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KSA

Saudi Arabia pledges $150m for Islamic sites in Jerusalem

in English/سياسات إقتصادية

Saudi Arabia’s King Salman on Sunday announced a $150 million donation for the maintenance of Islamic heritage in East Jerusalem. “Saudi Arabia announces a $150 million grant to support the administration of Jerusalem’s Islamic property,” the monarch said at the opening of the Arab League summit in the kingdom’s eastern city of Dhahran. “I name…

Dubai’s VOX Cinemas planning up to 300 screens in Saudi by 2021

in English/إقتصاد عام

VOX Cinemas, a unit of Dubai-based mall operator Majid Al Futtaim, is planning to open 300 cinemas in Saudi Arabia within the next five years, the company’s chief executive officer told Zawya on Tuesday. Founded in 1992, Majid Al Futtaim owns and operates 22 shopping malls, 12 hotels and three mixed-use communities across 15 markets…

Saudi Aramco could go public this year, but waiting for optimal time

in إقتصاد عام

Saudi Energy Minister Khalid al-Falih told CNBC that Saudi Aramco is ready to go public but the company and kingdom will wait for the “optimum” time. He said the initial pubic offering of the world’s largest company could be this year, but it could also be later. Aramco is expected to be listed first on…

Saudi women to transform kingdom’s automotive industry

in English/سياسات إقتصادية

Twenty percent of Saudi women – about three million – will drive by 2020, according to a new report from PwC Middle East. According to the report, entitled “Women driving the transformation of KSA automotive market”, the kingdom’s royal decree that allowed women to drive from June 2018 will create new job opportunities for Saudi…

The Next Entrant in the Shale Revolution? OPEC’s Saudi Arabia

in English/إقتصاد عام

Saudi Aramco, the world’s largest oil exporter, is set to join the shale revolution with plans to start producing unconventional natural gas this month and exploit a deposit that could rival the Eagle Ford formation in Texas. Saudi Arabia’s gas resources from shale and other alternative supplies are “huge,” Khalid Al Abdulqader, general manager of…

Uber reveals campaign to get more Saudi women behind the wheel

in English/إقتصاد عام

Uber on Thursday announced Masaruky – Arabic for “your path” – a two-year initiative that aims to increase women’s participation in the workforce in Saudi Arabia. The initiative aims to improve access to affordable transportation, in addition to increasing women’s access to flexible, part time economic opportunities through the Uber technology. The campaign will kick…

Putin’s power play: Saudi-Russia oil deal leads to bigger Russia role in Middle East

in English/إقتصاد عام

Saudi Arabia’s oil production agreement with Russia was opportunistic at first, but it is now the foundation for a broader relationship that has the potential to reduce already waning U.S. influence in the Middle East. Experts note that Russia has relationships with many powers in the Middle East and is the only one that can…

Gulf states considering plans to bring end to Saudi-led Qatar boycott

in English/إقتصاد عام

Gulf states are studying plans to break the deadlock over the Saudi-led boycott of Qatar by persuading the two sides to agree to relax restrictions on civilian movements as the first step to a wider deal. The dispute with Qatar is likely to be one of the major topics for discussion between the Saudi crown…

Saudi Arabia’s credit to private sector edges up

in English/أعمال وأسواق مالية

Saudi Arabia’s credit to the private sector rose on a monthly basis for the first time in five months in January 2018 reflecting a 0.2 per cent increase month-on-month (m-o-m), said Al Rajhi Capital, a top financial services provider. Deposits remained broadly unchanged on a sequential basis in January, Al Rajhi added its latest Saudi…

Saudi central bank ends repo agreements after local money rates fall below U.S.

in English/أعمال وأسواق مالية

Saudi Arabia’s central bank said on Monday it would no longer offer repurchase agreements for seven-, 28- and 90-day periods, after short-term Saudi money market rates fell below U.S. rates for the first time in nine years. In a brief statement, the Saudi Arabian Monetary Agency said it no longer needed to use the instruments…

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