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
Alwaleed, Corbat discuss future plans of Citigroup
Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC), met at his office in Riyadh Mike Corbat CEO of Citigroup and an accompanying delegation. It included Alberto Verme, chairman EMEA Banking and Carmen Haddad, managing director, Corporate Finance Group.
Kingdom initiates moves to promote investment in Qassim
Saudi Arabia is working to stimulate and encourage investment in the Qassim Region, which will be connected by a regional railway network to be built at a cost of SR12 billion. This will be part of the north-south railway line,
Inspections result in arrest of 223 illegal shop workers
The Ministry of Labor, in a nation-wide operation, has booked 197 irregularities in retail shops and arrested 223 workers who were working illegally in these outlets. Undersecretary of the Ministry of Labor for Inspection and Developing Work Environment Abdullah Abu
Diamond magnate ‘best boss ever’
SURAT, India: An unusually generous boss in the western city of Surat has attracted attention across the country for lavishing expensive pre-Diwali gifts on staff at his diamond polishing company. Cars, apartments and diamond jewelry are among the unusual loyalty
CEO of French oil giant Total killed in plane crash
France has lost ‘a great captain of industry and a patriot’ MOSCOW: The CEO of French oil giant Total, Christophe de Margerie, has died in a plane crash at a Moscow airport when the private jet he was using struck
Oil market battles weak demand, ample supplies
DUBAI: Saudi crude exports fell in August for the fourth month in a row to their lowest levels in three years, official data showed on Monday, as the top oil exporter fights for market share amid weak demand and ample
NCB pledges conversion to Islamic bank after pressure from scholars
RIYADH: National Commercial Bank (NCB) has responded to criticism of its operations from Islamic scholars by pledging to convert itself into a full-fledged Islamic bank within about five years. The decision came as the bank launched a $6 billion (SR22.5
Asharqia Resta Tex Expo In Dammam
Asharqia Resta Tex Expo & Forum to showcase real estate projects Eastern Province Deputy Gov. Prince Jalawi bin Abdulaziz bin Mosa’aad, announced the commencement of Asharqia Resta Tex Expo and Forum 2014 events for real estate, housing and urban development
Apple’s iPhone sales beat expectations, iPad volumes slide
Apple Inc forecast a strong holiday quarter after a better-than-expected 16 percent jump in iPhone sales, and the strongest growth in Mac computer shipments in years helped the company surpass Wall Street’s targets. The company on Monday projected stronger-than-expected revenue
NBK posts $708m net profit for nine months
National Bank of Kuwait (NBK) reported net profits of $708 million (KD203.9 million) for the first nine months of 2014 compared to $689.4 million (KD198.6 million) for the same period in 2013, growing 2.7 percent year-on-year. As of end of
Poor Jeddah airport rating rejected
The General Authority of Civil Aviation (GACA) has slammed a website claiming that King Abdul Aziz International Airport (KAIA) in Jeddah is the world’s second-worst facility. Khalid Al-Khaibari, GACA’s spokesman, said the rating was done by a Canadian woman on
Kingdom’s budget surplus likely to hit SR147 billion
Total revenues of the Kingdom are expected to reach SR1.1 trillion in the current year, or a surplus of SR147 billion over the projected SR855 billion budget estimated earlier in the year, a financial report said. The expected surplus is
22 passengers, crew injured as SIA plane hits turbulence
SINGAPORE: Twenty-two passengers and crew were injured when an Airbus A380 plane operated by Singapore Airlines (SIA) and traveling from the city-state to Mumbai hit sudden turbulence during descent, the carrier said Sunday. The extent of the injuries during the
SABB profit up 17.8% for nine months
The Saudi British Bank (SABB) has reported a net profit of SR3,297 million for the nine months ended Sept. 30, an increase of SR499 million or 17.8 percent compared to SR2,798 million for the same period in 2013. SABB reported
Apple’s new iPads sport modest upgrades; minis start at $399
Apple Inc. introduced a faster, slimmer iPad Air 2 on Thursday, tacking on modest improvements such as a fingerprint sensor to its mainstay tablet in time for what is expected to be a hotly contested holiday season for mobile devices.
French bank turns to Twitter for money transfers
One of France’s largest banks launched a service on Tuesday to allow its customers to transfer money to other people via tweets on social network Twitter Inc.. The move by Groupe BPCE, France’s second largest bank by customers, is an
Saudi telecom networks set for top quality connectivity
The Saudi Telecom Company (STC) announced an extension to its partnership with Ericsson to transform, expand and upgrade its network in Saudi Arabia on the second day at the GITEX. The partnership covers different areas aimed at catering to the
India wholesale inflation tumbles to five-year low
NEW DELHI: India posted better inflation data for a second straight day, stirring hopes it is making headway in taming prices and will be able to cut interest rates to spur a sluggish economy. Wholesale inflation slowed to a five-year
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