Latest news with #DHAHRAN
Saudi Gazette
7 days ago
- Business
- Saudi Gazette
Saudi Aramco completes $5 billion bond issuance
Saudi Gazette report DHAHRAN — Saudi Aramco has announced the completion of a $5 billion issuance of bonds across three tranches under its Global Medium Term Note Program. According to Aramco, the tranches include $1.5 billion in senior notes maturing in 2030 with a coupon rate of 4.750 percent, $1.25 billion in senior notes maturing in 2035 with a coupon rate of 5.375 percent, and $2.25 billion in senior notes maturing in 2055 with a coupon rate of 6.375 percent. The transaction was priced on May 27, 2025, and the notes were listed on the London Stock Exchange. Aramco's Executive Vice President of Finance and CFO Ziad Al-Murshed said that the strong demand for Aramco's new bond offering, as reflected in the diversified orderbook, is a testament to global investors' confidence in Aramco's financial resilience and robust balance sheet. "Pricing the offering with no new issuance premium across all tranches clearly reflects Aramco's unique long-term credit proposition. We remain committed to our disciplined approach towards capital management as we continue to execute our growth strategy," he said.
Arab News
27-03-2025
- Business
- Arab News
Saudi Arabia returns to London Design Biennale with ‘Good Water' pavilion
DHAHRAN: Saudi Arabia will participate at the London Design Biennale 2025 with 'Good Water,' an exhibition exploring the hidden costs and economies of water, running from June 5-29 at Somerset House. Commissioned by the Architecture and Design Commission, the pavilion is curated by a multidisciplinary design collective comprising Alaa Tarabzouni, Aziz Jamal, Dur Kattan and Fahad bin Naif. Drawing on their backgrounds in architecture, design and the arts, they will challenge conventional notions of access, distribution and the perceived value of water. Sumaya Al-Sulaiman, CEO of the Architecture and Design Commission, said: 'Saudi Arabia's return to the London Design Biennale marks another chapter in our commitment to design as a tool for dialogue and cultural exchange. We look forward to engaging in conversations on creativity, innovation, and systems thinking during our fourth participation in the event.' The exhibition responds to this year's biennale theme 'Surface Reflections,' by inviting visitors to reconsider their relationship with water. At the heart of the Saudi pavilion is a sabeel, a traditional water fountain deeply rooted in Saudi culture that provides complimentary water to anyone who passes by. It is seen as a symbol of hospitality and generosity. The sabeel, within this context, represents a paradox. While it offers water freely, the reality is that no water is truly free, the exhibition argues. Every drop is made possible through a network of labor, energy and infrastructure — whether extracted through costly desalination, bottled and imported or transported through vast water systems requiring maintenance and oversight. The cost is absorbed by governments, corporations, and workers, yet the long-term impact is shared by all. In this showcase, 'Good Water' repositions the sabeel not just as a gesture of goodwill, but as a question: Who pays for 'free' water? What does it truly cost? 'The pavilion uses familiar elements to draw attention to water's hidden economies,' said the participants Tarabzouni, Jamal, Kattan and bin Naif in a joint statement. 'It encourages visitors to drink with awareness, to acknowledge the price, and to recognize that while the cost of good water may be borne by someone else, it ultimately affects everyone. By relocating the sabeel to the London Design Biennale—where water scarcity is not an immediate concern—we reframe it as an object of scrutiny, making the invisible visible and the passive active.' In 2023, Saudi Arabia participated at the 4th London Design Biennale with a pavilion titled 'Woven' by Ruba Alkhaldi and Lojain Rafaa.
Arab News
10-03-2025
- Business
- Arab News
Aramco's CEO calls for new global energy model during CERAWeek address
DHAHRAN: Aramco's president and CEO has called for a fundamental shift in global energy transition planning, warning that the current approach risks severe economic and energy security consequences. The planning of global energy transitioning needs a fundamental shift as the current approach is a severe economic risk, said Amin Nasser. Delivering a keynote speech at CERAWeek 2025 in Houston on Monday, Nasser stressed the urgent need for a new global energy model that balanced sustainability, security, and affordability. He pointed to annual funding needs of up to $8 trillion that would be required for global climate action and cautioned that neglecting conventional energy sources in the transition process could lead to dire outcomes, describing it as a 'fast track to dystopia.' Criticizing the belief that traditional energy sources could be rapidly phased out, Nasser said: 'The greatest transition fiction was that conventional energy could be almost entirely replaced, virtually overnight. Hydrocarbons still provide over 80 percent of primary energy in the US, almost 90 percent in China, and even in the EU it is more than 70 percent.' He added: 'New sources add to the energy mix and complement existing sources; they do not replace them. New sources cannot even meet the growth in demand, while the proven sources needed to fill the gap are demonized and discarded. It is a fast track to dystopia, not utopia.' Nasser also stressed that a new global energy model was essential to meet rising energy demand. He said: 'First, all sources must play a growing role in meeting rising energy demand in a balanced, integrated manner. Certainly, that includes new and alternative energy sources but they will complement conventional energy, not replace it in any meaningful way. 'So, we need investments in all sources. And to further free up such investments globally, we need extensive deregulation and greater incentives for financial institutions to provide unbiased financing. Second, the model must genuinely serve the needs of developed and developing nations alike, as originally promised, especially when it comes to technology. Third, and crucially, this has to be about delivering real results.' Addressing the importance of reducing emissions, Nasser added that environmental concerns should remain at the forefront but must be approached pragmatically. He said: 'Let me be absolutely clear: This does not mean stepping back from our global climate ambitions. Reducing greenhouse gas emissions must still get the highest possible priority. 'That means prioritizing technologies that drive efficiency, lower energy use, and further reduce greenhouse gas emissions from conventional energy — and AI (artificial intelligence) will clearly be a game-changing enabler. But the future of energy is not only about sustainability; security and affordability must share the stage, with all energy sources working in harmony as one team, delivering real results.' CERAWeek is one of the world's most influential energy conferences, bringing together industry leaders, government officials, policymakers, and CEOs to discuss critical issues such as energy security, supply, climate, technology, and sustainability. More than 10,000 participants from over 2,000 companies and 80 countries are attending this year's event, which features over 1,400 expert speakers.
