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Aramco and TotalEnergies Award $11 Billion Amiral Project Contracts

DHAHRAN, Saudi Arabia: Aramco and TotalEnergies have awarded engineering, procurement and construction contracts for the $11 billion Amiral complex, a future world-scale petrochemicals facility expansion at the Kingdom’s SATORP refinery. A signing ceremony took place in Dhahran attended by Amin H. Nasser, Aramco president and CEO, and Patrick Pouyanne, TotalEnergies chairman and CEO.

Crude Oil Slides as UK Rate Hike Sparks Demand Concerns

RIYADH: Oil prices fell for a second straight session and were headed for a weekly decline of more than 3 percent on Friday, as a higher-than-expected interest rate hike in Britain and warnings about looming rate rises in the US ignited concerns over demand, according to Reuters. Brent futures slipped 51 cents, or 0.4 percent, to $73.76 a barrel, while US West Texas Intermediate crude futures were down 42 cents, or 0.6 percent, at $69.09 at 3:40 a.m. Saudi time. 

UAE Central Bank Predicts 4.3% Growth for Emirates in 2024

RIYADH: A rebound in oil and non-oil activities is expected to help the UAE maintain its projected growth rate of 4.3 percent in 2024, the latest quarterly report from the apex bank showed.     In its economic review report for the first quarter, the Central Bank of the UAE forecast the country’s oil and non-oil gross domestic product in 2024 will grow at 3.5 percent and 4.6 percent, respectively.

Shell to operate gas stations in Saudi Arabia.

RIYADH: Riyadh is set to have its first Shell-branded fuel station later this year after the British energy firm signed an agreement with Asyad Holding Group, as part of the Saudi Energy Ministry’s efforts to bring international companies into the Kingdom. The agreement will pave the way for Shell International to open its fuel stations in the fourth quarter of this year, the ministry said in a press release. 

N’Golo Kante Joins Karim Benzema at Ittihad in Jeddah

RIYADH: French superstar N’Golo Kante has completed his transfer to Saudi side Al-Ittihad, the club announce early on Wednesday, and joins fellow Frenchman Karim Benzema in Jeddah. The team made fun of rumors around the deal being scuttled by medical issues  in a video skit on Twitter, showing the midfielder failing his medical before breaking the good news to fans.

Encouragement for US Businesses to Invest More in Iraq

LONDON: American businesses are being encouraged to increase investment in Iraq as the country looks to move on from decades of devastation. Speaking to journalists, including Arab News, on Tuesday following a trip to Iraq, the special representative for commercial and business affairs at the US State Department said he is “very excited” at the opportunities to be part of the rebuilding of the country.

Spain’s Nations League Win Eases Concerns About De la Fuente’s Project

ROTTERDAM: Spain coach Luis de la Fuente has quelled the doubts around him by leading his country to Nations League glory and ending a decade-long trophy drought. La Roja needed penalties to see off Croatia and triumph in Rotterdam, but doing so helped ease tensions following their Euro 2024 qualifying defeat by Scotland in March. De la Fuente’s appointment by the Spanish Football Federation to replace Luis Enrique raised eyebrows — the 61-year-old is a relative unknown as a coach, having worked within the country’s youth ranks from 2013 onwards.

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