Prince Khaled bin Sultan has been removed from his post, replaced by Prince Fahd bin Abdullah bin Mohammed bin Abdulrahman.
The company, which employs 40,000 people spread across 40 countries, made a net profit of around $6.59 billion in 2012.
The deal will take V-22 Osprey aircraft, advanced refueling tankers, anti-air defense missiles and 25 F-16 Desert Falcon jets to the region.
Net income for the three months to March 31 was 6.56 billion riyals ($1.75 billion) compared to 7.27 billion riyals in the same period last year.
The world’s largest oil exporter shipped around 7.09 million bpd in January.
Saudi Arabia has been deporting hundreds of thousands of illegal foreign workers as part of labour market reforms.
King Abdullah announced the SAR250 billion scheme in 2011 to build 500,000 housing units over several years
Saudi Arabia, the world’s top oil exporter and birthplace of Islam, is a key regional U.S. ally.
The affiliate of Kuwait’s Zain, made a net loss of 398 million riyals ($106.13 million) in the three months to March 31.
Aramco said Manifa’s output will reach 500,000 bpd by July and 900,000 bpd by the end of 2014.
The move will “save more than 500,000 jobs”, says the Kingdom Holding chairman.
National Commercial Bank’s net profit was boosted by higher special commission and fee income.
The kingdom’s fifth-largest bank by market cap said it made $182.4 million in the three months ending March 31.
The Kingdom has awarded up to 400,000 tonnes of cracked fuel oil to SITME.
The lender’s profit was boosted by a jump in both lending and customer deposits portfolio.
SABB saw first quarter net profit rise 11 per cent, while Saudi Hollandi’s net profit rose 19.4 per cent.
Local reports stated that a young man was sentenced to be surgically paralysed after stabbing a friend who was also left unable to move.
The 700-centistoke (cst) cargo is scheduled to load between May 5 and 9, traders said.
Malaysian construction firm MMC’s joint venture with Saudi Binladin Group was awarded the contract to develop the Jazan Economic City in 2006.
The bank said it made $254 million in the three months ended March 31, 2013.
More than 200,000 foreigners have been deported from the Kingdom over the past few months.
More than 200,000 foreigners have been deported from the country over the past few months.
Inspired by a shale gas surge in the U.S. the kingdom has begun investigating its large unconventional deposits and their potential for fuelling long-term growth.
Thousands of Yemeni labourers face deportation following new Saudi regulations that require expats to work only for their sponsors.
The operator, which has yet to make a quarterly profit since launching services in 2008, last week extended a $2.4 billion Islamic loan to April 30.
IILM faced a major challenge to ensure compliance with laws in all of the 12 member countries situated across Asia and the Middle East.
Pricing came at the tight end of initial price guidance of 170-190 bps, indicating that demand for the transaction was strong.
State-owned refiner MRPL said it will halt oil imports from Iran in April if insurance cover is not available for its refineries.
The Prince has said the Kingdom needs to upgrade its equity markets to international standards while protecting its blue-chip companies from hot international money.
The Kingdom has budgeted to spend a record 820 billion riyals, up 19 per cent from the amount originally planned for 2012.