Jadwa Investment acquires 35% stake in Kuwaiti perfumer Gissah
Updated 23 August 2023
Arab News
RIYADH: Saudi Arabia’s Jadwa Investment announced on Wednesday that it has acquired a 35 percent equity stake in one of the Gulf region’s fastest-growing fragrance companies.
Jadwa’s acquisition of Kuwait’s Gissah Perfumes Co. took place through its private equity arm, Jadwa Retail Opportunities Fund, the companies disclosed in a joint statement on Wednesday.
As one of the Kingdom’s leading privately owned investment banks, Jadwa prepares to unlock the fragrance company’s next growth phase.
“This partnership represents a new chapter for Gissah, as it will enable us to continue to build on our growth momentum, advance our corporate journey and prepare the company for public listing on the Saudi Stock Exchange,” said Faisal Al-Shayji, chairman of Gissah.
The timeline for Gissah’s planned listing on the Kingdom’s stock exchange and the value of the investment have not been yet disclosed.
Launched in 2018, Gissah grew rapidly with 80 stories in 25 cities across Saudi Arabia, Kuwait, the UAE and Bahrain.
Elie El-Khoury, head of private equity at Jadwa Investment, said: “Gissah is rising star in the GCC’s perfume sector.”
Syria’s finance minister says foreign investors welcome after US sanctions move
Syria ‘land of opportunities’ for investors, Barnieh says
Sectors include farming, oil, tourism, roads, ports, he says
Private sector to have central role in new Syrian state, he says
Barnieh says sanctions removal is just first step in Syria’s recovery
Updated 4 sec ago
Reuters
DAMASCUS: Syrian Finance Minister Yisr Barnieh made a call to global investors on Wednesday to come do business with Syria after US President Donald Trump’s surprise announcement that he would lift all of Washington’s sanctions on the country.
“Syria today is a land of opportunities, with immense potential across every sector — from agriculture to oil, tourism, infrastructure, and transportation,” Barnieh said in an interview with Reuters at the Finance Ministry in Damascus.
“We envision a central role for the private sector in the new Syrian economy. The finance ministry’s role is not to spend indiscriminately or act as a regulatory enforcer over businesses, but rather to enable and support growth.”
A wall outside his office still bore the discolored outline of one of the many posters of former strongman Bashar Assad that used to hang in Syria’s public buildings before his ousting by Islamist rebels Hayat Tahrir Al-Sham last year.
Changes in Syria have been swift since Assad fled to Russia in December of last year.
Former rebel commander Ahmed Sharaa was appointed president, formed a government and had quick success garnering Gulf Arab support and getting most European sanctions lifted.
The stunning turn of events was capped by a meeting between Sharaa and Trump in Riyadh on Wednesday after Trump’s pledge to cease US sanctions imposed on Syria under Assad-family rule, measures widely seen as the biggest external obstacles to the country’s economic recovery.
Trump has not set out a timeline for removal.
“One of the most critical outcomes of lifting sanctions would be Syria’s reintegration into the global financial system,” Barnieh said.
“This would allow us to restore financial flows and attract investments, which are urgently needed across all sectors,” he said, adding that Syrian authorities have already seen strong interest from Saudi Arabia, the UAE, Kuwait, Qatar, and several EU countries, among others.
He noted that the government is undertaking a comprehensive overhaul of public financial management, including reforms to the tax system, customs, and banking — part of a broader effort to modernize an economy long burdened by an oversized public sector.
He also struck a cautioning tone, saying that the removal of sanctions would be just the first step in a years-long recovery for a country ruined by 14 years of war.
“The lifting of sanctions is not the final chapter,” he said.
“We cannot afford to become complacent. We are entering a new phase that demands real results and visible progress on the ground.”
Oil Updates — crude slides 3 percent on expectations for US-Iran nuclear deal
Updated 18 min 19 sec ago
Reuters
TOKYO: Oil prices fell by about $2 on Thursday on expectations of a potential US-Iran nuclear deal that could result in sanctions easing, while a surprise build in US crude oil inventories last week heightened investor concerns about oversupply.
