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

BUSINESS | Red Sea Project Swiftly Implementing ‘Zero Waste To Landfill’

RIYADH | SAUDI ARABIA – The Red Sea Development Company has awarded a solid waste management contract to a joint venture between leading waste management company Averda and the Saudi Naval Support Company. The contract involves collecting and recycling waste generated by administration offices, residential facilities, and construction activities, meeting the high environmental standards set … Continue reading BUSINESS | Red Sea Project Swiftly Implementing ‘Zero Waste To Landfill’

BUSINESS | Saudi Arabia Buys $7.7 Billion Shares In World’s Best Known Companies

RIYADH | SAUDI ARABIA – Saudi Arabia’s sovereign wealth fund has gone bargain hunting during the current economic turmoil, snapping up about $7.7 billion worth of shares in some of the best known companies in the world. The $300 billion Public Investment Fund bought stakes in global corporate leaders such as Boeing, Facebook, Disney, Marriott … Continue reading BUSINESS | Saudi Arabia Buys $7.7 Billion Shares In World’s Best Known Companies

BUSINESS | Kuwait, Saudi To Halt Oil Production From Joint Field: Al Rai Newspaper

RIYADH|SAUDI ARABIA – Kuwait and Saudi Arabia have agreed to halt oil production from the joint Al-Khafji field for one month, starting from June 1, Kuwait’s Al Rai newspaper reported on Saturday. There was no immediate comment from Kuwaiti officials. Saudi Arabia and Kuwait have agreed with other members of the OPEC+ group of oil … Continue reading BUSINESS | Kuwait, Saudi To Halt Oil Production From Joint Field: Al Rai Newspaper

BUSINESS NEWS | Saudi Central Bank Says Committed To Local Currency Peg To U.S. Dollar

RIYADH|SAUDI ARABIA – Saudi Arabian Monetary Agency (SAMA) said on Thursday in a statement reported by state TV, it is still committed to local currency peg to the U.S. dollar, and that it serves the interest of economic growth and financial stability. It added that foreign reserves cover 43 month of imports and the total … Continue reading BUSINESS NEWS | Saudi Central Bank Says Committed To Local Currency Peg To U.S. Dollar

BUSINESS NEWS | Saudi Aramco Says Acquisition of SABIC Stake On Track To Close In Second Quarter

RIYADH|SAUDI ARABIA – Saudi Aramco said on Tuesday its planned acquisition of a 70% equity stake in petrochemical marker SABIC from the Public Investment Fund (PIF), the kingdom’s wealth fund, is on track to close in the second quarter. The statement by the state oil giant was made in response to a Reuters story published … Continue reading BUSINESS NEWS | Saudi Aramco Says Acquisition of SABIC Stake On Track To Close In Second Quarter

BUSINESS NEWS | Saudi Aramco Profit Falls 25% But Dividend In Line With Planned Payout For Year

RIYADH|SAUDI ARABIA -  Saudi Aramco, the world’s top oil exporting company, on Tuesday reported a 25% fall in first-quarter net profit, missing analyst estimates, but its quarterly dividend was in line with a plan for a $75 billion payout for the year. Analysts has expected Aramco, which went public last year, to maintain payouts to … Continue reading BUSINESS NEWS | Saudi Aramco Profit Falls 25% But Dividend In Line With Planned Payout For Year