Saudi Aramco raises June oil prices for Asian markets
Saudi Aramco raises June oil prices for Asian markets/node/2599610/business-economy
Saudi Aramco raises June oil prices for Asian markets
The state-owned oil giant raised the price of its benchmark Arab Light crude by $0.20, setting it at $1.40 per barrel above the average of Oman and Dubai crude prices.
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Updated 05 May 2025
Arab News
Saudi Aramco raises June oil prices for Asian markets
Updated 05 May 2025
Arab News
RIYADH: Saudi Aramco has increased its official selling price for crude oil destined for Asia in June, ending a two-month streak of price cuts, the company confirmed in an official statement on Sunday.
The state-owned oil giant raised the price of its benchmark Arab Light crude by $0.20, setting it at $1.40 per barrel above the average of Oman and Dubai crude prices.
The adjustment comes despite persistent downward pressure on global oil markets due to concerns over rising supply and a fragile demand outlook.
The move follows Saturday’s announcement from the OPEC+ alliance, which agreed to boost oil production for a second consecutive month. The group, which includes both OPEC members and key allies like Russia, plans to increase output by 411,000 barrels per day in June.
Market observers are now closely watching the outcome of the next OPEC+ meeting, scheduled for May 5, which will further clarify the group’s production strategy heading into summer.
Saudi Aramco prices its crude oil across five density-based grades: Super Light (greater than 40), Arab Extra Light (36-40), Arab Light (32-36), Arab Medium (29-32), and Arab Heavy (below 29).
The company’s monthly pricing decisions impact the cost of around 9 million barrels per day of crude exported to Asia and serve as a pricing benchmark for other major regional producers, including Iran, Kuwait, and Iraq.
In the North American market, Aramco set the May OSP for Arab Light at $3.40 per barrel above the Argus Sour Crude Index.
Aramco determines its OSPs based on market feedback from refiners and an evaluation of crude oil value changes over the past month, taking into account yields and product prices.
Saudi unemployment eases to 3.2% in Q2 on continued labor market strength
Updated 9 sec ago
Dayan Abou Tine
RIYADH: ’s overall unemployment rate stood at 3.2 percent in the second quarter of 2025, down 0.1 percentage point year on year, underscoring ongoing labor-market resilience.
According to the General Authority for Statistics, the yearly decline came even with a slight 0.4 point rise compared with the preceding quarter.
The data also showed the total labor force participation rate reached 67.1 percent, up 0.9 points year on year, indicating that more people are engaged in work or actively seeking jobs.
The year-on-year improvement in headline unemployment, alongside higher overall participation, aligns with the Kingdom’s broader diversification push under Vision 2030, which seeks to expand private-sector opportunities and sustain non-oil growth.
A central pillar of this strategy has been Saudization policies, designed to increase the share of nationals in the workforce, especially in sectors traditionally dominated by expatriates. These efforts have been reinforced by record gains in female participation, which has nearly doubled over the past decade and remains a critical driver of labor-market expansion.
Among Saudi nationals, the unemployment rate registered 6.8 percent, improving by 0.3 points year on year. The employment-to-population ratio for Saudis came in at 45.9 percent, while Saudi participation stood at 49.2 percent, both lower on a yearly basis, reflecting a temporary easing in engagement after strong gains in recent periods.
In its latest release, GASTAT stated: “The results showed that 95.8 percent of unemployed Saudis are willing to accept job offers in the private sector.”
By gender, Saudi women saw an unemployment rate of 11.3 percent in the second quarter, up 0.8 percentage points compared to the preceding quarter. Female participation eased 1.8 points to 34.5 percent, and the female employment-to-population ratio slipped 1.9 points to 30.6 percent, moves consistent with the broader quarterly cool-down.
The report added: “Additionally, 61.1 percent of unemployed Saudi females and 45.1 percent of unemployed Saudi males are willing to commute to work for at least one hour.”
For Saudi men, participation declined 2.4 points to 64 percent, and their unemployment rate ticked up to 4.3 percent during the same period.
While quarter-on-quarter easing in participation and a slight rise in unemployment reflect normal variability during a heavy project delivery cycle, the annual trend remains favorable.
Youth indicators offered a mixed but generally stabilizing picture quarter to quarter. The unemployment rate for Saudi female youth, aged 15 to 24, edged down 0.1 points to 20.6 percent, with participation at 17.4 percent and an employment-to-population ratio of 13.8 percent.
