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 boss in bid for Hong Kong newspaper
The founder of Chinese e-commerce giant Alibaba is in talks to buy a stake in the publisher of Hong Kong’s South China Morning Post newspaper, Bloomberg News reported. Discussions are at an advanced stage, it quoted two unidentified people familiar
Compulsory health insurance on expat visitors from next month
The Cooperative Health Insurance Council will begin implementing compulsory health insurance on expatriate visitors from next month. The number of expatriate visitors to the Kingdom is estimated at 1.6 million annually. However, Haj and Umrah pilgrims, diplomats and visitors to
14 Pakistani companies participate in FoodEx Jeddah
Trade Development Authority of Pakistan (TDAP) participated in Foodex Saudi Exhibition organized by Reed Sunaidi Exhibitions from Nov. 17 to Nov. 20, 2015 at Jeddah Center for Forums and Events. Pakistan Pavilion in the Exhibition was jointly inaugurated by Hassan
India’s Petronet near to winning better gas terms from Qatar
India’s biggest gas importer Petronet LNG is close to renegotiating a major deal with its Qatari supplier Rasgas, lowering the cost of gas shipments and avoiding a $1.5 billion penalty fee for lifting less gas than agreed, two sources said.
GCC-Indian businessmen urged to tap investment opportunities
Minister of Commerce and Industry Tawfiq Al-Rabiah urged Gulf and Indian business leaders and investors to seize the prevailing investment climate and enhance business ties. He made the remarks on Wednesday while inaugurating the 4th GCC-India Industrial Forum at Bay
Volkswagen scandal puts brakes on European car market
European car market growth slowed in October, the European Automobile Manufacturers Association (ACEA) said as the Volkswagen emissions scandal took its toll on auto sales. Passenger car registrations were up by just 2.9 percent from October 2014 in the EU,
Marriott buys Starwood Hotels for $12.2 billion
US-based Marriott International said that it has purchased Starwood for $12.2 billion, creating the world’s largest hotel chain bringing together such famous institutions as Ritz-Carlton, Renaissance, W, Westin and Sheraton. The boards of directors of both companies unanimously approved the
Dana Gas plans more cost cuts due to low oil prices
UAE energy firm Dana Gas plans to cut costs in 2016 as the company gears up for a prolonged period of low crude prices, its CEO Patrick Allman-Ward said. The Abu Dhabi-listed firm plans to cut general and administrative expenses
Leaders promise not to surprise markets with policy decisions
The heads of the world’s 20 largest economies pledged to use all of their policy tools to tackle uneven economic growth that falls short of expectations, according to a draft Group of 20 (G-20) communique seen by Reuters. As the
Saudi Arabia to start privatizing airports next year
Saudi Arabia will begin privatizing its airports and related services in the first quarter of 2016, the country’s civil aviation authority said on Sunday. “The privatization program comes in line with the Kingdom’s plan to improve the productive efficiency of
Weak oil and Paris attacks hit Gulf stock markets
Weak oil prices and the attacks by gunmen and suicide bombers across Paris dragged down Gulf stock markets early on Sunday, with Dubai’s index dropping below technical support. Oil prices suffered their biggest weekly loss in eight months last week,
Euro zone economy cools as China slowdown hurts exports
Growth in the 19-nation euro zone slowed in the third quarter as low demand from China hurt Germany and applied a stiff handbrake on an already weak recovery in Europe. The disappointing data overrode news of the return to growth
Lufthansa promises return to normal flights today
Germany’s largest airline, Lufthansa, says it’s had to cancel another 941 flights affecting 110,000 passengers on the final day of a weeklong strike by flight attendants. But the carrier has promised a return to normal flight schedules on Saturday. The
Gold eyes fourth weekly loss
Gold fell back toward near six-year lows on Friday, staying on track for a fourth straight weekly loss, on expectations the Federal Reserve is set to raise US interest rates next month for the first time in nearly a decade.
Amazon plans to export delivery lessons from India to cut costs abroad
E-commerce giant Amazon.com is taking lessons learnt from its daily battles with India’s choked roads and cramped cities to some of its largest developed markets, exporting a model of cheaper deliveries and reduced warehousing costs. Online shopping is booming in
Record oil glut stands at 3 billion barrels
The world is awash with oil having built record stockpiles in recent months and slowing demand growth combined with resilient non-OPEC supply could worsen the glut well into next year, the International Energy Agency (IEA) said. “Stockpiles of oil at
Thumbs down for idea to curb free Net-based calls
Netizens across the Kingdom on Friday expressed concern over a possible ban on the use of free Internet calls saying millions of people around the world who use smartphone apps are dependent on the facility to keep in touch with
Pizza Hut, KFC outlets closed
The Al-Matar branch municipality closed down a Pizza Hut restaurant in Al-Bawadi neighborhood in Jeddah after an inspection team found a number of health violations at the establishment. The closure comes as part of the municipality’s efforts to maintain the
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