Hamed Merah, head of Islamic finance body AAOIFI resigns

Saturday, 13 January 2018

The head of the Bahrain-based Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has resigned after more than three years at the helm of the standard-setting body.Secretary General Hamed Hassan Merah told Reuters he had presented an “objectively reasoned resignation” to AAOIFI’s board of trustees which in turn accepted it on Thursday.Saudi-born Merah took the role in September of 2014, helping oversee the most significant overhaul of AAOIFI’s ...

Saudi Arabia, UAE introduce VAT in first for Gulf

Monday, 1 January 2018

Saudi Arabia and the United Arab Emirates introduced value-added tax from Monday, a first for the Gulf. Saudi Arabia also announced a hike of up to 127 percent in petrol prices with immediate effect from midnight.They are the latest in series of measures introduced by Gulf oil producers over the past two years to boost revenues and cut spending. The five percent sales tax applies to most goods and services and analysts project that the two governments could raise as much as $21 billion in 2018, ...

Kidnapped Saudi child in Egypt rescued

Sunday, 31 December 2017

A Saudi child was rescued by Egyptian police after he was kidnapped for ransom.According to the Egyptian Ministry Interior the six-year-old boy’s mother, who is Egyptian, reported to police the disappearance of her son. His uncle told officers that he received calls from a man asking for 600,000 Egyptian pounds for his returns.The child, who is a Saudi citizen, was targeted according to Ministry sources because his father is businessman.Officials stated that the kidnapper was identified as ...

Elysee: Macron invites Hariri and family to France

Wednesday, 15 November 2017

President Emmanuel Macron has invited Lebanon's Prime Minister Saad al-Hariri and his family to France, the French presidency said on Wednesday, seeking to defuse a brewing crisis in the Middle East. Hariri announced his abrupt resignation as premier 11 days ago from the Saudi capital Riyadh, propelling Lebanon to the front of a regional contest for power between Saudi Arabia and Iran. "After speaking with Saudi Crown Prince Mohammed bin Salman and the Lebanese Prime Minister Saad ...

Qatif’s stability is not a gambling card

Monday, 13 November 2017

In the month of August, clashes with armed groups broke out in al-Masura neighborhood in al-Awamiyah. Some of those on the wanted list were killed while others were detained. Qatif has been calm since then even though it’s a cautious one. Terrorist operations have gone down and hundreds of families have been allowed to return home. Work to clean Awamiyah neighborhoods began and governmental services began to gradually return thanks to joint efforts between state institutions and residents. ...

Hassan Al Mustafa

CEO: Aramco plans to spend $300 bln over 10 years in upstream oil and gas

Monday, 13 November 2017

Saudi Aramco plans to spend close to $300 billion over 10 years in upstream oil and gas projects, Chief Executive Amin Nasser said on Monday.Speaking at the ADIPEC energy conference in Abu Dhabi, Nasser said: “This is mainly upstream, onshore, offshore and joint ventures in the kingdom and out of the kingdom.” He also said a decision would hopefully be made soon on the location for the listing of shares in the oil giant.Crown Prince Mohammad bin Salman said last month that ...

Rescuing society from the hijacking of enlightenment

Friday, 3 November 2017

The last three decades proved to be quite difficult for the Saudi people. To begin with, a wave of radicalism struck the Islamic world after Khomeini’s revolution cast its dark shadow over all aspects of life. There was a surge in sentiments of hostilities and retribution, along with the desire to be contrite and to repent for one’s sins. At this time, the average household was targeted by a barrage of proselytizing tapes and brochures. People stopped taking photographs, and even ...

Fahad Suleiman Shoqiran

The story behind Saudi Crown Prince’s photo that went viral

Saturday, 28 October 2017

Saudi Crown Prince’s spontaneous photo holding up two phones during a landmark investment summit in Riyadh on Tuesday has gone viral, and was shared widely by global media.Prince Mohammed Bin Salman was using the devices, an old and a new phone, to depict the past and present in his discussion on NEOM, a $500 billion mega city project announced yesterday by Saudi Arabia. "The difference between now and what we aspire for NEOM is like the difference between these two phones," the ...

Saudi-Iraqi cooperation behind boost in oil prices, says Falih

Saturday, 21 October 2017

Saudi Arabia's Oil Minister Khalid al-Falih and his Iraqi counterpart Jabar al-Luaibi, agreed on Saturday to cooperate on implementing decisions by the Organization of Petroleum Exporting Countries to curb oil global oil supply, Iraq's oil ministry said. The two ministers met in Baghdad, the ministry said in a statement. Falih was received at the Baghdad International Airport by Luaibi this morning. Falih later attended the opening of the 44th session of Baghdad International Fair 2017 in which ...

History of Saudi official visits to Russia

Tuesday, 10 October 2017

The visit of The Custodian of the Two Holy Mosques, King Salman bin Abdul Aziz Al Saud to Russia is of immense significance as it is the first official visit of a Saudi ruler to that country, although relations between the countries were established about 90 years ago. However, there have been several official visits by Saudi officials to Russia over the last 30 years. In 1987, former Saudi oil minister Hisham Nazer visited Moscow to discuss oil prices and the market’s stability. Foreign ...

Hassan Al Mustafa

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