Exxon smashes Western oil majors’ profits with $56bn in 2022
Exxon smashes Western oil majors’ profits with $56bn in 2022/node/2242346/business-economy
Exxon smashes Western oil majors’ profits with $56bn in 2022
Exxon’s results far exceeded the then-record $45.2 billion net profit it reported in 2008, when oil hit $142 per barrel, 30 percent above last year’s average price. Reuters
Exxon smashes Western oil majors’ profits with $56bn in 2022
Updated 31 January 2023
Reuters
HOUSTON: Exxon Mobil Corp. posted a $56 billion net profit for 2022, the company said on Tuesday, taking home about $6.3 million per hour last year, and setting not only a company record but a historic high for the Western oil industry.
Oil majors are expected to break their own annual records on high prices and soaring demand, pushing their combined take to near $200 billion. The scale has renewed criticism of the oil industry and sparked calls for more countries to levy windfall profit taxes on the companies.
Exxon’s results far exceeded the then-record $45.2 billion net profit it reported in 2008, when oil hit $142 per barrel, 30 percent above last year’s average price. Deep cost cuts during the pandemic helped supercharge last year’s earnings.
“Overall earnings and cash flow were up pretty significantly year on year,” Exxon Chief Financial Officer Kathryn Mikells told Reuters. “So that came really from a combination of strong markets, strong throughput, strong production, and really good cost control.”
Exxon said it incurred a $1.3 billion hit to its fourth quarter earnings from a EU windfall tax that began in the final quarter and from asset impairments. The company is suing the EU, arguing that the levy exceeds its legal authority.
Excluding charges, profit for the full year was $59.1 billion. Production was up by about 100,000 barrels of oil and gas per day over a year ago to 3.8 million bpd. Adjusted per-share profit of $3.40 beat consensus of $3.29 per share, according to Refinitiv data. Shares were up about 1 percent at $114.70.
“It’s a headline beat,” Biraj Borkhataria from RBC Capital said in a note, despite lower chemical margins, lower-than- expected downstream gains and plans for higher maintenance works in refineries this quarter.
Startup Wrap — Saudi capital driving SME growth amid rising AI and tech demand
Updated 7 sec ago
Nour El-Shaeri
RIYADH: Startups across the Middle East and North Africa continued to attract significant investment in the past week, with Saudi Arabia emerging as the driving force behind many of the region’s most prominent funding rounds and initiatives.
Backed by government-led strategies and private capital, the Kingdom is reinforcing its position as a regional hub for innovation and artificial intelligence-driven technologies.
Saudi Arabia-based Wyld VC has launched a $50 million early-stage venture capital fund focused exclusively on AI, becoming the first AI-native VC firm in the MENA region.
The fund is founded and led by Tala Hasan Al-Jabri and is designed to support AI founders building middleware and application-layer innovations, targeting sectors with the highest potential for industrial transformation.
“The GCC is leading the charge in catalyzing an AI revolution— through massive infrastructure investments, advanced research and model deployment, and transparent, innovation-forward regulation,” said Al-Jabri, adding: “However, the region’s greatest gap is AI talent. Wyld VC is here to fill that gap.”
Wyld VC is backed by the family office of Lawrence E. Golub, marking its first investment in the Middle East.
“Tala is a highly accomplished, talented investor, with a track record of success investing in innovative, early-stage technology companies,” said Golub.
“Her considerable investment acumen, combined with her unparalleled and comprehensive ties and network in the Gulf and the US, offer a unique investment opportunity. I am excited to be supporting Tala and Wyld on this compelling new venture,” Golub added.
WakeCap raises $28m to expand contech platform
Hassan Al-Balawi, co-founder of WakeCap. Supplied
WakeCap, a Saudi construction technology company, secured $28 million in funding during the Saudi-US Investment Forum.
The company will use the capital to enhance its construction site safety solutions, expand its presence in Saudi Arabia, and pursue international markets.
Founded in 2017 by Hassan Al-Balawi and Ishita Sood, WakeCap provides wearable technology that enables contractors and project managers to monitor site operations in real-time.
