News related to Saudi

GCC construction sector in major growth phase

GCC construction … buoyant. GCC construction sector in major growth phase DUBAI, 1 days ago The GCC construction industry foresees growth for the next three years, encouraged by factors such as favourable macroeconomics, positive demographics, and rising tourism activities, said an industry expert. “Higher budget allocation towards construction sector, as part of the strategic vision of the member nations, lends an added push to the industry,” added […]

June 26

Iran Again Chided on Human Rights Amid Efforts to Reach Nuclear Deal

WASHINGTON — The State Department issued a dismal assessment of Iran’s record on human rights on Thursday, saying that the Iranian authorities had stifled dissent and engaged in “unlawful killings.” The assessment, part of a broad overview of human rights practices around the world, was published one day before Secretary of State John Kerry is to leave for Vienna to try to conclude a nuclear accord with […]

June 25

Stress is the main health concern for Middle East employers

UAE. The latest Towers Watson survey on Health Benefits reveals that employers are investing more in the health of their employees as many Gulf Co-operation Council (GCC) countries have implemented new legislation and amendments to laws that deal with mandates for employee healthcare coverage. These changes are already in effect or will come into effect in phases over the next few years and will implicitly impact employers. […]

June 25

The Many Miseries of Yemeni Families

As the civil war in Yemen continues, many families say they are living in constant fear. Parents say that their older children have been wetting their beds at night, and that younger ones are so traumatized that they are sent running for cover by the sound of a door slamming. The fighting between Houthi rebels and Saudi-backed government forces has displaced a million people, destroyed cultural heritage […]

June 24

Saudi Intervention Only Fans Yemen’s Flames

SANA, Yemen — For nearly three months, Saudi Arabia, along with its allies, has been bombing Yemen, its southern neighbor, hoping to force the retreat of Shiite rebels who have seized major cities and to return the country’s president from the Saudi guest mansion where he lives to the presidential palace. So far, it has not worked. The rebels, known as the Houthis, have gained ground, more […]

June 24

UAE and Saudi Arabia continue to grow despite lower oil prices, finds Credit;©dit Agricole Private Banking report

UAE. The latest Crédit Agricole Private Banking research report, ‘Macro Comment – MENA Update’, noted that the UAE and Saudi Arabia continues to witness growth despite lower oil prices. The UAE even recorded high levels of job creation during this period. “Interestingly in the UAE, once again new orders and new export orders components reflected strong growth, while job creation hit a three-month high. This is reflected […]

June 23

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Saudi market opening hype unjustified

|By K Raveendran| There is much hype about the opening up of the Saudi stock market, but any detached view is least supportive of optimism. The more realistic assessment is based on the fact that the market has already factored in the positivity and moved too far ahead in the expectation of large foreign inflows, making the market expensive for any new entrants. According to the assessment […]

June 21

Cables Released by WikiLeaks Reveal Saudis’ Checkbook Diplomacy

Saudi leaders, whose portraits are displayed at the stock exchange in Riyadh, have not confirmed the leak’s authenticity. By BEN HUBBARD June 20, 2015 BEIRUT, Lebanon — It seems that everyone wants something from Saudi Arabia. Before becoming the president of Egypt, Mohamed Morsi wanted visas to take his family on a religious pilgrimage. A Lebanese politician begged for cash to pay his bodyguards. Even the state news agency […]

June 21

Non-oil to drive ME economies to 5pc growth

Non-oil to drive ME economies to 5pc growth DUBAI, 3 days ago Middle Eastern economies are anticipated to witness around five per cent growth this year due to the gradual shift in investment to non-oil sectors, a report said. However, implementing pragmatic macroeconomic policies to stabilise global oil prices at $50 to $60 per barrel is likely to remain a key challenge to revenue growth, added the […]

June 21

Yemen Mediator Optimistic as Humanitarian Crisis Worsens

Yemenis waited to buy food and water in Taiz on Friday. The United Nations secretary general, Ban Ki-moon, has appealed for a two-week humanitarian truce in honor of Ramadan, which began this week. By SOMINI SENGUPTA June 19, 2015 UNITED NATIONS — The United Nations mediator for Yemen peace talks said on Friday that four days of discussions had ended with no agreement for even a brief pause in […]

June 19

Bombs for attack on Saudi, Bahrain seized

|By TAP Staff| Bahrain’s Chief of Police confirmed that security authorities have seized significant quantities of internationally sourced explosives and bomb-making materials planned for use in terrorist attacks against Bahrain and Saudi Arabia. The raid on a house in Dar Kulaib on 6(th) June, in the south west of the island, came as a result of forensic intelligence gathered by Bahrain’s security forces following the seizure in […]

June 19

Sales & Marketing

US firm gets Sabic valve deal

MRC Global announced that its subsidiary, MRC Transmark Middle East FZE, has signed a framework agreement with Saudi Basic Industries Corporation (SABIC), naming MRC Transmark Middle East as one of SABIC’s primary valve suppliers to SABIC’s operations in Saudi Arabia. SABIC, headquartered in Riyadh, Saudi Arabia, ranks among the world’s top petrochemical companies. It operates from more than 50 countries and has more than 60 manufacturing and […]

