The low quality in construction labor and raw material used to build several buildings, especially those up for sale, has unleashed a wave of anger at contracting companies in charge of carrying out projects. Many complaints were recently filed by buyers and real estate companies against contracting companies focusing on low quality construction, breach of the terms of signed contracts, the use of cheap construction material, late […]
Saudi British Bank (SABB), an affiliate of HSBC Holdings, is aiming to sell an Islamic bond by year-end to strengthen its capital base, two banking sources aware of the matter said on Monday. HSBC is advising SABB on the potential riyal-denominated sukuk issue to boost its Tier 2 capital position, the sources said, declining to be identified as the matter is not public. SABB’s total capital ratio […]
Contractors working in the Saudi market claim that public sector projects in Saudi Arabia are monopolized because of contractors’ classification rules currently in use. They said monopoly causes high project costs and delays. “The method of putting up projects for tender hasn’t been modernized in 30 years, which benefited a limited number of companies that monopolized Saudi projects,” said Mansour Al Areefi, general director of a company […]
A long-awaited opening of Saudi Arabia’s stock market to direct foreign investment appears near, industry executives and fund managers say – a reform that could give equity investment in the Gulf its biggest boost for years. Hopes have been raised and dashed several times over the last few years. While the Saudi government has long considered the reform and has been making technical preparations, it has never […]
Saudi Arabia and India topped the charts for sending the most tourists to Dubai in the first half of this year as a new report by Department of Tourism and Commerce Marketing (DTCM) revealed record-breaking figures. More than 5.5 million tourists visited Dubai from January to June this year, representing an increase of 11.1 per cent over the previous year. Director-General of DTCM Helal Saeed Almarri said: […]
SAUDI ARABIA: Saudi female students want to work during their time at university, a recent study revealed. The study, conducted by Glowork, a human capital company dedicated to women, and partners DAF Advisory Services and Alwane, revealed that 87% of Saudi women are looking to work part time if the opportunity was given. “They want to work not for financial reasons, but purely for experience” said Khalid […]
RIYADH – Healthcare spending in Saudi Arabia is expected to grow by 10.3 percent this year to SR98 billion over 2012’s SR88.9 billion. The Saudi government has announced that major projects involving healthcare, along with other key sectors such as education, will get additional funding and strong governmental focus in the coming months. At the same time, the Kingdom’s IT expenditure is projected to increase by around […]
Saudi bank deposits posted a new record of SR1.36 trillion by the end of first quarter of 2013. The expansion in credit portfolios was facilitated by this enormous depositary base. Demand deposits remain the main beneficiary given the globally suppressed interest rate environment, according to a report by the National Commercial Bank (NCB). NCB’s customer deposits, the largest in the market, reached SR276.7 billion in March 2013 […]
Saudi Arabian Airlines is burdened with heavy debts. The company owes the General Authority for Civil Aviation (GACA) SR11 billion, a source told local media. Top officials in the government intervened and helped the company repay SR2.6 billion, the source said. Delays in repayment led GACA to fine the airliner an additional SR1.5 billion, and later SR1.3 billion following the reorganization of the authority, bringing the debts […]
Saudi Arabia is currently working to develop its trade and investment laws with the intent of wooing more foreign direct investments and settling disputes between foreign investors and their local partners. Saudi Arabian General Investment Authority (SAGIA), the country’s investment facilitator, spearheads the move by adding some points of explanation in the current law in addition to putting a set of new conditions. The Kingdom encourages successful […]
The domestic banking system in Saudi Arabia relative to many of the global peers, developed or developing, had maintained its inherent strengths that emanate from greater reliance on core banking activities, lower non-performing loans (NPLs) ratio, little recourse to wholesale funding and ample liquidity. During the last two years, Saudi banks have returned to a higher growth trajectory after a lackluster performance in 2009 that saw total […]
(Reuters) – Saudi Telecom’s (STC) Indonesian unit has picked Moelis & Co to advise it on negotiations with lenders as the operator steps up efforts to restructure a $1.2 billion Islamic loan, two sources familiar with the matter said. STC backed the loan for Axis Telekom, its Indonesian arm, in 2011. But Axis’s poor performance has put the company in breach of some of the terms, four […]
The total value of ongoing projects in the GCC region currently stands at $2.62 trillion, with the Kingdom accounting for $875 billion. The Kingdom’s strong construction market is being driven by government spending and high oil prices, according to a recent Global Investment House report. For 2013, the Kingdom budgeted $219 billion for spending, up by 18.8 percent, year-on-year, from 2012. Out of this, almost $76 billion […]
DUBAI, Aug 13 (Reuters) – Saudi Arabia led other Gulf markets higher on Tuesday as most reopened after long Eid holidays, while Dubai bounced from technical support, suggesting its bull run is not yet stalling. After a week-long break, the main Saudi index climbed 0.5 percent to 8,115 points in active turnover. Buying was seen across a wide range of sectors; property developer Dar Al Arkan, the […]
Reuters: Saudi Arabia’s King Abdullah’s disdain for Iran leaps from U.S. embassy cables. “May God prevent us from falling victim to their evil,” he told U.S. officials, according to a cable released by WikiLeaks. According to another, he told his own diplomats he wanted Washington to “cut off the head of the snake”. On the other side of the Gulf, Iran’s contempt for Saudi Arabia crackles through […]
DUBAI, Aug 12 (Reuters) – Lenders including Deutsche Bank, HSBC and China Development Bank are resisting calls by Saudi Telecom (STC) to restructure a loan that could potentially leave them with losses of up to $600 million, banking and industry sources said. The tussle over the $1.2 billion loan highlights the risks banks face extending loans to state-owned companies in the Middle East, where billions of dollars […]
Two Gulf Arab borrowers have attracted heavy investor demand for international bond sales in the past two weeks, but higher yield premiums are prompting many other potential issuers in the region to seek alternative funding sources. In the case of Saudi Arabia, companies that might have issued bonds in the international market may now choose to issue in the country’s liquid riyal-denominated bond market. In May, a […]
Riyadh (Reuters): The Saudi Arabian government awarded $22.5 billion (Dh82.6 billion) in contracts to three foreign-led consortia on Sunday for the design and construction of the first metro rail system in the capital, Riyadh. The project, which will involve six rail lines extending 176 kilometres and carrying electric, driverless trains, is the world’s largest public transport system currently under development, Saudi officials said. US construction giant Bechtel […]
Siemens said it will supply the key components for a major combined-cycle power plant in the Kingdom of Saudi Arabia. The power station is designed to deliver electricity to the Jazan Industrial city area in the southwest of the country and to the refinery of Jazan, which will additionally be supplied with process steam. The plant will be fueled with gasified refinery residues, which contributes greatly to […]
By Nantoo Banerjee It is good to note that India’s defence manufacturing industry is fast emerging as a major contributor to the country’s economy and quietly supporting the latest stock market surge. Defence manufacturers have never had it so good. The private sector defence manufacturing enterprises are doing extremely well alongside the traditional government-run publicly […]
The post India’s Arms Industry Is Witnessing A Big Market Boom first appeared on Latest India news, analysis and reports on IPA Newspack.
