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Saudi Arabia to establish special economic zone to woo foreign investors


Saudi Arabia: Saudi Arabia is establishing a special economic zone (SEZ) at Riyadh’s King Khalid International airport in a bid to attract multinational investors to the kingdom, it was announced on Sunday. According to the Saudi Press Agency (SPA), the SEZ will focus on integrated logistics and will be governed by the country’s General Authority for Civil Aviation. The Saudi ... Read More »

Saudi Aramco signs MoU with Zhejiang Petrochemical


DAMMAM : Saudi Aramco recently inked a memorandum of understanding (MoU) with the government of the Chinese province of Zhejiang during the Second International Petroleum and Natural Gas Enterprises Conference (IPEC) to acquire a stake in a new refinery project of Zhejiang Petrochemicals Corporation, Saudi Press Agency said on Friday. “We are looking to increase our investment in China’s refineries ... Read More »

Pakistan naval ship hosts Saudi officials, diplomats at Jeddah port


JEDDAH : Capt. Shahid Wasif, commanding officer of Pakistan Naval Ship PNS Saif, hosted a dinner reception in honor of Saudi Navy officers, diplomats and Pakistani media and community representatives on board the vessel. Acting Consul General of Pakistan Shaiq Bhutto and officers of the consulate were present on the occasion. Capt. Tariq Al-Aseeri attended the reception representing the Saudi ... Read More »

Mike Pompeo to arrive in Saudi to meet King Salman

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US Secretary of State Mike Pompeo is on his way to Riyadh to speak to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz of Saudi Arabia over the disappearance of Jamal Khashoggi. Pompeo was in the air when a Turkish police forensics team wrapped up its hours-long search of the Saudi Consulate in Istanbul early Tuesday morning. ... Read More »

Saudi disappearance puts spotlight on Trump’s business ties


Medina : Donald Trump has never been shy about talking up his close business relationships with the Saudis. “I get along great with all of them,” Trump said of the Saudis at a 2015 campaign rally in Mobile, Alabama. “They buy apartments from me. They spend $40 million, $50 million. Am I supposed to dislike them? I like them very ... Read More »

Gwadar Port can be advantageous to Saudi Vision 2030: Chinese media

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BEIJING: There have been solid indications that Saudi Arabia is interested in investing in the port city of Gwadar and other projects under the China-Pakistan Economic Corridor (CPEC). It is quite beneficial for Saudi Arabia to participate in the mega-project as it helps link its economy with China’s and facilitates the successful implementation of Crown Prince Mohammad bin Salman’s Vision ... Read More »

Saudi Arabia is investing another $45 billion with SoftBank


Saudi Arabia is investing another $45 billion in SoftBank’s second Vision Fund. Crown Prince Mohammed bin Salman Al Saud, the chairman of the country’s Public Investment Fund, told Bloomberg that the fund wanted to be a key investor in the next $100 billion fund that Softbank CEO Masayoshi Son plans to raise. The $45 billion brings the PIF’s total investment ... Read More »

Analysis: Saudi-built mega oil city near Gwadar port to complement China’s BRI


Medina :As Saudi Arabia seeks to expand its economic horizons and diversify from a largely oil-based model through collaboration and foreign investments, China is increasingly emerging as a natural partner of the Gulf kingdom. China’s State Councilor and Foreign Minister Wang Yi, while hosting his Saudi counterpart Adel bin Ahmed al Jubeir in Beijing this July, called for “deeper alignment” ... Read More »

Pakistan, Saudi Arabia agree to negotiate FTA


Islamabad: Pakistan and Saudi Arabia agreed to negotiate a free trade agreement (FTA) for trade liberalisation and increasing the volume between the two countries. Pakistan offered Saudi Arabia to negotiate the FTA directly or sign a preferential trade agreement (PTA) first for providing mutual trade opportunity in each other’s markets, said Commerce Secretary Muhammad Younus Dagha in a briefing to ... Read More »

UAE-Saudi non-oil trade surges to $196bn by end H1


Dubai:The total non-oil intra-trade between the UAE and Saudi Arabia amounted to Dh720 billion ($196 billion) since the establishment of the GCC Customs Union in 2003 until the end of the first half (H1) of 2018, marking a growth of 1,230 per cent, a media report said. UAE imports from the Kingdom reached Dh244.2 billion ($67 billion) during the monitored ... Read More »

