supporting documents required by the CMA have been supplied and, subject to the Transaction EGM Resolution being passed at the Transaction EGM, all relevant approvals pertaining to this Prospectus and the Transac- tion, including the approval of the Supreme Council for Petroleum and Mineral Affairs of Saudi Arabia (the "SCPMA"), have been granted. The "Important Notice" and Section 2 "Risk Factors" should be considered carefully prior to making a decision whether to vote in favour of or against the Transaction EGM Resolution. THIS PROSPECTUS IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in doubt as to the contents of this Prospectus or the action you should take, you are recommended to seek your own personal financial advice immediately from your stockbroker or other appropriate independent financial advisor duly authorised by the CMA. Financial Advisor J.P.Morgan This Prospectus includes information given in compliance with the Listing Rules of the Authority. The Directors, whose names appear on page v, collectively and individually accept full responsibility for the accuracy of the information contained in this Prospectus and confirm, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts the omission of which would make any statement herein misleading. The Authority and the Saudi Stock Exchange do not take any responsibility for the contents of this Prospectus, do not make any representation as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this Prospectus. This Prospectus is an English Translation of the Official Arabic Language Prospectus. In case of any differences between the two, the Arabic version shall prevail.
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]
  • Saudi Arabia: Transport & Logistics July 2016 Saudi Arabia: Transport & Logistics
    Saudi Arabia: Transport & Logistics July 2016 Saudi Arabia: Transport & Logistics TABLE OF CONTENTS Map of Saudi Arabia ............................................................................................ 4 Executive Summary ............................................................................................. 5 Industry Structure ................................................................................................. 6 Market Overview ................................................................................................... 7 Rail Transport & Logistics ....................................................................................................................................................... 7 Figure: Planned Railway Network .......................................................................................................................................... 8 Public Transport ........................................................................................................................................................................ 9 Maritime Transport & Logistics .......................................................................................................................................... 10 Road Transport & Logistics ................................................................................................................................................... 11 Figure: Road Network by Region .........................................................................................................................................
    [Show full text]
  • Sadara Basic Services Company Sukuk Prospectus-English Part 1.Pdf
    SBSC PROSPECTUS PART 1 OF 2: THIS MUST BE READ IN CONJUNCTION WITH SBSC PROSPECTUS PART 2 (AVAILABLE ON THE WEBSITE OF THE CAPITAL MARKET AUTHORITY WWW.CMA.ORG.SA) Part 1 of 2 PROSPECTUS SADARA BASIC SERVICES COMPANY (a joint stock company incorporated under the laws of The Kingdom pursuant to Ministerial Resolution 29/Q dated 11 Safar 1434H, corresponding to 24 December 2012G) Commercial register number 2055018374 dated 3 Rabi' al-Awwal 1434H, corresponding to 15 January 2013G is Offering SAR 50,000 DENOMINATED CERTIFICATES DUE ON THE SCHEDULED TERMINATION DATE The SAR 50,000 denominated certificates, due on the Scheduled Termination Date (theCertificates ), are being issued at par, without discount or premium. The Certificates will be the subject of a declaration of agency (the Declaration of Agency) dated on or before the Closing Date between, among others, Sadara Basic Services Company (the Issuer), Sadara Chemical Company (Sadara), HSBC Saudi Arabia Limited (the Certificateholders' Agent) and Deutsche Bank Trust Company Americas (the Intercreditor Agent). Pursuant to the Declaration of Agency, the Issuer covenants, inter alia, to hold the Sukuk Assets as agent for the benefit of the holders of the Certificates (theCertificateholders ), pro rata according to the face amount of Certificates held by each Certificateholder, in accordance with the Declaration of Agency and the terms and conditions of the Certificates starting on page 63 of this Prospectus (theConditions ). The Certificateholders' Agent will hold the benefit of the covenants and undertakings given by the Issuer and Sadara under the Declaration of Agency as agent on behalf of the Certificateholders.
    [Show full text]
  • Saudi Arabia 2019
    Saudi Arabia 2019 Saudi Arabia 2019 1 Table of Contents Doing Business in Saudi Arabia ...................................................................................................................................... 5 Market Overview ....................................................................................................................................................... 5 Market Challenges ..................................................................................................................................................... 6 Market Opportunities ................................................................................................................................................ 8 Market Entry Strategy ............................................................................................................................................... 9 Political Environment................................................................................................................................................... 10 Selling US Products & Services .................................................................................................................................... 11 Agents and Distributors ........................................................................................................................................... 11 Establishing an Office .............................................................................................................................................
