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Banque Saudi Fransi sets up $2bn Sukuk

The bank reported a ten per cent year-on-year rise in first quarter profit earlier this year.

SABIC Sees Drop In Q1 Profit

Saudi Basic Industries Corp recorded a five per cent year-on-year fall in net profit during the first quarter of the year.

SABIC Approves SR15bn Dividends

Saudi Basic Industries Corporation will be distributing a dividend of SR5 per share to shareholders for 2011.

Saudi’s Al-Tayyar Group Plans 30% IPO

The travel firm had to cancel a similar sale two years ago due to a lack of demand.

Saudi Denies Reports of Sweden Arms Plant

The Kingdom stressed that it has not signed any deal with Sweden to help build a weapons factory in Saudi.

Saudi GDP Grew 6.6% In Q4 2011

The Kingdom’s oil sector expanded 6.1 per cent during the fourth quarter of the year.

Saudi Banks Post Rise In Q1 Net Profit

Al Rajhi Bank, SABB, Saudi Hollandi Bank and Banque Saudi Fransi recorded a rise in net profit during the first quarter of the year.

Saudi Leads In Job Creation

Around 77 per cent of Saudi firms are planning to hire more staff this year, according to a new survey.

Arab Billionaires Worth $121.3bn

Saudi Prince Alwaleed topped the list of regional billionaires released by Forbes with a fortune of $18 billion.

Almarai Reports $64.5m Q1 Net Profit

The Saudi-based dairy company said that net profits for the first quarter of the year rose 2.9 per cent year-on-year.

SABIC Plans $100m Centre In China

The Saudi-based chemical producer is planning to build a technology research and development in Shanghai.

Saudi Trims May Oil Prices For Asia

The Kingdom also slashed its crude prices for Europe, as oil demand weakens.

BAE Signs Saudi-Eurofighter Deal

The British defence contractor said that it had signed a contract to build 48 Typhoon aircraft for the Saudi Arabian air force.

Foreign Access To Saudi Bourse Will Be Slow

The opening up of the Kingdom’s stock market to foreigners will be gradual, Saudi Arabia’s capital market regulator has said.

Saudi Rejects Expat Tax Proposal

A majority of the Shoura Council members agreed that imposing an income tax on expatriate workers would be “untenable.”

SEC Receives $1.4bn Loan

Saudi Electricity Company will use the amount, loaned by a group of international banks, to build a power plant in Rabigh.

OPEC Output Rises In March

The oil supply from the OPEC nations in March this year increased to its highest level since October 2008.

More Saudis Seek Unemployment Benefits

The number of beneficiaries has risen by 170 per cent from December 2011.

Saudi Plans Ambitious Nuclear Programme

The Kingdom is planning to spend more than $100 billion to establish 16 nuclear energy plants in the country.

Accor To Hire 4,000 Staff In ME

The hotel group targets to have 100 hotels either operating or under construction in the region by 2015.

Etisalat, Emirates, STC Top ME Brands

Apple tops the global top brands list, which also includes the three entries from the GCC.

Saudi Oil Exports Rose In January

The Kingdom’s oil exports rose 143,000 barrels per day in January compared to December, according to the Joint Data Initiative.

Zain Names New CEO

The indebted telco has appointed Fraser Curley as chief executive, its third CEO in six months.

GCC Oil And Gas Reserves Worth $65trn

The region’s hydrocarbon reserves account for almost a third of the world’s reserves, says QNB Capital.

StanChart Seeks Saudi Licence

The bank has reportedly applied for a full commercial banking licence to expand its operations in the kingdom.

Saudi Inflation Rises

The kingdom’s annual inflation rate reached a 14-month high in February mainly because of increasing food and housing costs.

17 GCC Billionaires Make Forbes List

The region’s representatives on Forbes’ annual list of the World’s Billionaires have a combined net worth of $65.4 billion.

ME Sukuk Volumes To Reach $14bn

The issuance of Islamic bonds in the region could reach over $14 billion this year because of increasing investor demand, according to HSBC.

STC Eyes Local Partner

The Saudi Arabia-based telecoms operator is keen to build a domestic partnership with a mobile virtual network operator.

Saudi Foreign Trade To Grow

The kingdom’s foreign trade revenue amounted to SR1300 billion in 2011 and is set to rise by 14 per cent this year.