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#SaudiArabia to auction mining licenses in 2022 | ZAWYA MENA Edition

Saudi Arabia to auction mining licenses in 2022 | ZAWYA MENA Edition Saudi Arabia plans to auction two major mining licenses in 2022 for commodities including gold, copper and zinc, as the Kingdom aims to triple the mining sector’s contribution to the national gross domestic product (GDP) to SR240 billion ($64 billion) and double the number of jobs to 470,000 by 2030.The auction was announced by Vice Minister for Saudi Mining Affairs Khalid Al-Mudaifer during an interview with S&P Global ...
Tags: Travel, Saudi Arabia, Kingdom, Dubai, Barrick Gold, Alcoa, Eastern Province, Rupert Neil Bumfrey, Saudi Arabian Mining Company Ma'aden, ZAWYA MENA Edition Saudi Arabia, Khalid Al Mudaifer, Al Mudaifer, Ma'aden Bauxite, Alumina, Ras al Khair Industrial City, Al Shamal Fertilizer Production Complex


IHG To Bring Its Lifestyle Brand Hotel Indigo To The Saudi Capital

Expanding its presence in the capital city of Saudi Arabia , IHG Hotels & Resorts, one of the world’s leading hotel companies, is bringing the world’s first globally branded boutique hotel brand to the Kingdom with the signing of Hotel Indigo Riyadh King Abdallah Road. This development also marks the first hotel to be signed under the Master Development Agreement (MDA) between IHG and RIVA Development Company via its wholly owned subsidiary RIVA Hospitality for Hotel Services Company.
Tags: Travel, Saudi Arabia, Kingdom, Ihg, RIVA Development Company


#SaudiArabia reiterates warnings over insider trading | ZAWYA MENA Edition

Saudi Arabia reiterates warnings over insider trading | ZAWYA MENA Edition Saudi authorities have issued a renewed warning against insider trading, with a legal expert saying the clampdown will strengthen confidence in the Kingdom’s capital markets.In a post on its official Twitter account, Saudi Public Prosecution said the regulations are designed to encourage transparency in the trading of securities, and a breach of the rules is a criminal matter.The authority said that if a person acq...
Tags: Travel, Saudi Arabia, Kingdom, Arab News, Rupert Neil Bumfrey, Joudi, Saudi Public Prosecution, Rabih Joudi


#SaudiArabia was almost one third of Arab economy in 2020 | ZAWYA MENA Edition

Saudi Arabia was almost one third of Arab economy in 2020 | ZAWYA MENA Edition Saudi Arabia made up 29.3 percent of the $2.39 trillion Arab economy in 2020. The Kingdom’s $700.1 billion in nominal GDP was almost twice the size of the region’s second-largest economy, Egypt’s $361.9 billion, Al Eqtisadiah reported, citing data from the Saudi Arabian Monetary Authority, the International Monetary Fund and Arab statistical bodies. The UAE was the third largest Arab economy with GDP of $354.3 ...
Tags: Travel, France, Saudi Arabia, Kingdom, Egypt, Uae, Al Eqtisadiah, Gulf Cooperation Council, Rupert Neil Bumfrey, ZAWYA MENA Edition Saudi Arabia


MIDEAST STOCKS #Saudi stocks extend gains, most major Gulf markets up in early trade | Reuters

MIDEAST STOCKS Saudi stocks extend gains, most major Gulf markets up in early trade | Reuters Most major Gulf markets rose in early trade on Wednesday, with Saudi stocks extending gains into a seventh session amid rising oil prices.Oil prices rose on Wednesday after OPEC and its allies stuck to their plan to cautiously bring back more oil supply to the markets in June and July while expecting a robust recovery in demand in the United States and China.Brent crude futures (.LCOc1) climbed 0.31% ...
Tags: Travel, Kingdom, Opec, Qatar, United States, Dubai, Abu Dhabi, Gulf, Reuters, IHS, IHC, Tasi, ADNOC, Rupert Neil Bumfrey, Al Rajhi Bank, Abu Dhabi ADI