Saudi male youth unemployment also dipped 0.1 points to 11.5 percent, with participation at 31.6 percent and employment-to-population at 28 percent.
Among core working-age Saudis aged 25 to 54, participation was 67.3 percent and unemployment 5.9 percent in the second quarter, reflecting a quarter-on-quarter softening from elevated first quarter levels.
The survey also shed light on job-search behavior. Unemployed Saudis used an average of 3.6 active methods, led by direct applications to employers at 72.4 percent, use of the national platform Jadarat at 56.3 percent, and tapping friends or relatives at 50.5 percent, a snapshot of how jobseekers are engaging with both formal and informal channels.
Furthermore, the findings noted that 68.1 percent of unemployed Saudi females and 85.7 percent of unemployed Saudi males indicated that they are willing to work for eight hours or more per day.
Globally, the average unemployment rate across the Organization for Economic Co-operation and Development countries is just 4.9 percent as of mid-2025, according to the OECD’s latest data, underscoring how Saudi is performing below many advanced economies.
’s 3.2 percent positions it well below many advanced economies.
Within the Gulf Cooperation Council region, unemployment rates and labor dynamics vary significantly. ’s joblessness remains higher than some Gulf peers with small national populations and high migrant ratios, such as the UAE or Kuwait, whose official unemployment rates are often reported in the low single digits.
Saudi Economic Council reviews growth as Vision 2030 advances
Updated 01 October 2025
Arab News
RIYADH: The Council of Economic and Development Affairs held a video conference to review a series of key economic and strategic reports.
The council examined the Ministry of Economy and Planning’s periodic report, which assessed the global economy, including forecasts for trade volume in 2025, performance trends in major economies, and ongoing external challenges to the Kingdom.
The report affirmed the continued resilience and diversification of ’s economy in line with Vision 2030, noting a recovery in non-oil activities, which now account for 56 percent of gross domestic product, and highlighting sustained private-sector growth.
The council also reviewed the Strategic Management Office’s quarterly update on Vision 2030 realization programs and national strategies for the second quarter. The report showcased achievements across national plans, performance indicators, and future aspirations, underscoring steady progress under Vision 2030’s three core pillars: a vibrant society, a thriving economy, and an ambitious nation.
The council reviewed the second-quarter performance report of public agencies, submitted by the National Center for Performance Measurement, also known as Adaa. The report outlined efforts to support and empower government bodies in achieving Vision 2030 goals, presented overall results of national strategies, and included data on beneficiary satisfaction with government services, as well as future aspirations and planned steps.
A joint presentation by the Saudi Halal Center and the Halal Products Development Co. highlighted progress in the halal sector, including its size, key achievements, development pathways, targeted sub-sectors, and proposed solutions to challenges.
The council also reviewed other agenda items, among them a semi-annual update from the National Center for Privatization and PPP on supervisory committee reports, along with annual summaries from the Quality of Life Program Center and the Digital Content Council.
The council also reviewed a range of policy and procedural matters, including unified Gulf Cooperation Council rules to empower persons with disabilities and intellectual property initiatives covering patents, utility models, plant varieties, integrated circuit layouts, and design systems.
It was also briefed on the annual report of the Citizen Account Program and received executive summaries on key economic indicators such as GDP and national accounts, foreign trade, the Consumer Price Index, and wholesale prices, along with the underlying reports.
The council concluded by adopting the necessary decisions and recommendations on these matters.
Thai AirAsia X announces Riyadh-Bangkok direct service to connect capitals
New service set to begin in December
Route will cut journey time, making travel easier for leisure, business
Updated 01 October 2025
Rashid Hassan
RIYADH: Thai AirAsia X, which operates under a low-cost business model, has announced its first-ever direct flights between Riyadh and Bangkok.
The new route will commence on Dec. 2, with four weekly flights every Tuesday, Thursday, Saturday, and Sunday, reinforcing AirAsia’s strategy of expanding its network into the Middle East.
Thailand’s Ambassador to Darm Boontham congratulated Thai AirAsia X on the move, which will connect the capitals of Thailand and .
Speaking at Thailand’s Embassy on Tuesday, he said: “This route marks a new era of connectivity between the two kingdoms, building bridges for trade, investment, cultural exchange, and personal connections.
“It will strengthen our relationship, fostering friendship and mutual understanding, and open new opportunities for both nations.
