The Saudi Press Agency, the kingdom’s official news agency, reported today that a draft law calling for the creation of a separate sovereign wealth fund will be debated by the consultative Majlis Al-Shoura on 9-10 June. The move represents a…
Tag: Saudi Arabia
KA-Care leadership change could mean new Saudi solar policy: Bloomberg
The departure of one of the most senior executives at the King Abdullah City for Atomic & Renewable Energy (Ka-Care) could signal a change of direction at the Saudi agency that will involve it focussing on nuclear power, according to…
Iraq oil production rose by more than 100,000 b/d in April: OPEC
Iraq’s oil production rose to 3.3m b/d in April, more than 100,000 b/d above the figure reported in March, figures in the monthly OPEC Oil Market report show. Aggregate oil output by the six OPEC Gulf states in April was 21.9m b/d,…
IMF says Saudi growth to continue, surplus to decline
The IMF has given Saudi Arabia another positive report following the annual Article IV consultation visit to the kingdom earlier this month. “The economic outlook in Saudi Arabia remains favorable. Growth above 4 percent is expected in 2014 and 2015,…
DLA Piper says arbitration centre a major step for Saudi Arabia
Saudi Arabia’s first arbitration centre will be a potentially significant development for commercial parties doing business in one of the region’s most important markets, DLA Piper said in a report issued today. Saudi Center for Commercial Arbitration is to be…
NBK forecasts zero Saudi nominal growth in 2014
The National Bank of Kuwait (NBK) economic update report today foresees zero growth in Saudi Arabia’s nominal GDP in 2014 on lower oil prices and exports. Real GDP, however, is forecast to grow by more than 3 per cent in…
Saudi Arabia and UAE start railway co-operation
Saudi Arabia’s SAR and Etihad Rail of the UAE announced today they will start detailed collaboration. A memorandum of understanding signed by the two companies calls for the adoption of common solutions and the sharing of best practice. Committees including representatives from both companies will…
Shaikh Ahmed Bin Saed Al Maktoum presents AHIC leadership award to Saudi Arabia’s Prince Sultan Bin Salman
The annual Arabian Hotel Investment Conference (AHIC) leadership award was this afternoon presented to the president of the Saudi Commission for Tourism & Antiquities Prince Sultan Bin Salman al-Saud by Emirates Group President Shaikh Ahmed Bin Saeed Al Maktoum. The…
AHIC told boutique, lifestyle and 2-4 star hotels are opportunities in GCC
Lifestyle, boutique and two-four star hotels are areas of opportunity in the GCC hospitality industry, Roya International Group chief executive Ahmed Ramadan told the 10th Arabian Hotel Investment Conference (AHIC) this afternoon. “The greatest potential is in two-three star hotels,”…
King Abdullah Economic City CEO tells AHIC that Saudi tourism will boom in years to 2020
King Abdullah Economic City chief executive officer Fahd Al Rasheed told the Arabian Hotel Investment Conference (AHIC) this afternoon that the hotel and tourism industry will boom in Saudi Arabia in the next decade. “We estimate the kingdom’s tourism market…