#Saudi Crown Prince holds key talks with Qatari emir in Jeddah | ZAWYA MENA Edition

Saudi Crown Prince holds key talks with Qatari emir in Jeddah | ZAWYA MENA Edition Crown Prince Muhammad Bin Salman met with Qatar’s Emir Sheikh Tamim Bin Hamad at the Royal Court at Al-Salam Palace here early Tuesday.At the outset of the official meeting, the Crown Prince welcomed the Qatari emir and his accompanying delegation in Saudi Arabia, conveying to him the greetings of Custodian of the Two Holy Mosques King Salman. In turn, Sheikh Tamim extended his greetings to the Custodian of the ...
Tags: Travel, Saudi Arabia, Kingdom, Qatar, Prince, Cabinet, Jeddah, Royal Court, Custodian of the Two Holy Mosques, Muhammad Bin Salman, Mohammed bin Abdulrahman Al Thani, Rupert Neil Bumfrey, Khalid bin Salman, state Cabinet, Prince Faisal bin Farhan, Emir Sheikh Tamim Bin Hamad


Swing into summer with a golfing trip to the Kingdom

Misty Mountains at Killarney Golf and Fishing Club Cahernane House Hotel in Killarney, Co. Kerry, located on the edge of Killarney National Park has linked in with the famous Killarney Golf and Fishing Club to offer guests a tempting golf and stay experience.  The club features two 18-hole golf courses, Killeen and Mahony’s Point and a 9-hole course ...
Tags: Travel, Kingdom, Sport, Ireland, Tourism, Golf, Killeen, Herbert, Killarney, Mahony, Manor House, Killarney Co Kerry, Killarney National Park, Misty Mountains, Coach House, PREM Group


Qatari emir meets with #Saudi minister, seeks to boost bilateral ties | ZAWYA MENA Edition

Qatari emir meets with Saudi minister, seeks to boost bilateral ties | ZAWYA MENA Edition Qatar’s Emir Sheikh Tamim Bin Hamad met on Thursday with Saudi Arabia’s Minister of State Prince Turki Bin Mohammed Bin Fahd, who is also a member of the Cabinet, in his office at the Sea Palace here.At the outset of the meeting, Prince Turki Bin Mohammed conveyed to the Qatari emir greetings of Custodian of the Two Holy Mosques King Salman and Crown Prince Muhammed Bin Salman and their wishes for the emi...
Tags: Travel, Saudi Arabia, Kingdom, Qatar, Prince, Doha, Cabinet, Embassy, Salman, Custodian of the Two Holy Mosques, Muhammed bin Salman, Saudi Press Agency, Rupert Neil Bumfrey, Tamim bin Hamad, Turki Bin Mohammed Bin Fahd, Sea Palace


#Saudi Binladin International carries out largest debt restructuring in the region | ZAWYA MENA Edition

Saudi Binladin International carries out largest debt restructuring in the region | ZAWYA MENA Edition Saudi Binladin International Holding is carrying out the largest debt restructuring in the Middle East, close to SR33 billion ($8.7 billion), with as much as 75 percent involving Saudi banks, said CEO Khalid Al Gwaiz on Thursday.The company has obtained principal approvals from creditors for the debt restructuring and hopes to reach a formal agreement with them by the end of June and a fina...
Tags: Travel, Kingdom, Middle East, Rupert Neil Bumfrey, Binladin, Khalid Al Gwaiz, Saudi Binladin International, MENA Edition Saudi Binladin International Holding, Al Gwaiz, Al Arabiya Binladin