Dubai-based high-end supermarket chain Spinneys is setting its sights on aggressive expansion in the United Arab Emirates (UAE) and Saudi Arabia following a successful listing on the Dubai Financial Market (DFM). The company’s initial public offering (IPO) in May 2024 attracted significant interest from both regional and international investors, raising over $375. 7 million. This capital injection will fuel Spinneys’ ambitious growth plans, which include opening new […]
Arabian Post Staff – A rising Chinese hotel brand, Ji Hotels, is poised to make its mark on the Gulf region with its first properties planned for Dubai and Saudi Arabia. This move signifies China’s growing ambition to establish a foothold in the lucrative Gulf tourism sector, currently dominated by established international chains. Ji Hotels, established in 2010, has carved a niche in China’s mid-scale hotel market, […]
Burjeel Holdings, a leading healthcare provider in the United Arab Emirates (UAE) and the broader Middle East and North Africa (MENA) region, announced strong financial performance for the full year 2022. The company reported a net profit of AED 355 million, reflecting a significant increase of 52% compared to the previous year. This upsurge highlights the success of Burjeel’s yield enhancement strategy, which focuses on maximizing revenue […]
RIYADH, SAUDI ARABIA – Media OutReach Newswire – 9 May 2024 – Infinix, a trendy tech brand crafted for young consumers, announces its ultimate dual-chip gaming phone, the Infinix GT 20 Pro. Being the only smartphone to offer a dedicated gaming display chip at its price point, it delivers esports-level performance, redefining the mobile gaming experience across hardware and software. Infinix GT 20 Pro Flagship Launch Weiqi […]
Hong Kong is solidifying its partnership with the United Arab Emirates (UAE) to ease access for Chinese companies into the lucrative markets of the Gulf Cooperation Council (GCC). This strategic alliance leverages Hong Kong’s well-established business infrastructure and the UAE’s position as a prominent trade hub in the Middle East. The GCC, a six-nation economic and political bloc encompassing Saudi Arabia, the United Arab Emirates, Bahrain, Kuwait, […]
Arabian Post Staff – Tourism officials from the Gulf Cooperation Council (GCC) are urging for a collaborative effort to synchronize major events across the member states. This proposal comes ahead of the imminent launch of a unified visa program for the six-nation bloc, aiming to bolster tourism in the region. A unified visa system would streamline the application process for tourists, allowing them to seamlessly visit all […]
Arabian Post Staff – The United Arab Emirates (UAE) has unveiled details of a landmark visa program designed to streamline travel across the member states of the Gulf Cooperation Council (GCC). Dubbed the “GCC Grand Tours” visa, the initiative draws inspiration from Europe’s Schengen Area, which allows for visa-free movement between member countries. Announced by Abdulla bin Touq Al Marri, the UAE’s Minister of Economy, during the […]
Arabian Post Staff – Microsoft’s recent $1.5 billion investment in G42, a leading artificial intelligence (AI) and cloud computing company in Abu Dhabi, has cast a bright light on the United Arab Emirates’ (UAE) growing prominence in the global AI landscape. This move by the tech giant signifies not only Microsoft’s belief in G42’s potential but also the UAE’s ambitious strides towards becoming a major AI hub. […]
LOS ANGELES, UNITED STATES – Newsaktuell – 30 April 2024 – The expansion of the BRICS group of nations into what has informally been named BRICS+ could highlight a geopolitical shift, with the new grouping positioning itself as a counterpoint to the Western-led geopolitical order, a report published by the Luskin School of Public Affairs at the University of California Los Angeles (UCLA) argues. A potential counterpoint […]
The Abu Dhabi Fund for Development (ADFD) solidified its commitment to global development by actively participating in the 2024 Islamic Development Bank (IsDB) Group Annual Meetings held in Riyadh, Saudi Arabia. The meetings, which coincided with the IsDB’s Golden Jubilee, brought together member states and development partners to discuss crucial issues facing the Islamic world. High-level representatives from the UAE Ministry of Finance, including His Excellency Mohamed […]