Its platform offers digital insights to improve safety, efficiency, and decision-making on large-scale construction projects.
“WakeCap’s ability to capture and act on real-time jobsite data is critical for high-performing project controls,” said Al-Balawi.
“This round fuels our next stage of growth as we expand our global footprint, increasing the value we deliver to customers through richer insights, faster reporting, and greater operational efficiency,” he added.
Kilow secures $2.5m to scale AI-powered weight management
Fahed Al-Essa, founder of Kilow. Supplied
Saudi health tech startup Kilow has raised $2.5 million in seed funding to develop its personalized, AI-powered weight management platform.
The round was led by Sanabil Venture Studio, in partnership with innovation services firm Stryber.
Founded in 2024 by Fahed Al-Essa, Kilow provides users with personalized treatment plans, medical consultations, and real-time health tracking.
The platform also integrates with smart health devices and offers at-home lab testing, enabling a comprehensive digital health experience.
The funds will be used to expand Kilow’s product capabilities and reach more users across Saudi Arabia as it aims to tackle the growing health and wellness market with AI-driven solutions.
Saudi Arabia launches Humain to spearhead AI development
Saudi Arabia has launched Humain, a state-backed AI company established under the Public Investment Fund.
Chaired by Crown Prince Mohammed bin Salman, Humain will serve as the central national entity responsible for AI development and investments, aligning with the Kingdom’s Vision 2030 agenda.
With a focus on infrastructure and model development, the company will offer next-generation data centers, advanced AI infrastructure, and cloud computing capabilities.
A key initiative will be the development of a multimodal Arabic large language model tailored to regional needs.
The launch was strategically timed to coincide with the visit of US President Donald Trump to Riyadh, reflecting the broader geopolitical importance of AI collaboration between Saudi Arabia and the US.
Google backs STV’s new AI fund for MENA startups
Saudi-based venture capital firm STV has launched a new AI-focused fund with backing from Google, aimed at supporting early-stage startups in the MENA region.
The fund will invest in companies developing application-layer AI products, localized large language models, and supporting infrastructure.
The initiative seeks to address the region’s underrepresentation in AI funding. In 2024, only 1.5 percent of total VC investment in MENA was directed toward AI startups, compared to 38 percent in the US and 13 percent in India.
The partnership brings together STV’s regional market insight with Google’s AI research and product expertise to support the development of locally relevant and globally competitive technologies.
Nawy raises $75m to scale proptech and mortgage offering
The Nawy team. Supplied
Egyptian property tech company Nawy has raised a total of $75 million in its latest funding rounds, comprising a $52 million series A equity round and $23 million in debt financing.
The equity round was led by Partech, with participation from e& Capital, March Capital, and VKAV, as well as DPI via Nclude, VentureSouq, and Shorooq.
Debt funding was provided by leading Egyptian banks to support the expansion of Nawy Now, the company’s mortgage platform.
Founded in 2019 by Mohamed Abou Ghanima, Abdel-Azim Osman, Ahmed Rafea, Aly Rafea, and Mostafa El-Beltagy, Nawy offers a full-stack real estate ecosystem including financing, fractional ownership, asset management, and business to business brokerage enablement.
Nawy claims to have achieved $1.4 billion in gross merchandise value in 2024 and reports a 50 time increase in US dollar-denominated revenue.
The company previously raised $5 million in seed funding in 2022 from the Sawiris family office.
AqlanX raises $10m for Arabic-first enterprise AI
UAE-based AI company AqlanX has raised $10 million in funding from Lakeba Group through its subsidiary DoxAI.
The investment was made under the UAE’s NextGen FDI initiative, which aims to attract high-tech foreign investment to the country.
Founded in 2025 by Demetrio Russo, AqlanX builds enterprise-grade AI solutions for automating business processes, improving operational efficiency, and transforming document management.
The company focuses on building Arabic-first AI technologies to serve local enterprises.
The funding will be used to localize and scale DoxAI’s automation products across the Middle East, as the company expands its footprint within the region’s growing AI ecosystem.
TensorWave raises $100m to expand AMD-based AI clusters
AI infrastructure startup TensorWave has raised $100 million in a funding round led by Magnetar and AMD Ventures, bringing its total raised to $146.7 million.
