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
Skyscraper mania grips China as ambitions trump economy
SHANGHAI: The eastern Chinese city of Suzhou isn’t even the biggest in Jiangsu province, yet it’s joining a national rush for the sky with what’s slated to become the world’s third-tallest building. By 2020, China may be home to six
India stays silent on foreign investment
Two months into the tenure of India’s new and ostensibly pro-business government, what’s happening with the long, drawn-out issue of foreign direct investment in the multibrand retail sector? The answer: nothing. And that’s how it’s going to be for the
Gold hits one-month low as strong data lift stocks, dollar
LONDON: Gold dropped to its lowest level in a month, extending an earlier fall to below $1,300 an ounce as robust economic data from the US, China and the euro zone deterred investors from buying into safe-haven assets. Spot gold
KSA accelerates reform push with market opening
JEDDAH: Saudi Arabia’s decision to open its stock market to foreign investors is part of an accelerating series of economic reforms that may culminate in the most far-reaching change yet: higher domestic energy prices. The Kingdom remains deeply dependent on
Dow plans to raise $6bn from non-core asset sales
NEW YORK: Dow Chemical Co. reported a better-than-expected quarterly profit as sales rose and margins improved due to higher prices and a tight control on costs. The company said margins improved in four of its six units, aided in part
PIF to set up new companies
RIYADH: Saudi Arabia’s Public Investment Fund (PIF) aims to establish companies in areas including housing, petrochemicals and technology as it expands its investments locally and overseas, Finance Minister Ibrahim Al-Assaf said. His statement, quoted by Asharq Al-Awsat, a sister publication
SR1bn Eid boost: SAMA injects new currencies
The Saudi Arabian Monetary Agency (SAMA) has pumped new Saudi Riyal currencies worth SR1 billion to meet growing demand on the occasion of Eid Al-Fitr, when the Saudi central bank usually issues new currencies in different denominations. “The newly issued
The rich lease hotel rooms overlooking Grand Mosque
MAKKAH — New projects in the central area of Makkah has led Saudi and Gulf businessmen to renting out housing units in hotels overlooking the Grand Mosque for long-term lease of up to 15 years, Makkah daily reported. Dealers in
Value of Saudi Arabia’s Islamic banking assets reaches $285bn
The Dubai Chamber of Commerce and Industry based on a recent study by Ernst and Young stated that global Islamic banking assets have registered cumulative annual growth rate of about 16 percent during 2008-2012, reflecting the radical shift from conventional
Saudi social media: Alwaleed ranked most influential personality
Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC), has been ranked number one in the “100 Most Influential Personality” list in Saudi Arabian Social Media in the online publication Almarsad Alsaudi for social media. Within 15 months, the
Emirates calls for global airlines conference post-MH17 disaster
PARIS: The head of one of the world’s largest airlines has called for an international meeting of carriers to agree a response to the downing of a Malaysian airliner, including a potential rethink of the threats posed by regional conflicts.
Reliance posts record $1 billion quarterly profit
NEW DELHI: Indian retail-to-energy group Reliance Industries Ltd. reported a record $1-billion net profit for the financial first-quarter, fueled by a strong petrochemicals performance. Reliance, controlled by the country’s wealthiest man Mukesh Ambani, announced net profit for the three months
Microsoft to cut up to 18,000 jobs over next year
Microsoft says it will eliminate up to 18,000 jobs over the next year as it works on integrating the Nokia devices business it bought in April. With the Nokia deal, Microsoft’s employee headcount rose from about 99,000 last year to
Kingdom losing ‘billions’ to underground economy
The Kingdom loses billions every year in revenue because of the underground economy, which includes food produced illegally, experts say. The term “underground economy” refers to illegal activities that generate income not accounted for in a country’s gross domestic product
Zain Saudi Arabia logs positive results
Zain KSA recorded a significant increase in EBTIDA during the first half of 2014, with 22 percent growth reaching SR564 million up from SR464 million in the first half of 2013. The company succeeded in raising the EBTIDA margin to
Debts worth SR243m owed by deceased Saudi citizens written off
The Real Estate Development Fund has completed procedures to write off the debt amounting to SR243 million owed to it by some 1,158 deceased citizens. This was in line with the order issued by Custodian of the Two Holy Mosques
Savola net profit jumps 32.4% in Q2
DUBAI: Saudi food producer Savola Group reported a higher than expected 32.4 percent jump in second-quarter net profit on Wednesday, beating analyst forecasts as it benefited from higher sales especially in its retail business. The company, a producer of cooking
Kingdom finalizing joint power projects
Saudi Arabia is nearing the completion of a number of joint electricity projects with other countries in the MENA region as it seeks to boost sources for its domestic electricity consumption, one of the country’s top energy officials told Asharq
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