Top News

Saudi Watchdog Issues $ 1m Fines Over Copyright Violations

A watchdog in charge of protecting intellectual property rights in Saudi Arabia has revealed that it issued fines totaling SR4 million ($1 million) last year and it ordered SR2 million in compensation claims to copyright holders in the Gulf kingdom.

Illiteracy, Lack Of Job Opportunities Said To Impact Saudi Women

42.2 percent of women suffering from poverty in the kingdom due to lack of education and absence of job opportunities.

Dubai Jumeirah Seeks Saudi Partners For Expansion

Jumeirah Group’s “big priorities” is expansion within the GCC, with deep discussions with a number of parties in Saudi Arabia.

Saudi Teleco’s Minority To Get Compensation

Minority investors in Saudi Integrated Telecom Co (SITC) will receive 30 riyals ($8) per share for their stakes in the firm that is due to be wound up, a 23 percent premium on the last traded price.

Business News

Saudi Arabia crude supply falls

Top oil exporter Saudi Arabia cut its crude supply to international and domestic markets by 328,000 barrels a day to 9.360 million in September as the kingdom burned less crude for power generation.

Saudis Savola to pay 0.75 riyal/shr dividend for third quarter

Saudi Arabia’s Savola Group said on Thursday it would distribute a third-quarter dividend of 0.75 riyals ($0.2) per share.

WTI avoids falling bellow $80 per barrel

An expected cut in Saudi crude oil production and reports of higher U.S. output helped keep the price for West Texas Intermediate above $80 in Thursday trading.

Gap Inc. continues to expand internationally with first old navy stores in the middle east

Gap Inc. (NYSE: GPS) announced today it has signed agreements to open Old Navy stores in six Middle Eastern countries with franchisees Fawaz A. Alhokair & Co. and Azadea beginning Spring 2015. The first markets include U.A.E., Kuwait , Qatar and Saudi Arabia.

Young entrepreneurs become the toast of Saudi Arabia

Young entrepreneurs were recognized at the prestigious Injaz-Saudi Arabia awards.

SR 300,000 for a phone number

A Saudi citizen recently bought a number of his choosing for a whopping SR300, 000.

US shale squeezing out Saudi oil imports boosting gasoline exports IEA

North America’s shale oil boom has started to squeeze Saudi Arabian oil out of the U.S. market in the same way it did with West African crude.

Japan seeks Saudi partnership on SMEs

An interaction session between Japanese SMEs visiting delegation and their Saudi counterparts was held at the Business Development Center at Jeddah Chamber of Commerce and Industry (JCCI).

KSA is looking to tap into the solar markets

Saudi Arabia is looking to offset diesel with off-grid solar photovoltaic (PV) applications and hybrid solutions, offering major opportunities to local developers and suppliers to power remote residential and industrial areas, said an industry expert.

China GCC new reliable trade partners

The relationship between China and the Gulf Cooperation Council (GCC) countries can only go one way. China ’s future depends on the capacity of the GCC to provide a steady flow of oil for the next decades, and the Gulf countries will not find a similar source of rising demand in the years to come.

KSA to spend $1.5 billion on five new airport projects

Saudi Arabia has approved a number of new airport development projects worth more than SR5 billion ($1.33 billion).

Saudis Advanced Petrochemical to invest in $1 billion plant in S.Korea

Saudi Arabia’s Advanced Petrochemical Co. plans to invest in a project worth around $1 billion to produce propylene in South Korea.

SR32 billion revenues expected from Haj

Haj revenues this year are projected to reach almost SR32 billion, a three-percent increase from the SR31 billion spent in 2013.

Honey fest generates SR1.8million in revenues

Aayed Al-Muhaya, head of the Saudi Beekeepers Cooperative Association (SBCA), said 26
beekeepers participated in the festival adding that more than 30,000 visitors attended the weeklong festival which yielded revenues exceeding SR1.8 million.

sudan

Saudi investments in the Sudan are expected to cross $13 billion (SR48.75 billion) in the
next few months, particularly following a decision on canceling entry visas
for Saudi investors, local media said quoting a senior official at the Sudanese Higher Council of Investment (HCI).

KSA market to further profit taking

Saudi Arabia’s bourse looks vulnerable to further profit-taking on Tuesday after ending an extended upswing in the last session, while Kuwaiti mobile phone operator Zain could come under pressure after
its network in Iraq suffered from bombings.