Billionaire #Saudi Family Breaks the Mold on Kingdom’s Secrecy - Bloomberg

Billionaire Saudi Family Breaks the Mold on Kingdom’s Secrecy - BloombergFor Ahmad BinDawood, last year’s share offering in the eponymous Saudi grocery business was a chance to shape his legacy at the family firm he’s worked at since the age of eight, while cementing a $3.1 billion fortune built over the decades by his father and uncles.As the October public offering of BinDawood Holding Co. got underway, details emerged of some $76 million in previously undisclosed loans made by the Saudi compa...
Tags: Travel, Ipo, Kingdom, Bloomberg, Jeddah, Riyadh, Bindawood, Rupert Neil Bumfrey, BinDawood Holding Co, BloombergFor Ahmad BinDawood


Analysis: Power play: India wields oil 'weapon' to cut dependence on #Saudi | Reuters

Analysis: Power play: India wields oil 'weapon' to cut dependence on Saudi | ReutersWhen India’s government last month asked refiners to speed up diversification and reduce dependence on the Middle East - days after OPEC+ said it would maintain production cuts - it sent a message about its clout and foreshadowed changes to the world’s energy maps.It was a move that had been in the works for years, fuelled by repeated comments from Indian Oil Minister Dharmendra Pradhan, who in 2015 called oil pu...
Tags: Travel, Kingdom, India, Opec, Middle East, Reuters, Rupert Neil Bumfrey, Dharmendra Pradhan, ReutersWhen India, Tarun Kapoor


#SaudiArabia gets a new bank - and Saudi National Bank is already market leader | Banking – Gulf News

Saudi Arabia gets a new bank - and Saudi National Bank is already market leader | Banking – Gulf NewsSaudi Arabia’s newest bank is now open…Created from the merger of two banking giants, the Saudi National Bank immediately starts off as being the ‘largest’ in the Kingdom. It sure has the numbers.• Total assets – 896 billion riyals ($239 billion)• Combined net profit – 15.6 billion riyals ($4.2 billion)• Shareholders’ equity – 127 billion riyals ($34 billion)• Combined market share – 30 per cent“...
Tags: Travel, Saudi Arabia, Kingdom, Gulf News, Rupert Neil Bumfrey, Saudi National Bank, Gulf NewsSaudi Arabia, Ammar Alkhudairy


#Saudi billionaire's investment firm posts $390m losses in 2020 - Arabianbusiness #KingdomHolding

Saudi billionaire's investment firm posts $390m losses in 2020 - ArabianbusinessThe investment firm of Saudi billionaire Prince Alwaleed bin Talal on Wednesday announced a net loss of SR1.46 billion ($390 million) for 2020.Kingdom Holding Company said the loss compared to a net profit of SR420.2 million in 2019.In a filing to the Saudi Tadawul stock market, Kingdom said the losses were attributed to lower share from equity-accounted investees, decreased hotel and other operating revenues, impair...
Tags: Travel, Europe, Kingdom, US, Kingdom Holding Company, Alwaleed Bin Talal, Rupert Neil Bumfrey, Saudi Tadawul


#SaudiArabia seeks $420bln foreign investments in infrastructure and transportation: Al-Falih | ZAWYA MENA Edition

Saudi Arabia seeks $420bln foreign investments in infrastructure and transportation: Al-Falih | ZAWYA MENA EditionSaudi Arabia’s infrastructure and transportation sectors are seeking to attract around $420 billion in foreign investments over the next decade, said Saudi Investment Minister Khalid Al-Falih on Tuesday.As part of Vision 2030, foreign investments in the Kingdom are projected to reach $3 trillion.Al-Falih made the remarks US-Saudi Arabia Business Leaders 2021 Virtual Forum, Asharq Al-...
Tags: Travel, Saudi Arabia, Kingdom, US, Mena, ICT, Khalid al Falih, Asharq Al Awsat, US Chamber of Commerce, Rupert Neil Bumfrey, US Saudi Arabia, Al Falih, Washington Al Falih