Brent crude futures fell $2.16, or 3.3 percent, to $63.93 a barrel by 9:57 a.m. Saudi time. US West Texas Intermediate crude futures slid $2.10, or 3.3 percent, to $61.05.
Both benchmarks lost about 0.8 percent on Wednesday.
Iran is willing to agree to a deal with the US in exchange for the lifting of economic sanctions, an Iranian official told NBC News in an interview published on Wednesday.
“Fresh selling was triggered by expectations that a US-Iran nuclear deal would ease recently tightened US sanctions on Iran, potentially loosening the global crude supply-demand balance,” said Yuki Takashima, economist at Nomura Securities.
Saudi Arabia fully supports the US-Iran nuclear talks and hopes for positive results, the kingdom’s foreign minister Prince Faisal bin Farhan Al-Saud said on Wednesday.
Washington issued sanctions on Wednesday to target Iranian efforts to domestically manufacture components for ballistic missiles, the US Treasury Department said, following Tuesday’s sanctions on some 20 companies in a network that it said has long sent Iranian oil to China.
The sanctions came following a fourth round of US-Iran talks in Oman aimed at addressing disputes over Iran’s nuclear program.
The surprise rise in US inventories overnight is also weighing on prices as is profit taking after crude oil rebounded toward the top of its recent $55-$65 per barrel range, said Tony Sycamore, an analyst at IG.
“My forecast is we continue to see a range bound market for the next month or so, however barring an unexpected geopolitical shock, when the range does give way it will be to the downside, toward $50 per barrel,” he said.
Data from the Energy Information Administration showed crude stockpiles rose by 3.5 million barrels to 441.8 million barrels in the week ended May 9, compared with analysts’ expectations in a Reuters poll for a 1.1 million-barrel draw.
API industry data also showed a large build of 4.3 million barrels in crude stocks last week, market sources said on Tuesday.
The Organization of the Petroleum Exporting Countries and allied producers, known as OPEC+, has been increasing supply, although OPEC on Wednesday trimmed its forecast for growth in oil supply from the US and other producers outside the wider OPEC+ group this year.
Saudi-US business ties grow through deeper partnerships
Top US executives highlight Saudi Arabia’s rise as a hub for high-tech, manufacturing, and infrastructure investment
Updated 15 May 2025
Nadin Hassan
RIYADH: Mutual investments between Saudi Arabia and the US are expanding in key sectors as industry leaders from both countries eye deeper partnerships and co-development opportunities.
Speaking to Arab News on the sidelines of the Saudi-US Investment Forum, held during US President Donald Trump’s state visit to the Kingdom on Tuesday, Joseph Rank, vice president and CEO of Lockheed Martin for Saudi Arabia and Africa, said that enhanced partnerships are paving the way for two-way investments.
“This is an opportunity to really enhance our partnership and grow business. There’s actually almost too many to talk about. But the real key is growing our partnership, which then leads to investment on both sides,” Rank said.
Joseph Rank, vice president and CEO of Lockheed Martin for Saudi Arabia and Africa. (AN photo)
Lockheed Martin’s role in the Kingdom is shifting from traditional collaboration to advanced manufacturing and technology sharing, Rank said.
“We used to build things here. Now we’re actually manufacturing things here. So the big opportunity is manufacturing, co-production, co-development and transfer of technology,” he said.
“This is jobs for Lockheed Martin in the US and jobs for Saudi industry here. A win-win-win.”
Marc Winterhoff, interim CEO of electric vehicle manufacturer Lucid Group Inc., stressed the importance of Saudi Arabia as a manufacturing base, with its King Abdullah Economic City facility expected to reach a 150,000-unit capacity.
Marc Winterhoff, interim CEO of electric vehicle manufacturer Lucid Group Inc., is pictured at the Saudi-US Investment Forum in Riyadh on Tuesday. (AN photo)
“We have very, very close ties to Saudi Arabia, both from an investment point of view, but also we’re building a big plant in KAEC here,” he said, adding that 65 percent of the workforce is currently made up of Saudi citizens.
