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
Jeddah Motor Show records 150,000 visitors
Curtains fell on Jeddah Motor Show 2015, as it concluded its 37th edition at Jeddah Convention & Exhibition Center on Dec. 17. An estimated 150,000 visitors toured the Saudi International Motor Show (SIMS) and its various activities during its five-day
Alstom, Bombardier receive $1.4 billion railway order
French engineering giant Alstom and Canadian train manufacturer Bombardier said they have received an order worth 1.3 billion euros ($1.4 billion) to deliver double-decker trains to the Belgian national railways. Bombardier and Alstom said in a joint statement that they
UAE and China set up $10bn joint strategic investment fund
The UAE and China have established a joint strategic investment fund worth $10 billion, the UAE’s state news agency reported, as China pursues its ambition to rebuild Silk Road trade routes. The agreement was clinched during a three-day visit by
Alibaba launch at Makkah chamber today
The Makkah Chamber of Commerce and Industry (MCCI) has invited businessmen and interested traders to attend the presentation of its Alibaba.com website on Monday Tuesday. The chamber has launched the website, which is the largest online commercial platform in the
Eyeing rapid results, Egypt takes charge of building new capital
Egypt’s cash-strapped government says it has taken charge of plans to build a new capital after failing to close a deal with the UAE investor meant to lead a project some have compared in its ambition to the ancient pyramids.
In Turkey’s economic plan, investors see drive for votes, not discipline
Turkey’s new economic program is short on reform and long on populist measures aimed at winning support for a new constitution, investors have decided, leading them to dump Turkish assets for a second straight day on Friday. Financial markets had
Japan and India agree bullet train, nuclear deals
Japan and India agreed several high-profile deals Saturday on high-speed rail, defense technology, and a memorandum of understanding on civil nuclear cooperation, Indian Prime Minister Narendra Modi said. “This enterprise will launch a revolution in Indian railways and speed up
Volkswagen says pollution cheating dates back to 2005
Volkswagen said the roots of the global pollution-cheating scandal it is currently engulfed in date back to 2005, and while the current situation was difficult, it would not break the company. In a news conference detailing the latest developments in
Stock markets slide as oil price plumbs 2008 low
Global oil prices tanked close to seven-year lows on oversupply woes, sparking a fresh wave of selling across European stock markets as panicked investors fled the energy sector. Crude, which has slumped since OPEC left its oil output at a
Billionaire head of China’s Fosun group ‘vanishes’
The billionaire chairman of one of China’s biggest private-sector conglomerates, Club Med owner Fosun, has disappeared from public and is being questioned over a corruption inquiry, reports said, as shares in the group’s companies were suspended Friday. Guo Guangchang, 48,
Yahoo reverses course on plan to spin off Alibaba stake
Yahoo Inc (YHOO.O) shelved plans to spin off its stake in Chinese e-commerce giant Alibaba Group Holding Ltd (BABA.N) on Wednesday, under pressure from activist investors worried about billions of dollars in taxes, and said instead it is looking at
Saudi Arabia stresses need for renewable energy
The Riyadh Economic Forum (REF) stressed the Saudi Arabia’s need to provide for alternative and renewable energy sources so as to meet the increasing energy needs that are met at increasing rates reaching 4.4 percent annually until 2035. This would
KSA committed to improvement of energy efficiency: Al-Naimi
Petroleum and Mineral Resources Minister Ali Al-Naimi has reaffirmed Saudi Arabia’s commitment to tackle climate change by implementing a host of mitigation and adaptation measures. “Saudi Arabia remains committed and have a carbon management roadmap. Technology provides answers to many
Pimco appoints Bernanke and Brown to new advisory board
One of the world’s biggest investment firms said it had appointed a stellar cast of advisers, including ex-Federal Reserve chief Ben Bernanke and former British prime minister Gordon Brown. Pacific Investment Management Co., or Pimco, also appointed ex-European Central Bank
France urges EU to act faster against extremist finances
France is urging its European Union partners to speed up efforts to cut off funds to extremists groups. French Finance Minister Michel Sapin said on Tuesday that “every country is under threat of terrorism, and every country has to do
Saudi nonoil private sector growth picks up in November
Faster growth of new work helped Saudi Arabia’s nonoil private sector to regain some momentum during November. The overall improvement in business conditions was also supported by further expansions in output, employment and stocks of purchases. That said the respective
IMF calls for ‘wise’ taxes to foster greener fuels
International Monetary Fund chief Christine Lagarde has called for tax reforms to be included in a global climate deal to raise incentives for consumers to reduce their energy consumption and to boost demand for cleaner fuels. In an opinion piece
Oil prices tumble to 7-year low
Crude oil futures tumbled to their lowest in nearly seven years on Monday after OPEC failed to address a growing supply glut, while a stronger dollar made it more expensive to hold crude positions. Brent and US crude futures fell
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