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Saudi Arabia’s Vision 2030 driving private equity growth in the GCC

Private equity investments in Saudi Arabia have witnessed unprecedented growth over the past five years. Shutterstock
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Updated 21 February 2025
Miguel Hadchity
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Saudi Arabia’s Vision 2030 driving private equity growth in the GCC

Updated 21 February 2025
Miguel Hadchity

RIYADH: Saudi Arabia has emerged as a transformative force in the private equity landscape within the Gulf Cooperation Council, driven by strategic initiatives, regulatory reforms and the nation’s commitment to Vision 2030.

The Kingdom’s ambitious plans are reshaping the region’s investment ecosystem, setting new benchmarks for growth, diversification and global engagement.

A surge in private equity activity

Private equity investments in Saudi Arabia have witnessed unprecedented growth over the past five years.

The total value of PE transactions surged from $523 million in 2019 to an all-time high of $4 billion in 2023 — seeing a compound annual growth rate of 66 percent during this period, according to a report by MAGNiTT and Saudi Venture Capital Co.

This surge highlighted the Kingdom’s success in creating a favorable environment for local and international investors.

Speaking to Arab News, Arjun Singh, partner and global head of fintech at Arthur D. Little, emphasized Saudi Arabia’s economic resilience amid global challenges: “While the world has grappled with rising prices due to inflation, Saudi Arabia has been able to maintain a relatively low inflation rate — 2.1 percent in 2024 and projected 2.3 percent in 2025 — which makes for a stable investment environment.” 

Head of Janus Henderson Investors for Middle East, Africa and Central Asia, Meshal Al-Faras, expanded on this resilience, attributing it to strong domestic liquidity anchored by the Public Investment Fund and family offices, as well as a low debt-to-GDP ratio that ensures continued counter-cyclical investment even during global economic downturns.

He also highlighted Vision 2030’s success in “reducing dependence on oil and fostering resilience to inflationary pressures.”

Key to this growth is the increasing dominance of buyout transactions, which have consistently accounted for about 80 percent of the total PE capital deployed in Saudi Arabia. 

Growth equity investments have also gained traction, reflecting the Kingdom’s strategy to support mid-sized companies poised for expansion.




Meshal Al-Faras, head of Janus Henderson Investors for Middle East, Africa and Central Asia. Supplied

Sectoral highlights

The manufacturing sector led the charge in PE investments, capturing 46 percent of the total value between 2019 and 2023. Other prominent sectors included financial services, telecommunications and health care.

Vision 2030 initiatives have encouraged diversification into non-oil sectors, with Singh identifying several opportunities: “While manufacturing and financial services dominate, greater activity is anticipated in food and beverage, tourism, entertainment, health care, technology, renewable energy and real estate.”

Leader of FTI Consulting Middle East and Africa, Vikas Papriwal, noted the opportunities emerging in health care and technology. “The Kingdom is fast becoming a regional tech hub. Advancements in fintech, cybersecurity and in particular AI (artificial intelligence) are supported by key government initiatives,” he said.

Papriwal said that partnerships with leading centers of excellence are positioning Saudi Arabia as a leader in cutting-edge health care and medical research.

Al-Faras echoed these observations, pointing to technology as a key area: “Government initiatives like SDAIA (Saudi Authority for Data and Artificial Intelligence) and fintech success stories such as STC Pay highlight opportunities in AI, fintech and cloud computing.” 

He also emphasized the Kingdom’s ambitions in tourism and entertainment: “Giga-projects like NEOM and the Red Sea Development aim to attract 100 million annual visitors by 2030, driving investments in hospitality and eco-tourism.” 

Additionally, he highlighted logistics and supply chain opportunities due to Saudi Arabia’s strategic location as a global trade hub.

The top five PE transactions accounted for 76 percent of the total investment during the period between 2019 and 2023, underscoring the concentration of capital in high-value deals.

Driving forces behind the transformation

Saudi Arabia’s transformation into a PE powerhouse is deeply rooted in its economic and regulatory reforms. Vision 2030 has been instrumental in fostering a robust investment ecosystem.

Papriwal highlighted the impact of regulatory enhancements: “The recent updates to Companies Law have made conducting business in Saudi Arabia significantly easier for investors as it improves legal certainty and transparency.”

Al-Faras elaborated on this: “The introduction of new laws such as the New Companies Law, effective January 2023, have transformed Saudi Arabia’s business landscape.”

