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
New models lift Renault profit despite Russia writedown
Renault’s full-year profit rose almost 50 percent in 2015 on strong sales of new models, though the French carmaker slashed the value of its stake in Lada-maker AvtoVAZ by 225 million euros amid a Russian car market slump. Renault shares
KSA realizes importance of renewable energy
Petroleum and Mineral Resources Minister Ali Al-Naimi has underlined the importance of energy in the economic and social growth, saying that all peoples of the world have the right to have reliable stable energy sources. He also said that the
Gold surges to one-year high on fears of financial uncertainty
Gold surged nearly 4 percent on Thursday to its highest in a year as fears about financial instability, a lower dollar and US Treasury yields persuaded investors to seek refuge in the precious metal. Traders said financial instability fears were
Saudi Arabia, Venezuela focus on measures to stabilize oil prices
Saudi Arabia and Venezuela discussed on Sunday ways to stabilize the crude market. Petroleum and Mineral Resources Minister Ali Al-Naimi and Venezuelan Oil Minister Eulogio Del Pino discussed the latter’s recent talks with other crude producers and the results of
LinkedIn shares tumble on weak forecast for 2016
LinkedIn shares plunged as much as 28 percent in after-hours trading Thursday after the company reported better-than-expected results for the fourth quarter but provided a weak forecast for 2016. The professional networking service’s adjusted earnings and revenue beat Wall Street’s
Yahoo to narrow focus and cut 15 percent of jobs
Yahoo Inc said on Tuesday it would consider “strategic alternatives” for its core Internet business and cut about 15 percent of its workforce, even as it continues with its plan to revamp the business and spin it off. The announcement
Amazon plans to open up to 400 bookstores
Amazon plans to open up to 400 physical bookstores, an executive of a major U.S. mall operator said on Tuesday. Amazon dipped its toe into the waters of brick-and-mortar stores with the opening of a bookstore in its home city
Iraq inks $328 mn deal with GE to boost power production
Iraq has signed a $328 million deal with U.S. company General Electric that will boost power output during peak summer months, officials said Friday, although it falls far short of the country’s needs. The deal will make only a small
Facebook’s market value surges
Facebook’s market value surges $38 billion as mobile ad sales soar Facebook Inc’s market value soared by $38 billion in morning trading on Thursday, vaulting the company ahead of Amazon.com Inc, after the social networking service’s quarterly results blew away
Yahoo to shut Argentina and Mexico offices
Yahoo Inc plans to close its offices in Argentina and Mexico, a company spokeswoman said on Thursday. The company will maintain its Latin American operations through its teams in Brazil and Coral Gables, Florida. Yahoo declined to specify how many
Prince Alwaleed, Maltese envoy hold investment talks
Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC), received at his office in Riyadh, Martin Valentino, Maltese ambassador to Saudi Arabia. The meeting began as the ambassador thanked Prince Alwaleed for giving him the opportunity to meet with
UAE imports record quantities of raw sugar
The UAE, home to the world’s largest port-based sugar refinery, imported the most raw sugar on record at the end of 2015 just before Brazil and India started to run low on exports of the sweetener. Raw sugar destined for
LuLu Group among the top 25 fastest growing global retailers
Middle East retail major LuLu Group is ranked as the 25th fastest growing retailer in the world and ranked 165th in the Top 250 Global Powers of Retailing, while another Middle East retailer, Al Futtaim Group (Carrefour) was ranked at
Saudi Aramco, Bahri, Lamprell ink deal for maritime complex
Saudi Aramco has signed a memorandum of understanding (MoU) to establish a shipbuilding and repair complex in the Kingdom. According to the oil giant, Saudi Aramco and the National Shipping Company of Saudi Arabia (Bahri) have amended the expired MoU
Aramco IPO could be open to world markets
An initial public offering of Saudi Aramco could be on the local or international markets but would not include Saudi energy reserves, the company’s chairman told Al-Arabiya channel. “The reserves would not be sold, but the company’s ability to produce
India roars back to Davos to seek overseas investment
Colourful lions adorn a salon on the main street of Davos, inviting visiting business leaders to “Make in India”. Optimism about the world’s fastest growing economy contrasts with the economic gloom facing other emerging markets and Prime Minister Narendra Modi’s
Saudi Gulf Airlines set to get license by end-March
Saudi Gulf Airlines is set to obtain regulatory approvals to launch flights within the Kingdom by the end of March, a top official at Saudi Arabia’s aviation watchdog said on Thursday. Should the license be granted to the privately-owned airline,
GCC and China decide to speed up free trade talks
China and the Gulf Cooperation Council (GCC) said Wednesday they would accelerate talks on a free trade deal which has been under negotiation for more than a decade. The announcement, in a joint statement, came during a visit to Saudi
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