Hosting the conversation

Middle East Experience

Latest News

Coronavirus: Saudi Arabia to get AstraZeneca shots in about a week from India

The Serum Institute of India (SII) will supply Saudi Arabia with 3 million AstraZeneca COVID-19 vaccine doses priced at $5.25 each in about a week on behalf of the British drugmaker, its chief executive told Reuters on Monday.SII has no immediate plans, however, to divert supplies to Europe, even though AstraZeneca has come under pressure from the EU to deliver more shots after announcing a big cut in shipments due to production problems at a Belgian factory.For more on the coronavirus, visit our dedicated page.SII, the world's biggest vaccine manufacturer, has partnered with AstraZeneca, the Gates Foundation and the Gavi vaccine alliance to make up to a billion doses for poorer countries.The Indian company supplies doses on behalf of AstraZeneca but is also free to strike its own supply deals.“We continue to support AstraZeneca wherever they need the support. We are happy to do so,” Chief Executive Adar Poonawalla told Reuters in an interview.“But we have not been asked to supply any more products for Europe because then that would mean supplies to Africa and India would suffer, and we certainly don’t want that,” he said. “Once I satisfy that I can look at other, richer nations. Six months to a year, that could change.”He said the doses destined for Saudi Arabia would be shipped in a week or 10 days. SII is also supplying South Africa with 1.5 million doses at the same price of $5.25 each on behalf of AstraZeneca.“We have our hands full, in fact, with the volumes even we need to supply,” Poonawalla said. “We have been on time and we are able to supply to all these nations.”The pricing of the deal between South Africa and AstraZeneca has sparked some controversy as it is higher than the $3 a dose that South Africa and other countries on the continent are due to pay for the vaccine under an African Union arrangement. AstraZeneca has said it will not profit from the vaccine during the pandemic.Read more:Coronavirus: Saudi Arabia detects 213 new COVID-19 cases in 24 hoursSaudi Arabia ranks 14th globally in coronavirus research, 1st among ArabsCoronavirus: Saudi Arabia reschedules COVID-19 vaccinations amid Pfizer delay
Source: Al Arabiya
Full Article: Coronavirus: Saudi Arabia to get AstraZeneca shots in about a week from India

Saudi Arabia might list more shares in Aramco under right valuation: PIF governor

Saudi Arabia might consider listing more shares in Saudi Aramco if the valuation is right and if the state oil company was considering a “massive program of asset divestments,” according to the governor of the Kingdom’s Public Investment Fund.“Historically speaking, [Saudi Aramco] used to do everything themselves… they had their own airports, their own fleets, their own pipelines,” Yasir al-Rumayyan told the Financial Times. “Now if it makes sense for us to divest some of these assets, we’re definitely going to do it. It could include anything except the main operations,” he added.For all the latest headlines follow our Google News channel online or via the app.Al-Rumayyan’s statements come a day after Saudi Arabia’s Crown Prince Mohammed bin Salman announced on Sunday the Kingdom’s strategy for its Public Investment Fund (PIF) for the next five years, including a target of doubling its Assets under Management (AUM) to reach $1.07 trillion by 2025.The PIF governor, who is also chair of Saudi Aramco, told the Financial Times that the Kingdom’s sovereign wealth fund would need additional government cash injections, but said it would happen only when the central bank’s reserves were replenished.“We have governance in both companies…The PIF way will never allow one party to put the pressure on the other one,” Al-Rumayyan told the Financial Times when asked regarding concerns Aramco would become a cash cow for the PIF.Read more:Saudi Arabia’s PIF to invest 3 trillion riyals over next 10 years: Crown PrinceSaudi Arabia’s PIF launches company to develop private security sectorSaudi Public Investment Fund to be world leader: ReportHere are the top 10 sovereign wealth funds in the Arab world
Source: Al Arabiya
Full Article: Saudi Arabia might list more shares in Aramco under right valuation: PIF governor