He added: “They have streamlined corporate structures, for example, the introduction of the Simplified Joint Stock Co. allows flexibility and ease for startups and investors, requiring no minimum capital. They have also improved governance, with enhanced minority shareholder protections and formal recognition of shareholder agreements boosting investor trust.”

The top official explained that the regulations enable full foreign ownership, which enables access to previously restricted sectors such as retail and manufacturing, and encourages international investment. 

“Moreover, they provide support for SMEs and Innovation in that provisions like audit exemptions and employee share schemes reduce costs and foster entrepreneurship,” he added.

Additionally, Singh pointed to Saudi Arabia’s improving global rankings: “KSA has steadily been rising in the ‘Ease of doing business’ ranking … and has also gone up the ranks in the Global Innovation Index ranking from 66th in 2020 to 48th in 2023; the GII ranks the world economies according to their innovation capabilities.”




Arjun Singh, partner and global head of fintech at Arthur D. Little. Supplied

The role of the Public Investment Fund

PIF has played a central role in driving private equity growth. Papriwal described it as a catalyst for fulfilling Vision 2030 objectives: “It is at the fulcrum of many government initiatives driving public and private sector growth and employment.”

He added: “PIF has successfully created a number of significant industry platforms allowing cutting-edge technologies to be embedded into these key growth engines.” 

Al-Faras highlighted the wealth fund’s pivotal role in de-risking investments: “By acting as an anchor investor, the PIF reduces risks for private and institutional investors. Its investments in technology, renewable energy and tourism projects like NEOM have positioned Saudi Arabia as a hub for innovation.” 

He added that PIF’s strategic approach balances domestic development with global diversification, demonstrating how sovereign wealth funds can align investments with national priorities to drive long-term growth.

Comparative advantage in the GCC

While global PE markets grapple with high interest rates and inflation, the GCC region, led by Saudi Arabia, remains resilient.

Saudi Arabia’s PE ecosystem benefits from its particular investor composition, where family offices and sovereign wealth funds dominate compared to institutional investors in Western markets.

Papriwal said: “Saudi private equity investors are also less dependent on global capital markets compared to their counterparts in other regions, which allows for a degree of insulation from international interest rate fluctuations.”

Al-Faras added: “Expanding IPO activity, and the privatization of state-owned assets create liquidity and exit opportunities.”

To attract more international general partners, Singh suggested building trust through greater transparency and aligning regulatory frameworks with global standards. 

Local players must focus on protecting intellectual property rights, streamlining dispute resolution and improving ease of doing business through financial incentives, he advised.

Al-Faras concurred, stating: “Another recommendation is to simplify market access: Expand 100 percent foreign ownership to additional industries and digitize business processes.”

Venture capital synergy

Complementing the PE landscape is Saudi Arabia’s thriving venture capital ecosystem. 

Venture funding in the Kingdom grew nearly 15-fold between 2018 and 2023, reaching $6.1 billion.

Programs such as the Neom Investment Fund and Aramco Ventures are catalyzing innovation, particularly in technology-driven sectors.

Papriwal said that encouraging partnerships between local firms and international general partners will ease navigation across the business landscape and accelerate investments.

Future outlook

As Saudi Arabia continues to reshape the PE landscape, several trends are expected to define its trajectory,

Increased deal flow, with ongoing economic diversification and infrastructure development will sustain growth in PE transactions.

Alongside that, sectoral expansion will occur, with health care, technology and logistics likely to attract increased investment, leveraging the Kingdom’s young, tech-savvy population and strategic geographical location.

Enhanced exit opportunities are also set to help foster a rise in IPOs, and strategic mergers and acquisitions, while secondary market activity will provide more avenues for PE firms to realize returns.

Papriwal summarized the Kingdom’s trajectory, explaining that Saudi Arabia’s proactive strategies “create a wider appeal to private equity investors who will give the Kingdom access to global capital.”

He added: “The resulting inflow of international capital, expertise and technology will have a profound and long-lasting impact on Saudi Arabia’s economic development, positioning the Kingdom as a major global business hub in the years ahead.” 

