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Business Saudi Arabia


  • Gulf States in $123 Billion US Arms Spree Tuesday, 21 Sep 2010 | 10:01 AM ET
    Lockheed Martin's F-35

    The Arab states of the Gulf have embarked on one of the largest re-armament exercises in peacetime history, ordering US weapons worth some $123bn as they seek to counter Iran’s military power.

  • Natural Gas Is the 'Fuel of the Future': Shell CEO Monday, 13 Sep 2010 | 6:39 PM ET

    Fossil fuels will continue to be a vital component of the world's energy mix for many years, and natural gas will increasingly play a more prominent role, according to global energy leaders speaking today at the World Energy Congress in Montreal.

  • With Ban Looming, Some Saudis Sell Off BlackBerrys Friday, 6 Aug 2010 | 2:09 PM ET
    Blackberry, Dubai

    Some Saudis were trying to sell their BlackBerrys ahead of a ban on the smart phone's messenger service in the kingdom — but with few willing to buy, they're having to slash prices.

  • Jobs Concerns Dominate Techonomy Conference Friday, 6 Aug 2010 | 8:49 AM ET

    This is a jobless recovery. That's the consensus among the executives and entrepreneurs here, who say improving employment is their #1 priority.

  • Eric Schmidt

    Schmidt says job creation is the most important thing the economy needs right now, particularly in the manufacturing sector. He's very frustrated at the government's slow pace in boosting employment—effectively saying it's ridculous that so much proposed legislation has to wait until after the November elections.

  • BlackBerry Maker Resists Governments’ Pressure Wednesday, 4 Aug 2010 | 9:47 AM ET
    Blackberry Torch 9800

    A top executive of Research In Motion, the Canadian company that makes BlackBerry smartphones, said on Tuesday that his company would not give in to pressure from foreign governments to provide access to its customers’ messages.

  • Canadian Oil Sands Will Become Top US Crude Source Monday, 28 Jun 2010 | 2:21 PM ET
    Alberta Oil Sands

    Canada has proven oil reserves of more than 170 billion barrels—second only to Saudi Arabia. Much of that crude lies beneath the tundra of Alberta in a thick oil, sand and water mixture called bitumen, more commonly called oil sand.

  • Saudis Hoard Twice as Much Gold as Thought Monday, 21 Jun 2010 | 3:12 AM ET

    Saudi Arabia, the world’s fourth-largest holder of foreign exchange reserves, is sitting on more than twice as much gold as previously thought, according to new estimates.

  • Israel Pushing to Make the World Greener Tuesday, 20 Apr 2010 | 1:36 PM ET
    Eilat, Israel

    Israel perhaps has more to gain than anyone else from going clean and green. Right now, Israel is almost fully dependent on fossil fuels that pollute the country. Israel still gets its oil from secondary sources, because Arab nations won't sell to Israel directly.

  • Middle East Growth Fueled by Infrastructure and Consumers Wednesday, 31 Mar 2010 | 5:53 PM ET

    What many Westerners may know about the Middle East falls far short of what the vast region has to offer investors.

  • The Middle East's Most Competitive Countries Wednesday, 31 Mar 2010 | 8:09 AM ET
    As one of the the most difficult economic climates in generations continues, Western countries still dominate the top 10 slots in the World Economic Forum's Global Competitiveness Report, led by Switzerland and the United States. But in the Middle East, 13 countries continue their upward trend of recent years, with a number of countries measurably improving their competitiveness. In this respect, significant differences between countries persist. In many energy exporting countries, abundant oil

    While America took a big hit during the financial crisis, many Middle Eastern economies grew. Click to see where these countries rank globally and regionally.

  • Saudi Aramco CEO Predicts Less Volatility in Oil Prices Wednesday, 10 Mar 2010 | 2:43 PM ET
    Oil Barrels

    The CEO of the world's largest oil company says crude prices will remain steady and will not change dramatically in the months to come.

  • Alcoa, Saudi Arabia to Invest $11 Billion in Venture Monday, 21 Dec 2009 | 12:03 PM ET

    Alcoa said Monday it and the Saudi Arabian mining company, Ma'aden, will invest $10.8 billion in a joint venture to develop an aluminum industrial complex in Saudi Arabia.

  • Saudis Seek Payments for Any Drop in Oil Revenues Wednesday, 14 Oct 2009 | 11:28 AM ET

    Saudi Arabia is trying to enlist other oil-producing countries to support a provocative idea: if wealthy countries reduce their oil consumption to combat global warming, they should pay compensation to oil producers.

  • Maxis to Raise $2 Billion in Malaysian IPO: Reports Tuesday, 6 Oct 2009 | 11:43 PM ET

    Maxis, Malaysia's biggest telecom firm plans to list on the stock market by mid-November, media reports said.

  • Oil Barrels

    Russia has beaten the Saudis in the global crude market for the first time, according to new figures from the Russian Oil Ministry.

  • Prince Alwaleed Urges US to Sell Citi Stake: Report Sunday, 4 Oct 2009 | 7:05 AM ET
    Citi sign

    Prince Alwaleed bin Talal says a sale this year will boost investor confidence.

  • Saudi Oil Minister: OPEC to Hold Output Steady Tuesday, 26 May 2009 | 7:43 AM ET

    OPEC is unlikely to cut output at its upcoming meeting, Saudi Arabia's oil minister said in comments published Tuesday, as indications mounted that the oil producing bloc would resist a temptation to tighten the taps despite wanting higher crude prices.

  • Oil Prices Resist the World’s Recession Trend Thursday, 23 Apr 2009 | 11:29 AM ET

    The recent resilience shown by the oil markets is not because of any improvement in the global economy or rise in oil consumption. Instead, analysts said, oil is once again being sought by investors as a refuge against a slumping dollar and rising inflation.

  • The global economy has crashed and so has the price of oil. The same countries that used billions from crude exports to subsidize gasoline at home, even as prices hit record highs elsewhere in the world, are now under tremendous strain.