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
DEWA announces winning tender for world’s largest solar project
:: The Dubai Electricity and Water Authority (DEWA) has announced the winning tender for the fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park, the largest single-site concentrated solar power project in the world. DEWA awarded the tender
Small creditors use India’s new bankruptcy rules to put the squeeze on big players
:: In late June, one of India’s top wind power equipment makers, Inox Wind, was dragged into insolvency courts by a logistics handler over unpaid dues of $88,000. Two weeks on, the matter was settled, with dues paid off. The
China provides $10 bln credit line to Iran
:: A Chinese state-owned investment firm has provided a $10 billion credit line for Iranian banks, Iran’s central bank president said on Saturday. The contract was signed in Beijing between China’s CITIC investment group and a delegation of Iranian banks
Dubai property investors look to Expo 2020 as job losses detract from Cityscape buzz
:: The buzz that surrounded the three-day Cityscape Global property exhibition in Dubai this week belied a market still suffering from expat job losses and investor uncertainty. While property investors hope for an Expo 2020-related rebound, prices remain weak. Still,
Africa’s richest man joins race for South African cement firm
:: Africa’s richest man Aliko Dangote has joined the race to buy South African cement maker PPC, which is already the subject of a takeover bid valuing the company at $700 million. Dangote Cement, which is controlled by Dangote and
AWOK.com launches its services in the KSA
:: AWOK.com, UAE’s largest e-commerce player has now ventured into the KSA region. This is in line with the company’s vision of expanding its operations across the GCC. Customers in the KSA region will now be able to purchase from
NMC Health looks to acquisition-led growth, targets Saudi Arabia
:: NMC Health, the UAE-based healthcare provider, plans to expand in Europe and the Gulf, especially Saudi Arabia, to retain its recently won place in London’s FTSE 100 blue chip index. Next week NMC is set to become the only
Banks join forces in Gulf to fight cyber security threat
:: Local and international banks in the United Arab Emirates are sharing information in an effort to reduce cyber attacks. Gulf banks have invested millions of dollars in boosting cyber security systems in an effort to ward off attempted attacks,
Moody’s says Qatar facing large economic, social costs
:: Moody’s says in new report that the GCC crisis over Qatar’s ties with terrorism, is credit negative for all GCC countries, but especially for Qatar. Here are the main points in the report: More than three months since the
Bitcoin slides on ‘fraud’ warning from JPMorgan’s Dimon
:: Bitcoin slid by more than 10 percent on Wednesday, as investors sold the cryptocurrency after a warning by JPMorgan Chief Executive Jamie Dimon that it “is a fraud” and will eventually “blow up”. Bitcoin, the original and still the
After Etihad Airways withdrew funding, pilots ground Air Berlin flights
:: Insolvent Air Berlin (AB1.DE) canceled about 100 flights on Tuesday after pilots called in sick in unusually high numbers, potentially hampering an attempt to find investors to rescue Germany’s second-largest airline. Air Berlin filed for bankruptcy protection last month
World Bank calls for steps to bolster Palestinian economy
:: Even in the absence of an Israeli-Palestinian peace deal, steps can be taken now that could significantly brighten a gloomy Palestinian economic situation, the World Bank said on Tuesday. In a new report it said addressing external constraints on
Saudi Arabia confirms Aramco IPO; amendments to fiscal plans possible
:: Saudi Arabia confirmed that the initial public offering (IPO) of oil giant Aramco is on track and said that some amendments to plans related to the National Transformation Program (NTP) and Vision 2030 were possible. A statement issued by
Modi, Abe to kick-start India’s first bullet train project
:: Indian Prime Minister Narendra Modi and his Japanese counterpart Shinzo Abe will break ground on India’s first bullet train project on Thursday in western Gujarat state, as the country seeks faster travel for millions. Modi has pledged to invest
UK to change personal injury payment rate in boost for insurers
:: Britain plans to alter the interest rate used to calculate how much in compensation should be paid by insurers for personal injuries, the Ministry of Justice said on Thursday, in a move to reduce the size of awards as
Chinese logistics firm Best, backed by Alibaba, launches $930m US IPO
:: Best, a Chinese logistics company backed by Alibaba Group, is launching a US IPO that is seeking about $930 million to fund an expansion of its supply chain network, develop new technology and open more convenience stores. The Hangzhou-based
Amazon scouts for second headquarters with $5 bln price tag
:: Amazon.com Inc said on Thursday it was searching for a location to build its second headquarters in North America that would cost more than $5 billion and house up to 50,000 staff. The e-commerce company, which is headquartered in
Oil traders expect a tighter market in 2018
:: While the headlines have been dominated by the devastation wrought by Hurricane Harvey, oil traders have quietly become more bullish, or at least less bearish, about 2018. Brent calendar spreads have resumed their steady march from contango toward backwardation
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