BUSINESS

G20 SAUDI ARABIA | King Salman Says Pandemic Proved Flexibility, Strength Of Saudi Economy

Custodian of the Two Holy Mosques King Salman bin Abdulaziz stressed on Monday that the novel coronavirus pandemic demonstrated the flexibility and strength of the Saudi economy. In an address before the Business 20, he said: ‘We are determined to boost development and prosperity through empowerment and investment in new sectors’. Minister of Investment Khalid … Continue reading G20 SAUDI ARABIA | King Salman Says Pandemic Proved Flexibility, Strength Of Saudi Economy

King Salman: We Embarked On Unprecedented Reform Journey To Empower Women

The Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, said that the Kingdom has embarked on an unprecedented reform journey to empower women and support their participation in national development. He added that the country was proud of the distinguished work of the Women 20 group, within the framework of the G20, which … Continue reading King Salman: We Embarked On Unprecedented Reform Journey To Empower Women

BREAKING NEWS | Saudi Crown Prince Discusses OPEC+ Agreements With Vladimir Putin

RIYADH | SAUDI ARABIA  – Saudi Arabia’s Crown Prince Mohammed Bin Salman discussed with Russian President Vladimir Putin energy markets and the implementation of agreements by the oil producers group known as OPEC+ on Saturday. ‘Both sides have reiterated their willingness to continue close coordination in this area in order to maintain stability on the … Continue reading BREAKING NEWS | Saudi Crown Prince Discusses OPEC+ Agreements With Vladimir Putin

GLOBAL ECONOMY | G20 Suspends poorer nations’ debt payment for 6 more months

RIYADH | SAUDI ARABIA – Financial leaders of the world’s biggest economies claimed a ‘historic achievement’ in reaching a framework to deal with heavily indebted poorer countries, which have been severely impacted by the coronavirus pandemic. The finance ministers and central governors of the G20 nations agreed at a virtual meeting organized by the Saudi … Continue reading GLOBAL ECONOMY | G20 Suspends poorer nations’ debt payment for 6 more months

BUSINESS | Aramco Chief Wins Energy Executive Of The Year Award

RIYADH | SAUDI ARABIA – Saudi Aramco’s president and CEO, Amin Nasser, had been named energy executive of the year by a panel of international industry leaders. The 60-year-old business chief was selected for the Energy Intelligence 2020 Award by a committee of top executives. Nasser will be officially presented with the prestigious award during … Continue reading BUSINESS | Aramco Chief Wins Energy Executive Of The Year Award

Loading…

Something went wrong. Please refresh the page and/or try again.

BUSINESS | Saudi Information Security Firm Elm To Aquire Tabadul

Saudi information security company Elm is to acquire digital services company Tabadul from Saudi Arabia’s sovereign wealth fund, Elm said in a statement on Sunday. The Public Investment Fund (PIF) also owns Elm and was considering an initial public offering of the information security company, sources told Reuters in May. The value of the deal, … Continue reading BUSINESS | Saudi Information Security Firm Elm To Aquire Tabadul

Loading…

Something went wrong. Please refresh the page and/or try again.

GLOBAL ECONOMY

BREAKING NEWS | Trump, Saudi Crown Prince Discuss Economic Recovery From Coronavirus: White House

WASHINGTON – U.S. President Donald Trump and Saudi Arabian Crown Prince Mohammed bin Salman Bin Abdulaziz Al Saud discussed the fight against the coronavirus pandemic and ‘re-energizing global economies’ during a telephone call on Thursday, the White House said. The two leaders also discussed regional and bilateral issues and the prince ‘reaffirmed the strong United … Continue reading BREAKING NEWS | Trump, Saudi Crown Prince Discuss Economic Recovery From Coronavirus: White House

BUSINESS | Morgan Stanley CEO: Too Early To Consider Restarting Share Buybacks

NEW YORK  – Morgan Stanley’s Chief Executive Officer James Gorman told shareholders on Thursday that is to too early for him or anyone on the board of directors to consider reinstating the bank’s share buyback program. Morgan Stanley, along with JPMorgan Chase & Co, Bank of America and five others, voluntarily suspended their share repurchases … Continue reading BUSINESS | Morgan Stanley CEO: Too Early To Consider Restarting Share Buybacks

