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
AFTIAS program focuses on boosting Djibouti, Algeria economies
:: The International Islamic Trade Finance Corporation (ITFC) and the International Trade Center (ITC) signed an agreement to develop two new projects in Djibouti and Algeria under the Aid for Trade Initiative for the Arab States (AfTIAS) program. The signing
Saudi Aramco takes ownership of the largest US oil refinery
:: Saudi Aramco now officially owns the largest oil refinery in America and the 600,000 barrels processed per day in Texas, a news report has revealed. According to a report in the Washington Times, Royal Dutch Shell (RDSA) released a
Remittances from Egyptians abroad rise by 13.8 pct since November
:: Egyptians have risen 13.8 percent since the central bank floated the pound in November, the central bank said in a statement on Tuesday. The central bank said remittances were $8 billion pounds in the five months, compared with $7
Saudi’s SABIC ‘very positive’ on 2017 despite oil market uncertainty
:: Saudi Basic Industries Corporation (SABIC) is “very positive” about 2017 despite global challenges, its chief executive said on Tuesday. Yousef Abdullah al-Benyan told reporters in Riyadh the firm was monitoring the global situation, but it was difficult to predict
Saudi finance minister says likely to tap foreign, local bond markets again
:: The Saudi Arabian government is likely to tap the international and domestic bond markets again this year, depending on demand for its debt and the pricing it can obtain, finance minister Mohammed al-Jadaan said on Tuesday. He told an
May sets out plans to protect pensions during takeovers
:: British Prime Minister Theresa May pledged to protect workers against irresponsible practices over pensions on Sunday, promising new regulations on how schemes are handled during corporate takeovers. May’s Conservative party will give regulators the power to examine takeover proposals
Dubai’s Aramex Q1 net profit down 5 pct
Dubai-based courier Aramex reported a 5 percent fall in first-quarter net profit on Sunday due to a rise in provisions related to the company’s incentive scheme. The company made a net profit of 91.8 million dirhams ($25.0 million)in the three
US to review trade pacts, looking at ‘abuses’
President Donald Trump will sign a decree on Saturday ordering a review of “violations and abuses” of international trade pacts signed by the United States, including the 164-member World Trade Organization, Commerce Secretary Wilbur Ross announced on Friday. The news
Egypt considering $1.5-2 billion Eurobond in coming weeks
Egypt is considering a $1.5-2 billion Eurobond offering in the coming weeks, finance minister Amr El Garhy said in a telephone interview with private television channel CBC on Saturday. Egypt sold $4 billion of Eurobonds in three tranches in January,
Saudi govt says making faster than expected progress in cutting costs
Saudi Arabia’s government is making faster than expected progress in cutting costs and that is the main reason for a stronger budget position so far this year than originally projected, a top official said on Thursday. Last week, King Salman
Iran says potential deal for early jet delivery falls through
IranAir has abandoned plans to take early delivery of a Boeing 777-300ER jetliner because the passenger plane is no longer available, the head of the Islamic Republic’s national flag carrier was quoted as saying by Iranian media. Iran had been
15 hotels worth $10 bln to open in Bahrain by 2020
Bahrain’s Economic Development Board released figures showing a 3 percent growth in the country’s hotel and restaurant sector, supporting plans to establish 15 luxury hotels and resorts valuing at $10 billion. The list includes world-renowned hotel brands including The One&Only
Saudi Aramco CEO says oil market rebalancing after OPEC-led cuts
The oil market is moving towards a balance between supply and demand with the help of an agreement reached between OPEC and other producers to cut production, the chief executive of Saudi Aramco said on Thursday. The Organization of the
Dollar speculation in Egypt on the decline
Despite the fact that the Egyptian Central Bank had not released any figures regarding the dollar trade on the black market, unofficial estimates revealed that speculation on the US currency in the black market have recorded nearly $40 billion from
KONE Wins Order for 8 New Projects by Alargan Projects in Saudi Arabia
KONE Corporation, a global leader in the elevator and escalator industry, has won the order to supply 153 elevators in 8 different projects commissioned by Alargan Projects in Saudi Arabia. The projects involved are located in Dammam, Yanbu, Riyadh and
US, global financial leaders skirt trade frictions, tout collaboration
Global economic leaders on Friday continued downplaying possible friction with the Trump administration over currencies, trade and other potentially contentious issues, even while acknowledging that much about the US president’s plans remains unclear. On a day when Donald Trump himself
IMF sees ‘breathing space’ in Middle East, Central Asia
Rising growth outside the troubled oil sector is offering some relief to economies in the Middle East and Central Asia, a senior IMF economist said Friday. But the subdued overall outlook is not enough to spur needed job growth and
Gold steady on N. Korea tensions, French election
Gold held steady on Tuesday after touching five-month highs the previous session, bolstered by the dollar softening versus the yen, North Korea tensions and the French presidential election. US Vice President Mike Pence reassured Japan of American commitment to reining
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