RIYADH: Saudi Arabia has huge underground gold reserves estimated at 323.7 tonnes, Arab News reported. The official data shows that the kingdom has six factories producing gold and silver with an investment volume exceeding SR7 billion ($1.86 billion). The Ministry of Industry and Mineral Resources has so far issued 477 gold ore detection licences.
RIYADH: Five North American companies are competing for a deal to sell a share of Saudi Aramco gas pipelines, Bloomberg reported. Aramco is seeking more than $15 million from this deal, which relates to one of its largest operations, a source told Bloomberg. The companies bidding for the first round of the deal are Apollo Global … Read more
RIYADH: With an improvement in the global oil demand, the World Bank has predicted Saudi Arabia’s average gross domestic product to reach 2.4 per cent in 2021 and 3.3 per cent the next year, Arab Newsreported. Issam Abousleiman, the World Bank’s director for GCC countries, told Arab News that rapid vaccine rollout around the world … Read more
MOSCOW/CAIRO: The Gulf Cooperation Council’s (GCC) banking sector continues to show signs of strengths with core customer deposits remaining the main source of funding for the regional banks, Arab News quoted a report by S&P Global rating, as saying. The ratings firm said Saudi Arabia led the region in lending, which grew 7.9 per cent. … Read more
RIYADH: PricewaterhouseCoopers (PwC) Middle East will build a new regional consulting headquarters in Riyadh, hiring more than 6,000 staff in the region over the next five years, Arab News reported. “We will be establishing the regional consulting headquarters in Riyadh, where it will be based in KAFD [King Abdullah Financial District],” Riyadh Al Najjar, KSA … Read more
RIYADH/JEDDAH: As the Saudi team secured sixth place in a contest at the World Robot Summit held in Japan, the chief of the Research Products Development Co (RPDC) expressed optimism over kingdom’s plan to promote artificial intelligence and build a strong robotics base in the kingdom, Arab News reported. Abdulmohsen Al-Majnouni told Arab News that … Read more
DUBAI: As Saudi Arabia is celebrating its 91st National Day on September 23, the King Abdulaziz Center for World Culture (Ithra) launched a collection of Saudi cultural and heritage programmes and activities to highlight the Kingdom’s diversity, Arab News reported. Under the slogan of “Melodies of the Homeland,” the celebratory activities will start on September … Read more
JEDDAH: Ambassador of Pakistan to Saudi Arabia Lt-Gen Bilal Akbar (Retd) held a meeting with Abdul Aziz Al-Dawlij, president of the General Authority of Civil Aviation, Saudi Arabia regarding the travel restrictions to Pakistanis. “I spoke in detail about the return of Pakistanis, their families, students and teachers from Saudi Arabia to Pakistan. I thanked … Read more
RIYADH: The National Debt Management Center (NDMC) has closed the September 2021 issuance under the Saudi Arabian government’s riyal-denominated Sukuk programme, Arab News reported. The size was set at SR6.675 billion ($1.7 billion), NDMC said in a statement. The issues were divided into three tranches: a SR3.170 billion tranche, which matures in 2029, a SR2.855 … Read more
MOSCOW/DUBAI: The inflation rate in Saudi Arabia decelerated in August for the second month in a row, as the effects of the July 2020 tripling of the value-added tax (VAT) rate no longer weigh on spending, Arab News reported. The consumer price index (CPI), a gauge used to detect the changes in prices, recorded a … Read more
RIYADH: Saudi Arabia’s air defenses intercepted and destroyed several explosive-laden drones launched by Yemen’s Houthi militia toward Khamis Mushayt on Thursday, Arab News reported. The Arab coalition said the Iran-backed group continues to target civilians, which is tantamount to war crimes. The Houthis launch the rigged drones towards the kingdom on a near-daily basis. On … Read more
JEDDAH: Fintech Saudi was launched in 2018 by the Saudi central bank and the Capital Market Authority, to turn the kingdom into an innovative fintech hub, Arab News reported. It has a digital strategy that supports regulators and the growing fintech startups that have emerged in the kingdom over the last two years. These moves are in … Read more
RIYADH: Saudi Arabia could not ship more crude oil in the first-half as it voluntarily restrained output under Opec+ production-cut agreement; however, high oil prices this year helped the kingdom to see stable income, Arab News reported. The kingdom’s crude oil exports averaged 5.776 million barrels per day (bpd) in the first-half of 2021 that is 19.8 … Read more
SANAA: Ten Houthi rebels were killed by Saudi-led Arab coalition airstrikes in Yemen‘s central province of Marib on Saturday, a Yemeni government military source told Xinhua. “The ten, including three high-ranking leaders, were hit while driving in two vehicles in Sirwah district, a few miles east of Al-Kasarah frontline,” the source in Marib said on … Read more
