The Saudi Economic Developments and Outlook Report sponsored by the National Commercial Bank states that the economy of Saudi Arabia has continued to grow apace, with a real GDP climbing to 6.8 percent annual growth. The expansion was due both to the oil and non-oil sectors. Per capita income rose to record levels, reaching SR…
Category Archives: Saudi Arabia
Saudis Will Launch Two New Satellites in Next Three Years
Speaking at the Second Annual Saudi International Space and Aeronautics Technology Conference, Prince Turki bin Saud bin Mohammed, the KACST vice president for Research Institutes said that Saudi Arabia is planning on launching two satellites in 2013 and 2015 as part of the country’s space science development strategy. Prince Mohammed said that the SAUDISAT4 and…
Saudi Begins Push to Replace Foreign Cabbies With Homegrown Drivers
The Saudi government is considering a plan to hire about 28,000 Saudi workers to man the extensive limousine service within the country in order to replace a similar number of foreign workers who at the moment inhabit most of this job sector. The plan stipulates that a Saudi driver will receive a salary of about…
World’s Tallest Tower to be Built in Jeddah
In a bit more than five years from now the world’s largest building will be completed in Jeddah, Saudi Arabia. Known as the Kingdom Tower, the plans for the building’s construction by the Kingdom Holding Company were announced in mid-April, 2012 by the KHC’s Chairman Prince Alwaleed bin Talal. Also announced was the increase in…
Two New Medical Cities worth SR 2 Billion in Planning Stages in Saudi Arabia
Over SR2 billion is going to be invested in the creation of two private medical cities by the Doctor Sulaiman Al-Habib Medical Group. The first city will be situated in north Riyadh and will have 500 beds and will cost SR1.5 billion. The second medical city will cost SR 800 million and will be equipped…
Safari Land Development Under Way in Riyadh
An agreement was signed last week between the real estate development company Dar Al Arkan and the investment and real estate development company Al Othaim. The agreement is a 15 year lease for a 10,963 square meter space in the Alqasr Mall which was developed by Dar Al Arkan in Riyadh City, Saudi Arabia. Al…
Profits Increase by 22 Percent at the Arab National Bank
The Arab National Bank of Saudi Arabia announced net profits for the fourth quarter of 2011 and the entire year, posting overall growth of 22 percent and 13.6 percent, respectively. The net profits for the fourth quarter of 2011 were SR 368 million. In 2010 profits totaled SR 301, which represents an increase of…
Indian and Saudi Business Leaders Meet
In an effort to improve the trade relationship between India and Saudi Arabia, a thirteen-member delegation of Indian business leaders met a group of influential executives from Saudi Arabia on Saturday. Great Chance For Investment The Secretary-General of the Asharqia Chamber of Commerce, Abdulrahman A. Al-Wabel, was among the Saudi business leadership at the summit….
Accenture Acquires Major Saudi IT Firm
Two major Middle East players have joined forces with the aim to strengthen their IT effectiveness in the fast-growing region in which they inhabit. Accenture, which specializes in management consulting, technology and outsourcing, acquired a majority of one of Saudi Arabia’s leading information technology companies, Al Faisaliah Business & Technology Company (FBTC.) FBTC is a…
Oil Prices Predicted to Rise as Saudis Indicate They Will Not Increase Supply
No Extra Oil to Asia Data supplied by Bloomberg points to rising prices of crude oil from the Middle East to Asia as Saudi Arabia sends hints that it will refrain from selling extra supplies to refineries there. Two grades of crude, Murban and Qatar Marine posted rises in their prices for September loading of…
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Independent Middle East News
- PA Persecution of Critics Causes Fatal Heart Attack June 15, 2013by Mahmoud Abu Ghosh A 62-year-old man from Nablus died of a heart attack on Saturday shortly after the Palestinian Authority’s American-trained security forces arrested his son. The man, Sa’di al-Sakhel, suffered a massive heart attack after security agents belonging to the Preventive Security Force (PPS) arrested his son, Musab. The son was released immedi […]
- Abbas Appoints New PA Prime Minister June 2, 2013by Mahmoud Abu Ghosh Palestinian Authority President Mahmoud Abbas summoned academic Rami Hamdallah to his Ramallah office on Sunday and appointed him to serve as the new PA prime minister. Hamdallah, president of An-Najah University in Nablus, will succeed former Prime Minister Salam Fayyad, who submitted his resignation in April. Fayyad had been a former e […]
- Report Takes Aim at Palestinian Prisons May 22, 2013by Mahmoud Abu Ghosh Eleven Palestinians have died in Fatah and Hamas detention centers during 2012, according to a report released Tuesday by the Palestinian Independent Commission For Human Rights (ICHR). Two of the Palestinians died in detention centers run by the Fatah-led Palestinian Authority in the West Bank, while the nine others died in […]
- Salam Fayyad Resigns April 11, 2013by Mahmoud Abu Ghosh Palestinian Authority Prime Minister Salam Fayyad has reportedly tendered his resignation, after intense criticism against him within the Western-backed Palestinian Authority. It is not yet clear whether PA President Mahmoud Abbas will accept Fayyad’s resignation at this time, although the two have been at odds on several issues. PA offi […]
- Jordan & PA Coordinating Takeover of Jerusalem April 1, 2013by Eitam Abadi Jordan’s King Abdullah II and Palestinian Authority President Mahmud Abbas signed an agreement on Sunday confirming their “common goal to defending” Jerusalem and their opposition to efforts to “Judaize” Israel’s ancient capital city. PA Religious Affairs Minister Mahmoud al-Habash said the agreement confirmed Jordan’s role as protector of the […]
- PA Persecution of Critics Causes Fatal Heart Attack June 15, 2013