Economy
Ma’aden gold output to rise 30% in 2014; set to start SR40b aluminum business
Saudi Arabian Mining Co. (Ma’aden)’s gold production is expected to rise 30 percent by 2014 because of the output of two new mines, even as it is set to diversify into aluminum business slated in 2014 with an initial investment of SR40 billion, said Al Rajhi Capital in its report on Ma’aden released Wednesday.
Middle East to continue leading global recovery
Despite the overall fragile global economy, markets in the Middle East, the Americas, and Africa will continue to lead the recovery.
Kingdom foreign assets surge by SR205b in H1
Saudi Arabia’s foreign assets increased by nearly SR205 billion in the first half of 2012 after recording one of their biggest increases in 2011.
Saudia Cargo’s US origin rates now on AFRA
OAG Cargo announced Wednesday that Saudi Airlines Cargo has decided to make its US origin rates available on Air Freight Rate Application.
Thursday, 09 - August 2012
Saudi Binladin Group, the Kingdom’s largest construction company, has completed issuing a SR1 billion ($267 million) short-term Islamic bond, or sukuk, a statement from the arranging bank’s legal adviser said Wednesday.
Thursday, 09 - August 2012
Saudi Arabia’s stock benchmark Tadawul All Share Index lost 0.11 percent Wednesday to close at 6,953.59 points, weighed down by large caps. Early in the day, it touched a five-week high.
Thursday, 09 - August 2012
Egypt’s foreign reserves resumed a steep decline that began last year when a popular uprising sent the economy into a tailspin and led the central bank to start selling dollars to prop up the country’s pound.Reserves fell last month to $14.42 billion from $15.53 billion in June, according to central bank figures released Tuesday.
Thursday, 09 - August 2012
Sterling UK Real Estate Fund (SURF), a joint venture between Sidra Capital, a Saudi-based Shariah-compliant financial services company and UK-based Gatehouse Bank, has announced plans to distribute seven per cent of net dividends to its shareholders.
Thursday, 09 - August 2012
SNC-Lavalin will build a district cooling system in Makkah under a $92-million contract announced Tuesday.
Thursday, 09 - August 2012
All four cities in Saudi Arabia saw an increase in hotel occupancy rates in the first half of 2012, Ernst & Young said in its latest Middle East Hotel Benchmark Survey.
Thursday, 09 - August 2012
Saudi Arabian Oil Co. (Saudi Aramco) will invest as much as $120 million a year in European startup companies through a Norwegian venture capital firm to strengthen its technological know-how.
Thursday, 09 - August 2012
Jabal Omar Development Company plans to open 10 hotels in the holy city of Makkah, its executive general director Sameer Al Quraishi said.
Thursday, 09 - August 2012
Lawson Gold Limited, a gold exploration company listed on the Australian stock market, has signed an agreement to acquire up to a 51 percent interest in a joint venture with Mawarid Investments Limited, the directors of the Australian company said Wednesday.
Thursday, 09 - August 2012
Zamil Industrial Investment Company (Zamil Industrial), announced recently that the training programs for secondary school, college and university students that kicked off last June were divided into two categories – those designed for secondary school students and others intended for college and university students from various regions of the Kingdom.
Thursday, 09 - August 2012
Based on the regulation of vehicles recall adopted by the Ministry of Commerce and Industry, Abdul Latif Jameel Company (ALJ) announced that as per information received from Toyota Motor Corporation.