BUSINESS NEWS | Saudi Arabia Russia, U.S. Welcome Outcome Of OPEC+ Meeting: SPA

RIYADH | SAUDI ARABIA – Saudi Arabia’s King Salman, Russia’s president Vladimir Putin and his U.S. counterpart Donald Trump welcomed the outcome of OPEC+ meeting during a joint phone, Saudi state news agency SPA said on late Sunday. The three leaders expressed their comfort with the results of the efforts exerted to stabilize global oil … Continue reading BUSINESS NEWS | Saudi Arabia Russia, U.S. Welcome Outcome Of OPEC+ Meeting: SPA

BUSINESS NEWS | Saudi, Other Resist Mexican Plan To Make Small Oil Output Cuts – Sources

BUCHAREST | ROMANIA – Saudi Arabia and Other Oil Producers in the OPEC+ group pushed back on Friday on a Mexican plan to cut less than requested under plans for global supply curbs, two sources from the OPEC+ group said on Friday. One source said the dispute, which help up efforts to finalise the deal … Continue reading BUSINESS NEWS | Saudi, Other Resist Mexican Plan To Make Small Oil Output Cuts – Sources

BUSINESS NEWS | Saudi Energy Minister Calls For Affordable Energy Supply At G20 Meeting

RIYADH | SAUDI ARABIA – The Saudi energy minister gold a conference of the G20 group of the world’s largest economies on Friday that Ensuring affordable energy supply is key to facilitating a global economic recovery. ‘Having affordable, reliable, accessible energy supply is considered a necessity to enable basic services, including health care, and help … Continue reading BUSINESS NEWS | Saudi Energy Minister Calls For Affordable Energy Supply At G20 Meeting

BUSINES NEWS | OPEC+ Works On Two-Year Oil Cut Deal, Implemented Gradually: Sources

LONDON – OPEC and its allies, a group known as OPEC+, are discussing plans to cut oil production for at least two years with reductions implemented gradually, two OPEC+ sources said on Thursday. The group has previously said it wanted the United States, one the top three oil producers alongside Russia and Saudi Arabia, to … Continue reading BUSINES NEWS | OPEC+ Works On Two-Year Oil Cut Deal, Implemented Gradually: Sources

Loading…

Something went wrong. Please refresh the page and/or try again.

BUSINESS | France Urges Middle Eastern Countries To Stop Boycott Of French Products

PARIS – – France on Sunday urged Middle Eastern countries to stop retail companies from boycotting French products. The foreign affairs ministry said in a statement that in recent days there had been calls to boycott French products, notably food products, in several Middle Eastern countries as well as calls for demonstrating against France over … Continue reading BUSINESS | France Urges Middle Eastern Countries To Stop Boycott Of French Products

BUSINESS | Kuwait retail co-ops remove French products over Prophet cartoon

KUWAIT – Kuwait’s retail co-ops have pulled French products in boycott over the use of cartoons of the Prophet Mohammad in a French school class on freedom of expression whose teacher was then beheaded by an Islamist. The non-governmental Union of Consumer Co-operative Societies, which groups more than 70 establishments, issued the boycott directive in … Continue reading BUSINESS | Kuwait retail co-ops remove French products over Prophet cartoon

BUSINESS | Parisian Fragrance House Ex Nihilo Cuts Ribbon On Its First Saudi Boutique

JEDDAH | SAUDI ARABIA – Parisian fragrance maison Ex Nihlio has cut the ribbon on its first flagship in Saudi Arabia. The new perfumery is situated in Jeddah’s Nojoud Center, alongside other brands like Lacoste and Femi9. The new store evokes the brand’s French flagship with its iconic cobalt blue interior, marble floors, Art Deco … Continue reading BUSINESS | Parisian Fragrance House Ex Nihilo Cuts Ribbon On Its First Saudi Boutique

BUSINESS | Qatar Might Get F-35s Despite Israel’s Objections, Israeli Minister Says

MILAN | ITALY – An Israeli cabinet minister said on Sunday that a U.S. sale of advanced F-35 warplanes to Qatar could be possible despite Israel’s objection to such a deal given the Gulf state’s link to Iran and Palestinian Hamas. ‘I have no doubt that if they (Qatar) want it and are willing to … Continue reading BUSINESS | Qatar Might Get F-35s Despite Israel’s Objections, Israeli Minister Says

