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Saudi King Holds First Cabinet Meeting in Planned Robotic City

in Arabic/إقتصاد عام

Saudi Arabia’s King Salman held his first-ever cabinet meeting in Neom, a planned $500 billion futuristic city that will host more robots than people in a desolate peninsula in the kingdom’s northwest. The sci-fi city on the Red Sea coast is designed to represent Saudi Arabia’s efforts to transform itself away from oil, and the…

Saudi Prince Alwaleed pledges support for crown prince’s reforms

in English/إقتصاد عام

Saudi Arabian billionaire Prince Alwaleed bin Talal, who was detained for three months in an anti-corruption campaign under Crown Prince Mohammed bin Salman, pledged support on Thursday for the young leader’s programme of sweeping reforms. “I was honoured to meet with my brother HRH the Crown Prince and to discuss economic matters and the private…

Saudi Aramco to signs deal to make onshore oil rigs, equipment

in English/إقتصاد عام

Saudi Aramco signed a deal with National Oilwell Varco Inc. (NOV) to form a joint venture to make onshore rigs and equipment in Saudi Arabia, the state-owned Saudi energy firm said. Saudi Aramco will own 30 percent of the venture, while the rest will be owned by NOV, the statement said. Aramco President and Chief…

Saudi’s Princess Reema heralds economic benefits of female independence

in English/إقتصاد عام

Princess Reema bint Bandar, the deputy of Planning and Development for the Saudi Arabian General Sports Authority (GSA), has spoken about the plethora of opportunities allowing women to drive in Saudi Arabia will now create. Speaking to CNN correspondent Christiane Amanpour, she outlined why the move is just as much an economic decision as a…

Saudi Arabia and the new economics of oil

in English/إقتصاد عام

There is absolutely no doubt that the next Opec ministerial meeting this week will pit Saudi Arabia and its Gulf allies against Iraq, Iran and Venezuela, three founder members of the oil exporters organisation. Saudi Arabia has increased its production 140,000 barrels a day above its 10.058 MBD output ceiling in the pact the kingdom…

FDI opportunities growing in Saudi Arabia

in English/أعمال وأسواق مالية

Opportunities for foreign direct investment (FDI) in the GCC, driven by economic diversification across the region, were highlighted at the final day of the investment forum – Gateway Gulf, which was held in Manama, Bahrain. The event which kicked off on May 8 concluded May 10 at the Four Seasons Hotel. At the forum, Eng…

Oil heads for biggest weekly rise in a month as Iran sanctions loom

in إقتصاد عام

The oil price rose on Thursday, heading for its largest weekly increase in a month, as the market prepared for potential disruption to crude flows from major exporter Iran in the face of U.S. sanctions. The United States plans to impose new sanctions against Iran, which produces about 4 percent of global oil supplies, after…

Saudi privatisation programme targets $11 bln non-oil revenues by 2020

in English/إقتصاد عام

Saudi Arabia aims to generate 35 billion to 40 billion riyals ($9 billion to $11 billion) in non-oil revenues from its privatisation programme by 2020 and create up to 12,000 jobs, according to a document published by the official Saudi Press Agency on Tuesday. The initiative targets 14 public-private partnership (PPP) investments worth 24 billion…

Saudis Get Four Bids for 400-Megawatt Wind-Power Project

in English/إقتصاد عام

Saudi Arabia received four bids for the first wind-power project tendered under a government program to attract international companies, without disclosing information about the offers. The bidders for the 400-megawatt project are ACWA Power, the renewable energy units of European utilities Electricite de France and Enel SpA, and Engie SA’s International Power, according to an…

It’s the ‘right time’ to move into Saudi Arabia

in English/أعمال وأسواق مالية

Dubai often attracts multinationals looking for a base to serve the wider region. Saudi Arabia, though armed with a much bigger economy and population than the nearby emirate, can be overlooked. This is about to change, said Nicholas Maclean, managing director for the Middle East at the real estate services firm CBRE. He believes that…

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