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Saudi Arabia

Saudi Electricity gets $1.5bn financing from China’s ICBC

The five-year funding will be used to fund part of SEC’s capital projects

$53,000 for hotel room overlooking Makkah’s Holy Kaaba

Rivalry between hotels opposite the Grand Mosque heats up during the final 10 days of Ramadan

Saudi’s newly listed L’azurde Jewellery eyes UAE, Qatar expansion

The company plans to almost double the number of its branches in the MENA by 2018

Saudi regulator forms interim committee to oversee builder MMG

MMG’s board quit last week when the CMA sentenced three of its executives to jail

Saudi ministry implements first private sector housing project

The kingdom is seeking partners to build 1.5 million homes in the coming years

Saudi in talks to develop Six Flags theme parks in kingdom

The move comes after Sheikh Mohammed announced that Dubai Parks would waive its right to exclusivity in Saudi

Saudi’s SABIC, Aramco agree to study oil-to-chemicals project

SABIC had previously revealed plans for the proposed project in May

Saudi scholar warns wives against smartphone spying

Sheikh Abdullah Al-Motlaq reportedly linked the practice to divorce cases

Saudi contractor Khodari to book multi-million riyal loss

Khodari has been pressured by a severe slowdown in the construction sector

Saudi/French deals expected during prince’s visit

The prince will meet with senior French leaders including President Francois Hollande

Saudi Arabia picks banks to manage multi-billion dollar bond

The kingdom is turning to international debt markets to help plug a budget shortfall

UAE, Saudi stock markets fall on Brexit worries

Dubai’s index was down 4.6 per cent in early trade while Saudi’s Tadawul fell 3.7 per cent

Saudi non-oil GDP growth to slow to 2.8% this year

The kingdom’s non-oil GDP growth stood at from 3.4 per cent in 2015

Saudi, UAE say Brexit to have little impact on their financial institutions

Saudi said it had already made some adjustments to assets denominated in sterling and euros

Court orders Germany to decide on gun exports to Saudi Arabia

The government will now have to decide whether to allow gunmaker Heckler & Koch to export parts to Saudi

SeaWorld eyes Saudi theme park

The company was previously linked with an attraction in Dubai

Saudi land tax could see prices drop by 40%

A 2.5 per cent tax on unused land was approved earlier this month

Saudi’s King Salman to announce $1.35bn of projects in Madinah

The projects will cover healthcare, education, culture and electricity and water

Saudi deputy crown prince meets UN chief, discusses Yemen

A recent UN report blamed the Saudi-led coalition in Yemen for 60 per cent of child deaths and injuries in the conflict

Deloitte says ‘disappointed’ by Saudi regulator ban

The company is barred from offering auditing services to CMA-authorised companies in Saudi for two years

Kuwait’s Alghanim to launch Wendy’s fast food chain in Saudi

Announcement follows the company’s acqusition of the regional rights to the brand in 2015

Saudi eyes 2,000 jobs for car accident assessors

The new scheme aims to digitise the process for car accident insurance claims

Saudi reports at least 20 new MERS cases due to misdiagnosis

The World Health Organisation says outbreak in Riyadh was started by a 49-year-old woman

Wasta seen as main source of corruption in Saudi

National Anti Corruption Commission study encourages greater punishment for corrupt practices

Saudi contractor MMG says its board has resigned

Last week, Saudi’s stock market regulator fined MMG SAR 1.6bn and sentenced three people to jail

Saudi Arabia buys 315,000 tonnes of hard wheat

The wheat purchased was of European, North American and Australian origin

Saudi regulator bans Deloitte from audit work for two years

Deloitte has been barred because of its involvement with troubled Saudi contractor MMG

Saudi, US ties strong ‘irrespective of who is in the White House’ – minister

Saudi’s Deputy Crown Prince Mohammed bin Salman met with US president Obama last week

Saudi market regulator jails two executives of contractor MMG

The company’s founder Mohammad Al-Mojil and his son Adel Al-Mojil were sentenced to five years in prison.

Saudi cabinet approves regulations for ‘white land’ tax

Proposals aimed at reducing housing shortage in urban areas