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
Paris tourism slumps in wake of attacks
The attacks in Paris are having a major impact on tourism, initial figures show, pushing the French prime minister to meet industry officials to come up with a plan to limit the damage and keep visitors coming to the City
Saudi and Russian delegates to hold business forum in Moscow
A high-profile business conference hosting Russian and Saudi delegates will begin this week in Moscow, Arab News reported on Tuesday. The governor of the Saudi Arabian General Investment Authority, Abdullatif Al-Othman, travelled to Russia on Tuesday to co-chair the forum
GCC confirmed as top investor for Turkish real estate
Following the 2012 liberalization of foreign investment law in Turkey, there has been a 500% increase in investment from the GCC, which accounts for nearly a quarter of the foreign buyers, at 24%. According to figures released by REIDIN, the
Sri Lankan rupee hits record low
The Sri Lankan rupee fell to a record low on Monday on importer dollar demand amid lower liquidity for the greenback as exporters were reluctant to sell dollars on speculation that the currency could fall further, dealers said. Trading was
Alibaba boss in bid for Hong Kong newspaper
The founder of Chinese e-commerce giant Alibaba is in talks to buy a stake in the publisher of Hong Kong’s South China Morning Post newspaper, Bloomberg News reported. Discussions are at an advanced stage, it quoted two unidentified people familiar
Bank Association Confirm Muqee Cards Acceptance
Banks have denied they are encountering problems in updating the accounts of new Muqeem card holders, but acknowledged the absence of coordination mechanisms with the Ministry of Interior concerning the identity documents. Customers had alleged that some banks were refusing
Compulsory health insurance on expat visitors from next month
The Cooperative Health Insurance Council will begin implementing compulsory health insurance on expatriate visitors from next month. The number of expatriate visitors to the Kingdom is estimated at 1.6 million annually. However, Haj and Umrah pilgrims, diplomats and visitors to
14 Pakistani companies participate in FoodEx Jeddah
Trade Development Authority of Pakistan (TDAP) participated in Foodex Saudi Exhibition organized by Reed Sunaidi Exhibitions from Nov. 17 to Nov. 20, 2015 at Jeddah Center for Forums and Events. Pakistan Pavilion in the Exhibition was jointly inaugurated by Hassan
India’s Petronet near to winning better gas terms from Qatar
India’s biggest gas importer Petronet LNG is close to renegotiating a major deal with its Qatari supplier Rasgas, lowering the cost of gas shipments and avoiding a $1.5 billion penalty fee for lifting less gas than agreed, two sources said.
GCC-Indian businessmen urged to tap investment opportunities
Minister of Commerce and Industry Tawfiq Al-Rabiah urged Gulf and Indian business leaders and investors to seize the prevailing investment climate and enhance business ties. He made the remarks on Wednesday while inaugurating the 4th GCC-India Industrial Forum at Bay
Oil slides again as focus returns to heavy glut
Oil prices fell on Thursday, with US crude dipping below $40 per barrel, retreating from early gains amid a persistent global glut of crude and refined fuel. Brent crude futures were down 20 cents at $43.94 a barrel by 1411
Volkswagen scandal puts brakes on European car market
European car market growth slowed in October, the European Automobile Manufacturers Association (ACEA) said as the Volkswagen emissions scandal took its toll on auto sales. Passenger car registrations were up by just 2.9 percent from October 2014 in the EU,
China banks turn blind eye to soaring overdue loans
Some Chinese banks, hit by a surge of troubled borrowing in a weakening economy, are increasingly failing to recognize loans gone sour on their books to avoid having to stump up capital. Loans to borrowers that have missed a payment
Japan posts more than $900m trade surplus in October
Japan posted a surprise trade surplus in October as the value of energy imports slumped on falling oil prices, official data showed. The surplus came even as the value of exports declined for the first time since August last year,
Al-Naimi calls for joint action by Arab states over energy
Minister of Petroleum and Mineral Resources Ali Al-Naimi called for “joint action” among fellow Arab energy producers to increase trade, investments and partnerships, amid a period of uncertainty over oil prices and fears of global oversupply. “The challenge which we
Marriott buys Starwood Hotels for $12.2 billion
US-based Marriott International said that it has purchased Starwood for $12.2 billion, creating the world’s largest hotel chain bringing together such famous institutions as Ritz-Carlton, Renaissance, W, Westin and Sheraton. The boards of directors of both companies unanimously approved the
Interest rates ‘too high to encourage investment’
Turkish President Tayyip Erdogan renewed his call for lower interest rates on Sunday, saying they were too high to encourage investment and entrepreneurship, an argument likely to unnerve investors already worried about central bank independence. Long a champion of populist
Dana Gas plans more cost cuts due to low oil prices
UAE energy firm Dana Gas plans to cut costs in 2016 as the company gears up for a prolonged period of low crude prices, its CEO Patrick Allman-Ward said. The Abu Dhabi-listed firm plans to cut general and administrative expenses
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