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
Soaring demand for China’s low-cost airlines
[wpResize] Demand for discount travel reaches dizzying heights, as 415 million Chinese are expected to fly annually by 2016. Shanghai, China – Seventy-year-old Wang Zhenghua, founder and chairman of Spring Airlines, China’s largest low-cost carrier, has a simple
Row over human rights: GCC puts off EU talks
A high-profile meeting between the foreign ministers of the GCC and the EU has been canceled allegedly due to some differences including a row over human rights. The talks, scheduled for June 23 in Luxembourg, were “postponed at the GCC’s
‘70% of gas stations owned by expats’
About 70 percent of fuel stations are owned by individual expatriates as cover-up businesses, local media reported recently, quoting an industry source. There are about 9,000 gas stations in the country of which 90 percent are owned by individuals, said
Investors upset as SAGIA cancels 374 licenses
Saudi Arabian General Investment Authority (SAGIA) announced Tuesday that it canceled 374 licenses of foreign investors in 2013 after they failed to correct their status in tune with new regulations and conditions set by the organization to promote value-added investment.
Livestock prices soar 40 percent
Livestock prices have gone up by 40 percent as the holiday season kicks in. Hussein bin Marei, a resident, said he usually buys at least two free-range sheep at SR600 each for Ramadan because he uses the meat for traditional
Saudia board to appoint new director general
The board of directors of Saudi Arabian Airlines (Saudia) has been given the authority to appoint the national carrier’s director general, said Prince Fahd bin Abdullah, president of the General Authority of Civil Aviation and chairman of Saudia’s board of
Kuwait regulator rejects GFH appeal
DUBAI: Kuwait’s Capital Markets Authority (CMA) has rejected an appeal by Bahrain-based Gulf Finance House (GFH) against the regulator’s decision to monitor its Kuwait-listed shares, the investment firm said on Monday. The CMA decided to monitor the stock after it
Kingdom Holding invests $400 million in Rizvi fund
Kingdom Holding Company (KHC), chaired by Prince Alwaleed bin Talal, announced its investment in the Rizvi Opportunistic Equity Fund III. KHC recently invested in the Rizvi Opportunistic Equity Fund III building on the previous successful relation, which led to KHC
Kingdom, UAE to jointly develop renewable energy
Saudi Arabia and the UAE will cooperate to develop renewable energy and clean technology in the region. The decision, which comes at a time of increasing interest in renewable across the region, lays down a framework to jointly invest in
Bahri, Aramco Vela form biggest merger in Kingdom
The National Shipping Company of Saudi Arabia or NSCSA (Bahri) and Aramco Vela have formed the biggest merger in the history of Saudi Arabia, according to Saleh N. Jasser, Bahri’s CEO. “The total amount involved is $1.3 billion. The cash
GM recalls 3.4M more cars for ignition problems
DETROIT: General Motors says it needs to change or replace the keys for about 3.4 million cars because they could cause the ignition switch to move out of position if they’re carrying too much weight. GM said in a statement
Mideast investors to spend $180 billion in global real estate markets over next decade
Europe clear favorite with 80 percent of expected allocation JEDDAH – Middle Eastern investors are expected to spend $180 billion in commercial real estate markets outside of their own region over the next decade, the latest research from global property
Energy sector in top five for malware vulnerability
JEDDAH – The global energy sector is one of the top five most at-risk industries for malware, Cisco announced today in the buildup to GISEC 2014. As the Internet of Everything connects more people, processes, data, and things to networks,
‘Saudi is on the right track’: CEO of NAI
JEDDAH – Seeing the office of Mercedes-Benz Saudi Arabia (National Automobile Industry) CEO may confuse anyone who enters there the first time. Is this working place of the chief executive officer of a big company? Sure, the room is spacious:
Highway fuel centers’ revamp to make road travel pleasant
Some good news for those who regularly undertake long journeys by road: Service-cum-rest centers (istiraha) along Saudi highways are likely to adopt world standards. The Saudi Automotive Services Company, Petromin and Emirates National Oil Company have won the government’s tenders
Be alert against bank frauds
Fraudulent financial and banking practices are growing worldwide, posing a real threat to electronic financial dealings, said Talaat Hafiz, secretary general of the media and awareness committee for Saudi banks. The committee has launched a campaign to enlighten the public
S. Korea’s oil imports from Iran down 44%
SEOUL: South Korea’s imports of crude oil from Iran fell in May from April, with its oil intake from the OPEC member in the first five months of the year holding below last year’s daily average, customs data showed on
Libya’s El Feel oil field reopens after protest ends
TRIPOLI: Libya’s western El Feel oil field has resumed production after security guards ended a protest that lasted more than two months, Oil Ministry officials said on Sunday, but many oil fields and ports remain blocked. The reopening of El
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