RIYADH: Saudi Arabia’s air defenses intercepted and destroyed an explosive-laden drone launched from the Yemeni airspace towards the kingdom, Arab News quoted state TV as showing. The Arab coalition said: “It is taking operational measures to protect civilians and civilian objects from hostile attempts,” it said. The cross-border attacks from Yemen targeting populated areas and vital oil … Read more
ISLAMABAD: Chief of the General Staff of the Kingdom of Saudi Arabia General Fayyadh bin Hamed Al-Ruwaili called on Chairman Joint Chiefs of Staff Committee General Nadeem Raza at the Joint Staff headquarters, Rawalpindi and discussed bilateral cooperation, including defence and security, counter-terrorism and prevailing regional environment, particularly Afghanistan and Illegally Indian Occupied Jammu and … Read more
RIYADH: The kingdom’s National Anti-Corruption Commission, known as Nazaha, announced the arrest of 207 employees in across the government ministries on allegations of corruption, abuse of authority and fraud. The move taken late on Monday by the anti-corruption body empowered by Crown Prince Mohammad bin Salman. The names of the detainees not disclosed but probably … Read more
RIYADH: Saudi startups in the financial technology sector emerged as the most funded in the kingdom, and more private investors and venture capitalists are rushing to invest in these firms at early stages of their business lifecycle, Arab News reported. The number of deals closed recently hit a record with over $150 million in the first … Read more
KARACHI: Pakistan has received workers’ remittances worth $2.71 billion in July 2021, the central bank said on Tuesday. The State Bank of Pakistan (SBP) said with the inflows of $2.71 billion in July 2021, workers’ remittances continued their strong trend, remaining above $2 billion for the 14th consecutive month. “This is the second highest level … Read more
RIYADH: Saudi Arabia’s economy grew 1.5 per cent in the second quarter, year-on-year, first expansion since the pandemic, fuelled by a 10.1 per cent growth in the non-oil sector, Khaleej Times quoted the flash government estimates on Monday. Seasonally-adjusted real gross domestic product (GDP) grew 1.1 per cent in the second quarter, compared with the first quarter, … Read more
RIYADH: Saudi Aramco will post a second-quarter profit of $24.70 billion, a year-on-year increase of more than 250 per cent, as the price of crude surged from the pandemic-hit lows of last year, Arab News quoted analysts, as saying, before the release of financial results this Sunday. The Bank of America predicts a net profit of $24 … Read more
Saudi Arabia is set to partially lift its suspension of international flights from Sept 15 to allow “exceptional categories” of citizens and residents to travel, according to its state news agency. The kingdom will lift all travel restrictions for citizens on Jan 1, 2021, it added. The exceptional categories include public and military sector employees, … Read more
Saudi Crown Prince Mohammed bin Salman has said that he wants development and prosperity of Pakistan. According to details, Custodian of the Two Holy Mosques Shah Salman bin Abdulaziz and Crown Prince Muhammad bin Salman of Saudi Arabia have sent congratulatory messages to President Dr. Arif Ali on the occasion of Pakistan’s Independence Day. [embedpost … Read more
Saudi Arabia to give one million jobs by the year 2030. According to the details, an official at the Permanent Mission of Saudi Arabia to the United Nations in Geneva said that Saudi Arabia to give one million jobs to Saudi women by the year 2030. The sources said that Mishaal Al-Balawi underlined the importance … Read more
Foreign Minister Shah Mehmood Qureshi has contacted his Saudi counterpart in which Foreign Minister Shah Mehmood says that unarmed Kashmiris are suffering a double lockdown due to the coronavirus epidemic. Foreign Minister Shah Mehmood Qureshi telephoned Saudi Foreign Minister Prince Faisal bin Farhan Al Saud to discuss issues of mutual interest, including the Corona epidemic … Read more
More than one lakh worshipers attended the third Friday prayers after the opening of the Prophet’s Mosque in Madinah. Meanwhile, a partial gathering of Friday prayers at Masjid-ul-Haram in Makkah was attended by officials of the administration of the Haram, health and security personnel and imams and shaykhs. In addition, Friday prayers were offered in … Read more
71 mosques were sealed by the government of Saudi Arabia for violating the Coronavirus SOPs. According to the News Agency, the Saudi government has sealed off 71 mosques that violate the Ministry of Health’s SOPs for preventing the spread of the coronavirus. The media reports said, Saudi Minister of Religious Affairs Dr. Abdul Latif Al-Sheikh … Read more
Former chief of Saudi General Intelligence, Prince Turki Al-Faisal said that there was no outdoor influence in the assassination of King Faisal. According to the details, the son of King Faisal and the former chief of Saudi Intelligence said that no foreign agency was involved in the assassination of his father, King Faisal. He cleared … Read more
