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
Annual investments in incense, oud exceed SR15bn
The volume of investments in the incense and oud sector is estimated at more than SR15 billion ($4 billion) annually, local media said quoting an expert. Demand on the incense and oud sector in the holy month of Ramadan grows
Infosys profit up 21% on US deals
MUMBAI: Indian outsourcing giant Infosys has reported a better-than-expected 21 percent jump in quarterly net profit, after winning new deals from US clients. The Nasdaq-listed firm, hit by an exodus of staff and a loss of market share, said consolidated
SABB first-half net profit rises 14.6% to SR2.238bn
The Saudi British Bank (SABB) has recorded a net profit of SR2.238 billion for the six months ended June 30 2014. This is an increase of SR285 million or 14.6 percent compared to SR1.953 billion for the same period in
When the tables turn and arsonists are threatened by fire
By: Eyad Abu Shakra The Arab world currently feels like an arid land that has been set on fire. But it seems the arsonists responsible are yet to realize that the wind is blowing their way, and that as soon
Libya’s Sharara oilfield restart another breakthrough for Tripoli
Libya’s oil sector took another big step back to normality with the restarting of an oilfield that could double its current meagre crude output, a week after blockades ended at major ports. The 340,000 barrels per day El Sharara oilfield
Oil hits month low below $110 in 7-day losing streak
NEW YORK: Brent crude fell for its seventh straight session, hitting a one-month low below $110 a barrel on improved prospects for a rise in Libyan oil exports and easing fears of supply disruption in Iraq. The benchmark is headed
New India rail minister seeks foreign investment
MUMBAI: India’s new rail minister has proposed allowing foreign investment to modernize the country’s cash-strapped state railways. Sadananda Gowda also outlined plans for a network of high-speed trains, with the first project slated to connect the financial capital, Mumbai, with
Emaar Properties ‘facing market oversupply risks’
JEDDAH: Emaar Properties faces a risk of oversupply in Dubai’s real estate market, a top ratings agency says. According to Moody’s Investors Service, economic growth will bolster Emaar Properties PJSC’s domestic businesses, although the rating agency cautions that market exuberance
Optimism over housing deals drives realty stocks
In its latest updated report covering the Saudi real estate market, NCB Capital, the GCC’s leading wealth manager and the Kingdom’s largest asset manager, believes the outlook for the sector is positive, driven by the Ministry of Housing programs and
Gold: 3 Essential Facts For Your Future
Best selling financial journalist provides three essential facts about gold. When any market crashes, it’s a shock. For a real nose dive it normally takes something unexpected and dramatic to kick it off. If people had any idea of the
23 businesswomen take part in ‘Ramadan Lanterns’ exhibition
JEDDAH — At least 23 businesswomen are participating in a four-day “Ramadan Lanterns” exhibition at Jeddah Hilton Hotel, Al-Riyadh newspaper reported. These businesswomen are part of the productive families program of Al-Bir Charitable Society and will showcase handicrafts, traditional clothes
Modi to target record asset sales in first budget
NEW DELHI: India’s new government will seek to raise up to a record $11.7 billion in asset sales in its maiden budget this week, a senior government source said, bolstering state finances and buying time for structural reforms to revive
Gold price fixing under review
LONDON: London’s century-old gold price fixing, tainted by a rigging scandal and attacked by critics as old-fashioned, goes under the spotlight this week in key talks aimed at modernizing the process. Analysts said that the market price of gold, which
Saudi Arabia’s MISK charity foundation appoints Dr. Azzam al-Dakhil as CEO
Saudi Arabia’s Prince Mohammad bin Salman, chairman of charity foundation MISK, has appointed Dr. Azzam al-Dakhil as CEO of the charity. Dakhil was previously a board member at MISK, the Mohammad bin Salman Charity Foundation, which was founded by the
Growing role of Islamic economics in spotlight
A number of key economic topics from the Islamic point of view are being analyzed at the two-day 35th Albaraka Symposium for Islamic Economics, taking place at the Jeddah Hilton. The symposium, which opened on Saturday, encompasses the role of
Egypt president slashes fuel subsidies in risky move
CAIRO: Egypt has drastically raised fuel prices overnight to tackle a bloated subsidy system, in a potentially unpopular move that might blow back on President Abdel Fattah El-Sissi. With the economy battered by three years of unrest, successive governments have
UAE boom continues to gather pace
DUBAI: Business activity growth in the UAE’s nonoil private sector rebounded to near a record high in June, a purchasing managers’ survey showed, as output rose at the fastest pace in the history of the series. The HSBC UAE Purchasing
Dubai launching project to build world’s biggest mall
DUBAI: Dubai is launching a project to build an entertainment and hotel district that will include the world’s largest shopping mall, the emirate’s ruler, Sheikh Mohammed bin Rashid Al-Maktoum, said on Saturday. Plans for the “Mall of the World” project
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