Saudi Aramco, the world’s largest oil-exporting company, completed the acquisition of 70 per cent of shares in Sabic, the region’s biggest petrochemicals firm.
Aramco announced last year its purchase of the stake worth $69.1 billion (Dh253bn) from the kingdom's sovereign Public Investment Fund. The share purchase deal works out at 123.39 riyals per share.
The transaction will provide capital for the PIF’s "long-term investment strategy” as it drives economic growth and transformation in the kingdom, the fund's governor Yasir Al Rumayyan said in a statement.
“It supports Aramco’s continued growth in downstream and enhances its international footprint; and, it provides Sabic a new strategic energy industry focused shareholder with the ability to support growth projects,” he added.
Aramco’s acquisition is in line with its long-term strategy to drive growth through an enhanced downstream portfolio by increasing global refining capacity from 4.9 million to 8 million-to-10 million barrels per day by 2030, of which 2m bpd to 3m bpd will be converted into petrochemical products. This downstream portfolio will consume significant quantities of Saudi Arabia's crude oil.
Aramco and Sabic registered 90 million tonnes of petrochemicals production, including agri-nutrient and specialty products in 2019, the companies said.
PIF, which has about $300bn in assets under management, is involved in the economic diversification process and plans to boost its international investments to help raise assets to $2 trillion by 2030.
PIF is tasked with enabling the creation of new sectors and opportunities that will shape the future global economy, while driving the economic transformation of Saudi Arabia.
Working alongside its global strategic partners and investment managers, PIF acts as the kingdom’s main investment arm to deliver a strategy focused on achieving attractive financial returns and long-term value for Saudi Arabia, in line with Vision 2030.
The transaction was a "significant leap forward” for Saudi Aramco’s downstream strategy, the company’s president and chief executive, Amin Nasser said.
The deal will place the company in the league of one of the world’s major petrochemicals players, he added.
“Despite the Covid-19 pandemic forcing many companies to rethink or revise their long term strategies, our long-term focus, financial strength and resilience have enabled us to complete this historic deal," Mr Nasser said.
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
WITHIN%20SAND
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The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
UAE currency: the story behind the money in your pockets
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
UAE currency: the story behind the money in your pockets
UAE%20SQUAD
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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EA Sports FC 25
Developer: EA Vancouver, EA Romania
Publisher: EA Sports
Consoles: Nintendo Switch, PlayStation 4&5, Xbox One and Xbox Series X/S
Rating: 3.5/5
In Full Flight: A Story of Africa and Atonement
John Heminway, Knopff
Read more about the coronavirus
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
The five pillars of Islam
Company%20Profile
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