Topics: private equity Saudi Public Investment Fund (PIF)

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EV surge poised to displace 5m barrels of oil per day by 2030, led by China: IEA  

Updated 6 sec ago
Nour El-Shaeri  
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EV surge poised to displace 5m barrels of oil per day by 2030, led by China: IEA  

Updated 6 sec ago
Nour El-Shaeri  

RIYADH: Electric vehicles are set to displace more than 5 million barrels of oil per day globally by 2030, highlighting their growing role in reshaping fuel demand and bolstering energy security, a new report stated.    

China alone is expected to account for half of this displacement, according to the International Energy Agency’s latest global publication, as it continues to dominate global EV sales, manufacturing, and battery production.    

This shift is being driven by the rapid uptake of EVs across both developed and emerging economies, and in 2024, global electric car sales exceeded 17 million units — an increase of 3.5 million over the previous year and equivalent to the entire global market in 2020.  

The momentum is set to continue in 2025, with sales expected to surpass 20 million vehicles, capturing more than one-quarter of total car sales worldwide, the IEA stated.    

Saudi Arabia is no stranger to the global EV transition. As part of its Vision 2030 plan to diversify the economy and reduce reliance on oil, the Kingdom aims for 30 percent of vehicles in Riyadh to be electric by the end of the decade.  

The Saudi Public Investment Fund holds a 61 percent stake in US-based Lucid Motors, and the Kingdom has also launched its own EV brand, Ceer.  

In its latest report, the IEA said: “Across all vehicle modes, the deployment of EVs replaces the use of more than 5 million barrels of oil per day globally in 2030, an important energy security consideration. Half of these savings are the result of EV adoption in China.”    

As EV adoption expands across vehicle types and regions, the cumulative effect on oil demand is becoming increasingly significant.    

China leading the way 

China remains at the center of this transformation. In 2024, the country sold more than 11 million electric cars — representing nearly half of all domestic car sales — and is projected to reach a 60 percent EV sales share in 2025.   

By the end of the decade, EVs are expected to account for 80 percent of all new car sales in China.  

Europe and Southeast Asia are also playing crucial roles. In Europe, stricter carbon dioxide emissions targets are forecast to increase the share of EVs to nearly 60 percent of all car sales by 2030, though this is slightly lower than previous forecasts.  

In Southeast Asia, strong policy support and emerging domestic manufacturing capacity are projected to lift EV sales to 25 percent by 2030.  

Electrification in the region is even more pronounced for two- and three-wheelers, with nearly one in three expected to be electric by the end of the decade.  

In contrast, the US is expected to see more modest growth. Based on current policies, EVs are projected to reach just 20 percent of new car sales by 2030 — significantly below earlier expectations.  

While US electric car sales rose 10 percent in 2024 to reach a 10 percent market share, and are on track to grow further in 2025, the long-term trajectory has been tempered by policy uncertainty and higher vehicle price premiums compared to internal combustion engine vehicles.  

“Emerging markets in Asia and Latin America are becoming new centers of growth, with electric car sales jumping by over 60 percent in 2024 to almost 600,000 – about the size of the European market 5 years earlier,” the report said.  

Brazil saw EV sales more than double to 125,000 vehicles, capturing more than 6 percent of new car sales, the report stated.  

In Southeast Asia, EVs accounted for 9 percent of the market, with higher penetration rates in countries like Thailand and Vietnam.  

“Sales in Africa also more than doubled, too, mostly thanks to growing sales in Egypt and Morocco, though electric cars still represent less than 1 percent of total car sales across the continent,” the report said.    

Saudi Arabia’s drive to EV growth 

Saudi Arabia’s EV ambitions have seen PIF investing over $10 billion in Lucid, which built its first international plant in King Abdullah Economic City, marking a critical step in domestic EV manufacturing.  

Ceer, being developed with Taiwan’s Foxconn, will form a crucial part of the Kingdom’s goal of producing 500,000 EVs annually by 2030.  

To support this growth, Saudi Arabia plans to deploy 5,000 fast chargers by 2030 and is expanding its renewable energy portfolio to power EV infrastructure sustainably.  

While absent from the latest global EV outlook, Saudi Arabia’s investments signal a strategic shift in preparation for a lower-carbon future and the long-term impact of EVs on oil demand.  

Oil out, batteries in   

As EV adoption accelerates globally, the displacement of oil use is expected to intensify.    

Two key segments — light-duty passenger vehicles and heavy-duty trucks — are converging on tipping points for oil substitution.  

