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Indian customs foil attempt to smuggle 1.6kg gold from Saudi

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Indian customs arrested a passenger who attempted to smuggle 1.6kg of gold from Saudi Arabia, according to Akhbaar24. The passenger arrived at Indira Gandhi International Airport in New Delhi, on a flight from Dammam International Airport. The officers searched the passenger and found the gold which was wrapped in plastic and tied around his waist. The gold was valued at ... Read More »

Pakistan, Saudi Arabia hold business conference to boost economic ties

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Pakistan and Saudi Arabia on Monday held a joint business conference to strengthen bilateral economic ties, a day after they signed seven agreements worth USD 20 billion to promote trade and investment in the cash-strapped South Asian country. Saudi Crown Prince Mohammad bin Salman, who is also Saudi Arabia’s defence minister, arrived on his maiden trip to Pakistan on Sunday. ... Read More »

Saudi Arabia unveils $22 billion worth of projects in Riyadh

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Saudi Arabia’s King Salman has launched a $22 billion project in the Riyadh to improve infrastructure, amenities and education in the region, it was announced. The 1,281 development projects include 15 housing projects in the Riyadh region designed to increase home ownership among Saudi citizens, as well as the world’s largest Islamic museum, sports cities, seven medical cities and 16 ... Read More »

Saudi Arabia-based execs optimistic about 2019

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A majority of C-suite executives in Saudi Arabia are optimistic about the country’s long-term economic prospects, according to a new survey from Oxford Business Group. According to the survey, 82 percent of business leaders said they were confident that the kingdom would successfully achieve the targets laid out in Vision 2030. The survey also revealed that 15 percent of respondents ... Read More »

Saudi prince likely to sign $10bn MoUs during upcoming visit

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  ISLAMABAD: Pakistan and Saudi Arabia are expected to ink three major memorandum of understanding (MoUs) amounting to over $10 billion during the upcoming visit of Saudi Prince Mohammed bin Salman (MBS) to the country. “Three mega government-to-government MoUs will be signed and their total volume will be in double digit billion dollars,” Board of Investment (BoI) Chairman Haroon Sharif ... Read More »

Saudi Arabia seeks investment to become logistics hub

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Saudi energy minister Khalid al-Falih announced on January 26 that the country is raising $427 billion in private sector investments, which will include roughly $36 billion for logistics infrastructure according to Reuters. The investment will be used to develop Saudi Arabia into a gateway for the trade supply chains of Africa, Asia and Europe. Other sectors that Saudi Arabia seeks ... Read More »

IN PROFILE: Making Saudi Arabia a global logistics hub

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The growth and diversification will be achieved through a range of measures, including maximising the value capture from its massive energy sector through refining and chemicals manufacture, unlocking the potential of the non-oil sector in areas such as mining, manufacturing and retail, and positioning the Kingdom as a global logistics hub. An integral part of the plan is to seek ... Read More »

Sadara awarded Saudi Customs’ AEO license

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RIYADH : Sadara Chemical Company has been awarded certification by the Saudi Customs Authority as an Authorized Economic Operator (AEO), a status based on the global AEO program which facilitates movement of the company’s imports and exports, or supply chain, under standards established by the World Customs Organization (WCO). Sadara Chief Executive Officer Dr. Faisal M. Al-Faqeer accepted the certification ... Read More »

Saudi Arabia set to drive Gulf salary rises in 2019

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Inflation-adjusted wages across the Gulf are set to rise only marginally this year, according to new research by Korn Ferry. The sluggish growth is reflected globally with real-wages expected to grow only an average of 1 percent in 2019, down from a 1.5 percent for 2018. “With inflation rising in most parts of the world, we’re seeing a cut in ... Read More »

Saudi Arabia offers economic support to struggling Sudan

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Saudi Arabia became the latest country to offer economic support to Sudan, as anti-government protests sparked by soaring living costs in the northern African nation rage for their sixth week. “The king confirmed that Saudi Arabia wouldn’t hesitate to support Sudan until it overcomes the current situation,” Saudi Minister of Commerce and Investment Majid Al-Qasabi told reporters Thursday in Sudan’s ... Read More »

