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
Bye bye Google, hello Alphabet: Search giant’s overhaul in motion
Google Inc has morphed into Alphabet Inc. After U.S. markets closed on Friday, Alphabet replaced Google as the publicly traded company that will house Google’s search and Web advertising businesses, maps, YouTube and its “moonshot” ventures such as driverless cars.
Saudi investments unruffled by oil drop
The Kingdom’s recent moves in the oil industry are sending a strong message to the world about its commitment to preserving its market share, a leading Saudi analyst said on Friday. “Saudi Arabia wants to assure the world and oil
KSA likely to see 30 million religious tourists by 2025
The number of religious tourists is expected to rise from 17.5 million recorded last year to between 25 and 30 million in 2025, which would be a boost to the country’s economy, say economists. The contribution of religious tourism to
OPEC oil production rises in September
OPEC oil output has risen in September from the month before, a Reuters survey found, as Iraq’s northern exports recovered from disruption that had halted supply growth from the group’s second-largest producer. Saudi Arabia and other Gulf members of the
World Islamic Banking Conference announces innovative new features
The conveners of the much-coveted World Islamic Banking Conference (WIBC) announced the various features that promise to make WIBC 2015 the best edition in its 22-year history. The event will take place from Dec. 1 to 3 at the Gulf
Acwa Power targets 2016 IPO on Kingdom’s bourse
Saudi Arabia-based power and water project developer, Acwa Power, is aiming for a stock market floatation on the Saudi bourse sometime next year, its chief executive said. The company, which has $27 billion worth of assets, with another $17 billion
World’s top 10 most competitive economies revealed
The World Economic Forum’s Global Competitiveness Report 2015-2016 assesses the competitiveness of 140 world economies. Using a mixture of quantitative and survey data, it ranks countries overall by combining 113 indicators grouped under 12 pillars of competitiveness: institutions; infrastructure; macroeconomic
Japan’s bid for Indonesian railway rejected, China wins
Japan said its bid to build a major railway in Indonesia had been rejected with China instead to be awarded the project, slamming the decision as “extremely regrettable.” China and Japan had for months been vying to build a new
Indonesia seeks oil supply contracts with Mideast nations
Indonesia hopes its return to OPEC in December will bring Asia’s top gasoline importer closer to the world’s main oil producers and ease its reliance on a small group of traders for supplies, said the country’s energy minister. The Organization
Indonesia hopes for boom in Islamic banking
Indonesian teacher Nina Ramadhaniah hopes for “blessings from Allah” by opening a Shariah bank account — the sort of pious customer the world’s most-populous Muslim-majority country is praying for as it launches an Islamic finance drive. Indonesia, Southeast Asia’s biggest
Global oil market gets new Chinese traders hungry to taste crude
They long stood in the shadows of state- owned Chinese energy giants, small in size and clustered in an eastern province along the coast. Now, independent refiners are wielding growing clout in the global oil market. Shandong Dongming Petrochemical Group,
Apple iPhone 6s and 6s Plus sales seen getting China boost
The iPhone 6s and 6s Plus hit stores around the world on Friday, at the start of what is expected to be a record weekend for sales of Apple Inc’s marquee product. Eager buyers — joined by at least one
With iPhone launch, Apple eyes better customer connection
It’s not just another iPhone launch. This time, Apple is pushing not only a new device, but what it says is a new relationship with its customers. By offering for the first time monthly installment payments on direct sales and
Fed delay could spur more debt issues to fund share buybacks
A record year for debt-funded stock buybacks may soon become even more rewarding for shareholders. The US Federal Reserve’s decision to delay raising interest rates for the first time since the 2008 financial crisis will likely encourage companies to take
#Dieselgate: Volkswagen CEO Winterkorn quits over scandal
Volkswagen CEO Martin Winterkorn resigned on Wednesday, taking responsibility for the German carmaker’s rigging of US emissions tests in the biggest scandal in its 78-year history. “Volkswagen needs a fresh start — also in terms of personnel. I am clearing
800 flights at King Abdulaziz International Airport per day during Haj
The average number of flights at King Abdulaziz International Airport in Jeddah has increased to 800 in just one day during the current Haj season, said Suleiman bin Abduallah Al-Hamdan, chairman of the Public Authority for Civil Aviation, according to
Social media frenzy ‘hurting Saudi market sentiment’
A top Jeddah-based economist has cautioned Saudi stock market investors against being influenced by rumors spread by social media. “Social media keeps us connected. But there is a negative side,” said Basil Al-Ghalayini, CEO of BMG Financial Group. Al-Ghalayini and
Progress on cutting fossil fuel subsidies ‘alarmingly slow’: OECD
Major nations are “alarmingly slow” in keeping pledges to cut fossil fuel subsidies despite signs of a decline in support worth up to $200 billion a year, the Organization for Economic Cooperation and Development (OECD) said. Reductions in damaging subsidies
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