Press Release Maskan Arabia for Real Estate Development today announced the launch of the preliminary excavation work at its new residential project, “BLOM Invest Maskan Arabia” Fund, in North Riyadh. The development will consist of 312 residential units, worth AED490...
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...
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...
Deputy Labour Minister for workers affairs Ahmad Al-Humaidan announced on Thursday the government is taking practical steps aimed at scrapping the individual sponsorship (kafala) system. “We have already begun changing some technical terms related with the sponsorship system, like changing...
The Saudisation jobs policy, Nitaqat, is giving private sector employers in Saudi Arabia a tough time as they grapple with the implementation of reform introduced in the wake of Arab Spring uprisings, a new report revealed. Global recruitment giant, Hay...
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%...
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...
Bahraini government has signed agreements with Saudi tycoon Prince Alwaleed bin Talal paving the way to move his Rotana news and entertainment company from Cairo to the Gulf island state, the official Bahrain News Agency reported on Wednesday. The move...
Media reports coming from Riyadh suggest Saudi Ministry of Labour is considering a two-day weekend for the private sector that will come into effect from next year. A labour ministry source told Dammam-based Al-Sharq newspaper that a panel is looking into...
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...
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...
According to a British newspaper report, BAE Systems is close to sealing a $808 million deal with Saudi Arabia to sell up to 30 Hawk trainer aircraft. The deal comes as a welcome relief for the defence giant which is...
Saudi Arabia announced it has plans to invest SAR200bn ($53.33bn) in aviation sector over the next five years, country's English daily reported. According to Arab News, the spending will be made to meet future demands of the Kingdom's ever-increasing air traffic...
Saudi Arabia has decided to set up a ministerial committee to reconsider lifting the ban on physical exercise for women, by allowing women-only sports clubs, the country's Al Watan daily newspaper reported. The development comes amidst opposition from the...
Saudi Minister for Foreign Affairs Prince Saud Al-Faisal insisted the proposed Gulf Union will safeguard member states from common security threats and help emerge the regional grouping as a powerful economic hub with a GDP exceeding more than $1.4...
Saudi Arabia is emerging as one of the fastest growing Information Technology markets in the Middle East and is expected to account for up to 50% of the total Information and Communication Technology (ICT) investments in the GCC during...
The Gulf Cooperation Council (GCC) have given strong indications of doubling customs tariffs on cigarette and other tobacco imports from next month. According to a senior Saudi official, finance ministers from six Gulf states scheduled to meet in May to approve...
Saudi Arabia has invested more than SR200 billion ($53.33 billion) in the information and communications technology (ICT) sector which created around 60,000 new jobs, a report from STC said adding that the heavy investment has had a positive impact...
Saudi Arabia telecom company Mobily's chief executive announced on Tuesday the company is in talks with a number of foreign operators to sell its surplus network capacity. The news came amid reports the kingdom's telecoms regulator would issue three mobile virtual network operator...
Two Austrian companies have announced they have built the world's largest solar power plant which will power an educational campus in Saudi capital Riyadh. The GREENoneTEC company, said it manufactured solar panels worth 3.6 million euros ($4.3 million) which cover...
Kingdom Holding's Prince Alwaleed Bin Talal announced on Sunday that Jeddah's Kingdom Tower would become the world’s tallest building when completed in 2017. He insisted that it will take no more than "63 months" to complete the 1,000m high skyscraper...
Saudi Arabia, the world's biggest exporter of crude, said it will more than double its gasoline imports this month, three sources privy to information said. The traders, on condition of anonymity, disclosed to Bloomberg that state-owned oil company Saudi Aramco...
According to a Bloomberg report, Research In Motion is preparing to open stores across the Middle East where demand for its BlackBerry phones has been on rise despite gloomy sales in the US. Sandeep Saihgal, managing director of RIM’s Middle...
An executive of Lockheed, one of the biggest US weapons maker, said on Wednesday he expects more sales of anti-missile interception systems in the Gulf amid a potential military confrontation between US-Israel and Iran. Lockheed sealed a $3.6 billion deal with the United...
Saudi Arabia’s gross domestic product (GDP) grew 6.6% in the fourth quarter from a year earlier on additional government spending and higher oil prices, a Bloomberg report suggested citing the Central Department of Statistics and Information's website. The state-run agency announced...
The chief executive officer of the UAE's Securities and Commodities Authority (SCA) said Saudi Arabia's long awaited move to open up its financial markets to foreign investors will bring rewards to its Emirati counterparts. Abdullah Al Turifi, the head of the SCA,...
The Internet is revolutionising the way the Saudi society interacts and distributes news. A county with a young and dynamic population of which 70% are below the age of 30, coupled with steep Internet penetration of 40%, this shows...
The Saudi Olympic Committee chief has denied the Kingdom is sending women athletes to London Olympics this summer, local newspapers reported on Thursday. "We are not endorsing any Saudi female participation at the moment in the Olympics or other international...
Saudi Shura Council members have rejected a proposal to tax expatriates on any financial gains made in the kingdom, terming it detrimental to country's economic interests. The proposal suggested expatriates, both in the public and private sectors, should be made...
Top British defence contractor revealed it is making good progress on talks with Saudis over the order for 72 Eurofighter Typhoon jets but added they are far from reaching an agreement on prices. "Of the 72 aircraft contracted under the...
Reports coming from Saudi-UAE border suggest a total of 4,000 trucks are waiting in an 18km lineup to cross the Al Sila check point. Truck drivers have been waiting to be allowed to cross the border but with little luck...
Leading Saudi newspaper Arab News cited an unidentified report on Sunday which said the Gulf Kingdom has put on hold public work projects worth more than SAR500bn ($133bn) across the country, including 166 in major cities. According to Citigroup’s MENA Construction Projects...
The Saudi Ministry of Labour has reported that more than 1 million Saudi nationals are now receiving unemployment benefit under the "Hafiz" programme, which pays unemployed Saudis SR2,000 ($533) a month for up to one year. The welfare scheme was...
Water desalination capacity in Saudi Arabia will hit 200,000 cubic metres by 2015 as the Gulf kingdom grapples to meet soaring demand, an expert said in Riyadh. "Saudi has emerged as the world’s largest desalination market and is seen a...
Air Arabia said it will be launching additional services to Dammam in Saudi Arabia. The launch of the additional service will commence from Wednesday which will bring the Sharjah-based budget carrier's flights to the eastern Saudi port city to three...
A Saudi newspaper reported that Dubai's carrier may no longer be interested in Saudi market because of the tough terms imposed by the Gulf Kingdom, the largest Arab economy and most lucrative regional market. According to a report published by Saudi...
State-run Saudi Press Agency (SPA) announced its finance minister held successful talks with Chinese vice trade minister over possible joint ventures in petrochemicals and banking on Tuesday. The moves are being seen as part of a wider Chinese push into...
Riyadh's announcement of opening up its skies to foreign airlines has attracted the interest of fourteen companies to obtain a licence, including Saudi-owned companies, Gulf-Arab firms and consortiums of Saudi-Gulf and Saudi-Chinese companies, the General Authority of Civil Aviation (GACA)...
Saudi Oil Minister has announced his country is ready to fill any oil supply gap - 'perceived or real' - in a bid to rein in rising oil prices. The statement comes a day after reports suggested Washington is...
Saudi Arabia is working on plans to pump more money into its tourism industry and improve infrastructure such as hotels and airports. A recent report said the Kingdom plans to invest more than SAR300bn ($80bn) into tourism related facilities. According to...