June 18

Private wealth in the UAE will see the strongest growth in the GCC with a projected CAGR of 10.7% over the next five years, BCG study finds

UAE. Private wealth in the United Arab Emirates (UAE) showed solid growth in 2014 (8.4 percent), according to a new report by The Boston Consulting Group (BCG), Global Wealth 2015: Winning the Growth Game, being released today. In the UAE, the growth of private wealth was driven mainly by equities. After all, between 2013 and 2014, the amount of wealth held in equities rose by 13.8 percent […]

Nearly half of MENA businesses do not have an anti-bribery or anti-corruption policy and code of conduct

UAE. EY’s Europe, Middle East, India and Africa (EMEIA) Fraud Survey, Fraud and corruption – the easy option for growth?, has found that many businesses still do not have the basic building blocks in place for effective compliance. Only 52% of MENA respondents stated they had an anti-bribery or anti-corruption (ABAC) policy and code of conduct in place. The survey, which polled 3,800 employees of large businesses […]

OPEC pumps 31.11 million barrels of crude oil per day in May, reveals Platts survey

INTERNATIONAL. Oil production from the Organization of the Petroleum Exporting Countries (OPEC) totaled 31.11 million barrels per day (b/d) in May, up 180,000 b/d from April and the group’s highest monthly volume since October 2012, according to the latest Platts survey of OPEC and oil industry officials and analysts. “OPEC’s communique after the June 5 meeting mentioned that members had been urged to adhere to its production […]

Nasser al-Wuhayshi, Al Qaeda Yemen Leader, Confirmed Dead in U.S. Strike

By KAREEM FAHIM June 16, 2015 BAGHDAD — Al Qaeda’s affiliate in Yemen released a video statement on Tuesday confirming the death of its leader, Nasser al-Wuhayshi, in an American missile strike last week. His death was also confirmed by the Obama administration on Tuesday. Mr. Wuhayshi, 38, who had led Qaeda operations in Yemen since 2002 and was also the global extremist network’s second-ranking leader, was killed along […]

AlWaleed, Forbes settle dispute

|TAP Special| Prince Alwaleed Bin Talal Bin Abdulaziz Al Saud and Forbes have settled Alwaleed’s libel suit against the Forbes and two writers on mutually agreeable terms, it was announced. Given the opening of the Saudi stock exchange to foreign investors beginning in June 2015, Forbes and the other defendants are currently comfortable with using the stock price of Alwaleed’s publicly traded investment firm, Kingdom Holding Company, […]

June 16

Saudi opening may be non-event with no licences awarded

Saudi opening may be non-event with no licences awarded RIYADH, 11 hours, 30 minutes ago The opening of Saudi Arabia’s stock market to direct foreign investment on Monday may disappoint traders who have been hoping for large and immediate fund inflows, as the kingdom has yet to announce the award of any licences. Saudi Arabia’s Capital Market Authority announced plans to open the market last July, and […]

June 16

Shetty’s NMC buys ProVita for $160m

|By TAP Staff| LSE-listed leading UAE healthcare player NMC Health announced entering into an agreement to acquire ProVita International Medical Center, provider of long-term medical care in the UAE, for an equity consideration of $160.6 million. The payment will be made in cash, from TVM Capital Healthcare Partners, the Olayan Group, Al Zarooni Emirates Investment and other minority shareholders, the company said. ProVita is a pioneer in […]

Networks upgrade key for Iraq to be Net transit hub

Networks upgrade key for Iraq to be Net transit hub BAGHDAD, 16 hours, 26 minutes ago A more reliable terrestrial broadband network could enable Iraq to become a transcontinental transit route for Internet traffic, a senior executive at one of two firms providing submarine connectivity to the war-torn country told Reuters. Iraq is ideally located to carry Internet traffic between Asia and Europe and built a submarine […]

Bahrain 'BBB-/A-3' ratings affirmed by Standard & Poor's

BAHRAIN. On June 12, 2015, Standard & Poor’s Ratings Services affirmed its long- and short-term foreign and local currency sovereign credit ratings on the Kingdom of Bahrain at ‘BBB-/A-3’. We also affirmed our long- and short-term foreign and local currency credit ratings on the Central Bank of Bahrain at ‘BBB-/A-3’. The outlooks on both Bahrain and its central bank remain negative. RATIONALE We expect that Bahrain’s fiscal […]

Sheikh Nahyan bin Zayed receives humanitarian award

Sheikh Nahyan bin Zayed has been awarded the Humanitarian Work Award of the Gulf Cooperation Council for Arab States. Sheikh Nahyan, chairman of the board of trustees of the Zayed bin Sultan Al Nahyan Charitable and Humanitarian Foundation, received the award in recognition of his local, regional and international humanitarian work, reported state news agency Wam. The award was received on his behalf by Abdul Redha Abdullah […]