Stories from Saudi Arabia

Saudi Arabia may follow its neighbors in exiting the OPEC Plus agreement. The United Arab Emirates has closed the decision-making window for its exit from OPEC Plus as of April 1, 2021, and stated the decision will be discussed in line with national interest following a review of production policy. The decision for the UAE to exit OPEC Plus may involve factors beyond economic interests, according to a report from NTV Radyo. Analysts suggest the move could lead to different types of divisions within Saudi Arabia and the Gulf region. The situation is being viewed through the lens of interests involving the US, Israel, and other Gulf nations. The move could involve the UAE creating space for itself by following American political trajectories. The decision is reportedly driven by long-term strategic and economic visions.

Saudi Telecom Company (STC) announced a dividend distribution totaling 2.33 billion 320 million riyals. Profit growth between the first quarters of this year and the previous year reached 14 percent. Revenues remained stable, which increased profit margins from 16 percent to approximately 18 percent. The company demonstrated an ability to achieve higher quarterly growth rates. Revenues for the same period reached 19.37 trillion riyals. The company stated that customer unit revenues increased by 25 percent. STC reported first quarter revenues of approximately 3.7 billion riyals. The company attributed profit growth to revenue increases and an 11 percent rise in operating profit. Total revenues for the first quarter reached 19.93 billion riyals, representing 4 percent growth. Total expenses in other areas decreased by 166 million riyals.

Asr Industrial Group reported profits of 173,138,000 Saudi Riyals for the first quarter of this year. The reported figure is equivalent to 40 billion riyals. The group maintains cash reserves of 2.332 billion riyals as of the end of the first quarter. The company also announced a cash dividend distribution. Saudi Basic Industries Corporation (SABIC) transitioned from losses to a net income exceeding 13 billion riyals in the first quarter of 2026. The company attributed the profitability to restructuring measures and improved operational efficiency following a period of pressure and declines. The company noted that revenues decreased by 11% due to lower sales volumes compared to the previous quarter. This followed a prior quarter where the company incurred non-cash losses exceeding 17 billion riyals related to asset revaluations and international divestments.

The Saudi Electronic University held a graduation ceremony for 1,800 bachelor's and master's degree students for the 1447 academic year. The event took place at the Mayadin fields in Diriyah. Prince Faisal bin Bandar bin Abdulaziz attended the ceremony.

Saudi Crown Prince and Prime Minister Mohammed bin Salman attended a Council of Ministers session in Jeddah. During the session, the Crown Prince expressed gratitude to Gulf leaders for their contributions to the recent Gulf Consultative Summit.

Six members of the Gulf Cooperation Council met in Jeddah, Saudi Arabia, to discuss the aftermath of the Iran war. The council aims to restore confidence with neighboring nations. During a meeting on Tuesday, leaders of the Gulf Cooperation Council in Saudi Arabia condemned attacks by Iran. The council stated that sustainable solutions must be found to address the social and economic needs of the population. The session included discussions regarding potential ceasefires and the management of ongoing conflicts. Iran is reportedly monitoring the developments of the meeting. The meeting aims to address stability and the continuation of regional security measures. The meeting included the Emir of Qatar, the Prince of Kuwait, the King of Bahrain, and the Foreign Minister of the United Arab Emirates.

The Saudi Electricity Regulatory Authority is incorporating artificial intelligence into its strategy to enhance environmental sustainability.

Leaders of the Gulf Cooperation Council (GCC) said the need for regional unity to address threats to maritime navigation and global trade. The leaders highlighted that these threats impact international shipping and economic stability. The GCC aims to maintain a unified front to counter potential disruptions in the region. The statement underscores the council's role in managing geopolitical risks to maritime security. Leaders at a high-level GCC summit in Jeddah called for the restoration of freedom of navigation in the Strait of Hormuz. The summit was chaired by Crown Prince Mohammed bin Salman.

Oman was absent from the emergency GCC summit held in Jeddah, according to reports. This follows the country's previous absence from a ministerial meeting held in Riyadh in March. The absence comes amid ongoing conflict involving Israel, the United States, and Iran.

Market analysts suggest OPEC+ is fracturing due to a political decision by the United States to break from Saudi Arabia. The move is expected to increase market competition. Analysts note that price pressures are mounting as a result of these geopolitical shifts.