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OIL & GAS-
Arabian Drilling has suspended two of its Saudi offshore rigs with Aramco for 12 months, it said in a filing to Tadawul (pdf). The drilling contractor has been in discussions with the state-owned giant since earlier in April to put off three of its rigs in Saudi. It has decided not to renew its contract with Aramco for the third rig — which is set to expire this month — citing high costs as the main reason.
What’s next: Arabian Drilling is reportedly looking to operate its now-suspended rigs overseas, according to the filing. It is currently in talks with contractors outside of the Kingdom.
REGULATION WATCH-
Cabinet approved Sama’s draft principles for compliance and internal auditing at finance and refinance companies during their online meeting yesterday, state-run SPA reports. The new regulations aim to create a regulatory framework for compliance for finance and refinance companies to help bolster internal control. They also aim to set minimum provisions to help measure firms’ compliance and audit progress. They will come into effect six months following their publication on the central bank’s website.
AVIATION-
#1- Indian budget carrier Akasa Air has lined up approval from the General Authority of Civil Aviation to operate flights to and from the Kingdom, state news agency SPA reports. The airline will run 12 commercial flights to Jeddah from Mumbai and two from Ahmedabad, starting next Sunday, 8 June, before launching seven flights to Riyadh from Mumbai starting Thursday, 4 July.
Akasa Air is ahead of schedule: The new airline was originally planning to launch two direct routes from Mumbai and Ahmedabad to Jeddah starting Monday, 15 and Sunday 20 July, it said last month. Jeddah is one of Akasa Air’s first-ever international destinations, second only to Doha.
#2- All roads lead to Riyadh: Italy’s national airline ITA Airways operated the first flight connecting Rome and Riyadh earlier this week, reports state-run news agency SPA.
TECH-
Huawei Cloud’s GaussDB has landed in Saudi: Huawei’s cloud computing arm has launched its database solution in the Kingdom, it said in a press release picked up by Zawya. The company says it is looking to support local companies in their “ digital transformation and business optimization in today’s intelligent, AI-driven era.”
FINTECH-
Hajj pilgrims get a special e-wallet: The Hajj and Umrah Ministry has partnered with Saudi National Bank (snb) to launch Nusuk Wallet, an international e-wallet designed to help pilgrims manage their funds and expenses during their stay in Makkah and Madinah, state news agency SPA reports.
REAL ESTATE-
Tadawul-listed National Building and Marketing has secured a SAR 350 mn development contract from Al Fayzia Real Estate Development to carry out construction works for villas and residential apartments at the Granada Riyadh Project, it said in a disclosure to Tadawul.
TRADE-
Mawani and France’s Marseille-Fos Port will work together on smart ports, boosting international trade, supporting the marine environment and promoting the Green Ports initiative, after signing an MoU the Saudi Ports Authority said in a statement. The agreement was signed on the sidelines of the Vision Golfe 2024 forum held in Paris.