“There’s a lot of investment going into this plant to build vehicles for the local market, but then also for exports.”
Winterhoff said Lucid is also working with Saudi research institutions, including King Abdullah University of Science and Technology, to co-develop advanced technologies like artificial intelligence models, autonomous driving, and crash simulation.
Sadek Wahba, chairman and managing partner of I Squared Capital, echoed the sentiment, describing the forum as a reflection of enduring US-Saudi economic cooperation and the role infrastructure will play in future development.
Sadek Wahba, chairman and managing partner of I Squared Capital is pictured at the Saudi-US Investment Forum in Riyadh on Tuesday. (AN photo)
“The event represents the best of what you can find in Saudi in the cooperation that can exist between the United States and Saudi Arabia.
“Cooperation that already exists for the last decades, and I think will continue to flourish over the coming period,” Wahba said.
He said the company sees significant opportunity in Saudi Arabia’s infrastructure sector, particularly in telecoms, digital infrastructure, transport and logistics.
IN NUMBERS
• $1billion+ Planned investment by I Squared Capital, with backing from the Saudi PIF and others. • 65% Of Lucid’s workforce in the Kingdom is made up of Saudi citizens.
The biggest investment opportunities are in transport and logistics, he said, citing the growing needs of a rapidly developing economy.
Wahba also announced a memorandum of understanding with the Public Investment Fund to establish a Middle East infrastructure fund focused mainly on Saudi Arabia.
“I Squared Capital is looking to invest over $1 billion over the coming years, and PIF and others will be contributing to that effort,” he said.
Meanwhile, Kathy Warden, president and CEO of Northrop Grumman Corp., emphasized the company’s longstanding partnership with the Kingdom and its commitment to investing in defense and local talent.
Kathy Warden, president and CEO of Northrop Grumman Corp., is pictured at the Saudi-US Investment Forum in Riyadh on Tuesday. (AN photo)
Warden said that the company signed a memorandum of intent with the Saudi government’s General Authority of Military Industries to procure capabilities from Northrop Grumman, which total nearly $14 billion.
The US company is also partnering locally with Saudi Arabian Military Industries to deliver its capabilities.
“These investments will contribute to the security and safety of the Kingdom and also create local jobs that are high-skilled engineering jobs,” she added.
From a technology perspective, Chris Rouland, founder and CEO of Phosphorus Cybersecurity Inc., emphasized the need to secure AI and data-driven systems as Saudi Arabia ramps up its digital transformation.
Chris Rouland, founder and CEO of Phosphorus xIOT Cybersecurity Inc., is pictured at the Saudi-US Investment Forum in Riyadh on Tuesday. (AN photo)
“I think one thing that was overlooked in today’s conversations was the importance of security in artificial intelligence,” Rouland said. “Just as security and safety has made the Kingdom such a great place to do business, security and privacy are very important for AI and data centers.”
He said that the company is exploring a joint venture in Saudi Arabia aimed at securing Internet of Things infrastructure and AI systems to prevent exploitation by cybercriminals.
The forum underscored the Kingdom’s growing role as a magnet for American industry leaders seeking to invest in sectors aligned with Vision 2030 — from defense and infrastructure to advanced manufacturing and cybersecurity — reinforcing Saudi-US economic ties built on shared long-term objectives.
US and Qatar sign agreements worth $1.2 trillion during Trump’s visit to Doha
Deals include massive order from Qatar Airways to buy 210 Boeing jets for $96 billion
Trump urges Qatar to use its influence over Iran to stop proxy wars as condition for nuclear deal
Updated 15 May 2025
Arab News
DOHA: US President Donald Trump and Qatar’s Emir Sheikh Tamim bin Hamad Al-Thani agreed deals in Doha on Wednesday that the White House said were worth $1.2 trillion, including a massive order from Qatar Airways to buy Boeing aircraft.
Qatar Airways will buy up to 210 Boeing 777X and 787 widebody jets for $96 billion in a coup for both Trump and the planemaker.
