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Saudi recruitment firm said to plan $200m share sale

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Saudi Arabia’s Maharah Human Resources is seeking to raise more than $200 million in an initial public offering that’s likely to start next week, according to people familiar with the matter. Maharah plans to offer 30 percent of its existing share capital to investors through a listing on the kingdom’s stock exchange, the people said, asking not to be identified ... Read More »

Lebanon seizes 142 kg of illicit drugs in major bust with help from Saudi authorities

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Police in Lebanon have seized more than 800,000 pills of the stimulant Captagon worth about $12 million in an operation coordinated with Saudi authorities. Police stopped a refrigerated truck containing 142 kilograms of the illicit drug on April 9, Lebanese authorities revealed on Saturday. The operation followed a tip-off from Saudi Arabia’s Directorate of Narcotics Control that drug smugglers planned ... Read More »

SpaceX launches mission for Saudi Arabia’s Arabsat

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SpaceX’s mission is to deploy Arabsat-6A, a high-capacity telecommunications satellite for the Saudi company Elon Musk’s Space Exploration Technologies Corp has launched its massive Falcon Heavy rocket for Saudi Arabia’s Arabsat, the rocket’s first mission for a paying customer. Falcon Heavy rumbled aloft at 6:35pm local time from NASA’s Kennedy Space Station in Florida. SpaceX then recovered all three of ... Read More »

UAE, Saudi Arabia announce $200 million Ramadan aid package for Yemen

Saudi Arabia to cut flights, trade with Iran, ban visits

The UAE and Saudi Arabia have pledged $200 million for Yemen as a special humanitarian initiative during Ramadan, a UAE minister announced on Monday. Reem Al Hashimi, Minister of State for International Cooperation, said the donation is part of a $500 million joint initiative announced by both countries in November. The funding is primarily for food, with a total of ... Read More »

Saudi Arabia to change immigration process for Bangladeshi Hajj pilgrims

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DHAKA: Bangladeshi pilgrims performing Hajj will now be able to complete immigration procedures before arriving in Saudi Arabia, rather than wait in the aircraft for hours upon landing in the Kingdom. The change comes following high-level exchanges between the two governments on making things easier for the 127,000 Hajj pilgrims from Bangladesh. Anisur Rahman, from the Religious Affairs Ministry in ... Read More »

Saudi Arabia’s KPMG Chairman: Private sector has to adapt to new business models

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The private sector has to change and adapt new business models, the Chairman and Senior Partner of KPMG in Saudi Arabia, Abdullah al-Fozan, said in an interview with Al Arabiya English. “I said it over a year ago – that there is a new reality, the private sector should realize this and adapt. There is no way back. We are ... Read More »

New business funding portal to help Saudi entrepreneurs

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DAMMAM: An initiative aimed at helping entrepreneurs to access business funding has been launched by Saudi finance chiefs. The Kingdom’s Small and Medium Enterprises General Authority (Monsha’at) has signed joint agreements with a number of financial providers to allow business owners to apply for monetary backing through a newly established website. The announcement came as 720 young entrepreneurs took part ... Read More »

Saudis punished Canada by halting shipments in ports, denying visas: memo

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OTTAWA — The fallout from Saudi Arabia’s move to punish Canadian companies was felt within a month of the countries’ sudden diplomatic feud last summer, leading to visa rejections, a government ban on food from Canada and a blockage of shipments at the kingdom’s ports. A newly released federal document provides a close look at Saudi Arabia’s retaliation against Canada, ... Read More »

LogiPoint Cross Border Gulf service (CBG) brings GCC closer

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LogiPoint CBG (Cross Border Gulf) has recently concluded a pilot project to help a client reduce their lead time and minimise uncertainties due to limited carrier choice for their shipments from Europe to the upper Gulf. The average transit time by sea from major European ports to the GCC is between 25 to 30 days with multiple transhipments. Given the ... Read More »

Climate change activists are a worry for Saudi Arabia’s national oil company

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Aramco, the national oil company of Saudi Arabia, is the world’s most profitable company. The behemoth, which made $111 billion in net profit last year, yesterday filed a prospectus (pdf) for an international bond offering, giving the first public view of its finances and strategy. The document is mostly positive—Aramco makes lots of money and looks set to do so ... Read More »

