Business News Saudi Arabia

  • The construction site of the new King Abdullah Financial District on June 20, 2018, in Riyadh. The development is part of the Vision 2030 series of reforms and projects aimed at diversifying the Saudi economy. 

    Saudi Arabia is stumbling in its efforts to build a cosmopolitan financial center in the Middle East. The oil kingdom could learn a lot from the success of its neighbor Dubai, which is now a global banking hub.

  • The Lucid Air Alpha test car, displayed at the New York Auto Show, reached a software-limited 217 miles per hour on a text track in Ohio.

    PIF, the Saudi Arabian sovereign wealth fund that Tesla Inc CEO Elon Musk has said could help him fund an offer to take his electric car maker private, is in talks to invest, sources told Reuters on Sunday.

  • Chateau Louis XIV in Louveciennes, near Paris, is owned by Crown Prince Bin Salman of Saudi Arabia.

     Meet one of the wealthiest families in the world. 

  • Aug 16- Shares in Britain's Rank Group fell as much as 7 percent on Thursday after the bingo and casino hall operator posted a 40 percent drop in full-year profit and its new management announced a plan to boost revenue and cut costs. Seeking to attract and retain new customers as fewer younger people visit its Mecca bingo halls and Grosvenor casinos, Rank is...

  • *Public Investment Fund estimated to have over $250 bln of assets. RIYADH, Aug 15- Elon Musk told investors this week that "obviously, the Saudi sovereign fund has more than enough capital needed" to finance taking Tesla private. The fund is estimated to have over $250 billion in assets.

  • Elon Musk, co-founder and chief executive officer of Tesla 

    An abrupt tweet last week by Elon Musk about the prospect of taking Tesla private had not been cleared ahead of time with the company’s board, The New York Times reported.

  • Workers at an oil facility near Riyadh, Saudi Arabia.

    OPEC's oil production ticked higher in July, but cuts by top exporter Saudi Arabia weighed on the 15-member group's output just one month after it agreed to start pumping more crude.

  • Expert weighs in on outlook for crude oil

    Azlin Ahmad of Argus Media and Vasu Menon of OCBC Bank discuss how the U.S. sanctions on Iran could affect oil markets.

  • DUBAI, Aug 12- Saudi Aramco, Air Products and ACWA Power signed on Sunday an agreement outlining terms for setting up a gasification/power joint venture in Saudi Arabia with assets bought from the state energy giant. According to the term sheet, U.S.-based Air Products will own at least 55 percent of the joint venture, to be set up in Jazan Economic City, with Saudi...

  • OTTAWA/ RIYADH/ DUBAI, Aug 10- For years, Canadian pressure on human rights in Saudi Arabia had elicited no more than a standard rejection. When Riyadh responded to a call from Canadian Foreign Minister Chrystia Freeland to release civil society activists with an abrupt severing of diplomatic and trade ties, Canadian officials were left scrambling to...

  • OTTAWA/ RIYADH/ DUBAI, Aug 10- For years, Canadian pressure on human rights in Saudi Arabia had elicited no more than a standard rejection. When Riyadh responded to a call from Canadian Foreign Minister Chrystia Freeland to release civil society activists with an abrupt severing of diplomatic and trade ties, Canadian officials were left scrambling to...

  • Matt Schmid, senior vice president, Emirates North America, said by phone from Toronto that travel demand to and from the United States is back at levels from before January 2017. The carrier is also adding capacity in Canada, expanding its A380 service to the country's largest city, Toronto, effective Aug. 18. "There is very strong demand between Toronto and Dubai...

  • An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia.

    The state-owned oil company of the kingdom of Saudi Arabia is the biggest in the world.

  • Mohammad bin Salman trying to change the way business and politics are done in Saudi Arabia, says expert

    Steven Cook, Council on Foreign Relations senior fellow and "False Dawn" author, discusses the political situation in Saudi Arabia, including the actions of Crown Prince Mohammad bin Salman and rising tensions with Canada.

  • Oil market well supplied in the short term: IEA

    Neil Atkinson, head of the oil industry and markets division at IEA, says that oil supply maybe more constrained later on in the year due to geopolitics.

  • Aug 9- A diplomatic row between Canada and Saudi Arabia is casting a shadow over long-term trade and business prospects. While trade between the two countries is relatively small overall, oil-producing giant Saudi Arabia is still Canada's most important trading partner in the Middle East and North Africa, according to Global Affairs Canada.

  • *But minister says row will not disrupt oil supplies to Canada. RIYADH, Aug 9- A row over human rights in Saudi Arabia will not have any impact on Saudi oil supplies to Canada, its energy minister said on Thursday, reassuring customers after Riyadh froze new trade with Canada and ruled out mediation efforts. Saudi Arabia, angered by Canada's demand last week that...

  • Aug 9- Canada's main stock index rose on Thursday, as energy shares bounced back on higher oil prices and Saudi Arabia reassured Canada on oil supplies following an ongoing diplomatic dispute. *A row over human rights in Saudi Arabia will not have any impact on Saudi oil supplies to Canada, its energy minister said on Thursday, reassuring customers after Riyadh...

  • TORONTO, Aug 9- The Canadian dollar was little changed against its U.S. counterpart on Thursday as oil prices rose after a deep slide the day before and Saudi Arabia said its oil customers in Canada will not be affected by a diplomatic dispute. A row over human rights in Saudi Arabia will not have any impact on Saudi oil supplies to Canada, its energy minister said,...

  • RIYADH, Aug 9- A row over human rights in Saudi Arabia will not have any impact on Saudi oil supplies to Canada, its energy minister said on Thursday, reassuring customers after Riyadh froze new trade with Canada and ruled out mediation efforts. Saudi Arabia, angered by Canada's demand last week that jailed activists in the kingdom be freed immediately, expelled...