Kingdom Holding profit rises 10% in fourth-quarter
Dubai: Kingdom Holding, owned by Saudi Prince Alwaleed bin Talal, said fourth-quarter profit gained 10 per cent as the value of its investments rose. Net income increased to 231.2 million riyals ($61.7 million) from 209.6 million riyals in the same period a year earlier, the company said yesterday in a statement, without giving further details on which investments contributed to the gain. Full-year profit rose five per cent to 743.5 million riyals.
Kingdom holds stakes in companies such as Apple and Citigroup. Alwaleed and Kingdom's investment in Twitter rose in value from to $1.2 billion from $300 million after the micro-blogging site's November IPO, Kingdom said in December. Alwaleed has a fortune of $31.5 billion, according to the Bloomberg Billionaires Index, and holds 95 per cent of Kingdom Holding.
Abu Dhabi to pay Exxon and Inpex more for crude oil
Abu Dhabi: Abu Dhabi will pay Exxon Mobil and Inpex more to pump oil at the largest field off the emirate's coast as it extends a contract with the companies. Exxon and Japan's Inpex lengthened their deal for the Upper Zakum field in the Gulf by 15 years through 2041, the Asian company said in a statement, without giving further terms. The companies may get about $2.85 a barrel, up from $1 a barrel, International Oil Daily reported.
They sought better terms to help pay for artificial islands to support drilling equipment as output capacity of Murban-grade crude rises to 750,000 barrels a day by 2017.