Business News United Arab Emirates

  • RIYADH, Oct 23- When the world's business elite gathered last year for Saudi Arabia's top investment forum, Crown Prince Mohammed bin Salman dazzled them with plans to build a $500 billion mega-city. Tycoons including Richard Branson milled at the time in Riyadh's Ritz-Carlton Hotel along with former political leaders Tony Blair and Nicolas Sarkozy, and...

  • DUBAI/ TOYKO, Oct 23- SoftBank Group Corp Chief Executive Masayoshi Son, whose $93 billion Vision Fund drew nearly half its money from Saudi Arabia, canceled a speaking engagement at the kingdom's investment conference this week, two people familiar with the matter told Reuters. Son is in Riyadh this week to meet with high-ranking Saudi officials, including...

  • RIYADH, Oct 23- When the world's business elite gathered last year for Saudi Arabia's top investment forum, Crown Prince Mohammed bin Salman dazzled them with plans to build a $500 billion mega-city. Tycoons including Richard Branson milled at the time in Riyadh's Ritz-Carlton Hotel along with former political leaders Tony Blair and Nicolas Sarkozy, and...

  • *Dubai's DP World reverses losses. Oct 23- Saudi Arabia's market fell sharply after a volatile day of trading on Tuesday, as foreign and retail investors continued to sell despite efforts from state-backed funds to limit the fallout from the killing of Saudi journalist Jamal Khashoggi. "The recent sell off has exposed some value but with all the turbulence and...

  • *SoftBank COO Claure has also dropped out- Bloomberg. DUBAI/ TOYKO, Oct 23- SoftBank Group Corp Chief Executive Masayoshi Son, whose $93 billion Vision Fund drew nearly half its money from Saudi Arabia, cancelled a speaking engagement at the kingdom's investment conference this week, a person close to the matter told Reuters. Nearly half of the more than $93 billion...

  • DUBAI, Oct 23- Saudi Arabia's stock market dived in early trade on Tuesday, the opening day of a three-day investment conference, amid persistent investor concern about global reaction to the killing of journalist Jamal Khashoggi. President Donald Trump said on Monday that he was still not satisfied with what he has heard from Saudi Arabia about the killing of...

  • *OPEC, Russia increase supplies to Asia. SINGAPORE, Oct 23- Spot Middle East crude oil cargoes are trading at discounts in Asia after OPEC producers increased supplies to replace Iranian oil and as natural disasters crimped demand from Japan, industry sources said on Tuesday. Saudi Arabia, Kuwait and the United Arab Emirates have increased exports to Asia after...

  • DUBAI, Oct 19- A Western boycott of a major business conference in Riyadh next week suggests rising political risks in Saudi Arabia could harm its ambitions to attract foreign capital and diversify its economy away from oil. Rather than whipping up interest in Saudi investment opportunities, the event risks becoming a public relations debacle because of the...

  • Khalid Al-Falih, Saudi Arabia's energy and industry minister, arrives ahead of the 174th Organization Of Petroleum Exporting Countries (OPEC) meeting in Vienna, Austria, on Friday, June 22, 2018.

    OPEC is struggling to add barrels to the market after agreeing in June to increase output, an internal document seen by Reuters showed.

  • Oct 18- Goldman Sachs Group Inc will not send any of its executives to a Saudi investment conference next week, Chief Executive Officer David Solomon said in an interview with CNBC on Thursday. A number of top bankers and business leaders, including JP Morgan CEO Jamie Dimon, have decided not to attend the high-profile event in Riyadh amid mounting international...

  • *Qatar's Ahli Bank jumps on results. Oct 18- Saudi Arabia's stock index traded very narrowly on Thursday as fears partially eased that the disappearance of Saudi journalist Jamal Khashoggi could damage the market by hurting foreign investment. President Donald Trump said on Wednesday he did not want to walk away from Saudi Arabia and that the United States...

  • A soldier patrols in front of the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, November 29, 2016.

    OPEC has urged its members not to mention oil prices when discussing policy in a break from the past, as the oil producing group seeks to avoid the risk of U.S. legal action for manipulating the market, sources close to OPEC said.

  • DUBAI/ SINGAPORE, Oct 17- Kuwait Petroleum Corp set the price for Kuwait Super Light Crude at $2.30 a barrel above Oman- Dubai quotes for October and at a premium of $3.05 a barrel for November, a source with knowledge of the matter said on Wednesday. KSLC's OSPs are more than $2 a barrel below that of Saudi's Arab Super Light crude and 50 cents a barrel higher than...

  • LAUNCESTON, Australia, Oct 17- The crude oil price appears firmly in the hands of geopolitical concerns, with veiled Saudi threats over the disappearance of a journalist and the ramping up of U.S. sanctions against Iran getting most of the attention. The disappearance, and presumed murder, of Saudi Arabian journalist Jamal Khashoggi at the Kingdom's consulate...

  • DUBAI, Oct 16- Saudi Arabia's sovereign wealth fund has pursued eye-catching investments abroad over the past several years, part of reform plans to diversify the economy beyond oil and transform the country into a high-tech investment powerhouse. The Public Investment Fund's pledges are now in the spotlight as the United States and other countries weigh...

  • DUBAI, Oct 16- Saudi Arabia's stock market fell early on Tuesday amid concern that international outrage over the disappearance of dissident journalist Jamal Khashoggi will hurt foreign investment. Saudi Arabia's biggest bank, National Commercial Bank, plunged 4.7 percent. Secretary of State Mike Pompeo arrived in Riyadh on Tuesday to discuss the affair.

  • Dara Khosrowshahi, CEO of Uber speaking at the 2018 WEF in Davos, Switzerland.

    Bahrain's foreign minister called for a boycott of the Uber Technologies after its CEO said he will not attend a business conference in the kingdom's ally Saudi Arabia. JP Morgan Chase & Co and Ford Motor Co also cancelled plans to attend the conference. 

  • DUBAI, Oct 15- Saudi Arabia's currency fell to its lowest level in two years and its international bond prices slipped on Monday over fears that foreign investment inflows could shrink as Riyadh faces pressure over the disappearance of journalist Jamal Khashoggi. Trade in the forward currency market, used by banks to hedge investments, suggested some...

  • DUBAI, Oct 15- Bahrain's foreign minister called for a boycott of the ride-hailing company Uber Technologies after its chief executive officer said he will not attend a business conference in the kingdom's ally Saudi Arabia. Uber's CEO Dara Khosrowshahi said in a statement last week he is pulling out of the Future Investment Initiative conference in Saudi...

  • MADRID, Oct 15- Spain's Cepsa postponed what would have been the largest oil company listing in a decade on Monday, the latest IPO to succumb to a global sell-off in equity markets. Markets have been roiled by anxiety about a potential trade war between the United States and China, uncertainty over Britain's exit from the European Union, a global economic slowdown...