Arab News
10-03-2025
- Entertainment
- Arab News
Saudi Film Festival returns for 11th edition next month
DHAHRAN: The highly anticipated Saudi Film Festival is set to return for its 11th edition from Apr. 17 to 23, with the King Abdulaziz Center for World Culture (Ithra) unveiling key details at a recent press conference. For the latest updates, follow us on Instagram @ Festival Director Ahmed Al-Mulla emphasized the festival's significance as a platform for filmmakers. 'The festival presents a diverse selection of films and programs that highlight successful production experiences in the film industry, allowing professionals and enthusiasts to engage and learn from these journeys,' he stated. A post shared by (@saudifilmfestival) This year's theme, 'Cinema of Identity,' will explore how films shape and reflect individual, national, and cultural identities. Organized by the Cinema Association in partnership with Ithra and supported by the Film Commission, the festival will feature 68 films from Saudi Arabia, the Gulf — including Iraq and Yemen — and beyond. A major highlight this year is the honorary tribute to Ibrahim Al-Hasawi, a veteran Saudi actor with over three decades of experience in theater, television, and cinema. His notable works include the TV series 'Tash Ma Tash' and 'Bayni Wa Baynak,' as well as films such as Ithra's 'Hajjan,' 'Zero Distance,' and the recent 'Hobal.' A post shared by Ithra | (@ithra) This year's lineup includes seven Saudi and Gulf feature films, 22 short fiction films, and seven documentaries, alongside 12 parallel screenings of Saudi productions. The festival will also host four panel discussions, four advanced masterclasses and three book-signing sessions for the Saudi Cinema Encyclopedia. Once again, the red carpet will be rolled out, giving filmmakers, actors and industry professionals the chance to be there in-person to celebrate the achievements of the region's growing film industry. The festival will also include award ceremonies, where films across various categories will be recognized after a deliberation by jurors. All selected entries will be showcased at these cinemas, where festivalgoers can attend screenings and experience the films firsthand. The awards will be given out as the festival's finale. For the first time, the festival will utilize the cinema space at the neighboring Energy Exhibit to screen additional films, expanding beyond Ithra's two existing cinema halls. The plaza and library at Ithra will host 'Meet the Expert' one-on-one sessions and private screenings, offering filmmakers ample opportunities for personalized mentorship and feedback. A key component of the festival is its production market, which will showcase 22 booths from various production entities, providing filmmakers with a platform to develop and present their work. And to network. A curated selection of 12 short films from the Clermont-Ferrand International Short Film Festival will be featured. Additionally, Japanese cinema will be in focus, marking 70 years of Saudi-Japan relations, with eight Japanese films, expert discussions, and the return of the Short Shorts Film Festival from Japan as a major collaborator this year. The festival is also introducing different passes this time around, allowing attendees to tailor their experience. These can be purchased online through the Ithra website. For those unable to attend in person, parts of the film festival will be streamed online.
Arab News
05-03-2025
- Business
- Arab News
Ithra earns diamond certification for its green credentials
DHAHRAN: The King Abdulaziz Center for World Culture was recently awarded the highest level of certification from the government's green building rating system, Mostadam. Ithra, as it is more commonly known, is the first project in the Kingdom to achieve the top level of certification in the operations and existing buildings category. Abdullah Al-Buqami, technical services manager at Ithra, said: 'This recognition reflects our commitment to making Ithra a model of sustainability. We believe that innovation in design and environmental practices can truly shape the future. 'Being the only project receiving a certification in this category in Saudi Arabia is a major milestone in our sustainability journey, reinforcing our dedication to leading by example and inspiring others to elevate sustainability standards across the Kingdom.' The certification is awarded to existing projects that meet the highest environmental standards and reflect local values. Seen as a benchmark for environmental and social impact, the scheme promotes sustainable practices by enhancing energy and water efficiency, improving environmental performance, optimizing resource management and reducing carbon footprint. Developed by the Ministry of Municipal, Rural Affairs and Housing, the Mostadam program is tailored to the local climate and environmental conditions. It promotes sustainability in building practices and aims to enhance the efficiency of energy, water and resource usage, while fostering economic growth and job creation. It also aligns with the wider goals of Saudi Vision 2030. Projects can achieve one of five ratings, from green to diamond, based on their adherence to the sustainability criteria.
