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Saudi Arabia suspends seafood imports from Myanmar

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RIYADH: Saudi Arabia has temporarily suspended seafood imports from Myanmar, as well as Bangladesh, India and Vietnam, reports the citing the country’s fisheries federation. However, Daw Toe Nandar Tin, vice president of the Myanmar Fisheries Federation, questioned the decision, as the issue seems to be with Vietnam. A delegation from several regulators from Saudi Arabia found that only nine facilities met the national ... Read More »

New British lamb export deal to Saudi Arabia worth 25m over five years

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 RIYADH: Saudi Arabian authorities have this week lifted the ban on sheep meat from the UK, following a detailed process to gain access to this new and lucrative market.   Exports of lamb could begin as early as next month once export certification is finalised and released.   The agreement comes following ongoing negotiations and inspections carried out jointly by ... Read More »

Global businesses need swift realignment on Saudi Arabia

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RIYADH: This article tells the tale of two countries that took two, distinct paths towards reforming their economies and uplifting their people out of poverty. The two are Saudi Arabia and Iran, and the break-off year is 1979. Before I embark on comparing the different economic factors that shaped the country’s position, as well as elaborate on the economic scene ... Read More »

KPMG reduces the impact of tax errors for Saudi companies

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RIYADH: KPMG, a leading accounting and consulting firm in the Kingdom, has identified clear cases where VAT-registered businesses in the Saudi market could make a mistake in their VAT filing due to lack of accuracy of invoices or clarity of records and the gaps in tax data. However, the impact of this type of error can be reduced by ensuring ... Read More »

Saudi crude gains ground in Japan amid faltering Asian market share

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RIYADH: Saudi Arabia’s commitment to the OPEC-led production output cut deal was confirmed with reduced exports to key Asian outlets in 2017, but Japanese imports of Saudi crude jumped to the highest level in 35 years as the kingdom also maintained its flexibility to meet demand whenever there is a need. Japan’s crude oil imports from Saudi Arabia rose 9.5% ... Read More »

Saudi Arabia boosts investment in Russian economy

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RIYADH: Saudi investments in Russian projects has exceeded $2 billion, according to the head of the Russian Direct Investment Fund, Kirill Dmitriev. A Sovereign Fund of Saudi Arabia, Public Investment Fund (PIF), announced in 2015 its intention to invest $10 billion in the Russian economy through partnership with the Russian fund. The funds have invested in petrochemicals, energy, transport infrastructure ... Read More »

Saudi oil exports to Japan jump to 35 year high

saudi arabia

RIYADH: Saudi oil daily last year, which was a 9.5-percent annual increase and the highest import rate since 1982, Japanese government data showed. A local refiner told S&P Platts the increase was a result of Saudi Arabia’s “operational flexibility, as well as they were basically flexible to accommodate our request for tolerance.” The increase came amid falling allocations for large Asian clients ... Read More »

Saudi Arabia to expedite disbursal of outstanding payments to contractors

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RIYADH: Saudi Arabia plans to expedite the disbursal of outstanding payments to private sector contractors and suppliers as the kingdom seeks to settle its dues that have caused mayhem for some companies. King Salman issued a royal decree to tackle outstanding payments and form a committee comprising a number of government entities, headed by commerce and investment minister Majed Al ... Read More »

Sami to take part in Saudi armed forces expo

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RIYADH: Saudi Arabian Military Industries (Sami), a wholly-owned Public Investment Fund (PIF) company, revealed its inaugural participation at the Armed Forces Exhibition for Diversity of Requirements and Capabilities (AFED), being held in Saudi Arabia. Sami participated as a strategic partner of the event, which will take place from February 26 to March 3, at the Riyadh International Convention & Exhibition ... Read More »

Saudi Arabia stock market rebounds rest of region sluggish

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RIYADH: Saudi Arabia’s stock market rebounded on Monday as global equities and oil prices regained some strength after last week’s tumble, but other Gulf bourses moved little, with Qatar’s index restrained by its biggest bank going ex-dividend. The Saudi index climbed 0.8 percent in the first 25 minutes as petrochemical blue chip Saudi Basic Industries added 1.1 percent and Al-Rajhi ... Read More »