In China, where battery electric trucks have already reached total cost of ownership parity with diesel in certain applications, electric truck sales doubled in 2024 to 75,000 units, accounting for over 80 percent of the global market.  

By 2030, EV trucks in Europe and the US are also projected to achieve TCO parity for long-haul applications, further contributing to the reduction in oil consumption.  

Battery costs — an important driver of EV affordability — continued to decline sharply in 2024, particularly in China where prices fell by 30 percent, compared to a 10 percent to 15 percent drop in the US and Europe.  

Low prices of critical minerals and increasing manufacturing efficiencies have also contributed to making EVs more economically attractive.  

In emerging markets, Chinese EVs are enabling faster market penetration through lower price points.  

In Thailand, the average electric car is now priced on par with ICE models, and in Brazil, the price gap narrowed from over 100 percent in 2023 to 25 percent in 2024.  

Similarly, in Mexico, the premium dropped from more than 100 percent to around 50 percent as Chinese vehicles accounted for two-thirds of EV sales.  

Trade and industrial policy developments could affect the pace and scale of this oil displacement.  

Several countries are introducing or considering tariffs on Chinese EVs, prompting manufacturers to diversify export markets or increase overseas production.  

While lower oil prices could narrow the cost savings between EVs and internal combustion engine vehicles, the former are expected to remain competitive under a wide range of scenarios.  

Even at benchmark oil prices of $40 per barrel, home-charging in all major markets would offer significant savings compared to conventional fueling.  

In China, where public fast-charging costs are about twice that of home-charging, EVs still provide a cost advantage over petrol-powered vehicles. 

Topics: IEA EV China Saudi

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Jordan inflation up 1.97% driven by higher personal goods, food prices

Updated 1 min 38 sec ago
Mohammed Al-Kinani 
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Jordan inflation up 1.97% driven by higher personal goods, food prices

Updated 1 min 38 sec ago
Mohammed Al-Kinani 

JEDDAH: Tobacco, tea, and food prices helped drive up Jordan’s annual inflation rate by 1.97 percent in the first four months of 2025, official data showed. 

According to the Department of Statistics, the consumer price index climbed to 112.39 between January and April, up from 110.21 in the same period a year earlier. 

The figures point to persistent but moderate inflationary pressure in the Jordanian economy, primarily stemming from non-essential and import-sensitive categories. 

This comes as inflationary trends across the region remained mixed, with Saudi Arabia recording a 2.3 percent increase in consumer prices in March, while Oman posted a more modest rise of 0.56 percent. 

Dubai’s inflation slowed to 2.79 percent due to easing food prices, whereas Egypt’s rate accelerated to 13.1 percent as food costs continued to climb. 

Jordan’s consumer prices in April edged up 0.09 percent compared to March and 1.83 percent year-on-year. 

“On a monthly basis, the consumer price index for April 2025 reached 112.53 compared to 110.50 for the same month in 2024, and the index for April 2025 reached 112.53 compared to 112.43 for the previous month of the same year,” the department said in a statement. 

The steepest annual increase was seen in the personal effects category, which rose 19.01 percent, followed by tobacco and cigarettes at 12.65 percent. 

Other notable gains included tea, coffee, and cocoa at 5.73 percent, fruits and nuts at 5.52 percent, and spices, food additives, and other foods at 5.38 percent. 

“On a monthly basis, the index increased by 1.83 percent in April 2025 compared to April 2024, and showed a slight increase of 0.09 percent — less than one percentage point — compared to March of the same year,” the release added. 

In April, the largest price gains compared to the previous month were observed in fruits and nuts, which jumped 9.43 percent, and personal effects, which rose 5.68 percent. 

Tea, coffee, and cocoa increased by 4.73 percent, while dried and canned vegetables and legumes climbed 1.07 percent, and home maintenance costs edged up 0.45 percent.  

At the same time, several product groups recorded declines in April compared to the previous year, helping to moderate overall inflation. These included household supplies, which declined by 3.04 percent, and furniture, rugs, and bedding, which decreased by 2.71 percent. 

Dried and canned vegetables and legumes dropped by 1.91 percent, while fish and seafood saw a 1.65 percent decrease. 

Separately, Jordan’s industrial production grew 2.73 percent in the first quarter of 2025 compared to the same period a year earlier. The index rose to 87.62, up from 85.29, following a recalibration of the base year to 2018. 