OIL BUSINESS

BREAKING NEWS | Kremlin Says Russia, Saudi Arabia Are At Important Part Of Oil Talks

MOSCOW – Russia and Saudi Arabia are at an important part of oil talks and recent flurry of phone calls between the leaders of the energy – rich countries are aiming at stabilizing the oil markets, the Kremlin said on Monday. Russian President Vladimir Putin and Saudi Arabia Crown Prince Mohammed bin Salman held two … Continue reading BREAKING NEWS | Kremlin Says Russia, Saudi Arabia Are At Important Part Of Oil Talks

Saudi Arabia’s Crown Prince, Russia Putin Discuss Global Oil Markets

Saudi Arabia’s Crown Prince Mohammed Bin Salman held a phone call with Russian President Vladimir Putin on Tuesday. During the call, they reviewed world oil markets, and the efforts made to achieve and maintain stability, support the growth of the global economy, Saudi Press Agency reported. They also agreed on the importance of all oil-producing … Continue reading Saudi Arabia’s Crown Prince, Russia Putin Discuss Global Oil Markets

BUSINESS | Saudi Arabia’s July Crude Exports Tick Up From Historic Lows – JODI

MILAN | ITALY – Saudi Arabia’s crude oil exports bounced back to 5.73 million barrels per day (bpd) in July from 4.98 million bpd in June, official data showed on Thursday. June’s exports were the weakest recorded in data stretching back to 2002. Monthly export figures are provided by Riyadh and other members of the … Continue reading BUSINESS | Saudi Arabia’s July Crude Exports Tick Up From Historic Lows – JODI

BREAKING NEWS | Saudi Crown Prince, Iraqi PM Discuss OPEC+ Oil Cut Pact: SPA

RIYADH | SAUDI ARABIA – Saudi Arabia’s Crown Prince Mohammed bin Salman and Iraqi Prime Minister Mustafa al-Kadhini discussed efforts taken to stabilize and rebalance global oil markets in a telephone call, Saudi state news agency SPA reported late on Wednesday. The two leaders ‘stressed the importance of compliance, by all participants, to the OPEC+ … Continue reading BREAKING NEWS | Saudi Crown Prince, Iraqi PM Discuss OPEC+ Oil Cut Pact: SPA

BREAKING NEWS | Saudi King Salman, Nigerian President Discuss Oil Market: SPA

RIYADH | SAUDI ARABIA – Saudi Arabia’s King Salman bin Abdulaziz and Nogerian President Muhammadu Buhari discussed efforts taken to stabilize and rebalance global oil markets in a telephone call, Saudi state news agency SPA reported on Wednesday. The two leaders ‘stressed the importance of compliance, by all participants, to the OPEC+ agreement and the … Continue reading BREAKING NEWS | Saudi King Salman, Nigerian President Discuss Oil Market: SPA

BUSINESS | OPEC+ Panel Shifts date of Next Meeting To August 19: Sources

LONDON – An OPEC+ ministerial panel monitoring the group’s oil supply reduction deal will hold its next virtual meeting on Aug.19, a day later than previously planned, three OPEC+ sources said on Friday, without giving a reason for the date change. The panel, called the Joint Ministerial Monitoring Committee (JMMC), advises the Organization of the … Continue reading BUSINESS | OPEC+ Panel Shifts date of Next Meeting To August 19: Sources

BUSINESS | Oil Slips Below $45 On Demand Doubts, Rising Supply

NEW YORK – Oil slipped further below $45 a barrel on Friday, giving up this week’s gains, under pressure from doubts about demand recovery due to the novel coronavirus pandemic rising supply. Two prominent forecasters, the International Energy Agency and the Organization of the Petroleum Exporting Countries, trimmed their 2020 oil demand forecasts this week. … Continue reading BUSINESS | Oil Slips Below $45 On Demand Doubts, Rising Supply

BREAKING NEWS | Saudi Aramco To Press Ahead With Plan To Boost Output Capacity, CEO says

RIYADH | SAUDI ARABIA – Saudi Aramco is moving ahead with plans to boost crude output capacity by 1 million barrels per day (bpd) to 13 million bpd despite cuts in capital expenditure this year and next year, the state oil group’s CEO said on Monday. Aramco’s capital spending plan for 2021 will be ‘significantly … Continue reading BREAKING NEWS | Saudi Aramco To Press Ahead With Plan To Boost Output Capacity, CEO says

