EconomyLoop
where regional business news becomes global to everyone

Saudi Education Ministry launches kindergartens for pilgrims' children during Hajj

The Ministry of Education has launched seasonal kindergartens in Makkah and Madinah for the benefit of pilgrims who take their children to the holy places, local media reported. The kindergartens will serve as safe educational institutions that take ... read more

 Saudi Daily Record21 hours ago

     
Govt to invest in privatized sectors

The privatization of ministries, which come under 10 targeted sectors, does not mean transferring their ownership to the private sector, said Abdul Rahman Al-Rashid, chairman of the Economic and Energy Committee at the Shoura Council. "Privatization... read more

 Saudi Daily Record21 hours ago
Sales of used imported cars drop by 60 percent

The sales of the imported second hand cars have dropped by about 60 percent, local daily Al-Madina reported quoting market sources. The sources attributed the huge drop of sales to the recession in the car market _ both internationally and locally d... read more

 Saudi Daily Record21 hours ago
TVTC to offer SR300,000 loan to graduate trainees

The Technical and Vocational Training Corporation (TVTC) has announced that graduates of industrial, architecture and establishment institutes are qualified to get SR300,000 loan to start their businesses. Muhammad Aba Husain, head of the general de... read more

 Saudi Daily Record21 hours ago
Essel Group ME Expands into New Technologies with Acquisition of boo.lab

Essel Group ME is pleased to announce that its media and production subsidiary, Essel Media Hub, has acquired boo.lab, a leading Spanish production company specialising in audiovisual and experiential media. The acquisition expands Essel Media Hub's ... read more

 Saudi Daily RecordYesterday
Saudi Arabia imports 2 million tons of wheat this year

The Saudi Grains Organisation has awarded the third batch of imported solid wheat for 2017, amounting to 490,000 tons distributed to the European, American, and Australian sources, explaining that by awarding this batch, the foundation has contracted... read more

 Saudi Daily RecordYesterday
Saudi Arabia approves net metering framework for systems up to 2MW

Saudi Arabia's Electricity and Cogeneration Regulatory Authority (ECRA) has approved a net metering scheme that will allow self-consumption and export to the grid.... read more

 Saudi Daily RecordYesterday
20% drop seen in sheep prices

Sheep prices are expected to decline by 20 percent following the lifting of ban on livestock imports from Somalia and arrival of two million heads of sheep, said Fahd Bin Siban Al-Sulami, a member of the board of directors of Jeddah Chamber of Commer... read more

 Saudi Daily RecordYesterday
Shoura to study labor law clause on axing of Saudis

The Shoura (Consultative) Council will discuss introducing some amendments into the labor law particularly Article 77 which has caused the dismissal of a number of Saudis from their jobs in the private sector. Abdullah Al-Fouzan, chairman of the cou... read more

 Saudi Daily RecordYesterday
IDB sacrifice coupons at SR450

The Saudi project for the utilization of Haj Meat (ADAHI) under the Islamic Development Bank (IDB) announced the price of one sheep bond this year at SR450, a price lower than last year's Haj. Twenty-seven countries will be benefitting from the meat... read more

 Saudi Daily RecordYesterday
Saudi dentistry students issue in Pakistan resolved

Four Saudi dentistry students, studying in Karachi, Pakistan, accused the Saudi Ministry of Education of treating them unjustly with a bombshell in the midst of their studies, but efforts by the students brought about a successful resolution. Abdull... read more

 Saudi Daily RecordYesterday
'99% of tasattur in SMEs'

About 99 percent of the tasattur operations (expatriates doing business in names of Saudis for certain fees) is in the small enterprises, according to the governor of the General Authority for the Small and Medium Enterprises (SMEs), Ghassan Al-Sulai... read more

 Saudi Daily RecordYesterday
Tawafa establishments complete training for Hajj

The National Tawafa Establishment for Pilgrims of Arab Countries has completed the training and qualification of more than 300 female employees for the current Hajj season. The establishment's deputy president, Mohammed bin Hasan Muajini, said it has... read more

 Saudi Daily RecordYesterday
SAMA bans 7 companies, agencies from issuing auto insurance policies

The Saudi Arabian Monetary Authority (SAMA) has banned three insurance companies and four insurance agencies from issuing, renewing or selling compulsory vehicle insurance policies, local media reported. The companies are Arabian Shield Cooperative I... read more

 Saudi Daily RecordYesterday
WAKGROUP Signs Historic Deal With China's GEDI & CEEC to Establish State-of-the-Art Oil Refinery in KP Pakistan

WAK Group, a Pakistani Conglomerate with varied interests especially in the Oil and Gas Sector, and Guangdong Electrical Design Institute ('GEDI'), an energy industry leader in engineering, procurement and construction (EPC) solutions singed a histor... read more

 Saudi Daily RecordYesterday
Boehringer Ingelheim: Advancing anticoagulation care with new data at ESC Congress 2017

Boehringer Ingelheim today announced that it will present important new data on the treatment of patients with atrial fibrillation (AF) at the ESC Congress in Barcelona, Spain, 26-30 August 2017. In total, four abstracts have been accepted, investiga... read more

