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Business Saudi Arabia

  • *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...

  • DUBAI, April 16- Saudi Arabia's two largest listed banks were the main drag on the index in early trade on Sunday on news that U.S. insurers have filed a lawsuit against the lenders over the Sept. 11, 2001, attacks, while National Bank of Kuwait rose on strong first quarter results. Shares of Al Rajhi Bank were down 1.5 percent and, National Commercial Bank down 2.1...

  • DUBAI, April 16- Stock markets in the Gulf may trade sideways on Sunday as investors await a fresh batch of first-quarter results and because most other markets were shut for the Easter holiday. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.2 percent on Friday, though many markets in the region, including Australia, Singapore and Hong Kong,...

  • The lawsuit filed late on Wednesday night in the U.S. District Court in Manhattan is the latest effort to hold entities in Saudi Arabia liable for the attacks. The 10 defendants in the lawsuit include Al Rajhi Bank, National Commercial Bank, aviation contractor Dallah Avco, the Mohamed Binladin Co, the Muslim World League, and other charities.

  • DUBAI, April 13- A generally strong start to quarterly results from companies in the Gulf may keep bourses on which they trade relatively buoyant on Thursday, but choppy international markets and an overnight fall in crude oil prices may cap some gains. "The results so far have been impressive, although it is too soon to call a bottoming in earnings or try to extract...

  • *OPEC compliance 104 pct in March, Saudi reports lower output. *2017 non- OPEC supply forecast raised, demand for OPEC crude cut. LONDON, April 12- OPEC cut oil output in March by more than pledged under a supply reduction deal and said oil inventories had fallen in February, suggesting that its effort to clear a supply glut that has weighed on world oil prices is...

  • *Dubai Islamic Bank up again after positive Q1 results. *Abu Dhabi's Union National Bank jumps on Q1 earnings beat. Shares in Qatar National Bank, the largest lender by assets in the Gulf Cooperation Council, rose 1 percent after it announced net profit of 3.2 billion riyals for the three months to March 31, up 12 percent from the prior year period and beating Arqaam...