Saudi Arabia hopes to raise $13b by year end from graft purge

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RIYADH: Saudi authorities expect to raise SR50bn ($13.3bn) for the state’s finances by the end of the year as they complete settlements with the princes and tycoons rounded up in Riyadh’s corruption crackdown, a senior official said. Some cash has already been transferred to the government from suspects who signed agreements to secure their freedom and more deals are being ... Read More »

Saudi Arabia look at increasing crude and product supply to Asia

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RIYADH: Saudi Arabia will increase their push towards locking in long-term crude and oil product contracts in Asia as they compete with higher US exports to the region. “Long-term contracts give assurance to the producer/refiner, they know that the product is sold, they know the price, their income is locked in and so it is easier to plan, easier to make investment decisions,” said ... Read More »

Saudi Arabia suspends imports of Vietnamese seafood

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RIYADH: Saudi Arabia’s Food and Drug Authority (SFDA) has ordered a temporary suspension of fish and shrimp imports from Vietnam. The online news service, which reports to be quoting a note published on the website of the Saudi Aquaculture Society, said the decision was made after a delegation of regulatory officials conducted an inspection last month of 24 Vietnamese facilities. ... Read More »

Saudi temporarily bans poultry imports from India over bird flu

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RIYADH: Saudi Arabia has temporarily banned imports of live birds, hatching eggs and chicks from India after a form of bird flu that is highly lethal for poultry was found in the south Asian country, the Saudi agriculture ministry said on Thursday. In January, the World Organisation for Animal Health (OIE) said, citing a report from the Indian agriculture ministry, ... Read More »

Saudi Arabia suspends fish products imports from Viet Nam

saudi arabia

RIYADH: Saudi Food and Drug Authority (SFDA) has determined to temporarily suspend the import of fish and shrimps from Viet Nam. The ban follows the regulatory procedure for fish and other aquaculture export establishments. The decision was taken by a delegation of regulators, including SFDA, Ministry of Environment, Water and Agriculture and Saudi Aquaculture Society, after inspection visits to 24 ... Read More »

Saudi plan to stoke real estate boosted as price drop slows

saudi arabia

RIYADH: Saudi Arabian house prices may be bottoming out as Crown Prince Mohammed Bin Salman targets real estate as part of his plan to revitalise the economy. A drop in prices slowed last year in major cities across the kingdom after a “rapid decline” in 2016, Knight Frank said in a report last Monday. The broker said it’s optimistic about ... Read More »

Saudi PMI falls to record low

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RIYADH: Ameasure of business activity in Saudi Arabia’s non-oil economy dropped sharply to a record low in January, as the implementation of a new value-added tax hit output and purchasing. The Emirates NBD Purchasing Managers’ Index fell from 57.3 in December to 53, the lowest reading in the survey’s history, as production and new orders slowed. Companies had boosted output ... Read More »

Saudi economic relations a unique model of cooperation

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RIYADH: Economy, has said that the UAE enjoys solid bilateral relations with Saudi Arabia, and that the two countries are brought together by strong ties based on shared cultures, history and noble Islamic and Arab values. He went on to say that the relations between the two countries represent a unique model of Gulf and Arab cooperation that is witnessing ... Read More »

Saudi Arabia’s $32b bid to build private mortgage marke

saudi arabia

RIYADH: Arabia plans to spend 120 billion riyals ($32 billion) on subsidized home loans for borrowers, as it seeks to create conditions for an expanded private-sector role in a mortgage market dominated by the government. The kingdom’s new housing program, announced on Monday, also includes an 18 billion riyal loan-guarantee program to boost access to funding, and 12.5 billion riyals ... Read More »

Saudi shops accused of increasing prices due to change shortage

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RIYADH: Shops in Saudi Arabia are reportedly increasing prices to avoid having to handover small change to consumers following the introduction of value added tax. The 5 per cent tax rate has caused problems for shop owners in both the UAE and Saudi Arabia since it was implemented on January 1 due to an apparent lack of small coins in ... Read More »