Saudi Arabia

Centre approves MoU between ICAI, SOCPA

Cabinet has given its ex-post facto approval for the MoU signed in 2014 & approval for renewal of MoU between Institute of Chartered Accountants of India & Saudi Organisation for Certified Public Accountant. The MoU promotes mutual co-operation framework in quality assurance, forensic accounting & Islamic finance among others. ICAI is a statutory body to regulate profession of CA in India.

Ratnagiri Project: ARAMCO and ADNOC sign MoU

Saudi Aramco and ADNOC signed a MoU to jointly develop a refinery complex at Ratnagiri, Maharastra. The project will be implemented by Ratnagiri Refinery & Petrochemicals Ltd. (RRPCL) and is estimated to be Rs. 3 lakh Crore. The mega refinery will be capable of processing 1.2 million barrels of crude oil per day. It will produce 18 million tonnes per annum of refined petroleum products.

Softbank to invest $100 bn in India

SoftBank Group Corp has decided to invest $60 billion-$100 billion in a solar power project in India. The company is expected to make the investment through a fund backed by Saudi Arabia’s government. SoftBank through its Vision Fund would invest in creating the world’s biggest solar power project in Saudi Arabia.

Saudi banned imports from Kerala

Saudi Arabia has temporarily banned processed and frozen fruit and vegetable imports from Kerala amid concerns over Nipah virus outbreak. On May 29, the United Arab Emirates also banned imports from Kerala and had earlier asked its citizens to avoid unnecessary travel to Kerala. The Nipah virus has claimed more than 15 lives in the state so far.

Saudi Aramco appoints the first woman to the board

Saudi Arabia’s Aramco, the world’s top oil company has appointed its first female board member among five new members to its board of directors.Lynn Laverty Elsenhans, the former chairwoman, president and CEO of U.S. oil refiner Sunoco is the first female board member of Aramco. Elsenhans was named by Forbes as one of the world’s most powerful women in 2008.

SA opened 1st movie theater in 35 yrs

Saudi Arabia has opened its first movie theater in 35 yrs, with “Black Panther” the first movie shown publicly in the kingdom in decades.Movie was shown at a new cinema theater built by AMC Entertainment in King Abdullah Financial District in Riyadh.The kingdom banned cinemas in early 1980s under pressure from Islamists as Saudi society turned towards a particularly severe form of religion

Bahrain discovers largest oilfield

Bahrain had discovered the country’s largest oilfield in decades, located off the west coast of the kingdom.The new light shale oil and gas resources are expected to contain many times the amount of oil produced by Bahrain’s only existing oilfield, as well as large amounts of gas. Bahrain relies on the Abu Safa oilfield for the majority of its oil and shares the field with Saudi Arabia.

Saudi Arabia cabinet approves atomic policy

Saudi Arabia‘s cabinet approved the national policy of its atomic energy programme as the kingdom prepares to award contracts for its first nuclear power plants. The policy insists on limiting nuclear activities to peaceful purposes and for enhanced safety measures and safe disposal of nuclear waste. Saudi Arabia has signed cooperation agreements with countries to boost nuclear cooperation,

Saudi Arabia allows women to join military

Saudi Arabia has for the first time opened applications for women to join its military.The women, however, will not be given combat roles but will work in security. To apply, women will need to fulfil 12 requirements besides obtaining their guardian’s approval. Decision to recruit female soldiers is one of many reforms enhancing women’s rights introduced in recent months by Saudi Arabia.

Saudi Arabia hosts world chess games

On 26th December 2017, Saudi Arabia hosted a world chess tournament for the first time at the APEX Convention Center in Riyadh, Saudi Arabia.The tournament is called the King Salman World Rapid and Blitz Chess Championships.It has around 400 international players. 16 players are participating from Saudi Arabia.