Brent crude is down 46 per cent from the year’s peak in June above $115 per barrel.
The remark was one of the strongest signals yet that the world’s top oil exporter has no intention of cutting output in the face of sliding oil prices.
Saudi Oil Minister Ali al-Naimi insisted that oil prices would improve, although it was unclear when.
The Dubai index jumped 9.9 per cent, while the main Saudi index rose 2.5 per cent.
The move will boost the GCC’s tourism industry, helping sectors such as aviation and hospitality.
The new company, Alkhabeer Ventures, will help fund businesses in sectors such as technology, mobile, e-commerce, news media and social media.
OPEC producers sought to bring balance to the market but a lack of cooperation from other producers led to a continued fall in prices, Naimi said.
The dead were behind the killing of a member of the security forces and wounding of another last week, a ministry spokesman said.
Radicalisation of Muslims in the Kingdom has led to domestic attacks and the involvement of Saudis in jihadist movements.
Saudi Arabia, the largest producer in OPEC, will stick to its policy to maintain output, Naimi said, according to state news agency SPA.
The OPEC member exported 6.897 million barrels per day of crude in October, up from 6.722 million in September.
The Kingdom will continue spending on development projects and social benefits in 2015, its finance minister said.
The new snacks manufacturing facility, in Dammam, is the company’s 15th facility in the Middle East.
The Arabic language news channel, based in Bahrain, was initially slated to begin airing in end-2012.
As per the deal, a number of Holiday Inn & Suites branded hotels will be developed across the Kingdom over the next five years, IHG said in a statement.
A gunman holding three labourers hostage shot dead a member of the security forces when police tried to free the captives.
Current CEO of Tasnee, Saleh bin Fahad al-Nazha, resigned for personal reasons, the company said.
Under the grant, Jeddah-based IDB will setup treatment centres in Sierra Leone, Guinea and Liberia and Mali.
The Danish man was injured after he was shot in Riyadh last month.
Saudi Aramco’s Entrepreneurship Center has funded 43 ventures in the past three years.
The current stance of Saudi is seen as a shift from its longstanding policy to act as a swing supplier, analysts say.
Differences still exist between the six GCC states over issues relating to Egypt, Libya and Iran.
Dur Hospitality has been expanding across Saudi Arabia as the local economy picks up pace.
Marriott International will operate an 80-unit hotel and a 140-unit executive apartment complex in the diplomatic quarter in Riyadh.
Saudi Arabia climate deal negotiator said that the new climate change policy should address the vulnerabilities of countries reliant on oil.
Saudi Arabia blocked calls last month from poorer members of the OPEC for production cuts to arrest a slide in global prices.
The decree said the reshuffle was in preparation for the Kingdom’s 2015 budget, which is expected to be announced late this month.
Brent crude oil fell more than $2 a barrel on Monday to a new five-year low.
Out of those detained, 109 are Saudi citizens while the remaining 26 hail from Syria, Yemen, Egypt, Lebanon, Afghanistan, Ethiopia, Bahrain, and Iraq.
The biggest listed businesses in the Kingdom, valued by market capitalisation.