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 ALERT | G20 Pledges More Than $21 Billion To Fight Coronavirus

NEW YORK | The Group of 20 rich and emerging economies had pledged more than $21 billion to fight the coronavirus, the group said early on Saturday. ‘The G20, with invited countries, has coordinated the global efforts to support the fight against the COVID-19 pandemic. To date, G20 members and invited countries have pledged over … Continue reading NEWS ALERT | G20 Pledges More Than $21 Billion To Fight Coronavirus

CORONAVIRUS | Pope Says Coronavirus Vaccine Must Be Shared World Wide

MILAN | ITALY – Pope Francis called on Sunday for international scientific cooperation to discover a vaccine for the coronavirus and said any successful vaccine should be made available around the world. Francis, who has been delivering his Sunday address from the papal library instead of St.Peter’s Square because of the lockdown in Italy, thanked … Continue reading CORONAVIRUS | Pope Says Coronavirus Vaccine Must Be Shared World Wide

SPORTS | Gigi Hadid and Serena Williams Will Play In A Virtual Charity Tennis Match This Weekend

The tournament, organized by IMG, will see tennis champions facing off in the Nitendo Switch video game against models, athletes, and celebrities as Mario characters. In addition to Hadid versus Williams, the competition will also feture Haily Bieber and Naomi Osaka; Karlie Kloss and Maria Sharapova and more. Gameplay will begin at 4 p.m. EDT … Continue reading SPORTS | Gigi Hadid and Serena Williams Will Play In A Virtual Charity Tennis Match This Weekend

G20| Saudi G20 Presidency Urges More Donation To fund Pandemic Response

RIYADH | SAUDI ARABIA – The Saudi presidency of the Group of 20 major economies on Thursday called for further immediate donations to fund the emergency response to the coronavirus pandemic and develop needed vaccines. The G20 secretariat said $1.9 billion had been donated by countries, philanthropic organizations and the private sectors toward an $8 … Continue reading G20| Saudi G20 Presidency Urges More Donation To fund Pandemic Response

GLOBAL FIGHT AGAINST COVID-19 | Saudi Arabia Sets Up $10 Million Esports Charity Tournament For Gamers

RIYADH | SAUDI ARABIA –  Saudi Arabia has set up a new charity esports event to raise money to fight the coronavirus pandemic with a $10 million prize fund. Gamers will be able to compete for their chance to decide where the prize money goes in the tournament, known as Gamers Without Borders by Saudi, … Continue reading GLOBAL FIGHT AGAINST COVID-19 | Saudi Arabia Sets Up $10 Million Esports Charity Tournament For Gamers

G20 | Saudi Arabia Pledges $500 Million To Global Fight Against Coronavirus

RIYADH | SAUDI ARABIA – Saudi Arabia, as the holder of the G20 Presidency, has pledged $500 million to international organizations to support global efforts in combatting the COVID-19 pandemic. ‘The pledge will support emergency and preparedness response, developing and deploying new diagnostics, therapeutics and vaccines, fulfilling unmet needs for international surveillance and coordination, and … Continue reading G20 | Saudi Arabia Pledges $500 Million To Global Fight Against Coronavirus

MENA BUSINESS

BUSINESS NEWS | Saudi Aramco’s Profit Plunges 73.4%, Sees Signs Of Oil Market Recovery

MILAN | ITALY – Saudi state oil group Aramco on Sunday reported a 73.4% fall in second-quarter net profit, a steeper drop than analysts had forecast, and said it expected capital expenditure for 2020 to be at the lower end of a $25 billion to $30 billion range. The world’s biggest oil exporter said the … Continue reading BUSINESS NEWS | Saudi Aramco’s Profit Plunges 73.4%, Sees Signs Of Oil Market Recovery

ECONOMY | Saudi Arabia Posts $29 Billion Deficit In Second Quarter As Oil Revenues Slump

RIYADH | SAUDI ARABIA – Saudi Arabia posted a deficit of 109.2 billion riyals ($29.12 billion) in the second quarter this year as low oil  prices hurt revenues, a finance ministry report published on Tuesday showed. The coronavirus crisis has hurt the non-oil sectors of the world’s largest oil exporter this year, adding to the … Continue reading ECONOMY | Saudi Arabia Posts $29 Billion Deficit In Second Quarter As Oil Revenues Slump

