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
Natural gas can keep those motors running
LONDON: Cheap natural gas is starting to revolutionize traffic on US roads, cutting bills for some of the country’s heaviest fuel users while reducing carbon emissions and other pollution. The revolution is still in its very early stages. Gas remains
Declining food prices increase the risk of global deflation
International food prices have been declining in recent months, reflecting record harvests and weak global demand. Declining food prices have in turn contributed to lower inflation in the euro zone, the United Kingdom (UK) and the United States (US). This
AirAsia profit jumps despite ‘challenging’ climate
KUALA LUMPUR: Malaysia-based AirAsia has announced a sixfold increase in second-quarter net profit as Asia’s budget travel leader increased revenue despite what it called a “challenging” aviation environment. Net profit was 367.2 million ringgit ($115 million), up from 58.3 million
Kingdom imports 3m tons of cement in 9 months
Saudi Arabia imported some 3.1 million tons of cement in the past nine months valued at SR 750 million, according to a financial report quoting data released by Customs Department. The rise in cement imports was attributed to the increased
PetroChina reviews LNG investment strategy
BEIJING: China’s biggest energy firm PetroChina is reviewing its multi-billion-dollar push to produce liquefied natural gas (LNG) to fuel trucks and ships in place of diesel, shutting two loss-making gas liquefaction plants, sources said. PetroChina unit Kunlun Energy Co. Ltd.
Apache announces Australian oil discovery
SYDNEY: US energy firm Apache has announced an oil discovery off northwestern Australia which it said could potentially represent a new oil province for the country. The find at the Phoenix South-1 well is the first for Apache Energy in
It’s all up to Al-Abadi now
By: Hassan Barari By all yardsticks, Nuri Al-Maliki had to be sacrificed for the sake an inclusive political game in Iraq. His last minute clinging to his post did not discourage others from sidelining him. Coalition of Shiite parties as
New SAGIA drive to boost Saudi economy
Saudi Arabian General Investment Authority (SAGIA) is introducing incentives for value-added foreign investments in a forward step to attract more foreign investors, says a senior official from the authority. Ayed Al-Otaibi, director of Investment Regulations Development and Procedures, said that
Air Arabia launches flights to Chittagong from RAK
Air Arabia, the Middle East and North Africa’s first and largest low-cost carrier (LCC), has announced that from Sept. 2, 2014 it will run three flights per week from its new hub in Ras Al Khaimah (RAK) to Chittagong, Bangladesh,
Samsung unveils most advanced thinnest & lightest tablet in KSA
Samsung Electronics Co. Ltd, a global leader in digital media and digital convergence technologies, launched Wednesday at Park Hyatt Jeddah the thinnest and lightest tablet – Galaxy Tab S. Warmly welcomed by customers, the Super Amoled tablet comes wrapped up
KSA banks set high security standards
Saudi banks are committed to applying the highest international standards and best practices to protect their systems, says an industry leader. Tough measures against financial fraud, money-laundering and the funding of terrorism have placed the Kingdom’s banking sector among the
India’s newest airline eyes October launch
NEW DELHI: India’s newest airline announced flights could begin in October, saying it was “bullish” about the future even as a rival carrier reported a big loss. The new airline, to be called Vistara — a Sanskrit word meaning “limitless
For the Naji sisters, bread is a family business
For nearly 80 years Al-Saidi bakery in Jeddah has produced the famous sesame bread locally known as “Shreik”. Founded by the late Saif Naji, the bakery is currently managed by his three daughters who have still managed to keep their
‘Smart services’ spur customs operations
The total number of transactions performed by Dubai Customs during the first half of 2014 grew by 10 percent to 4.5 million transactions, compared to 4.1 million in the same period of last year. Also, the integration of smart services
Neqaty program: Mobily adds On Time, Ecco and DKNY
Mobily has signed an agreement to add Al-Yasra Group to its exclusive list of Neqaty program partners. The agreement allows Mobily’s subscribers to collect and also redeem Neqaty points at global brand outlets of Al-Yasra Group in the kingdom of
Indian rupee recovers from five-month lows
MUMBAI: The Indian rupee recovered from five-month lows as some of the currency’s recent losses were seen as overdone even as sentiment stayed weak given the global geo-political concerns. The rupee fell marginally over the week to mark a second
Bottled water to cost more
Three major companies in the business of bottled water surprised consumers by raising the prices of 5-liter water containers by up to SR2. The companies operate in Makkah, Riyadh and Jeddah, with SR8 as the new price of a water
Indian rupee snaps 2-day fall
MUMBAI: The Indian rupee snapped a two-session falling streak aided by good dollar selling by corporates,including exporters, while gains in the domestic share market also underpinned sentiment. Traders expect the rupee to remain in the range of 60.50-61.50 to a
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