The GCC countries are pumping an estimated US  $36 billion for the development and upgrade of their port infrastructure amid increasing foreign non-oil trade volumes. Saudi Arabia has allocated more than US $750 million for the port infrastructure development at...
Saudi Arabia is expecting a higher inflation rate in the third quarter of the financial year, economic analyst report. Saudi Central Bank has also expressed its expectation of a moderate rate of inflationary pressure in the Kingdom. According to an...
A new survey has revealed that the Saudi Arabian consumer remains one of the most optimistic about the state of their personal finances. The findings are part of third annual Emerging Consumer Survey, conducted by Credit Suisse Research Institute. It...
The Saudi-based Kingdom Holding Company will lead a consortium of investors to acquire a US $399 million stake in a Chinese online retail firm. The investment firm, controlled by Saudi billionaire Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, will be...
Saudi Arabia's oil exports look to decline sharply over the long term as the Middle Eastern country?s own domestic demand is expected to consume more of its production. ?The country's domestic consumption of energy, especially oil, at very cheap prices,...
Amid rising concerns over Standard and Poor's downgrade of the US' credit rating from AAA to AA+ and its impact on Gulf currencies, which have hitherto been pegged against the US dollar, the UAE and Bahrain have dismissed speculations...
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,...
The newly sworn Yemeni President will visit Saudi Arabia to meet King Abdullah and thank him for the role he played during the Arab Uprising, a Saudi newspaper reported. He also hoped that Riyadh will keep playing a crucial...
Saudi Arabia?s investments in the industrial sector rose to SR$37.70 billion in 2010. The country is heavily investing and importing industrial machineries to the tune of $15 billion annually. The consistency in the investment initiatives Saudi Arabia?s industrial sector...
Middle East Electricity shines spotlight on booming energy sector; UAE forges ahead with power, water, energy projects worth US$34.2 billion Dubai, UAE, 2 February 2012: New power, water, and energy projects valued at US$180 billion are underway or at 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...
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...
Standard Chartered Private Equity (SCPE) announced the acquisition of a minority stake in Construction Products Holding Company (CPC) through an equity investment of $75m. CPC is Saudi Arabia's largest manufacturer and provider of building materials and a subsidiary of...
Saudi Arabia raised its oil production to 10.1 million barrels per day in June, from 9.8 million barrels per day a month earlier, Dowjones quoted an anonymous source as saying on Wednesday. The Kingdom is currently producing around 10 million...
A report by ratings agency Standard & Poor's (S&P) revealed that banks in Saudi Arabia are among the most profitable and efficient in the gulf region. High?oil prices?and vast spending plans under the aegis of the Saudi government have driven...
The Saudi IT market is geared up to attract investment of up to USD 8 billion by the end of 2012. This investment would further increase to about USD 12.3 billion by 2015. The growth has been witnessed due to...
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...
Place:?Saudi Arabia Story:?Jordan receives $1billion grant from Saudi Objective: To help reduce Jordan's budget deficit Jordan, like other countries in the region, has seen a number of demonstrations across the country against high commodity prices and government policies. This caused an increase...
IOC President Jacques Rogge expressed his optimism that Saudi Arabia will send female athletes to the Olympics for the first time at this summer's London Games. He said the move will be seen as a major towards fulfilling the...
Venezuela's proposal to set an oil price band of $80 to $120 a barrel came under immediate scrutiny from a Middle East OPEC official who dismissed the idea as a non-starter on Wednesday. Earlier, Energy Minister Rafael Ramirez urged the oil...
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...
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...
Saudi Arabia?s General Authority for Civil Aviation (GACA) had said on Sunday that, it will open its skies for foreign airline companies to operate domestic and international flights which will help the country to meet growing demand. This decision...
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...
Reports released by the International Energy Agency (IEA) last week show Saudi Arabia boosted its crude oil production to 9.8m barrels a day last month. This is the highest amount produced by the Kingdom in the last 30 years. OPEC...
Saudi Arabia, OPEC's largest crude oil producer, insisted it will make sure that this week's climate talks in Durban won't have an impact on the Kindgom's and oil exporting cartel's income. Organisation of the Petroleum Exporting Countries (OPEC) members have...
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 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...
A fiscal surplus is expected to greet the Kingdom at the end of this year as its foreign assets sit at the highest place that they have ever been. Saudi Arabia has experienced a surge in its crude oil output...
Gulf Cooperation Council nations and Japan have signed a memorandum of co-operation for strategic partnership touting it as a new page in friendship. The understanding comes at a time oil markets are panicking due to the renewed sanctions on...