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
Gold slides below $1,150 as dollar strengthens
Gold fell more than 1 percent on Friday, breaking below chart support at $1,150 an ounce, as the dollar hit a four-year high against a currency basket after upbeat U.S. retail sales data. The Commerce Department said U.S. retail sales
Philippine Airlines, under new management, seeks investor
MANILA: Struggling Philippine Airlines said it is looking for a new investor to help fund an expansion program that would see Asia’s oldest airline buying more long-haul jets. “I would prefer an airline with more destinations so we can expand
Airbus runs into headwinds with Q3 earnings dip
PARIS: European aerospace giant Airbus said its profits had nearly halved in the third quarter, as it ran into headwinds from adverse foreign exchange moves. Airbus profits in the third quarter came in at 264 million euros ($329 million), a
Abu Dhabi to raise power and water tariffs
DUBAI: The emirate of Abu Dhabi will raise electricity and water tariffs to fight waste and limit rapid consumption growth, in a fresh sign that plunging oil prices are prompting Gulf governments to economize. Electricity tariffs for residential consumers will
Prince Alwaleed: George V hotel is best in the world
Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC), said that “Paris Four Seasons Hotel George V is the best and most prestigious in the world” as it was awarded the “Best Overseas Business Hotel in France” in Conde
Yahoo buys digital ad service BrightRoll for $640M
Yahoo is buying digital video advertising service BrightRoll for $640 million in the Internet company’s latest attempt to boost its revenue after years filled mostly with financial futility. The acquisition announced Tuesday marks Yahoo’s first major purchase since reaping a
E-commerce giant Alibaba reports record $9bn Singles’ Day sales
HANGZHOU, China: E-commerce giant Alibaba Group Holding Ltd. reported more than $9 billion in sales on China’s Singles’ Day on Tuesday, illustrating the buying power of the Chinese consumer and the importance of the event in the retail calendar. Real-time
Germany eyes energy investments in Pakistan, says Merkel
BERLIN: Germany is looking to increase its investment in Pakistan’s energy sector, provided companies are reassured about the security situation, Chancellor Angela Merkel said during a visit by Pakistan’s Prime Minister Nawaz Sharif. Merkel said Germany’s KfW state development bank
Prince Alwaleed and Belgian envoy focus on investments
Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC) and chairman of Alwaleed bin Talal Foundation — Global, received Greet Criel, Belgian Ambassador to Saudi Arabia. The meeting was attended by Nahla Nasser Alanbar, private executive assistant to the
Neo Pharma to set up plant in Jazan
Prominent Indian businessman B R Shetty has signed an agreement with Prince Turki bin Mohamed bin Nasser, in charge of Jazan Industrial City and Shaikh Mohammed Rafik, chairman of Gammon Group to establish a pharmaceutical plant in the new industrial
KSA tax system ‘one of best in world’: Al-Assaf
Saudi Arabia is the only country in the world seriously committed to raising taxes under Islamic precepts, said Finance Minister Ibrahim Al-Assaf in Riyadh on Tuesday. Opening a forum on tax and Zakat collection in the capital, Al-Assaf said that
UAE’s Air Arabia Q3 profit up 22 pct, beats forecasts
UAE budget carrier Air Arabia reported a 22 percent rise in third-quarter net profit on Tuesday, beating analyst forecasts as passenger numbers increased. The airline said it made a net profit of 247.4 million dirhams ($74.71 million) for the period
Jubail Industrial City attracts SR900bn investments locally
Since the establishment of the Royal Commission for Jubail and Yanbu (RCJY), it was blessed with the care and support of all kings till this day under the reign of Custodian of the Two Holy Mosques King Abdullah. This support
DIFC to double in size in a decade
DUBAI: Dubai International Financial Centre (DIFC) is on track to double in size over the next decade with companies from China and South-east Asia set to fuel its next phase of growth, the governor of the financial free zone said
Kuwait sees no output cut at OPEC meeting
KUWAIT CITY: OPEC is not likely to cut crude output when it meets later this month amid hopes that the market will absorb surplus supplies, the Kuwaiti oil minister said. “I do not expect OPEC to make any production cut.
Google signs 60-year, $1 billion NASA lease
Google has signed a long-term lease for part of a historic Navy air base, where it plans to renovate three massive hangars and use them for projects involving aviation, space exploration and robotics. The giant Internet company will pay $1.16
Apple’s boasts new feature for iMessages
Apple has launched a new feature that will allow users who decide to ditch the iPhone in favor of another smartphone to continue receiving iMessages, The Verge website reported Sunday. The new tool enables former iOS users to deregister their
Banks to allow emergency ATM access
A number of banks in the Kingdom have launched the service of cash withdrawals from ATMs without a card. Bank sources indicated that the new service is initially being implemented by two banks — the National Commercial Bank and Saudi
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