Etihad, Arab National Bank Co-Branded Card In Saudi Arabia

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Etihad Guest, Etihad Airways’ loyalty program, and Saudi-headquartered Arab National Bank (ANB) have partnered to launch an ANB Etihad Guest Signature Visa Card in the Kingdom of Saudi Arabia (KSA). With its focus on creating a personalized travel experience for Arab-speaking Etihad Guest members, Etihad Guest launched an Arabic website. This new platform too will aim to deliver an “improved ... Read More »

Germany adds six months to Saudi arms export ban

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BERLIN: German Chancellor Angela Merkel’s coalition government on Thursday extended by six months an embargo on weapons exports to Saudi Arabia, instituted last October in response to the murder of Saudi journalist Jamal Khashoggi. The ban has faced opposition from within the German government and the European Union, but has the support of rights groups. “The order to halt authorised ... Read More »

Aramco Builds ‘Energy Belt’ between Saudi Arabia, China

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Saudi Aramco is committed to long-term energy investments in China, and as the world’s largest oil producer, the company is determined to reduce its environmental impact, Aramco CEO Amin al-Nasser said. Speaking at the International Petroleum Technology Conference (IPTC) in China, Nasser stated that Aramco is building an “energy belt” between Saudi Arabia and China to meet the demand of ... Read More »

Saudi beats Russia to top spot among China crude oil suppliers in Feb

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BEIJING/SINGAPORE: Saudi Arabia was China’s biggest crude oil supplier in February, data from the general administration of Chinese customs showed on Monday, reclaiming the crown from Russia after ranking no. 2 in January. After having been China’s second-biggest crude supplier for three straight years on an annual basis, the kingdom is ramping up sales to China via supply deals with ... Read More »

Saudi online shopping rises to near 50% : authority

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Almost half of internet users in Saudi Arabia engaged in some form of online shopping last year, the country’s Communications and Information Technology Commission has said. The government body’s annual study of around 10,000 internet users revealed the percentage who engaged in online shopping last year crept up to 49.9 percent, from 47.9 percent in 2017, and 37.3 percent in ... Read More »

2 Saudi Airlines crew among 3 held with gold at Dhaka airport

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Customs officials today detained three women including two Saudi Airlines crew members from Shahjalal International Airport in Dhaka early today for carrying gold illegally. The two cabin crew members of Saudi Airlines are Sayma Akhter and Farjana Afrose while the third woman identified herself as Razia Sultana, 50, an official of Premier Bank. All of them are Bangladeshi citizens. Razia ... Read More »

Saudi Aramco shifts strategy in China

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DUBAI/SINGAPORE/BEIJING: Rising Russian and US competition has pushed Saudi Aramco to find new buyers for its oil in China, encouraging a shift toward independent refiners and newcomers to the business. It reflects a new strategy for the Saudi Arabian oil giant after years of dealing almost exclusively with major state-owned Chinese energy firms, industry sources say. But the change in ... Read More »

China And Saudi Arabia Converge On Pakistan – Analysis

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China and Saudi Arabia step in to support Pakistan after the US cuts $2.1 billion in financial and military aid. A trilateral alliance of China-Pakistan-Saudi Arabia, driven by geo-economic interests, is emerging, with the Pakistani port of Gwadar on the Arabian Sea as its hub. This builds upon a geopolitical foundation dating back to the mid-1960s. With the Trump administration ... Read More »

Saudi-Iraqi Coordination Council Holds Meeting

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The Saudi-Iraqi Joint Coordination Council (SICC) discussed Sunday its plan of action for the next phase during a meeting held in the Iraqi capital, Baghdad. The meeting was attended by National Coordinator of the SICC team Dr. Mahdi al-Alak, who is also secretary general of the Iraqi Cabinet’s General Secretariat, in addition to representatives of relevant bodies, including general authorities ... Read More »

Arada to open Saudi Arabia, Abu Dhabi offices in 2019

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Arada CEO Ahmed Alkhoshaibi said the development company had noticed investor interest from the country ‘rise significantly over the course of the last year’ Real estate developer Arada, known for its $6.5bn mega project Aljada will expand its operations to Abu Dhabi and Saudi Arabia in the first half of this year, chief executive officer Ahmed Alkhoshaibi told Construction Week. ... Read More »