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
KNPC to sign contracts for Kuwait’s Al-Zour refinery
Kuwait’s National Petroleum Company (KNPC) plans to sign the main contracts awarded to companies to build the Al-Zour oil refinery. Construction of the 615,000 barrel per day refinery which would be the largest in the Middle East could be a
US shale firms snap up $50 oil hedges, risking rally reversal
Welcome to the oil market’s new vicious cycle. This past week, as oil prices barreled over 9 percent higher to break out of a weeks-long trading range, US shale producers jumped at the chance to lock in $50-plus crude for
French firms seek lucrative contracts at Riyadh forum
The Saudi-French Business Opportunities Forum taking place in Riyadh provides the best platform to develop areas of bilateral cooperation in many new areas, said Commerce and Industry Minister Tawfiq Al-Rabiah. Currently, he said that bilateral trade is estimated at 12
OPEC sees more demand for its crude in 2016
OPEC forecast on Monday that demand for its oil in 2016 would be much higher than previously thought as its strategy of letting prices fall hits US shale oil and other rival supplies, reducing a global surplus. In a monthly
Saudi Arabia to issue SR20bn of bonds next week: Maaal
Saudi Arabia’s government is in talks with local banks to sell them SR20 billion ($5.3 billion) of local currency bonds next week, the Maaal financial website reported, citing unnamed sources. A five-year tranche will yield 1.92 percent, a seven-year portion
Fossil fuel transition ‘must be carefully managed’: Expert
The transition from fossil fuels must be carefully managed to avoid an economically disastrous bursting of the “carbon bubble,” the World Bank’s top climate official said. Decades of reliance on oil, gas and coal have made them central to the
Lufthansa targets Gulf rivals with Mideast premium economy launch
Lufthansa will launch its premium economy service into the Middle East later this month, it said, aiming to go head-to-head on quality with Gulf-based rivals. The German carrier has often been at the forefront of a war of words between
Kingdom and France eye multibillion riyal deals at Riyadh talks
A plethora of bilateral agreements between the Kingdom and France worth billions of riyals will be signed in Riyadh during the 2nd Saudi-French Business Opportunities Forum, which will be held in Riyadh on Tuesday. The forum is set to take
KSA continues to support local agriculture industry
The local agriculture industry, a crucial economic sector, is contributing to providing food security to Saudi Arabia. Abdul Rahman Al-Fadli, minister of agriculture, made these remarks as he opened a major exhibition in Riyadh. Riyadh Exhibitions Co. Ltd. (REC) organized
Egypt expects $1.5 bln in loans from World Bank and AfDB
Oct 11 Egypt expects to receive $1.5 billion in loans from the World Bank and African Development Bank (AfDB) by the end of 2015, Prime Minister Sherif Ismail said, as part of efforts to boost foreign currency reserves and bolster
Saudi Arabia set to implement new labor law
The Ministry of Labor will start implementing the new labor law from Oct. 18, the Saudi Press Agency reported on Saturday. There are 38 amended Articles in the new labor law. Updates are mostly regarding disciplinary procedures, and also cover
IMF’s ‘credibility’ at stake in reform row: Lagarde
Washington’s use of its de facto veto at the International Monetary Fund to block reforms giving emerging countries a greater say is jeopardizing the IMF’s credibility, its leader said Friday. The IMF has been caught up in a protracted, politically
Clinton calls for breakup of ‘too-big-to-fail’ banks
US Democratic presidential hopeful Hillary Clinton has called for the breakup of large banks that take excessive risks as part of a sweeping plan to curb what she says are Wall Street abuses. Under the proposal, large financial firms would
Saudi’s emboldened low-cost carrier Flynas returns to growth
Saudi Arabia’s Flynas is drafting a five-year expansion plan as the airline nears its first ever annual profit, gaining momentum from a strong Hajj season and the simplification of its business model. Chief executive Paul Byrne – who was appointed
Prices hit roof: Tomato box = 1/2 gram gold
Vegetable markets in some areas have raised the price of a box of tomatoes to SR80, equal to the cost of half a gram of 18-carat gold. Many consumers in Qassim have been complaining of the high prices. However, a
Insurance firms to sue corrupt hospitals
Insurance firms in the country claim they are losing money because hospitals and private practitioners are illegally inflating claims, and are planning to sue those found abusing the system. The insurance companies allege they have been hit by claims from
Currencies, stocks and bonds may be near turning point
Currencies, stocks and bonds appear to be at a turning point, according to the latest Reuters polls from around the world, with the size and nature of forecast changes suggesting worries are building about the health of the global economy.
Oil struggles to extend rally
Oil prices seesawed in volatile trading on Wednesday, barely hanging onto a third day of gains after government data showing a large US crude inventory build surprised traders the morning after an industry group had reported a draw. The US
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