 Saudi Daily Record2 days ago
LIXIL to Sell Permasteelisa to Grandland

LIXIL Group Corporation (LIXIL Group) (TOKYO:5938), a global leader in the housing and building industry, today announced that it has decided to sell 100% of the shares of Permasteelisa S.p.A (Permasteelisa) held by its major subsidiary LIXIL Corpora... read more

 Saudi Daily Record2 days ago
Saudi Arabia's stocks rise for third day on Al Rajhi gains

Stocks in Saudi Arabia, the region's biggest equity market, rose for a third day boosted by gains in the kingdom's largest lender by market capitalisation.... read more

 Saudi Daily Record2 days ago
Goldman Sachs Now Has A Vested Interest In Saudi Arabia

Goldman Sachs got the green light from the kingdom Sunday to trade equities in Saudi Arabia, adding another western investment bank and equities trader to the region.... read more

 Saudi Daily Record2 days ago
4 ministries implement Saudization to create jobs

Four ministries are implementing the government's job-Saudization program in various regions of the Kingdom. They comprise the ministries of interior, labor and social development, municipal and rural affairs, and trade and investment, with the parti... read more

 Saudi Daily Record2 days ago
Media program launched to educate pilgrims

Minister of Islamic Affairs, Call and Guidance Saleh Al-Asheikh has launched the ministry's plan for media programs to educate pilgrims for the current Hajj season. He said the plan includes the distribution of millions of publications, books, tapes,... read more

 Saudi Daily Record2 days ago
Four ministries to ensure Saudization in regions

The ministries of interior, labor and social development, municipal and rural affairs, and commerce and investment in partnership with the Public Security and Passports Department have approved the Saudization Program in all of the Kingdom's province... read more

 Saudi Daily Record2 days ago
Nazaha receives more than 6,400 complaints in a year

The National Anti-Corruption Commission (Nazaha) has received as many as 6,482 complaints about corruption in 2016 of which only about 3,802 (59 percent) were within its jurisdiction, Makkah daily reported on Sunday. Nazaha said 1,357 complaints wer... read more

 Saudi Daily Record2 days ago
Pilgrims cycle 3,000 km on way to Madinah

A group of nine British pilgrims cycled 3,000 km on their way to Madinah in their six-week long journey from London. The group was accorded a warm welcome by Saudi authorities and cycling enthusiasts. Saudi Cyclist Association and Taibah Cyclist Asso... read more

 Saudi Daily Record2 days ago
Expats occupy over 10m jobs

Foreign workers in the Kingdom compose a large portion of the workforce as according to well-informed sources Indians, Pakistanis, Egyptians, Yemenis and Bengalis occupy more than 10 million jobs. There are 3 million Indians, 2.5 million Pakistanis, ... read more

 Saudi Daily Record2 days ago
Public sector contractors exempt from workers' tax

The Council of Ministers has announced that contractors working on public sector projects before the decision to impose workers' tax are exempt from paying the levy. All contractors working on public sector projects that began before the decision wa... read more

 Saudi Daily Record2 days ago
Cambridge English and Govt. of Punjab join hands for Teacher Training

English language teachers from public sector schools in Punjab were awarded internationally recognised Cambridge English certificates at a ceremony in Lahore, attended by the Minister of Higher Education Syed Raza Gillani.... read more

 Saudi Daily Record2 days ago
Almost 1 million pilgrims in Saudi for haj so far

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 Zawya3 days ago
Saudi Arabia's financial constraints are starting to limit its ability to project power

Saudi Arabia's strategy in the Middle East has for years focused on throwing money at majority Sunni states and groups in the region to counter Iranian influence. But its fiscal constraints started to limit its ability to project power even in the Ar... read more

 Saudi Daily Record3 days ago
Chinese Vice Premier receives Minister of Energy, Industry, Mineral Resources

Minister of Energy, Industry and Mineral Resources Eng. Khalid bin Abdulaziz Al-Falih, currently on a visit to China, met in Beijing yesterday with Chinese Senior Vice-Premier Zhang Gaoli.... read more

 Saudi Daily Record3 days ago
Saudi Welfare Committee assists Abu Hanifa Darul Uloom

Saudi Welfare Committee has provided carpets, books, cabinets and computers worth $68141 to Abu Hanifa Darul Uloom.... read more

 Saudi Daily Record3 days ago
Program launched to help 200 young Saudi men and women marry

With the support of Crown Prince Mohammed bin Salman, the Charitable Society for Marriage and Family Guidance launched a program to help 200 brides and grooms get married. The charity's chairman in Jeddah, Ahmed bin Saleh Al-Sultan, said that the pro... read more

 Saudi Daily Record3 days ago
Demand for Saudi riyals up due to Hajj

Demand for Saudi riyals has increased at banks, and at local and foreign exchanges, as pilgrims and tourist companies use the currency for their Hajj needs, bankers told Aleqtesadiah newspaper. The most exchanged currency during Hajj is the US dollar... read more

