Home GCC Saudi Arabia

Saudi Arabia

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.

Saudi Raises Crude Prices For Asia

Saudi Arabia has increased the price of its Arab Light crude oil for customers in Asia by $1.25 a barrel for April.

Shopping Festivals Bring In Tourists

Hotels in Dubai and Jeddah saw occupancy levels rising in January 2012, according to TRI Hospitality Consulting.

Kingdom Holding Plans Bond Sale

The Saudi company owned by Prince Alwaleed bin Talal plans to tap debt markets through sale of either conventional or Islamic bonds.

$293mn Boost For Saudi SME’s

The Saudi Industrial Development Fund has reportedly approved 13 loans to start nine new projects in the kingdom.

Almarai May Increase Pepsi JV Stake

The Saudi dairy company is currently in talks Pepsico to up its 48 per cent stake in IDJ, their joint venture firm.

Nomura To Offer Tadawul Access

The Japanese bank has received approval to offer foreign investors access to Saudi Arabia’s bourse.

Saudi Faces Rising Oil Demand

The Kingdom is concerned about keeping the global oil market well supplied as demand from Asian countries increases.

$100mn Boost For Saudi’s Al Raya

Levant Capital and Citi Venture Capital International have acquired a major stake in the Al Raya supermarket chain.

Saudi To Create $6.9bn Mining City

The integrated mining project is expected to contribute around SAR15 billion to the Kingdom’s GDP per year.

Dar al-Arkan To Repay $990mn

Saudi Arabia’s biggest property developer, Dar al-Arkan, plans to repay 3.7 billion riyals of debt this year, said CFO .

Al Marai Launches Sukuk Roadshow

The Gulf’s biggest dairy firm by market value, plans to start a roadshow this week.

Saudi Arabia’s Lost Cities

The New Economic Cities announced six years ago are yet to begin contributing to Saudi’s economy.