National Commercial Bank said Saudi economy will expand 3.9% this year and will hit 4.4% during next year. The Jeddah-based bank said in a report that the government will have a fiscal surplus of 317.4 billion riyals ($84.63bn), or 14%...
Massive Government ICT investments transforming Saudi Arabia’s innovation economy, enhancing development, business growth and productivity. Saudi IT Market Set to Top USD 14 Billion by 2017with Government Sector Fastest-Growing Industry Vertical: IDC More than 500 of Kingdom’s Organisations Set to Attend GITEX...
In a recent report published by IDC, an increasing number of organizations in the UAE and Saudi Arabia are tying up with specialized IT service providers to manage their IT infrastructure. Referencing its 2012 report, IDC says that managed and...
The Saudi cabinet gave its nod to the country’s mortgage law on Monday for the infrastructure industry on which it is spending around $500 billion to build and develop. The mortgage law stipulates the regulations to establish mortgage companies and...
Saudi Aramco, GE and TCS inaugurate Saudi Arabia’s first all-female business process services center   Center will create 3,000 local jobs for Saudi women with the first batch of recruits commencing work 3,200 square meter center in Riyadh provides new business...
In a move set to benefit licensed telecom companies, Saudi Arabia's telecom regulator has suspended Viber, the web-based communication application, throughout the kingdom. In an official statement on its website, the Communications and Information Technology Commission (CITC) said that "the...
About 3 million pilgrims will arrive in Makkah for the annual Hajj pilgrimage in October, many of them coming from a wealthy background. To cater to their need for luxury accommodation, hotel investment companies, including InterContinental Hotels Group Plc, Hyatt Hotels Corp. and Starwood...
Saudi Arabian Fertilizers Co (Safco) said its quarterly net profit fell 13 percent, missing analysts expectations for the second straight quarter. Safco made 790 million riyals ($210.7 million) in the second quarter, compared with 907.2 million riyals in the prior-year...
Saudi Arabia is expected to invest USD 45 billion to build new railway networks and upgrade existing railways throughout the Kingdom. Efforts are being undertaken to expand Saudi Arabia's existing rail networks to meet the rising numbers of railway...
A new report has revealed the Saudi government’s intentions to completely fill all medical jobs in the kingdom with Saudi nationals within the next five years. The Saudi government is aggressively working on plans to complete Saudization of the medical...
  The Kingdom of Saudi Arabia’s Capital Market Authority is in the final stages of developing a regulatory framework to allow foreigners to own stocks directly. The move is being viewed as a way to promote greater foreign investment in the...
According to a new rule by the Saudi Ministry of Labor, small and medium-sized businesses in the kingdom will be forced to hire at least one Saudi worker from next month. The rule will be applicable on businesses in Saudi...
Arab stocks investors ended 2012 richer by nearly $60 billion with the recovery of most regional bourses and those of the UAE and Saudi Arabia accounted for more than 80 per cent of the increase. Official data showed the combined...
A new USD 1.6 billion agreement has been signed between Saudi Arabia and Egypt to link electricity grids between the two countries. Initially, an international tender for the project was planned in 2010. After facing a delay of several years...
Saudi Arabia’s tech startup ecosystem may be nascent, but is rapidly evolving to support economic growth Despite having the largest market in the GCC in terms of population and consumer spend, Saudi Arabia’s tech startup ecosystem is small and nascent...
Saudi Arabia overtook Russia as the world's largest oil producer as it boosted its crude oil production to record levels in March. According to the Joint Organization Data Initiative (JODI), Saudi crude exports rose 3% in March, reaching the highest...
  It's time to rethink on investing in Saudi Arabia. In this Op-Ed, Wael Al-Nahedh, CEO at Spearvest provides insightful information on fast-changing Saudi Arabia, to be seen as a major investment opportunity for substantial return on investment. The recent news...
Saudi billionaire Prince Alwaleed bin Talal said he has no plans of selling his share at News Corp .?No change, my investment is strategic, not thinking of selling anything,? he told Reuters by telephone. ?The crisis does not make...
Medical specialists, recently released a report stating that diabetics face the risk of falling into a coma when fasting during Ramadan. Those with diabetics, are advised to consult their doctors about fasting during the holy month. Dr. Saleh Al-Jaser is...
The Ministry of Higher Education in Saudi Arabia claims that there has been a sharp growth in university enrollment largely because of an increase in the income levels of Saudi families and greater interest among women to pursue tertiary...
South Korean Finance and Strategies Minister Bahk Jae-wan said the UAE and Saudi Arabia have vowed to boost oil supplies to Seoul if it agrees to halt Iranian oil imports. "UAE and Saudi Arabia have promised to provide more oil now if things get...
Etihad Etisalat Mobily, the Saudi telecommunications company, yesterday signed a contract to establish a ?strategic partnership? with the global Internet giant Google. The deal marks the first-of-its-kind initiative to be launched in the Middle East, and shall oversee the...
Russia Energy Ministry has denied Saudi Arabia has toppled its position as the world biggest oil producer by releasing data that suggests the federation is pumping hundreds of thousands of barrels of oil a day more than the Gulf kingdom. The...
An Egyptian minister said on Thursday Riyadh has transferred much-needed $1bn to Cairo's central bank, seen by many as a move to help unrest-hit country secure a $3.2bn loan from the IMF. Egypt has been asking the International Monetary Fund...
Saudi banking experts have claimed that the kingdom’s banking system is safest in the Arab world Earlier this week, CNBC Arabia had reported that 5,000 fraud cases took place out of 1.3 million ATM cash withdrawals recently in the country....
Saudi local media reported private sector workers are set to get a minimum wage within the next four months as part of a government drive to make jobs more appealing to nationals and curb unemployment. The gulf kingdom has a jobless...
Saudi Arabia's top cleric has blamed sinfulness for the pro-democracy chaos that has swept the Middle East, toppling four heads of state during the last 16 months. "The schism, instability, the malfunctioning of security and the breakdown of unity that...
Petrodollars! What a word! It is a term coined by Prof. Ibrahim Oweiss professor of economics at Georgetown University in 1973. Oweiss felt there was a need for a word to describe the situation then occurring in oil producing,...
Saudi Arabian construction company Saudi Oger, said on Sunday it has mandated banks to arrange its first loan to be run by non-Saudi institutions, with syndication expected to begin shortly. Deutsche Bank, China Development Bank and Emirates NBD will act...
Gold – the yellow metal that’s as priceless as the word can imply. Everyone wants to own gold, wants to buy it as an investment for the future. But not many do manage to invest in gold thanks to...