Category: BUSINESS

Saudi Imports From Turkey Tumble In December After Informal Boycott

February 24, 2021

The value of Saudi Arabia’s imports from Turkey in December dropped to their lowest level in at least a year, Saudi official data showed on Wednesday, on the back of an informal boycott by Saudi businessmen and retailers of Turkish products. Political tensions spilled over into trade between the two regional powers last year after … More Saudi Imports From Turkey Tumble In December After Informal Boycott

Russia, Saudi Arabia At Odds Over Output Deal Ahead Of OPEC+ Meeting – RIA Cites Source

February 22, 2021

Saudi Arabia and Russia have difference over a potential deal among OPEC+ oil producers that could ease curbs on supply starting in April, a source told RIA news week. The Organization of the  Petroleum Exporting Countries and its allies, a group known as OPEC+, are likely to ease curbs on supply after April given a … More Russia, Saudi Arabia At Odds Over Output Deal Ahead Of OPEC+ Meeting – RIA Cites Source

Saudi Arabia To Invest More Than $20 Billion In Its Military Industry Over Next Decade

February 20, 2021

Saudi Arabia will invest more than $20 billion in its domestic military industry over the next decade as part of aggressive plans to boost local military spending, the head of the kingdom’s military industry regulator said on Saturday. The Gulf state wants to develop and manufacture more weapons and military systems domestically, aiming to spend … More Saudi Arabia To Invest More Than $20 Billion In Its Military Industry Over Next Decade

Saudi January Inflation Rises To 5.7%, Continuing To Reflect VAT Hike

February 17, 2021

Saudi Arabia’s inflation rose to 5.7% in January from 5.3% the month before, continuing a rise fuelled by a tripling of value – added tax last year, government data showed. The increase was mainly driven by higher food and transport prices, which increased by 12.6% and 9.6% respectively, the General Authority for Statistics said. Annual … More Saudi January Inflation Rises To 5.7%, Continuing To Reflect VAT Hike

Saudi Arabia Eyes Dubai’s Crown With HQ Ultimatum

February 17, 2021

Saudi Arabia has ratcheted up the stakes in an intensifying competition with neighbouring for foreign talent and money. From 2024, the Saudi government will stop giving state contracts and commercial institution that base their Middle East hubs in any country in the region, the Saudi finance minister told Reuters. The measure is the latest attempt … More Saudi Arabia Eyes Dubai’s Crown With HQ Ultimatum

Saudi Cabinet Approves Establishing Bank Of SMEs

February 17, 2021

Saudi Arabia’s Cabinet on Tuesday approved establishing the bank of small and medium enterprises, state news agency (SPA) reported. ‘The SMEs Bank brings together all financing solutions under one umbrella to enable the small and medium enterprises sector to access appropriate financing and chive stability and growth’, the Ministry of Commerce wrote on Twitter. ‘The … More Saudi Cabinet Approves Establishing Bank Of SMEs

Saudi Sovereign Wealth Fund Boosts U.S. Equities Exposure to Nearly $12.8 Bln

February 16, 2021

Saudi Arabia’s sovereign wealth fund has increased its holding of U.S. stocks to nearly $12.8 billion in the fourth quarter from $7 billion in the third quarter, according to a U.S. regulatory filing on Tuesday. The Public Investment Fund (PIF) took new bets in the last quarter, buying a $1.07 billion stake in Electronic Arts … More Saudi Sovereign Wealth Fund Boosts U.S. Equities Exposure to Nearly $12.8 Bln

Saudi Arabia Won’t Work With Foreign Firms Without Regional HQ From 2024

February 16, 2021

Saudi Arabia will no longer sign contracts with foreign companies which do not have a regional headquarters in the kingdom after 2023, state news agency, SPA, reported on Monday, citing official source. The policy, which comes into effect on Jan1. 2024, is designed to encourage foreign firms to open a permanent, in – country regional … More Saudi Arabia Won’t Work With Foreign Firms Without Regional HQ From 2024

Bahrain’s Economy To Grow 3.3% This Year, Must Cut Public Debt – IMF

February 15, 2021

Bahrain’s economic recovery from the COVID-19 pandemic will be gradual, with growth projected at 3.3.% this year after a 5.4% contraction in 2020, the International Monetary Fund said on Sunday. The tiny Gulf state has been battered by the twin shocks of the coronavirus crisis and lower oil prices, which pushed its overall fiscal deficit … More Bahrain’s Economy To Grow 3.3% This Year, Must Cut Public Debt – IMF