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
Kingdom Holding and PineBridge set up JV to invest in Africa
Kingdom Holding Company (KHC), chaired by Prince Alwaleed bin Talal, and PineBridge Investments Middle East (PBME), a global multi-asset-class manager, have signed a memorandum of understanding to set up a joint venture platform to invest in direct private equity opportunities
Runway work cuts Dubai airport traffic in May
DUBAI: Passenger traffic through Dubai’s main airport fell 2.5 percent from a year earlier to 5.09 million people in May because of construction work on its two runways, operator Dubai Airports said. Dubai International, one of the world’s busiest airports,
Mideast funds become more cautious on equities
DUBAI: Middle East funds have become more cautious about investing in equities after sharp pull-backs in some markets underlined how high valuations had left them vulnerable, a monthly Reuters survey showed. The latest survey of 15 leading investment managers, conducted
Deloitte: Family-owned businesses make up largest sector of GCC economy.
Around 80 percent of nonoil GDP within the Middle East region is accounted for by family-owned business groups. Typically, these privately-owned organizations span multiple business, are vertically integrated, own sizable real estate portfolios and their operational control is still maintained
China may have 1,000 tonnes of gold tied in financing : World Gold Council
Singapore – Chinese firms could have locked up as much as 1,000 tonnes of gold in financing deals, an industry report said, indicating a big slice of imports has been used to raise funds due to tight credit conditions, rather
Maaden signs SR18.9bn financing deal for key phosphate project
JEDDAH: Saudi Arabian Mining Co. (Maaden) has signed a financing deal worth SR18.9 billion ($5 billion) with commercial banks and the Public Investment Fund to back its SR28 billion ($7.5 billion) phosphate production project in the Kingdom. The project in
9 p.m. closure ‘to attract Saudis toward shop jobs’
Saudis and expats have welcomed the move to close retail shops at 9 p.m., saying it would have a positive impact on social life and productivity. The higher committee for regulating the working hours of retail shops has completed a
Mobily inks SR750m vendor financing deal with EDC
Mobily signed on June 26 a long-term vendor financing agreement with Canada export credit agency or Export Development Canada (EDC) for $200 million (SR750 million) with no corporate guarantee. The purpose of the Shariah-compliant financing is to acquire telecommunications equipment
Petrochemical outlook: NCB Capital expects improvement in demand
[wpResize] Despite the volatility in the global economy during the first half of 2014, NCB Capital, the GCC’s major wealth manager and the Kingdom’s largest asset manager, continues to believe that improvement in demand, mainly from advanced economies, and higher
Tabuk Pharmaceuticals and Pfizer ink partnership deal
[wpResize] Tabuk Pharmaceuticals, one of the leading pharmaceutical companies in the Middle East and North Africa (MENA) region, has signed a commercial agreement with Pfizer, the US-based global industry leader. The venture leverages the respective companies’ market leading presence in
Honda’s first jet takes to the skies
[wpResize] TOKYO: Honda’s first business jet has logged its maiden flight ahead of its expected certification and delivery next year, the Japanese company said in a weekend press release. The 84-minute flight of the first production HondaJet took place near
Gulf cash for Belgrade waterfront development
[wpResize] BELGRADE: Serbia has unveiled plans to redevelop the Belgrade waterfront, aiming to make the capital a tourism and business hub, in a controversial 3 billion euro scheme that will be funded by Gulf cash. The Belgrade Waterfront project promises
Yusuffali marks hat-trick victory in Abu Dhabi Chamber election
[wpResize] Yusuffali M.A., head of Lulu group, Middle East’s retail major, and non-resident India (NRI) businessman, won the Abu Dhabi Chamber election held yesterday with a thumping majority. Ali who won previous two elections, retained his seat with 1,721 votes,
SABIC, Mitsubishi Rayon sign SR4.5bn deal for 2 plants
[wpResize] DUBAI: A joint venture of Saudi Basic Industries Corp. (SABIC) and Mitsubishi Rayon has signed a contract to construct two plants in the east of the Kingdom worth SR4.5 billion ($1.2 billion), a statement said on Thursday. The plants
Rosso: A taste of Italy
[wpResize] Sometimes you feel like eating Italian food but not just any Italian food. You are looking for something special, original yet authentic: Italian cuisine with a twist! All you need to do is head straight to the Four Seasons
$2bn fund to drive growth in Muslim world
[wpResize] A $2 billion Islamic Development Bank Infrastructure Fund II (known as the “IDB Fund II“) was launched on the occasion of the bank’s 40th anniversary, said Ahmad Mohamed Ali, president of the IDB Group. The IDB Fund II is
FDI drops but Kingdom upbeat on investments
[wpResize] Foreign direct investment in Saudi Arabia dropped 23.67 percent to $9.298 billion in 2013 from $12.182 billion in the previous year, according to a report issued by the UN Conference on Trade & Development. But Saudi Arabian General Investment
Jadwa Investment names new chief for private equity and investment banking
[wpResize] RIYADH: Jadwa Investment, a leading Saudi investment firm with headquarters in Riyadh, has announced the appointment of Saad Al-Saif as managing director and head of private equity and investment banking. The appointment is part of an ongoing effort on
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