Saudi Airlines to operate regular Baghdad route starting Oct. 30

Sunday, 22 October 2017

Saudia Airlines will begin its first flight to Baghdad on Oct. 30 in what will be the first flight to the Iraqi capital after 27 years of interruption.The news comes after Saudi budget airline Flynas last week made its first direct flight since 1990 from Sausi Arabia to Iraq.Saudia Airlines CEO Saleh Al Jasser confirmed the news to Al Ekhbariya on Sunday and said that the carrier will operate two direct flights a day.This comes after Iraqi Minister of Transport, Kazem Finjan met last week with ...

UAE central bank survey projects moderate growth in loan demand

Sunday, 22 October 2017

Demand for business credit and personal loans in the United Arab Emirates increased marginally in the July-September quarter, and a moderate increase is expected in the current quarter, a central bank survey showed on Sunday. The net balance measure for business lending - the weighted percentage of respondents reporting an increase in demand for loans minus those reporting a fall in demand - was plus 6.3 in the latest quarter, against plus 7.5 in the previous quarter. ...

Egypt says Bahrain, Kuwait and UAE to lift ban on its agriculture exports

Sunday, 22 October 2017

Bahrain, Kuwait and the United Arab Emirates have agreed to lift a ban on imports of Egyptian agricultural products, Egypt said on Sunday, as the country works to step up exports to narrow its budget deficit. The agreement came after a series of meetings and negotiations held between an Egyptian delegation and the Gulf countries, the Egyptian agriculture ministry said in a statement. The series of bans, which were said to have been on concerns over pesticide residues, had come at a time where ...

Financial crisis forces Qatar to sell UACC, but Saudi Arabia owns the decision

Sunday, 22 October 2017

Qatar’s crisis is holding up the sale of a shipping company it part owns, one of the latest signs of an emerging corporate fall-out that Doha is facing after Arab countries cut relations in June, sources familiar with the matter said. Saudi Arabia, the United Arab Emirates, Bahrain and Egypt severed diplomatic, trade and transport ties with Qatar in June, accusing it of supporting terrorism. The dispute has hit Qatar’s financial sector, with banks in neighboring Arab states ...

Only Saudi Women will be entitled to run females’ supplies stores in the Kingdom

Saturday, 21 October 2017

Only Saudi women will be entitled to run females' clothing stores across all regions of Saudi Arabia, following implementation of the third phase of a government decision to feminize such outlets starting from Saturday. The third stage of feminization comes as continuation of the first and second phases launched by the Ministry of Labor and Social Development during the past years, according to a statement on Saudi Press Agency. “Feminization is to include selling of women's perfumes, ...

Malaysia Airlines appoints group CEO to replace Bellew

Friday, 20 October 2017

Malaysia Airlines Berhad on Friday appointed Captain Izham Ismail as group chief executive officer designate with immediate effect following the departure of Peter Bellew after just over a year in the job. Izham, who has served as chief operating officer since last November, will be the third person to take the CEO job in two years. The airline said in a statement that Izham will officially assume the post on December 1, after Bellew completes administrative leave. ...

GE profits fall, sending shares sharply lower

Friday, 20 October 2017

General Electric reported a decline in third-quarter profits on Friday, sending shares sharply lower, as weakness in the oil and gas and power businesses once again weighed on results.The US industrial conglomerate, newly led by chief executive John Flannery, reported net profit of $1.8 billion, down 9.7 percent from the year-ago period.Revenues were $33.5 billion, up 14.4 percent, reflecting the effects of the Baker Hughes oil services acquisition.The results are the last before a November 13 ...

Saudi wealth fund PIF launches real estate refinancing company

Thursday, 19 October 2017

Saudi Arabia’s Public Investment Fund (PIF) has launched a real estate refinance company, aimed at injecting liquidity into the property market and raising the rate of home ownership among Saudis. The sovereign wealth fund, believed to have about $180 billion of assets, has been charged with a growing array of responsibilities including leading urban development and industrial projects aimed at cutting the kingdom’s reliance on oil exports. Increasing ...

Qatar withdraws $20 bln from its sovereign wealth fund to save its economy

Thursday, 19 October 2017

Qatar has said it has withdrawn $20 bln of its overseas investments owned by its sovereign wealth fund and brought them onshore to rescue its economy, which has been in a stalemate since several Arab states boycotted Doha over its support for regional terror groups. Qatar’s Finance Minister Ali Shareef al-Emadi told the Financial Times that Qatar Investment Authority deposits were being used to create a “buffer” and provide liquidity in the banking system after the gas-rich ...

Saudi Postal plans new distribution centers with view to privatization

Wednesday, 18 October 2017

The head of Saudi Arabia’s government-owned postal service said on Wednesday the institution was setting up new distribution centers as part of a privatization process he indicated could take several years. The kingdom is launching a privatization drive in many sectors as part of wider economic reforms aimed at boosting efficiency and easing pressure on state finances in an era of cheap oil. Saudi Postal Corp, which has more than 10,000 employees, sent a request for proposals to local ...

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