BUSINESS | Saudi Arabia Extends Economic Measures To Mitigate Pandemic Impact: SPA

RIYADH | SAUDI ARABIA – Saudi Arabia extended for an additional period several government initiatives to support the private sector and investors in mitigate the impact of the coronavirus outbreak, state news agency SPA reported on Thursday, citing a decision by King Salman.

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 | 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 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 | Under Virus Pressure, Saudi Aramco May Cut Government Payout

RIYADH|SAUDI ARABIA – Saudi oil giant Aramco may cut its dividend to the Saudi government, but is likely to maintain payouts to minority shareholders as a plunge in crude prices shrinks first-quarter profits, analysts said. Saudi Arabian Oil Co., as the company is formally known, pledged an annual dividend of $75 billion for the first … Continue reading BUSINESS NEWS | Under Virus Pressure, Saudi Aramco May Cut Government Payout

BUSINESS NEWS | Saudi Arabia Suspending Cost Of Living Allowance, Raising VAT To Mitigate Economic Impact Of COVID-19

RIYADH | SAUDI ARABIA – Saudi Arabia will triple its value added tax  rate and suspended a cost of living for state employees, the kingdom’s finance minister said on Monday, seeking to shore up finances hit hard by low oil prices and a coronavirus – driven slowdown. ‘The cost of living allowance will be suspended … Continue reading BUSINESS NEWS | Saudi Arabia Suspending Cost Of Living Allowance, Raising VAT To Mitigate Economic Impact Of COVID-19

BUSINESS NEWS | Saudi Non-Oil Private Sector Contracts Again, Output Hits News Low: PMI

RIYADH | SAUDI ARABIA - - Saudi Arabia’s non-oil private sector shrank for the second consecutive month in April and its output hit a record low as lockdowns and business closures to tackle the new coronavirus hammered the economy, a survey showed on Tuesday. The seasonally adjusted HIS Markit Saudi Arabia Purchasing Managers’ Index (PMI) … Continue reading BUSINESS NEWS | Saudi Non-Oil Private Sector Contracts Again, Output Hits News Low: PMI

BREAKING NEWS|Saudi King Earmarks $2.4 Billion To Pay Private – Sector Workers: State News Agency

RIYADH | SAUDI ARABIA -  Saudi Arabia’s King Salman has ordered up to 9 billion riyals ($2.4 billion) to be disbursed to pay part of the wages of private-sector workers to deter companies from laying off staff, the state-run Saudi Press Agency reported on Friday. The latest measure to tackle the fallout from the coronavirus … Continue reading BREAKING NEWS|Saudi King Earmarks $2.4 Billion To Pay Private – Sector Workers: State News Agency

BUSINESS | Saudi Says No Talks With Russia Over More OPEC+ countries or joint pact

RIYADH | SAUDI ARABIA – A Saudi Arabia energy ministry official said on Friday there had been no contact between the Saudi and Russian energy ministers over any increase in the number of OPEC+  countries, nor any discussion of a joint agreement to balance oil markets. The comments come after a senior Russian official said … Continue reading BUSINESS | Saudi Says No Talks With Russia Over More OPEC+ countries or joint pact

ECONOMY & BUSINESS | Saudi Arabia Implements Urgent Measures To Mitigate Impact Of Coronavirus On Economy

RIYADH | SAUDI ARABIA - The Saudi government is moving decisively to address the unprecedented effects and consequences of the COVID-19 , Saudi Minister of Finance, Acting Minister of Economy and Planning, Mohammed bin Abdullah Al-Jadaan, has said. "The Kingdom is taking immediate measures to ensure the safety of its citizens and residents, and to … Continue reading ECONOMY & BUSINESS | Saudi Arabia Implements Urgent Measures To Mitigate Impact Of Coronavirus On Economy