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Saudi Arabia has introduced new measures to grant business visa for foreign investors within 24 hours. An official with Saudi Arabia’s foreign ministry confirmed to Arab News that the new mechanism for businesspeople and business delegations came into effect from January 1. The new rule will allow allowing foreign investors to obtain business visas electronically within a day. The official said the kingdom is also introducing a […]

Middle East

Lebanon’s President Michel Aoun said his country’s ties with Saudi Arabia were recovering, after tensions linked to the regional rivalry between Saudi Arabia and Iran led Riyadh to cancel $3 billion of military aid to Beirut last year. Aoun, an ally of the Iranian-backed Lebanese Shi’ite group Hezbollah, visited Saudi Arabia this week, trying to mend relations with the Sunni Muslim monarchy which has traditionally backed Hezbollah’s […]

Markets

Saudi Arabia plans to follow its record breaking debut on global debt markets with an Islamic bond issue in a sale that could come as early as February. The sharia-compliant sukuk will form part of a pipeline of bond sales to finance the kingdom’s budget deficit and invest in economic diversification away from oil and is likely to appeal to regional investors in the Gulf. Last year, […]

Middle East

Pakistan’s recently retired army chief Raheel Sharif has been appointed to lead a new Saudi-military alliance to fight terrorism, Pakistani media have reported. Government officials in Saudi Arabia could not be reached on Sunday to confirm the appointment to head the coalition, the founding of which Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman announced at a sudden midnight press conference in December 2015. Pakistani Defence Minister […]

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World

DUBAI An Iranian official confirmed on Monday that Saudi Arabia had invited Tehran to discuss arrangements for the annual Muslim haj, which Iran boycotted last year after hundreds died in a crush at the 2015 pilgrimage. Most were Iranians, and the incident infuriated Tehran. Soon after, ties between the two regional rivals worsened further when Saudi Arabia executed a Shi’ite cleric, angry Iranians stormed the Saudi embassy […]

Featured

|By Arabian Post Staff| Saudi Arabia is working with PricewaterhouseCoopers on plans to cancel about $20 billion of projects as the kingdom seeks to shore up its finances, Bloomberg reported quoting sources. The Ministry of Economy and Planning hired the consultancy firm to review $69 billion of government contracts with a view to cutting about a third of them, it quoted sources as saying.  Projects under review […]

World

By Mehreen Zahra-Malik | ISLAMABAD ISLAMABAD Pakistan’s recently retired army chief Raheel Sharif has been appointed to lead a new Saudi-military alliance to fight terrorism, Pakistani media have reported. Government officials in Saudi Arabia could not be reached on Sunday to confirm the appointment to head the coalition, the founding of which Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman announced at a sudden midnight press conference […]

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FT Select

A year ago Mohammed bin Salman, Saudi Arabia’s deputy crown prince and the power behind the throne, electrified the global energy industry by revealing plans to float the world’s largest oil producer. The ambitious proposal for an initial public offering in state-owned Saudi Aramco is the centrepiece of the hard-charging 31-year-old’s vision to overhaul an economy seen as too heavily dependent on natural resources. One year on […]

Middle East

Saudi Arabia is a historically entrepreneurial country. Jeddah has been a mercantile centre for centuries. Even Riyadh and the Holy Cities of Makkah and Madinah began as trading stations on the spice and silk trails. What has changed since the rise of the oil industry? Not the entrepreneurial spirit of the country but the institutional environment for entrepreneurship to flourish. As we contemplate the country’s future as […]

Middle East

Saudi Arabia’s non-oil private sector strengthened again in December after touching record lows in October, according to a new business survey. Data from the Emirates NBD Saudi Arabia Purchasing Managers’ Index (PMI) showed that output rose at the sharpest rate since August, while new orders increased at a marked, albeit slightly slower, rate. Companies responded to increased requirements by raising their purchasing activity and boosting inventories amid […]

