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Economy

Deloitte LLP may be blocked from auditing companies in Saudi Arabia after the country’s market regulator told firms registered in the kingdom to stop using its local services, according to a circular obtained by Bloomberg. The Capital Market Authority said in the circular dated Nov. 27 that publicly traded companies it regulates should avoid working with Deloitte’s Saudi Arabian practice as of June 1. The ban could […]

Economy

Saudi Arabia’s shares retreated to the lowest level since March as the nation’s oil minister said no one should cut output to stem falling crude prices. Dubai’s measure declined. The Tadawul All Share Index (SASEIDX) lost 1.7 percent to 9,081.27 at the close in Riyadh, the lowest since March 3 and about 162 points away from entering a bear market. Samba Financial Group led the decline with […]

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Saudi Arabia’s Etihad Etisalat (Mobily) has suspended its chief executive Khalid al-Kaf, the kingdom’s No.2 telecom operator by subscribers said on Sunday. The company’s decision, effective from Nov. 21, follows errors in Mobily’s accounting that led the company to restate 18 months of previously-announced earnings, wiping out $381 million of prior profits. Kaf will be suspended until Mobily’s audit committee finishes a probe into these accounting errors, […]

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• Invalid email address. • You can’t enter more than 20 emails. • Seperate multiple addresses with Commas. • Must enter an email address. • You must enter the verification code below to send. • Invalid entry: Please type the verification code again. This entry passed through the Full-Text RSS service – if this is your content and you’re reading it on someone else’s site, please read […]

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Commodities

Asian traders are split on whether Saudi Arabia will deepen the crude price cuts that propelled oil into a bear market this month. State-run Saudi Arabian Oil Co. will announce official selling prices for supplies to buyers in Asia for December next week after cutting prices to the lowest in almost six years for a month earlier. The world’s biggest oil exporter will further discount supplies, according […]

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A Saudi court in Riyadh on Monday sentenced three lawyers to up to eight years in jail after they criticized the Ministry of Justice on Twitter. The lawyers were also hit with travel bans of varying lengths and an indefinite ban on appearing in the media or using social networking websites. The lawyers were charged with “contempt of the judiciary, interfering with its independence, criticizing the justice […]

Middle East

Afghanistan’s new president, Ashraf Ghani, is making his first foreign trip since taking office, fulfilling a promise to undertake a religious pilgrimage to Saudi Arabia. Ghani’s office said in a statement Saturday that he will perform Umrah, a pilgrimage to Mecca that can be undertaken at any time of the year.   The president will also meet with Saudi King Abdullah and other officials during his visit […]

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Commodities

China reduced oil imports from Saudi Arabia even as the world’s largest crude exporter cuts prices to lure Asian customers amid intensifying competition from Colombia to Oman. Oil deliveries from Saudi Arabia fell 2.7 percent to 4.74 million metric tons last month from a year earlier, according to data released today by the General Administration of Customs in Beijing. Shipments from Colombia surged 389.6 percent, while Russian […]

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ACWAs Chief Executive Paddy Padmanathan says the company wants to expand its presence in the renewables sector and make a push for fuel diversification. ACWA Saudi Arabia-based water and power project developer ACWA Power has recently received a $100 million equity investment from the International Finance Corp (IFC), a unit of the World Bank. The investment is aimed at funding renewable energy projects to help meet the […]

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ACWAs Chief Executive Paddy Padmanathan says the company wants to expand its presence in the renewables sector and make a push for fuel diversification. ACWA Saudi Arabia-based water and power project developer ACWA Power has recently received a $100 million equity investment from the International Finance Corp (IFC), a unit of the World Bank. The investment is aimed at funding renewable energy projects to help meet the […]

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Commodities

Saudi Arabia’s closure of an offshore oilfield it shares with Kuwait has revived speculation of renewed tensions between the two, and put Chevron’s role in the shared Neutral Zone in focus. Crude output from their jointly-run offshore Khafji oilfield has been halted temporarily to comply with environmental rules. “Little things lead to big things, it’s an accumulation of the past. Each party says a different story,” said […]

Banking & Finance

The Saudi riyal fell sharply against the U.S. dollar in the forwards market on Tuesday because of a surge of demand for dollars in the spot foreign exchange market, where the riyal is pegged to the U.S. currency, traders said. One-year dollar/Saudi riyal forwards jumped to 90.0 points, their highest level since a peak of 91.50 points hit in March 2011, when the Arab Spring uprisings elsewhere […]

Economy

Saudi Arabian Airlines plans to raise at least 10 billion riyals ($2.7 billion) through the sale of shares in its ground-handling, cargo and maintenance units. An initial public offering of the ground-handling unit valued at 2 billion riyals will take place “in weeks,” Saudi Arabian Airlines’ Chief Financial Officer Muhammad Albakri told reporters in Dubai. The sale of shares in the cargo unit is planned for next […]

Featured

A “limited fire” broke out on a subsidiary oil pipeline in eastern Saudi Arabia on Saturday after assailants fired shots at a security patrol, the state news agency SPA said. An industry source told Reuters there was no impact on oil operations in the world’s top crude exporter. SPA, citing the spokesman for police in Eastern Province, said authorities were at the scene quickly and had put […]

