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: Economy
Trump to ramp up trade pressure on China with call for probe on Monday
:: President Donald Trump on Monday will order his top trade adviser to determine whether to investigate Chinese trade practices that force US firms operating in China to turn over intellectual property, senior administration officials said on Saturday. The move,
Egypt streamlines industrial licensing to boost investment
:: Egypt announced executive regulations on Sunday for a new industrial licensing law it says will slash bureaucracy and decrease the waiting time for new projects, reforms it hopes will draw badly needed investment. Egypt’s economy has struggled since a
Uber, beset by scandal, faces battle over ‘destructive’ lawsuit
:: Ride-services company Uber is facing a divided board of directors and angry shareholders after investor Benchmark Capital filed a lawsuit against the company’s ousted chief executive, Travis Kalanick, dealing another blow to the firm as it struggles to recover
Abu Dhabi Global Market, UAE Exchange partner to promote fintech
:: Abu Dhabi Global Market, the emirate’s global financial free zone, has partnered with UAE Exchange to help startups engaged in the remittance, foreign exchange and payments business develop and deploy financial technology. UAE Exchange and ADGM will jointly implement
Saudi Arabia, Iraq discuss economic opportunities in Jeddah meeting
:: Saudi Minister of Energy, Industry and Mineral Resources Khalid Al-Falih discussed economic opportunities in a meeting with visiting Iraqi Oil Minister Jabar Al-Luaibi. Al-Falih told News Agency that they discussed Iraq’s huge mineral reserves, which have yet to be
Kuwait refutes ‘existence of large numbers of North Korean workers’
:: Kuwait’s foreign ministry rejected “recent media reports” on the “existence of large North Korean expatriate workers in Kuwait.” Previously, The Associated Press said that Kuwait will continue to grant visas to North Korean laborers whose wages allegedly aid Pyongyang
UK-GCC free-trade talks put on hold as Gulf rift persists
:: Talks about establishing a free-trade agreement between the UK and the GCC have been put on hold as the GCC rift persists, The Guardian newspaper reported. British Prime Minister Theresa May had plans to host the first meeting for
Dubai and Egypt establish a joint development company in the Suez Canal Zone
:: DP World, a leading enabler of global trade, announced Wednesday the establishment of a joint development company with the General Authority for the Suez Canal Economic Zone in Egypt. The new venture will develop projects in the Suez Canal
Industries Qatar Q2 profit shrinks 47 pct, misses estimates
:: Profit at petrochemicals, metals and fertilizer conglomerate Industries Qatar shrank 47 percent from a year earlier in the second quarter of 2017 as sales declined, an earnings statement released on Tuesday showed. Quarterly profit dropped to 682 million riyals
Industries Qatar Q2 profit shrinks 47 pct, misses estimates
:: Profit at petrochemicals, metals and fertilizer conglomerate Industries Qatar shrank 47 percent from a year earlier in the second quarter of 2017 as sales declined, an earnings statement released on Tuesday showed. Quarterly profit dropped to 682 million riyals
Saudi Arabia to allow full foreign ownership of engineering firms
:: Saudi Arabia will allow foreign companies to own engineering services companies in full, without requiring them to partner with a Saudi-owned firm, the cabinet announced on Monday night. The foreign company would need to have existed for at least
Egypt expects several IPOs before year-end
:: Egypt expects to see three to five initial public offerings before the end of this year, the Vice Chairman of the country’s stock exchange said. In an interview with Reuters, Mohsen Adel said that over the next few years,
Fund outflow pushes Qatar bank to offer new certificates of deposit
:: Qatari financial institutions are under pressure following the sanctions imposed by Arab Gulf states, leadint to outflow of funds. The boycott which began two months ago led some companies and individuals to withdraw money from Qatari banks. In a
Goldman Sachs seeks Saudi Aramco IPO role
:: Goldman Sachs has reportedly bought a portion of of Saudi Aramco’s $10 billion revolving credit facility in a move to seek a role in the listing of the company. The listing of 5 percent of the Saudi oil giant
Majid Al Futtaim announces $116.8 million City Centre Sohar in Oman
:: Shopping mall operator and retail firm Majid Al Futtaim has announced plans for a $116.8 million (SR438 million) shopping center in the Omani city of Sohar. City Centre Sohar, which will have 130 stores, a Carrefour Hypermarket and a
Iraq gets loan from Japan to develop thermal power station
:: Iraq is promised to get a loan of $195 million from Japan to develop a thermal power station in Basra province, said an Iraqi government statement on Saturday. The loan was signed during a visit to Iraq by Japan’s
Emaar Misr considers investment project in Egypt’s al-Alamein
:: Egypt’s investment and housing ministers met Egyptian property developer Emaar Misr on Saturday to discuss future investments by prominent Emirati businessman Mohamed Alabbar, the investment ministry said. Alabbar founded and has led Emaar Properties of Dubai, Emaar Misr’s parent
S&P raises outlook on Israel’s debt profile
:: Israel’s improved economic growth and efforts to rein in spending prompted Standard & Poor’s to raise the outlook on the country’s debt profile, the credit rating firm announced Friday. While S&P held Israel’s debt rating stable at A+, it
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