Economic & Business News

Kuwait Wealth Fund Head Al Saad Said to Step Down After 14 Years

(Bloomberg - 2/20/2017 4:01:00 PM)

Kuwait Investment Authority is set to name Farouk Bastaki as managing director, replacing Bader Al Saad who ran the world’s fifth-largest sovereign wealth fund for 14 years, a person familiar with the matter said. The KIA, as the fund is known, is ...

CBB Sukuk Al-Salam securities subscribed

(CPI Financial - 2/20/2017 1:48:00 PM)

The Sukuk Al-Salam Islamic securities, Sukuk Al-Salam, has been subscribed by 100 per cent, according to an announcement by the Central Bank of Bahrain (CBB). Subscriptions worth BD 43 million were received for the BD 43 million issue, which carries a ...

Russia Overtakes Saudi Arabia as World's Largest Crude Producer

(Bloomberg - 2/20/2017 1:30:00 PM)

Russia overtook Saudi Arabia as the world’s largest crude producer in December, when both countries started restricting supplies ahead of agreed cuts with other global producers to curb the worst glut in decades. Russia pumped 10.49 million barrels a day ...

Currency fluctuation hits Dubai property market

(Trade Arabia - 2/20/2017 8:04:00 AM)

An analysis of major cities that rely on foreign inflows for real estate purchases have shown mixed trends on the fluctuation of the dollar, said a report by property experts. There is a moderately strong inverse correlation between money flows in the ...

Billion-dollar investment plan to buoy tourist inflows

(Oman Daily Observer - 2/20/2017 7:36:00 AM)

Oman’s tourism and hospitality industry is building momentum, with total investment in the sector set to hit $1.17 billion by 2026, according to the World Travel and Tourism Council (WTTC). The Sultanate returns to Arabian Travel Market (ATM) at Dubai ...

Dubai Chamber unveils key objectives

(The Gulf Today - 2/20/2017 7:31:00 AM)

Dubai Chamber of Commerce and Industry unveiled the key objectives and initiatives outlined under its 2017-2021 strategy during its annual media briefing, which was held on Sunday at the Chamber’s premises. The briefing was led by Hamad Buamim, President ...

SMEs central to Europe-Saudi economic relations, says Wulff

(Saudi Gazette - 2/20/2017 7:28:00 AM)

Addressing an audience of business decision-makers at the Prince Mohammed bin Salman College of Business and Entrepreneurship (MBSC) at King Abdullah Economic City (KAEC), Christian Wulff, the former Federal President of Germany, said incubating small ...

MENA to spend $294bn on oil, gas projects despite weak prices

(Saudi Gazette - 2/20/2017 7:24:00 AM)

Oil producers across the Middle East and North Africa (MENA) region are continuing to spend heavily on oil, gas and petrochemicals production capacity despite the fall in oil prices since 2014. New research from Middle East business intelligence service ...

Saudi Ministry of Housing to provide 1.5m units in 5 years

(Saudi Gazette - 2/20/2017 7:23:00 AM)

The Ministry of Housing is preparing to provide 1.5 million housing units in the next five years, Saudi Minister of Housing Majed Bin Abdullah Al Huqail said Sunday. Addressing real estate investors at the Jeddah Chamber of Commerce and Industry, he said ...

Petrochem industry vital to Kingdom’s non-oil economy

(Saudi Gazette - 2/20/2017 7:22:00 AM)

The Saudi petrochemical industry is vital to the Kingdom’s non-oil economy, Jadwa Investment said in its Petrochemicals and the Vision 2030 report. In value terms, chemical and plastic exports from Saudi Arabia amounted to $30 billion (SR115 billion) in ...

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