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Featured

Still haunted by its failed attempt to prevent a steep drop in oil prices by slashing production by almost three quarters in the 1980s, the world’s top oil exporter Saudi Arabia is determined not to make the same mistake again. The oil glut of the 1980s, the early days of the modern crude market and a distant memory for most traders, has resurfaced recently in conversations with […]

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Iran will sell its oil to Asia in November at the biggest discount in almost six years, matching cuts by Saudi Arabia as global crude benchmarks slide deeper into a bear market. State-run National Iranian Oil Co. cut official selling prices of its crude to buyers in Asia for November, two people with knowledge of the pricing decision said yesterday. The decrease came a week after Saudi […]

Economy, Markets

|By TAP Staff| Dubai buyout firm Abraaj is teaming up with TPG Capital, based in Fort Worth, Texas, for a deal to buy a majority stake in Saudi Arabian fast-food chain Kudu, it has been reported. Kudu operates about 200 outlets in Saudi Arabia selling grilled chicken sandwiches, burgers and breakfasts. According to Bloomberg, the pickup in Middle East investment comes as dealmaking by private-equity firms in […]

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Featured Blogs

Leading Saudi IT firm achieves 20pc growth RIYADH, 21 hours, 18 minutes ago Al Falak Electronic Equipment & Supplies Company, a leading IT and communications solution provider, said it has registered a growth average of 20 per cent for the last three years. The company has been witnessing continuous growth in its operations in both Saudi Arabia and the rest of the GCC region over the last […]

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As airstrikes led by the United States against the militant group Islamic State continued on Wednesday, for the first time in over two decades – Saudi Arabia and several other Gulf monarchies openly joined the campaign. While Arab participation in the strikes is of more symbolic than military value, analysts described it as a bold move for a group of countries that for long preferred to act […]

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Saudi exported just below 7 million barrels of oil per day in May-July,the lowest amount since September 2011 Saudi Q2 GDP growth down to 3.8pc on oil slowdown DUBAI, 19 hours, 16 minutes ago By Martin Dokoupil Saudi Arabia’s economic growth eased to an annual 3.8 per cent in the second quarter of 2014, the lowest rate in a year, because of a slowdown in the oil […]

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Saudi bourse to close on Tuesday for public holiday DUBAI, 1 days ago Saudi Arabia’s bourse will be closed on Tuesday, September 23 to mark the kingdom’s National Day. Trading will resume on Wednesday, according to a statement from the stock exchange. – Reuters This entry passed through the Full-Text RSS service – if this is your content and you’re reading it on someone else’s site, please […]

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City skyscrapers stand on the waterfront seen from a construction site of residential apartments on Palm Jumeirah artificial island in Dubai. Bloomberg News A rebounding Dubai property market has caught everyone’s attention again. Following a colossal crash in property prices in the wake of the financial crisis, not many had expected a recovery so soon afterwards, or so swiftly. The total amount invested in the emirate’s property […]

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SAUDI ARABIA. Banks with experience arranging Islamic bond sales may stand to benefit from the potential opening of Saudi Arabia’s debt market to foreign investors, according to the investment banking unit of Mashreqbank PSC. (MASQ) “There’ll be a lot of potential for non-Saudi banks to get involved on the advising and arranging side,” Abdul Kadir Hussain, who oversees about $700 million as chief executive officer of Mashreq […]

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|By TAP Staff| Emaar is eying significant investments by Chinese companies in its King Abdullah Economic City in Saudi Arabia. According to Fahd Al Rashed, chief executive of the city, several Chinese firms have shown interest and the company hopes to rope in up to 20 percent of investments from the Chinese. The King Abdulla Economic City envisages a port and business district as well as residential […]

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Featured

Banks with experience arranging Islamic bond sales may stand to benefit from the potential opening of Saudi Arabia’s debt market to foreign investors, according to the investment banking unit of Mashreqbank. “There’ll be a lot of potential for non-Saudi banks to get involved on the advising and arranging side,” Abdul Kadir Hussain, who oversees about $700 million as chief executive officer of Mashreq Capital DIFC Ltd. in […]

Politics

Saudi Arabia will hold talks about militant violence in the region on Thursday with the United States and Muslim allies, the kingdom announced on Tuesday, in an apparent attempt to support international efforts to tackle crises in Iraq and Syria. The world’s No. 1 oil exporter is unnerved by the rapid advance of Islamic State — a militant group that has overrun swathes of Iraq and Syria […]

Economy

Middle East funds are bullish on Saudi Arabia’s stock market despite concern it is getting richly valued, while they think the United Arab Emirates has bottomed out after a volatile few months, a Reuters survey showed. The Saudi stock market index has jumped 13 percent since authorities announced in late July that they would open the market to direct investment by foreign institutions in the first half […]

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|By TAP Staff| King Abdullah bin Abdulaziz of Saudi Arabia warned that terrorists will target the West if the world does not unite to confront them. King Abdullah made the statement during a presentation of credentials ceremony held in Jeddah yesterday for new ambassadors to Saudi Arabia, including U.S. Ambassador Joseph W. Westphal. “If neglected I’m sure they [terrorists] will reach Europe in a month and America […]

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SAUDI ARABIA. Saudi Arabia set out draft proposals on foreign-shareholder limits as one of the world’s most restricted stock markets prepares to open its doors for the first time to investors outside the region. The Capital Market Authority may cap foreign ownership of a single stock to 49 percent, it said in plans posted on the Riyadh-based regulator’s website today. It may also set a 5 percent […]

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