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
Uber smartphone apps provisionally banned in Italy
An Italian court on Friday banned the use of smartphone apps for the ride-hailing group Uber, saying they contribute to traditional taxis facing unfair competition, local media reported. In a ruling that is subject to appeal, a court in Rome
Islamic Development Bank announces prize winners for science, technology
The Islamic Development Bank (IDB) said three institutions have won this year’s prizes for science and technology, and each will receive $100,000 and a trophy. The institutions are from Indonesia, Malaysia and Sudan, the Jeddah-based institution said. This is the
Iran struggles to expand oil exports as sea storage cleared
Iran has sold all the oil it had stored for years at sea and Tehran is now struggling to keep exports growing as it grapples with production constraints, shipping and oil sources say. Since the easing of international sanctions in
Saudi Aramco raises $3 bln with debut sukuk – sources
Saudi Aramco has raised $3 billion (11.25 billion riyals) in its debut sukuk issuance, sources familiar with the matter said on Wednesday. The Islamic bond, part of a program to raise 37.5 billion riyals, is the oil giant’s first fundraising
Economy, defense focus of tie-ups as May visits Saudi Arabia
Britain said on Wednesday it would help Saudi Arabia to diversify its oil-dependent economy as British Prime Minister Theresa May visited the Gulf kingdom. May and Saudi King Salman would discuss “tax and privatisation standards to help Saudi Arabia diversify
Dubai’s Expo2020 unveils Al Wasl designs
Dubai’s Expo2020 unveiled designs of its Al Wasl plaza, a major design element within the exposition, on Monday on its official twitter account. Dubai said in January, it will award this year 47-construction contracts worth $3 billion in preparation for
Swiss watchdog: Probes of money laundering jump in 2016
Switzerland’s financial markets watchdog says it investigated 22 breaches of money laundering requirements last year, from nine in 2015, as the Alpine country seeks to combat the growing risk of corruption linked to assets from around the world. The authority,
Euro business must be moved from London after Brexit
London should cede financial transactions denominated in euros to EU cities like Amsterdam, Paris or Frankfurt following Britain’s exit from the bloc, an EU Parliament leader said Tuesday. Manfred Weber, the German head of the conservative European People’s Party (EPP)
Iran’s Aseman Airlines signs up to buy at least 30 Boeing jets
Iran’s Aseman Airlines has signed a tentative deal to buy at least 30 Boeing 737 MAX jets, in the first new business with the US planemaker since US President Donald Trump took office vowing to take a tougher stance toward
World Bank urges more investment for developing global electricity
Global efforts to provide universal access to electricity, develop more renewable energy sources and increase efficiency are not on track to meet a target date of 2030, the World Bank said Monday. With fewer people receiving electricity for the first
Google, Amazon eye Toshiba’s chip unit: Report
Google and Amazon joined a list of potential buyers eyeing Toshiba’s lucrative memory chip business as the Japanese conglomerate seeks bidders to cover huge losses, a newspaper said Saturday. Toshiba has reportedly completed the first round of bidding for its
Newly merged First Abu Dhabi Bank’s shares rise in debut trade
First Abu Dhabi Bank’s shares rose on Sunday on the first day of trading after the completion of a merger of the emirate’s two largest banks. The merger of National Bank of Abu Dhabi and First Gulf Bank to create
China launches new economic zone in Hebei to promote integration
China will establish a new special economic zone in the heavily polluted province of Hebei in order to promote integration with the neighboring cities of Beijing and Tianjin, the government announced on Saturday. The Xiongan New Area will be of
Trump’s orders target trade abuses, import duty evasion
President Donald Trump sought to push his crusade for fair trade and more manufacturing jobs back to the top of his agenda on Friday by ordering a study into the causes of US trade deficits and a clampdown on import
Saudi monetary agency denies data hack targeting Samba Financial Group
The Saudi Arabian Monetary Agency (SAMA) said it was closely monitoring technical issues that recently impacted Samba Financial Group systems, which resulted in a failure to provide regular banking services. News Agency obtained a copy of the statement released by
Gold set for best quarter in a year
Gold was on track for a 7.8 percent quarterly rise on Friday, its best quarter in a year, as uncertainty over US President Donald Trump’s tax and investment plans and a series of elections in Europe fueled demand for bullion
Egyptian minister says inflation in the country to start easing by December
Egypt expects inflation to start easing by November or December, a year after abandoning its currency peg and seeing prices soar as the pound lost half its value, Finance Minister Amr El-Garhy said on Thursday. Annual urban consumer price inflation
Lebanon reveals its first budget in 12 years
Lebanon’s government has revealed the country’s first budget in 12 years after discord and political paralysis had prevented politicians in past years from agreeing on a figure. The budget will have a deficit of $4.86 billion on spending of $15.78
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