Middle East

Mosques in Saudi Arabia reopen with strict regulations for worshippers

Jim Stein May 31, 2020

RIYADH (Middle East) – Saudi Arabia’s mosques opened their doors to worshippers on Sunday for the first time in more than two months as the kingdom, the birthplace of Islam, eased restrictions imposed to combat the coronavirus. “It is great to feel the mercy of God and once

Finance

Natixis’ investment banking office opened in Saudi Arabia

Jim Stein May 31, 2020

DUBAI (Finance) – French investment bank Natixis has opened a corporate and investment banking office in Saudi Arabia’s capital Riyadh and appointed former JPMorgan banker Reema al-Asmari as its chief executive officer, the bank said on Sunday. Western financial institutions have been seeking opportunities in Saudi Arabia since the government unveiled plans to

Business

Saudi Arabia’s PIF gets $40 billion from foreign reserves to fund overseas investments

Jim Stein May 30, 2020

RIYADH (Business) – Saudi Arabia transferred a total of 150 billion riyals ($40 billion) from central bank foreign reserves to fund investments by sovereign wealth fund PIF in March and April, the finance minister said on Friday. Saudi Arabia’s central bank foreign reserves fell in March by nearly $27 billion (22 billion pounds) month-on-month, their […]

Middle East

Saudi Arabian airlines domestic flights to resume from May 31

Nia N May 27, 2020

CAIRO (Middle East) – Saudi Arabian airlines intend on resuming some domestic flights starting Sunday. Saudi Arabia begins to ease coronavirus containment measures. In the first phase, sixty flights will resume a day. Domestic travel bans, mosque prayers, and government and private sector workplace attendance will be lifted from May 31. (Photo syndicated via

Middle East

Curfew in Saudi Arabia, except Mecca, finishes on June 21

Jim Stein May 26, 2020

CAIRO (Middle East) – Saudi Arabia will begin easing restrictions on movement and travel this week, more than two months after stringent measures were introduced to help curb the spread of the novel coronavirus. Restrictions will be lifted in three phases, culminating in the curfew completely ending – with the exception of the holy city […]

Business

Saudi Aramco is on track with SABIC stake acquisition

Nia N May 12, 2020

DUBAI (Business) – Saudi Aramco’s planned acquisition of 70% equity stake in SABIC from the Public Investment Fund (PIF) is on track to be completed in the second quarter. The Aramco statement was made in response to a story mentioning that Aramco is looking for deal restructuring for a controlling stake in SABIC, after the […]

Middle East

$493 million ‘Ramadan Aid’ to be distributed in Saudi for social security beneficiaries

Nia N May 11, 2020

CAIRO (Middle East) – On Monday, Saudi Arabia’s King Salman ordered the distribution of 1.85 billion riyals (£397.07 million) worth of “Ramadan Aid” for social security beneficiaries. Families providers will be eligible to 1,000 riyals each while family members will be given 500 riyals each. (Photo syndicated via Reuters)This story has been edited

Middle East

The Middle East faces an expatriate exodus

Nia N May 7, 2020

DUBAI/RIYADH (Middle East) – A popular Saudi talk show host told private businesses this week it was their national duty to lay off foreign rather than local employees, warning that the dominance of Saudi Arabia’s workforce by expatriates was a “real danger”. Khaled al-Oqaily’s comments on his daily TV show encapsulated the dilemma faced by

Middle East

Trump instruct Saudi to cut oil supply or lose U.S. military support

Nia N April 30, 2020

WASHINGTON/LONDON/DUBAI (Middle East) – As the United States pressed Saudi Arabia to end its oil price war with Russia, President Donald Trump gave Saudi leaders an ultimatum. In an April 2 phone call, Trump told Saudi Crown Prince Mohammed bin Salman that unless the Organization of the Petroleum Exporting Countries (OPEC) started cutting oil production, […]

Middle East

First wheat purchase made by Saudi from overseas farmland investment

Nia N April 27, 2020

DUBAI (Middle East) – Saudi Arabia’s state grain buyer SAGO on Monday said it bought 60,000 tonnes of Ukraine wheat from investment firm SALIC, marking its first purchase from agricultural investments overseas aimed at enhancing the country’s food security. The Ukraine wheat cargo was bought at $248 a tonne, after the kingdom asked Saudi private […]