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
Egypt’s Q1 current account deficit at $4 bln vs $1.6 bln
Egypt’s current account deficit widened to $4 billion in the first quarter of the financial year 2015/16 compared with a deficit of $1.6 billion in the same period a year earlier, the central bank said in a statement on Wednesday.
SAMA’s foreign assets reach SR2.356 trillion in November
Net foreign assets at Saudi Arabia’s central bank fell 1.9 percent in November from the previous month to SR2.356 trillion ($628 billion) as the government liquidated assets to cover a huge budget deficit caused by low oil prices. Assets dropped
Oil prices jump over 2% on colder weather
Oil prices jumped about $1 a barrel on Tuesday, as prospects of colder weather in coming weeks inspired buying a day after prices slid 3 percent, but slowing global demand and abundant supplies from OPEC members kept energy markets bearish.
Aramco to build world’s largest gas complex
Saudi Aramco intends to build the largest industrial complex for gas in the world a cost of $2.1 billion in Jazan. The new project will supply 20,000 metric tons of oxygen and 55,000 metric tons of nitrogen to its Jazan
Saudi budget prioritizes citizens with education, development funds
Saudi Arabia unveiled on Monday its general budget for the fiscal year 2016 with total revenues estimated at SR513.8 billion ($136.9 billion), expenditures budgeted at SR840 billion and fiscal shortfall projected at SR326.2 billion. Education and training received the highest
Saudi economy has the potential to meet challenges
Saudi Arabia has announced plans to reduce its budget deficit with spending cuts, reforms to energy subsidies and a drive to raise revenues from taxes and privatization. The 2016 budget, released by the finance ministry and cited by Reuters, marked
KSA to adjust petroleum, utility subsidies over next 5 years
Saudi Arabia’s government is to adjust subsidies for water, electricity and petroleum products over the next five years, the Ministry of Finance said in its 2016 budget document, cited by Reuters. Any changes made to such prices would be aimed
’Clone’ tweets by Bollywood celebs spark Twitter outrage
India saw the launch of a much-touted 4G telecom service on Sunday night and Bollywood celebs turned to Twitter to break the news, all eerily tweeting the same thing. “Congratulations to the Jio family on this landmark day! This truly
Vietnam economy grows at highest rate in five years
Vietnam’s economy in 2015 grew at its fastest pace in five years, official figures showed, shaking off regional economic worries with strong exports, record foreign investment and buoyant domestic consumption. The communist nation recorded a GDP growth rate of 6.68
Google, Ford will disrupt Detroit together
With the auto industry on the verge of its self-driving future, insiders and car enthusiasts have been gearing up for a clash of the titans, pitting the lumbering giants of Detroit against the nimble disruptors of Silicon Valley. But a
Firms using Smart Taxi apps ‘are not licensed’
The official spokesman for the traffic and transportation directorate in Makkah, Omar Bamasfaer, said that foreign taxi companies working through smart applications are illegal and don’t have an official license to practice inside the Kingdom. Bamasfaer said the ministry doesn’t
In shock to market, Turkey central bank keeps rates on hold
Turkey’s central bank left interest rates unchanged on Tuesday, a surprise move that reignited concern about political threats to its independence and put fresh pressure on the struggling lira currency. Analysts and investors have repeatedly called for a rate hike
Gold steadies after two-day rally
Gold held near $1,080 an ounce on Tuesday after a two-day rally, benefiting from a retreat in the dollar, though uncertainty over the pace of US interest rate increases capped the gains. The metal has risen around 3 percent since
Hyperinflation: Yuan replaces Zimbabwe dollar
Zimbabwe has announced a plan to begin using the Chinese yuan as an official currency. The news is just the latest wild twist for the Zimbabwean currency. Six months ago, Zimbabwe’s central bank announced that it was finally phasing out
Russia seizes fresh demand from new Chinese crude buyers
Russia overtook Saudi Arabia as China’s largest crude oil supplier for the third time this year in November, customs data showed as Russia captures fresh demand from new Chinese crude buyers. The jump in imports demonstrates the battle occurring between
Fisher products launched in Kingdom
AL-Asasiyah Electronics Co., Ltd. hosted a reception recently at Le Meridien in Al-Khobar which was attended by Hirao, the general manager of Meaji Trading Company – the exclusive representative of Fisher brand in the Middle East & Africa, and Chu,
Malaysia’s first Islamic-compliant airline takes off
Malaysia’s first Islamic-compliant airline Rayani Air began operations Sunday with its maiden flight taking off from the capital to the resort island of Langkawi, local media reported. In-flight meals served on board its flights are completely halal, with alcohol consumption
Brent crude oil skids to lowest since 2004
Brent crude prices fell to their lowest in more than 11 years on Monday, hounded by a relentless rise in global supply that looks set to outpace demand again next year. Oil production is running close to record highs and,
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