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… Continue Reading
Category Archives: Saudi Arabia
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.… Continue Reading
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… Continue Reading
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… Continue Reading
Egypt to Borrow $4 Billion from Saudi Arabia
Tantawi Announces Loan from Saudi Allies Field Marshal Mohamed Hussein Tantawi of Egypt told the official Egyptian press agency, MENA on Saturday that Saudi Arabia will lend Egypt emergency monies in the amount of $4 billion. Tantawi, who is the head of Egypt’s ruling military council said, “The $4bn will be distributed in the form… Continue Reading
Gulf State Markets Continue to Rise
Regardless of the news or violence and tension coming out of the greater Middle East region, trading on the Gulf State Arab markets seem to be doing just fine, if the new highs reached last week can be any indication. Saudi Arabia companies posted positive first quarter earnings pushing the markets up, while the petrochemical… Continue Reading
News from Libya, Egypt and Saudi Arabia
Libyan Rebels Retake Brega With air support from the United States and its allies Libyan rebels have made major progress across Libya—taking the centrally located city of Ajdabiya, recapturing the eastern city of Brega and making steady advances towards the important oil depot of Ras Lanuf. Warplanes from the west have been bombarding the strongholds… Continue Reading
Six Dead in Bahrain as Soldiers Evict Protesters from Pearl Square
Six are reported dead as troops and riot police used tear gas and other force to evict hundreds of demonstrators from their vigil in Pearl Square in the capital city of Manama, Bahrain. This action came after just one day of emergency rule which had been imposed on the violent-stricken kingdom. Assault Began at Daylight… Continue Reading
Saudi Arabia Set to Explode
All eyes are turning to Saudi Arabia as its “Day of Rage” is set to begin tomorrow. This of course is what Mideast commentators refer to as the big one. Saudi Arabia supplies the world with 40% of its oil and so if its ground begins to rumble with similar protests as we’ve seen sweeping… Continue Reading
Saudis Moving in Tanks to Protect Bahrain Government
The elephant of Saudi Arabia appears to have taken action to swat the fly on its back- Bahrain- by sending in an armada of 30 tanks to help strengthen the beleaguered Bahrain government. The Bahrain government has been subjected to two weeks of protests from demonstrators, with no end in sight, demanding the resignation of… Continue Reading