ABU DHABI // The introduction of value-added tax in the UAE next year, in tandem with the other five GCC countries, will boost government revenues that took a hit with falling oil prices. VAT could generate Dh12 billion in its first year and Dh20bn in its second year, said Sultan Al Mansouri, Minister of Economy. The international monetary fund (IMF) said introducing VAT at a low rate […]
A Saudi soldier was killed by gunmen late on Tuesday in the Eastern city of Qatif, in an incident the interior ministry said was carried out by “terrorist elements”. The security patrol came under fire upon approaching a suspicious vehicle, the statement carried by state news agency SPA, adding that the gunmen fled the area. Eastern Province is home to much of Saudi Arabia’s oil production as […]
Abu Dhabi Festival kicked off its major concert program with a performance by Mohamed Abdo. newslide Popularly known as “Fanan Al Arab” or “Artist of the Arabs” (a title he was given in the 1980s during a concert in Tunis by then president Al Habib Bou Rakiba), the Saudi Arabian singer, composer and oud player’s sold out show at Emirates Palace served to only cement his status […]
With the oil market showing signs of losing faith in a price rebound, Opec is now asking itself: what more can it do? Production cuts agreed late last year between some of the world’s biggest producers inside and outside the cartel, are losing their sway given the near 10 per cent drop in the Brent benchmark over the past week. Brimming global storage tanks and a resurgent […]
It is fitting that just a few hours until the Fed’s second rate hike in two quarters, and one day after Goldman downgraded global stocks to Neutral for the next 3 months, not to mention with the results of the anticipated Dutch election due shortly, that global stocks as well as S&P futures are higher, while crude oil has finally managed to stage a rebound as the […]
Saudi Arabia’s Capital Market Authority (CMA) has received enquiries from companies from the Gulf Cooperation Council considering listing on its new parallel market, Nomu, a senior executive said on Tuesday. The companies were in the process of appointing advisers to support their potential listings, said Yarub Awadh Albadi, head of CMA’s initial public offering unit. The Nomu market, which launched on Feb. 26, is designed for small […]
The president was expected to urge Saudi Arabia to support safe zones in Syria, which the administration has argued would be an alternative to accepting thousands of refugees from a country that has been ripped apart by six years of civil war. Continue reading the main story Mr. Trump and members of his inner circle regard Saudi Arabia as a vital component of the White House strategy […]
By Yeganeh Torbati | OVER THE PACIFIC OCEAN OVER THE PACIFIC OCEAN U.S. Secretary of State Rex Tillerson is traveling to Asia this week accompanied by only one reporter, a White House correspondent from the Independent Journal Review (IJR), a digital news outlet founded in 2012 by former Republican political operatives. The IJR said in a statement late Tuesday the State Department last week offered one of […]
Wednesday 02:40 GMT Overview A rally in crude oil prices that erased the losses of the previous session failed to bolster energy stocks in Asia, as bond and currency traders also shunned major moves ahead of the US Federal Reserve’s interest rates decision later in the day. Hot topic Crude was climbing in Asia after a slide on Tuesday. Brent, the international benchmark, was up 1.3 per […]
Toyota Motor Corp signed a memorandum of understanding (MOU) on Tuesday with a Saudi Arabian government agency to conduct a feasibility study into producing vehicles and parts in the Middle Eastern nation. The move, if firmed up, would be a big step for the Saudi economy as the government tries to diversify beyond oil exports and create jobs as part of the kingdom’s 2030 Vision. So far, […]
Oil prices have fallen almost 10 per cent in the past week to their lowest level since Opec agreed to cut output in November. Here are five factors contributing to the renewed bout of selling that could dictate whether Brent crude can hold above $50 a barrel. 1. Shale The US shale industry has come back with a bang, with oil prices back above $50 a barrel. […]
Saudi Arabia, the world’s biggest oil exporter, moved to allay fears that the kingdom was backing away from its pledge to curb production, underlining its concern about a 10 per cent plunge in the crude price over the past week. The kingdom’s energy ministry rushed out a rare statement on Tuesday asserting its commitment to “stabilising the global oil market”, just as global benchmark Brent crude slipped […]
