Home GCC Saudi Arabia

Saudi Arabia

Saudi Arabia’s Mortgage Law To Boost Markets

Changes in Saudi’s mortgage law in 2013 are expected to boost banks in the GCC’s largest domestic market.

Saudi Arabia Fourth Largest Defence Spender In 2013

The report estimated Saudi Arabia was spending $59.6 billion, a rise of 8.6 per cent.

QNB Financial Services Expands Coverage To Saudi, Egypt, UAE

The brokerage is seeing increased interest in the three markets among Qatari investors.

Saudi’s Dar Al Arkan May Repay $450m Sukuk Early

The $450 million Islamic bond is due to mature in February 2015.

Saudi Airline Flynas Targets UK And South-East Asia

One-time short-haul carrier is embarking on international expansion

Obama To Meet Saudi King To Discuss Security

Saudi Arabia’s intelligence chief has said the kingdom is looking at a “major shift” in relations with the United States.

Saudi Arabia To Jail Citizens Who Fight Abroad

The degree underscored concern about Saudis hardened by battle in Syria coming home to target the ruling royal family.

Saudi’s Shoura Council To Reconsider 40-Hour Work Week

Saudi Arabia’s advisory body will rethink its decision about reducing working hours in the private sector following an appeal by some of its members.

Saudi Electricity Raises SAR4.5bn From Sukuk Sale

SEC said at the beginning of January that it had chosen banks to arrange the riyal-denominated transaction.

Cathay Pacific To Drop Jeddah and Abu Dhabi

While flights to both cities are being axed, Bahrain is to be expanded and double-daily Dubai is unaffected

US President Obama Plans Visit To Saudi Arabia – Report

Obama will hold a summit with Saudi King Abdullah to ease tensions between the two countries, according to a report.

Saudi Arabia To Give Egypt Up To $4bn More Aid

GCC states have given Egypt billions of dollars since the army toppled President Mohamed Mursi.

Saudi’s Shoura Council Criticises Nitaqat System

Shoura Council members said that the Nitaqat system has been ineffective in creating jobs for Saudis.

Saudi Mobily Plans To Launch Piggyback Mobile Service In Q1

The telecom operator is expected to start the service via its partner, London’s Lebara Group.

Emaar’s Huge Saudi Port Begins Operating

King Abdullah Economic City is a special economic zone up Saudi Arabia’s Red Sea coast from Jeddah.

GCC Nationalisation Schemes Creating “Ghost Workers”

Most of these schemes have failed in the past and can only be successful when accompanied by wage reforms and skill match up by locals, says new study.

Saudi Arabia Announces Strict Penalties Against Fake Nationalisation

Employers practicing fake saudisation will face five years imprisonment and a SAR10 million fine.

Saudi Mobile Subscriptions Shrink On Labour Crackdown, Haj Limits

Subscriptions dropped to 51 million as of September 30, 2013, from 56.1 million two years ago.

Saudi Healthcare Booms As State Scrambles To Close Welfare Gap

Future expansion of healthcare facilities will also be driven by Saudi’s growing young population and the high incidence of lifestyle-related diseases.

Impact Of Saudi Labour Crackdown Spreads Through Economy

Nearly one million foreign workers are estimated to have left Saudi Arabia between last March and November.

Saudi Arabia Tenders To Buy 660,000 Tonnes Of Wheat

Saudi has become a major importer of wheat since abandoning plans for self-sufficiency in wheat in 2008.

Saudi Binladin’s Construction Products Arm Plans IPO This Year

The IPO listing is expected to take place before June this year, according to the company’s CEO.

Saudi’s SABIC Expects To Enter US Shale Market This Year

SABIC CEO Mohamed al-Mady said the investment would be in downstream operations.

Saudi Minister Says No Role For Syria’s Assad In Transition

In a speech to an international conference on Syria, Prince Saud called for the withdrawal of all foreign forces from Syria.

BAE Systems Says Making Progress On Saudi Price Talks

BAE lost a potential $10 billion deal to sell 60 Eurofighter jets to the UAE late last year.

Fitch: Saudi Banks’ Performance To Remain Strong In 2014

Performance of Saudi lenders is being driven by business growth and declining loan impairment charges.

Saudi’s Al Rajhi Capital Plans Sukuk Push, Sees Better Year For IPOs

Corporates and state-owned entities in Saudi Arabia raised the equivalent of $15 billion from the sale of sukuk in 2013.

Saudi’s Healthcare Costs To Rise 30% In 2014

Saudi Arabia’s private sector hospitals are expected to hike their fees to compensate the loss of funds due to labour ministry decisions.

Kingdom Holding Posts 10.3% Rise In Q4 Profit

Full-year net profit for Prince Alwaleed’s investment firm rose five per cent to 742.5 million riyals.

Saudi Telecom Profit Lifted By Accounting Change

Saudi Telecom reported a net profit of 3.62 billion riyals in the three months to December 31.