Saudi King and Crown Prince Condole Kuwait
In a heartfelt gesture of solidarity, Saudi Arabia’s King Salman and Crown Prince Mohammed bin Salman expressed their deepest condolences to the Emir of Kuwait on Monday following the passing of Sheikh More »
Putin and Abbas Discuss Gaza Crisis
Russian President Vladimir Putin is set to meet with Palestinian President Mahmoud Abbas on Tuesday during Abbas’ visit to Russia. Arriving on Monday, Abbas aims to discuss the ongoing Gaza conflict with More »
Saudi Arabia Voices Strong Support for Gaza Peace Initiatives
Saudi Arabia has firmly aligned itself with the recent joint statement made by President Joe Biden of the United States, President Abdel Fattah El-Sisi of Egypt, and Sheikh Tamim bin Hamad Al-Thani, More »
Saudi Crown Prince, US Secretary of Defense discuss troop deployment
:: Saudi Arabia’s Crown Prince Mohammed bin Salman received a phone call on Wednesday from the US Secretary of Defense during which they discussed ongoing arrangements to send US troops of a More »
Saudi Energy Minister confirms restoration of Kingdom’s gas production capacity
:: Saudi Arabia’s Minister of Energy confirmed on Wednesday the restoration of production capacity, affirming the Kingdom’s position as a reliable energy supplier in the global market. The energy minister, Prince Abdulaziz More »
Category Archives: Economy
Egypt’s Sisi says foreign reserves close to $35 billion
:: Egypt’s foreign reserves are close to $35 billion, Egyptian President Abdel Fattah al-Sisisaid on Monday. The figure brings the country to about where it was before a 2011 uprising drove tourists and foreign investors away, drying up foreign reserves.
Oil gains after Saudi vows to cap crude exports next month
:: Oil rose on Monday, erasing early losses after leading OPEC producer Saudi Arabia pledged to cut its exports to help speed the rebalancing of global supply and demand. Saudi Energy Minister Khalid Al-Falih said his country would limit crude
Oil ministers to meet in Russia as compliance focus turns to Africa
:: Oil exporters are set to meet in Russia on Monday to monitor compliance with production cuts as the focus turns toward output from Africa. Key OPEC and non-OPEC oil nations will discuss the situation in Libya and Nigeria at
Dubai Aerospace says raises $2.3 billion in senior bonds
:: Government-controlled Dubai Aerospace Enterprise (DAE) has priced $2.3 billion in senior bonds split across three tranches, the company said on Sunday. DAE priced $500 million of 4 percent notes due in 2020, $800 million 4.5 percent bonds due in
Saudi finance minister welcomes IMF report
:: Saudi ministry of finance welcomed IMF report on the situation of the national economy. Commenting on the results of the consultations with the International Monetary Fund (IMF), the Minister of Finance Mohammed Al-Jadaan said: “We welcome the Fund’s commendation
IMF: Saudi Arabia has made significant progress with Vision 2030
:: Citing Saudi Arabia’s bold reform program under Vision 2030 announced in 2016, the IMF has concluded that non-oil growth in the Kingdom is expected to pick up this year. The IMF in its latest assessment of the Saudi Arabian
Iraq expects to produce 250,000 tons of rice in 2017 season
:: Iraq’s Agriculture Ministry said on Saturday it expected to produce 250,000 tons of rice in the 2017 season. The figure suggests gap to be filled by imports of about 1 million tons, as demand annually stands at between 1
Qatar’s $300 bln conundrum: How long can Doha defend its currency?
:: When is $300 billion not enough? That question is key to Qatar’s future as some bankers and hedge funds speculate the super-rich state’s vast financial reserves may not be liquid enough to defend its currency in the long term.
Gold up, poised for more gains on soft US rate outlook
:: Gold climbed on Monday and was likely to see further gains after the dollar slumped to multi-month lows on the back of data that pointed to weak US inflation and less prospect of rate hikes. “The dollar continues to
1st phase of Aramco’s industrial city to be completed in 2021
:: Saudi Energy Minister Khalid Al-Falih said the newly approved industrial energy city project will help localize industries supportive to the energy sector. He said the decision to establish a new energy city aligns with the Vision 2030 and supports
US issues revised security directive to airlines worldwide
:: The US Department of Homeland Security has issued a revised directive to airlines around the world in response to requests that it clarify aviation security measures scheduled to begin taking effect next week, the agency said on Friday. “This
China, Pakistan experts discussing plans to set up nine special economic zones
:: Chinese and Pakistani experts are working on modalities for establishment of nine special economic zones (SEZs) alongside the China-Pakistan Economic Corridor (CPEC) mega project, a news report has revealed. According to a report in The News, the government has
After Qatar Airways CEO’s ‘grandmothers’ remark, end of American codeshare deal
:: Days after Qatar Airways CEO Akbar Al Baker called US flight attendants as “grandmothers”, the feud between American Airlines Group Inc. and Qatar Airways Ltd. Appears to be escalating. According to a Bloomberg report, First, American scoffed at the
Nigeria to put off deciding whether to join OPEC cuts, minister says
:: Nigeria supports OPEC’s efforts to stabilize oil prices, but it wants to wait before deciding whether join the alliance’s cuts in oil production, its oil minister said on Wednesday. “Hopefully, in the next two to three months we can
High living costs as food, travel prices shoot up in Qatar
:: Living costs in Qatar have become far more expensive following boycott by all of Saudi Arabia, the UAE, Bahrain and Egypt, Al Arabiya’s sister news channel, Al Hadath reported on Wednesday. Food prices have doubled and at times went
Saudi Arabia approves launching an ‘Industrial Energy City’ in the Eastern Province
:: The Saudi Council of Ministers approved the taking of necessary measures to establish an industrial city in the Eastern Region called “the Industrial Energy City”, in addition to allocating of 50 square kilometers of the reserved lands of Aramco
India’s top court suspends ban on trade in cattle for slaughter
:: India’s Supreme Court suspended on Tuesday a government ban on the trade of cattle for slaughter, a boost for the multi-billion dollar beef and leather industries mostly run by members of the Muslim minority. Prime Minister Narendra Modi’s Hindu
Oil falls as banks cut price forecasts
:: Oil prices fell on Tuesday as global oversupply encouraged several banks to cut their forecasts for crude for this year and 2018. Brent crude was down 50 cents at $46.38 a barrel in mid-morning trade on Tuesday. US crude
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