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
Chance of oil falling below $20 is under 50%: Goldman Sachs
Goldman Sachs head of commodities research and commodities bear Jeff Currie said that he does not see the price of oil breaking above $50 a barrel in the next year, but the chances of it dropping to $20 are below
Saudi Kayan pulls down Tadawul index
Shares in Saudi petrochemical manufacturer Saudi Kayan tumbled on Thursday after it swung to a third-quarter loss, pulling down the Tadawul All-Share index. Most Middle East bourses — apart from in Saudi Arabia and Qatar — were closed for Islamic
Consumer spending, auto sales boost US growth
The US Federal Reserve says steady consumer spending and an improving housing market spurred modest US economic growth in the late summer, though factory output was sluggish in part because of the strong dollar. The Fed said in its latest
Toyota to nearly eliminate gasoline cars by 2050
Toyota, under ambitious environmental targets, is aiming to sell hardly any regular gasoline vehicles by 2050, only hybrids and fuel cells, to radically reduce emissions. The automaker promised to involve governments, affiliated companies and other “stakeholders” in its push to
Tesla cars can now almost drive themselves
High-end electric vehicle maker Tesla is taking a major step toward self-driving cars by installing new autopilot software in North America to automatically change lanes, manage speed and even hit the brakes. Self-driving capabilities — previously limited to cars tested
Top French firms and sovereign fund acquire $150 million of KHC shares
Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC), met Laurent Fabius, French minister of foreign affairs in Riyadh. The meeting was also attended by Mohammed Fahmi, KHC’s CFO, Hassna Alturki, executive manager for International Relations to the chairman,
Etihad not planning to use cash pile for new planes
Etihad Airways CEO James Hogan has dashed Boeing and Airbus’s hopes of a spending spree by the Abu Dhabi airline following its success in raising $700 million in investment capital. Etihad said last month that some of the cash raised
World Bank may compensate Syria’s neighbors for refugee costs
The World Bank plans to talk to its member countries about compensating Syria’s neighbors for the substantial fiscal cost of hosting refugees for long periods, a World Bank official said in Geneva on Thursday. “It’s actually quite significant for countries
Twitter names ex-Google executive Kordestani executive chairman
Twitter Inc. said it appointed former Google executive Omid Kordestani as its executive chairman. Twitter’s shares were up 1 percent to $29.36 in early trading after the company’s newly appointed chief executive, Jack Dorsey, tweeted the appointment. Twitter had said
India named top investment destination in business poll
India has been named the most attractive country for investment in a survey of more than 500 global investors published by accounting firm EY (Ernst & Young). Thirty-two percent of the 505 executives questioned said India was their favored market
New cooperation accords mark Saudi-French business forum
Easing administrative and government procedures for French investors wishing to do business in Saudi Arabia and vice versa was one of the main recommendations to come out of the second Saudi-French Business Opportunities Forum, which concluded in Riyadh on Tuesday.
Emissions scandal: Germany orders VW to recall 2.4m cars
German Transport Minister Alexander Dobrindt said on Thursday that the country’s automotive watchdog had ordered Volkswagen to start a mandatory recall of 2.4 million affected cars at the start of 2016. “The recall will begin at the start of 2016.
Apple to open Dubai, Abu Dhabi stores on October 29
The U.S. technology giant Apple is set to open its first two dedicated UAE stores on Oct. 29, it was announced on Thursday. The long-awaited Apple Stores will be located at the Mall of the Emirates in Dubai and Yas
French companies train 27,000 Saudi nationals
Fact that French companies are playing a major role in the development of the Saudi economy was highlighted at the Saudi-French Business Opportunities Forum at its opening session attended by ministers and VIPs from the two nations Tuesday. Some 80
Prince Alwaleed and French PM discuss economic ties
Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC), received at his office in Riyadh French Prime Minister Manuel Valls. He was accompanied by Stéphane Romatet, diplomatic adviser, Ibrahima Diawadoh N’Jim, adviser to prime minister and Eric Giraud-Telme, deputy
Global oil demand growth to slow in 2016: IEA
The world’s demand for oil is expected to slow in 2016 in response to a more pessimistic outlook for the global economy, likely keeping the crude market oversupplied, the International Energy Agency (IEA) said. “Global demand growth is expected to
Twitter purging 336 workers as new CEO slashes costs
Twitter is laying off 336 employees, signaling CEO Jack Dorsey’s resolve to slash costs while the company struggles to make money. The cutbacks equate to about 8 percent of Twitter’s workforce of 4,100 people. The purge comes two weeks after
Dell to buy data-storage giant EMC for $67bn in mega deal
Computer giant Dell Inc. announced it was buying data-storage giant EMC Corporation for $67 billion, a mega merger in the technology industry. Dell, which founder Michael Dell and private-equity firm Silver Lake Partners bought out in 2013 to take the
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