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 »
Egypt calls Erdogan statements ‘ironic,’ accuses Turkey of sponsoring terrorism
:: Egypt’s foreign ministry spokesman, Ahmed Hafez, slammed Turkish President Recep Tayyip Erdogan’s statements at the UN General Assembly this week where he urged the UN to “handle the suspicious death of More »
Saudi Crown Prince: Attacks are test of int’l resolve against destructive acts
:: Saudi Arabia’s Crown Prince Mohammed bin Salman said on Wednesday that the attacks on Saudi Aramco oil facilities are a test of international resolve in the face of destructive acts that More »
Saudi Crown Prince says attacks on oil facilities are a ‘dangerous escalation’
:: Saudi Arabia’s Crown Prince Mohammed bin Salman said the recent attacks on Saudi Aramco facilities represented a “dangerous escalation not only toward the Kingdom but also the entire world.” The Crown More »
Category Archives: Commerce
Alibaba launch at Makkah chamber today
The Makkah Chamber of Commerce and Industry (MCCI) has invited businessmen and interested traders to attend the presentation of its Alibaba.com website on Monday Tuesday. The chamber has launched the website, which is the largest online commercial platform in the
Eyeing rapid results, Egypt takes charge of building new capital
Egypt’s cash-strapped government says it has taken charge of plans to build a new capital after failing to close a deal with the UAE investor meant to lead a project some have compared in its ambition to the ancient pyramids.
Japan and India agree bullet train, nuclear deals
Japan and India agreed several high-profile deals Saturday on high-speed rail, defense technology, and a memorandum of understanding on civil nuclear cooperation, Indian Prime Minister Narendra Modi said. “This enterprise will launch a revolution in Indian railways and speed up
Volkswagen says pollution cheating dates back to 2005
Volkswagen said the roots of the global pollution-cheating scandal it is currently engulfed in date back to 2005, and while the current situation was difficult, it would not break the company. In a news conference detailing the latest developments in
Billionaire head of China’s Fosun group ‘vanishes’
The billionaire chairman of one of China’s biggest private-sector conglomerates, Club Med owner Fosun, has disappeared from public and is being questioned over a corruption inquiry, reports said, as shares in the group’s companies were suspended Friday. Guo Guangchang, 48,
Yahoo reverses course on plan to spin off Alibaba stake
Yahoo Inc (YHOO.O) shelved plans to spin off its stake in Chinese e-commerce giant Alibaba Group Holding Ltd (BABA.N) on Wednesday, under pressure from activist investors worried about billions of dollars in taxes, and said instead it is looking at
Saudi nonoil private sector growth picks up in November
Faster growth of new work helped Saudi Arabia’s nonoil private sector to regain some momentum during November. The overall improvement in business conditions was also supported by further expansions in output, employment and stocks of purchases. That said the respective
Gulf plans to roll out value-added tax in 3 years
Gulf states have agreed on key issues for implementing value-added tax in the region, an official from the United Arab Emirates finance ministry said on Monday. The agreement was reached at a meeting of representatives from Gulf ministries a few
Gold rises 1.6% to 2-week high
Gold rose 1.6 percent to a two-week high on Friday, after a US non-farm payrolls report, seen as likely to pave the way for the Federal Reserve to raise interest rates this month, failed to aid the dollar’s ascent. Spot
Aramco launches ‘local content development’ supplier initiative
Accelerating the level of local content among its suppliers — local and international — is a key strategic priority for Saudi Aramco, said Amin Nasser, the company’s president and CEO at a forum in Dammam. He was speaking at Saudi
Recession deepens in Brazil, world’s seven largest economy
Brazil’s economy contracted a greater than expected 1.7 percent in the third quarter, deepening the recession in the world’s seventh largest economy, officials figures showed Tuesday. The bad news comes amid a paralyzing political crisis that has delayed action on
Jeddah Economic Company & Alinma Investment in SR8.4bn real estate fund deal
Jeddah Economic Company and Saudi Arabia’s Alinma Investment have signed a deal to initiate an SR8.4 billion fund. Jeddah Economic Company is the owner and developer of the Jeddah Economic City project and Jeddah Tower in Obhur, just north of
New domestic airlines’ in Saudi Arabia take-off delayed
New domestic airlines — Al-Maha Airways and Saudi Gulf Airlines — have been further delayed due to technical reasons as the General Authority of Civil Aviation (GACA) asked them to complete safety procedures in order to start operation next year.
SAGIA upbeat on Moscow investment talks
Abdullatif Al-Othman, governor of Saudi Arabian General Investment Authority (SAGIA), will patronize the Saudi-Russian Business Forum in Moscow Friday. SAGIA is organizing the forum in collaboration with the Council of Saudi Chambers and the Saudi-Russian Joint Council. Top officials from
Saudi Binladin Group to cut 15,000 jobs
Construction company Saudi Binladin Group plans to cut about 15,000 staff, people with knowledge on the matter told Reuters. The possible layoffs at Binladin, also reported by local news site “Sabq”, would represent a fraction of the group’s total workforce,
Paris tourism slumps in wake of attacks
The attacks in Paris are having a major impact on tourism, initial figures show, pushing the French prime minister to meet industry officials to come up with a plan to limit the damage and keep visitors coming to the City
Saudi and Russian delegates to hold business forum in Moscow
A high-profile business conference hosting Russian and Saudi delegates will begin this week in Moscow, Arab News reported on Tuesday. The governor of the Saudi Arabian General Investment Authority, Abdullatif Al-Othman, travelled to Russia on Tuesday to co-chair the forum
GCC confirmed as top investor for Turkish real estate
Following the 2012 liberalization of foreign investment law in Turkey, there has been a 500% increase in investment from the GCC, which accounts for nearly a quarter of the foreign buyers, at 24%. According to figures released by REIDIN, the
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