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Saudi aid center delegation takes part in UN humanitarian affairs meetings


A delegation from the King Salman Humanitarian Aid and Relief Center (KSRelief) was in New York on Tuesday to enhance the efficiency of humanitarian action and raise the capacities of affected and needy peoples. The delegation participated with the Permanent Mission of Saudi Arabia to the UN in the meetings of the humanitarian affairs section of the UN Economic and ... Read More »

Saudi Arabia’s King Salman issues order to appoint scores of judges to Ministry of Justice


DUBAI: Saudi Arabia’s King Salman issued a royal decree appointing 161 judges to the Ministry of Justice on Tuesday, Saudi state-news agency SPA reported. The decree also included the promotion of 79 other judges at various levels of the judiciary. Read More »

Deal to boost OPEC oil output ‘inevitable’, says Saudi minister


It’s “inevitable” that OPEC and its allies will agree to boost oil output gradually at their meeting in Vienna next week, said Saudi Arabia’s Energy Minister on Thursday. “As usual we will do the right thing,” Khalid Al-Falih told reporters in Moscow. “I think we’ll come to an agreement that satisfies most importantly the market.” Russia and Saudi Arabia, leaders ... Read More »

MBS, Putin to discuss oil production on sidelines of World Cup


Saudi Arabia ” Russian President Vladimir Putin and and Saudi Crown Prince Mohammed bin Salman will discuss how to boost oil production while maintaining their petro-alliance when they meet in Moscow tomorrow to watch the soccer World Cup’s opening match between the two countries. The world’s largest oil exporters are negotiating how to rework their unprecedented, and successful, deal to ... Read More »

Saudi crown prince arrives in Russia for World Cup opener against Russia


The Saudi Crown Prince Mohammad bin Salman arrived in Moscow on Thursday to meet Russian President Vladimir Putin and attend the opening ceremony of the World Cup. The crown prince was greeted at the airport by the Russian FIFA World Cup mascot where he signed a commemorative ball. The crown prince will later attend the opening match between the national ... Read More »

Saudi Arabia’s safety-net spending wipes out new tax gains

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Saudi Arabia’s efforts to ease the burden on ordinary citizens from its promised economic overhaul are taking a toll on its balance sheet. Photo: FAYEZ NURELDINE/AFP/Getty Images Saudi Arabia’s efforts to ease the burden on ordinary citizens from its promised economic overhaul are taking a toll on its balance sheet. The increase in the kingdom’s spending on wages and social ... Read More »

Saudi investors keen on real estate and looking abroad


DUBAI: Most investors in Saudi Arabia are committed to real estate as their main investment vehicle, but many are looking outside the Kingdom for opportunities in the property market, according to a new survey of investment patterns among residents. Some 85 percent of Saudi residents have invested in property at some stage, but over half of respondents are considering putting ... Read More »

New Saudi savings scheme planned


Saudi Arabia : A new savings and investment scheme is set to be launched in Saudi Arabia by UAE-based National Bonds and Shuaa Capital. An initial agreement was signed by the pair who are in talks with regulators with the aim of launching in the second half of the year. “Saudi Arabia is a strategically important market for us, and ... Read More »

Saudi Aramco restructures non-oil assets ahead of IPO


DHAHRAN: Saudi Aramco has created a subsidiary to house its multibillion-dollar pension fund and could spin off its aviation division, sources said, as it restructures some assets not related to oil and gas ahead of its planned initial public offering (IPO). The move is designed to streamline Aramco’s operations and could make it easier to value since its business risk ... Read More »

Limited Cabinet reshuffle in Saudi Arabia

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Manama: Saudi King Salman Bin Abdul Aziz has partially reshuffled the government, giving Prince Badr Bin Abdullah Al Saud the portfolio of the newly-established ministry of culture after extracting it from the Ministry of Information and Culture. All activities related to culture will be transferred to the new ministry in a move that highlights the growing significance culture is gaining ... Read More »

Reform bonus for Saudi banks as profits surge


RIYADH: Saudi banks, which are working to capitalize on economic reforms, have defied recessionary trends by posting profits during the first quarter of 2018. The banks have cumulatively reported a 7.5 percent year-on-year increase and an 18 percent quarter-on-quarter growth in net profit for the first quarter, thanks to lower interest expenses and provisioning charges. “The results are credit positive ... Read More »

King Salman receives Yemeni president

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JEDDAH: Saudi Arabia’s King Salman received Yemeni President Yemeni President Abed Rabbo Mansour Hadi on Tuesday in Jeddah. The meeting was attended by a number of provincial governors and other dignitaries. Yemen’s army killed 35 Iran-backed Houthi militants in Al-Jouf province on Monday. The army has also made strong gains in Houthi-held areas in Hodeidah province in recent days. Read More »

Oil prices edge down amid worries Saudi Arabia, Russia to boost output


Saudi Arabia : Oil prices inched down on Wednesday amid concerns that Saudi Arabia and Russia will pump more crude in the second half of the year in response to falling global crude inventories and rising consumer prices. Saudi Arabia and Russia have discussed raising OPEC and non-OPEC oil production by 1 million barrels per day (bpd) to counter potential ... Read More »

Oil prices dive but Trump-Kim hopes boost asian equity markets


Saudi Arabia :Oil prices extended losses in Asia Monday after Saudi Arabia and Russia signalled they could raise output, but indications that Donald Trump’s summit with Kim Jong Un could be back on supported equity markets. Both main contracts tanked on Friday after Saudi oil minister Khaled al-Faleh said his country could open the taps wider in the second half ... Read More »

Russia, saudis signal oil production boost


Saint Petersburg :Russia and Saudi Arabia said Friday they believe a deal is possible to gradually boost oil output from as soon as July as world oil prices have recently hit highs last seen in 2014. Meanwhile President Vladimir Putin said Friday that Moscow would be satisfied with the price of crude oil dropping to $60 per barrel, from its ... Read More »

International monetary fund urges saudi to contain spending as deficit widens


Dubai:The International Monetary Fund has called on Saudi Arabia to keep public spending under control, even as a partial recovery of oil prices helps the economy emerge from recession. The lender called on the world’s top oil exporter to continue “bold structural changes” but to “resist the temptation to re-expand government spending in line with higher oil prices”, in a ... Read More »

Saudi Arabia says to launch new bourse improvements on Sunday


Tadawul, the Saudi Stock Exchange, on Tuesday announced that previously disclosed improvements to its opening and closing price mechanism will be implemented on May 27. Changes to the methodology for determining opening and closing prices apply to both the main market and the Nomu – Parallel Market, a statement said. The enhancements include moving from a volume weighted average price ... Read More »

Saudi team develops payload for use in joint lunar exploration with Chinese Space Agency


JEDDAH: Saudi engineers and researchers have completed work on a payload for a Chinese space vehicle that will explore the moon, the Saudi Press Agency reported on Monday. The joint exploration is in line with a memorandum of understanding concluded between China and Saudi Arabia during King Salman’s visit to Beijing in mid-March 2017, the SPA said, quoting Prince Turki ... Read More »

Saudi Arabia assures adequate supply as oil hits $80 a barrel


RIYADH: Saudi Arabia said on Friday it is consulting other oil producers in and outside OPEC to ensure the world has adequate supplies to support economic growth after prices hit $80 a barrel for the first time since 2014. OPEC’s most influential energy minister, Saudi Arabia’s Khalid Al-Falih, said in a Twitter post that he had called his counterparts in ... Read More »

Oil minister Dharmendra Pradhan asks Saudi Arabia for stable, moderate oil prices


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