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
King Salman’s month-long Asia visit to boost trade, religious ties
Saudi King Salman bin Abdulaziz al-Saud’s month-long visit through Asia, alongside his 1,500-person entourage, is being described as a bid to strengthen ties with a region the kingdom sees as an increasingly valuable economic partner. According to a newspaper report,
Bahrain expects second Saudi-Bahrain causeway to boost tourism
The proposed second causeway linking Saudi Arabia and Bahrain is likely to boost Bahrain’s tourism industry, Khalid Al-Rumaihi, CEO of the Bahrain Economic Development Board (EDB), told Arab News on the sidelines of the sixth Gulf Cooperation Council (GCC) Financial
3 top Samsung executives quit after indictment
Three top executives at South Korea’s biggest conglomerate Samsung stepped down Tuesday after they were indicted on charges including bribery and embezzlement. The resignations did not include Lee Jae-Yong, vice chairman of group flagship Samsung Electronics, the world’s biggest smartphone
Uber exec out after hiding sexual harassment allegation
A top engineering executive at Uber, Amit Singhal, is out five weeks after his hire was announced. According to a report in the tech blog Recode, Singhal failed to disclose that he’d left his previous job at Google because of
Who is Saleh Al-Rasheed, the newly appointed CEO of Riyadh Airports Company?
Riyadh Airports Company (RAC) announced on Monday that it has appointed Saleh Al-Rasheed as its chief executive officer, amid new strategies to develop the capital’s airports. RAC is moving forward with plans to upgrade civil aviation infrastructure and facilities including
Euro zone economy: Real recovery or another Sirens’ song?
Over the years, euro zone economic growth has been a bit like the Sirens in Homer’s Odyssey: Singing a song of promise, only to end up pulling you onto the rocks. Will it be different this time? The strong growth
‘Tunisia to accelerate reforms as IMF freezes loan’
Tunisia is likely to sell stakes in three state-owned banks this year and cut up to 10,000 public sector jobs as part of reforms demanded by the International Monetary Fund (IMF), which has postponed the payment of the second tranche
Warren Buffett says don’t waste money on investment fees
Billionaire Warren Buffett, whose stock picks over several decades have turned Berkshire Hathaway Inc. into one of the most successful conglomerates, wants investors to be wary of the high fees Wall Street routinely charges because of the damage they do
Dubai Holding chief al-Gergawi quits to focus on government role
The chairman of Dubai Holding, the investment vehicle of the emirate, has resigned to focus on his role in the national government, the group said on Saturday. As head of Dubai Holding, Mohammed Abdullah al-Gergawi oversaw a $35 billion portfolio
Saudi Arabia working on nationalization plan for retail sector
Saudi Arabia’s Ministry of Labor and Social Development is “currently working on the localization of the retail sector,” according to Khalid Aba Al-Khail, the Ministry spokesperson. Al-Khail pointed out in his Twitter account, that the retail sector “is one of
Several agreements to be signed during King Salman Asian tour
Saudi Arabia’s King Salman Salman bin Abdulaziz al-Saud will embark on a five-nation Asian tour next week. Several landmark pacts are expected to be signed during the 31-day long historic and unprecedented royal visit to East Asia. Leading a strong
UAE telecoms firm du targets $272 mln in savings by 2019
Emirates Integrated Telecommunications Co is targeting 1 billion dirhams ($272 million) in savings by 2019 as government taxes erode profit at the UAE’s second-largest telecoms company, its chief executive said on Thursday. Results have been under pressure since late 2014,
Football: Turkish company wins Qatar World Cup contract
Qatar World Cup organisers announced on Wednesday that Turkish construction company Tefken will build the 40,000-seater Al Thumama Stadium for the tournament in five years’ time. A statement from the Supreme Committee for Delivery and Legacy, the tournament organising body
WTO ratifies first multilateral trade deal
The first multilateral deal agreed at the World Trade Organization came into force on Wednesday, a step billed as a milestone for the body facing unprecedented threats from a hostile US administration. The Trade Facilitation Agreement (TFA) has now been
Airbus faces challenges as it enters new era
Airbus will draw a line under two decades of M&A dealmaking and frenetic orders on Wednesday as it reports its first results since the European aerospace and defense group unified under its dominant planemaking arm last month. The sense of
Saudi Electricity Company signs pact with PCMC to reduce carbon emissions
The Saudi Electricity Co. (SEC) and the Petroleum, Chemicals and Mining Co. (PCMC), a subsidiary of the Saudi Binladin Group, have signed a partnership and cooperation agreement aimed at reducing carbon emissions. The deal, which is to be implemented via
Meet the most prominent women in the Saudi financial sector
No sooner had Sarah Suhaimi been appointed to the board of Directors of the Saudi Stock Exchange Tadawul, and Rania Mahmoud Nashar was made CEO of Samba Financial Group, becoming the first woman to be an Executive manager of a
Kuwait MPs fight back against govt price rise plans
A parliamentary panel in Kuwait on Sunday approved draft legislation calling for the scrapping of government plans to raise petrol and power prices to combat a budget deficit. The financial and economic affairs committee said in its decision that “no
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