“Thai AirAsia X’s expansion to this region is a prime example of how to grasp the immense growth potential the Middle East offers to Thai businesses.”
He thanked ’s Ministry of Foreign Affairs, the General Authority of Civil Aviation, and King Khalid International Airport for their support.
Thailand ambassador Darm Boontham speaking at press conference at the embassy in Riyadh. (AN photo/Rashid Hassan)
Ahman Mad-Adam, director of the Tourism Authority of Thailand in Dubai, said: “The launch of Thai AirAsia X’s Riyadh-Bangkok service is a milestone that will strengthen tourism and people-to-people ties between Thailand and .
“This direct connectivity makes travel more seamless and opens opportunities for Saudi visitors to explore Thailand’s diverse offerings — from world-class hospitality, shopping, and medical tourism to halal-friendly services and natural attractions.
“With this new route, we are confident will be one of Thailand’s fastest-growing source markets, driving sustainable tourism growth in the years ahead.”
Pattra Boosarawongse, CEO of Thai AirAsia X, said: “The launch of flights between Riyadh and Bangkok is a significant milestone in connecting the people of Thailand and and strengthening ties between the two countries.
“For travelers from Riyadh, this new route gives them access to the best of Bangkok — from its rich culture and cuisine to its shopping and world-class hospitality — as well as connectivity to AirAsia’s extensive network across ASEAN, and Asia.
Pattra Boosarawongse, CEO of Thai AirAsia X speaking at press conference at Thailand embassy in Riyadh. (AN photo/Rashid Hassan)
“We view Riyadh as a strategic destination that aligns with AirAsia Group’s fleet expansion and network development. This launch will not only serve Thai travelers but also guests from across ASEAN — including Malaysia, Indonesia, and the Philippines — as well as from Japan, who can now conveniently connect to Riyadh through our extensive network.”
She added that the new service will not only serve as a bridge between Riyadh and Bangkok, but also connect the two countries and their cultures.
For Saudi travelers, Bangkok is a gateway to Thailand’s renowned destinations such as Phuket, Chiang Mai, and Krabi, which are especially popular for leisure and family travel.
In addition, Thailand has long been recognized as a leading destination for medical tourism, with world-class healthcare facilities, while also catering to Muslim travelers with halal-friendly services and diverse lifestyle options.
The new direct route will shorten the journey time between Riyadh and Bangkok to just seven-and-a-half hours, making travel easier and more accessible for both leisure and business purposes.
Saudi nationals will also benefit from Thailand’s e-visa and visa-on-arrival facilities, which simplify entry procedures and enhance convenience for inbound visitors.
Thai AirAsia X operates under a low-cost business model. Guests have the option to purchase additional services according to their preferences, including seat selection, baggage allowance, and hot meals.
The flights will be operated by Thai AirAsia X’s widebody Airbus A330 aircraft, configured with 285 seats, including 30 premium flatbeds and 255 standard economy seats.
Saudi fund leads investors in $55bn buyout of games maker Electronic Arts
Deal will give larger presence in esports industry, according to analysts
Jared Kushner’s Affinity Partners, private equity firm Silver Lake joining consortium to acquire 100% of EA, largest leveraged buyout in history
Updated 30 September 2025
Arab News
LONDON: ’s Public Investment Fund is leading a consortium of investors, including Jared Kushner’s Affinity Partners and private equity firm Silver Lake, to acquire Electronic Arts, the popular video game developer, in an unprecedented $55 billion deal.
The buyout will involve a combination of about $36 billion in cash, equity already held by the PIF, and about $20 billion in debt, as announced on Monday, to be financed by JPMorgan.
The deal will give a larger presence in the esports industry, according to analysts. The Kingdom has hosted the Esports World Cup in Riyadh, and the gaming and esports sectors are significant contributors to the PIF’s efforts to diversify the Saudi economy.
EA has been creating popular video games since its establishment in Redwood City, California, in 1991. Some of its well-known titles include EA FC, Battlefield, and Madden NFL. EA FC has sold 325 million copies since its first release in 1993. These games were initially available on PCs and later gained popularity on PlayStation and other consoles in the late 2000s.
The deal will “position EA to accelerate innovation and growth in building the future of entertainment,” the company said.
It is believed to be the largest leveraged buyout in history, where a substantial portion of the purchase is financed through borrowing, according to the BBC.
The PIF, Affinity Partners, and Silver Lake will acquire all publicly traded shares of EA and take the company private. As a result, EA will no longer be listed on any stock exchange.
