Arabian Drilling reports 171% profit hike in its first post-IPO earnings 

After a $580 million initial public offering and a stellar debut, profits jumped from SR155 million ($41 million) to SR421 million for the period ending Sep. 30. (Supplied)
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Updated 10 November 2022
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Arabian Drilling reports 171% profit hike in its first post-IPO earnings 

RIYADH: Arabian Drilling Co. reported a 171 percent growth in profits for the first nine months of 2022 in its first post-listing earnings results. 

After a $580 million initial public offering and a stellar debut, profits jumped from SR155 million ($41 million) to SR421 million for the period ending Sep. 30, according to a bourse filing. 

This came as revenues soared almost 22 percent year-on-year to as high as SR1.95 billion, the filing showed. 

The improved figures were achieved due to improved rig utilization following the restart of temporarily suspended rigs as well as increased offshore day rates. 

For the third quarter of the year, the Saudi-based onshore and offshore gas and oil rig drilling firm saw its profits jump 503 percent year-on-year to reach SR213 million. 

Founded in 1964, Arabian Drilling Co. is a limited liability company co-owned by Industrialization and Energy Services Co. and Schlumberger who own 51 percent and 49 percent respectively. 

The company operates a fleet of 45 drilling rigs, both onshore and offshore, which include equipment capable of drilling wells from 375 feet below sea level, as well as multi-purpose self-propelled service vessels that can intervene and test wells in the field. 


The Family Office to host global investment summit in Saudi Arabia

Updated 18 January 2026
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The Family Office to host global investment summit in Saudi Arabia

RIYADH: The Family Office, one of the Gulf’s leading wealth management firms, will host its exclusive investment summit, “Investing Is a Sea,” from Jan. 29 to 31 on Shura Island along Saudi Arabia’s Red Sea coast.

The event comes as part of the Kingdom’s broader Vision 2030 initiative, reflecting efforts to position Saudi Arabia as a global hub for investment dialogue and strategic economic development.

The summit is designed to offer participants an immersive environment for exploring global investment trends and assessing emerging opportunities and challenges in a rapidly changing financial landscape.

Discussions will cover key themes including shifts in the global economy, the role of private markets in portfolio management, long-term investment strategies, and the transformative impact of artificial intelligence and advanced technologies on investment decision-making and risk management, according to a press release issued on Sunday.

Abdulmohsin Al-Omran, founder and CEO of The Family Office, will deliver the opening remarks, with keynote addresses from Saudi Energy Minister Prince Abdulaziz bin Salman and Prince Turki Al-Faisal, chairman of the King Faisal Center for Research and Islamic Studies.

The press release said the event reflects the firm’s commitment to institutional discipline, selective investment strategies, and long-term planning that anticipates economic cycles.

The summit will bring together prominent international and regional figures, including former UK Treasury Commercial Secretary Lord Jim O’Neill, Mohamed El-Erian, chairman of Gramercy Fund Management, Abdulrahman Al-Rashed, chairman of the editorial board at Al Arabiya, Lebanese Minister of Economy and Trade Dr. Amer Bisat, economist Nouriel Roubini of NYU Stern School of Business, Naim Yazbeck, president of Microsoft Middle East and Africa, John Pagano, CEO of Red Sea Global, Dr. Anne-Marie Imafidon, MBE, co-founder of Stemettes, SRMG CEO Jomana R. Alrashed and other leaders in finance, technology, and investment.

With offices in Bahrain, Dubai, Riyadh, and Kuwait, and through its Zurich-based sister company Petiole Asset Management AG with a presence in New York and Hong Kong, The Family Office has established a reputation for combining institutional rigor with innovative, long-term investment strategies.

The “Investing Is a Sea” summit underscores Saudi Arabia’s growing role as a global center for financial dialogue and strategic investment, reinforcing the Kingdom’s Vision 2030 objective of fostering economic diversification and sustainable development.