Major Gulf markets little changed in early trade | Reuters

Major Gulf markets little changed in early trade | ReutersMajor stock markets in the Gulf were little changed early on Monday as the absence of fresh catalysts kept investors on the sidelines, with financial shares supporting the Saudi index.Saudi Arabia’s benchmark index edged up 0.1%, helped by a 0.6% increase in Al Rajhi Bank after investment bank EFG Hermes raised its price target to 89 riyals ($23.73) from 73 riyals.“We underestimated Rajhi’s success in gaining ground in mortgages and the r...
Tags: Travel, Saudi Arabia, Kingdom, Qatar, Dubai, Yemen, Gulf, Reuters, Aramco, Saudi Aramco, Emirates NBD, EFG Hermes, Rupert Neil Bumfrey, Industries Qatar, Al Rajhi Bank, Major Gulf


Mideast Stocks: Financials lift #Saudi shares; blue-chip selloff dents Egypt | ZAWYA MENA Edition

Major stock markets in the Gulf reversed course to end higher on Monday, with Saudi Arabian equities leading gains on the back of financial shares, while a blue-chip selloff tripped the Egyptian bourse.Saudi Arabia's benchmark index rose 0.5%, with Al Rajhi Bank increasing 2.1%, after investment bank EFG Hermes raised its raised target price to 89 riyals ($23.73) from 73 riyals earlier."We underestimated Rajhi's success in gaining ground in mortgages and the robust mortgage growth in the Kingdom...
Tags: Travel, Saudi Arabia, Kingdom, Qatar, Egypt, Dubai, Hermès, Abu Dhabi, Gulf, Saudi Aramco, Emirates NBD, Emaar Properties, Etisalat, EFG Hermes, Rupert Neil Bumfrey, Industries Qatar


#Saudi banks to lead the sector’s post-pandemic recovery | ZAWYA MENA Edition

Saudi banks to lead the sector’s post-pandemic recovery | ZAWYA MENA Edition The profitability of Saudi banks will surpass those of its GCC peers in 2021, despite low interest rates and the elevated cost of risk, according to Roman Rybalkin, associate director at S&P Global Ratings.“After the shocks witnessed in 2020, the Saudi economy is expected to recover in 2021-2022 due to an increase in global demand for oil and increase of private consumption. By 2022, we expect the expiry of OPEC+ ...
Tags: Travel, Kingdom, Opec, GCC, Rupert Neil Bumfrey, Roman Rybalkin, Rybalkin


MIDEAST STOCKS-Property shares lift #Dubai bourse, #Saudi strong ahead of OPEC+ meet | Nasdaq

Dubai's stock market ended higher on Wednesday, led by blue-chip developer Emaar Properties EMAR.DU, while Saudi shares also registered strong gains ahead of an OPEC+ meet.Dubai's main share index .TASI gained 0.8%, extending gains for a fifth consecutive session, with Emaar Properties rising 2.2%, while its unit Emaar Malls EMAA.DU jumped over 5%, its biggest intraday gain since November last year.Emaar on Tuesday said it was buying out minority shareholders of its shopping centre unit, less th...
Tags: Travel, Saudi Arabia, Kingdom, Opec, Qatar, Dubai, Mohammed bin Salman, Emaar Properties, Emaar, Tasi, Rupert Neil Bumfrey, Emaar Malls, QSI, Qatar Gas Transport, Jamal Khashoggi, Emaar Properties EMAR


The ultimatum: #SaudiArabia pushes foreign companies to relocate from #Dubai to #Riyadh - tks @RiyadhBureau

The ultimatum: #SaudiArabia pushes foreign companies to relocate from #Dubai to #Riyadh - tks @RiyadhBureau From the Saudi Press Agency:An official source stated that the Kingdom of Saudi of Arabia intends to cease contracting with companies and commercial institutions with regional headquarters not located in the Kingdom. The cessation will include agencies, institutions and funds owned by the government and will take effect January 1st, 2024.The source stated that the decision aims to in...