Trump said he and Sheikh Tamim also discussed Iran, the Russia-Ukraine war, strengthening ties in defense, investment, energy, education and cybersecurity. They also touched on preparations for the FIFA World Cup 2026 and the 2028 Olympics, which will be hosted in the US.
The two leaders also witnessed the signing of a joint declaration of cooperation between the two governments, and letters of offer and acceptance for MQ-9B drones and the FS-LIDS anti-drone system, Qatar News Agency reported.
President Trump thanked the emir for Qatar’s warm hospitality and described Sheikh Tamim as a longtime friend and trusted partner. “We always had a very special relationship,” he said of the emir.
Senior Qatari ministers and US cabinet officials, including the secretaries of state, defense, treasury, commerce and energy, also attended the talks and signing ceremony.
Talks with Iran
Trump also urged Qatar to use its influence over Iran to persuade the country’s leadership to reach an agreement with the US to dial back its rapidly advancing nuclear program.
Qatar over the years has played the role of intermediary between the US and Iran and its proxies, including during talks with Tehran-backed Hamas as its 19-month war with Israel grinds on.
“I hope you can help me with the Iran situation,” Trump said during remarks at the state dinner. “It’s a perilous situation, and we want to do the right thing.”
Trump wants Iran to stop backing militant proxy groups.
Earlier, before he left Saudi Arabia for Qatar, Trump said he wanted to reach an agreement with Iran on its nuclear program, but Tehran must end its support for proxy militias throughout the Middle East.
Iran “must stop sponsoring terror, halt its bloody proxy wars, and permanently and verifiably cease pursuit of nuclear weapons,” Trump told Gulf leaders at a GCC summit in Riyadh. “They cannot have a nuclear weapon.”
The president’s demand for Iran to cease support of Hamas in Gaza, Hezbollah in Lebanon, and the Houthis in Yemen comes as Tehran’s proxy network faces significant setbacks.
Hezbollah is severely weakened after a war with Israel in which many of its leaders were killed, and it lost a key ally with the fall of Syrian dictator Bashar Assad, a conduit for Iran to send arms.
Terror-free future
Trump said the moment was ripe “for a future free from the grip of Hezbollah terrorists.”
In Gaza, Hamas has been militarily decimated by an Israeli offensive since October 2023.
Only the Houthis in Yemen have emerged relatively unscathed from an American bombing campaign that ended last week with a unilateral US ceasefire.
The US and Iran have had four rounds of nuclear talks since last month.
Saudi Arabia fully supported the talks and hoped for positive results, Foreign Minister Prince Faisal bin Farhan said on Wednesday.
Earlier, the leaders of the US and Syria met face-to-face for the first time in 25 years.
Ahmad Al-Sharaa, interim president of the Syrian Arab Republic, flew to Riyadh a day after Trump said he would lift sanctions on the Syrian economy after discussions with Saudi Crown Prince and Prime Minister Mohammed bin Salman.
The crown prince joined Trump and Al-Sharaa for the meeting. Turkish President Recep Tayyip Erdogan took part via video conference.
Syria’s Foreign Ministry hailed the meeting as “historic,” and said the two leaders had discussed “avenues for Syrian-American partnership in counterterrorism efforts” and the importance of supporting reconstruction.
There was elation on the streets of Damascus and other cities, with cheering, dancing and celebratory gunfire as Syrians rejoiced in their relief from US sanctions.
“These sanctions were imposed on Assad, but ... now that Syria has been liberated, there will be a positive impact on industry, it’ll boost the economy and encourage people to return,” said Aleppo soap factory owner Zain Al-Jabali, 54.
US President Donald Trump, Qatar’s Emir Sheikh Tamim bin Hamad Al-Thani and Boeing CEO Kelly Ortberg at the Royal Palace in Doha on Wednesday. (AFP)
Big win for Trump and Boeing
The Qatar Airways deal for Boeing 777X and 787 planes with GE Aerospace engines is a win for Trump on a high-profile visit to the region, even though it will be years before the jets are delivered.