EA said in a statement to its shareholders: “The transaction represents the largest all-cash sponsor take-private investment in history, with the consortium partnering closely with EA to enable the company to move faster and unlock new opportunities on a global stage.”
The PIF will maintain its current 9.9 percent stake in EA, and the transaction is anticipated to close in the first quarter of 2027. Andrew Wilson, EA’s chairman and CEO, who will remain in his position, said that the deal was a strong acknowledgment of the company’s efforts.
He said: “Looking ahead, we will continue to push the boundaries of entertainment, sports, and technology, unlocking new opportunities.”
Turqi Alnowaiser, deputy governor and head of international investments at the PIF, said the company “is uniquely positioned in the global gaming and esports sectors, building and supporting ecosystems that connect fans, developers, and IP creators.”
He added: “PIF has demonstrated a strong commitment to these sectors, and this partnership will help further drive EA’s long-term growth, while fueling innovation within the industry on a global scale.”
The PIF acquired the gaming division of Niantic in March for $3.5 billion. Saudi companies have also invested in major gaming firms, such as Nintendo and Take-Two Interactive.
Egon Durban, co-CEO at Silver Lake, said that the consortium aimed to accelerate innovation at EA and enhance its international reach.
Jared Kushner, CEO of Affinity Partners, called EA an extraordinary company with a top-notch management team and a bold future vision, adding: “As someone who grew up playing their games, and now enjoys them with his kids, I couldn’t be more excited about what’s ahead.”
set for 4.6% GDP growth in 2026 — pre-budget statement
Updated 30 September 2025
Arab News
RIYADH: is forecasting real GDP growth of 4.6 percent in 2026, supported by an expected increase in the output of non-oil activities.
In the Ministry of Finance’s pre-budget statement, the projection for 2025 was set at 4.4 percent, in light of the sustained performance of the economy in the first half of the year.
The report said the 2025 forecast “is driven by an estimated 5.0 percent increase in non-oil activities, supported by increased domestic demands and improved employment rates, which contribute to increases in both private consumption and investment, while reinforcing the resilience of economic growth.”
The 2026 GDP forecast puts ’s growth rate as exceeding the International Monetary Fund’s 3.1 percent projection for the global economy, and ahead of the IMF’s figures for the USA, China, Japan and the euro area.
The Ministry of Finance projectes government revenues at SR1.15 trillion ($305.87 billion), expenditures at SR1.13 trillion, and a deficit of SR166 billion for 2026.
In a statement published on the Ministry of Finance’s X account, Finance Minister Mohammed Al-Jaadan said: “ seeks to ensure fiscal sustainability, while supporting growth, by committing to maintaining development and social spending priorities, and ensuring that structural reforms that enhance economic and finanancial efficiency and sustainability are moving forward.”
According to the ministry, the deficit represents a 63 percent increase from 2025 budgeted shortfall, largely attributed to a rise in preliminary expenditure projections by 2 percent compared with the previous year, reflecting higher capital spending, and 3 percent lower revenues than 2025 budget.
These estimates are based on a baseline scenario positioned between low and high and developed to address the challenges and geopolitical risks impacting the global economy.
This deficit, equivalent to 3.3 percent of gross domestic product, is considered expected and is anticipated to persist over the medium term due to ongoing expansionary spending policies.
Starting in 2024, the government deliberately shifted to a voluntary deficit stance as part of its fiscal policy, allowing higher spending to accelerate the rollout of Vision 2030 projects.
This intentional use of deficit financing was designed to speed up implementation of strategic investments, support diversification, and stimulate private-sector activity, reflecting an expansionary approach that prioritizes long-term growth over short-term fiscal balance.
The deficit is a policy choice to front-load spending on transformative projects that are expected to generate high future returns.
As the non-oil economy — led by tourism, entertainment, logistics, and technology — becomes the main engine of growth, these investments are positioned to pay back by expanding revenues and reducing reliance on oil over the medium term.
The statement also highlighted how “the positive performance of the domestic economy” has driven improvements in labor market indicators, with the Saudi unemployment rate falling to 6.8 percent in the second quarter of 2025, thereby achieving the Saudi Vision 2030 objective.
The Ministry of Finance forecast a “relatively stable” average Consumer Price Index of approximately 2.3 percent for 2025, adding “inflation is expected to remain at acceptable levels over the medium term, due to the government’s proactive measures and policies.”