#SaudiArabia should make environment more conducive to business rather than issuing 'ultimatums': CE - YouTube

(9) Saudi Arabia should make environment more conducive to business rather than issuing 'ultimatums': CE - YouTube Nomura Asset Management's Tarek Fadlallah weighs in on Saudi Arabia's move to lure more companies into setting up regional headquarters in the Kingdom. [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Saudi Arabia, Kingdom, Rupert Neil Bumfrey, Tarek Fadlallah, CE YouTube, CE YouTube Nomura Asset Management


Some sectors to be exempted from Riyadh HQ decision: Minister of Finance | ZAWYA MENA Edition

Some sectors to be exempted from Riyadh HQ decision: Minister of Finance | ZAWYA MENA Edition Minister of Finance Muhammad Al-Jadaan said that some sectors will be excluded from the decision to stop government agencies’ contracting with any foreign commercial company or establishment that has a regional headquarters in the region outside the Kingdom.He pointed out that even though Saudi Arabia has the largest economy in the region, its share of regional headquarters is much smaller, accounting f...
Tags: Travel, Saudi Arabia, Kingdom, Riyadh, Khalid al Falih, Rupert Neil Bumfrey, Muhammad Al Jadaan


Nicklaus to design first course in Saudi Arabia

A computer generated image of the future Jack Nicklaus golf course at Qiddiya in Saudi Arabia Jack Nicklaus has taken another step that’s sure to enrage those who do not forgive him for his support of Donald Trump’s re-election campaign — he’s decided to design his first course in Saudi Arabia where the European Tour’s world stars also touch down this...
Tags: Travel, Saudi Arabia, Kingdom, Sport, Architecture, Tourism, Middle East, Golf, Donald Trump, Jack Nicklaus, Riyadh, Country Club, Nicklaus, Qiddiya, Nicklaus Design, Saudi Golf Federation


Unemployment rate in #SaudiArabia down to 14.9% in Q3 2020 | ZAWYA MENA Edition

Unemployment rate in Saudi Arabia down to 14.9% in Q3 2020 | ZAWYA MENA Edition The unemployment rate among Saudis dropped to 14.9 percent in the third quarter of the last year from 15.4 percent in the second quarter while it rose compared to 11.8 percent in the first quarter of 2020, the Saudi General Authority for Statistics announced on Friday.The unemployment rate among males and females stood at 7.9 percent and 30.2 percent, respectively in the same period.Meanwhile, the unemployment rate a...
Tags: Travel, Saudi Arabia, Kingdom, Rupert Neil Bumfrey, Saudi General Authority for Statistics


Google’s Aramco Deal Risks Irking Staff Over Oil, Politics - Bloomberg

Google’s Aramco Deal Risks Irking Staff Over Oil, Politics - Bloomberg Google will start selling its cloud-computing services in Saudi Arabia through a deal with oil producer Aramco, risking a backlash from staff who oppose doing business with the fossil fuel industry or regimes accused of human rights abuses.The partnership gives Alphabet Inc.’s Google regulatory clearance to set up what it calls a “cloud region” in the Kingdom, the companies said on Monday. Employees at Google have called on t...
Tags: Travel, Google, Saudi Arabia, Kingdom, Bloomberg, Aramco, Microsoft Corp, Bloomberg Google, Alphabet Inc, Amazon com Inc, Rupert Neil Bumfrey, Google Cloud, Kurian, Thomas Kurian


#Saudi Prince Alwaleed's Kingdom Holding posts quarterly loss | Reuters

Saudi Prince Alwaleed's Kingdom Holding posts quarterly loss | Reuters Kingdom Holding 4280.SE, a company controlled by Saudi Arabia's prince Alwaleed bin Talal, suffered a quarterly loss, compared to a net profit a year earlier, as earnings from its hotel business dipped due to the coronavirus outbreak.Kingdom, which owns a stake in Accor ACCP.PA and has investments in hotels run by Four Seasons Hotels and Resorts, posted a net loss of 193 million riyals ($52 million) in the quarter that ended ...
Tags: Travel, Saudi Arabia, Kingdom, Four Seasons Hotels and Resorts, Alwaleed Bin Talal, Reuters, Alwaleed, Kingdom Holding, Rupert Neil Bumfrey, Reuters Kingdom, Accor ACCP


