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
Dammam Airports Company hires first Saudi woman executive
:: Dammam Airports Company has hired its first Saudi woman as an executive director. Hind Al-Zahid became the first Saudi woman to work as an executive director and member of Dammam Airports Executive Board chaired by Abdullah Al-Zamil. The decision
Tunisia economic growth picks up in first quarter
:: Tunisia’s embattled economy picked up in the first quarter of 2017, and there was a slight fall in unemployment, according to data published Monday by the National Statistics Institute (INS). Economic growth in the first quarter stood at 2.1
China pledges $124 bln for new Silk Road as champion of globalization
:: Chinese President Xi Jinping pledged $124 billion on Sunday for his new Silk Road plan to forge a path of peace, inclusiveness and free trade, and called for the abandonment of old models based on rivalry and diplomatic power
Dubai’s Emaar Properties posts 15 pct jump in first-quarter profit
:: Dubai’s Emaar Properties, builder of the world’s tallest tower, reported a 15 percent rise in first-quarter net profit on Sunday, broadly in line with analysts’ expectations. The developer, in which Dubai’s government owns a minority stake, made a net
China-led AIIB approves seven new members ahead of new Silk Road summit
:: The China-backed Asian Infrastructure Investment Bank (AIIB) said on Saturday it had approved seven new members to join the bank, a day before China’s biggest diplomatic event of the year kicks off. Leaders from 29 countries will attend China’s
IMF reaches staff level agreement for second loan installment to Egypt
:: The International Monetary Fund said on Friday it had reached a staff-level agreement with Egypt on a second loan installment that would make available about $1.25 billion. The IMF approved a $12-billion, three-year loan program to Egypt in November
Emirates airline profit falls for first time in 5 years
:: The Middle East’s largest airline, reported a drop in annual profit on Thursday for the first time in five years as it added more seats than it could fill and stiff competition put pressure on ticket prices. The Dubai-based
British exporters see few long-term gains from sterling windfall
:: With 85 percent of its customers outside Britain, Sheffield-based Gripple should be cheering the plunge in sterling since last year’s vote to leave the European Union, which means every overseas sale brings in more pounds than before. British exporters
Egypt aims to raise wheat silo storage capacity in 2017/18
:: Egypt aims to raise its silo storage capacity for wheat to 3.13 million tons in 2017/18 from 1.528 in 2015/16, a statement from the planning ministry said on Tuesday. Egypt is the world’s top importer of wheat. The country
Turkey aims to boost GCC ties amid free trade talks
:: Turkish President Recep Tayyip Erdogan on Monday said he aimed to boost economic and military ties with Arab Gulf states, as talks on a free trade zone deal pushed ahead. Erdogan, who is expected in Kuwait on Tuesday, said
Euro rallies after Emmanuel Macron wins French election
:: The euro rallied to $1.1010 from $1.0998 in early forex trading in Asia on Monday after pro-European centrist Emmanuel Macron won the French presidency, scoring a resounding victory over far-right rival Marine Le Pen. The 39-year-old’s victory effectively eliminates
Washington and Moscow vie in race for lucrative Saudi arms market
:: Long-time US ally Saudi Arabia is pushing to diversify its source of arms suppliers and the Russians are more than happy to help, according to a report published by CNBC. The report said that up to now, American defense
Saudi city of Jeddah talks with banks for multi-billion transport network
:: Jeddah’s government has held initial talks with banks to help secure funding for a multi-billion dollar public transport network in the city, Saudi Arabia’s commercial capital, say banking sources. Jeddah Metro Company, a transport company owned by the government,
IDB, ITC agree to work together on joint projects
:: Jeddah-based Islamic Development Bank (IDB) and the International Trade Center (ITC) have agreed to work together to implement joint projects and strengthen the competitiveness of small and medium-sized enterprises (SMEs) in member countries. This was announced during ITC Executive
Germany proposed charging Britain for EU single market access – magazine
:: German government officials have proposed giving Britain access to the European Union’s single market in return for a fee, Focus magazine said on Saturday citing a Finance Ministry report. The 35-page report on the potential costs of Brexit to
Restoring Saudi allowances to cost about 7 bln riyals in 2017
:: Restoring financial allowances to civil servants and military personnel will only cost the government about 7 billion riyals ($1.9 billion) this year, a senior finance ministry official told Al Arabiya television on Thursday. “Restoring allowances will not have a
Qatar National Bank to seek Saudi investment banking license
:: Qatar National Bank (QNB), the Middle East’s biggest bank by assets, said on Thursday it planned to apply for an investment-banking license in Saudi Arabia, where low oil prices are expected to encourage more asset sales and debt raising.
London tries to lure Saudi Aramco with new listing structure
:: The London Stock Exchange is working on a new type of listing structure that would make it more attractive for oil giant Saudi Aramco to join the bourse, sources familiar with the discussions said. Exchanges around the world are
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