Other participants include Maverick Silicon, Nexus Venture Partners, and Prosperity7 Ventures, the investment arm of Saudi Aramco.
Founded in 2023 by Darrick Horton, Jeff Tatarchuk, and Piotr Tomasik, TensorWave offers AMD GPU-based cloud services optimized for AI training.
The company has already launched a large-scale training cluster featuring 8,192 AMD Instinct MI325X GPUs.
The new capital will be used to scale TensorWave’s GPU infrastructure, grow its workforce to over 100 employees, and accelerate revenue growth.
The company projects it will exceed $100 million in run-rate revenue by the end of 2025.
Arkestro secures $36m to enhance AI procurement technology
Arkestro, a predictive procurement platform, has closed a $36 million strategic funding round led by Altira Group and Aramco Ventures, with participation from NEA, KDT, and Activant.
The platform uses AI, behavioral science, and game theory to drive cost savings and improve procurement efficiency.
The company claims its platform generates an average of 18.8 percent in savings per $1 million of enterprise spend.
The funding will support the company’s global expansion and the continued development of its AI capabilities to reduce supply chain risk and enhance collaboration between procurement teams and suppliers.
Oil Updates — crude set for 2nd weekly rise on trade war truce
Updated 16 May 2025
Reuters
BEIJING/SINGAPORE: Oil prices held steady on Friday, heading for a second consecutive weekly gain due to easing US-China trade tensions though a potential return of Iranian supply limited price gains.
Brent crude futures dipped 1 cent to $64.52 a barrel by 6:26 a.m. Saudi time. US West Texas Intermediate crude futures added 2 cents to $61.64.
Both contracts fell more than 2 percent in the previous session following a selloff due to the rising prospect of an Iranian nuclear deal.
President Donald Trump said the US was nearing a nuclear deal with Iran, with Tehran “sort of” agreeing to its terms. However, a source familiar with the talks said there were still issues to resolve.
ING analysts wrote in a note that a nuclear deal lifting sanctions would ease supply risk, allowing Iran to increase oil output and find more willing buyers for its oil. That could result in additional supply of around 400,000 barrels per day, they said.
Despite the potential supply pressure, both Brent and WTI were up 1 percent so far this week, after a surge earlier in the week. Sentiment got a boost after the US and China, the world’s two biggest oil consumers and economies, agreed to a 90-day pause on their trade war during which both sides would sharply lower trade duties.
The hefty reciprocal Sino-US tariffs had raised fears of a sharp blow to global growth and oil demand.
Analysts at BMI, a unit of Fitch Solutions, maintained their forecasts for Brent to average $68 per barrel in 2025 and $71 per barrel in 2026, down from 2024’s $80 per barrel, citing the uncertainty of trade policy on the price outlook.
“While the 90-day cooling off period leaves the door open for additional progress on lowering trade barriers on both sides, the uncertainty on longer-term trade policy will limit price upside,” the analysts said in a research report.
Adding to market concerns was an expected surplus.
The International Energy Agency on Thursday hiked its 2025 global supply growth forecast by 380,000 bpd, as Saudi Arabia and other OPEC+ members unwind output cuts.
The IEA also projected a surplus for next year, despite a minor upward revision of its 2025 global oil demand forecast by 20,000 bpd.
Investors were also watching for signs of interest rate cuts by the Federal Reserve, which could bolster the economy and oil demand.
Earlier this week, data from the US Energy Information Administration showed a bigger-than-expected jump in crude stockpiles, heightening demand concerns in the world’s biggest oil consumer.
Closing Bell: Saudi main index slips to close at 11,485
Updated 15 May 2025
Reem Walid
RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Thursday, losing 46.95 points, or 0.41 percent, to close at 11,485.05.
The total trading turnover of the benchmark index was SR5.28 billion ($1.40 billion), as 61 of the stocks advanced and 179 retreated.
Similarly, the Kingdom’s parallel market Nomu lost 46.12 points, or 0.17 percent, to close at 27,841.06. This comes as 32 of the listed stocks advanced while 43 retreated.
