SISC

Saudi Arabia records tourism boom

admin — Tue, 17 Jan 2012 08:59:49 +0000

A recently released report by World Tourism Organisation (WTO) on inbound tourism in the Kingdom of Saudi Arabia has found that, in 2010, the country was visited by 10.9 million visitors.

During their stays, these visitors spent US$6.8 billion, compared with 10.9 million visitors who spent US$7.8 billion in 2009.

The Kingdom of Saudi Arabia [...]

Saudis hope bourse reform will lure investors

admin — Tue, 17 Jan 2012 08:58:07 +0000

Saudi Arabia has long zealously guarded its domestic market from foreigners. Overseas companies are forced to enter into joint ventures with local merchants, and its stock market, the largest and most liquid in the Arab world, was off-limits to anyone outside the Gulf.

That could be about to change. After allowing access indirectly through swaps [...]

Saudi Aramco to Invest $200 Billion in Refining, Exploration

admin — Tue, 17 Jan 2012 08:56:08 +0000

Jan. 17 (Bloomberg) — Saudi Arabian Oil Co. plans to build refineries in China and Indonesia as part of a $200 billion spending program to double refining capacity and explore for oil and natural gas during the next decade.

Saudi Aramco, as the state-run company is known, is preparing for talks about “final terms” for [...]

Saudi Court Orders Telecom Regulator To Resolve Atheeb-STC Dispute

admin — Sun, 15 Jan 2012 11:38:34 +0000

DHAHRAN (Zawya Dow Jones)–Saudi Arabia fixed-line operator Etihad Atheeb Telecommunication Co. (7040.SA) said Saturday that a court ruled that the kingdom’s telecom regulator should resolve its row with Saudi Telecom Co. (7010.SA).

The Grievances Bureau asked the regulator to allow Atheeb’s international calls and pre-paid card services, Atheeb said in a statement posted on the [...]

Malta signs double taxation agreement with Saudi Arabia

admin — Sun, 15 Jan 2012 11:35:06 +0000

Last week, Deputy Prime Minister and Minister of Foreign Affairs Tonio Borg signed, on Malta’s behalf, a Convention on the Avoidance of Double Taxation as well as a Cooperation Agreement on the Fight against Illicit Trafficking in Narcotic Drugs and Psychotropic Substances and against Organised Crime with the Kingdom of Saudi Arabia.

Dr Borg [...]

Saudi, Spain ink $8.22 bn deal for pilgrim railway

admin — Sun, 15 Jan 2012 11:33:12 +0000

RIYADH — Saudi Arabia has inked an $8.22 billion (6.48 bn euros) deal with a Spanish consortium to build a high-speed railway on the Muslim pilgrim route between Mecca and Medina, the state news agency SPA reported Saturday.

Spanish companies beat out French rivals in October for the contract to build the oil-rich kingdom’s Haramain [...]

Saudi Aramco, Sinopec sign Yanbu refinery deal

admin — Sun, 15 Jan 2012 11:32:02 +0000

DHAHRAN , Saudi Arabia -(MarketWatch)- State-giant Saudi Arabian Oil Co., or Aramco, Saturday signed a deal with China Petrochemical Corp., or Sinopec Group, to develop a 400,000-barrel-a-day oil refinery at Yanbu, on the Saudi Red Sea coast.

Saudi Aramco chief executive Khalid al-Falih said the project will cost $8.5 billion if the capital is provided [...]

Bahrain to host Saudi prince’s Rotana, news channel

admin — Thu, 29 Dec 2011 08:50:31 +0000

(Reuters) – Saudi billionaire prince Alwaleed bin Talal will move his Rotana entertainment company and a new Arabic television channel to Bahrain.

“They are expected to serve as an anchor in the new Manama-based Media City and should be instrumental in attracting other reputable media organisations to Bahrain,” a statement from Bahrain’s Information Affairs Authority [...]

Saudi Mobile-Phone Subscriptions Rise to 56.1 Million, CITC Says

admin — Tue, 27 Dec 2011 10:22:25 +0000

Dec. 24 (Bloomberg) — Mobile-phone subscriptions in Saudi Arabia rose 15 percent to 56.1 million in the third quarter, according to the kingdom’s telecommunications regulator.

The Arab world’s largest economy had 13 million internet users and 4.5 million fixed-line phone subscribers by the end of September, the Communications and Information Technology Commission said in a [...]

Saudi Arabia Forecasts $3.2B Surplus in 2012

admin — Tue, 27 Dec 2011 10:08:53 +0000

Saudi Arabia, the world’s top oil exporter, forecast a budget surplus of 12 billion riyals ($3.2 billion) next year as the kingdom boosts planned spending while investing to create jobs.

The government plans to spend 690 billion riyals, 19 percent above its target for this year and below actual spending of 804 billion riyals, the [...]