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
China FX reserves plunge by $87.2 billion in November
China’s foreign exchange reserves, the world’s largest, fell by $87.2 billion in November to $3.44 trillion, central bank data showed on Monday, the lowest level since February 2013 and the third largest monthly drop on record. Analysts blamed the fall
Total boss rules out oil price recovery in 2016
Oil prices are not expected to rise next year, the head of French energy giant Total said in Qatar. We don’t anticipate a recovery in 2016,” Total CEO Patrick Pouyanne said on the sidelines of the International Petroleum Technology Conference
Gulf plans to roll out value-added tax in 3 years
Gulf states have agreed on key issues for implementing value-added tax in the region, an official from the United Arab Emirates finance ministry said on Monday. The agreement was reached at a meeting of representatives from Gulf ministries a few
Energize economies & employment
EXPERTS and analysts at the World Islamic Banking Conference focused on Awqaf (assets kept in trust) and oil prices, one of the biggest macro forces affecting the growth and development of Islamic finance, during the final day of the World
Gold rises 1.6% to 2-week high
Gold rose 1.6 percent to a two-week high on Friday, after a US non-farm payrolls report, seen as likely to pave the way for the Federal Reserve to raise interest rates this month, failed to aid the dollar’s ascent. Spot
KSA maintains high oil output
OPEC oil output has risen in November from the previous month, a Reuters survey found on Monday, led by a rebound in Iraqi exports after bad weather had temporarily halted supply growth from the group’s second-largest producer. The increase indicates
Aramco launches ‘local content development’ supplier initiative
Accelerating the level of local content among its suppliers — local and international — is a key strategic priority for Saudi Aramco, said Amin Nasser, the company’s president and CEO at a forum in Dammam. He was speaking at Saudi
Recession deepens in Brazil, world’s seven largest economy
Brazil’s economy contracted a greater than expected 1.7 percent in the third quarter, deepening the recession in the world’s seventh largest economy, officials figures showed Tuesday. The bad news comes amid a paralyzing political crisis that has delayed action on
Kuwait names acting oil minister
Kuwait Oil Minister Ali Al-Omair was moved to the Public Works Ministry in a limited cabinet reshuffle following a row with top oil executives, according to a royal decree. Finance Minister Anas Al-Saleh was appointed as acting oil minister, in
Jeddah Economic Company & Alinma Investment in SR8.4bn real estate fund deal
Jeddah Economic Company and Saudi Arabia’s Alinma Investment have signed a deal to initiate an SR8.4 billion fund. Jeddah Economic Company is the owner and developer of the Jeddah Economic City project and Jeddah Tower in Obhur, just north of
Paris airport traffic down after attacks, security tighter
Paris airports have seen a reduction in traffic since the attacks that killed 130 people in the French capital this month, while security has been expanded, a senior executive said. “We are seeing an impact on traffic today, but it
Saudi Arabia, Bangladesh to set up fertilizer plant in Dhaka
Saudi Arabia and Bangladesh are setting up a flagship fertilizer project in Dhaka, visiting Finance Minister Abul Maal A. Muhith told Arab News. Muhith said Saudi Finance Minister Ibrahim Al-Assaf had accepted his proposal to set up the joint fertilizer
New domestic airlines’ in Saudi Arabia take-off delayed
New domestic airlines — Al-Maha Airways and Saudi Gulf Airlines — have been further delayed due to technical reasons as the General Authority of Civil Aviation (GACA) asked them to complete safety procedures in order to start operation next year.
SAGIA upbeat on Moscow investment talks
Abdullatif Al-Othman, governor of Saudi Arabian General Investment Authority (SAGIA), will patronize the Saudi-Russian Business Forum in Moscow Friday. SAGIA is organizing the forum in collaboration with the Council of Saudi Chambers and the Saudi-Russian Joint Council. Top officials from
Revised nuclear deal between South Korea, U.S. takes effect
A new nuclear treaty with the United States governing South Korea’s commercial nuclear activities during the next 20 years went into effect Wednesday, the South Korean government said. The treaty, which replaces a previous accord reached in 1972, opens the
Saudi Binladin Group to cut 15,000 jobs
Construction company Saudi Binladin Group plans to cut about 15,000 staff, people with knowledge on the matter told Reuters. The possible layoffs at Binladin, also reported by local news site “Sabq”, would represent a fraction of the group’s total workforce,
Oil prices turn higher as diplomats seek to ease Middle East tensions
Oil prices have turned higher in Asia on Wednesday as diplomats tried to ease geopolitical tensions sparked by Turkey’s shooting down of a Russian fighter jet on the Syrian border. But the global crude supply glut capped gains ahead of
Qatar and Mexico sign aviation deal during emir’s visit
Mexico and Qatar signed an agreement on Tuesday to establish commercial flights between their capitals as the Gulf monarchy’s ruler visited the Latin American nation. Mexican President Enrique Pena Nieto hosted Qatar’s emir, Sheikh Tamim bin Hamad Al Thani, at
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