The MSCI Tadawul Index lost 4.40 points, or 0.30 percent, to close at 1,462.76.
The best-performing stock of the day was Miahona Co., whose share price surged 10 percent to SR24.86.
Other top performers included National Gypsum Co., whose share price rose 4.90 percent to SR21 as well as Saudi Manpower Solutions Co., whose share price surged 3.09 percent to SR7.01.
Zamil Industrial Investment Co. recorded the most significant drop, falling 10 percent to SR43.20.
Arabian Contracting Services Co. also saw its stock prices fall 8.21 percent to SR125.20, while Retal Urban Development Co. also saw its share value decline 6.98 percent to SR15.72.
On the announcements front, Saudi Awwal Bank has completed the offering of its USD-denominated Additional Tier 1 Green Sukuk, valued at $650 million. According to a statement on Tadawul, the total number of sukuk issued stands at 3,250, based on a minimum denomination and total issue size at a par value of $200,000 each. The sukuk offers a return of 6.50 percent and features perpetual maturity.
Saudi Awwal Bank ended the session at SR34.40, up 1.31 percent.
Bank Albilad has announced the commencement of its offering for a USD-denominated Additional Tier 1 Capital Sukuk. According to a bourse filing, the final amount and terms of the sukuk will be determined at a later stage, subject to prevailing market conditions. The offering period runs from May 15 to May 16.
The minimum subscription is set at $200,000, with additional increments of $1,000, based on a par value of $200,000. The bank has appointed HSBC Bank plc, Albilad Capital, Goldman Sachs International, and Emirates NBD Bank PJSC as joint lead managers for the issuance.
Bank Albilad ended the session at SR27.10, up 0.19 percent.
Emaar, The Economic City has announced its interim financial results for the first three months of 2025. According to a Tadawul statement, the company reported a net loss of SR123 million in the period ending March 31, down 65 percent compared to the corresponding quarter a year earlier.
This decrease in net loss is primarily attributed to an increase in revenues, a decrease in operational expenses, and reversal of ECL provision following a reassessment compared to the recorded provision in the corresponding quarter.
Emaar, The Economic City ended the session at SR13.50, down 1.02 percent.
Zamil Industrial Investment Co. reported a net profit of SR21.8 million for the first quarter of 2025, marking a 301 percent increase compared to the same period last year, according to a bourse filing.
The sharp rise in earnings was driven by higher sales across all business segments, along with increased operating income in the air conditioning, construction, and insulation divisions. The company also benefited from improved contributions from associates and joint ventures, as well as reduced financial charges.
Saudi Arabia forges ahead in AI and tech through US partnerships
Updated 15 May 2025
MOHAMMED AL-KINANI
JEDDAH: Saudi Arabia is advancing its artificial intelligence, cybersecurity, and cloud computing capabilities through agreements signed with leading US tech firms during an investment forum in Riyadh.
Among the deals signed during the event, six agreements were inked by entities from the Kingdom with US companies, reflecting the deepening strategic and technological cooperation between the two countries.
The forum commenced on May 13 at the King Abdulaziz International Conference Center in the Saudi capital, with the participation of high-ranking officials from both countries.
It coincided with the visit of US President Donald Trump, during which the Kingdom announced the signing of agreements with the North American country valued at over $300 billion.
These agreements mark a significant step forward in Saudi Arabia’s push to build a diversified, knowledge-based economy through strategic international partnerships, according to the Saudi News Agency.
The Saudi Data and Artificial Intelligence Authority, known as SDAIA, inked four memorandums of understanding with US technology firms PureStorage, DataDirect Network, Wika.io, and Palo Alto Networks during the event.
The agreements aim to enhance the Kingdom’s data and AI infrastructure, drive innovation in emerging technologies, and strengthen cooperation in cybersecurity and technical fields, SPA reported
In a separate move, the Saudi Digital Government Authority signed an MoU with the leading US multinational technology company Oracle to expand collaboration in cloud computing, AI, and digital services.
“The partnership is expected to strengthen the Kingdom’s leadership in cloud computing and digital transformation, enhance digital awareness among government employees and the wider community, and improve the efficiency of government services provided to citizens and residents,” the authority said in a statement.
