Saudi Arabia enjoys economic and financial stability under the leadership of Custodian of the Two Holy Mosques King Abdullah, said Prince Sultan bin Salman, president of the Saudi Commission for Tourism and Antiquities (SCTA). He was speaking to newsmen at the Fifth G-20 Tourism Ministerial meeting in London on Monday. “Our country enjoys the benefits […]
JEDDAH – “GCC offers strategic advantages, such as availability of cheap energy and feedstock supply, low tax environment, well-developed infrastructure, growing population and increasing income levels, conducive for the development of various industries in the region. All these advantages if properly showcased could attract substantial investment flows from Indian corporates, who are looking to expand […]
Initial estimates on foreign tourist purchases in London during this summer season are estimated to be worth £4 billion. Official statistics have not yet been disclosed. The contribution of Arab citizens to this figure is estimated to be worth £1.3 billion, says the British Commercial Association. The average spending of a Saudi tourist reached about […]
RIYADH – The International Monetary Fund (IMF) confirmed that the Kingdom has been one of the best performing G20 economies in recent years and has supported the global economy through its stabilizing role in the global oil market. The IMF also pointed out to the positive outlook of the Saudi economy which grew by 5.1 percent […]
The value of Saudi Arabia exports of nonoil commodities for the first quarter (Q1) of the current year 2013, reached SR 46.84 billion, compared to SR 47.84 billion, or a decrease of 2.1 percent, according to the Central Department of Statistics and Information (CDSI). The CDSI report stated that petrochemicals topped the list of Saudi […]
Saudi Arabia on Sunday said it was switching its official weekend to Friday and Saturday, bringing the kingdom’s working week in line with other members of the six-nation Gulf Cooperation Council. Saudi Arabia, the biggest Arab economy, had been the only Gulf Arab state to have a Thursday-Friday weekend after Oman shifted to a Friday-Saturday […]
Saudi banking experts here say that the Kingdom has the safest banking system in the Arab world. This comes in response to CNBC Arabia reporting earlier this week that the Kingdom recorded 5,000 fraud cases out of 1.3 million ATM cash withdrawals recently. The experts say that the security of the Saudi banking system and […]
Qatar has the world’s highest density of millionaires, with 143 out of every 1,000 households holding private wealth of at least $1mn, much higher than the global average, according to a report. Qatar also ranks fourth in the world by ultra-high-net-worth (UHNW) households, defined as households with more than $100mn in private wealth, with eight […]
Total assets of ‘Top 100’ Saudi companies rose by 35 percent from SR 2.29 trillion in 2009 to SR 3.1 trillion in 2013, Al-Eqtisadiah business daily reported yesterday in its annual supplement on Top 100 Saudi companies. The report showed the turnover of companies rising by 40 percent from SR 484 billion in 2009 to […]
Saudi Arabia’s real GDP is estimated to have expanded 6.8 percent in 2012, according to Global Investment House’s review of the Saudi economy. Following the record oil production seen in 2012, the government has resorted to strong fiscal stimulus measures and greater investment in infrastructure projects. However, GDP growth is expected to lower to 4.4 […]