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Newsbox

Three women in black niqabs covering their hair and faces skateboard down a street, their scarves and colorful dresses flowing behind them. A catchy tune with provocative lyrics — “May all men sink into oblivion” and “If only God would rid us of men” — plays as the women alternately glide on in-line skates, cruise on scooters and parade down the street in vibrant outfits, all things […]

Companies

Increased number of visitors and hotel occupancy seen during Hajj and Umrah season January 05, 2017  Elaf Group, a SEDCO holding company, and a leading provider of travel, tourism and hospitality services, has recently seen growth spikes in the tourism sector of Saudi Arabia during the Umrah season and the recent celebration of Prophet Muhammad’s (pbuh) birthday.  This was evident in the increase of occupancy rate in […]

Featured

Justin Bieber’s “Let me love you!” blared from giant speakers to greet the arriving audience. Once settled, there were gasps and laughter at the antics of two American magicians before people sat back to savor some opera, mime and dance. The scene could have been from any variety performance on any weekend just about anywhere in the world, at least on the surface. But this is Saudi […]

Arts & Culture

A music video featuring a group of niqab-clad women skateboarding, playing basketball and driving bumper cars has become a YouTube sensation. According to The Washington Post, the video titled “Hwages” (which loosely translates to concerns) was released on December 23. It is a talking point in Saudi Arabia and was put together by Saudi singer Majed Al-Esa of Saudi production company 8ies Studios. A similar video went […]

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Middle East

Saudi Arabia’s Council of Ministers has approved the organisational procedures for the General Authority of Sports in order to promote athleticism in the Kingdom. The newly approved measures also aim to organize and develop the sports sector, the Minister of Culture and Information Dr. Adel Al-Turaifi told the Saudi Press Agency following a Cabinet session headed by King Salman in Riyadh. Al-Turaifi said the authority would work […]

Middle East

Saudi Arabia stressed on Monday the importance of co-operation among oil producers to abide by a decision in November to cut production. OPEC agreed in November its first oil output cuts since 2008 after Saudi Arabia accepted “a big hit” on its production and dropped its demand that arch-rival Iran slash output. “The council (of ministers)…asserted the importance of stability and coordination and increased cooperation between member […]

Middle East

Saudi Arabia’s Yamama Cement Company has secured 1 billion riyals ($266.6 million) in Islamic financing to partially fund the building of a new factory, it said on Monday. The three-year financing includes 750 million riyals from National Commercial Bank and 250 million riyals from Samba Financial Group, it said in the statement. The company signed a 4.2 billion riyal contract with Germany’s ThyssenKrupp Industrial Solutions in November […]

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Middle East

Saudi Arabia’s gross domestic product (GDP), adjusted for inflation, grew by just 0.9 percent from a year earlier in the third quarter of 2016. This compared to the 1.4 percent growth seen in the second quarter, according to data from the Central Department of Statistics showed. The Q3 growth was the slowest recorded since 0.3 percent in the first quarter of 2013. The slowdown comes as Saudi […]

Middle East

Saudi Arabia has invited an Iranian delegation to partake in discussions over efforts to accommodate Haj pilgrims from the Islamic Republic after a dispute resulted in their absence at the religious event earlier this year. Saudi Minister of Haj, Dr Mohammad Saleh bin Taher Benten, said the Saudi government welcomes all pilgrims and visitors irrespective of nationality and religious affiliation. He added in comments published by Kuwait […]

Middle East

An Egyptian appeals court on Saturday upheld an agreement to give control of two islands in the Red Sea to Saudi Arabia, providing a boost for the government in a case that has prompted rare street protests. The territorial deal, announced in April, caused public uproar among many Egyptians who said the uninhabited islands of Tiran and Sanafir belonged to their country. The case has become a […]

