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
Tunisia loses third of tourism revenue over ISIS attacks
Tunisia lost more than a third of its tourism revenues last year after attacks targeting the vital sector claimed by ISIS, official figures showed Thursday. Two ISIS attacks last year killed 59 foreign tourists, badly shaking an industry that accounts
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
Oil prices likely to climb by end of 2016: Aramco
Saudi Arabia’s oil giant expects oil prices to climb toward the end of the year, saying the current price of around $30 a barrel is not sustainable. Saudi Aramco’s CEO Amin Nasser, speaking Tuesday at the 9th Global Competitiveness Forum,
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
Saudi industrial city says to speed up, broaden investment
The developer of one of Saudi Arabia’s biggest industrial city projects says it will speed construction of infrastructure and broaden the range of industries it accommodates as part of efforts to diversify the economy beyond oil. With state finances under
Russia allots $1.7bn for real economy
The Russian government has set aside 135 billion rubles ($1.7 billion) to help the real economy in a draft anti-crisis plan, two senior officials said, and may use a separate 340 billion ruble cushion to dampen social discontent, according to
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
U.S. military urges action against ISIS in Libya
Decisive military action is needed to halt the spread of Islamic State of Iraq and Syria (ISIS) in Libya, the top U.S. military officer said on Friday, saying the group wanted to use the north African nation as a platform
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,
WAN-IFRA Middle East Conference to discuss best-practice ideas
WAN-IFRA’s 11th Middle East Conference is set in Dubai for two days from Feb. 24, which will provide publishing executives with an excellent opportunity to discover the latest regional and international top trends and best-practice ideas. The event is an
Gorbachev sounds alarm as Russian ruble hits record low
Mikhail Gorbachev, the last leader of the Soviet Union, warned that Russia needs to increase efforts to find a solution to its ailing economy. Gorbachev’s comments to the state news agency RIA Novosti on Tuesday came a day after the
Euro zone growth outlook ‘unchanged’
Central banks still have more firepower they can use to counter a slowdown in global growth, which does not change the outlook for recovery in the euro zone, European Economics Commissioner Pierre Moscovici said on Wednesday. In an interview with
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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