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
Global trade ‘rebounds strongly’ in first half of 2017, says WTO
:: The World Trade Organization on Thursday upped its forecast for global trade growth in 2017 thanks to stronger than expected demand for merchandise in Asia and North America. A previous projection of 2.4 percent growth for this year has
Saudi shipper Bahri sees VLCC market improving by Q4
:: Saudi Arabia’s Bahri, the exclusive oil shipper of Saudi Aramco, expects supertanker rates to stabilize at slightly better levels going into the fourth quarter, the vice president for commercial and operations of its oil business said. Bahri is the
Saudi sovereign wealth fund to launch entertainment investment company
:: The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, has announced it is in the process of developing a new company to act as its investment arm in the Kingdom’s growing entertainment sector. The company, which will have
Swiss shut down ‘fake’ E-Coin in latest cryptocurrency crackdown
:: Switzerland’s financial watchdog has closed down what it said was the provider of a fake cryptocurrency and is investigating around a dozen other possible fraud cases, in the latest clamp-down on the risks involving virtual money. The move by
London hospital expanding UAE footprint, offers unique programs
:: The UAE healthcare sector is increasingly attracting new players. Last week, King’s College Hospital London’s (KCH) opened a new medical center in Jumeirah, Dubai. The new facility of the London-based, world-renowned teaching hospital, is set to deliver world-leading expertise
Toys ‘R’ Us files for bankruptcy, but keeps stores open
:: Toys ‘R’ Us, the toy retailer struggling with $5 billion in debt and intense online competition, has filed for bankruptcy protection ahead of the key holiday shopping season – and says its stores will remain open for business as
Egypt’s Suez Canal revenues rise to $470.6 mln in August
:: Egypt’s Suez Canal revenues rose to $470.6 million in August from $447.1 million in July, the government said on Tuesday. The canal is the fastest shipping route between Europe and Asia and one of the government’s main sources of
Egyptian banks have provided $55.1 bln to fund trade since currency float
:: Egyptian banks have provided about $55.1 billion to fund trade since the country floated its currency in November last year, a central bank official told Reuters on Tuesday. The banks were able to extend up to $40 billion in
Saudi Arabia announces closure of third Sukuk offering
:: The Ministry of Finance announced on Tuesday that it had closed the third domestic Sukuk issuance under the Saudi government SAR-denominated Sukuk Program. In the a statement released to the Saudi Press Agency, the finance minister said he subscription
Saudi-backed fund invests in Slack
:: Software startup Slack Technologies raised $250 million from SoftBank Group and other investors in a funding round that boosted the company’s valuation to $5.1 billion. The latest fundraising, led by SoftBank through its giant Vision Fund and joined by
Qatar continues spending billions of dollars on arms deals
:: Qatar has announced that it has signed a memorandum of understanding with the British government to buy 24 British Typhoon warplanes. The arms deal between Qatar and Britain was signed during the visit of the Qatari Minister of State
Qatar hits 5-year low as diplomatic rift hits firms
:: Qatar’s stock index hit a five-year low on Monday because of a fresh sign that a diplomatic dispute in the region was starting to inflict long-term damage on some of its companies. Shares of Qatar Insurance dropped 2.3 percent
Small and medium enterprises: Pulse of the Saudi economy
:: Small and medium enterprises (SMEs) play a pivotal role in any economy, generating jobs, and contributing to growth. Saudi Arabia has long realized the importance of providing a nurturing environment to these entities, outlining clear objectives in its Vision
Romanian and French wheat cargoes still in Egyptian prosecutor custody
:: Two wheat cargoes rejected by Egypt’s agriculture quarantine service for containing poppy seeds are still in the custody of the public prosecutor and have not been released yet, Egypt’s Red Sea Port Authority said on Saturday. The agriculture minister
UAE non-oil growth to accelerate in 2018
:: The non-oil sector of the United Arab Emirates economy is expected to grow 3.1 percent this year, accelerating to 3.5 percent next year, central bank governor Mubarak Rashid al-Mansouri said on Sunday. Speaking to a meeting of Arab central
Egypt plans more Eurobond issues in coming months
:: Egypt will issue a 1.8 billion (1.5 bln euro) bond by the end of November and then plans to launch a new $10 billion Eurobond program next year, the Boursa newspaper reported. Finance Minister Amr El Garhy told the
Qatar’s stock market heads for tenth straight losing session
:: Qatar’s stock market headed for its tenth straight losing session on Sunday as the country’s index slipped 0.5 percent with Doha Bank dropping 2.6 percent. On Friday, Qatari Emir Sheikh Tamim bin Hamad al-Thani said Qatar was ready to
Saudi Arabia to allow international companies to install solar cells for power subscribers
:: The Kingdom will next Sunday begin receiving applications to install solar cells, with the Saudi Electricity and Co-Generation Regulatory Authority allowing international companies to register for the project’s auction. The initiative for using the new technology falls into “The
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