BUSINESS NEWS | Saudi To Take ‘Strict, Painful’ Measures To Deal With Coronavirus Impact

RIYADH | SAUDI ARABIA  – Saudi Arabia will take strict and painful measures to deal with the economic impact of the coronavirus pandemic, finance minister Mohammed al-Jadaan said in an interview with Al Arabiya TV, adding that ‘all options for dealing with the crisis are open’.

‘We must reduce budget expenditures sharply’, Jadaan said in comments published on Saturday ahead of the interview’s broadcast. No details of possible measures were given.

The world’s largest oil exporter is suffering from historically low oil prices, while measures to fight the new coronavirus are likely ti curb the pace and scale of economic reforms launched by Crown Prince Mohammed bin Salman.

Saudi Arabia’s central bank foreign exchange reserves fell in March at their fastest rate in at least 20 years, hitting their lowest since 2011, while the kingdom slipped to a $9 billion budget deficit in the first quarter as oil revenues collapsed.

Jadaan noted the country had introduced stimulus measures aimed at preserving jobs in the private sector and safeguarding the provision of basic services.

Earlier this week he said Riyadh could borrow around $26 billion more this year and would draw up to 32 billion from its reserve to finance the deficit.

On Saturday he said withdrawals from the kingdom’s cash reserves this year must not exceed a total of between 110 billion riyals ($29 billion) and 120 billion, as specified in the budget.


BREAKING NEWS | Twitter Accounts Of Joe Biden, Elon Musk, Bill Gates, Apple And Others Apparently Hacked

Twitter account belonging to Joe Biden, Bill Gates, Elon Musk and Apple, among other prominent handles, were compromised on Wednesday and posted tweets that appeared to promote a cryptocurrency scam. The accounts, along with those of former President Barack Obama, Kanye West, Warren Buffett, Jeff Bezzos and Mike Bloomberg, posted similar tweets soliciting donations via … Continue reading BREAKING NEWS | Twitter Accounts Of Joe Biden, Elon Musk, Bill Gates, Apple And Others Apparently Hacked

NEWS ALERT | Seven Ships Catch Fire At Iranian Port – Tasnim Agency

DUBAI – At least seven ships have caught fire at the Iranian  port of Bushehr, the Tasnim news agency reported on Wednesday, in what appeared to be the latest in a series of unexplained incidents around nuclear and industrial installations since late June. No casualties have been reported, the agency said. There have been several … Continue reading NEWS ALERT | Seven Ships Catch Fire At Iranian Port – Tasnim Agency

HEALTH | Russian Scientists Hail Results Of COVID-19 Vaccine Trial

BUCHAREST | ROMANIA – Russian scientists hailed the results of their first clinical trial of a potential coronavirus vaccine on Wednesday, saying it had been proved safe and that volunteers had developed an immune response. Speaking to a crowded room without wearing masks, three of 18 volunteers monitored over a month at the Sechenov University … Continue reading HEALTH | Russian Scientists Hail Results Of COVID-19 Vaccine Trial

CULTURE | Google’s New Tool Lets You Translate Ancient Egyptian Hieroglyphics

RIYADH | SAUDI ARABIA – If you’ve ever wondered what messages the Ancient Egyptians were trying to convey with their hieroglyphics, Google’s new tool might just be able to help. In celebration of the anniversary of the discovery of the Rosetta Stone, Google Arts and Culture has released a new AI-powered symbols and characters into … Continue reading CULTURE | Google’s New Tool Lets You Translate Ancient Egyptian Hieroglyphics

SPORTS NEWS | Saudi Arabia Permanently Cancels License Of Qatar’s beIN Sports

RIYADH | SAUDI ARABIA – Saudi Arabia’s General Authority for Competition (GAG) said on Tuesday it had permanently canceled the license of Qatari broadcaster beIN, which has been barred from broadcasting in the Kingdom since mid-2017 due to a dispute with Qatar. GAC said in a statement it was also fining beIN Sports 10 million … Continue reading SPORTS NEWS | Saudi Arabia Permanently Cancels License Of Qatar’s beIN Sports

TRAVEL NEWS | Oman To Start Allowing Citizens To Travel Abroad – State TV

RIYADH | SAUDI ARABIA – Omani will start allowing its citizens to fly outside the country, but they must apply with authorities to do so quarantine upon their return, state television reported on Tuesday. Oman TV also said on its Twitter account that the Gulf Arab state had decided to maintain a lockdown on two … Continue reading TRAVEL NEWS | Oman To Start Allowing Citizens To Travel Abroad – State TV

BUSINESS NEWS | Saudi Aramco Says Reorganizing Downstream Business To Support Growth

RIYADH | SAUDI ARABIA – State energy giant Saudi Aramco said on Tuesday that it will be reorganizing its downstream business to support its global growth strategy, aiming to complete it by the end of this year. The downstream model will be divided into four units: fuels including refining, trading, retail and lubes; chemicals; power; … Continue reading BUSINESS NEWS | Saudi Aramco Says Reorganizing Downstream Business To Support Growth

NEWS | Saudi Crown Prince Congratulates France President On His Country’s National Day

RIYADH | SAUDI ARABIA – Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister and Minister of Defense, sent a cable of congratulations to President Emanuel Macron of France on the occasion of his country’s National Day. In his cable, HRH Crown Prince Mohammed bin Salman expressed his best wishes of … Continue reading NEWS | Saudi Crown Prince Congratulates France President On His Country’s National Day

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