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Foreigners bought record Saudi stocks

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RIYADH:  Foreigners bought a record $384 million of Saudi Arabian stocks on a net basis last week, showing international interest in the market is continuing to grow ahead of the planned listing of oil giant Saudi Aramco in Riyadh late this year or early next. Foreign investors purchased $615 million of stocks and sold $231 million in the week through Thursday, ... Read More »

Saudi reforms to bring flood of foreign funds

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RIYADH: Saudi Arabia’s inclusion in global equity indexes and the planned privatisation of oil company Aramco are expected to bring big inflows of overseas money into the kingdom next year. This should help Riyadh rebuild its financial reserves and fund investment plans after the 2014 plunge in oil prices that cut export earnings and deprived the banking system of funds. Reversing ... Read More »

Saudi group inks partnership deal with China’s Higher Bus

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RIYADH: Saudi-based Abdul Latif Jameel Machinery has announced a strategic partnership deal with Higher Bus, the leading Chinese bus and coach manufacturer, to support the development of public transportation in Saudi Arabia. A leading provider of commercial vehicles, and industrial and heavy equipment in Saudi Arabia, Abdul Latif Jameel Machinery said under the deal, it will now offer various types of Higher Bus vehicles ... Read More »

Turnaround in Saudi to begin with a modest GDP growth in 2018

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RIYADH: The Saudi Arabian economy that witnessed slow growth during the last three years and a negative growth of -0.7 per cent last year is projected to grow in the range of 1.9 per cent, according to projections by the Institute of International Finance (IIF). Earlier this week, the International Monetary Fund (IMF) projected the real GDP growth at 1.7 ... Read More »

Tax firm ramps up hiring in Saudi Arabia

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RIYADH: Saudi Arabia is planning to hire around 700 new employees over the next five years, as it ramps up its presence in the kingdom, it was announced on Wednesday. At the end of the first quarter of this year, KPMG Al Fozan & Partners had 1,200 employees Saudi Arabia, of which around 500 were Saudi nationals, the company said. Abdullah Al-Fozan, ... Read More »

Saudi privatisations offer biggest opportunities for capital markets

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RIYADH: The opening up of Saudi Arabian markets has been touted as one of the major financial opportunities in the Middle East and North Africa (MENA), with data showing inter-regional dealmaking in the region at its highest levels since 2013. In the keynote speech at the inaugural Thomson Reuters Middle East Dealmaking Forum, Matthew Toole, the company’s global head of deals intelligence, ... Read More »

Saudi Arabia to launch first public cinema this week

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RIYADH: The roll-out of cinemas nationwide follows the Kingdom’s first movie festival, supported by the General Entertainment Authority, which was held in Jeddah in January, marking the lifting of a 35-year ban. The Development and Investment Entertainment Company (DIEC) – subsidiary of Saudi Arabia’s Public Investment Fund – is licensed to operate the cinema, in collaboration with the US-based company AMC ... Read More »

Saudi Arabia Prepares to Launch Qiddiya Entertainment Project

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RIYADH: Saudi Arabia is preparing to lay the cornerstone for Al-Qiddiya entertainment city, in Riyadh, amid signs indicating this project will change investment in the entertainment sector. Qiddiya will be one of the most specialized international projects capable of attracting visitors and investments. Saudi Public Investment Fund (PIF) recently signed an agreement with Six Flags, a world leader in recreational ... Read More »

Saudi Arabia plans to keep its May crude exports below 7m

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RIYADH:  Saudi Arabia the world’s top oil exporter, plans to keep its crude oil shipments in May below 7 million barrels per day (bpd) for the 12th consecutive month, the Saudi Energy Ministry said. Saudi Arabia has been pumping below its OPEC target since January and reducing its crude shipments, particularly to the United States, as it turns its focus ... Read More »

Saudi Arabia’s expat tax conundrum

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RIYADH: This month was the end of the line for many Asian expatriates in Saudi Arabia who chose to return home following the conclusion of the school year and final exams. With rising levies on each expat every successive year, many of them folded up and made preparations for an early departure. For those unfamiliar with the levy, the Kingdom ... Read More »

