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...