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    Saudi National Bank Receives Approvals from Shareholders

    Saudi National Bank Receives Approvals from Shareholders

    TymeBank Secures R1.6 Billion from the UK and Philippine Investors

    TymeBank Secures R1.6 Billion from the UK and Philippine Investors

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  • Banking
    Saudi National Bank Receives Approvals from Shareholders

    Saudi National Bank Receives Approvals from Shareholders

    TymeBank Secures R1.6 Billion from the UK and Philippine Investors

    TymeBank Secures R1.6 Billion from the UK and Philippine Investors

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    Saudi Central Bank Launches Instant Payment System Sarie

    QIB and HSBC Seal the First Islamic Trade Facility Deal at $100 Million

    QIB and HSBC Seal the First Islamic Trade Facility Deal at $100 Million

    Commercial Bank Launches New Payment Feature Through Wearables

    Commercial Bank Launches New Payment Feature Through Wearables

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    Kenanga Investment Bank Acquires i-VCAP Management

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    Qatar Islamic Bank Brings New H2H Payment Management Solutions for Corporate Customers

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    Bank ABC Signs Acquisition Deal with Lebanese BLOM Bank for $480 Million

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    Howden and Steadfast Join Hands to Launch Australian Broking Operation

  • Finance
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    Valoreo Raises $50 Million to Boost LatAm E-Commerce Sector

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    Malaysia Aviation Group Obtains Approval for RM3.6 Billion Capital

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    Turkey: Behavioral Pattern of FDI in 2020

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    PayNow Collaborates with Three E-Wallet Companies for Seamless Fund Transfer

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    Visa Collaborates with Pliant, Launches Business Credit Card in Germany

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    Kuwait-based Agility Invests $35 Million in Queen’s Gambit Growth Capital

    Siemens Healthineers Collaborates with British Hospital Operator in $169 Million Deal

    Siemens Healthineers Collaborates with British Hospital Operator in $169 Million Deal

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    Kuaishou Technology All Set to Raise $5.4 Billion in IPO

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    Tower Capital Asia Raises $250 Million on First Closing on Southeast Asian Fund

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    Huawei Launches Regional Center for Asia-Pacific Region

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    Facebook News Launches in the U.K. With New Local and National Partnerships

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    UK and Japan Sign £12M Worth Nuclear Decommissioning Deal

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    Ethio Telecom Reports 12% Growth in H1 Revenue Worth $693 Million

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    Nokia Bags 5G Contract from Proximus Luxembourg

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    Amazon Launches IP Accelerator for SMBs Across Europe

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    US Government Grants Qualcomm Permission to Sell 4G Chips to Huawei

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    PSC Insurance Group Acquires Two UK-based Brokers for $66 Million

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    Aviva Sells French Operation to Aéma Groupe for €3.2 Billion

    Insurtech Igloo Joins Hands with Surety Broker Philinsure

    Insurtech Igloo Joins Hands with Surety Broker Philinsure

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    Apax Partners Acquires PIB Group from Carlyle Group Ownership

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    QIIG and SAP Partner up on Digital Transformation Deal

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    UnitedHealth’s Optum Signs Acquisition Deal for Change Healthcare for $13 Billion

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    French Insurer AXA Sells Gulf Business for $269 Million

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    Aviva Plc Sells Italian Life Insurance Venture to Partner UBI Banca

  • Energy
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    Japanese Energy Firm Mitsubishi to Provide Wind Power to Amazon’s European Facilities

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    UAE Institutions Join World Logistics Passport to Foster Trade Growth

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    BIS Launches Second Green Bond Investment Fund for Central Banks

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    Macquarie Approves £3 Billion Funding of U.K. Green Projects

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    Petrobras Emphasizes Carbon Cuts as Equinor Considers Offshore Renewables

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    Abu Dhabi Gives Green Signal to ADNOC to Bolster Muruban Futures

    Australia’s NSW Reveals $23 Billion Renewable Energy Boost

    Australia’s NSW Reveals $23 Billion Renewable Energy Boost

  • Real Estate
    Aegon AM Launches U.K. Real Estate Fund for DC Pension Investors

    Aegon AM Launches U.K. Real Estate Fund for DC Pension Investors

    Abu Dhabi and Aldar Properties Join Hands to Develop $12.25 Billion Worth of Projects

    Abu Dhabi and Aldar Properties Join Hands to Develop $12.25 Billion Worth of Projects

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    What Brexit Means for Property Market: Key Issues in 2021

    BNP Paribas REIM Acquires Nursing Home Property for European HPF Fund

    BNP Paribas REIM Acquires Nursing Home Property for European HPF Fund

    Alter Domus Partners with Yardi to Improve Real Estate Operations

    Alter Domus Partners with Yardi to Improve Real Estate Operations

    Abu Dhabi’s ADQ and Aldar Sign MoU for Emirate’s Projects

    Abu Dhabi’s ADQ and Aldar Sign MoU for Emirate’s Projects

    Invesco Real Estate Acquires GAM Investment Property Debt Fund Finance

    Invesco Real Estate Acquires GAM Investment Property Debt Fund Finance

    Aviva Investors to Invest GBP 10 Billion into UK Real Estate for Next Three Years

    Aviva Investors to Invest GBP 10 Billion into UK Real Estate for Next Three Years

    Saudi Arabia Imposes 5% Tax, Exempts VAT from Property Deals

    Saudi Arabia Imposes 5% Tax, Exempts VAT from Property Deals

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Home Energy

Saudi Oil Giant Aramco Set to Acquire 2.1 Billion SABIC Shares

The Global Economics by The Global Economics
June 15, 2020
in Energy, Trending
Reading Time: 1min read
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Saudi Arabia’s Aramco has implemented the acquisition of 70% stake in Saudi Basic Industries Corp. (SABIC), the petrochemical giant along with buying 2.1 billion shares on Sunday.

According to sources, four transactions were executed on the SABIC shares priced between SR123.40 and SR123.20 riyal per share as Aramco moved ahead with the kingdom’s sovereign fund- Public Investment Fund (PIF). The acquisition was part of a deal late last year, announced on March 29, 2019 where Aramco had agreed for a major shareholding of SABIC for SR259.13 billion.

As per the deal, Aramco will be paying SR93.3 billion to the PIF in the first installment and the remaining $44 billion from Sept. 30, 2020 to Sept. 30, 2025.

The deal is supposedly the biggest chemical industry deals in the history with the aim of boosting Aramco’s growth, help the Public Investment Fund to raise cash, and expand from oil production to chemicals.

In a statement, oil giant Aramco said that the deal completion being on track and to be finalized before the end of the 2nd quarter as all the necessary pre-closing regulatory clearances are being obtained.

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The Global Economics Limited is a UK based financial publication and a bi-annual business magazine giving thoughful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

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