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
Saudis top Middle East ultra rich list
Saudi Arabia and the UAE jointly account for over 45 percent of the UHNW (ultra high net worth) population in the Middle East, a new Wealth-X study has found. The wealth-intelligence organization defines UHNW individuals as those with $30 million
Makkah-Jeddah train every 10 minutes
There would be trains between Makkah and Jeddah every 10 minutes once the Al-Haramain high-speed railway project is completed. Trains between Makkah and Madinah would be available every 30 minutes, an official working on the project was quoted as saying
UAE’s plans to boost oil output capacity on track
The UAE is moving ahead with its oil and gas investments despite the current drop in oil prices and expects no delays in plans to boost its crude output potential by 2017, the country’s energy minister said. “Investments are going,
ADWEA in talks with banks for $350 million project bond
Abu Dhabi Water & Electricity Authority (ADWEA) is in talks with banks about issuing a project bond as early as this year to refinance debt used to construct a power and water plant, two sources aware of the matter said.
Merkel plays down impact of VW scandal on German image
Chancellor Angela Merkel said the emissions scandal that has hit car giant Volkswagen was “dramatic” but would not inflict lasting damage to Germany’s reputation. In an interview with public station Deutschlandradio, Merkel stressed Volkswagen would now have to provide the
Kingdom, Russia set to promote strategic cooperation
Russia and Saudi Arabia plan to discuss bilateral cooperation during their Joint Commission meeting scheduled for the end of October, Russian Minister of Energy Alexander Novak said in a statement on Friday. Novak’s statement given to Russian reporters said both
Wall Street: Heightened volatility is welcome, say some investors
The global market volatility of the past month that sent US stocks to their worst quarter in four years shows no signs of letting up just because the calendar turned to October. Fund managers say they are bracing for another
Bank of Japan to cut forecast for economic, price growth
The Bank of Japan (BoJ) will this month cut its forecast for both economic growth and inflation amid a slowdown in the global economy and cheaper commodities, a leading newspaper said. The central bank will unveil the downward revisions in
UAE to spend $35 bln to diversify energy sources
The United Arab Emirates is investing $35 billion to diversify its energy resources and reduce its dependence on natural gas imports for power generation, the country’s energy minister said on Sunday. “We need to minimize our reliance on natural gas
Meet Pakistan’s ‘water mafias’ that suck Karachi dry
The moment they saw the city water tanker stop in their neighborhood, Mohammed and Nayla rushed towards it. That day, the water was free — a rare event in Karachi, where organized gangs siphon it off to sell to thirsty
Nigerian former oil minister ‘arrested’
Nigeria’s former oil minister has been arrested in London, the BBC said on Friday quoting unnamed family members, after Britain’s National Crime Agency said it had detained five people over alleged international corruption. The identities and nationalities of those held
China, US rate hike loom over global finance summit
Clouds are gathering over the world’s economic leaders ahead of a meeting in Peru to confront the fallout of a China-sparked commodity price crash that has rocked once-powerful emerging markets. The impending prospect of a US interest rate hike, the
Chinese solar company blames short-sellers for stock trouble
The chairman of a troubled Chinese solar panel manufacturer has denied wrongdoing and blamed short-selling by hedge funds for a plunge in the price of its Hong Kong-traded shares. Hanergy Thin Film Power Group Ltd. is cooperating with an investigation
German wind power output topping 2014 total
Germany’s wind power generation by September surpassed last year’s total, thanks to favorable weather conditions and an expansion of wind farms, industry bodies said. The cumulative total production from land-based and offshore wind farms so far this year was 59
India announces plan to slow rate of greenhouse gas growth
India has promised to shave a third off the rate at which it emits greenhouse gases over the next 15 years, in a long-awaited contribution toward reaching a deal to slow global warming at a UN climate summit in December.
Cuts in global oil investment biggest ever this year: IEA
Global oil investments this year are on track to drop by 20 percent, marking their biggest decline in history, Fatih Birol, head of the International Energy Agency, said. A halving in oil prices in the past year has hit energy
Gold price rebounds from two-week low
Gold jumped 2 percent on Friday after US payrolls data came in much weaker than expected, denting expectations that the US Federal Reserve will push ahead with its first interest rate rise in nearly a decade this year. Payrolls outside
Despair, hardship as Iraq cuts off wages in ISIS cities
The Iraqi government’s decision to choke off funding for Islamic State of Iraq and Syria (ISIS) by cutting off all wages and pensions in cities controlled by the group has plunged people into hardship and could help the insurgents tighten
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