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
KSA continues to support local agriculture industry
The local agriculture industry, a crucial economic sector, is contributing to providing food security to Saudi Arabia. Abdul Rahman Al-Fadli, minister of agriculture, made these remarks as he opened a major exhibition in Riyadh. Riyadh Exhibitions Co. Ltd. (REC) organized
Saudi’s emboldened low-cost carrier Flynas returns to growth
Saudi Arabia’s Flynas is drafting a five-year expansion plan as the airline nears its first ever annual profit, gaining momentum from a strong Hajj season and the simplification of its business model. Chief executive Paul Byrne – who was appointed
Prices hit roof: Tomato box = 1/2 gram gold
Vegetable markets in some areas have raised the price of a box of tomatoes to SR80, equal to the cost of half a gram of 18-carat gold. Many consumers in Qassim have been complaining of the high prices. However, a
Insurance firms to sue corrupt hospitals
Insurance firms in the country claim they are losing money because hospitals and private practitioners are illegally inflating claims, and are planning to sue those found abusing the system. The insurance companies allege they have been hit by claims from
Saudis spend SR400m in Bahrain during Eid
Statistics indicate that more than 300,000 Saudi citizens visited Bahrain via the King Fahd Bridge during the first three days of Eid Al-Adha. Experts in the tourism and traveling industry estimate that Saudi families spent more than SR400 million during
Makkah-Jeddah train every 10 minutes
There would be trains between Makkah and Jeddah every 10 minutes once the Al-Haramain high-speed railway project is completed. Trains between Makkah and Madinah would be available every 30 minutes, an official working on the project was quoted as saying
Merkel plays down impact of VW scandal on German image
Chancellor Angela Merkel said the emissions scandal that has hit car giant Volkswagen was “dramatic” but would not inflict lasting damage to Germany’s reputation. In an interview with public station Deutschlandradio, Merkel stressed Volkswagen would now have to provide the
Kingdom, Russia set to promote strategic cooperation
Russia and Saudi Arabia plan to discuss bilateral cooperation during their Joint Commission meeting scheduled for the end of October, Russian Minister of Energy Alexander Novak said in a statement on Friday. Novak’s statement given to Russian reporters said both
UAE to spend $35 bln to diversify energy sources
The United Arab Emirates is investing $35 billion to diversify its energy resources and reduce its dependence on natural gas imports for power generation, the country’s energy minister said on Sunday. “We need to minimize our reliance on natural gas
Chinese solar company blames short-sellers for stock trouble
The chairman of a troubled Chinese solar panel manufacturer has denied wrongdoing and blamed short-selling by hedge funds for a plunge in the price of its Hong Kong-traded shares. Hanergy Thin Film Power Group Ltd. is cooperating with an investigation
Cuts in global oil investment biggest ever this year: IEA
Global oil investments this year are on track to drop by 20 percent, marking their biggest decline in history, Fatih Birol, head of the International Energy Agency, said. A halving in oil prices in the past year has hit energy
Saudi investments unruffled by oil drop
The Kingdom’s recent moves in the oil industry are sending a strong message to the world about its commitment to preserving its market share, a leading Saudi analyst said on Friday. “Saudi Arabia wants to assure the world and oil
#Dieselgate: Volkswagen CEO Winterkorn quits over scandal
Volkswagen CEO Martin Winterkorn resigned on Wednesday, taking responsibility for the German carmaker’s rigging of US emissions tests in the biggest scandal in its 78-year history. “Volkswagen needs a fresh start — also in terms of personnel. I am clearing
800 flights at King Abdulaziz International Airport per day during Haj
The average number of flights at King Abdulaziz International Airport in Jeddah has increased to 800 in just one day during the current Haj season, said Suleiman bin Abduallah Al-Hamdan, chairman of the Public Authority for Civil Aviation, according to
Social media frenzy ‘hurting Saudi market sentiment’
A top Jeddah-based economist has cautioned Saudi stock market investors against being influenced by rumors spread by social media. “Social media keeps us connected. But there is a negative side,” said Basil Al-Ghalayini, CEO of BMG Financial Group. Al-Ghalayini and
Iran plans Airbus, Boeing purchases under finance deals
Iran plans to buy Airbus and Boeing passenger planes through long-term payment agreements once a nuclear accord with world powers is implemented, the transport minister said. Iran desperately wants to upgrade its ageing fleet, which has been hamstrung by nuclear-related
Philippine vice president aims to widen foreign ownership
Philippine Vice President Jejomar Binay has vowed to amend the constitution to widen foreign ownership of businesses, create more jobs, and spur growth in the Southeast Asian economy if he wins next year’s presidential elections. A former human rights lawyer,
Insurance firm receives Binladin claim
The United Cooperative Assurance (UCA) announced Sunday that it had received a claim from the Saudi Binladin Group over the collapse of one of its cranes on Sept. 11 at the Grand Mosque in Makkah. Muslims took to Twitter to
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