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 awards $4.8 billion contract for airport expansion
Kuwait on Monday awarded a contract worth 1.4 billion dinars ($4.8 billion) to a local company for the expansion of the country’s only international airport, an official statement said. The central tenders committee announced on its website that the contract,
SABIC expands investments in manufacturing technologies
Prince Saud bin Abdullah bin Thunayan Al-Saud, chairman of SABIC and the Royal Commission for Jubail and Yanbu, inaugurated the 11th SABIC Technical Meeting (STM-11)at the King Abdullah bin Abdulaziz Cultural Center in Jubail in the presence of Mohamed Al-Mady,
Health care in KSA: One of the best in the region
Health care, education and construction are considered to be among the most essential and vital sectors for the infrastructure of any country. These three areas have thus become the focus of attention for IHCC, major business entity. Sultan Sobhi Batterjee,
9 more sectors included in Saudization program
The Ministry of Labor has included nine new domains under the Nitaqat nationalization scheme, bringing the total number of sectors that are subject to Saudization to 58. Domains that have been subsumed under the program include disability centers, strategic partnership
Ministry to help create 100,000 new jobs
The Ministry of Labor, in coordination with a number of specialized establishments in the food industry, will provide 100,000 jobs across the Kingdom in the forthcoming months. The jobs will pay employment seekers of both sexes a salary that will
Shell: Oil drop yet to have full impact on profits
AMSTERDAM: Shell, Europe’s largest oil producer, reported a dip in third quarter profit on Thursday, but said it has yet to feel the full impact of the recent slide in oil prices. As the company reported a 4.5 percent dip
Jaguar Land Rover opens $800m factory in Britain
LONDON: British luxury car manufacturer Jaguar Land Rover has opened a $800 million engine manufacturing center in western England, creating 1,400 jobs. The business, owned by Indian giant Tata Motors, will now manufacture in-house engines for new Jaguar Land Rover
Samsung vows changes after mobile profit plunges
SEOUL: Samsung Electronics Co. admitted erring in its smartphone strategy and vowed to overhaul its handset lineup after profit from those devices tumbled last quarter to the lowest in more than three years. The South Korean company, which climbed from
Lenovo closes deal to buy Motorola from Google
WASHINGTON: Lenovo has announced it has completed its acquisition of Motorola Mobility from Google, a move strengthening the Chinese giant’s position in the smartphone market. The $2.9 billion deal, announced in January, ends Google’s brief ownership of the onetime mobile
Saudi investors keen to promote UK trade ties
. British trade envoy Lord Thomas King of Bridgwater CH introduced a number of joint investment opportunities for Saudi businessmen to promote trade between Britain and Saudi Arabia during his recent meeting with the top officials of Jeddah Chamber of
Takata sued over faulty air bags
NEW YORK: Takata Corp, the Japanese company whose potentially defective airbags have led to the recall of millions of vehicles, was sued on Monday by consumers who claimed Takata and several car manufacturers defrauded them by concealing crucial information. The
BP posts slump in Russian income but raises dividend
LONDON: BP’s third-quarter results took a hit from declining oil prices and a sharp drop in income from Russia as Western sanctions on Moscow led to a slump in earnings from the oil major’s local partner, Kremlin-controlled Rosneft. BP’s overall
Lloyds bank to shed 9,000 jobs and close 150 branches
LONDON: Lloyds Banking Group aims to shed 9,000 jobs and close 150 branches over three years to cut costs, the British state-rescued lender said, reporting improved profits. LBG, which passed EU-wide bank stress tests at the weekend, is to shed
Sukuk industry likely to sustain double-digit growth
The Islamic finance forum is an opportunity for everyone to leverage the potential for growth offered, according to Dubai Chamber President and CEO Hamad Buamim. “This prestigious forum, celebrating its 10th anniversary, is an important occasion for Dubai as we
Japan’s Softbank sees India Snapdeal investment as another Alibaba
NEW DELHI: Japanese technology giant SoftBank said it is hoping to replicate its success with China’s Alibaba through its $627-million investment in leading Indian online marketplace Snapdeal. SoftBank, a one-third owner of e-commerce giant Alibaba that just staged a record-breaking
Zain KSA transformation plan yields positive results
Zain KSA announced improving financial results for the 3rd quarter of 2014, recording a 21 percent increase in EBITDA during the first nine months of 2014, reaching SR825 million, up from SR684 million in the same period of 2013. The
Flynas suspends long-haul services
RIYADH: Saudi Arabia’s first and only budget airline, flynas, has suspended long-haul flights because profits on the routes did not meet expectations, Chief Executive Raja Azmi said. “We had some issues from a financial standpoint in terms of the profitability
U.S. cigarette maker to ban workplace smoking
Camel cigarette maker Reynolds American Inc. is snuffing out smoking in its offices and buildings. The nation’s second-biggest tobacco company informed employees Wednesday that beginning next year, the use of traditional cigarettes, cigars or pipes will no longer be permitted
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