Saudi efforts to raise crude prices get Chinese slap

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RIYADH: Saudi Aramco may have shot itself in the foot by unexpectedly increasing the price of its crude oil to Asia, with a major Chinese refiner responding by sharply cutting back on the volume of cargoes from the world’s top exporter. Sinopec, Asia’s largest refiner, aims to slash its crude oil imports from Saudi Arabia’s state producer by 40 percent ... Read More »

Arab business leaders urge launch of Arab salvation fund

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RIYADH: Participants in the 16th Arab Business Community Forum recommended the establishment of an Arab salvation fund to finance an Arab reconstruction project for countries that witnessed destruction in various sectors, in which Arab sovereign funds and Arab business leaders have a key role in the proposed bid. The business community also stressed the importance of rebuilding Arab economies affected ... Read More »

Toyota opens hitech showroom in Saudi Arabia

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RIYADH: Abdul Latif Jameel Motors, the authorised distributor of Toyota in Saudi Arabia, has announced the opening of a new state-of-the-art Toyota and Lexus facilities in Hufof. The site, developed by Abdul Latif Jameel Land, hosts a state-of-the-art, a customer-centric indoor showroom and an outdoor area that displays approved used Toyota and Lexus cars, and provides a full spectrum offering ... Read More »

Saudi crown prince heads to Texas

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RIYADH: Crown Prince Mohammed bin Salman’s stop in Houston on Saturday will shift his focus to Saudi Arabia’s reliance on oil at a time when the kingdom looks to diversify its economy. Houston often gets cited as the energy center of the United States, as the sprawling Texas city has thousands of refineries, petrochemical plants and natural gas fields. It ... Read More »

Saudi Arabia lifts Egyptian guava imports ban

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RIYADH: Saudi Press Agency has reported that the country has lifted a temporary ban on imports of fresh and frozen guava from Egypt, about 75 days after the ban was imposed. The Saudi Food and Drug Authority (SFDA) said: “a commitment by the regulatory authority in Egypt with regards to controls and requirements related to exporting manufactured fruit and vegetables ... Read More »

Saudi Arabia’s PMI falls to record low in March

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RIYADH: Saudi Arabia’s business conditions improved at the slowest rate since the purchasing managers index survey began, with the headline PMI falling to 52.8 in March, from 53.2 in February. “The fall in the pace of expansion in Saudi Arabia’s non-oil private sector to its lowest levels on record last month will prompt firms to continue price discounting in a ... Read More »

Saudi private sector growth hits record low in March

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RIYADH: Growth in Saudi Arabia’s non-oil private sector slowed in March, a survey of businesses showed on Tuesday, reaching its lowest level since the survey was launched in August 2009. The data suggests the Saudi economy continues to struggle with the impact of low oil prices and government austerity measures such as the imposition of a 5 percent value-added tax, despite plans ... Read More »

Saudi government approves domestic government bond exchanges

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RIYADH: Saudi Arabia’s securities regulator has approved the listing of local currency government bonds on the Saudi Stock Exchange, the Capital Market Authority (CMA) announced on Sunday. According to the CMA, the move is part of larger efforts to introduce the financial instruments that serve the needs of different investor categories. In a statement, the CMA said that more than ... Read More »

Saudi Arabia set to join emerging market index

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RIYADH: The largest Arab economy’s classification as an emerging market is a key step toward the kingdom’s goal of attracting billions in additional stock investor inflows. FTSE Russell also announced that Kuwait’s stock market would enter its emerging market index in two equal stages in September and December this year, and 10 Kuwaiti stocks currently look likely to join the ... Read More »

Saudi Arabia to join FTSE emerging market index

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RIYADH: The Saudi Arabian stock market will join FTSE Russell’s emerging market index starting in March next year, the company said on Wednesday, a move expected to draw billions of dollars of fresh foreign portfolio investment to the kingdom. Many equity funds around the world benchmark themselves against the index, and they will need to buy Saudi stocks when the ... Read More »