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
Factories closed for faulty iron production
[wpResize] Inspection teams from the Ministry of Trade and Industry have shut down two factories for manufacturing adulterated iron in Riyadh. The discovery was made during an examination of the samples, which revealed that the products did not comply with
Oil price risks put inflation back in focus
[wpResize] Iraq will be foremost in investors’ minds in the coming week as oil price risk has returned to markets, complicating the task for central banks whose policies are beginning to diverge for the first time since the global financial
Saudi cement sector showing signs of recovery
[wpResize] In its latest updated equity research report on the Saudi Cement sector, NCB Capital, the GCC’s major wealth manager and the Kingdom’s largest asset manager, believes that the Saudi cement sector is now showing signs of recovery with demand
Thai economy feels the strain
[wpResize] SAMUT PRAKARN, Thailand — Lek Numthong, who supplies foreign laborers for construction sites on the fringes of the Thai capital, normally has a truckload of workers eager to make a day’s wage. But his pick-up has been all but
SAMA to monitor accounts of expats
JEDDAH — All banks will soon start monitoring the accounts of expatriate workers who have deposits disproportionate to their known sources of income. According to new instructions from the Saudi Arabian Monetary Agency (SAMA), all banks will have to inform
Yellen gives the green light for more stock gains
[wpResize] NEW YORK: Federal Reserve chief Janet Yellen signaled that rational exuberance is just fine. That, at least, is how some of America’s largest money managers interpreted her comments on Wednesday suggesting interest rates will remain low through 2016. It
Alwaleed richest Arab with $31bn fortune
[wpResize] Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC), was ranked number one in the Arabic and English issue of Arabian Business Magazine’s World’s Richest Arabs list, 2013 with a personal fortune of $31.2 billion. The English version
Jeddah hotels and resorts are booked to capacity
[wpResize] The onset of the summer holidays has seen an influx of local and Gulf visitors into Jeddah, resulting in almost fully booked hotel rooms, resorts and chalets. Hussain Al-Ghamdi, a receptionist at a chalet in Obhur in northern Jeddah,
Iraq worries keep oil near $115 a barrel
[wpResize] Oil traded at close to nine-month highs on Friday, on course for a second week of gains, as violence in Iraq raised worries over supplies. Stock markets remained upbeat. Buoyed by the billions of dollars the U.S. Federal Reserve
‘Something different’ from fire phone
[wpResize] SEATTLE — There are two ways to view the smartphone Amazon introduced to the world: It’s either the latest in a long line of indistinguishable devices or a magic wand for shopaholics. The phone’s most significant feature, called “Firefly,”
Kingdom heading for real GDP growth of 4.3% in 2014
[wpResize] The National Commercial Bank (NCB) said in its new report that last year marked the slowest economic growth rate since 2009, and the Kingdom will face a moderate business cycle during 2014 and 2015, growing around 4 percent. In
Saudi nonoil exports surge 18.7 percent
[wpResize] Saudi nonoil exports rose by 18.7 percent in the first quarter of this year, the General Statistical Department said in a report on Thursday. “Total value of exports rose to SR54.82 billion against SR46.19 billion during the same period
Oil hits nine-month high on Iraq conflict
[wpResize] NEW YORK: Brent crude hit a nine-month high of more than $115 a barrel Thursday, as concerns persist that ongoing violence in Iraq could limit oil supply from OPEC’s second-biggest producer. The Baiji refinery, 200 km (130 miles) north
US and Germany urge more investment to spur growth
[wpResize] BERLIN: US Treasury Secretary Jacob Lew and Germany’s finance minister called Thursday for an investment boost to help spur economic growth on both sides of the Atlantic. “More can be done in both the USA and Europe to strengthen
French power tariff U-turn wipes $9.5bn off EDF’s value
[wpResize] PARIS: State-controlled French utility EDF lost nearly 7 billion euros ($9.5 billion) of its stock market value on Thursday as the Socialist government scrapped a planned increase in electricity prices in order to protect consumers. Energy Minister Segolene Royal
Oracle’s quarterly results deepen cloud concerns, stock drops
[wpResize] Oracle Corp on Thursday posted fiscal fourth-quarter results that disappointed investors looking for more progress against rivals selling web-based services, sending its shares lower. Reflecting expectations of a pickup in its software business and progress in cloud computing, shares
Amazon unveils ‘Fire’ smartphone
[wpResize] SEATTLE: Amazon CEO Jeff Bezos has unveiled a new smartphone called Fire Phone. It’s smaller than leading Android phone, but larger than Apple’s iPhone. Bezos calls the screen, measuring 4.7 inches diagonally, ideal for one-handed use. Bezos opened the
Facebook comes back online after half-hour outage
[wpResize] Facebook experienced an outage this morning that meant users around the globe were unable to log on to the world’s largest social network for 30 minutes. ‘Earlier this morning, we experienced an issue that prevented people from posting to
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