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Business Saudi Arabia

  • RIYADH, April 25- A glitzy $10 billion financial district in Riyadh hopes to open its first phase for business this year but is struggling with red tape and uncertainty about its ownership, showing the challenges facing Saudi Arabia's economic reforms. The plan to build the King Abdullah Financial District began in 2006, but the project has been plagued by...

  • RIYADH, April 25- A glitzy $10 billion financial district in Riyadh hopes to open its first phase for business this year but is struggling with red tape and uncertainty about its ownership, showing the challenges facing Saudi Arabia's economic reforms. Construction of King Abdullah Financial District began in 2006, but the project has been plagued by...

  • Vessels pass an oil refinery in the waters off the southern coast of Singapore.

    Oil gave up gains on Monday as a rise in U.S. drilling countered expectations that OPEC will extend output cuts until the end of 2017.

  • *Dubai weighed down by profit-taking on Union Properties. *First Abu Dhabi Bank and TAQA buoy Abu Dhabi market. DUBAI, April 24- Saudi Arabian telecoms company Mobily slumped after worse than expected results on Monday, but the market was buoyed by stronger quarterly earnings from the insurance sector, while performance across the rest of the region was mixed.

  • *Dubai weighed down by profit-taking on Union Properties. *First Abu Dhabi Bank and TAQA buoy Abu Dhabi market. DUBAI, April 24- Saudi Arabian telecoms company Mobily slumped after worse than expected results on Monday, but the market was buoyed by stronger quarterly earnings from the insurance sector, while performance across the rest of the region was mixed.

  • KHOBAR, Saudi Arabia, April 24- State oil giant Saudi Aramco has appointed company veteran Motassim al-Maashouq to officially oversee preparations for its initial public offering, industry sources told Reuters. The Saudi government plans to list up to 5 percent of Aramco on the Saudi stock exchange in Riyadh, the Tadawul, and on one or more international...

  • *Restoring public perks could be worth 50- 80 billion riyals. DUBAI, April 23- The decision by Saudi Arabia's King Salman to restore cuts to financial allowances for civil servants and military personnel is being seen as helping the kingdom avoid recession this year while smoothing the path toward economic reforms. On Saturday, Riyadh cancelled that step-- the...

  • DUBAI, April 23- Saudi stocks rose in heavy volumes on Sunday as investors cheered news that King Salman had issued a royal decree restoring financial allowances for civil servants and military personnel, while Egypt fell steeply on profit taking. The move is likely to boost consumption, benefiting the retail and food sectors, according to economists at Riyadh-...

  • *Restoring public perks could be worth 50- 80 billion riyals. DUBAI, April 23- The decision by Saudi Arabia's King Salman to restore cuts to financial allowances for civil servants and military personnel is being seen as helping the kingdom avoid recession this year while smoothing the path toward economic reforms. On Saturday, Riyadh cancelled that step-- the...

  • RIYADH, Saudi Arabia— Saudi Arabia's King Salman has issued a decree reinstating public sector perks after a drop in oil prices forced the kingdom to curb big-ticket spending and implement sensitive austerity measures. The decree, issued late Saturday, states that King Salman is "keen to provide comfort to Saudi citizens" and has reinstated all allowances,...

  • Saudi King Salman bin Abdulaziz

    Saudi Arabia has restored financial allowances for civil servants and military personnel, using a royal decree to reverse austerity measures put in place last year.

  • A worker checks the valve of an oil pipe at Nahr Bin Umar oil field, north of Basra, Iraq.

    Oil prices fell on doubts that an OPEC-led production cut will restore balance to an oversupplied market.

  • WASHINGTON, April 20- The United States wants new commitments from Saudi Arabia to improve its targeting procedures to minimize civilian casualties in its part in the Yemen civil war as it weighs resuming sales of precision-guided munitions to Riyadh, U.S. officials told Reuters. Nearly 4,800 civilians have been killed in Yemen since the latest round of...

  • President Donald Trump may add a visit to Saudi Arabia to a trip to Europe in May in what will be his first overseas journey since becoming president, a senior administration official said on Wednesday. Trump is already planning to attend a NATO summit in Brussels on May 25 and travel to Sicily for a Group of Seven leaders' summit scheduled for May 26-28.

  • *Qatar underperforms; all blue chips have paid 2016 dividend. DUBAI, April 19- Construction-related shares underperformed Riyadh's stock market on Wednesday because of poor first-quarter earnings, though troubled Dubai builder Arabtec jumped after shareholders approved a capital restructuring plan. Riyadh- listed Arabian Cement slid by 5 percent after...

  • *China pushing for Hong Kong listing in return for investment. HONG KONG/ RIYADH/ DUBAI, April 18- China is creating a consortium, including state-owned oil giants and banks and its sovereign wealth fund, that will act as a cornerstone investor in the initial public offering of Saudi Aramco, people with knowledge of the discussions told Reuters.

  • Arab oil ministers discuss whether the oil price can reach mid $60s

    CNBC's Hadley Gamble reports from Abu Dhabi where Middle Eastern oil ministers are meeting to discuss the current market environment and its effect on Gulf economies.

  • TOKYO— From two continents, top Trump administration officials warned Tuesday that North Korea's latest failed missile launch was a reckless act of provocation and assured allies in Asia that the United States was ready to work to achieve a peaceful denuclearization of the Korean Peninsula. "We appreciate the challenging times in which the people of Japan...

  • *Low oil prices make it harder for Riyadh to fund projects. RIYADH, April 16- Saudi Arabia's government is ordering its ministries and agencies to review billions of dollars' worth of unfinished infrastructure and economic development projects with a view to shelving or restructuring them, government sources said. Many of these projects are relics of a...

  • *Low oil prices make it harder for Riyadh to fund projects. RIYADH, April 16- Saudi Arabia's government is ordering its ministries and agencies to review billions of dollars' worth of unfinished infrastructure and economic development projects with a view to shelving or restructuring them, government sources said. Many of these projects are relics of a...