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
Apple seeks nod to open India stores
Apple Inc has applied to set up its own stores in India, one of the world’s fastest growing smartphone markets, as the iPhone-maker looks to tap new opportunities amid worries of slowing growth in its main markets. Apple sells its
Netflix global push grabs more customers than expected
Netflix Inc’s aggressive push into international markets won more customers than the video streaming service and its investors expected last quarter, sending its shares surging 7 percent. The dominant online video company said on Tuesday it had 74.8 million subscribers
WEF: Next industrial revolution to lead to 5 million less jobs
The latest industrial revolution will not only bring us 3-D printing and biotechnology advances, but the loss of five million jobs in the next five years, according to a report prepared for the Davos forum of business and political elites.
King opens petroleum research & study center
Custodian of the Two Holy Mosques King Salman and Chinese President Xi Jinping remotely inaugurated the Yanbu Aramco Sinopec Refining Company (YASREF) located in Yanbu on Wednesday. The King also inaugurated in Riyadh the King Abdullah Petroleum Studies and Research
KSA: Oil price crash fueled by oversupply
Foreign Minister Adel Al-Jubeir and his Chinese counterpart Wang Yi reviewed aspects of bilateral relations and discussed a number of regional and international issues on Wednesday. Earlier, speaking to CNN’s Wolf Blitzer on The Situation Room on, Al-Jubeir said the
King Abdullah Port records stellar feats in 2015
Engineer Abdullah bin Muhammad Hameedaddin, managing director of the Ports Development Company, owners, developers and managers, of King Abdullah Port, has announced the port’s success in handling 1,307,017 TEUs. King Abdullah Port, the first privately developed and managed port in
Romano’s Macaroni Grill Restaurant now in Jeddah
Romano’s Macaroni Grill, a leading US restaurant brand within the Italian casual dining segment, officially opened its third branch in the Kingdom and first in the city of Jeddah on Dec. 27, 2015 in Thaliya Street (opposite Tahliya Mall). The
Rowhani: Iran needs $30-50 bln annual foreign investment
Iran needs annual foreign investment of $30-$50 billion to reach an eight percent growth target and cash in on a nuclear deal with world powers, President Hassan Rowhani said Sunday. Laying out the budget for the next Iranian year which
U.S. to pay Iran $1.7 bln in debt and interest
The United States is to repay Iran a $400 million debt and $1.3 billion in interest dating to the Islamic revolution, Secretary of State John Kerry said Sunday. The repayment, which settles a suit brought under an international legal tribunal,
Oil market will take time to stabilize, says Al-Naimi
Minister of Petroleum and Mineral Resources Ali Al-Naimi said on Sunday it would take “some time” to restore stability to the global oil market in the midst of a glut, but he remained optimistic about the future. Al-Naimi’s comments come
E-commerce creates more opportunities for Saudi women
Many economists stress the importance of electronic markets in Saudi Arabia, their financial mega-returns and the availability of jobs for young businesswomen. A number of economists and businesswomen believe these markets still need organization and codification of their work. They
India’s share of Middle Eastern oil imports declines
Indian refiners boosted imports of African crude oil in 2015 to the highest in at least five years and slightly cut their intake from Latin America as refiners benefited from changing global oil flows caused by surplus supply. In 2015,
China’s Haier to buy GE appliance unit for $5.4bn
Haier Group, the world’s biggest home appliance maker, is buying General Electric Co.’s appliance business for $5.4 billion to expand its US and global presence. The acquisition announced Friday comes as Haier tries to transform itself into a premium brand.
Wal-Mart to close 269 stores, 154 in US
Wal-Mart is closing 269 stores, more than half of them in the US and another big chunk in its challenging Brazilian market. The stores being shuttered account for a fraction of the company’s 11,000 stores worldwide and less than 1
China’s record fuel exports show changing economic dynamics
Sort of lost among the attention given to China’s record crude oil imports in December was the fact that the nation’s exports of refined fuels also hit an all-time high. Crude imports surged 21.4 percent in the final month of
Qatar hikes petrol prices by 30 percent
Energy-rich Qatar has decided to raise the cost of petrol by a third or more from Friday, according to the state fuel company, amid a slump in global oil prices. The surprise hike comes into force from midnight (2100 GMT)
Russia’s Gazprom posts lower-than-expected quarterly loss
Russia’s gas giant Gazprom on Friday announced a loss for the third quarter of 2015, citing rising costs and finance expenses, despite an increase in sales. The net loss by Russia’s biggest energy company between July and September of two
Don’t worry ‘too’ much about China’s commodity demand
Just how worried should the commodity sector be about China? On the surface the answer would appear to be very worried indeed, given the multitude of issues confronting the world’s second-largest economy, coupled with rising concerns about the rest of
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