Royal Commission for AlUla unveils expansion with Accor in partnership with the Banyan Tree brand

The Royal Commission for AlUla (RCU) has announced a partnership agreement with Accor as part of its strategy to develop AlUla as a tourism destination for nature, culture and heritage.The agreement will see Accor operate an expanded Ashar Resort under the Banyan Tree brand. There will be 47 new units added, which will bring the resort's total number up to 82 high-end villas, along with a luxury spa and several gourmet restaurants. This will be guided by a sensitive design that allows eac...
Tags: Travel, Kingdom, Accor, Royal Commission, Ashar, Royal Commission for AlUla RCU


#Saudi Real Estate Refinance Co signs 3 billion riyals deal with pension agency - Reuters

Saudi Real Estate Refinance Co signs 3 billion riyals deal with pension agency - Reuters:Saudi Real Estate Refinance Co (SRC), the Saudi equivalent of U.S. mortgage finance business Fannie Mae, said on Sunday it has agreed to buy a mortgage portfolio worth over 3 billion riyals ($799.8 million) from the Saudi Public Pension Agency (PPA).“The deal provides liquidity to the real estate financing market, which in turn is expected to bring lower prices and increase the number of mortgage origination...
Tags: Travel, Saudi Arabia, Kingdom, Src, Reuters, Mohammed bin Salman, Fannie Mae, Rupert Neil Bumfrey, Public Investment Fund, Fabrice Susini, Saudi Real Estate Refinance Co SRC, Saudi Real Estate Refinance Co, Saudi Public Pension Agency PPA


Finance shake-up with #Saudi derivatives market to launch in Q3 | ZAWYA MENA Edition

Finance shake-up with Saudi derivatives market to launch in Q3 | ZAWYA MENA Edition:Saudi Arabia’s Capital Market Authority (CMA) plans to launch a derivatives exchange in the latest move to modernize the Kingdom’s financial landscape.An announcement about the launch of futures contracts will be made before the end of the third quarter of this year, Asharq Al-Awsat newspaper reported, citing CMA Chairman Mohammed El-Kuwaiz.“We are in the phase of developing the derivatives market with intensive ...
Tags: Travel, Saudi Arabia, Kingdom, Cma, Asharq Al Awsat, Rupert Neil Bumfrey, Capital Market Authority CMA, Mohammed El Kuwaiz


It was Russia, not #SaudiArabia, that pulled out of OPEC+ deal: Saudi ministers | ZAWYA MENA Edition

It was Russia, not Saudi Arabia, that pulled out of OPEC+ deal: Saudi ministers | ZAWYA MENA Edition:Saudi Arabia's foreign and energy ministers on Saturday denied Russia's claim that the Kingdom abandoned the OPEC+ deal, leading to a collapse in world oil prices.In a statement carried by the Saudi Press Agency (SPA), Foreign Minister Prince Faisal bin Farhan said "a statement attributed to one of the media of President Vladimir Putin of the Russian Federation claimed that one of the reasons for...
Tags: Travel, Vladimir Putin, Saudi Arabia, Russia, Kingdom, Opec, Russian Federation, Saudi Press Agency, Rupert Neil Bumfrey, Prince Faisal bin Farhan


#SaudiArabia calls for an urgent OPEC+ meeting to rebalance oil markets - Saudi Gazette

Saudi Arabia calls for an urgent OPEC+ meeting to rebalance oil markets - Saudi Gazette:Saudi Arabia called for an urgent meeting of OPEC+ and a group of other countries, with the aim of seeking a fair agreement that will restore balance to the oil markets, Saudi Press Agency (SPA) reported.According to the report, the call for the meeting comes in the framework of the Kingdom's constant efforts to support the global economy in this exceptional circumstance.The meeting was called also in appreci...
Tags: Travel, Saudi Arabia, Kingdom, US, Opec, United States, Donald Trump, Rupert Neil Bumfrey, Saudi Press Agency SPA



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