ECONOMY | Saudi Arabia To Widen Scope Of Privatisation, Finance Minister Says

RIYADH | SAUDI ARABIA – Saudi Arabia will look to sell assets in sectors that were not previously considered for privatization, such as healthcare and education, the country’s finance minister said on Wednesday. Speaking at a Bloomberg event, Mohammed al-Jadaan said privatisations will likely generate north of $50 billion in the next four to five … Continue reading ECONOMY | Saudi Arabia To Widen Scope Of Privatisation, Finance Minister Says

ECONOMY | Saudi Wealth Fund PIF Has Ample Liquidity: Finance Minister

RIYADH | SAUDI ARABIA – Saudi Arabia’s finance minister said on Wednesday that the kingdom’s sovereign wealth fund, the Public Investment Fund (PIF) has ample liquidity in the local market. He added that the PIF would allot via secondary offerings part of their local holdings to make sure they ‘recycle mature investments’ and invest in … Continue reading ECONOMY | Saudi Wealth Fund PIF Has Ample Liquidity: Finance Minister

ECONOMY | Gulf Economies Seen Shrinking Sharply In 2020, To Pick Up In 2021: Reuters Poll

DUBAI – Economic activity in the Gulf will contract sharply this year before recovering in 2021, hit by the double shock of the coronavirus pandemic and an oil price crash, a quarterly Reuters poll showed on Tuesday. Analysts in the July 7-20 poll see a deep economic contraction in the hydrocarbon – producing region this … Continue reading ECONOMY | Gulf Economies Seen Shrinking Sharply In 2020, To Pick Up In 2021: Reuters Poll

BUSINESS |Saudi Real Estate Refinance Co Sign 3 Billion Riyals Deal With Pension Agency

RIYADH | SAUDI ARABIA – Saudi Real Estate Refinance Co (SRC), the Saudi equivalent of U.S. mortgage  finance business Fannie Mae, said on Sunday it has agreed to buy a mortgage portfolio worth over 3  billion riyals ($799.8 million) from the Saudi Public Pension Agency (PPA). ‘The deal provides liquidity to the real estate financing … Continue reading BUSINESS |Saudi Real Estate Refinance Co Sign 3 Billion Riyals Deal With Pension Agency

BUSINESS NEWS | IMF Did Not Recommend Saudi Arabia VAT Tripling, Official Says

The International Monetary Fund did not recommend the decision taken by Saudi Arabia to triple value-added tax this month, an official said, cautioning against increasing consumption taxes in the Middle East amid the coronavirus – driven downturn. Saudi Arabia tripled VAT this month to 15% as it seeks to bolster state finances badly hurt by … Continue reading BUSINESS NEWS | IMF Did Not Recommend Saudi Arabia VAT Tripling, Official Says

BUSINESS NEWS | Saudi Unemployment Falls In First Quarter, But Before Coronavirus Impact

RIYADH | SAUDI ARABIA – Unemployment among citizens in the first quarter fell below 12% for the first time in four years, official figures released on Tuesday showed, but they did not capture the impact of the coronavirus crisis. Unemployment fell to 11.8%  from 12% the previous quarter, the General Authority for Statistics said. ‘Data … Continue reading BUSINESS NEWS | Saudi Unemployment Falls In First Quarter, But Before Coronavirus Impact

BUSINESS NEWS | Saudi Non – Oil Private Sector Shrinks Again In June – PMI

RIYADH | SAUDI ARABIA – Saudi Arabia’s non – oil private sector shrank for the fourth straight month in June as measures to contain the spread of the new coronavirus continued to hit consumer demand, a survey on Sunday. The seasonally adjusted HIS Markit Saudi Arabia Purchasing Managers’ Index (PMI) fell to 47.7 in June … Continue reading BUSINESS NEWS | Saudi Non – Oil Private Sector Shrinks Again In June – PMI

BUSINESS NEWS | Saudi Public Sector Employees Will Return To Work Starting May 31

RIYADH | SAUDI ARABIA – Saudi public sector employees will start returning to work gradually as of Sunday May 31, after more than two months of suspension amid strict measures to help curb the novel coronavirus outbreak. Public sector workers will eventually resume work as normal as of June 14, Minister of Human Resources Ahmed … Continue reading BUSINESS NEWS | Saudi Public Sector Employees Will Return To Work Starting May 31