KSA market reforms to boost demand for corporate ratings

Saudi Arabia’s plans to open up the domestic capital markets to global investors is expected to boost demand for Saudi equity and sukuks from international investors.

12 hour work shifts fuel protest in KSA

Saudis and expatriates have commended Khaled Al-Asheikh, a Saudi columnist, for exposing human rights violations committed by private companies that force people to work more than 12 hours without holidays.

Qalaa Holdings concludes Sphinx Glass sale at $114.2 million

Qalaa Holdings (CCAP, Formerly Citadel Capital), announced Sunday that it has concluded the sale of 100% of Sphinx Glass to Saudi Arabia’s Construction Products Holding Company ( CPC ), through its subsidiary CPC Emirates.

Only a select few foreigners can enter Tadawul

As planned, the Saudi stock market (Tadawul) opening to foreign investors will be limited to only qualified institutional foreign investors (QFI) in the initial phase.

Retail clothing market rakes in SR 10 billion yearly

The Kingdom’s clothing retail sector is a SR10 billion a year industry, said Mohammed Al-Shahri, textile and clothing committee chairman at the Jeddah Chamber of Commerce and Industry (JCCI).

Firms get five days to appeal iqama transfer

The Ministry of Labor is now giving private sector companies five days to object to any proposed sponsorship transfer involving their employees before information is sent to the Ministry of Interior to finalize the process.

Saudi bank’s distressed loans down 4% to SRA16 billion in Q2

The volume of non-performing (distressed) loans in the Saudi banks dropped by 4 percent to SR16 billion by the end of Q2, 2014, compared to SR16.8 billion in the same period last year.

Emerging markets lose pace in July

The SABB/HSBC Emerging Markets Index (EMI), a monthly weighted composite indicator derived from national PMI survey reports in 17 emerging economies, fell to 51.7 in July, from 52.3 in June, indicating slower output growth across global emerging markets. However, the latest expansion was stronger than the average seen over the first half of 2014.

SAGIA OKs amendments to encourage investments

The Saudi Arabian General Investment Authority (SAGIA) has approved a series of measures that would enable international companies wishing to expand and develop their investments in the Kingdom to do so in a conducive environment.

Economist divided over benefits of Sanid scheme

A government scheme that would require Saudi employees to pay a small contribution from their monthly wages in order to support jobless nationals has been criticized.

Labor ministry needs SR15 billion a year to reform job market

The Ministry of Labor has said it needs SR14.9 billion a year to reform the labor market and execute the strategy aimed at ending unemployment among Saudis.

Saudi economy to grow 4% in 2014

Saudi economy is forecast to moderately grow at 4 percent in 2014 as real GDP growth will remain 3.8 percent, Bank of America Merrill Lynch said in its MENA Equity Strategy report for the month of July this year.

Petrol prices expected to fall after Saudis open the oil taps

Petrol prices are poised to fall further after the cost of a barrel of crude oil reached its lowest level this year.

Saudi –African trade rises to SR53.63 billion

The 2nd Africa Global Business Forum (AGBF), which will take place in Dubai on Oct. 1-2, will explore and facilitate new business partnerships between the GCC countries and the African continent.

Saudi women industrial city construction underway

Work on the first women’s industrial city in Saudi Arabia , expected to accommodate women’s businesses exclusively, is well under way.

KSA e-commerce to hit $13 billion in 2015

The Saudi e-commerce market will reach $13.3 billion in 2015 and count for 8% of the Kingdom’s overall retail market, according to research published by a Dubai-based web design and development company PixHear.

KSA signs $238 million municipal development deals

Saudi Arabia has signed contracts worth SR893.68 million ($238.2 million) for 15 municipal development projects in a number of provinces.

KSA seen to raise oil output in 2014

Saudi Arabia is projected to pump out more oil in 2014,Jadwa Investment bank said.

85 real estates funds with over SAR 25 billion of assets underpin Saudi real estate market

The housing shortage in Saudi Arabia compounded by very steep real estate prices, among others, gave rise to creation of funds aimed at tackling the ticklish issue.

Feminization of shops creates 65000 jobs

A top Labor Ministry official says the third phase of feminizing women-only shops will include maternity and jalabiya (long gown worn by women) shops, which will be implemented in the next six months.

