Business Saudi Arabia


  • Corporate and infrastructure issuers in the Gulf region may increasingly rely on sukuk, the Islamic equivalent of bonds, as a source of funding in coming quarters says a report titled "Sukuk Are Surpassing Conventional Bond Issuance In The Gulf Countries As Yields Tighten," published Oct. 5, 2012, by Standard& Poor's Ratings Services.

  • RIYADH, Oct 8- Saudi Electricity Co has approved the awarding of a 11.96 billion-riyal contract to build a 2.7- gigawatt power plant in south Jeddah to an unidentified bidder, it said on Monday. Last month, Reuters reported that South Korean group Hyundai Heavy Industries was the low bidder on the project, citing industry sources.

  • Oct 8- The outlook for Saudi Arabia's banking system remains stable, says Moody's Investors Service in a new Banking System Outlook published today.

  • PRESS DIGEST - Hong Kong - Oct 8 Sunday, 7 Oct 2012 | 9:55 PM ET

    HONG KONG, Oct 8- These are some of the leading stories in Hong Kong newspapers on Monday. --A four-year-old boy visiting Hong Kong from Saudi Arabia is sick in Queen Mary Hospital with a Sars-like virus suspected to be the same one that emerged in the Middle East last month.

  • *Canada expects Indian companies will make oil sands deals. *Chinese bid for oil producer Nexen makes waves in Canada. To some political consternation in Canada, China is rapidly buying up assets in the tar sands of northern Alberta, one of the world's biggest crude oil deposits.

  • DUBAI, Oct 7- Saudi Arabia's Kingdom Holding, the investment vehicle of Prince Alwaleed bin Talal, is planning to raise up to $500 million from a syndicated loan, with the proceeds largely to refinance existing debt, three banking sources said.

  • *Deal gives Qtel more control over Algeria, Tunisia subsidiaries. to 92.1 percent, giving an instant boost to its bottom line and more control of subsidiaries in the high growth markets of Algeria and Tunisia.

  • RIYADH, Oct 7- Saudi Hollandi Bank shareholders have agreed to issue an Islamic bond, or sukuk, worth 1.4 billion riyals to support the bank's capital base, it said in a bourse statement on Sunday. The bank did not say in its statement when the sukuk would be issued or give any other details.

  • DUBAI, Oct 7- Qatar Telecom has raised its stake in Kuwait's Wataniya to 92.1 percent following the close of its tender offer. The Qatari firm, which operates in 16 countries across the Middle East, Africa and Asia, paid 519.1 million Kuwaiti dinars at 2.6 dinars per share to raise its stake from 52.5 percent, it said in a statement on Sunday.

  • Main roads in Riyadh are decorated with national flags and portraits of King Abdullah bin Abdul Aziz of Saudi Arabia on February 21, 2011 amid preparations to welcome the Saudi royal back as he is expected to return home later this week after convalescing in Morocco from operations in New York, according to a source close to the oil-rich Gulf monarchy. AFP PHOTO/FAYEZ NURELDINE (Photo credit should read FAYEZ NURELDINE/AFP/Getty Images)

    A sense of optimism prevails among players in the real estate market of the world’s top oil exporter. For good reason: In less than two years, several key developments in Saudi Arabia have come together, which will create a wealth of opportunities for years to come, analysts have told CNBC.

  • IMF chief predicts sustainable Gulf growth Saturday, 6 Oct 2012 | 8:51 AM ET

    RIYADH, Saudi Arabia-- The head of the International Monetary Fund said Saturday that the economies of the oil-rich countries of the Gulf Cooperation Council will continue to enjoy high growth rates, although at reduced rates.

  • Kingdom Holding sells stake in Philippines hotel Saturday, 6 Oct 2012 | 3:49 AM ET

    JEDDAH, Saudi Arabia, Oct 6- Saudi Arabia's Kingdom Holding, the investment firm of Saudi billionaire Prince Alwaleed bin Talal, sold its interest in the Fairmont Hotel and Raffles Suites& Residences in Manila for 218 million riyals, it said on Saturday. Kingdom Holding has minority stakes in some of the world's top companies.

  • Ikea Erases Images of Women, Just Business? Friday, 5 Oct 2012 | 4:57 PM ET
    Ikea Erases Images of Women, Just Business?

    Ikea apologizes for removing images of women from its catalog in Saudi Arabia. Irin Carmon, staff writer, and Emily Miller, Washington Times senior opinion editor, discuss whether the company went too far to do business in the country.

  • Commodities Next Week: Looking to Syria & Turkey, Venezuela

    CNBC's Sharon Epperson discusses the day's activity in the commodities markets and looks ahead to where oil and precious metals are likely headed next week.

  • ADB to help in adoption of Islamic finance standards Friday, 5 Oct 2012 | 12:05 AM ET

    SYDNEY, Oct 5- The Manila- based Asian Development Bank has signed an agreement with the Islamic Financial Services Board to help member countries adopt the IFSB's prudential standards. In contrast, only seven IFSB members come from Indonesia, Pakistan and Bangladesh, the world's three most populous Muslim-majority countries.

  • LONDON, Oct 4- Russian Urals crude strengthened on Thursday as traders cited scarce remaining barrels from the October programme and increased refining runs in Russia and Europe. "I think the market will tighten for November-December as refiners come back on stream in Russia, so you would see less barrels for exports," a trader with a major said.

  • VIENNA, Oct 4- Europe is unlikely to benefit soon from a coming golden age of natural gas as unconventional sources will not transform supply of the fuel and oil-linked contracts will keep its prices high, the head of the International Energy Agency said.

  • UPDATE 1-HSBC to scale back global Islamic business Thursday, 4 Oct 2012 | 9:15 AM ET

    *HSBC to focus Islamic business on Malaysia, Saudi Arabia and Indonesia. *Some job cuts at Amanah unit, rest to be merged into HSBC By David French. DUBAI, Oct 4- HSBC Holdings is to significantly scale back its global Islamic banking operations, it said on Thursday, as part of a wider restructuring at the U.K.- based bank.

  • HSBC to scale back Islamic business Thursday, 4 Oct 2012 | 8:42 AM ET

    DUBAI, Oct 4- HSBC Holdings is to significantly scale back the presence of its global Islamic banking operations, it said on Thursday, as part of a wider restructuring at the U.K.- based bank.

  • DUBAI, Oct 4- HSBC Holdings Plc is to significantly scale back the scope of its global Islamic banking operations, as the business becomes the latest area to be affected by a wider restructuring at the UK- based bank.