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

BUSINESS NEWS | Global Trade Hit By Restrictions During COVID-19 Crisis: WTO

GENEVA – Global trade has been hit by new and accumulated important restrictions just as economies need to rebuild in the COVID-19 crisis, the World Trade Organization (WTO) said in a mid-year report issued on Friday. But some export constrains imposed on surgical masks, medicines and medical equipment early in the pandemic are being rolled … Continue reading BUSINESS NEWS | Global Trade Hit By Restrictions During COVID-19 Crisis: WTO

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 | Oman Investment Authority Restructures Board Of 15 Companies

RIHADH | SAUDI ARABIA – The Oman Investment Authority has restructured the boards of 15 companies overseen by it as part of a comprehensive review of state-owned companies, the state news agency said on Sunday. The chairman of five companies were replaced. Oman established the Oman Investment Authority last month to own and manage most … Continue reading BUSINESS NEWS | Oman Investment Authority Restructures Board Of 15 Companies