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
Trade, hospitality sectors’ outlook strengthens in Q4
Dun & Bradstreet South Asia Middle East Ltd. (D&B) in association with the National Commercial Bank (NCB) released the D&B Business Optimism Index (BOI) survey for Saudi Arabia for Q4 2015. The BOI survey reveals lower optimism levels for the
China’s Xi says 6.5% growth enough to meet goals
China Tuesday sent its clearest signal yet that the world’s second-largest economy would lower its growth targets, with President Xi Jinping saying annual expansion of only 6.5 percent would be enough to meet its goals. Xi’s comments came as the
High credit rating ‘reflects’ solid economic foundation
Saudi Arabia’s success in maintaining its high credit rating despite the economic pressures that accompanied the decline in oil prices and anxiety associated with global markets reflects the solid foundations of the Kingdom’s economy, according to Minister of Finance Ibrahim
Saudi stock market stabilizes after fall
Saudi Arabia’s stock market stabilized on Monday after a slide on the previous day in response to a downgrade of the Kingdom’s debt. Emaar Properties lifted Dubai’s market after reporting third-quarter earnings. The Tadawul All-Share Index had dropped 1.1 percent
GE finalizes $10.7bn takeover of Alstom energy assets
General Electric announced Monday that it had finalized a deal to acquire the energy assets of France’s Alstom for 9.7 billion euros ($10.7 billion). The figure includes the cost of creating three new joint ventures covering renewable energy, electricity grids
HSBC’s third-quarter profit leaps to $6bn
HSBC profit jumped by a third in the latest quarter as a drop in fines for past misconduct more than offset the impact of a slowdown in Asia and increased spending on regulatory compliance. Europe’s biggest bank also said on
Asia’s factories struggle as global demand peters out
Activity in China’s colossal factory sector shrank in October as global demand stuttered, reinforcing the case for more stimulus and questioning whether the Federal Reserve can be confident enough to raise US interest rates this year. A crop of industry
Turkish lira soars after AKP win
The Turkish lira and stocks soared on Monday after President Recep Tayyip Erdogan’s Justice and Development Party (AKP) was returned to power in a surprise weekend election victory, but analysts warned the rebound may be shortlived. The lira jumped almost
Swissleaks leaker skips Swiss trial, again
A former HSBC employee who leaked documents alleging the bank helped clients evade millions of dollars in taxes failed again to show up for his Swiss trial on Monday, which opened in his absence. Herve Falciani, a 43-year-old French-Italian national
China unveils jetliner in bid to compete with Boeing, Airbus
A state-owned manufacturer on Monday unveiled the first plane produced by a Chinese initiative to compete in the market for large passenger jetliners. China is one of the biggest aviation markets but relies on Boeing and Airbus aircraft. The multibillion-dollar
SAGIA chairman vows to boost competitiveness investment
Saudi Arabia General Investment Authority (SAGIA) Chairman Abdullatif Al-Othman opened the Global Innovation Summit and the 2015 annual meeting of the Global Federation of Competitiveness Councils (GFCC) on Sunday. The Global Innovation Summit, combined with the GFCC annual meeting, is
Al-Jubeir: Kingdom’s financial deficit this year is ‘manageable’
Saudi Arabia’s financial deficit this year is manageable despite the low oil prices, and the Kingdom’s economic growth rate and financial health will stay strong, Foreign Minister Adel Al-Jubeir said at a security conference in Bahrain. “The deficits that the
Royal Bank of Scotland net profits rise on Citizens sale
State-rescued Royal Bank of Scotland’s net profit grew in the third quarter, as a gain on the sale of US unit Citizens eclipsed restructuring and misconduct costs, it said. Earnings after taxation climbed 6.2 percent to £952 million ($1.45 billion,
Turkish Airlines unveils nonstop service from Miami to Istanbul
TURKISH Airlines launched nonstop service from Miami International Airport to Istanbul Atatürk Airport on Oct. 25. To generate excitement for the new service, Turkish Airlines engaged 7-time Guinness World Records record holder The Sand Sculpture Company and its owner Ted
KSA highlights expats’ role in economic growth
Saudi Arabia has provided work for 10 million expatriates, most of them Muslims from the Islamic world, Labor Minister Mufrej Al-Haqabani said on Friday. These expatriates have helped to boost the economy of the Kingdom, Al-Haqabani said at the Organization
India unveils aviation plan to ‘take flying to the masses’
New Delhi has announced a plan to make air travel affordable for millions more Indians, with schemes to revive ailing airports and connect rural areas that it said would “take flying to the masses.” The long-awaited draft policy aims to
Delta abandons its route from Atlanta to Dubai
The latest salvo in the battle between US and Middle East airlines features Delta Air Lines abandoning its route from Atlanta to Dubai. Delta has led the charge with American and United airlines in accusing three rival airlines in the
Airbus ramps up A320 output as profits climb
European aircraft maker Airbus announced it will ramp up production of its best-selling A320 jet as overall profits climb sharply. Airbus, like its main rival Boeing, is enjoying strong sales in a “healthy” international market. In a sign of Airbus’
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