This growth was underpinned by a 3.2 percent increase in manufacturing, which constitutes 88.7 percent of the index, along with a 4.97 percent rise in electricity production. However, the quarrying sector contracted by 8.03 percent over the same period. 

Topics: jordan inflation Inflation

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Saudi Arabia weekly POS transactions remain above $3bn: SAMA

Updated 14 May 2025
MIGUEL HADCHITY 
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Saudi Arabia weekly POS transactions remain above $3bn: SAMA

Updated 14 May 2025
MIGUEL HADCHITY 

RIYADH: Saudi Arabia’s point-of-sale transactions remained above SR13 billion ($3.47 billion) for the second week in a row, according to the latest official figures.

Data from the Saudi Central Bank, also known as SAMA, showed a weekly dip of 15.4 percent to SR13.1 billion over the seven-day period to May 10, with decreased spending across all sectors.

Education registered the largest decrease in transaction value — down 32.3 percent to SR162.1 million. 

The sector also saw a 25.1 percent downturn in the number of transactions, reaching 144,000. 

The telecommunication sector followed, recording a 23.7 percent decrease in transaction value to SR104.1 million. Food and beverage spending ranked next, dropping by 21.2 percent to SR1.8 billion, accounting for the second-largest share of the week’s POS.  

Transportation spending edged down 14.6 percent to SR727.5 million, while restaurants and cafes saw a 10.1 percent decrease, totaling SR1.9 billion and claiming the biggest share of the overall POS. 

The smallest expenditure drop was in spending on construction and building material, down by 5.4 percent to SR335.7 million. 

The health and public utilities sectors also saw downward changes decreasing by 12.9 percent and 13 percent to reach SR830.1 million and SR49.1 million, respectively. 

Spending on electronics followed the trend dropping 14.9 percent to SR161.1 million, and recreation and culture edging down by 13.3 percent to SR252.9 million. 

Miscellaneous goods and services claimed the third-largest share, with a decrease of 15.6 percent to SR1.6 billion. 

The top three categories — food and beverages, miscellaneous goods and services, and restaurants and cafes — accounted for 41.2 percent of the week’s total spending, amounting to SR5.4 billion. 

Geographically, Riyadh dominated POS transactions, with expenditure in the capital coming in at SR4.6 billion — an 11.8 percent decrease from the previous week. 

Jeddah followed with a 10.9 percent dip to SR1.8 billion, while Dammam ranked third, down 12 percent to SR679.3 million. Tabuk saw the biggest decrease, inching down 24.9 percent to SR244.1 million, followed by Hail with a 23.7 percent downtick to SR205.1 million. 

In transaction volume, Hail recorded 3.8 million deals, down 14.8 percent, while Tabuk reached 4.7 million transactions, dropping 13.3 percent. 

Makkah and Dammam experienced the smallest declines in transaction numbers, with Makkah seeing a 4.3 percent drop to 9 million deals and Dammam recording a 6.6 percent decrease to 9.2 million transactions. 

Topics: point-of-sale Saudi Central Bank (SAMA)

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Pakistan receives second tranche under IMF extended fund facility — central bank

Updated 16 min 23 sec ago
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Pakistan receives second tranche under IMF extended fund facility — central bank

  • IMF last week approved $1.4 billion climate loan, $1 billion under bailout loan
  • Funds under climate resilience fund to be gradually released over 28 months
Updated 16 min 23 sec ago
Ismail Dilawar

KARACHI: Pakistan has received the second tranche of special drawing rights worth 760 million ($1,023 million) from the International Monetary Fund under an extended fund facility (EFF) program, the State Bank of Pakistan said on Wednesday, bringing disbursements to $2 billion within a $7 billion bailout program. 

The IMF last Friday approved a fresh $1.4 billion loan to Pakistan under its climate resilience fund and approved the first review of its $7 billion program, freeing about $1 billion in cash. 

“SBP has received the second tranche of SDR 760 million ($ 1,023 million) from the IMF under the EFF program,” the central bank said on X. 

“The amount will be reflected in SBP’s foreign exchange reserves for the week ending on 16th May 2025.”

In a statement released on Friday, the IMF said Pakistan’s policy efforts under the program had “already delivered significant progress in stabilizing the economy and rebuilding confidence, amidst a challenging global environment.” 

