Saudi Arabia, the world's largest crude exporter, could phase out the use of fossil fuels by the middle of this century. The Financial Times reports.» Read More
Saudi Arabia's sovereign wealth funds are examining acquisitions around the world, but are waiting for greater economic stability before making any definite moves, Dr. Ibrahim Al-Assaf, the country's finance minister, told CNBC Thursday.
It’s been a news-heavy week for oil markets, with the International Energy Agency publishing its monthly oil market report following OPEC’s forecasts and comments by senior oil officials earlier in the week.
CNBC's Eamon Javers reports Attorney General Eric Holder says the U.S. has charged two men, originally from Iran, for conspiracy to murder Saudi Arabian Ambassador.
Saudi Arabia's Central Bank Governor, Muhammad Al Jasser, said yesterday that "everyone" was concerned over the fragile state of the US economy and Europe's ongoing sovereign debt crisis, according to Reuters reports.
Bahrain might be the smallest petroleum producer in the Gulf but its strategic production and refining relationship with Saudi Arabia means that the hydrocarbon sector remains critical to the wider economy, according to oil minister, Dr. Abdul-Hussain bin Ali Mirza.
As Saudi Arabia continues to grow rapidly, the dilemma of sufficiently meeting domestic and international crude oil demand becomes one that would lend credence to believers in higher prices down the line, experts and analysts told CNBC.
Gold is likely to hit $1,650 an ounce by the end of the year and could even hit $1,700, according to one analyst.
Saudi banks, often viewed as a benchmark for the region, have been struggling to shrug off the overhang from the 2008 financial crisis, and have been hit in particular by the more than $20 billion in loan defaults by the two family-owned businesses of Saad and Al-Gosaibi.
Traders at the Egyptian Stock Exchange reacted negatively to developments over the weekend, pushing the benchmark index EGX30 1.67% lower to 5270, its lowest level in almost two months.
Bahrain began its highly-anticipated National Dialogue this week in an effort to restore confidence both domestically and internationally that the Kingdom is committed to working through issues that sparked unrest within its borders in mid-February.
Egypt’s benchmark stock index was able to rebound 0.75 percent in the last trading session before an expected "million-man" march on Friday.
The release of an emergency supply of oil to the market has received a mixed response from experts, with some arguing that the high oil prices seen in recent months have held back economic recovery while others say it reflects a political struggle.
Despite political uncertainty induced by recent social turmoil, the Arabic Gulf region can remain attractive to Western investors, experts told CNBC on Wednesday.
Saudi Arabia is expected to enforce a highly-anticipated new mortgage law that could offer valuable opportunities for banks and investors seeking the next growth story in the Kingdom.
Cash-strapped nations are only now starting to loosen the purse strings on defense spending, and many may still be looking for bargains at the Paris Air Show this year..
Saudi women are planning to take to the streets on Friday, not to push for democratic reforms, as has been a common theme in the Arab Spring, but for the right to drive.
A plan that would have tapped into the strategic petroleum reserves was one of many idea President Obama has considered to bring down the price of oil, Energy Secretary Steven Chu told CNBC Wednesday.