    [Show full text]
  • Middle East Rail Projects Report
    Middle East Rail Projects Report A must have guide for anyone looking to access the Middle East Rail industry created by Published: May 2013 www.terrapinn.com/merail Contents Investment Overview. .................................................... 2 Executive Summary ....................................................... 3 Saudi Arabia ................................................................... 4 Saudi Railway Company Interview .............................. 7 Qatar ............................................................................... 8 Qatar Rail Interview ....................................................... 10 United Arab Emirates .................................................... 11 Etihad Rail Interview ..................................................... 14 Iran .................................................................................. 16 Oman .............................................................................. 17 Bahrain. .......................................................................... 18 Kuwait. ............................................................................ 19 Top Influencers in Middle East Rail ............................. 20 Building for the future www.terrapinn.com/merail Investment, investment, investment! The Middle East is fast shedding the traditional image of rolling sand dunes and meandering camel rides and replacing it with gleaming golden metro stations and high speed trains powering through the desert. Within the next 10 years we will see a complete
    [Show full text]
  • ECFG-Saudi-Arabia-2020.Pdf
    About this Guide This guide is designed to prepare you to deploy to culturally complex environments and achieve mission objectives. The ECFG fundamental information contained within will help you understand the cultural dimension of your assigned location and gain skills necessary for success (Photo: Saudi soldiers perform a traditional dance). Kingdomof Saudi Arabia The guide consists of two parts: Part 1 “Culture General” provides the foundational knowledge you need to operate effectively in any global environment with a focus on the Arab Gulf States. NOTE: While the term Persian Gulf is common in the US, this guide uses the name preferred in the region, the Arabian Gulf. Part 2 “Culture Specific” describes unique cultural features of Saudi society. It applies culture-general concepts to help increase your knowledge of your assigned deployment location. This section is designed to complement other pre- deployment training (Photo: US soldiers dine on a traditional Saudi meal of lamb and rice). For further information, visit the Air Force Culture and Language Center (AFCLC) website at http://culture.af.mil/ or contact the AFCLC Region Team at [email protected]. Disclaimer: All text is the property of the AFCLC and may not be modified by a change in title, content, or labeling. It may be reproduced in its current format with the express permission of the AFCLC. All photography is provided as a courtesy of the US government, Wikimedia, and other sources. GENERAL CULTURE PART 1 – CULTURE GENERAL What is Culture? Fundamental to all aspects of human existence, culture shapes the way humans view life and functions as a tool we use to adapt to our social and physical environments.
    [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]
  • 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]
  • Infrastructure Sector: Overview and Commercial Prospects in Saudi Arabian and U.S
    2017 INDUSTRY SECTOR REPORT Infrastructure Sector: Overview and Commercial Prospects in Saudi Arabian and U.S. Construction, Real Estate, and Transport www.us-sabc.org Disclaimer The information that is published in this report was analyzed and compiled from sources believed to be accurate and reliable during the time of publication. The U.S.-Saudi Arabian Business Council accepts no liability for any loss or damage resulting from errors or omissions due to human or mechanical error in any part of this report. The U.S.-Saudi Arabian Business Council provides all information without any warranty. © 2017 The U.S.-Saudi Arabian Business Council. All rights reserved. Neither this publication nor any part of it may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the U.S.-Saudi Arabian Business Council. Reports are published quarterly by the U.S.-Saudi Arabian Business Council, 8081 Wolftrap Road, Suite 300, Vienna, VA 22182. 2 U.S.-Saudi Arabian Business Council Table of Contents 4 Executive Summary SAUDI ARABIAN MARKET 6 Trends in Contracts 7 Growing Value of Infrastructure 8 Government Infrastructure Goals and Financing 9 Infrastructure Objectives through Vision 2030 and the NTP 10 Government Bodies Involved in the Infrastructure Sector 11 Private Sector Initiatives 12 Oil Revenues and Government Projects 14 Financing 15 Regional Trends in Contracts Awarded 16 Domestic and Foreign Firms Involved in Saudi Arabian Infrastructure 20 Macroeconomic Trends 22 Housing Market 24 Transportation 27 Tourism Construction 29 Building Automation 29 Construction Supply Chain for Raw Materials 31 Labor 33 Real Estate 36 Infrastructure Projects in Energy 39 Industrial Infrastructure Projects 40 Special Projects 41 SME’s 41 Restarting Stalled Projects 42 Construction of Social Facilities 42 Commercial Construction 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]
  • 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]