Saudi Arabia said to scrap $200bn solar generation project


Medina :Saudi Arabia has scrapped a $200 billion plan to build the world’s largest solar-generation project and will instead implement a broader renewable energy strategy, according to a report in the Wall Street Journal. Citing officials and a Saudi government adviser, the WSJ report said nobody is currently working on the plan. Instead, Saudi officials are expected to unveil a ... Read More »

Govt hikes customs duty on 19 items: Import curbs not to have major impact on widening current account deficit

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Saudi Arabia: The increase in customs duty on 19 items by the government will likely have a small impact on India’s widening current account deficit (CAD), it may also do no wonders to encourage domestic manufacturing in these items. Though the move to penalise imports of “non-essential” items was in the offing for some weeks and therefore expected, it may ... Read More »

How Did Saudi & UAE Build Their $196 Billion Non-Oil Trade Ties?


Dubai:The total non-oil intra-trade between the UAE and Saudi Arabia amounted to Dh720 billion ($196 billion) since the establishment of the GCC Customs Union in 2003 until the end of the first half (H1) of 2018, marking a growth of 1,230 per cent, a media report said. UAE imports from the Kingdom reached Dh244.2 billion ($67 billion) during the monitored ... Read More »

OPEC and Russia shrug off Trump’s tweet tirade on oil prices


OPEC leader Saudi Arabia and its biggest oil producer ally outside the group, Russia, have pushed back against attempts by US President Donald Trump to reduce the price of oil, announcing on Sunday that there would be no additional price decrease in the near term, Reuters reported. The Saudi Arabian energy minister Khalid al-Falih told reporters at a gathering of energy ... Read More »

Saudi Arabia shuns Tesla, invests $1 billion in rival Lucid Motors (TSLA)


Tesla slid as much as 2% Monday after Saudi Arabia’s public-investment firm announced a $1 billion investment in rival Lucid Motors. The kingdom’s Public Investment Fund had previously been in talks with Tesla around the time of its exploration of going private. Musk said in a blog post explaining his “funding secured” tweet that it was after a meeting with ... Read More »

Pakistan PM Imran Khan to visit Saudi Arabia, UAE this week


Pakistani Prime Minister Imran Khan will visit Saudi Arabia and UAE from Tuesday at the invitation of the two countries leaderships, the foreign ministry said on Monday. It will be the prime minister’s first foreign visit since he took office in August. Khan will be accompanied by the foreign minister, the finance minister and his commerce adviser, the Foreign Ministry ... Read More »

Saudi Arabia ‘joining CPEC to make Gwadar an oil city

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LAHORE:China Pakistan Economic Corridor (CPEC) is set to get a major push as Saudi Arabia is expected to join the multi-billion-dollar project soon. With the Islamic Kingdom joining the Belt and Road Initiative (BRI) of the Chinese government, the major stakeholders – Islamabad and Beijing – will speed up the efforts to complete projects as soon as possible. Reports in ... Read More »

SOUQ launches Amazon Global Store in Saudi Arabia


Saudi Arabia:According to the Saudi Gazette, SOUQ, a leading online retail and marketplace website in the Arab region, on Tuesday announced the launch of ‘Amazon Global Store’, which offers customers in the Kingdom of Saudi Arabia (KSA) the ability to shop for over one million products from Amazon in the United States. On Amazon Global Store, customers can now enjoy ... Read More »

Saudi budget airline Flynas recruiting 300 Saudi male and female cabin crew


Saudi budget airline Flynas will hire 300 Saudi female and male flight attendants within two years as the kingdom attempts to reduce unemployment among nationals and increase women’s access to the workforce. The Riyadh-based carrier will also recruit 200 Saudi male and female co-pilots over the next five years, Flynas said in a statement on Thursday, when it began accepting ... Read More »

Ride-sharing apps end ‘good days’ for taxi drivers in Saudi Arabia


Taxi drivers say that they had “good days” before the arrival of Uber, Kareem and other ride-sharing apps in Saudi Arabia. Abrar Hussein, a Pakistan taxi driver, said that previously cabbies used to earn from SR350 ($93) to SR400 a day. “At that time, I used to give the company SR170 but that was fine for me as I worked ... Read More »