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How does the World Economic Forum impact Davos?

Tuesday, 23 January 2018

Davos - The participation of over 2,500 world leaders, businessmen, representatives of international organizations and civil society institutions, academics and journalists at the World Economic Forum at Davos will have major economic benefits on hotels, apartments and restaurants. Neighboring areas will benefit too specifically Klosters where part of Al Arabiya’s team is staying to cover this year’s forum. For instance, a one-bedroom apartment in Klosters will cost 2,500 AED a night ...

Saudi finance ministry sells 5.85 bln riyals of domestic sukuk

Tuesday, 23 January 2018

Saudi Arabia's government sold 5.85 billion riyals ($1.56 billion) of domestic sukuk in its fifth monthly offer of domestic sukuk, the Ministry of Finance said on Monday.The ministry sold 4.125 billion riyals of five-year sukuk, 225 million riyals of seven-year and 1.5 billion riyals of 10-year.Last month, the ministry sold 4.775 billion riyals of domestic sukuk.

IMF raises Saudi Arabia's growth prospects over higher oil prices

Monday, 22 January 2018

The International Monetary Fund on Monday raised its growth projection for the Saudi economy on the back of higher oil prices but retained its estimates for the region.In its World Economic Outlook update, the IMF said the Saudi economy is expected to grow by 1.6 percent in 2018, up 0.5 percent on its October estimates.The Saudi economy is also projected to grow by 2.2 percent next year, up 0.6 percent on the previous estimate, it said.The IMF however maintained its October projections for ...

Russia, Saudi Arabia to discuss joint energy projects - Moscow

Monday, 22 January 2018

Russia and Saudi Arabia at a meeting due in February will discuss implementation of joint energy projects, Russia’s Energy Minister Alexander Novak told the Rossiya 24 TV channel on Sunday. Russian TASS news agency quoted the minister as saying "Russia and Saudi Arabia have a roadmap on implementation of about 30 projects." OPEC+ ministers have a meeting in Oman on Sunday to discuss the deal’s implementation under condition of growing oil prices. Earlier Novak told ...

New employment app uses AI to help jobseekers in the Gulf

Monday, 22 January 2018

A new Saudi employment app is using artificial intelligence (AI) to help job hunting in the GCC. Gulfy.com is currently the fastest growing platform in the region, with more than 120,000 users after six months, and approximately 2,000 people registering daily. Over 800 companies have also signed up. According to a statement, the service uses “bespoke, sophisticated – and closely guarded – machine learning algorithms to filter and rank candidates. “It gives each candidate ...

France drops 2025 world expo bid over cash worries

Monday, 22 January 2018

France has withdrawn its bid for Paris to host the 2025 World Expo citing financial risks as the country gears up to organize both the Olympics and Rugby World Cup.The decision was revealed by the Journal du Dimanche newspaper on Sunday after Prime Minister Edouard Philippe announced it in a letter to organizers on Friday.Philippe said the French bid for the event, which sees nations from around the world showcase their achievements, was being called off due to “adjustments in public ...

Yemen government announces first budget after three years

Sunday, 21 January 2018

The Yemeni government on Sunday released its first official budget since the Houthi rebels overran the capital Sanaa in 2014 and following a bailout from ally Saudi Arabia. Prime Minister Ahmed bin Dagher said spending in the 2018 budget is projected at 1.5 trillion Yemeni riyals ($3.9 billion), with revenues estimated at 978 billion riyals ($2.6 billion). The Aden-based government projected a deficit of $1.3 billion, based on the official exchange rate of 380 riyals to the dollar -- higher than ...

Saudi Arabia to build 9 desalination plants on Red Sea

Sunday, 21 January 2018

Saudi Arabia plans to build nine desalination plants for more than 2 billion riyals ($530 million) on the Red Sea coast, its environment minister said on Sunday. The plants will have capacity of 240,000 cubic meters of water per day and will be completed in less than 18 months, Abdulrahman al-Fadhli wrote in a Twitter post. The project, which the minister said was ordered by King Salman in a royal decree, will help government-owned Saudi Saline Water Conversion Corp (SWCC) raise production ...

Trump to tout US economy, urge fair trade at elite Davos forum

Saturday, 20 January 2018

US President Donald Trump will be entering something of a lion’s den when he visits the elitist enclave of Davos next week, rubbing shoulders with the same “globalists” that he campaigned against in winning the 2016 election. Aides said some of Trump’s advisers had argued against him attending the World Economic Forum in order to steer clear of the event, which brings together political leaders, CEOs and top bankers. But in the end, they said, Trump, the first sitting ...

A year after Trump's deal, Carrier workers lose jobs

Saturday, 20 January 2018

After 5 years working at a furnace factory in Indianapolis, Renee along with over 200 of her colleagues are being laid off. Renee Elliott, former Carrier employee, said “Tomorrow I’m losing my job, as the company I work for… the company I had hoped to serve until retirement sells me up." At a meeting to discuss the company's decision, those being let go express their disappointment. Especially as many, like Duane, had voted for Donald Trump in 2016 because he said he ...

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