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
Saudi Labor Ministry identifies car rental suggestions
The Ministry of Labor and Social Development held a workshop in Riyadh to hear suggestions from rental-car dealership owners in a step to coordinate efforts to nationalize the industry. Deputy Minister for Private Programs Ibrahim Al-Shafi and partners and investors
HSBC predicts 100 Saudi Arabian listings in privatization drive
Saudi Arabia’s privatization drive is likely to result in around 100 new stock market listings in sectors including mining, healthcare and retail, a top HSBC executive said on Monday. Georges Elhedery, HSBC’s chief executive for the Middle East and North
Iran boosts gas production from underwater field
Iran’s President Hassan Rouhani inaugurated five new phases of the South Pars gas field on Sunday, the result of some $20 billion in investment, local media reported. The ribbon-cutting of phases 17-21 pave the way for Iran to surpass the
Saudi Arabia ready to invest $2bln in region’s cultural tourism sector
Saudi Arabia and Oman will lead the GCC’s multi-billion dollar investments in cultural tourism with a series of projects to develop new cultural attractions, according to a report by Reuters. According to the research, compiled by Colliers International, Saudi Arabia
Iraq says to import wheat and rice through direct contracts
Iraq’s Trade Ministry said on Sunday it was negotiating direct contracts for the import of rice and wheat after multiple failures to secure the two strategic commodities through international tenders. Iraq had been struggling to import the grains for its
Trump administration says no US trading partners manipulate currency
US President Donald Trump’s administration declined to name any major trading partner as a currency manipulator in a highly anticipated report on Friday, backing away from a key Trump campaign promise to slap such a label on China. The semi-annual
Saudi Arabia, UAE to look for joint strategic partnerships: Falih
Saudi Minister of Energy, Industry and Mineral Resources Khalid Al Falih said Saudi Arabia and the UAE have agreed to look for joint strategic partnerships at a joint retreat held here on Thursday. “This blessed journey will achieve its goals,”
US banks report solid earnings, still hopeful on Trump agenda
Strong trading results, rather than lending, was the driving force behind solid earnings reported by large US banks Thursday, as executives expressed measured optimism about the prospects for President Donald Trump’s pro-growth agenda. JPMorgan Chase and Citigroup reported big jumps
Egypt imposes sugar export tariff of 3,000 pounds per tonne
Egypt will impose a sugar export tariff of 3,000 Egyptian pounds ($165.47) per tonne, the state’s official gazette said on Thursday. Egypt expects to produce about 2.4 million tons of sugar from its harvest this year, less than the roughly
How ‘fear of failure’ is holding back Gulf entrepreneurs
The growth of entrepreneurship in the Gulf region is held back by the fear of taking risks and possible failure, said panelists at the Top CEO Conference. Encouraging small and medium-sized enterprises (SMEs), entrepreneurship and startups entails “a cultural shift”
To enhance transparency, OPEC and UAE to launch oil and gas database
OPEC and the United Arab Emirates’ ministry of energy will next week launch the first phase of a new global oil and gas database project aiming to develop an easy-to-use tool to analyse energy information and allow for more transparency.
Is Britain cozying up to the Gulf to offset Brexit losses?
As uncertainty looms over Britain’s economic stability post-Brexit, leaders of the former colonial empire are looking to secure trade ties with its Gulf allies. Political and economic experts in the UK state that cultivating a perception that Britain is a
The Saudi economy: ‘With great challenges come great opportunities’
Few would dispute that Saudi Arabia’s economy has witnessed some tough times. But as this week’s Top CEO Conference will hear, there are some golden opportunities amid the gloom that followed the oil-price crash. Some of the burning issues facing
‘Saudi people want to shop in the mall, not from their computer’
What happens when you turn a top-notch banker into a shopkeeper? If the plans for Arabian Centres under its CEO Khalid Al-Jasser are anything to go by, you will end up with some very big shops. After 27 years in
In the Trump era, one US Muslim investor tries a louder voice
Shareholder activism is rare in Islamic finance, but one wealth manager has staked out new territory as the most outspoken voice among Muslim investors in the United States. Working from an office in Falls Church, Virginia, Bashar Qasem was the
KSA hotel capacity increases in 2017
The Saudi Commission for Tourism and National Heritage (SCTH) said the number of hotels increased by 6 percent in 2017 to reach 2,036 compared to 1,908 in 2016. Furnished apartments were recorded at 6,940 and hospital entities amounted to 506,716
China clearing houses partners with Canada’s TMX in bond market push
In Beijing’s latest push to attract foreign investment into the country’s $9 trillion bond market, China’s state-owned clearing house said on Saturday that it will work with Canada’s TMX Group to expedite cross-border investments. Shanghai Clearing House, supervised by China’s
Dubai exchange may launch gold contract for retail investors
The Dubai Gold and Commodities Exchange (DGCX) said on Saturday it was considering whether to launch a new spot gold contract designed to be used by retail investors and traders. The DGCX signed a memorandum of understanding with the Dubai
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