Russia seals position as top crude oil supplier to China, holds off Saudi Arabia

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BEIJING : Russia came in as China’s largest crude oil supplier in December, cementing the top spot for all of 2018 for a third year in a row ahead of rival Saudi Arabia, customs data showed on Friday. Imports from Russia reached 7.04 million tons, or 1.658 million barrels per day, in December, up 40 percent from 5.03 million tons ... Read More »

Both sides largely sticking to Yemen ceasefire, more progress needed

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The guns have mostly fallen silent around the Yemeni port of Hodeidah and the skies are clear of warplanes, but a U.N.-sponsored deal for the warring armies to quit the city has stalled, risking efforts to end a conflict that has pushed the country to the brink of famine. UNITED NATIONS: Both sides in the conflict in Yemen have largely ... Read More »

Photo of Saudi Customs officer checking Cristiano Ronaldo’s passport goes viral!

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A Saudi customs officer made international headlines after a photograph of him checking the passport of famous Juventus footballer Cristiano Ronaldo went viral. The photo that was posted on several social media websites showed Saudi sergeant Mushabb Al-Ahmari as he was scrutinised the passport of the Juventus player at the King Abdulaziz International Airport in Jeddah. The Portuguese player arrived ... Read More »

Saudi Arabia implements initiatives to improve business environment

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JEDDAH: In 2018, Saudi Arabia implemented a number of initiatives and reforms that aim to improve its business environment and enhance its competitiveness. In this regard, the Executive Committee for Improving the Performance of Private Sector Businesses (Tayseer), headed by Commerce and Investment Minister Dr. Majid bin Abdullah Al-Qasabi, monitored and implemented initiatives and reforms to provide a stable and ... Read More »

Saudi Customs Pilots Shipment Tracking on the Blockchain

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Saudi Customs is currently currently experimenting with tracking shipments on the blockchain. The project will link the Saudi customs officials’ existing shipment tracking platform, known as Fasah, to a blockchain-based one, powered by TradeLens. Aiding the pilot will be the Saudi Arabian customs IT partner, Tabadul. The Riyadh-based firm has helped to integrate the Fasah platform with TradeLens. Can Blockchain ... Read More »

Saudi Customs Is Experimenting With Blockchain

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Saudi Arabia : The immutable nature of blockchain has led many to believe that one of the ways that blockchain technology will change the world will be the fact that it can be applied to the logistics sector, where goods have to constantly be tracked for maximum productivity and profitability. It appears as though the Saudi Arabian government agrees. Customs ... Read More »

India’s OYO plans Saudi debut, UAE expansion

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Dubai : Indian hospitality start-up, OYO plans to launch a new category in Saudi Arabia to tap the large inflow of religious tourists into the country OYO, the unicorn Indian hospitality start-up, will soon enter Saudi Arabia, Abu Dhabi and Al Ain, as part of its ambitious expansion plans in GCC. The online aggregator has also set a target of ... Read More »

Saudi Arabia reports 18% drop in expat remittances

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Saudi arabia : Expat remittances fell by 18% in November, according to Saudi Arabian Monetary Authority (SAMA). The banking authority said $2.6 billion (SAR9.9bn) was transferred by expats in November, compaired to $3.2bn (SAR12bn) in the same month last year, SAMA said remittances by Saudis also dropped by 39.5% – $1.2bn (SAR4.8bn) in November, compared to $2.1bn (SAR7.9bn) in 2017. ... Read More »

Saudi Arabia sets up $2.9bn program to increase home ownership

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Saudi Real Estate Refinance Co, a unit of the kingdom’s sovereign wealth fund, set up an SR11 billion ($2.93 billion) Islamic bond program to increase liquidity in the country’s mortgage market. HSBC Saudi Arabia has been appointed as the sole arranger and bookrunner for the riyal-denominated program, the company said in a statement. Sukuk will be issued through multiple tranches. ... Read More »

Saudi Arabia to slash defence spending

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Saudi Arabia will cut military spending for a second straight year in 2019, when education is set to overtake it as the budget’s biggest item, according to official projections published on Tuesday. The Saudi armed forces are among the world’s leading weapons buyers, a role often cited by President Donald Trump to defend America’s close alliance with the kingdom. But ... Read More »