LONDON/PARIS An activist hedge fund has said it objects to plans by Walt Disney (DIS.N) to take full control of debt-laden Paris theme park operator Euro Disney (EDLP.PA), according to a letter seen by Reuters. Paris-based CIAM, which owns 1.4 percent of Euro Disney shares, has written to the board of the French company to object to what it believes are plans by Walt Disney to force […]
The head of the main film festival in Saudi Arabia, where cinemas are banned, wants the government to invest in the sector as part of its campaign to encourage entertainment. Ahmed AlMulla made the comments in an interview with AFP ahead of the fourth Saudi Film Festival, which runs from March 23-28 in the Gulf coastal city of Dhahran. This year’s festival is the first since the […]
The Gulf’s healthcare industry is expected to receive the highest volume of investments in 2017 among non-oil sectors as GCC countries seek to further diversify their economies, according to a new survey. CFA Institute, the global association of investment professionals, said its annual Middle East Societies Market Sentiment survey also forecse an increase in hospitality and tourism investment. It said in a statement that in Saudi Arabia, […]
Japanese Prime Minister Shinzo Abe has asked Saudi Arabia’s King Salman to support the listing of Saudi state oil giant Aramco shares on the Tokyo Stock Exchange, a Japanese senior government official said on Monday. King Salman said that the kingdom would look into the request because he wants Japanese investors to buy Aramco shares, the official said after the two leaders met. Bourses in Asia and […]
Photo Hosni Mubarak waved to supporters in 2015, on his 87th birthday, from the Maadi Military Hospital in Cairo. Credit Amr Nabil/Associated Press CAIRO — An Egyptian prosecutor ordered Hosni Mubarak, the toppled Egyptian autocrat, released from the Maadi Military Hospital in southern Cairo, where he has been held for much of the last six years. But as of Monday night, Mr. Mubarak, 88, still had not […]
By Suleiman Al-Khalidi | AMMAN AMMAN Aid workers are in a “race against time” to prevent famine threatening millions of people in Yemen, a senior U.N. official said in Monday. “We have about three months of food stored inside the country today,” Ertharin Cousin, executive director of the World Food Programme, told reporters in Amman after a three-day visit to the wartorn country. “We do not have […]
Monday, March 13, 2017 Alwaleed Philanthropies (AP), chaired by HRH Prince Alwaleed Bin Talal Bin Abdulaziz AlSaud, announced an innovative new partnership with Thomson Reuters Foundation focused on empowering Saudi female journalists, during the first of its kind conference titled “The evolving role of women in Saudi Arabia” held in Riyadh on Saturday March 11, 2017. In partnership with Luxury KSA, and Smaat Company, the conference took […]
ARADA, the UAE-based developer started by Prince Khaled bin Alwaleed bin Talal, the only son of Saudi billionaire Prince Alwaleed, has announced the launch of its first project in Sharjah. With an expected completion date for late 2018, Nasma Residences will offer more than 800 homes plus community facilities, a statement said. In January, Prince Khaled’s KBW Investments (KBW) and Basma Group unveiled ARADA, a partnership enterprise […]
ARADA, the UAE-based developer started by Prince Khaled bin Alwaleed bin Talal, the only son of Saudi billionaire Prince Alwaleed, has announced the launch of its first project in Sharjah. With an expected completion date for late 2018, Nasma Residences will offer more than 800 homes plus community facilities, a statement said. In January, Prince Khaled’s KBW Investments (KBW) and Basma Group unveiled ARADA, a partnership enterprise […]
Zain Group held its annual Ordinary General Assembly in a gathering that constituted a quorum of 66.79% and approved a cash dividend of 35 fils Vice-Chairman Bader Al Kharafi: “Investments in emerging technologies will diversify our revenue streams.” New Board of Directors elected for three years; Scott Gegenheimer given new role as CEO of Operations Advertisement Kuwait – 12 March, 2017 Zain Group, a leading mobile telecom […]
Stock exchanges around the world are limbering up to win the multibillion-dollar listing of Saudi Arabia’s state-owned oil company. Source link
When it comes to renewable energy in Saudi Arabia, there still remains more than a hint of scepticism. Multi-billion dollar plans have come and gone and the kingdom has made little progress developing renewable energy capabilities to harness its advantageous climatic conditions. In 2010, the King Abdullah Centre for Atomic and Renewable Energy (KA-Care) was established to develop the country’s renewable and nuclear capabilities, as the country […]
