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
India’s flagging economy draws dire warnings of recession
:: Prime Minister Narendra Modi came to power on a euphoric wave of promises to boost India’s economy, add millions of jobs and bring “good times” to the developing nation. Three years later, India’s economic prospects look decidedly grimmer. India’s
Egypt’s foreign debt up 42 pct to $79 bln
:: Egypt’s foreign debt rose to $79 billion in the 2016-17 fiscal year which ended in June, up 42 percent from 2015-16, the central bank said. The cash-strapped country has been borrowing from abroad to fund its budget deficit and
Etihad Aviation Group appoints former airport chief as CEO
:: Etihad Aviation Group has named Tony Douglas, who has run both Abu Dhabi and Heathrow airports, as CEO at a time the group’s airline is undergoing a strategic review after investments in troubled carriers contributed to a big loss
Cigarette, energy drink prices to double in the UAE
:: Consumers of tobacco products, soft drinks and energy drinks will have to pay more in the UAE, following the announcement of a new excise tax by the Federal Tax Authority. The planned Excise Tax will to go into effect
In numbers: How much Saudi families will save after historic decree
:: In a historic night after King Salman Bin Abdelaziz issued a decree to grant women driving licenses the economic effect on the Kingdom is forecasted to be positive. The decision will increase the social security of families in the
Lebanese Cabinet to look at ways to fund public sector pay rise
:: Lebanon experienced a nationwide strike involving all public sector institutions as well as both public and private schools on Monday, with those on strike demanding a public sector pay rise. A new salary scale was approved by Parliament only
Egypt’s central bank seen holding interest rates as inflation cools
:: Egypt’s central bank is likely to keep key interest rates unchanged in its monetary policy meeting this Thursday, a Reuters poll showed, after a slide in inflation that is expected to continue in the last quarter of 2017. The
UK inventor James Dyson to launch electric car by 2020
:: James Dyson, billionaire inventor of the bagless vacuum cleaner, said on Tuesday his company was building an electric car which will launch by 2020, the latest firm to challenge traditional carmakers in a burgeoning market. Tesla has already shaken
World Bank arm to invest $150 million in Egypt’s agriculture sector
:: International Finance Corporation (IFC) has agreed to invest $150 million (SR562.5 million) in Egypt’s agriculture sector in partnership with the country’s private sector, UAE state news agency WAM reported late Saturday. The investment aims at developing the country’s nutrition
Amazon affiliate to buy 5% stake in Indian retailer Shoppers Stop
:: An affiliate of Amazon.com has agreed to buy a 1.79 billion-rupee ($27.6 million) stake in Indian retailer Shoppers Stop Ltd, the Indian company said in a filing. Amazon.com Investment Holdings, a foreign portfolio investor, will subscribe to about 4.4
Iraq oil minister says committed to respecting its OPEC production quota
:: Iraq is committed to respecting its reduced oil production quota as agreed with the OPEC and other exporters, Oil Minister Jabar Al-Luaibi told a news conference on Sunday in Baghdad. Al-Luaibi also said that talks are continuing with Royal
Why is Qatar on a selling spree of its overseas investments?
:: Why is Doha offloading some of its assets abroad in recent months? Is the prolonged diplomatic and economic sanctions by fellow Gulf and Arab states from June 5, having its slow but definite impact on its economy? The rift
Moody’s downgrades UK’s rating on Brexit
:: Ratings agency Moody’s downgraded Britain’s credit rating by a further notch on Friday, saying the government’s plans to fix the public finances had been knocked off course and Brexit would weigh on the economy. Moody’s, which was the first
Lukoil to maintain oil production, investments outside Russia
:: Lukoil plans to keep pumping 100 million tons of oil per year between 2018 and 2027 with projects outside Russia and will keep annual investment at $8 billion (SR30 billion)-$8.5 billion, the chief executive said on Saturday. Lukoil, Russia’s
S&P downgrades China’s credit rating, cites rising debt
:: S&P Global Ratings downgraded China’s long-term sovereign credit rating by one notch on Thursday to A+ from AA-, citing increasing risks from the country’s rapid build-up of credit. “The downgrade reflects our assessment that a prolonged period of strong
Ryanair could ground more planes, CEO Michael O’Leary says
:: Ryanair chief executive Michael O’Leary on Thursday said he could not rule out axing more flights, but added any additional cancelations would not be linked to ongoing pilot roster problems. O’Leary told the Irish company’s annual general meeting in
Saudi e-commerce market to double to $22 billion by 2020
:: Saudi construction giant alfanar has joined regional organizations such as Virgin Megastore Middle East and North Africa, the Sharjah Cooperative Society, and MODUL University Dubai in showcasing global best practices in digital marketing to transform the customer experience. By
Saudi Arabia grants license to top global firms
:: Saudi Arabia has granted licenses to more than 50 global companies during the last nine months, which permits them to operate in the Kingdom, according to the Saudi Ministry of Trade and Investment. Minister Majid al-Qasabi mentioned, in an
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