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
Saudi rises from cleaner to top young hotelier
A young Saudi citizen has shown it is no shame to take on an unskilled job and then work hard to achieve one’s dreams. Mohammad Sharaf started out as a cleaner and dishwasher at a restaurant in 2004 and now
Saudi Aramco commitments ‘not impacted by oil price moves’
ABU DHABI: A senior official at Saudi Aramco said that the recent fluctuations in oil prices would not threaten the company’s long-term supply commitments. “The recent volatility is not new..˝.(it is) in large (part) due to a weak global economy,”
Shoura calls for consumer protection law
Shoura Council members have called for a law to protect consumers and to punish those who import fake goods with imprisonment for a maximum of two years, as well as a fine totaling 10 percent of the whole value of
India a key market Sharjah free trade zones
Hamriyah Free Zone Authority (HFZA) organized road shows in Ludhiana and Chandigarh and participated exhibition in New Delhi recently. “India is a key-market for HFZA. Based on mutual interests, the UAE enjoys a warm economic relationship with India. Currently, a
Trading in shares of Kingfisher suspended
NEW DELHI: Trading in the shares of bankrupt Kingfisher Airlines will be suspended, India’s two main trading exchanges announced Saturday, putting another nail in the coffin of the carrier founded by self-crowned “King of Good Times” tycoon Vijay Mallya. The
Pakistan wins Chinese investment worth $42bn
BEIJING: China has promised Pakistan investment worth $42 billion, an official said, as Islamabad promised to help Beijing fight what it calls a terrorist threat in its far-west. Pakistan’s Prime Minister Nawaz Sharif oversaw the signing of 19 agreements and
$250bn needed to tackle India’s energy crunch
NEW DELHI: India needs to invest $250 billion over the next five years to tackle chronic energy shortages and provide power for all its 1.2 billion people, its power minister said. Piyush Goyal said the bulk of the investment would
Siemens profits rise 25% to $6.9 billion
FRANKFURT: German engineering giant Siemens said it reached its full-year profit targets in the 12 months to September, thanks to a solid final quarter. “We delivered the results we originally promised for fiscal 2014 and made substantial progress in strengthening
Singapore Airlines half-year profit down 55.5 percent
SINGAPORE: Singapore Airlines said its half-year net profit plunged 55.5 percent, weighed by heavy losses in budget carrier affiliate Tiger Airways, and warned of a challenging outlook despite falling fuel prices. The flag-carrier, considered a bellwether for the industry, in
India to foreign CEOs: ‘We’re waiting for you’
NEW DELHI: India’s finance minister is urging foreign investors to help plug enormous gaps in the country’s infrastructure blamed for holding back growth. “We are waiting for you,” Arun Jaitley told a roomful of international and Indian CEOs attending the
Toyota racing to record profit, but China flashing red signal
TOKYO: Toyota said it was on track to book a record $17.5 billion full-year net profit, as Japan’s major automakers wrapped up a bumper earnings season, but the industry is facing headwinds from slower demand at home and in China.
Arun Jaitley: India economic reform a ‘long journey’
NEW DELHI: Reforming India’s flagging economy will be a “long journey”, the country’s finance minister told foreign investors on Wednesday, playing down the prospect of “big-bang” changes. Arun Jaitley warned there were no quick fixes for India’s economic problems, telling
Doors ‘wide open for foreign investors’
The Kingdom’s doors are wide open for foreign investors with relaxed ownership rules that allow foreign investors to own up to 100 percent of a Saudi enterprise, said Abdullatif Al-Othman, governor of Saudi Arabian General Investment Authority (SAGIA), here Tuesday.
Wealth fund urged to tackle oil-price slide
The fall of crude oil prices points to the need for Saudi Arabia to have an active sovereign wealth fund, said Prince Alwaleed bin Talal, chairman of Kingdom Holding Co. This will be similar to the sovereign funds in Kuwait,
Al-Naimi to visit Venezuela and Mexico
CARACAS: Petroleum and Mineral Resources Minister Ali Al-Naimi will visit fellow OPEC producer Venezuela this week to attend a climate conference and also travel to Mexico, according to sources close to the Kingdom. “He is participating in the Margarita meeting
World Trade Center reopens for business
The 104-story, $3.9 billion skyscraper dominates Manhattan skyline NEW YORK: The resurrected World Trade Center has again opened for business, 13 years after the 9/11 terrorist attack — marking an emotional milestone for both New Yorkers and the nation. Some
Statoil puts $32.5bn price tag on giant Sverdrup oil field
OSLO: Statoil’s giant Johan Sverdrup oil field could cost as much as $32.5 billion, the company said in its first full estimate of the price tag to develop Europe’s most expensive ever oil and gas project. Discovered in 2010, Sverdrup
Ryanair hikes forecast as first-half profits soar
DUBLIN: Irish low-fare airline Ryanair lifted its annual earnings forecast, after revealing that first-half profits soared by almost a third, boosted by the timing of Easter and improved customer services. Earnings after taxation profits surged 32 percent to 795 million
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