World

DUBAI At least five Saudi citizens were among 39 people killed in an attack on New Year revellers at a packed nightclub in Istanbul, a Saudi newspaper reported. The state-affiliated al-Riyadh paper also quoted the acting consul general in Istanbul as saying about 10 Saudi citizens were injured, adding that the consulate was following up with Turkish authorities to find out the exact number of casualties. (Reporting […]

Region

DUBAI, June 10 (Reuters) – Saudi Telecom Co (STC), the Gulf’s largest telecommunications operator by market value, said on Tuesday it had completed a 2 billion riyal ($533 million), 10-year debut sukuk issue. The issue, which was almost two times oversubscribed, carried a floating profit rate of 70 basis points over the three-month Saudi interbank offered rate , currently at 0.9525 percent. Government investors, banks, asset managers […]

Region

DUBAI, June 10 (Reuters) – Saudi Telecom Co (STC), the Gulf’s largest telecommunications operator by market value, said on Tuesday it had completed a 2 billion riyal ($533 million), 10-year debut sukuk issue. The issue, which was almost two times oversubscribed, carried a floating profit rate of 70 basis points over the three-month Saudi interbank offered rate , currently at 0.9525 percent. Government investors, banks, asset managers […]

Middle East

Oman, traditionally on friendly terms with Iran, confirmed on Thursday that it had joined a Saudi-led coalition of Muslim countries fighting terrorism, a move praised by other Gulf Arab states as closing ranks with them against Iran. Saudi and Gulf sources reported the development on Wednesday, saying Omani Minister for Defence Affairs Badr bin Saud al-Busaidi had informed Saudi Arabia in a letter that it would join […]

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Region

By David French DUBAI, June 10 (Reuters) – Banque Saudi Fransi (BSF), the kingdom’s fourth-largest listed lender, will complete a 2 billion riyal ($533 million) capital-boosting sukuk issue by the end of this month, banking sources said on Tuesday. Pricing of the trade, which will boost the bank’s Tier 2 – or supplementary – capital, is at 140 basis points over the Saudi interbank offered rate (Saibor) […]

Middle East

Saudi Arabian commercial bank deposits rose to their highest level this year in November, a sign that a liquidity crunch due to low oil prices is easing as the government liquidates foreign assets to pay its bills, official data showed on Wednesday. Bank deposits climbed to 1.624 trillion riyals ($433 billion) from 1.610 trillion riyals in October, the fourth straight month-on-month gain, the central bank figures showed. […]

Middle East

Oman has joined a Saudi-led coalition of Muslim countries to fight terrorism, Saudi Arabian and Gulf sources said on Wednesday. The sultanate indicated its willingness to take part in the 40-country alliance in a letter to Saudi Deputy Crown Prince and Defence Minister Mohammed bin Salman, the sources said. Although differences are rarely aired in public, Oman has long stood out among its Gulf allies, remaining close […]

Middle East

Saudi Arabia has announced a timeline for implementation of a tax on harmful products including soft drinks and cigarettes, and said it has completely ruled out income tax contrary to previous reports, according to an official document. The Fiscal Balance Program 2020 report, published by the Saudi government last week, said the kingdom would impose a 50 percent tax on soft drinks and a 100 percent tax […]

Middle East

Saudi Arabia’s austerity measures will weigh heavily on consumer spending in 2017 with households cutting back on “non-essential” expenses, according to BMI Research. In its latest country report, the Fitch Group firm reiterated its previous forecasts that the kingdom’s economy would fall into recession next year, as fiscal consolidation and oil production cuts impact economic activity. It forecasts real gross domestic product (GDP) growth to decline by […]

Companies

Post-Millennials in the Kingdom of Saudi Arabia call for more investment in clean energy – mirroring actions being undertaken as part of Government’s Vision 2030 Abu Dhabi, United Arab Emirates, December 28, 2016 ­­ Ambitious plans set out by the Kingdom of Saudi Arabia for the deployment of renewable energy are strongly aligned with the hopes and ambitions of the country’s young people, according to global research […]

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