The sale is also a boost for Boeing and its biggest engine supplier at a time when large versions of rival Airbus’ A350, powered by Rolls-Royce engines, have struggled with maintenance problems from operating in the world’s hottest climates, including the Gulf region. The agreement is for 160 firm orders — 130 787s and 30 777Xs — and options for another 50 of the two long-haul airplanes, according to Boeing. The company’s shares rose 0.6 percent in New York, while GE Aerospace stock gained 0.7 percent.
For the 787s, Qatar opted for GE Aerospace’s GEnx engines rather than Rolls-Royce’s Trent 1000, according to the administration. GE Aerospace’s GE9X is the only engine option for the 777X. The deal for 400 GE engines is the largest ever for GE Aerospace, the company’s CEO Larry Culp said in a statement, a point echoed by Qatar Airways, which told Reuters in March that it was working on a large order for widebody jets.
Trump and Qatar’s Emir Sheikh Tamim bin Hamad Al-Thani joined a signing ceremony with Boeing CEO Kelly Ortberg and Qatar Airways CEO Badr Mohammed Al-Meer. Trump said Ortberg told him it was the largest jet order in Boeing’s history.
The 777X is still in development and slated to start deliveries in 2026, six years behind schedule. Qatar Airways already has orders for 94 777Xs. Its competitor, Emirates, has orders for 205 777Xs. The two airlines were among the first customers when Boeing launched the program in 2013.
Boeing’s order book included 521 777X orders and 828 787 orders as of April 30, according to the company.
Aramco signs 34 agreements worth $90bn with US firms to boost innovation, growth
Updated 14 May 2025
Nadin Hassan
RIYADH: Saudi energy giant Aramco signed 34 agreements and memorandums of understanding worth approximately $90 billion with major US companies, as it seeks to advance its long-term strategy and strengthen innovation.
Signed on the sidelines of the Saudi-US Investment Forum, the agreements span a wide array of sectors including liquefied natural gas, chemicals, and fuels, as well as artificial intelligence and emission-reduction technologies.
The forum was held on the occasion of the US President Donald Trump’s state visit to the Kingdom.
In a statement, the energy company’s president and CEO, Amin Nasser, said the announcements “show the breadth and depth of Aramco’s long history of partnerships with US companies since the first discovery of oil in the Kingdom more than 90 years ago.”
He added: “Our US-related activities have evolved over the decades, and now include multidisciplinary R&D, the Motiva refinery in Port Arthur, startup investments, potential collaborations in LNG, and ongoing procurement.”
In the downstream sector, Aramco inked deals with Honeywell UOP and Motiva for technology licensing and an aromatics project at the Port Arthur refinery, respectively.
It also signed agreements with Afton Chemical to develop chemical fuel additives, and with ExxonMobil to evaluate a major upgrade to the SAMREF refinery, potentially transforming it into a world-class integrated petrochemical complex.
For upstream developments, Aramco’s deals included a memorandum with Sempra Infrastructure linked to the Port Arthur LNG 2 project, a collaboration with Woodside Energy to explore global opportunities including lower-carbon ammonia, and a final agreement with NextDecade for the long-term purchase of 1.2 million tonnes per annum of LNG from the Rio Grande LNG Facility.
Technology and innovation were at the heart of several agreements. A strategic framework was signed with Amazon Web Services to cooperate on digital transformation and lower-carbon initiatives.
With NVIDIA, Aramco agreed to establish advanced industrial AI infrastructure, an AI Hub, and training programs. Qualcomm also signed an MoU with Aramco Digital to explore connectivity solutions using Aramco’s 450 MHz 5G network.
Aramco’s procurement arm reinforced its links with major US service and equipment providers, including SLB, Baker Hughes, Halliburton, and Emerson, while partnerships in asset management and finance were inked with PIMCO, State Street, and Wellington, as well as BlackRock, Goldman Sachs, and Morgan Stanley, among others.
Additional agreements included a plan with Guardian Glass to localize specialty glass manufacturing in the Kingdom.
These deals reflect Aramco’s commitment to fostering industrial development, technological advancement, and long-term partnerships that align with its strategic vision and the Kingdom’s broader economic diversification goals.