Sabre renews technology deal with Hilton

Sabre Corporation, a global technology provider to the travel and tourism industry, has renewed its technology agreement with Hilton Worldwide to market and sell its inventory in the Sabre global distribution system (GDS).

Regional oil unrest will not affect Saudi budget

The recent steep drop in oil prices and the continued unrest in oil-producing countries such as Libya and Iraq will not have a direct effect on Saudi Arabia ’s current budget, despite possibly impacting its oil revenues.

SRO chief sigins SR 391 million contract

Saudi Railways Organization (SRO) President Mohamed Al-Suwaiket has signed a contract for SR391.49 million with a local company to build the 214 km first phase of doubling the freight mainline from Dammam to Riyadh passing by Abqaiq, Hasa, Harad and Al-Kharj.

Bank lending to KSA private sector up 12.3%

Kingdom’s economy remains robust with the key Saudi stock market index rising above the 10,000 mark last month for the first time in six years.

Misleading Info Raises Vegetable Prices

MERS corona virus has contributed to the increase in the prices of vegetables in the local market as a result of unofficial and misleading medical advice by health experts that has been circulated among Saudis and expats.

Uruguay Ties To Be Strengthened

The Kingdom is seeking to strengthen foreign agricultural investments in a bid to raise food security in the Middle East and across the world.

Preparations For Haj To Begin Early

Haj Minister Bandar Hajjar; announced that his ministry would begin allocating spaces for pilgrims at the holy sites of Mina and Arafat among the Tawafa organizations next week. Move will enable Tawafa organizations to make early arrangements to receive pilgrims.

King visits Jeddah As Two More Die On Mers

The king decided to move up his visit to Jeddah after the media exaggerated their coverage of the corona virus.

New Mers Death Reported In Saudi Arabia

Saudi Arabia’s Health Ministry says two more patients who became infected with MERS have died, and that 13 others have contracted the virus.

KSA Non Oil Activity Rises In April; HSBC

Non-oil activity in Saudi Arabia rose at a slightly sharper rate than in March, while the increase in new orders was the quickest since the beginning of the year. New export business also rose in April, but the rate of growth was down from March’s joint-series high, the HSBC Emerging Markets Index (EMI)
Dated: 29-05-2014

CMA Publishes List Of Licensed Investment Funds

The Capital Market Authority (CMA), published a list of all investment funds that have been officially licensed to be established or to have their units publicly offered by authorized persons (financial institutions) in a step which aims at protecting investors from dealing with unauthorized persons that deal with securities in the market.

Saudi Credit Bank To Start 16 Projects For Saudi Entrepreneurs

An agreement has been signed between the Centenary Fund and the Saudi Credit and Savings Bank to approve 16 projects worth SR3 million as part of a strategic partnership between the two financing and employment supporting agencies.

Business News

Saudi imports $199m worth of cement

Saudi Arabia has imported 3.1 million tonnes of cement worth SR750 million ($199.9 million) in the past nine months.

KSA second biggest family tourism spender

Saudi families spent more than SR64 billion ($17 billion) on tourism abroad in 2012, making the Kingdom the second biggest family tourism exporter, local media said quoting data released by Dubai Chamber Of Commerce and Industry (DCCI).

Saudi biometrics mart to reach $ 1.5 billion by 2019

The market for biometrics in Saudi Arabia is incrementing on the back of increasing IT spending, growth registered in biometric based access control systems, and increasing adoption of biometrics technologies across industry verticals.

128 Listed Firms Retain SAR 133 Billion Statutory Reserves

Statutory reserves of 128 listed companies reached SR133.3 billion by the end of Q1 of the current year which represented 30 of their capitals valued at SR394.2 billion, according to a financial report.

13 Arab Expats Posing As NWC Contractors Arrested

Police have arrested 13 expatriates for allegedly impersonating contractors at the National Water Company (NWC) and providing water connections to homes without the company’s permission in exchange for money.

Court Sentences Activist To Death For Sedition

A Saudi Arabian court has sentenced to death an activist convicted of sedition, rioting, protesting and robbery in the district of Qatif, home to many of the kingdom’s Shiite sect who say they face entrenched discrimination.

Public Support For Women’s Rights In KSA “High”

Gold Falls To 16 Week Low

Gold extended losses to a third straight session on Thursday, hitting fresh 16-week lows on a stronger dollar and weak physical demand in top buyer China.

MERS Snuffs Out 6 More Lives

Corona-virus has killed a further six people and infected three others.