The release added that the deal represents a model of constructive collaboration and an extension of national efforts aimed at promoting digital innovation, supporting the economy, and achieving institutional excellence through the development of the digital government ecosystem.
The signing ceremony took place at the authority’s headquarters in Riyadh and was attended by Ahmed Al-Suwaiyan, governor of DGA, and Cormac Watters, executive vice president and general manager at Oracle EMEA applications.
The agreement was signed by DGA Vice Gov. Abdullah Al-Faifi and Oracle Country Leader Reham Al-Musa.
The National Center for Privatization signed a memorandum of cooperation with the Association for the Improvement of American Infrastructure to strengthen professional competencies in privatization and public-private partnerships.
Signed on the sidelines of the forum, the agreement “reflects the NCP’s efforts to expand collaboration with the US private sector and develop training programs for Saudi professionals,” SPA report noted.
Under the deal, NCP and AIAI will work together on joint events, expert exchanges, and specialized sessions aimed at promoting institutional knowledge and global best practices in the Kingdom’s privatization ecosystem.
Saudi Arabia aiming to foster innovation and global collaboration, says economy minister
Updated 15 May 2025
Nadin Hassan
RIYADH: Saudi Arabia aims to foster a dynamic private sector, create jobs for its citizens, and attract international talent as part of its Vision 2030 strategy, according to a top official.
Speaking during an interview with Fox News on the sidelines of the Saudi-US Investment Forum, Economy and Planning Minister Faisal Al-Ibrahim said the Kingdom has embarked on a transformative path to unlock its potential and shift its growth narrative beyond oil.
The forum was held on the occasion of US President Donald Trump’s visit to Saudi Arabia, during which he was accompanied by a delegation of leading business figures.
Al-Ibrahim said: “We want a private sector that’s dynamic. We’re a young population, but in about 20, 25, 30 years, we’ll start the aging process. What we should look like at that stage is a government and a private sector and a third sector, and academia that is leveraging fully generative AI and other technological tools toward productivity.”
He added: “But also that has created jobs for a lot of Saudis, and has been able to, in the process, attract a lot of talent to come to Saudi to make Saudi Arabia their home.”
The minister emphasized that diversification has already begun to yield results, with sectors such as tourism, culture, and technology, as well as sports and artificial intelligence, contributing significantly to gross domestic product.
“We would love to be competitive in a large and vibrant consumer market, such as that in the US,” the minister said, highlighting the Kingdom’s increasing connections with global markets, especially American capital markets.
Al-Ibrahim noted that the non-oil gross domestic product has surpassed 50 percent for the first time, but cautioned against complacency.
“We’re not over-celebrating that, but we’re acknowledging this as a milestone. What we want to see is more non-oil exports growing. More non-oil exports of our manufacturing, GDP,” Al-Ibrahim said.
The minister also emphasized the importance of service sector quality, adding: “We want to see user experience in the services side, especially on the tourism side, second to none. Still have a lot of work to do.”
He noted that both Crown Prince Mohammed bin Salman and President Donald Trump have spoken of “peace and prosperity” as tools to address global challenges, reinforcing the Kingdom’s alignment with international efforts toward stability.
“We’ve seen what dialogue has led to in terms of the US and UK deal, US and China deal, and what Saudi has led to also through dialogue in the region,” the minister added.
On regional developments, he commented on the US decision to lift sanctions on Syria and its potential impact.
“Something as strong and meaningful and material as lifting sanctions could help a country such as Syria to invest more capital in building the institutions they need to be a more stable country, but also bring more stability to the region and be a force for good,” Al-Ibrahim said.
Describing the relationship between the crown prince and President Trump, the minister added: “I see common values between both leaders, regardless of age and background, and I think that’s one of the things that really brings the mutual respect into the public eye.”
Addressing skepticism about the Kingdom’s evolution, the minister concluded: “Saudi Arabia is a long-term reliable partner, if you ask anyone who has dealt with the Kingdom, government, people, anyone who has visited here ... Saudi Arabia has always been and always will be a force for good, for innovation.”
