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
EU, Canada agree free trade deal start
:: The European Union and Canada said on Saturday they had agreed to start a free trade agreement between the two sides on Sept. 21, paving the way for over 90 percent of the treaty to come into effect. The
Egypt’s central bank hikes key interest rates by 200 basis points
:: Faced with an eroding currency and accelerating inflation, Egypt’s central bank raised its key interest rates by 200 basis points for the second policy meeting in a row late on Thursday, the bank said in a statement. The central
$1 bln headache for Airbus as Qatar cancels four jets
:: Qatar Airways has axed orders for four A350s because of delivery delays, Airbus said on Thursday, handing the European planemaker a new headache over what to do with jets worth $1.2 billion at list prices as it tries to
IMF warns G20 to address risks to economic recovery
:: The global economy is strengthening but the International Monetary Fund warned on Wednesday that leaders of the Group of 20 must take action to deal with risks that remain a threat to growth. Ahead of the G20 leaders summit
Saudi Arabia starts private sector expat levy
:: Saudi Arabia on Thursday said it had begun taxing foreigners working in the private sector as part of fiscal reforms aimed at coping with a drop in oil revenues. Long a tax-free haven for expatriates, the Saudi economy was
Dubai online retailer Souq.com says sale to Amazon completed
:: Dubai-based Souq.com, the Middle East’s biggest online retailer, says its sale to Amazon has been completed. Souq.com said on Monday that users now could log into their website using their Amazon account. A Souq.com statement said the firms now
Amazon shares rise above $1,000 for the first time
:: Shares of Amazon surged above $1,000 for the first time Tuesday, marking another milestone in the rise of the American online retail giant. Near 14:10 GMT, the company’s shares were selling at $997.97, up 0.2 percent after earlier getting
Saudi Aramco signs deal with foreign, local firms to build huge shipyard
:: Saudi Aramco said on Wednesday it had signed a joint venture agreement with three firms to build a shipyard on the kingdom’s east coast, part of the government’s drive to diversify the economy beyond oil. A shareholder agreement was
Britain’s Heathrow says BA still experiencing some disruptions
:: London’s Heathrow Airport said early on Monday that there were still some disruptions to British Airways flights from the airport following a global computer system failure at the airline. BA said on Twitter it would run a full schedule
India needs more jobs for women to boost growth: World Bank
:: India must reverse a trend of falling women’s participation in the job market if it is to achieve its ambition of double-digit growth, the World Bank said on Monday. India is the world’s fastest growing major economy, but has
G7 leaders divided on climate change, closer on trade issues
:: Under pressure from Group of Seven allies, US President Donald Trump backed a pledge to fight protectionism on Saturday, but refused to endorse a global climate change accord, saying he needed more time to decide. The summit of G7
Swiss return funds from Ben Ali relative to Tunisia
:: Switzerland returned around 3.5 million euros ($3.91 million) held by a close relative of former Tunisian president Ben Ali to Tunisian authorities as part of the country’s stolen assets recovery process, Swiss authorities said on Friday. The Swiss government
Maaden signs major agreements with US firms Alcoa, Mosaic
:: Saudi Arabian Mining Company Maaden has signed “landmark” memorandums of understanding (MoU) with the US-based companies Alcoa and Mosaic, according to a statement. The agreements, signed at the inaugural Saudi-US CEO Forum in Riyadh, will help tap the Saudi
US arms contractor Raytheon announces Saudi deal to launch Arab operation
:: US defense contractor Raytheon has announced partnership with Saudi military industries to create an Arabia business unit. Raytheon’s Arab operation will develop smart weapons and air defense systems, aerospace and security capabilities in Saudi Arabia. The announcement was made
General Electric announces $15 billion of business deals with Saudi Arabia
:: American technology and engineering giant General Electtic (GE) announced on Saturday it had signed $15 billion of business deals with Saudi Arabia which will go a long way in boosting the kingdom’s drive to diversify its non-oil economy .
Saudi Arabia’s new military company to localize 50 percent of military spending
:: Saudi Arabia’s Public Investment Fund (PIF) on Wednesday announced the launch of a state-owned military industrial company aimed at contributing more than 14 billion riyals ($3.7 billion) to the Kingdom’s gross domestic product by 2030. The new Saudi Arabian
Saudi minister unveils plans to set up 10 Smart Cities
:: Minister of Municipal and Rural Affairs Abdullatief Al-Asheikh on Tuesday unveiled plans to establish 10 smart cities in the Kingdom. “The ministry will create partnerships to implement smart city project in 10 cities across the Kingdom as part of
High measures to block ‘ransomware’ attack across Arab banks
:: Banks and financial institutions in the Arab countries have taken precautionary measures in order to anticipate the unprecedented electronic attacks that some banks have experienced directly in the region. Al Arabiya traced the developments of these measures at the
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