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Business Saudi Arabia

  • Qatar's central bank governor Sheikh Abdullah bin Saud al-Thani attends a meeting with other Gulf Cooperation Council (GCC) central bank chiefs in Kuwait City on March 24, 2010. GCC central bank chiefs are meeting to discuss progress towards regional monetary union.

    Qatar's lenders are quite capable of withstanding the conditions imposed by the Saudi-led boycott, central bank governor Sheikh Abdullah bin Saud al-Thani said on Tuesday.

  • A customer prepares to fuel her vehicle at a Road Ranger gas station in Princeton, Ill.

    Gas prices are already rising in the wake of Hurricane Harvey and if the next worst-case scenario emerges, the rise could accelerate, says John Kilduff.

  • DUBAI, Aug 28- Banks helped nudge stock markets in the Gulf higher on Monday with Saudi Arabian lenders, which may benefit from a potential upgrade of the kingdom by index compiler FTSE at the end of next month, outperforming. Late next month FTSE will announce its decision on whether to include Saudi Arabia and Kuwait in its secondary emerging market index.

  • The skyline of Doha, Qatar.

    Fitch lowered Qatar's credit rating by one notch to AA-minus with a negative outlook.

  • *Kuwait firm before FTSE's decision next month. DUBAI, Aug 27- Thin news flow and upcoming Islamic holidays towards the end of the week kept many long-term equity investors away on Sunday, leaving stock markets in the Middle East vulnerable to profit- taking, but Kuwait's index bucked the trend. The holidays will start on Wednesday in Saudi Arabia and Thursday in...

  • Riyadh began liquidating the reserves in late 2014 and they dropped sharply from a record $737 billion in August that year. In June 2017, they rose month-on-month for the first time in over a year, prompting speculation that Riyadh might have cut its deficit enough to no longer need cash from the reserves. Riyadh has said it wants to cover the deficit through debt...

  • Riyadh began liquidating the reserves in late 2014 and they dropped sharply from a record $737 billion in August that year. In June 2017, they rose month-on-month for the first time in over a year, prompting speculation that Riyadh might have cut its deficit enough to no longer need cash from the reserves. Riyadh has said it wants to cover the deficit through debt...

  • JEDDAH, Saudi Arabia, Aug 24- Saudi Arabia aims to exceed its target to generate 9.5 gigawatts of electricity from renewable energy annually, to highlight its long-term commitment to green energy, a senior government official said. "We plan to exceed 9.5 gigawatts," Turki al-Shehri, head of the energy ministry's Renewable Energy Project Development Office told...

  • *Dana Gas supports Abu Dhabi. *Egypt's Orascom Construction drops on net profit decline. DUBAI, Aug 24- Most stock markets in the Middle East declined on Thursday as local retail investors booked profits and institutional investors stayed on the sidelines, while Dubai port operator DP World underperformed because of uninspiring interim earnings.

  • *China, Saudi plan $20 billion joint investment fund. Obtaining some funds in yuan could give Riyadh more financial flexibility and would mark a success for China, the biggest market for Saudi oil, in its drive to make the yuan a top international currency. "One of our main objectives is to diversify the funding basis of Saudi Arabia," Vice Minister of Economy and...

  • JEDDAH, Aug 23- Saudi Aramco is expected to sign a final deal with PetroChina, China's second-largest state-run refiner, within six months to invest in its Yunnan refinery, Saudi Arabia's Energy Minister Khalid al-Falih told Reuters on Wednesday. The world's top oil exporter aims to push ahead with its oil investments in China to become the country's biggest...

  • *Blue chips buoyant in Abu Dhabi. *Egypt is worst performer in region. DUBAI, Aug 23- Stock markets in the Middle East were mixed on Wednesday with Saudi Arabia finding support from smaller companies while property developers were strong in Dubai.

  • *Qatar's Investment Holding bounces after post-listing slide. DUBAI, Aug 22- Saudi Arabia's stock market rose on Tuesday on the back of gains by Al Rajhi Bank and mining firm Ma'aden, while Dubai also outperformed most Gulf bourses although trading was thin. Maather REIT Fund jumped its 10 percent daily limit from its initial public offer price to 11.0 riyals...

  • President Donald Trump speaks during his address to the nation from Joint Base Myer-Henderson Hall in Arlington, Virginia, on August 21, 2017.

    President Donald Trump ratcheted up pressure on Pakistan while pushing for a stronger partnership with India on combating terror.

  • RIYADH, Aug 21- Saudi Arabia plans to transfer ownership of all its airports to its main sovereign wealth fund, the Public Investment Fund, as part of a drive to privatise them, a senior aviation official said on Monday. "The process of establishing companies will continue for all airports, and the civil aviation holding company in the future will be 100 percent...

  • RIYADH, Aug 21- Saudi Arabia plans to transfer ownership of all its airports to its main sovereign wealth fund, the Public Investment Fund, as part of a drive to privatize them, a senior aviation official said on Monday. "The process of establishing companies will continue for all airports, and the civil aviation holding company in the future will be 100 percent...

  • *Dana Gas soars in Abu Dhabi. *Qalaa Holdings surges in Egypt. DUBAI, Aug 21- Real estate investment trusts were some of the top gainers on Saudi Arabia's stock exchange on Monday, a day before the listing of a new trust, but bourses in the region were generally sluggish, especially Qatar.

  • *Dubai's Union Properties rebound continues. *Egypt's El Sewedy Electric down on profit-taking. Saudi Indian Company for Cooperative Insurance dropped 3.8 percent, Malath Cooperative Insurance fell 4.5 percent and Arabian Shield Cooperative Insurance slumped 7.6 percent.

  • *Egypt's SODIC down on earnings miss. DUBAI, Aug 17- Most major stock markets in the Gulf rose on Thursday with Saudi Arabia's index gaining strength from positive company-specific news while shares of one of Egypt's property developers dropped as its quarterly earnings missed estimates. Atheeb Telecommunications climbed 2.5 percent to 8.21 riyals in its...

  • DUBAI, Aug 17- Saudi Binladin Group will restart work next month on the $26.6 billion expansion of the Grand Mosque in Mecca, nearly two years after work stopped in the wake of a crane collapse at the site that killed 107 people, sources told Reuters on Thursday. Saudi Binladin, one of the country's top construction conglomerates, and the the Ministry of Finance were...