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Saudi crown prince: 2019 budget above 1 trln riyals, amazing deal soon

Saturday, 6 October 2018

In an interview with Bloomberg, Saudi Arabia’s crown prince Mohammad bin Salman discussed the kingdom’s economy and reforms, three years after he launched his sweeping economic measures. He said in reply to a question if he would have done anything differently three years ago, the crown prince said: “Yes of course there is. Any government, any company, any team, they will learn over time. As any human works, of course there will be a few mistakes and a lot of achievements, if ...

IMF calls for more action in Pakistan, but no word on bailout

Friday, 5 October 2018

The International Monetary Fund has called on Pakistan’s new government to act fast to stabilise its teetering economy, warning growth will likely slow and inflation rise, but made no mention of a new bailout deal.Former cricketer Imran Khan’s new administration had vowed to decide by the end of September if it would seek an IMF bailout to shore up the economy as it faces a balance-of-payments crisis and dwindling reserves.However, it has yet to announce a deal as its seeks other ...

Pentagon sees China as ‘growing risk’ to US defense industry

Friday, 5 October 2018

China represents a “significant and growing risk” to the supply of materials vital to the US military, according to a new Pentagon-led report that seeks to mend weaknesses in core US industries vital to national security. The nearly 150-page report, seen by Reuters on Thursday ahead of its formal release on Friday, concluded there are nearly 300 vulnerabilities that could affect critical materials and components essential to the US military. The analysis included a series of ...

Emirates to reduce flights during Dubai airport runway closure next year

Thursday, 4 October 2018

Emirates is to reduce the number of flights it operates by nearly a third for 45 days next year when one of two runways at Dubai International Airport is closed for upgrade work, the airline said on Thursday. The southern runway will be closed from April 16 to May 30, 2019, for resurfacing and replacement of ground lighting and other infrastructure. Dubai International, which handled 88.2 million passengers in 2017, is the base for airlines Emirates and flydubai, and an ...

Lubna Olayan, first Saudi woman to chair merged SABB, Alawwal Bank

Thursday, 4 October 2018

The Saudi British Bank (SABB ) and Alawwal (First) Bank have agreed to appoint Lubna Suleiman Olayan, one of the members to be nominated by the Board of Directors of Alawwal Bank, as the Chairwoman of the Board of Directors of the merged banks, to become the first Saudi woman to hold this position. The two banks signed a binding merger agreement Thursday to take the necessary steps to execute the merger deal, making them the kingdom’s third largest lender. According to their statement, the ...

Saudi Arabia, Kuwait, UAE deposit over $1 bln in Jordan Central Bank

Thursday, 4 October 2018

Saudi Arabia, Kuwait and the United Arab Emirates have placed over $1 billion in deposits at the Central Bank of Jordan and committed $500 million in budget support over five years as part of a $2.5 bln package to shore up the kingdom’s struggling economy, a Jordanian government source said. The source said a signing agreement will take place later on Thursday that announces the breakdown of a $2.5 billion aid package pledged last June to help the Jordan implement austerity measures which ...

Report: Saudi-Pak talks on $8bn Gwadar refinery in final stages

Thursday, 4 October 2018

Saudi Arabia on Wednesday agreed in principle to set up a major refinery at Gwadar and showed serious commitment to make investments in other areas of energy sector, Pakistani Dawn News quoted federal Minister for Petroleum Ghulam Sarwar Khan. The minister said that the two sides had agreed to set up an oil refinery at Gwadar and a summary would be moved to the federal cabinet on Thursday (today) for approval to sign a memorandum of understanding (MoU). He said the Saudi minister for energy was ...

Bahrain enhances investment ecosystem with four new laws

Thursday, 4 October 2018

Bahrain continues to enhance its investment ecosystem by implementing four new laws which have been officially issued by King Hamad bin Isa Al Khalifa. The laws address a range of issues and will have a particularly strong impact on the Kingdom’s economy and its growing startup ecosystem. The laws come as part of a wider development effort, designed to create new opportunities for investors looking to access the $1.5tn GCC economy. Government initiatives implemented in recent years have ...

Haramain train embarks on maiden trip between Mecca, Medina on Thursday

Wednesday, 3 October 2018

Saudi Arabia’s Haramain high-speed train will embark on its maiden commercial public trip between Mecca and Medina on Thursday . The train will be operating on a five stops’ lane. The high-speed train which is considered the biggest project in the region, provide transportation services between five major regions: Mecca, Jeddah, King Abdulaziz International Airport, King Abdullah Economic City and Medina. The project has reportedly been built at a cost of more than $16 billion. The ...

Saudi Interpol brings home arrested citizen accused of issuing bad checks

Wednesday, 3 October 2018

The Saudi Interpol arrested a Saudi citizen who was accused of issuing bad checks to the tune of huge amounts of money. The man, who absconded after the crime, was extradited to the Kingdom on Tuesday, the Saudi Press Agency reported. The Saudi Interpol started pursuing the citizen who was wanted in a bad check case. The man was accused of issuing four checks worth huge amounts of money in favor of a company. It was found that the man issued checks without sufficient funds in his bank accounts. ...

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