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
Kuwait plans $155bn projects despite plunge in oil prices
KUWAIT CITY: Kuwait’s government has announced plans to spend 45.5 billion dinars ($155 billion) on projects over the next five years despite the plunge in world oil prices, a lawmaker said. The spending is slated to cover 523 key projects
Japan readies record $800bn budget, curbs bond sales
TOKYO: Japan’s government will propose a record budget for next fiscal year of more than $800 billion but cut borrowing for a third year, government officials said, as Prime Minister Shinzo Abe seeks to maintain growth while curbing the heaviest
Armacell sets up new plant in Bahrain
Armacell, a world leader in flexible insulation foams for the equipment insulation market and leading provider of engineered foams, has announced that it will build a new manufacturing facility in Bahrain. The new plant, which will be located at the
Saudia boosts Manila services with Boeing 777-300ER
Saudi Arabian Airlines (Saudia) will operate 11 flights weekly to the Philippine capital Manila from Jeddah, Riyadh and Dammam using Boeing 777-300ER to meet the needs of growing passenger traffic between the two countries, said a senior Saudia official. “The
Corvinus University honors Prince Alwaleed
Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC), and accompanying delegation visited Budapest, Hungary. During the visit, Prince Alwaleed was awarded an Honorary Degree of “Doctor Honoris Causa” of Social Sciences from Corvinus University of Budapest. It was
Air Arabia to open new international hub in Jordan
Air Arabia said it will open a new international hub at Amman Queen Alia International Airport in Jordan, its fifth fixed-based operation globally, following the acquisition of a 49 percent stake in Petra Airlines. The deal will see the existing
500 companies from 140 countries set for UAE investment meeting
The UAE Ministry of Economy has stepped up the preparations for the 5th Annual Investment Meeting (AIM). It will take place at the Dubai International Convention and Exhibition Center from to March 30 to April 1. The AIM, which will
Saudi Aramco focused on long-term strategic vision
Saudi Aramco’s CEO Khalid Al-Falih has said that 2014 was a year of accomplishments for his company. “In upstream, we reliably met domestic and international oil demand, and the oil and gas reserves that we will book this year will
Unified billing system boon for SEC customers
The Saudi Electricity Company (SEC) has introduced a new system covering more than 7.5 million subscribers. The company called upon subscribers to replace their old billing numbers with new ones to come under the new unified billing system that became
No gender segregation on Saudia
Saudi Arabian Airlines on Sunday dismissed claims made by some local media outlets that the national flag carrier is planning to segregate men and women on its flights. Denying that such arrangements are being considered, Abdullah Al-Ajhar, the airline’s spokesman,
Prince Alwaleed and Pepsico CEO discuss economic issues
Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC), received Indra Nooyi, chairman and CEO of PepsiCo. and an accompanying delegation. The meeting was also attended by a delegation from KHC that included Adel Alsayed, executive director for Private
Saudia to introduce ‘book and buy’ system
Saudi Arabian Airlines (Saudia) will introduce the new “Book and Buy” system on domestic flights from Jan. 1 while increasing the validity of tickets from six months to 12 months. “The move comes as part efforts to make optimum use
Etihad Airways to codeshare with top South American carrier
Etihad Airways, the national airline of the UAE, has signed a codeshare agreement with Aerolíneas Argentinas, one of South America’s leading airlines. Effective Feb. 1, the agreement will offer Etihad Airways’ guests greater access to South America via Aerolíneas Argentinas’
Saudi Electricity signs SR1bn deal for integrated gas/solar plant
ALKHOBAR: Saudi Electricity Co. has signed a contract worth SR1 billion ($267 million) to buy generators for the kingdom’s first fossil fuel-fired power plant that will also produce solar energy. The 550-megawatt integrated solar combined cycle (ISCC) plant will primarily
Expats spend SR100 million on dependents’ medical insurance
Expatriate workers pay nearly SR100 million for their dependents’ medical insurance as some employers only cover their staff and not families, according to an insurance expert. Abdullah Al-Banawi, a member of the insurance committee at the Jeddah Chamber of Commerce
Low oil prices ‘won’t affect KSA housing projects’
Projects of the Ministry of Housing will gain from lower oil prices leading to a decline of 25 percent in costs incurred by customers, according to businessmen. They said that service projects have already been tendered for the next financial
Real estate prices ‘could plunge 30%’
Housing prices in the Kingdom will go down 30 percent due to falling oil prices, distribution of more low-cost homes and the imposition of Zakat on vacant land, a real estate expert has predicted. “The real estate market is facing
KSA ‘ready to increase crude output if new clients emerge’
JEDDAH: Saudi Arabia is prepared to increase its oil output and claim a bigger market share to meet the demands of any new customers, the A-Hayat newspaper quoted Petroleum and Mineral Resources Minister Ali Al-Naimi as saying. Asked if Saudi
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