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
Oil market drops on US demand fears
[wpResize] LONDON: Global oil prices fell as weak data stoked fresh demand fears in top consumer the US, while Iraqi crude supplies appeared unaffected by ongoing violence, analysts said. US crude lost over a dollar and Brent slipped as fears
IBM, Lenovo server deal in limbo over security worries: WSJ
[wpResize] International Business Machines Corp’s proposed $2.3 billion sale of its low-end server business to China’s Lenovo Group is in limbo as the U.S. government investigates national security issues, The Wall Street Journal reported, citing people familiar with the matter.
Gates seeks local ties to counter global poverty
[wpResize] Microsoft founder Bill Gates visited the King Abdullah University of Science and Technology (KAUST) on Tuesday to seek ties on ways to counter global hunger, malnutrition and water scarcity. The world-renowned technology pioneer, philanthropist and co-chair of the Bill
Nakheel to pay off bank debts ahead of plan
[wpResize] DUBAI: Nakheel, the real estate giant at the heart of Dubai’s financial crisis, said it will pay off all its bank debt of 7.9 billion dirhams ($2.15 billion) ahead of schedule. “Our payment is covering up to the last
IDB president receives King Abdullah Award
[wpResize] Islamic Development Bank (IDB) President Ahmad Mohamed Ali has received the King Abdullah Award for his dedicated service to the Muslim Ummah and bringing honor to the Saudi Arabian government. The award was presented to him by Crown Prince
Expat levy cut to benefit 900,000 SMEs
[wpResize] About 900,000 small and medium-sized enterprises (SMEs) are to benefit from Monday’s Cabinet decision exempting companies with nine or less expat workers and no Saudis from paying a SR2,400 expat levy for four foreign workers. According to one report,
Municipality clamps down on eateries
[wpResize] It is the time of the year when the weather shifts toward high summer temperatures and humidity bringing with it many seasonal afflictions which can ruin the holidays, especially for kids. Health experts say cold food is the main
Three million to visit Jeddah fest
[wpResize] The ongoing 35th “Jeddah Ghair” festival is expected to attract more than three million visitors from inside and outside the Kingdom and is slated to generate SR3 billion by the end of June. The festival has sparked competition among
Dubai stocks plunge as builder questions swirl
[wpResize] DUBAI, United Arab Emirates: Dubai’s stock market plunged 6.7 percent Tuesday after the construction giant that helped raise the Mideast commercial hub’s record-breaking Burj Khalifa skyscraper confirmed it has fired staff following the departure of its CEO last week.
Saudi Arabia becomes major importer of hard and soft wheat
[wpResize] JEDDAH – Saudi Arabia bought 780,000 tons of hard and soft wheat in a tender for shipment periods between September 10 and November 30, the Grain Silos and Flour Mills Organization (GSFMO) said on Monday. Of the total, it
Jeddah, Riyadh, Madinah hotel occupancy expands
[wpResize] JEDDAH – In Saudi Arabia, Jeddah witnessed an 8.8 percent expansion in hotel rooms’ yield to $207 on a 6.7 percent growth in average room rate to $266 and 1 percent in occupancy to 77 percent, during the first
IDB extends $100b financial assistance to members in 40 years
[wpResize] JEDDAH – The Islamic Development Bank (IDB) Group has given $100 billion in financial assistance to its member countries during the last 40 years, IDB President Dr. Ahmad Mohamed Ali announced here on Monday. Speaking at a press conference
SABIC unveils first polycarbonate BIPV panels
[wpResize] RIYADH – SABIC leads the curve with first polycarbonate BIPV panels featuring design flexibility, thermal insulation & energy production in one solution. With approximately 70 gigawatts (GW) of cumulative global installations, photovoltaic (PV) systems represent the third most important
Oman hosts GCC Metro and Rail Conference ’14
[wpResize] JEDDAH – The GCC Metro and Rail Conference (GMRC 2014) will be hosted by Oman’s Ministry of Transport and Communications, in collaboration with The Cooperation Council for the Arab States of the Gulf – Secretariat General. The conference will
IDB’s success deepens Islamic states’ solidarity
[wpResize] The Islamic Development Bank (IDB) is committed to going ahead with its projects in member states affected by conflicts, said its President Ahmed Mohammed Ali. He made these remarks at a press conference in Jeddah, attended by Finance Minister
Over 32,000 cases of financial crime in one year
[wpResize] More than 32,000 financial crimes were reported in a single year across the Kingdom’s major cities, local media quoted a report released by the Ministry of Justice as saying. Riyadh had the highest financial crime rates last year with
Oracle and MICROS Systems
[wpResize] On June 23, 2014, Oracle announced that it has entered into an agreement to acquire MICROS Systems, Inc., a provider of integrated software and hardware solutions to the Hospitality and Retail industries. The proposed transaction is expected to close
Oracle Buys MICROS Systems
[wpResize] Adds Innovative Hospitality and Retail Technology Vendor to Expand Oracle into More Industries REDWOOD SHORES, Calif. : Oracle today announced that it has entered into a definitive agreement to acquire MICROS Systems, Inc. (NASDAQ: MCRS), a provider of integrated
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