 Saudi Daily Record3 days ago
3.18m visas issued for Saudi domestic workers in 3 years

During the last three years, 3.18 million visas were issued for domestic workers, 35 percent of which were issued for Filipinos and Indians, Aleqtesadiyah newspaper reported. The number of visas issued in 2016 increased by 15 percent to 1,173,500, ag... read more

 Saudi Daily Record3 days ago
Heads of KSRelief, UN meet to discuss aid work

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 Saudi Daily Record3 days ago
Young woman transforms seeds into business

Rahma Asiri, a young Saudi woman was able to transform the seeds of natural plants into a profitable business. She started using the seeds to make artistic rosaries, thereby profiting from the remnants of organic waste. Asiri attracted many visitor... read more

 Saudi Daily Record3 days ago
Saudi conglomerate to launch first-ever Shariah-compliant spot gold

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 Saudi Daily Record3 days ago
GAZT launches VAT website and helpline

THE General Authority of Zakat and Tax (GAZT) concluded the VAT Forum in Riyadh last Aug. 16. The forum, which was held under the patronage of GAZT Governor His Excellency Suhail Abanmi, is a major event that helps businesses in preparing for Value A... read more

 Saudi Daily Record3 days ago
Lobby firm registers as foreign agent for Saudi group

The Podesta Group has registered as a foreign agent for a U.S.-based Saudi group that has been running advertisements attacking Qatar for its alleged terrorism ties.... read more

 Saudi Daily Record4 days ago
Ritz Carlton Jeddah- Lives up to Great Expectations

Everyone seems to be looking for that perfect ‘getaway' a noun that has become summer's most popular catch phrase, meme and as everything does these days-a hashtag. If you are looking to get away for quality time that involves impeccable room ... read more

 Saudi Daily Record4 days ago
Saudi Arabia to restart work on $26.6bn Grand Mosque expansion

Saudi Binladin Group will restart work next month on the $26.6 billion expansion of the Grand Mosque in Makkah, nearly two years after work stopped in the wake of a crane collapse at the site that killed 107 people, sources told Reuters on Thursday. ... read more

 Saudi Daily Record4 days ago
More than 700,000 illegal expats benefit from amnesty

OVER 700,000 expatriates who were in the Kingdom in violation of residence and employment regulations have returned to their respective countries, Director of General Directorate of Passports, Maj. Gen. Sulaiman Bin Abdulaziz Al-Yahya, revealed on Th... read more

 Saudi Daily Record4 days ago
Grand Mosque expansion work to resume after Haj

EXPANSION work of the Grand Mosque in Makkah resumes next month, sources said. The $26.6 billion expansion project, undertaken by Saudi Binladin Group, was stopped nearly two years ago in the wake of a crane collapse at the site that killed 107 peop... read more

 Saudi Daily Record4 days ago
Saudi Arabia Supports Compound Feed Industry

At a time when the Saudi market is considered among the top feed importing countries, the kingdom has started to take some steps that would reduce imports and increase dependency on national factories to produce compound feed.... read more

 Saudi Daily Record4 days ago
Kebbi to export 2,000 goats to Saudi Arabia daily

THE Kebbi State Government has said that it had concluded arrangements with Jaiz Bank to start exporting 2,000 goats daily to Saudi Arabia as part of measures to boost its Internal Generated Revenue (IGR).... read more

 Saudi Daily Record4 days ago
Saudi Arabia installing cranes at three Yemen ports to boost aid delivery

Saudi Arabia has said it is installing four cranes at three ports in Yemen to speed up deliveries of humanitarian aid and was ready to do the same at the key rebel-held port of Hodeidah if it is placed under the control of a neutral party.... read more

 Saudi Daily Record4 days ago
Philip Morris Ukraine starts exporting products to Albania, Saudi Arabia

Philip Morris Ukraine, a large tobacco company in Ukraine, has announced that the company started exporting the products of Kharkiv tobacco factory to Saudi Arabia and Albania.... read more

 Saudi Daily Record4 days ago
China, Saudi Arabia agree to strengthen economic ties

Chinese Vice Premier Zhang Gaoli Friday met with Saudi Arabian Minister of Energy, Industry and Mineral Resources Khalid al-Falih in Beijing, agreeing to advance industrial capacity and investment cooperation.... read more

 Saudi Daily Record4 days ago
Spirent Tests Wi-Fi Network Performance with O2 at the Coca-Cola London Eye

Spirent Communications plc (LSE:SPT), today announced its Landslide E10 network test platform has been used with O2 to validate the Wi-Fi network performance and capacity at the Coca-Cola London Eye, before the launch of a new smartphone application ... read more

 Saudi Daily Record5 days ago
Lenovo Continues to Gain Momentum in First Quarter FY 2017/18

Behind the strength of its 3-wave strategy, Lenovo's business transformation continued to gain traction during the first quarter, delivering solid profitability in its core PC and smart devices business, and revenue and profit improvements in targete... read more

 Saudi Daily Record5 days ago