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Business Saudi Arabia


  • Oil market needs an anchor, Saudi adviser says Friday, 9 Oct 2015 | 8:40 AM ET

    The comments by Ibrahim al-Muhanna suggest that Saudi Arabia and the rest of OPEC understand that they are unable to manage the oil market alone for the time being, and would like to see some kind of collective mechanism to reduce the current instability in the market. Top oil exporter and OPEC heavyweight Saudi Arabia was the driving force behind OPEC's...

  • RIYADH, Saudi Arabia— Saudi billionaire Prince Alwaleed bin Talal and his investment company have doubled their ownership of Twitter's publicly traded shares in the past six weeks. A joint statement released Wednesday by the prince and the Riyadh- based Kingdom Holding Company says their combined shares represent more than 5 percent of Twitter's common...

  • DUBAI, Oct 7- Saudi Arabian billionaire Prince Alwaleed bin Talal and his investment firm Kingdom Holding now together own more than 5 percent of Twitter Inc, the prince's office said on Wednesday. Kingdom Holding has paid $50 million to double its stake in the microblogging site to 0.72 percent, the Riyadh- based company said in a separate bourse statement.

  • Saudi Arabia's tourism back up plan Friday, 2 Oct 2015 | 8:00 AM ET
    Saudi Arabia's tourism back up plan

    The revenue that Saudi Arabia generates from oil could be overtaken by tourism one day, according to tourism industry experts and economists.

  • The real reason Putin is in Syria Thursday, 1 Oct 2015 | 11:50 AM ET
    Russian President Vladimir Putin speaks during a meeting with members of the Presidential Council for Civil Society and Human Rights at the Kremlin in Moscow, Russia, October 1, 2015.

    Russia says it's in Syria to help fight ISIS but the real reason can be summed up in one word, says this former State Department advisor.

  • As oil wealth dwindles, Saudi Arabia faces change Thursday, 1 Oct 2015 | 8:27 AM ET

    JIDDAH, Saudi Arabia— At a gas station in Saudi Arabia's second largest city of Jiddah, drivers are fueling up their cars at just 45 cents a gallon— four times less than the price of water. "It's not an absolute crisis, but it is a question of planning for the future," said Karen Young, a senior resident scholar at the Arab Gulf States Institute in Washington D.C..

  • DUBAI, Oct 1- Saudi Arabia, a leading foe of President Bashar al-Assad, demanded his ally Russia end its raids on Syria, saying the strikes had caused civilian casualties while failing to target the hardline Islamic State militants Moscow says it opposes. In remarks at the United Nations in New York, a senior Saudi diplomat suggested both Russia and Assad's other...

  • Tourism to replace oil economy in Saudi Arabia? Thursday, 1 Oct 2015 | 4:29 AM ET
    A couple in Jeddah, Saudi Arabia.

    The revenue that Saudi Arabia generates from oil could be overtaken by tourism one day, according to tourism industry experts and economists.

  • OPEC oil output rising, boosted by Iraq: Survey Wednesday, 30 Sep 2015 | 10:46 AM ET
    Iraqi Southern Oil Company engineers look towards the flares in the Zubair oil field in southern Iraq.

    OPEC oil output has risen in September from the month before, a Reuters survey found on Wednesday, as Iraq's northern exports recovered from disruption.

  • OPEC oil output rises in September, led by Iraq - survey Wednesday, 30 Sep 2015 | 10:24 AM ET

    *OPEC output up almost 1.5 million bpd since policy shift. LONDON, Sept 30- OPEC oil output has risen in September from the month before, a Reuters survey found on Wednesday, as Iraq's northern exports recovered from disruption that had halted supply growth from the group's second-largest producer. OPEC supply has increased in September to 31.68 million barrels...

  • Submitters include all the world's major consumers, with the notable exceptions of Russia, Iran, Indonesia, Venezuela, Malaysia, South Africa and United Arab Emirates. Other countries reporting substantial increases in demand included the United States, India, Turkey, Saudi Arabia and Korea. Smaller increases in demand were reported by Germany, France, Britain,...

  • LONDON, Sept 30- Top oil exporter Saudi Arabia is slowly regaining market share following its 2014 decision to no longer support prices, data shows, but has a long way to go if it wants to go back to the larger levels it has seen in the past. Saudi Arabia led a shift by the Organization of the Petroleum Exporting Countries in November 2014 to defend market share against...

  • Saudi Arabia pulling billions from global asset managers

    Saudi Arabia has withdrawn tens of billions of dollars from global asset managers in recent months in an effort to cut its massive deficit.

  • Iran demands Saudi Arabia apologise for hajj deaths Sunday, 27 Sep 2015 | 6:13 AM ET
    Ambulances are seen on a road after at least 753 Muslim Hajj pilgrims were killed and at least another 450 injured in a stampede that took place near the city of Mecca in Saudi Arabia.

    Iran's supreme leader has said Saudi Arabia should apologize for a crush outside the Muslim holy city of Mecca that killed 769 worshippers.

  • Deadly stampede at Mecca highlights dangers of hajj Friday, 25 Sep 2015 | 7:35 AM ET
    Saudi emergency personnel and Hajj pilgrims carry a wounded person at the site of a stampede in Mina, near the holy city of Mecca, at the annual hajj in Saudi Arabia on September 24, 2015.

    At least 717 pilgrims have died and 805 been injured in the stampede in Mina on the outskirts of Mecca, marking the worst Hajj disaster in 25 years.

  • Investing in Saudi Arabia Tuesday, 22 Sep 2015 | 11:40 AM ET
    Investing in Saudi Arabia

    Yazan Abdeen, head of MENA liquid assets at SEDCO Capital, discusses his company's experience of investing in the Saudi Arabian stock market.

  • DUBAI, Sept 20- Saudi Arabia's United Cooperative Assurance said on Sunday it had received a claim from Saudi Binladin Group over the collapse of one of the construction firm's cranes this month at the Grand Mosque in Mecca that killed more than 100 people. The insurance firm said it had received the claim on Sept. 13 and it had appointed evaluators licensed by the...

  • Commodities next week: Wild swings continue Friday, 18 Sep 2015 | 3:37 PM ET
    Commodities next week: Wild swings continue

    CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets and looks ahead at where oil and precious metals are likely headed next week.

  • KHOBAR, Saudi Arabia, Sept 17- The world's biggest oil firm Saudi Aramco has picked a career petroleum engineer who oversaw its biggest projects of the past decade, Amin Nasser, to lead it through a price downturn and a market share battle. Nasser is known for pushing for cutting edge technology and once said he sought to emulate the gas fracking revolution in the...

  • UPDATE 1-Saudi Aramco says Amin Nasser appointed as CEO Wednesday, 16 Sep 2015 | 11:49 PM ET

    KHOBAR, Saudi Arabia, Sept 17- Saudi Aramco's Supreme Council has named Amin Nasser as chief executive officer of the state oil company of the world's largest exporter, Aramco said on Thursday. The post of Saudi Aramco chairman had previously been held by Oil Minister Ali al-Naimi, himself a former chief executive of the company. A statement by Saudi Aramco said...