“Moving forward, policy priorities will include advancing reforms to strengthen competition, raise productivity and competitiveness, reform SOEs, improve public service provision and energy sector viability, and build climate resilience.”

The IMF also approved a request for an arrangement under the Resilience and Sustainability Facility (RSF), which will support Pakistan’s efforts in building economic resilience to climate vulnerabilities and natural disasters, with access of around $1.4 billion.

“The RSF funds will be released gradually over the next 28 months,” the government’s finance adviser Khurram Schehzad told Arab News, declining to specify when the first tranche would be received. 

Pakistan’s 37-month EFF, approved on Sept. 25, 2024, aims to build resilience and enable sustainable growth. Key priorities include entrenching macroeconomic sustainability through implementation of sound macro policies, including rebuilding international reserve buffers and broadening of the tax base; advancing reforms to strengthen competition and raise productivity and competitiveness; reforming state-owned enterprises and improving public service provision and energy sector viability; and building climate resilience.

Highlighting progress in stabilizing the economy, the IMF said Pakistan’s fiscal performance had been strong, with a primary surplus of 2.0 percent of GDP achieved in the first half of FY25, keeping Pakistan on track to meet the end-FY25 target of 2.1 percent of GDP. 

“Inflation fell to a historic low of 0.3 percent in April, and progress on disinflation and steadier domestic and external conditions, have allowed the State Bank of Pakistan to cut the policy rate by a total of 1100 bps since June 2025,” the IMF added.

“Gross reserves stood at $10.3 billion at end-April, up from $9.4 billion in August 2024, and are projected to reach $13.9 billion by end-June 2025 and continue to be rebuilt over the medium term.”
 

Topics: IMF bailout State Bank of Pakistan (SBP) Second Tranche

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Oil Updates — prices dip as traders watch for jump in US crude stockpiles

Updated 14 May 2025
Reuters
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Oil Updates — prices dip as traders watch for jump in US crude stockpiles

Updated 14 May 2025
Reuters

SINGAPORE: Oil prices retreated on Wednesday as traders eyed a potential jump in US crude inventories, though prices held near two-week highs amid relief after the United States and China agreed to temporarily lower their reciprocal tariffs.

Brent crude futures fell 32 cents, or 0.5 percent, to $66.31 a barrel by 10:00 a.m. Saudi time. US West Texas Intermediate crude slipped 32 cents, or 0.5 percent, to $63.35. Both benchmarks had climbed more than 2.5 percent in the previous session.

The two largest economies agreed on Monday to pause their trade war for at least 90 days, with the US cutting tariffs to 30 percent from 145 percent and China slashing duties on US imports to 10 percent from 125 percent.

“The US-China economic pause might have crafted a narrative that could invigorate demand amidst a backdrop of cautious optimism,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.

However, expectations of a staggering jump in US oil inventories capped optimism for now, Sachdeva added.

“This sharp contrast to last week’s substantial draw signals that the demand side is still grappling with significant challenges, leaving market watchers on edge and wondering where the next twist will come from,” she said.

Crude stocks were up by 4.3 million barrels in the week ended May 9, market sources said, citing American Petroleum Institute figures on Tuesday.

Official weekly inventory data from the US Energy Information Administration is due on Wednesday at 5:30 p.m. Saudi time.

Investors remain watchful of demand signals. Rystad energy analysts said in a note the agreement had “eroded some demand side pessimism,” while cautioning against any lingering impact of the tariffs despite the rollbacks.

The market is also watching US President Donald Trump’s Gulf trip, begun on Tuesday with an appearance at an investment forum in Riyadh, where he said the US would lift longstanding sanctions on Syria and secured a $600-billion pledge of Saudi investment.

Rystad Energy’s global head of commodity markets Mukesh Sahdev said preventing oil price spikes over the summer travel season will be a key part of the president’s agenda on the trip.

The US could take advantage of lower prices to buy more Middle East crude for its Strategic Petroleum Reserve, he added.

“The big unknown for the market is how US actions related to Iran, Russia and Venezuela will result in supply disruptions or additions,” Sahdev said.

On Tuesday, the US slapped fresh sanctions on about 20 companies it said were helping Iran’s Armed Forces General Staff and its front company, Sepehr Energy, send Iranian oil to China.

The sanctions follow a fourth round of US-Iran talks in Oman to tackle disputes over Iran’s nuclear program. 

Topics: Oil Updates  oil prices

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