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Business Saudi Arabia


  • 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...

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    Saudi Arabia has withdrawn tens of billions of dollars from global asset managers in recent months in an effort to cut its massive deficit.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

  • Binladin Group suspended over Mecca crane disaster Tuesday, 15 Sep 2015 | 5:54 PM ET
    Muslim pilgrims gather in front the crane that collapsed the day before at the Grand Mosque in Saudi Arabia's holy Muslim city of Mecca on September 12, 2015.

    Saudi Arabia suspended construction giant Saudi Binladin Group following Friday's crane collapse that killed 107 people in Mecca.

  • Crude realities for your money Monday, 14 Sep 2015 | 2:33 PM ET
    Crude realities for your money

    CNBC's Morgan Brennan looks at the impact of 2015 rates for very large crude carriers, on the tanker sector.

  • Downside pressure on oil price Monday, 14 Sep 2015 | 2:31 PM ET
    Downside pressure on oil price

    Oil closed at $44 for the day, reports CNBC's Jackie DeAngelis.

  • RIYADH, Sept 14- Saudi Arabian banks' financial cushion and the government's commitment to keep spending should enable them to weather a prolonged slump in oil prices, even though loan growth is slowing, Saudi British Bank said. SABB is the kingdom's fifth-largest lender by assets and is 40 percent owned by HSBC, Europe's biggest bank. The Saudi Arabian Monetary...

  • Why China's not the only one selling FX reserves Sunday, 13 Sep 2015 | 9:00 AM ET
    Saudi Arabian riyals

    China's not the only central bank in town selling reserves to cope with a tumultuous global economy. The Saudis have been doing it for months.

  • Commodities next week: GS note helps push oil down Friday, 11 Sep 2015 | 4:00 PM ET
    Commodities next week: GS note helps push oil down

    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.

  • Saudi Arabia: No need for oil summit Friday, 11 Sep 2015 | 6:09 AM ET
    Saudi Arabia: No need for oil summit

    CNBC's Hadley Gamble reports on her exclusive interview with Saudi Prince Turki Al-Faisal.