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
Turkish lira slips to 3 per dollar, weakest since Oct
The Turkish lira weakened to a three-month low against the dollar on Wednesday as fears about China’s stalling economy and North Korea’s nuclear test shook investors already concerned about the independence of Turkey’s monetary policy. The lira broke through the
Businessmen call for Iranian goods’ boycott
Several businesspeople across the country have called on consumers and traders to boycott all goods from Iran in the wake of the attacks on Saudi missions in Iran. Omar Bahlaiwa, secretary-general of the international trade committee of the Council of
Gold price gains as risk aversion triggers demand
Gold rose on Tuesday as a wave of risk aversion due to growth worries in China and rising tensions in the Middle East triggered demand for the metal. Spot gold was up 0.6 percent at $1,080.43 an ounce by 1234
IMF urges Nigeria to cut reliance on oil
The head of the International Monetary Fund has endorsed Nigeria’s efforts to tackle corruption, while saying the country needed to reduce its reliance on oil, sharp falls in the price of which have crippled its economy. Speaking after talks with
Prince Alwaleed cancels plan to invest in Iran
Prince Alwaleed bin Talal said on Tuesday he had canceled his plans to invest in Iran following Riyadh’s move to cut its diplomatic relations with Tehran. Writing in his twitter account, Alwaleed said he had rejected a request by the
Iran’s economy will be hit hard, say experts
A number of economic experts have said that severance of Saudi Arabia’s diplomatic and trade relations with Iran has made the latter the biggest loser. The volume of Saudi exports to Iran stood at nearly SR383 million by the end
Saudi stocks gain as banks rise
Middle East stock markets were mixed in quiet trade on Sunday with Dubai falling as Emaar Properties was sold after a fire at one of its luxury hotels. The Saudi and Egyptian markets gained, supported by large-cap bank stocks. Saudi
Oman to slash subsidies as low oil prices squeeze budget
Oman’s government plans to cut subsidy spending by almost two thirds this year to help tackle a budget deficit caused by low oil prices, the finance ministry said. Subsidies on utility bills, housing loans, fuel and other goods are seen
China halts stock trading as market lurches down again
China’s stock market lurched lower again Monday, triggering “circuit breakers” that halted trading. The slump was the latest episode in months of turmoil for Chinese investors. China’s market benchmark soared 150 percent between November 2014 and early June 2015, as
Bahrain’s new landmark Marassi Galleria unveiled
UAE-based real estate investment and development company Eagle Hills, in partnership with local developer Diyar Al Muharraq, has revealed its flagship urban center Marassi Galleria, a unique residential, hospitality and lifestyle shopping and entertainment destination. Anchored on the beachfront, Marassi
Casio rolls out G-Shock with youth fashion tone
Mahmood Saleh Abbar Co, the official agent for Casio in the Kingdom of Saudi Arabia, recently launched G-Shock GD-X6900AL-2 in collaboration with clothing brand ALIFE that specializes in youth fashion and modern designs. The launch event took place recently in
Oil prices to stay low for two years: BP Chief
Struggling oil producers could suffer even more pain in 2016 with further plunges in already record-low prices, BP Chief Executive Bob Dudley warned Saturday. “A low point could be in the first quarter,” Dudley told BBC radio. Oil prices fell
Maaden begins initial production at Barrick copper JV
Saudi Arabian Mining Co. (Maaden) has began initial production of copper at its joint venture affiliate with Canada’s Barrick Gold Corp, the Gulf’s largest miner said in a bourse statement. Maaden Barrick Copper Co, owned equally by the pair, will
Wind and solar power soar in spite of bargain prices for fossil fuels
Wind and solar power appear set for a record-breaking year in 2016 as a clean-energy construction boom gains momentum in spite of a global glut of cheap fossil fuels. Installations of wind turbines and solar panels soared in 2015 as
Strength of dollar ‘biggest uncertainty for 2016’
China’s leaders are striving to cut leverage while restructuring growth away from an over reliance on investment and toward greater consumption and services. Sounds simple. But there’s a risk the transition triggers a steeper slide in growth in 2016. Things
Saudi tax policy likely to influence Gulf partners
The state budget released by Saudi Arabia this week is likely to mark the end of an era for lavish welfare systems, encouraging governments around the region to roll back costly handouts to people. Trying to narrow a huge budget
Global growth will be disappointing in 2016 says IMF’s chief
Global economic growth will be “disappointing” next year, the head of the International Monetary Fund said in a guest article for German newspaper Handelsblatt published on Wednesday. IMF Managing Director Christine Lagarde said the prospect of rising interest rates in
Oman plans spending cuts, tax rises, petroleum price changes
Oman’s cabinet approved in principle a series of spending cuts and tax rises to cope with the damage to state finances from low oil prices, state news agency ONA reported on Wednesday. “The council of ministers approved a number of
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