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 inflation seen at three percent in 2014
Inflation in Saudi Arabia is likely to hover around three percent this year, with the recent sharp increase in commodity prices moderating by the 2H2014 and offset by lower imported inflation, the National Commercial Bank (NCB) said in its “Saudi
Record World Cup costs put Qatar in losing game
They call football the beautiful game – but hosting the World Cup is not exactly a pretty prospect when it comes to a nation’s economy. Brazil stumped up more than $11.5 billion to host this year’s FIFA tournament, with some
High garment prices trouble Jeddah shoppers
The prices of goods and commodities, particularly clothes, are skyrocketing ahead of Eid, making them almost unaffordable for the average customer. Speaking on the issue, Abdulmoneim Mustafa, a Jeddah resident, said: “I have no choice but to depend on my
WB hails Philippines as next Asian ‘miracle’
World Bank president Jim Yong Kim on Tuesday described the Philippines as the next “Asian miracle” and a global model in fighting corruption, as it emerges from decades as a regional economic laggard. Kim said President Benigno Aquino should take
Pakistan emerging as ‘top choice for investments’
Pakistan has emerged as a good place for investment and its stock exchange is one of the best performing bourses in the emerging markets, says Pakistan Senator Mohammad Ishaq Dar, minister of finance, revenue, economic affairs, statistics and privatization. “When
BSF posts SR1.74 billion net profit for H1
Banque Saudi Fransi (BSF) realized a net profit of SR1.74 billion for the first six months of 2014 compared to SR1.45 billion for the previous year, an increase of 20.33 percent. Announcing the interim financial results for the six-month period
Boeing: 787 family of planes more efficient than A330neo
FARNBOROUGH, England: US planemaker Boeing said its range of aircraft meant it was well-placed to compete in the latest stage of a long-haul battle against European rival Airbus, which earlier stole the limelight with a plan to revamp its A330
Multi-investment sector plunges 2%; TASI drops
Saudi Arabia’s benchmark stock index marked a nominal decline of 0.05 percent on Monday. The Tadawul All-Share Index (TASI) bouncing between green-red within a low range of 36 points ended nearly 4.5 points lower to 9,808.04. On year-to-date basis, the
Airbus A380s due by year-end
FARNBOROUGH, England: Airbus said the snags holding up delivery of the new A380 superjumbos ordered by Qatar Airways would be resolved by the end of the year, after the chief executive of the Middle Eastern airline criticized the European planemaker.
KSA rental inflation rebounds in June
Food prices still remain the second largest contributor to Saudi Arabia’s annual inflation, after rental and housing related services, researchers have confirmed. “Looking ahead, we expect inflation in the second half of the year to gradually increase compared with the
Global investments in oil exploration heading to a record $1 trillion
LONDON: Two years ago Total’s chief Christophe de Margerie launched a “high risk, high reward” oil exploration strategy, betting he could hit a bonanza, even though his rivals had failed to make big discoveries. But Total risks joining the industry
Microsoft CEO defers comment on job cuts
SEATTLE: Microsoft Corp. Chief Executive Satya Nadella deferred any comment on widely expected job cuts at the software company, after circulating a memo to employees promising to “flatten the organization and develop leaner business processes.” Nadella said he would address
Consumers warned against Eid promotions
Director of the Ministry of Commerce and Industry’s office in Jeddah Attiyah Al-Zahrani warned consumers in Jeddah of fake advertisements ahead of Eid. “The Eid celebration could be an opportunity for fraudsters to make a quick buck,” cautioned ministry officials.
Barrick to form JV with Maaden to run Jabal Sayid copper asset
TORONTO: Barrick Gold said on Sunday it is forming a joint venture with Saudi Arabian Mining Co. (Maaden) to run its Jabal Sayid copper asset in the Kingdom, a move that could see the long-delayed mine finally begin production in
ABC appoints new group compliance head
The Arab Banking Corporation (ABC) has announced the appointment of a new head of group compliance, Sharon Craggs, at the bank’s headquarters in Bahrain. Craggs will join ABC on Aug. 1. ABC says this appointment comes as part of its
Jadwa Investment appoints new CFO
Jadwa Investment, a major Saudi investment firm with headquarters in Riyadh, Saturday announced the appointment of Abdulaziz Al-Arifi as chief financial officer. The appointment is part of the firm’s continued expansion and reinforcement of its senior management team tasked with
India’s 4.1% fiscal deficit target ‘very credible’
NEW DELHI: India’s top finance ministry official said that plans announced in the recent budget to stick to a fiscal deficit target of 4.1 percent of GDP are “very credible,” despite criticism from ratings agencies that the number is optimistic.
4 steps to strengthen your personal finances
The financial crisis of 2008 triggered a recession and dramatic drop in stock markets around the world. In many parts of the world, the unemployment level soared and many investors suffered significant setbacks to their savings and net worth. It
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