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
Samsung unveils most advanced thinnest & lightest tablet in KSA
Samsung Electronics Co. Ltd, a global leader in digital media and digital convergence technologies, launched Wednesday at Park Hyatt Jeddah the thinnest and lightest tablet – Galaxy Tab S. Warmly welcomed by customers, the Super Amoled tablet comes wrapped up
For the Naji sisters, bread is a family business
For nearly 80 years Al-Saidi bakery in Jeddah has produced the famous sesame bread locally known as “Shreik”. Founded by the late Saif Naji, the bakery is currently managed by his three daughters who have still managed to keep their
Bottled water to cost more
Three major companies in the business of bottled water surprised consumers by raising the prices of 5-liter water containers by up to SR2. The companies operate in Makkah, Riyadh and Jeddah, with SR8 as the new price of a water
Dow plans to raise $6bn from non-core asset sales
NEW YORK: Dow Chemical Co. reported a better-than-expected quarterly profit as sales rose and margins improved due to higher prices and a tight control on costs. The company said margins improved in four of its six units, aided in part
PIF to set up new companies
RIYADH: Saudi Arabia’s Public Investment Fund (PIF) aims to establish companies in areas including housing, petrochemicals and technology as it expands its investments locally and overseas, Finance Minister Ibrahim Al-Assaf said. His statement, quoted by Asharq Al-Awsat, a sister publication
SR1bn Eid boost: SAMA injects new currencies
The Saudi Arabian Monetary Agency (SAMA) has pumped new Saudi Riyal currencies worth SR1 billion to meet growing demand on the occasion of Eid Al-Fitr, when the Saudi central bank usually issues new currencies in different denominations. “The newly issued
The rich lease hotel rooms overlooking Grand Mosque
MAKKAH — New projects in the central area of Makkah has led Saudi and Gulf businessmen to renting out housing units in hotels overlooking the Grand Mosque for long-term lease of up to 15 years, Makkah daily reported. Dealers in
Kingdom losing ‘billions’ to underground economy
The Kingdom loses billions every year in revenue because of the underground economy, which includes food produced illegally, experts say. The term “underground economy” refers to illegal activities that generate income not accounted for in a country’s gross domestic product
Zain Saudi Arabia logs positive results
Zain KSA recorded a significant increase in EBTIDA during the first half of 2014, with 22 percent growth reaching SR564 million up from SR464 million in the first half of 2013. The company succeeded in raising the EBTIDA margin to
Savola net profit jumps 32.4% in Q2
DUBAI: Saudi food producer Savola Group reported a higher than expected 32.4 percent jump in second-quarter net profit on Wednesday, beating analyst forecasts as it benefited from higher sales especially in its retail business. The company, a producer of cooking
High garment prices trouble Jeddah shoppers
The prices of goods and commodities, particularly clothes, are skyrocketing ahead of Eid, making them almost unaffordable for the average customer. Speaking on the issue, Abdulmoneim Mustafa, a Jeddah resident, said: “I have no choice but to depend on my
Microsoft CEO defers comment on job cuts
SEATTLE: Microsoft Corp. Chief Executive Satya Nadella deferred any comment on widely expected job cuts at the software company, after circulating a memo to employees promising to “flatten the organization and develop leaner business processes.” Nadella said he would address
Consumers warned against Eid promotions
Director of the Ministry of Commerce and Industry’s office in Jeddah Attiyah Al-Zahrani warned consumers in Jeddah of fake advertisements ahead of Eid. “The Eid celebration could be an opportunity for fraudsters to make a quick buck,” cautioned ministry officials.
ABC appoints new group compliance head
The Arab Banking Corporation (ABC) has announced the appointment of a new head of group compliance, Sharon Craggs, at the bank’s headquarters in Bahrain. Craggs will join ABC on Aug. 1. ABC says this appointment comes as part of its
Jadwa Investment appoints new CFO
Jadwa Investment, a major Saudi investment firm with headquarters in Riyadh, Saturday announced the appointment of Abdulaziz Al-Arifi as chief financial officer. The appointment is part of the firm’s continued expansion and reinforcement of its senior management team tasked with
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
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
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
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