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
Iraq’s Basra oil export terminal to stop loading for 24 hours
Iraq’s main oil export terminal, off the southern city of Basra, will stop loading operations for 24 hours, starting midnight Tuesday, because of work to install a new pipeline feeding the facility, two sources at the state-run South Oil Company
Uber chief quits Trump advisory group after uproar
Uber chief executive Travis Kalanick on Thursday quit US President Donald Trump’s business advisory group, as a movement grew to dump the ride-sharing service because of his connection to the new administration. Kalanick said in an email to Uber employees
Apple keeps lead in slumping global tablet market
Apple remains the leader in a global tablet computer market that has been in an extended slump for the past two years, according to surveys released Thursday. Tablet sales in the fourth quarter fell 20 percent from a year earlier
Oil edges further above $55 on Russia, OPEC cuts
Oil edged further above $55 a barrel on Wednesday supported by signs that Russia and OPEC producers are delivering on promised supply reductions, although a report showing a large rise in US crude inventories limited gains. Russia has cut production
Apple to start building iPhones from Bangalore in India
Apple is to start making iPhones in India this year, a local government official said on Friday, as the company seeks to tap into a booming middle class while sales in China slow. Karnataka’s IT minister said Apple had agreed
Saudi inflation slows in December
Saudi Arabia’s consumer inflation slowed in December 2016, losing speed for the first time at least since 2012, said a report issued by Al-Rajhi Capital. Analysts said that inflation in December last grew by 1.7 percent year-on-year versus 2.3 percent
King Abdullah Economic City development plan on track
King Abdullah Economic City (KAEC), the world’s largest privately-funded new city, has announced it signed contracts worth $43 million (SR1.6 billion) in 2016. In 2016 KAEC signed contracts with developers and service providers covering the full range of the city’s
US job creation surges in January
Job creation surged in the US economy in January while the unemployment rate drifted marginally higher as more people joined the job hunt, the Labor Department reported Friday. With hiring up in retail, construction and the financial sector, the economy
Trump moves to rollback financial regulation
President Donald Trump will on Friday move to roll back key reforms enacted in the wake of the 2008 financial crisis, in what the White House sees as an effort to cut damaging red tape. Officials say Trump will sign
Oil edges further above $55
Oil edged further above $55 a barrel on Wednesday supported by signs that Russia and the Organization of the Petroleum Exporting Countries (OPEC) are delivering on promised supply reductions, although a report showing a large rise in US crude inventories
FlyDubai profit drops sharply in year of deadly accident
Discount airline FlyDubai says its profit tumbled by 69 percent last year despite a rise in sales fueled by its growing operations. The Dubai-based airline said on Wednesday that it earned 31.6 million dirhams ($8.6 million) last year, compared with
Europe lifts ban on Iraqi Airways entering airspace
The European Aviation Safety Agency has lifted a ban on Iraqi Airways entering European airspace, Iraq’s transport minister Kadhim al-Hamami told state television on Thursday. The national carrier was banned from flying to Europe in 2015 because it did not
Investment scope in the Kingdom is broad and limitless: Al-Qassabi
Majid Al-Qassabi, minister of Commerce and Investment, told the members of the visiting Joint Bosnian-Serb delegation here on Monday that the investment scope in the Kingdom is broad. The minister was addressing members of the visiting delegation at the ministry’s
German delegation, JCCI in talks to boost economic ties
Senior officials of the Jeddah Chamber of Commerce and Industry (JCCI) on Tuesday received a high-level German delegation headed by Christian Wulff, former president of Germany and head of the Euro-Mediterranean Economic Cooperation Organization. The two sides discussed ways of
Oil slips as US drilling recovery weakens deal to cut output
Oil prices fell on Monday as news of another weekly increase in US drilling activity spread concern over rising output just as many of the world’s oil producers are trying to comply with a deal to pump less to try
Vodafone India seeks merger with rival Idea Cellular
Britain’s Vodafone Group confirmed on Monday it was in talks to merge its Indian subsidiary with local rival Idea Cellular in an all-share deal that would create a new market leader better able to contest a brutal new price war.
Saudi Cabinet approves VAT measure
The Saudi Cabinet approved on Monday the Unified Agreement for Value Added Tax, which will be implemented throughout the Gulf Cooperation Council (GCC) starting next year. In a session chaired by King Salman at the Al-Yamamah Palace in Riyadh, the
Saudi Public Investment Fund to be world leader
The publically owned Saudi Public Investment Fund is looking set to become one of the world’s most powerful sovereign funds after a sudden burst deal making, UK daily the Financial Times has reported. The previously little known and generally inactive
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