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Japan's Terra Drone to boost cooperation with Saudi Aramco for inspections

Economic Times

Economic Times · 4m ago

Japan's Terra Drone to boost cooperation with Saudi Aramco for inspections

Japanese startup Terra Drone has partnered with Saudi Aramco to enhance inspection of oil and gas facilities using drone technology. They signed a memorandum of understanding to begin test runs in Saudi Arabia, aiming for operational inspections by 2027. This partnership could lead to Terra Drone's largest contract, boosting medium to long-term revenues. Established in Saudi Arabia in 2023, Terra Drone is developing drone-based infrastructure inspection and agricultural services, despite not yet being profitable.

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Drone startup Garuda Aerospace's patent count touches 20

Economic Times

Economic Times · 8m ago

Drone startup Garuda Aerospace's patent count touches 20

Drone startup Garuda Aerospace has been granted 20 patents, six of which are international, for their agriculture drone solutions. These solutions cover a wide range of functions including mapping, surveying, spraying, inspections, crop health monitoring, and more. The remaining patents cover various applications such as underwater drones for inspections, health inspections, surveillance drones, medicare delivery drones, and more. These patents establish Garuda Aerospace as a global leader in drone technology and will help drive India's emergence as a drone hub. The company plans to expand operations into developed countries with stringent standards and regulations.

Aramco boasts a $31 bn dividend despite decline in earnings growth

VCCircle

VCCircle · 1y ago

Aramco boasts a $31 bn dividend despite decline in earnings growth

Saudi Arabian oil giant Aramco plans to pay $31 billion in dividends despite a decline in earnings growth in the first quarter. The company reported a 14% drop in net income to $27.3 billion, attributed to lower oil prices and volumes sold. The Saudi government, which owns 82.2% of Aramco, heavily relies on dividend payouts, including royalties and taxes, as it tries to diversify its economy away from crude oil. Aramco expects to declare total dividends of $124.3 billion in 2024.

Aramco to buy 50% of Air Products Qudra's blue hydrogen business

VCCircle

VCCircle · 1y ago

Aramco to buy 50% of Air Products Qudra's blue hydrogen business

Saudi oil company Aramco will acquire a 50% stake in the blue hydrogen industrial gases business of Air Products Qudra (APQ), as part of Saudi Arabia's push to become a major hydrogen producer. The financial terms of the deal were not disclosed, but it includes options for Aramco to purchase hydrogen and nitrogen. APQ is a joint venture between Air Products and Qudra Energy. Saudi Arabia aims to be the world's largest hydrogen supplier, reducing its reliance on crude oil. This move aligns with the country's broader economic agenda driven by its sovereign wealth fund, the Public Investment Fund.

Aramco Digital and LTIMindtree to launch KSA Digital and IT Services company

Thehindubusinessline

Thehindubusinessline · 1y ago

Aramco Digital and LTIMindtree to launch KSA Digital and IT Services company

Aramco Digital and LTIMindtree have entered into a partnership to establish an IT services company in Saudi Arabia. The joint venture aims to showcase innovative digital services and industry 4.0 systems integration capabilities, supporting Saudi Arabia's Vision 2030 initiative by generating skilled job opportunities in the technology sector. The collaboration will leverage LTIMindtree's global expertise and Aramco Digital's solutions offerings to deliver digital transformation in various sectors, such as government, energy, manufacturing, and finance. The joint venture is part of the Aramco Namaat Industrial Investments Program.

China's Sinopec to form $4 bn JV with Saudi Aramco unit

VCCircle

VCCircle · 4m ago

China's Sinopec to form $4 bn JV with Saudi Aramco unit

China's Sinopec has partnered with a unit of Saudi Aramco to form a joint venture worth $3.95 billion. Sinopec and its unit will contribute a combined 21.6 billion yuan in cash, while Aramco Asia Singapore Pte. (AAS) will handle the remaining 25% of the investment. The new entity, Fujian Sinopec Aramco Refining and Petrochemical Co, will focus on refining and petrochemical operations in China's Fujian province.

Aramco boosts venture unit, more than doubles VC funding

VCCircle

VCCircle · 1y ago

Aramco boosts venture unit, more than doubles VC funding

Saudi Aramco has increased its Aramco Ventures unit by $4 billion, more than doubling its venture capital funding. With this additional funding over four years, Aramco Ventures' capital now stands at $7 billion. The move reflects the increasing importance of Aramco's venture capital program in developing disruptive technologies, diversification opportunities, and collaborations with innovative start-ups. The investments will focus on new energies, chemicals, transition materials, diversified industrial businesses, and digital technologies.

China-Gulf free trade talks stall on Saudi industrial agenda

VCCircle

VCCircle · 1y ago

China-Gulf free trade talks stall on Saudi industrial agenda

Negotiations for a free trade agreement between China and the Gulf Cooperation Council (GCC) have hit a roadblock, as Saudi Arabia is concerned about cheap Chinese imports undermining its efforts to boost the country's industrial sector. Saudi Arabia is worried that cheaper Chinese versions of its domestically manufactured goods would harm its industrial agenda. The talks for a trade deal are not completely off the table, but compromise from both sides is expected to finalize the agreement. The GCC, which includes Saudi Arabia, UAE, and Qatar, among others, has been in trade talks with China for nearly 20 years.

Air India crashed plane's engines were 'inspected' in recent months: Tata's airline tells Maharaja Club members

Economic Times

Economic Times · 2m ago

Air India crashed plane's engines were 'inspected' in recent months: Tata's airline tells Maharaja Club members

Air India expressed condolences to its Maharaja Club members following the crash of Flight AI171, which resulted in significant casualties. The airline assured members of its safety commitments and ongoing cooperation with the investigation. Scheduled inspections of the aircraft and its engines had been conducted. Following the incident, comprehensive safety inspections are being conducted on its Boeing 787 fleet. Operational disruptions have led to temporary 15% reductions in international flights, with options for affected passengers.

Saudi sovereign wealth fund signs $50 bn of MoUs with Chinese firms

VCCircle

VCCircle · 1y ago

Saudi sovereign wealth fund signs $50 bn of MoUs with Chinese firms

Saudi Arabia's sovereign wealth fund, PIF, has signed several agreements totaling $50 billion with leading Chinese financial institutions. The agreements, known as memorandums of understanding (MoUs), were signed with ABC, BoC, CCB, SINOSURE, CEXIM, and ICBC. The MoUs cover various areas of cooperation including capital flows through both debt and equity. The move is in line with Saudi Arabia's Vision 2030 plan to diversify its economy and develop a strong private sector. China has expressed readiness to deepen cooperation with Saudi Arabia in areas such as infrastructure, energy, green development, and the digital economy.

How the oil price plunge complicates Saudi Arabia's economic agenda

VCCircle

VCCircle · 4m ago

How the oil price plunge complicates Saudi Arabia's economic agenda

Saudi Arabia faces economic challenges due to plummeting oil prices, complicating its plans to diversify its economy and fund Vision 2030. The government may need to increase debt or reduce spending on major infrastructure projects. The Public Investment Fund and Saudi Aramco, partially reliant on oil, may also experience financial strain. In response, Saudi Arabia is recalibrating its budget, seeking additional financing, and prioritizing spending to maintain fiscal stability amid geopolitical shifts and economic pressures.

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