The government plans to borrow half of that amount overseas from commercial banks and “strategic partners”.
The airline said that it has suspended operations due to increased operating costs and regional instability.
Spending this year is projected at $35.1 billion, up five per cent from the original expenditure plan in the 2013 budget.
The Ministry of Health has reduced the prices of 14 drugs used for the treatment of diabetes in a move to make medicines affordable.
Regional stock markets are projected to reflect expectations for solid global economic growth this year.
Themed ‘Shop At Your Best’ the festival this year features 150 events and activities.
All shops in Saudi Arabia are supposed to shut for half an hour during the daily Muslim prayers.
Law firm Dewey & LeBoeuf was one of the US’ largest and most profitable law firms.
Construction of the project is expected to be completed within two years after awarding the contract.
The Dubai-based developer has promised customers free luxury cars as part of its Dubai Shopping Festival promotion.
Three men in the Kingdom have been jailed for 15 years for two homemade-bomb attacks.
Bahrain’s National Oil and Gas Authority (NOGA) announced plans on Dec. 23 to raise the price of diesel from Jan. 15.
The total confirmed cases of the respiratory disease has reached 176, of which 74 have died, the WHO said.
The Kingdom needs to arm its young graduates with on-the-job training and vocational education, experts say.
Visitors will be asked to present valid ID proof when entering the freezone.
Lower demand and higher local wages are expected to drag growth in Saudi Arabia’s retail sector, says NCB Capital.
The five-kilometre pilot project will link the existing Abu Dhabi- Dubai main road (E11) and the new Abu Dhabi-Dubai main road (E311).
The company has not yet named a replacement for the CEO, but has announced other management changes.
Dubai developer is currently evaluating construction bids for the retail and entertainment complex.
The men were convicted of carrying out two attacks, including one during last year’s Formula 1 race.
Both firms are franchisee holders for the distribution of Pepsi Co products.
The 550-megawatt integrated solar combined cycle plant will be located near Tabuk on the Red Sea coast.
The megaplex at The Dubai Mall marked 25 per cent growth in audience turnout this year compared to 2012.
Apartment prices at Burj Khalifa currently stand at Dhs3, 750 per square feet – a 50 per cent increase from February 2009.
Year-to-date passengers totalled 60.4 million people, an increase of 15.3 per cent.
The Abu Dhabi based healthcare provider said it it hoping to increase its core competency.
Brands in the Middle East are failing to deliver loyalty programmes relevant to consumers’ needs, according to a survey.
The contractor denied media speculation about increasing its stake in Depa.
The name of the prince was not revealed.
Dubai’s ruler Sheikh Mohammed Bin Rashid Al Maktoum launched the project.